COVID-19 Updates and Forbearance Info

As a designated “essential business,” JVM Lending is open and funding mortgage loans during the COVID-19 crisis. Most types of mortgage financing remain available for qualified borrowers. If you are looking for information relating to payment forbearance, please see JVM's Forbearance Resource Center.

Posts

5 Tips For Buying A Foreclosure in California

Understand that the process for buying a foreclosure in California is different. In traditional real estate transactions, homebuyers work directly with the property sellers and their agents. Homebuyers will typically present an offer directly to the seller and their agents to purchase the property. When homebuyers are buying a foreclosure in California, they are not […]Read More

When Is One Year Seasoning for Foreclosure or Short Sale OK?

A few lenders are now touting their ability to obtain mortgage financing for borrowers as soon as 1 year after a foreclosure or a short sale with late payments. This is, in fact, possible, but only under limited circumstances. It would be misleading to imply that it is available to everyone. FHA’s “Back to Work” […]Read More

We Do Minor Repairs to REOs

We can legally use our commissions to do minor repairs to REO properties. We have replaced furnaces, flooring, kitchen cabinets, and all kinds of other items. We use our contractors and have them put demands (or invoices) in escrow. We then have the payment deducted directly from our broker check. If you have an REO […]Read More

Foreclosures Up; Pendings Way Up; Loans for TEACHERS

Foreclosures continue to rise, with over 12% of the homes in the US either behind in payments or in foreclosure. This morning’s paper also stated that there are over 700,000 bank-owned homes across the country that have not even hit the market yet, as banks are holding them back in an effort not to flood […]Read More

Will Foreclosure Inventory Hurt Home Prices? No

Our buyers continue to express concern that the continued onslaught of foreclosures coming to market will depress housing prices. There are supposedly as many as a million unsold foreclosures or pending foreclosures in California alone, and, per the Wall Street Journal, there are about 5 million potential foreclosures coming to market nationwide over the next […]Read More

Short Sale on Credit Is Not That Bad; Credit Repair

A “Short Sale” on a borrower’s record is not as bad as many people think. Such borrowers can often buy another house in a year or less. It depends on how the short sale is reported on the credit report, and on how well the “extenuating circumstances” (that “forced” the short sale) are explained to […]Read More

Qualifying After a Short Sale, Foreclosure or BK?

Once again, are the rules for qualifying for financing AFTER a Bankruptcy, a Foreclosure or a Short Sale. For FHA, borrowers need to wait 3 years from a foreclosure, and 2 years from a bankruptcy discharge, borrowers with short sales can get financing in as little as one year. I. CONVENTIONAL LOANS: A. Foreclosure: 5 […]Read More

“Squatters” in REOs?

Here is another new issue that is slowing down some of our transactions: “Squatters” in an REO. Lenders are now well aware of how difficult it can be to evict squatters, tenants or occupants of any kind from an REO. Therefore, if lenders become aware that an REO Property is occupied, many will not fund […]Read More

Possible Relief for Short Sale Process?

We just got back from a huge Asset Managers Conference in Fort Worth, Texas where we were actually featured speakers. Our topic: Don’t be afraid of FHA because it now allows “As Is” purchases, and because we control the appraisal process. We also touted “HomePath” financing for Fannie Mae owned foreclosures. One of the things […]Read More

Foreclosures Way Up

Rates are off again because of continued signs of economic strength, including improved “Housing Start” numbers and positive corporate earnings reports from Wall Street. There are, however, many indicators that the economy remains weak, including negative data from the Fed, and increasing foreclosure numbers. Foreclosures for the first six months of this year are up […]Read More

Much Economic “News” coming this week; Commercial Hard Money

We have access to a Commercial “Hard Money” fund that is managed by a commercial real estate appraiser. The advantages of having a commercial appraiser manage the fund are several. First, the value can be estimated much more quickly, resulting in faster answers. Second, there are no up-front commercial appraisal fees that make commercial financing […]Read More

“Seasoning” for BK, Foreclosure, Short-Sale – Revised (Important Information)

Below is a summary of the Seasoning Requirements for Major Derogatory Credit Events, for both FHA and Conventional Loans. Note that the “Short Sale” rules are the same for FHA and Conventional Loans. I. CONVENTIONAL/NON FHA (Conforming) LOANS A. FORECLOSURE: 5 Years from Sale Date B. SHORT SALE or SHORT PAY-OFF: This is “case by […]Read More

CPI Down; California Foreclosure Moratorium Has Minimal Effect

Our 30 Year Fixed, owner occupied scenario, quoted above, is much better today because Flagstar Bank is buying the market again (they have been out of the market for a few weeks). This allows us to beat the interest rate offerings of most major banks by at least 0.25%. This is more evidence that the […]Read More

Values Stabilize But New Foreclosures Will Increase Downward Pressure

The Median Sales Price in Southern California actually stabilized at $250,000 over the last three months. Prices stabilized because Foreclosure Moratoriums, Tax Incentives and Low Rates all worked in conjunction to limit supply and increase demand. But in light of this, the Foreclosure Moratoriums are lifting, and many banks are once again aggressively following through […]Read More