Real Estate Update in Palo Alto & Los Altos

A recent report has suggested that the Spanish owned high street bank, the Abbey, is in the unusual position of being able to encourage mortgage loans customers rather than turn them away because it is not experiencing the same difficulties as British lenders when it comes to securing finance for its mortgage lending operations. British […]

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The central bank’s efforts to improve the flow of money through the nation’s gridlocked financial system should help large banks and investment companies, but any immediate benefits for homeowners and homebuyers are far less likely, according to Jeff DerGurahian, senior vice president of capital markets at Metrocities Mortgage in Sherman Oaks, Calif.
“This (action by the […]

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WASHINGTON (AP) — At-risk borrowers with all types of mortgages, not just high-cost subprime loans, could be eligible for help under a new plan involving six big home lenders.
The plan, called Project Lifeline, will be announced Tuesday by the Treasury Department and the Department of Housing and Urban Development, said a person familiar with the […]

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A mortgage broker has an idea for reducing foreclosures: Encourage lenders to forgive debt. So far, the notion hasn’t gained traction.
Jeff Lazerson, founder and president of the online brokerage Mortgage Grader, believes that some foreclosures could be prevented if delinquent borrowers could refinance their loans, but with some of the debt forgiven. This type of […]

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Homeowners found three attractive tax breaks among their holiday presents, thanks to the federal Mortgage Forgiveness Debt Relief Act of 2007, which was enacted in December.
Forgiven debt may be free from income tax
The first tax break concerns forgiveness of debt, which occurs when a lender forgoes repayment of principal and/or interest the borrower owes.
Typically, discharged […]

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