California- California mortgage resource directory launched to help home buyers find mortgage assistance programs.
The said directory has been launched by the California Association of Realtors. This search device will find the current and latest mortgage programs in every part of the state. It aims to help struggling house buyers in finding a suitable program that offers down payment assistance.
Through this tool, home buyers can search for assistance programs funded by either the government or private companies. Programs, such as fixed-rate mortgages, FHA, rehab loans, and HUD, can also be searched through this. They can also search by address or city.
Another California trend
This directory launching is just another good news for those who want to get their own home. The start of the year has shown how owning a house now is becoming more plausible.
Recently, the U.S. foreclosure condition has never been better for the last six years. RealtyTrac reported that from last December to January, the foreclosure filing rate has dropped to 7%. Also since January 2012, the number of foreclosures has lowered by 28%.
According to RealTrac Vice President Daren Blomquist, this improvement is something owed from California’s foreclosure movement.
“The U.S. foreclosure landscape in January was profoundly altered by the effects of new legislation that took effect in California on the first of the year,
“Dubbed the ‘Homeowners Bill of Rights,’ this legislation extends many of the principles in the national mortgage settlement — including a prohibition on so-called dual tracking and requiring a single point of contact for borrowers facing foreclosure — to all mortgage servicers operating in California.” Blomquist said.
This ‘Homeowners Bill of Rights’ imposes a $7,500 fine per loan to lenders and banks for inappropriate foreclosure filings. This has made lenders more careful in filing foreclosures and dealing with homeowners.
“For the first time since January 2007 California did not have the most properties with foreclosure filings of any state,” Blomquist added.
This foreclosure drop in California has caught the attention of other U.S. states which have come up with their own version of the strategy.
A chance for aspiring homeowners
The Remedy Group, one of the law firms offering foreclosure assistance in California, believes that those who plan to get their own house should take advantage of the current foreclosure condition.
Moreover, with the new mortgage resource directory present to help them find assistance programs, home buyers have a better chance of securing their homes now.
Those who want to use this directory can go to http://mortgage.car.org.