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Rich Iacovetta's Blog

By Rich Iacovetta | Mortgage Broker
or Lender in Santa Clara, CA
  • Happy Friday the 13th. A Funny Mortgage Horror Story (Video)

    Posted Under: Home Buying in San Jose, Financing in San Jose, Rent vs Buy in San Jose  |  April 13, 2012 8:44 AM  |  498 views  |  No comments
  • Bank of America Has a New Plan To Help You Stay In Your Home

    Posted Under: Financing in Santa Clara, Foreclosure in Santa Clara, Rent vs Buy in Santa Clara  |  March 30, 2012 10:11 AM  |  512 views  |  No comments
  • San Jose FHA Streamline Refinance Just Got Cheaper

    Posted Under: Market Conditions in San Jose, Financing in San Jose  |  March 23, 2012 9:21 AM  |  436 views  |  No comments

    Click the video player above to watch this video.

    Rich Iacovetta again with RMI Lending, shares how California FHA Streamline Refinance loans are now cheaper for you since the decrease of mortgage insurance attached to them. Starting 6/11/2 FHA will be lowering the upfront mortgage insurance to just .01% and monthly mi on FHA streamline refinances in California to .55%. It's possible with this lowering of UFMIP mortgage insurance, and with low interest rates to save a couple hundred dollars or more each month on your mortgage payment with an FHA streamline refinance. As long as you received your current FHA loan BEFORE June 1, 2009.

    A guy walked in to his Bank of America in Florida wearing a Miami Heat ballcap to cash his $100 check, but was attacked by police she he exited. He was mistaken for a bank robber, and that $100 check just turned into 3.3 million dollars for his pain and suffering.
  • 3 Things You Better Do Before April 1st

    Posted Under: Home Buying in San Jose, Financing in San Jose, Foreclosure in San Jose  |  March 9, 2012 10:12 AM  |  535 views  |  1 comment

    Click The Video Player Image Above To Watch This Video

  • Funny video: Nic Cage finds out when he can buy a house after foreclosure

    Posted Under: Home Buying in San Jose, Financing in San Jose, Foreclosure in San Jose  |  March 2, 2012 8:32 AM  |  556 views  |  2 comments
    How long to wait after foreclosure to buy a house again
    Click the image above to play the video
  • The Mortgage Settlement. Will It Help Foreclosed Homeowners?

    Posted Under: Financing in San Jose, Foreclosure in San Jose  |  February 18, 2012 7:04 AM  |  511 views  |  No comments

    Click the image above to play the video

    More than 450,000 Californians will be getting mortgage help from at least $18 billion, thanks to a mortgage settlement with the nations 5 largest banks Chase, B of A, Wells Fargo, Citi and Ally Financial. The banks are being penalized for rushing the foreclosure process over the last few years by using what’s called robo-signing. Which basically means that the bank employees didn’t actually read or properly service the loans they had, that ended up in foreclosure. Most of the mortgage help for California homeowners will come in the form of reducing principal for underwater borrowers that need to modify their loans, but there are some other circumstances in which you might get mortgage relief. First, your loan cannot be a Fannie Mae or Freddie Mac loan. If it’s not and you got foreclosed on between 2008-2011, you might qualify for a foreclosure settlement payout. And under the new mortgage settlement, banks will not be able to foreclose on someone if that homeowner is currently being considered for a loan modification. Now, while this mortgage settlement isn’t going to fix the housing market, Heck this is a just a chip in that $750 billion iceberg, it is a step in the right direction for those that need mortgage help in California. What’s your thoughts?

    Still want proof that you should be checking your credit report every 6 months? A South Carolina man wasn’t able to get approved for a new home because Bank of America had been reporting to all three credit bureaus each month that he’s been dead for almost 3 years. Do yourself a favor and watch out for yourself. If you want to know how to get a free legitimate credit report in California, give us a call.

    Actor Steven Seagal is being sued by a man who allegedly ran illegal cockfighting matches. Steven was filming his realty show Lawman, when he teamed up with an Arizona sheriff, jumped into a SWAT tank and ripped through the man’s house, killing about 100 chickens and the gangster’s 11 month old puppy. I know it’s sad the puppy died, but the other guy was torturing chickens for entertainment. But, don’t they have search warrants in AZ? I mean why do you even need a tank to stop a gambling ring? What’s next, using a fighter jet to break up an underage drinking party? Could you imagine looking out your window? The only thing scarier than Steven Seagal in a tank is Steven Seagal in a tank top. If you live in Arizona you might want to look both ways before you cross your yard.

    With this mortgage settlement announced, many are speculating that we could see home prices drop even further. While current homeowners aren’t thrilled about this, it’s a great opportunity for anyone thinking about buying a first home, or even an inexpensive rental property. If you want to see in just a few minutes if you can take advantage of this window of opportunity, please give me a call. Thanks for watching and please pass this video along. I’ll see you next time.

  • Why Obama's Refinance Plan Will Fail (A Funny Flashback)

    Posted Under: Market Conditions in San Jose, Financing in San Jose, Foreclosure in San Jose  |  February 10, 2012 12:47 PM  |  654 views  |  No comments

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