Dawn Thomas latest what is up in Real estate?

Beyond the Headlines- What’s Going on in Real Estate Pt 15

by The Dawn Thomas Team on January 11, 2013

The Dawn Thomas Team is constantly trying to keep our clients and the inquiring public up to date on the goings-on of the Real Estate Market. These days there is so much information coming out daily that it’s hard to keep it all straight and not miss important articles. We’ve recently written about sellers, buyers, taxes and loans-all of these things are important factors in the Real Estate Market-a very integral arm of our current economic climate. So today we give you three articles that we think are important for you, our clients and the public, to know. Read on!
San Diego Union-Tribune
New homeowner protections go into effect Jan. 1
The start of the new year brings more protections to California homeowners, mainly those who are trying to save their properties from being repossessed.
Making sense of the story

• The Homeowner Bill of Rights, signed by Gov. Jerry Brown in 2012, is a set of new laws that puts the onus on banks to help consumers through the foreclosure process. The legislation, which went into effect Jan. 1, forces banks to stop dual tracking and robo signing, and assign one point of contact to borrowers who are trying to obtain a loan modification.
• Dual tracking is the process of starting the foreclosure process while a loan modification has been submitted or is being reviewed by the bank. Borrowers in the past have lost their homes to foreclosure as a result of this situation.
• Under the new law, banks must give loan-modification applicants a response before starting the foreclosure process. Banks now also have to inform consumers who don’t apply for a loan modification that they have the right to do so.
• Robo-signing, the process of approving foreclosure documents without proper review, also is prohibited.
• One of the laws also allows borrowers to sue loan servicers for violating any foreclosure laws.

Read the full story

The New York Times
To givers of down payments
Home buyers trying to scrape together enough money to cover the typical 20 percent down payment frequently look to relatives for help. But mortgage lenders closely scrutinize cash gifts, and the check may not count toward a home purchase if the borrower can’t thoroughly document its source and intention.
Read the full story
San Diego Union-Tribune
Cliff avoided: Congress staves off tax hikes
Congress sent President Obama legislation to avoid a national “fiscal cliff” of middle class tax increases and spending cuts late Tuesday night.
Read the full story

This blog is courtesy of The Dawn Thomas Team who is an award-winning Real Estate Agent team at Intero Real Estate Services in Los Altos 650-701-7822. We help nice people with selling and buying homes from Palo Alto to West San Jose!