Mortgage rates fall; Unemployment data still weak

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Looks like another mad rush for borrowers desperate to refinance to a lower interest rate.

With the banks still not cooperating and denying modifications, borrowers are left with little or no choice but to foreclose and go into bankruptcy.

Having been in the Real Estate industry for some time now, I’ve begged my clients time and time again to consult with a Real Estate attorney if none of the tradtional methods work in their favor. Instead most prefer to wait to the bitter end and face the music then.

Anyone reading this blog, please do yourself a favor - prepare, take notes, learn the facts and take action before the bank takes action on you. Don’t jump on the next wave of refinancing only to find that you still can’t afford to make the payments.

For those of you who have families with children, it’s a no brainer. Don’t put yourself into a situation where you have no money to even put food on your table.

Thinking of all your out there. Be safe and have a blessed Christmas and New Year.

Source - Mortgage rates fall

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20081218&id=9139901

Holly Leano - REALTOR and Sr Mortgage Consultant

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Guess what!! You could have oil in your backyard!!

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Dear Buyers,

Guess what!! You could have oil in your backyard.

How will you know if you are the ‘oh so privileged one’ to have the honor of ‘drill baby drill’ in your own backyard?? Well, when you buy a home, be sure that the Seller provides you with a Natural Hazard Disclosures. JCP-LGS Disclosures.com and First American Natural Hazard Disclosures (FANHD) are sending this Disclosure Alert to keep you informed of important information regarding environmental hazard disclosures. These disclosures are based on a 1/4-mile radius around the property. If the property you are buying has O&G (O&G Wells) or if your neighbor has O&G, you’ll know. This Public Record is the statewide well database maintained by the California Department of Conservation. Each well found in the search is listed along with its well-identification number, well owner, well status, and State contact information.

It is important to note that these disclosures are not mandated regardless how significant these environmental issues are at this time. Currently, California ranks fourth in the nation among oil producing states, and nearly 200,000 wells are distributed among 45 of California’s 58 counties.

O&G well proximity is an important material fact in a residential transaction. Potential hazards associated with wells include, but are not limited to, soil and groundwater contamination, methane seeps, fire hazards, air quality issues, and physical safety concerns. In addition, a land owner may be financially responsible for the cost of plugging a well that was not safely abandoned by a previous owner.

Source - Visit the link below to view a sample of the new O&G Well disclosure:
http://www.disclosures.com/Portals/0/fanhd/pdf/OandGwell_disclosure_SAMPLE.pdf

Holly Leano - REALTOR and Sr Mortgage Consultant

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