Caroline Chai's (sttsou) Blog

If you cannot afford to pay the mortgage anymore, Instead of walking away from your house, this is what you can do: Contact your lender immediately to see if you are qualify for a loan modification. Explain to your lender that you can no longer afford the mortgage payment due to your current situ...

What happens if you pay the rent on time but your landlord did not pay the mortgage and the house was foreclosed by the bank? Effective on September 9, 2008, in California, lenders need to give tenants 60-day notice to move out if the property is foreclosed. (California Civil Procedure section 11...

Rental is like a long-term hotel for renters. It is very important that the landlords understand this and run it like a hotel business by making sure the property is in clean and move-in condition. It is very difficult to rent a dirty house if the house needs a new coat of paint, house cleaning a...

What "loan buy down" does is if you pay more at the beginning for your loan fee, your interest rate will be lower and thus lower your monthly payment. As an example, suppose you can find a 30-year fixed rate mortgage at 7 percent with no points (=$0 loan fee). On a $300,000 30-year mortgage your ...

To purchase a property, besides the down payment, buyer needs to prepare some additional money for closing cost. Here is a list of fee involved to close the escrow. 1.Title fee. 2. Escrow fee. 3. Loan processing fee. 4. 1st month prorated mortgage payment. 5. Prorated property tax. 6. Home insura...

As we grow older and take on more and more responsibilities, it is easy to get lost in the "work" maze. To rekindle that fun loving part of our inner beings, my family takes monthly pilgrimage to Disneyland. It is a simple joy just to watch children's smiling faces. It is also very romantic at ni...

8 properties in Phillips Ranch were sold in October 2008. 6 out of 8 are either short sale or bank owned properties that offer outstanding value. Price Bank Owned? Type Address BR/BA Size (sf) Pool? $838,000 No House 45 Willowbrook Ln 4/3 2940 Yes $486,000 No House 69 Hunter Point Rd 4/3 2128 No ...

Once buyer's offer is accepted, it is time to think about how to hold title to the property. Since there is a legal and tax consequences on how title is vested, professional consultation from an attorney and/or CPA are strongly recommended. Type of Ownership Own By Divisible Interest? Right Of Su...

The recent pullback in market price gives homeowners an opportunity to ease their property tax squeeze if the property was purchased after 2003. Here a quick outline on how to lower your property tax: 1. Contact me to get 3 comps on the similar houses that was sold from January 1st to March 31. T...

Recently I have a client who was referred by her friend to a loan modification company that already modified her friend's loan. My client is trying to modify her option arm loan of $460,000. The modification company charges a flat fee of $4500 and requests $1500 up front. Reading the contract of ...