Ute's Blog

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Real Estate Agent - Ferdig Real Estate Solutions
RECENT BLOG POSTS
So you think that only a computer whiz can hack into your web connection and spy on you?  Think again.  My husband recently forwarded me a New York Times article ("New Hacking Tools Pose Bigger Threats to Wi-Fi Users"by Kate Murphy) that gave me goose bumps.  I love my little netbook and wireless...
02/21/2011
I recently learned that only a total of 661 HAFA short sales closed in 2010.  Granted, part of the reason is that Freddie Mac & Fannie Mae did not implement HAFA until August 1, but 661 closed short sales is still a ridiculously low number.   Are things going to improve radically for 2011?  I thi...
02/05/2011
Loan modifications offered under the HAMP program are amortized which cause a great many home owners who are hoping for relief through the program to be disappointed.  Many currently have interest only loans and offering to convert the loan to an amortized loan does not help them because now they...
02/02/2011
I am finding myself in a difficult situation.  A friend recently told me about a mutual acquaintance having signed over the deed to her house to a foreclosure prevention company.  She paid them $2,000 and was told to pay a certain sum to them every month instead of her mortgage company and not to...
01/23/2011
We have all heard and read it more than once or twice:  "The banks really don't want to foreclose."  I recently listened to a podcast by an attorney in the Sacramento area and he mentioned that only about 10% of loan applications result in temporary loan modifications and the great majority of th...
01/11/2011
Effective July 1, 2010, participating servicers are required to consider eligible borrowers for the Home Affordable Unemployment Program (UP), which grants borrowers a forbearance plan during which regular monthly mortgage payments are reduced or suspended. Borrowers will be evaluated for HAMP at...
07/07/2010
  I am in the process of reviewing the new Freddie Mac HAFA guidelines that were just released June 1, 2010.  Here is what I found concerning allowable transaction costs.  Section D65.5 (a)(ii) of the Freddie Mac Single-Family Seller/Servicer Guide provides:  "Freddie Mac will pay up to a total o...
06/15/2010
Let's face it, listing a tenant occupied property can pose challenges as many tenants are not particularly happy about the prospect of having to move.  When I look at the MLS showing instructions for tenant occupied properties, I wonder what arrangements the listing agents have with the tenant.  ...
11/29/2009
Ok, so Governor Arnold Schwarzenegger signed the "Buyer's Choice Act" (AB 957) into law on 10/13/2009.  Essentially the passing of AB 957 is intended to stop the widespread practice of dictating which title and escrow company is going to be involved in the sale of a bank owned property (1-4 unit ...
10/15/2009
I recently  closed a short sale that involved private mortgage insurance that was taken out by the lender without the borrower's (my client) knowledge.  The problem was that we did not know how the existence of PMI would affect the negotiations and we did not know what the terms of the PMI policy...
06/23/2008
Rainer
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Ute Ferdig

Attorney Short Sale Negotiator
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