We are still dealing with a very unhealthy real estate market in the Los Angeles region. The buyers are out in full force. You can see in this chart the quantity of residential escrows closed is way up year over year, but the active inventory for sale is basically non-existent. We are at 2600 units for the entire San Fernando Valley.
Mortgage modifications being given out right now are hurting people in ways they wouldn’t have expected. There are several different ways the lenders are approving the loan mods…
Senate panel backs extension of mortgage debt relief law The law spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. August 12,
The Consumer Financial Protection Bureau is proposing the following federal rules to be levied on the servicing divisions of lenders, to help struggling borrowers.