April California Foreclosure Report

dsavage@mortgagecoach.com — Mon, 18 May 2009 19:27:00 GMT

INVESTORS PURCHASE RECORD NUMBER OF FORECLOSURES AT AUCTION

April Foreclosure Notices Drop from March Record Levels

Discovery Bay, CA, May 12, 2009 - ForeclosureRadar, the only website that tracks every California foreclosure, and provides daily auction updates, issued its monthly California Foreclosure Report for April 2009. In a reversal from the prior month, foreclosure notices dropped while foreclosure sales rose.

March California Foreclosure Report

dsavage@mortgagecoach.com — Wed, 22 Apr 2009 21:23:00 GMT

FORECLOSURE NOTICES SOAR, FORECLOSURE SALES DROP

Government Intervention Continues to Play Havoc in Foreclosure Market

Discovery Bay, CA, April 14, 2009 - ForeclosureRadar monthly California Foreclosure Report for March 2009. Notices of Default, the first step in the foreclosure process, reached a record level - nearly 26 percent higher than the previous historic peak in April 2008. Notices of Trustee sale, which set the auction date and time, rose 82.3 percent from the prior month, though not yet reaching the prior record level set in July 2008.

February California Foreclosure Report

dsavage@mortgagecoach.com — Fri, 13 Mar 2009 18:10:00 GMT

Discovery Bay, CA, March 12, 2009 – The average difference between current market value
and outstanding loan amount exceeded $200,000 for properties sold at foreclosure auction in February.
This represents a 189 percent increase in negative equity when compared to properties foreclosed on a
year earlier. Notices of Default have increased 21.3 percent from January and have nearly returned to the
peak levels reached in April 2008, despite the President’s Day holiday and February being a short
month. Properties sold at foreclosure auction (trustee sales), rose 11.9 percent from January to 17,131.

January California Foreclosure Report

dsavage@mortgagecoach.com — Tue, 17 Feb 2009 22:58:00 GMT

Discovery Bay, CA, February 12, 2009 - January brought an unexpected, across the board drop, in the total Notices of Default, Notices of Trustee Sale, and sales at auction, not only from the prior month, but year over year as well. Even after accounting for the fact that January had two fewer days than December, only properties sold at auction saw a slight increase of 3.4 percent. Analyzing the data at the lender level, it appears these drops can be primarily attributed to the significant changes taking place among the country's major lending institutions.

See the full PDF report in the library!

The Next Foreclosure Wave

dsavage@mortgagecoach.com — Thu, 15 Jan 2009 17:23:00 GMT

The first wave of home foreclosures that hit in late 2006 and early 2007 followed the resetting of subprime adjustable mortgages with two- and three-year "teaser rates" written during the height of the lending boom earlier in the decade. But pay-option ARMs — which often don't "recast" for five years — have a longer fuse.

Fed throws fresh lifeline to stressed households

dsavage@mortgagecoach.com — Wed, 26 Nov 2008 01:51:00 GMT

WASHINGTON (Reuters) - The Federal Reserve threw a massive life-line to consumers on Tuesday with two new programs aimed at making it easier for them to obtain loans for homes, cars and on credit cards.

FORECLOSURE SALES DROP SUBSTANTIALLY

dsavage@mortgagecoach.com — Thu, 20 Nov 2008 16:26:00 GMT

Foreclosure sales drop substantially. Loan modification activity forestalls impact of negative equity.

Foreclosure sales dropped by 39.1 percent from the prior month, due to significant increases in cancellations and postponements. Under California law, scheduled foreclosure sales can be postponed for a period of up to one year, until they are either cancelled or sold. Cancellations, where the home is taken out of foreclosure, increased by 78 percent in October, resulting in nearly 20 percent of foreclosure sales scheduled for October being called off. Notice of Default filings, which start the foreclosure process, continue to be significantly impacted by CA State Senate Bill 1137, as lenders work through the new requirements the law imposed. Notices of Trustee Sale, however, rebounded after a signific

Mortgage Seminars Announcement

dsavage@mortgagecoach.com — Wed, 03 Sep 2008 02:50:00 GMT

Mortgage Seminars Announces
FHA Announces New Mortgage Insurance Premiums
USA - August 27th, 2008

In response to the passing of HR 3221, this update announces FHA's new Mortgage Insurance Premiums for the period of October 1st, 2008 through September 30th, 2009. FHA's Risk Based Premiums that went into effect on July 14th, 2008 will be on hold till October 1st, 2009.

Here are the 6 things you need to know about these changes...

1. Upfront Mortgage Insurance Premiums:
A. Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 %
B. Streamline Refinances (all types) = 1.50 %
C. FHASecure (Delinquent Mortgagors) = 3.00 %
2. Monthly Mortgage Insurance Premiums:
A. For 30 year loans with LTV > 95 %, monthly will be .55%
B. For 30 year loans with LTV < 95%, monthly will be .50%
C. For 15 year loans with LTV > 90%, monthly will be .25%
D. For 15 year loans with LTV < 90%, monthly will not be required
E. For FHA Secure loans with LTV > 95%, monthly will be .55%
F. For FHA Secure loans with LTV < 95%, monthly will be .50%
3. Mortgages with FHA case number assignments made on July 14,2008, through and including September 30,2008, shall maintain the risk-based premium structure for the life of the mortgage

4. FHA will issue another notice that will formally advise when the moratorium is concluded and the premium pricing structure tnat should be followed once the moratorium ends

5. Credit Scores
A. Borrowers with credit scores below 500 will require an LTV of 90% or less
B. Borrowers with 3 scores, the middles score is used
C. Borrowers with 2 scores, the lowest score is used
6. These premium changes apply to the folllowing FHA loan programs: 203b (standard 1-4 unit property), 203k (rehab loan), and 234c (condominiums) and do not apply to FHA reverse mortgages

We are still awaiting more changes in response to HR 3221 so watch for future updates.

Go FHA!
Jeff Mifsud
Founder
Mortgage Seminars
jeff@Mseminars.com
http://Mseminars.com

Start Your Engines!

dsavage@mortgagecoach.com — Wed, 04 Jun 2008 17:55:00 GMT

At the Mortgage Coach, we feel our number-one responsibility is to educate, inform and teach mortgage professionals how to grow their business.

Dave Savage