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Mc Griffin Campbell's Blog

By Mc Griffin Campbell | Broker in Los Angeles, CA
  • Fact Sheet on Housing Challenges Part II Be in the Know!

    Posted Under: Home Buying in California, Financing in California, Investment Properties in California  |  November 12, 2013 6:48 PM  |  294 views  |  No comments

    The Housing Challenges Fact Sheet everyone needs to read: Part II  Be in the Know!

    1. More Challenges for the housing recovery:

    (a) Less Affordability: “Affordability has fallen to a five-year low as home-price increases easily outpaced income growth,” says Lawrence Yun, NAR’s chief economist.

    (b) “Expected rising mortgage interest rates will further lower affordability in upcoming months.” Interest rates for 30-year fixed-rate mortgages increased to 4.49 percent in September from 4.46 percent in August, according to Freddie Mac.

    (c) Rates are at the highest level since July 2011. Just a year ago, 30-year rates averaged 3.47 percent.

    1. Government shutdown: The effects that the 16-day federal government shutdown had on the housing market will likely be revealed in next month’s housing report, NAR says.

    (a) “Just one impact of the recent government shutdown — delays in tax transcripts needed for approval of mortgage loans

    (b)— put a monkey wrench in the transaction process and could negatively impact sales closings in next month’s report,” says NAR 2013 President Gary Thomas.

    3. Rising flood insurance premiums: Higher flood insurance rates went into effect Oct. 1 and could impact future sales in flood zones, NAR reports.

    (a) The Biggert-Waters Act gradually removes and reduces federal subsidies for flood insurance on more than a million homes nationwide.

    (b) It has caused premiums for flood insurance to skyrocket in some areas. “REALTORS® report that approximately 10 percent of transactions in September were located in flood zones, and that nearly one out of 10 of those transactions were delayed or canceled due to concerns over rising insurance rates," NAR's report says.  Source: National Association of Realtors.

    Are you prepared to act?  We can help. Let me hear from you.  MC

     

     

    Hollywood Homes by MC

    MC Griffin Campbell, Broker/Owner:  License #: 01819507

    Short Sales and Foreclosure Resource (SFR) Certification

    Seniors Real Estate Specialist Designation (SRES); MFT, M.Div.

    323-382-4364: 323-464-5431

    Fax #: 323-927-1711

    www.hollywoodhomesbymcampbell.com

    email: hollywoodhomesmc@aol.com

     

     

  • Fact Sheet on Housing Recovery

    Posted Under: Home Buying in California, Financing in California, Investment Properties in California  |  November 12, 2013 6:37 PM  |  327 views  |  No comments
    Fact Sheet on Housing Recovery:  Forecasting
    Part I   Be in the Know

     

    · Housing recovery slow down, but not shut down, as we close out the rest of this year due to tight inventories in many markets, rising mortgage rates, and slumping consumer confidence says Frank Nothaft, Freddie Mac’s chief economist.

    · Fortunately, the housing recovery should continue to absorb the economic shocks in stride and improve next year."

    · By the end of the year, mortgage rates are expected to average around 4.3 percent and then increase in 2014, according to the Freddie report.

    · Limited housing inventories continue to be a challenge for the housing market. Inventories remain constrained at a 5-month supply in September.

    · Freddie’s report says inventories of homes available remain tight due to still-present negative equity for many households, a declining supply of distressed sales, and a “severely depressed level of new construction

    · U.S. economy is expected to add less than 1 million housing units in 2013 and around 1.15 million in 2014, which Freddie economists note is significantly below normal levels.

    · “Expect the ramping up of residential construction to take a while, and while economic growth will improve over the next year, the economy won’t be operating at full potential until sometime after 2015,” Freddie notes in its forecast.  Source: “Will the Economic Recovery Shut Down?” Freddie Mac (Oct. 22, 2013)

    Are you prepared to act? We can help. Let me hear from you.  MC

    ·   Hollywood Homes by MC

    ·   MC Griffin Campbell, Broker/Owner:  License #: 01819507

    ·   Short Sales and Foreclosure Resource (SFR) Certification

    ·   Seniors Real Estate Specialist Designation (SRES); MFT, M.Div.

    ·   323-382-4364: 323-464-5431

    ·   Fax #: 323-927-1711

    ·   www.hollywoodhomesbymcampbell.com

    ·   email: hollywoodhomesmc@aol.com

    ·    

  • Part II. Mortgage fraud is on the rise: Tips to Avoid a Scam

    Posted Under: Home Buying in California, Foreclosure in California, Investment Properties in California  |  February 7, 2013 7:19 PM  |  763 views  |  No comments

    Part II. Mortgage fraud is on the rise:

     Distressed Homeowner Initiative is one of the solutions to protect distressed homeowners. Another solution for distressed homeowners is to Avoid scams/frauds all together:

     

    Stop Mortgage Fraud: Here’s how: 5 Tips to Avoid being scammed

     

    1. Don’t pay up front fees. Foreclosure consultants are prohibited by law from collecting money before services are performed.
    2. Don’t ignore letters from your lenders or loan servicer. Responding to those letters is your best bet for saving your home.
    3. Don’t transfer title or sell your home to a “foreclosure rescuer”  Beware!  This is a scam to convince homeowners they can stay in the home as renters and buy their home back later.  It might also be part of a fraudulent bankruptcy filing.  Either way, a scammer can then evict the victim and take the home.
    4. Don’t pay your mortgage payments to anyone other than your lender or loan servicer.  Mortgage consultants often keep the money for themselves.
    5. Never sign any documents without reading the first.  Many homeowners think that they are signing documents for a loan modification or for a new loan to pay off the mortgage they are behind on.  Later they discover that they actually transferred ownership of that home to someone who is now trying to evict them.
    6. If you are behind on your mortgage and seeking assistance, please call toll free 888-995-4673 for free comprehensive foreclosure assistance and housing counseling services.
    7. For more information on protecting yourself from mortgage, loan, lending and related fraud, visit: www.stopfraud.gov/protect-mortgage.html.

    Hollywood Homes by MC

    MC Griffin Campbell, Broker/Owner: Broker License #: 01819507

    Short Sales and Foreclosure Resource (SFR) Certification

    Seniors Real Estate Specialist Designation (SRES); MA, M.Div.

    323-382-4364: 323-464-5431

    www.hollywoodhomesbymcampbell.com

    email: hollywoodhomesmc@aol.com

     

  • Mortgage Fraud is on the rise: Distressed Homeowner Initiative

    Posted Under: Home Buying in California, Foreclosure in California, Investment Properties in California  |  February 7, 2013 7:07 PM  |  425 views  |  No comments

    Mortgage Fraud is on the rise: Distressed Homeowner Initiative

    Distressed Homeowner Initiative was the “first ever nationwide effort to target fraud schemes that prey upon suffering homeowners,” according to statement from US Department of Justice.  The initiative was in operation from Oct. 2, 2011 until September 30, the department.

    Be in the Know. Part I

    Be on the Alert:  Attention Buyers, Sellers, Mortgage Professionals and yes, all Realtors

    Shifts have occurred

    1. Shift: As the housing market shifted from bubble to bust after 2008, the nature of mortgage fraud schemes also shifted, targeting homeowners rather than banks and mortgage companies.  According to US Attorney Wagner, “Law enforcement strategy has also shifted, and they will relentlessly pursue scammers who victimize homeowners when they are the most vulnerable-then they are in fear of losing their homes.”
    2. Shift: According to FBI Herb Brown, Special Agent in Charge of Sacramento Division said: “Our goal is to identify and target the most egregious offenders who prey upon our area’s most vulnerable homeowners, use the most sophisticated techniques available to investigate the crimes, shut the fraudulent businesses down and bring those responsible to justice.”
    3. Distressed Homeowner Initiative:
      1. Help protect distressed homeowners around the country from rising tide of fraud schemes-and to raise awareness about them-the FBI joined the Department of Justice, the Department of Housing and Urban Development, and the Federal Trade Commission in announcing the results of the Distressed Homeowner Initiative.
      2. This initiative combines the resources of federal, state, and local law enforcement agencies and the efforts of regulatory agencies to target perpetrators both criminally and civilly.
      3. Since the initiative was launched a year ago, over 200 companies have been shut down, and criminal charges were filed against 530 defendants.  These cases involved losses of more than $1 billion from more than 73,000 victims across the country.
    4. Disturbing Trend
      1. An increasing number of lawyers playing primary or secondary roles in the fraud.
      2. In 2010, the FTC issued a rule that prohibited companies that offer loan modification or other types of mortgage assistance services from asking for fees in advance (some states have similar regulations), but with an exemption in some instances for lawyers performing legal work.
      3. Criminals target distressed homeowners try to circumvent the rules by using attorneys-which by itself adds an air of legitimacy to their fraudulent schemes-and calling their upfront fees “legal retainers.”

    Note:  More than 4,000 financially strapped homeowners recently lost at least $7 million to a California business that allegedly operated a loan modification scam.  Last month, 11 representatives of that company were federally indicted, but by that time, many of the victims had already lost their homes.

     

    • If you have been victimized by those who claimed they could get you some kind of mortgage relief but didn’t, please submit tip on line or contact local FBI office. www.fbi.gov
    • File Complaint with California Attorney General office
    • File Complaint with Federal Trade Commission
    • If complaint is against Real Estate Broker, visit the Department of Real estate website: www.DRE.Ca.gov
    • If complaint is against an attorney, visit the state Bar of California website.

    Source: www.doj.gov

    Hollywood Homes by MC

    MC Griffin Campbell, Broker/Owner: Broker License #: 01819507

    Short Sales and Foreclosure Resource (SFR) Certification

    Seniors Real Estate Specialist Designation (SRES); MA, M.Div.

    323-382-4364: 323-464-5431  

    www.hollywoodhomesbymcampbell.com

    email: hollywoodhomesmc@aol.com


 
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