The Gurrola Team: Updates and Info

Fannie Mae is going after homeowners who walk away from their homes when they could have paid their mortgages. They plan to take them to court to limit their access to home loans for 7 years. Fannie Mae will have its loan servicing companies recommend when to pursue deficiency judgements. This is...

In response to the buyer tax credit, home sales have remained elevated largely due to low mortgage rates and steady home prices. In May, sales of existing homes was down 2.2% from April, but up 19.2% from May 2009. One more month of elevated home sales is expected due to the effects of the home b...

People with reverse mortgages should be warned that if they don't pay their property taxes or hazard insurance premiums they could be subject to foreclosure. The current economic climate is forcing the FHA, which has the largest reverse mortgage program, to tighten their regulations about delinqu...

Even with the jump in the number of homes being repossessed, the nation could be approaching a housing shortage in the coming years. Not enough new homes are being built to keep up with the natural population growth. Only 672,000 new homes were started in April, which is less than half of what is...

There could soon be changes concerning home builders and their customers, specifically policies surrounding the legal status of offering discounts, rebates, upgrades, etc. to buyers with the stipulation that they use the builder's affiliated mortgage lender. This is known as required use and it i...

Even with the number of distressed mortgages dropping, banks are beginning to repossess more homes than ever. It hit an all time high in May, with 93,777 properties being taken back. That is a 44% increase over the same month last year. In comparison, foreclosure filings dropped 3% from the previ...

The financial reform bill being discussed in Washington may have some benefits for home buyers and mortgage applicants when it is eventually signed into law. There are still differences to be worked out between the House and Senate, but there are foreseeable results. Loans that require no money d...

Whether you foreclosed because you couldn't cover your payments, or you strategically defaulted because you were underwater, there are still some consequences. There's a difference, though, in the kind of hit you'll take based on the reasons for your foreclosure. Banks tend to be tougher on those...

Sometime during the summer, FHA plans to change the rules for maximum seller concessions. Right now, one of the biggest draws of an FHA mortgage is the high seller concession limit. At the moment, it is set at 6% of the home price, but plans are in place to cut that to 3%. Seller concessions allo...

In the early months of 2010, home prices have fallen over 3% quarter over quarter but have continued to rise since last year. Even with the tax incentives and continually low mortgage interest rates, home prices are still remaining weak. The housing market is in better shape than it was last year...