A third of Sonoma County homeowners “underwater”
Nearly a third of Sonoma County homeowners with mortgages were “underwater” at the end of 2009, according to a new report by First American CoreLogic. That means that almost 34,000 borrowers here owed...
View ArticleMost home sellers cite money woes
Two out of three Californians who sold a home last year said they did so because they had trouble paying their mortgages. A survey released Thursday by the California Association of Realtors reports...
View ArticleSSU offers free session Saturday for troubled homeowners
The Financial Literacy Headquarters of Sonoma State University’s School of Business is offering a free question-and-answer session Saturday for homeowners considering short-sales, loan modifications,...
View ArticleIs 2010 the year of the short sale?
New federal rules could make it easier for financially troubled homeowners to dispose of their properties through short sales, where the home is sold for less than the amount of the mortgage. But...
View ArticleThe tax burden for short sales may disappear
Short sales have helped some cash-strapped homeowners get rid of one financial burden, only to be hit by a new one. The term “short sale” means the home is sold for less than the amount of the...
View ArticleDelinquency and foreclosure rates rise for Sonoma County home mortgages
One out of every 15 home mortgages in Sonoma County was 90 days or more delinquent in February, a rate that has risen steadily over the past year. The rate of delinquent loans rose to 7.42 percent in...
View ArticlePetaluma’s First California Mortgage receives $50 million in new credit from...
First California Mortgage of Petaluma plans to triple the number of home loans it makes this year with the help of $50 million worth of specialized financing through a new initiative by Fannie Mae. The...
View ArticleFree Bay Area sessions for distressed homeowners to meet with mortgage lenders
Homeowners at risk of foreclosure can meet face to face with their mortgage lender and a federally approved housing counselor this week in the Bay Area. The free sessions will offer homeowners the...
View ArticleNew Study: A look at strategic defaults
A new report from the Federal Reserve looks at strategic defaults by underwater homeowners and offers this finding: “We estimate that the median borrower does not walk away until he owes 62 percent...
View ArticleForeclosure activity drops in Sonoma County
Foreclosure activity slowed markedly in Sonoma County at the end of last year, but experts expressed skepticism that the decline signals a reduction in distressed properties. The county recorded 443...
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