Financially strapped homeowners in San Diego looking to cut their mortgage payments through a loan modification …
… or principal reduction needn't destroy their credit scores in the process. Some of the most frequently used mortgage modification programs turn out to have minimal negative impact on homeowner's FICO scores.
As an example, people with excellent scores [...]

WINDOW OF OPPORTUNITY FOR CALIFORNIA BUYERS
Last week Gov. Schwartzenegger signed Assembly Bill 183, the Homebuyer's Tax Credit legislation, into law. This has created a brief window of opportunity for buyers in California to receive up to $18,000 in combined federal and state homebuyer tax credits!

Here are the basics:
A first-time homebuyer must enter into a valid [...]

FHA TRYING TO GET RIGHT BALANCE WITH NEW RULES
FHA announced tightened lending requirements in late January. The changes are being implemented to increase FHA's capital reserves and help the agency do a better job with risk management.
The new rules will require a Buyer to either spend more to obtain a loan or to purchase at [...]

This economy unfortunately can bring the worst out in people.
It’s not enought that homeowners are going through the trauma of possibly loosing their homes – there are unscrupulous people preying on them to add to the insult …
The California Association of Realtors has a short article highlighting the areas that are "Red Flags" – tips [...]

Federal Reserve Chairman Ben Bernanke’s “Wish List to Santa” 
Recently, Ben Bernanke announced some very aggressive steps he believes are needed in attempt to resuscitate the distressed mortgage and housing industries.
 
Below is a quick run down of what he “wishes” for this year.

More principal write-downs by lenders
Reduce interest rates for the Hope for Homeowners program, currently [...]

Mortgage resets ~
Many San Diego homeowners were put into loans that reset to higher interest rate – typically 2 to 5 years from the date the homeowner bought the house. The rational from the Mortgage Broker was that the borrower could refinance at a later date at a better rate.
Well guess what – in many [...]