Christine Durrant\’s Blog

This property is coming on the market soon – at a GREAT price!

http://sfbay.craigslist.org/eby/reb/1721370233.html

A short sale is the sale of real estate in which the sale proceeds fall short of the balance owed on the property’s loan (or loans).   It usually occurs when a homeowner is unable to pay the loan payments on the property due to unforeseen changes in income such as divorce, loss of income, sudden illness, job transfer, etc.   In order to complete a short sale, the lender must agree to accept a moderate loss on the home.  Both parties consent to the short sale process, because it allows the homeowner to avoid foreclosure, which involves hefty fees for the bank and a larger impact on the credit score of the borrower.  This agreement, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan. This balance is commonly referred to as a deficiency.

Mortgage rates have gone down a little this week, with the 30-year fixed-rate mortgage averaging at 5.06%, down from its 5.07% average last week. The average rate was 4.84% a year ago.Mortgage rates on 30-year fixed loans have averaged just about 5% over the first four months of this year, keeping within a band of just about a quarter percentage point and almost matching the 2009′s annual average. Frank Nothaft of Freddie Mac stated in a news release œThe low rates have been helping to moderate house price declines over the course of the year”.Contact me today for the most current mortgage rates and to take advantage of them while you can!

Walnut Creek, CA is considered by most to be a safe, attractive and diverse communtity. It is full of beautiful shopping centers, restaurants, parks, theaters and the housing is desireable as well. There is a nice balance of work, play and lifestyle opportunities and the schools are highly rated. There are over 15 parks in Walnut Creek, not including additional skate and dog parks. Homes for sale in Walnut Creek range from contemporary,  one bedroom condominiums, to estates  priced in  the millions.  There is something for everyone in Walnut Creek, CA!

A report by Lender Processing Services (LPS) analyzing homeowner™s performance on their mortgages has some data that is encouraging but that data is overshadowed by other data that shows the problems we are experiencing in the U.S. housing market are far from over.Foreclosure inventories continue to climb to record highs. The average days of delinquency on loans 90+ days delinquent increased to 256 days, an increase of 36% from a year ago! The average last year at this time was 188 days.The national average for home loans that are not current is over 13 percent. According to the report, the state with the highest percentage of home loans that are not current is Florida with almost a fourth of the home loans delinquent followed by Nevada, Mississippi and Arizona.

Do you or someone you  know need immediate assistance with a  possible loan modification? I know several people that have struggled for months trying to get a response from the bank.  Often times people are denied repeatedly, finally approved for a trial period  (which by the way can impact your credit) only to be completely denied  at the end of the trial period. The U.S. Treasury Dept. offers FREE advice and even intervention. If you call  888-995-HOPE (4673) you can speak with a HUD approved counselor for free and they can assist in determining if you might qualify for a loan modification, refer to a credit card debt reduction specialist, and even contact your bank (with your approval) on your behalf to try to smooth out the process! Visit http://www.makinghomeaffordable.gov/  for more information.

Welcome to Christine Durrant’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in Walnut Creek.