SB 458 reinforces protections offered by a previous law, SB 931, which only required the first lien holder in a short sale to accept an agreed-upon payment as the full payment of an outstanding loan balance.

This new law, which became effective immediately, now prohibits secondary lien holders from pursuing deficiencies after a short sale closes.  By extending anti- deficiency protection to all existing loans on a home when a short sale occurs, homeowners are given the option to use a short sale as an alternative to foreclosure or bankruptcy.

Copy and paste the link below or click on it

http://www.staples.com/sbd/cre/marketing/coupons/13016_offer/index.html

The Annual Mortgage Insurance Premium (paid monthly) for FHA loans will increase–based on amortization terms and LTV. The increase impacts all FHA loan.

Effective Date Effective with case numbers assigned on or after Monday, April 18, 2011.

30 Years Mortgages:

Less than or equal to 95% LTV                     Currently at 0.85 increase to 1.10% of the loan amount

Greater than 95%                                    Currently at .90% increase to 1.15% of the loan amount

15 years Mortgages

Less than or equal to 95%                          Currently at 0% increase to 0.25% of the loan amount
Greater than 95%                                    Currently at 0.25% increase to 0.50% of the loan amount

Housing experts expressed concern that banks, not homeowners, will be helped by the White House’s $3 billion funding infusion — $2 billion from the Treasury Department and another $1 billion from the Housing and Urban Development Department — going to those states hit hardest by the housing market crash and unemployment.

To see the full story, visit http://thehill.com/blogs/on-the-money/banking-financial-institutions/114349-banks-to-benefit-most-from-white-house-program-to-stave-off-foreclosures

Foreclosure Homes In The San Fernando Valley

What we are seeing in the San Fernando Valley is a reflection of what is happening around the nation with home foreclosures. Although the low end of the market is showing resilience due to low inventory and high demand, the mid and upper end of the market is depreciating at a steady pace due to the number of foreclosures that continue to come on the market. Here is a great article that helps explain some of the variables associated with this phenomenon..

The number of U.S. homes lost to foreclosure surged in July, another sign lenders are moving quicker to take back properties from homeowners behind in payments.

Lenders repossessed 92,858 properties last month, up 9 percent from June and an increase of 6 percent from July 2009, foreclosure listing firm RealtyTrac Inc. said Thursday.

Banks have stepped up repossessions this year to clear out the backlog of bad loans. July makes the eighth month in a row that the pace of homes lost to foreclosure has increased on an annual basis.

Meanwhile, homeowners who are falling behind on their payments are being allowed to stay in their homes longer because lenders are reluctant to add to the glut of foreclosed homes on the market.

The number of properties receiving an initial default notice – the first step in the foreclosure process – rose 1 percent last month from June, but tumbled 28 percent versus July last year, RealtyTrac said.

Initial defaults have fallen on an annual basis the past six months.

The latest data reflect a foreclosure crisis that continues to drag on as many homeowners struggle to make their monthly payments amid high unemployment, slow job growth and an uneven rebound in home prices.

Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures. Initially, lax lending standards were the culprit, but homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures.

Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can’t qualify or fall back into default.

The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. More than 40 percent, or about 530,000 homeowners, have fallen out of the administration’s main effort to assist those facing foreclosure.

That program, known as Making Home Affordable, has provided permanent help to about 390,000 homeowners, or 30 percent of the 1.3 million who have enrolled since March 2009.

Still, RealtyTrac estimates more than 1 million American households are likely to lose their homes to foreclosure this year.

In all, 325,229 properties received a foreclosure-related warning in July, up 4 percent from June, but down 10 percent from the same month last year, RealtyTrac said. That translates to one in 397 U.S. homes.

The firm tracks notices for defaults, scheduled home auctions and home repossessions – warnings that can lead up to a home eventually being lost to foreclosure.

Among states, Nevada posted the highest foreclosure rate in July, with one in every 82 households receiving a foreclosure notice. The number of properties in Nevada receiving a foreclosure warning last month rose nearly 7 percent from June, but fell nearly 30 percent from the same month last year.

Rounding out the top 10 states with the highest foreclosure rate last month were: Arizona, Florida, California, Idaho, Michigan, Utah, Illinois, Georgia and Maryland.

Las Vegas continued to be the city with the highest foreclosure rate in the U.S., with one in every 71 homes receiving a foreclosure notice in July – more than five times the national average.

For further reading on this article, visit http://apnews.myway.com/article/20100812/D9HHQE2O0.html

T.G.I. Friday Restaurant Coupon

Here’s a great coupon for T.G.I. Friday’s Restaurant that is good till August 11, 2010. I know of thoselocated in Porter Ranch off of Rinaldi, Woodland Hills off of Canoga, Santa Clarita off of Valencia, and Simi Valley off of Tapo.

Here’s the link  : )

http://fridays.qrs1.net/greatdealsapp/?CMP=30399

Here’s a list of Upcoming free concerts in the park for August in and around the San Fernando Valley. If anyone knows of any more outdoor concert events, notify me and I’ll update the list!

August

2——Queen Ida and Her Zydeco Band        Santa Monica Pier                                            310-458-8900

4——Captain Cardiac and The Coronaries  Santa Clarita- Central Park                           661-286-4018

5——Desperado- Tribute To The Eagles     Agoura- Chumash Park                                  818-567-7361

5——The Little River Band                              Woodland Hills- Warner Center Park       818-704-1358

12——Gary Wright                                               Woodland Hills- Warner Center Park       818-704-1358

25——Boogie Nights                                           Santa Clarita- Central Park                           661-286-4018

Looking for things to do this summer

near the San Fernando Valley?

Here’s a list of local festivals that you might want to visit. A great way to end the summer by adding a few activities to your itinerary. If you’d like to add a few more to the list, just send a comment below!

August

Ventura County Fair                       4-15                        Ventura               805-648-3376

Filipinotown Festival                     7                              Los Angeles        213-413-3323

Watts Summer Festival                 13-15                      Los Angeles        323-739-7304

Nisei Week Festival                        14-22                     Los Angeles        213-687-7193

September

Long Beach Blues Festival           4-6                          Long Beach         562-985-1686

L.A. County Fair                               4-Oct. 3                Pomona                909-623-3111

Korean Festival                                 14-22                     Los Angeles        213-487-9696

October

Granada Hills Street Fair              2                              Granada Hills      818-368-3235

Pioneer Days                                      3                              Chatsworth         818-882-5614

Festival of Arts                                  2-3                          Newhall               661-286-4018