Welcome to My November E-Newsletter!
Happy Halloween! Hope yours was fun. San Diego has some wonderful, safe Halloween venues for kids, even in downtown Encinitas along 101. Most businesses were open for trick or treating on Halloween night. It's a great way for kids (and parents) to enjoy the holiday! And now it's November. Come and visit us for sunny, 70+ degree days! Here's your November Calendar of Events with some great ideas for things to do.
We had a big announcement this week for borrowers who are underwater with their loans. The government is changing its Home Affordable Refinance Program (HARP), making it easier for homeowners to refinance their underwater, high-interest mortgages.
Here's how it works: (information from CNN Money)
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Homeowners who owe more than 125 percent of the market value of their homes will now be allowed to participate in HARP to refinance into new loans. Many of these people were previously shut out of the program.
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Fannie Mae and Freddie Mac will reduce the fees they charged in the past to enable borrowers to better afford the new loans. Some of these reduced fees will be appraisals, title insurance, and closing costs.
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The new HARP program is only open to borrowers who are current on their payments for the past six months with no more than one missed payment in the past 12 months.
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The loans must be owned or guaranteed by Fannie Mae or Freddie Mac and must have been sold to Fannie or Freddie before June 1, 2009.
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Borrowers must be able to qualify for a new loan.
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Hopefully, the expansion of the HARP program will offer some relief to borrowers who could not have qualified in the past.
Business here is moving along steadily:
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My listing in Harbor Pointe remains in escrow, and my sellers are actively looking for a new home.
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I will have a new listing on the market on Monday, November 7th. It's a great detached home on Vulcan (3 bedrooms/2baths/1488 sq. ft.) within walking distance to Grandview Beach. It's light and open with vaulted ceilings and a large side yard. Please contact me for more information.
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Another buyer may be writing an offer on a foreclosure in Cardiff; we will see. It could be an amazingly good deal for a detached home.
Please contact me with any questions about current inventory along the coast. There are some very interesting distressed properties coming on the market at rock-bottom prices; and as we get closer to the holidays, sellers become more motivated!
Have a good November, and please be in touch.
Marilyn