Real Estate Weekly

Real Estate News that Matters

Real Estate Weekly - Real Estate News that Matters

Making Home Affordable – Does HARP Make the Cut?

At Real Estate Weekly, we hope that distressed homeowners who have been struggling to keep their mortgage payments current, can get some relief from the retooled refinance plan and get off their diet of Pasta fagioli.  (Italian Peasant Food)

On today’s show we cover the HARP Program and discuss how recent administrative changes are making the program helpful to homeowners where prior efforts have failed.  For more information on the HARP Program look at the government website  http://www.makinghomeaffordable.gov

To find out if Fannie or Freddie owns your loan try these loan look up tools below:

http://www.fanniemae.com/loanlookup

http://www.freddiemac.com/mymortgage

Head researcher  and editor, Dana, did a lot of diggin’ and callin’ to find lenders willing to participate in the HARP program locally.  Though we do not believe that this list is exhaustive we can tell you it is a good start:

Local bank lenders who made the cut:

Jeff from Wells Fargo, who operates at the main office in St. George (Tabernacle & Main St.).   His number is 674-8003

US Bank- Contact your local branch

State Bank of Southern Utah (SBSU)  They are participating in the HARP program. Their current customers will get preferential treatment in terms of documentation since they already “know” them, but they are happy to sit down with any and all homeowners.

Credit unions, who made the “cut”:

Southwest Credit Union – You can walk in any branch office and ask for a mortgage originator and they will hook you up. They only do loans held by Freddie. They will be able to tell you who owns your mortgage once you contact them.

Deseret First Credit Union – Deseret First will happily assist you in a HARP refinance. You can call Chuck, who handles our area from SLC.  He was kind enough to give us his direct line for listeners to use 801-456-7075

SGI Mortgage – Great lady and so helpful, Debbie Hartman. She can be reached at 674-1090

W.J. Bradley Mortgage Capital – Ryan Bolton is the captain of the ship over there and he does every kind of loan under the sun.  His number is 627-0494.

St. George Utah Foreclosure Bank of America Study

There has been a lot of chatter by real estate agents and the news media on the notion that there is a “shadow inventory” of homes, that will be dumping more real estate on the St. George real estate market.  On last week’s show, we delivered the following results from a study performed by the Real Estate Weekly staff  relaying the outcomes of  Washington County Notice of Defaults filed by Recontrust (Bank of America) from October 1 2008-October 1, 2011.

Out of 1341 Bank of America Notice of Defaults filed in Washington County including St. George, a systematic sampling produced the following results:

 

The Notice of Defaults outcomes were….

NOD Cancelled                                    429         32.00%

NOD Still Outstanding                        128           9.55%

Property was Sold or transferred      120          8.99%

Property Foreclosed                             663       49.46%

 

According to our numbers, Bank of America could bring to the courthouse steps the 128 homes with NOD’s still outstanding but the other cancelled properties would need to restart the process, thereby creating months of delay in producing additional inventory.  And that is why I refer to the “shadow inventory” threat to the St. George real estate market as the “Great Pumpkin” of real estate.

Waiting for real estate’s “Great Pumpkin ?”

We have heard from many news organizations about the “inventory overhang” of foreclosures and with millions more to come is it real or are we waiting for the Great Pumpkin?  Is the threat real or is shadow inventory really just a ghost?   Join Real Estate Weekly to find out on Thursday at 4:30 when Dara and special guest, short sale specialist, Marlene Ritzman discuss Washington County defaults and the research performed by the staff of Real Estate Weekly. Don’t miss this special report-its information you won’t find anywhere else…