This is a photo of the Serrano Visitor’s center. Serrano is the largest planned unit development in El Dorado County. We thought that people considering moving to the El Dorado Hills area might like to see what it looks like. Here is a photo of the visitor’s center.
A grand total of only 342 families have been able to run the gauntlet of rules and regulations to complete the HAFA (Home Affordable Foreclosure Alternatives) program since its inception last year. This miniscule number does not engender confidence in the HAFA program. In fact the U.S. Treasury has only spent $ 4.3 million dollars on the program while they have spent $4 BILLION on the HAMP (Home Affordable Modification Program).
The major impediments have been identified as 1) junior lien holder’s dissatisfaction with proposed loan payoffs; 2) lack of efficient guidelines and 3) lack of loan services adherence to program deadlines.
The government realizes that changes must be made if the program is going to help more distressed families. Tomorrow, February 1. 2011, they have made changes in program guidelines. These changes do NOT apply to GSE mortgages (those owned by Fannie Mae and Freddie Mac). There may be similar changes to the GSE mortgages in the near future.
The changes ease the income requirements, property vacancy requirements, the amount that junior lien holder receive and implement time lines for servicers with respect response times. There are also changes in Deed-In-Lieu alternatives and borrower notice time lines.
One big issue is that they allow loan servicers to consider past applicants who were rejected under the old guidelines. So some of who were rejected may now qualify.
This is excellent news for distressed home owners. It may be worth their time to revisit the HAFA web site and apply once again. Here is the link:
In keeping with our new policy of including photos of our local area along with market information about Folsom real estate and information to help buyers and sellers, we are startign out with this photo of Rainbow Bridge. The Rainbow Bridge crosses the American River on the north end of town. It was build in 1917 and is still in use today.
It has occurred to us that people considering moving to our beautiful area might be interested in seeing some of the area. We have decided to include photographs as one segment of our blog and will interspurse photographs with posts about the real estate market in EL Dorado Hills and real estate information designed to help buyers and sellers.
The first of our photos is a shot of the El Dorado Hills Town Center located just sough of Highway 50. It includes a multi theatre complex, many stores, banks, resturants, a Mercades dealership, landscaped hills and fields and a large pond with a fountain.
Authorities report a new round of fraud involving distressed Latino home owners who are in the foreclosure process. The Con artists ask their victims to pay a processing fee for anywhere from $ 1000 to $ 3000 in order to get a mortgage for 25% of what their current mortgage is. Naturally, the new payments would be proportionally lower. They are claiming to pay off the existing mortgage as part of their service.
Of course, they do nothing of the kind and the legal lender just continues with the foreclosure process and the victim loses their home and the processing fee! Although this scam was first identified in Stanislaus, it can easily move to your area. NEVER pay an up from fee!
Select this link for the full article in the Modesto Bee: