Santa Rosa, CA -- (SBWIRE) -- 08/03/2010 -- Stated income loans were mortgage loans made to borrowers without proving their income sources. They were largely removed from circulation after the 2007 mortgage meltdown. After that, loans made without income and sometimes without assets became extremely rare and coveted. Several intrepid portfolio lenders ( http://www.fhasubmissions.com ) getting their money from alternative sources like hedge funds and local pension funds would offer the loans and be completely swamped by eager borrowers. Their $500m portfolios would fill in a matter of months and they would stop funding new loans. For borrowers and brokers it became a hunt for a slot with the next lender before they filled up. The market for stated income loans (also called no-doc, SIVA, Low-doc, etc.) was on its last legs.

Thanks to Obama last friday on 8/1/2010 that dying market was given it's last hurrah. The reform bill signed in by Obama outlaws stated income and no doc loans. The market already did not want these loans and now the government has finished them off for good !!.

Part 1074 (b) of the bill reads:
"No creditor may make a loan secured by real property [i.e., a mortgage loan] unless the creditor, based on verified and documented information, determines that, ( http://www.fhasubmissions.com ) at the time the loan is consummated, the consumer has a reasonable ability to repay the loan ... and all applicable taxes, insurance, and assessments."

The bill also outlines the steps mortgage brokers and banks must take to verify a person's ability to repay. As is the typical practice now they must review the borrower's credit history, current income, ( http://www.fhasubmissions.com ) current financial obligations, and debt-to-income ratio. To verify the borrower's income, the lender must review IRS W2+1040 statements, tax returns, bank records, and payroll receipts / pay stubs. This means underwriter. Loan officers at banks or mortgage brokers cannot issue a pre-qualification without seeing all this documentation. This is already effectively in place now so it's not too big a shock.

Essex Mortgage Bank, ( http://www.fhasubmissions.com ) I personally thinks that the lenders will find way to circumvent this regulation once the market will return. When prices+inventory+employment stabilize then support will be found for loans as risky as stated income. I am a believer in the market always finding ways to do what it will naturally despite outside influences. There have been quite a lot of outside influences in the mortgage market lately and the industry itself is in a state of flux. It is reinventing itself and rewriting its rules in the midst of the best interest rate environment ( http://www.fhasubmissions.com ) in recent history. When the dust settles I think that stated income loans will return but until then, get those W2s and 1040s ready.

Hurry don't wait around send me those "Stated Income " loans today we are a private money lender that funds using our own money unlike the banks and credit unions ( http://www.fhasubmissions.com ) and can fund your loan no matter what Obama says or wants !! Call Jeffrey Martino Young ( http://www.youtube.com/watch?v=PqDjlB3fV8Y ) at 310-984-0496 or through our e-mail Californiatdinvestments@gmail.com or our online website at htp://www.Ourfundsonline.com

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

One of the nation's last sources of no money down financing for home loans appears to be making a comeback: Legislation that restores a Department of Agriculture home-buying program is headed to President Barack Obama's desk for signature.

Santa Rosa, CA -- (SBWIRE) -- 08/02/2010 -- The restoration of the single-family rural housing program ( http://www.fhasubmissions.com ) that would guarantee home loans for rural buyers was passed by the Senate today and is on its way to President Obama.

The National Association of Realtors® has vigorously lobbied to restore funding for the rural program since last March, and hailed this development as a great victory for rural home buyers.

"This is going to be a great lift for thousands of rural home buyers who need to close on their home purchases before Sept. 30 to take advantage of the home buyer tax credit," said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. "Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues," Golder said.

"The rural housing program ( http://www.fhasubmissions.com ) is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market," said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. "This change will make the program completely self-sufficient," she said.

A home purchased through the USDA home loan guarantee program must be located in a qualified rural area. Qualified rural area is defined as open country places, and homes in cities with populations of 10,000 or less. Under certain conditions, the home may be located in towns and cities of 10,000 to 25,000 in population. If you have questions regarding whether a potential home is in a qualified area speak with a representative from a USDA Rural Development field office or one of the staff at Essex Mortgage Bank ( http://www.fhasubmissions.com ) toll free 1-877-870-2676. For a majority of my local Sonoma County residents this loan was made just for you now is the time to take advantage of it.Below are the areas that will qualify for this loan program. Excluding Santa Rosa up to Larkfield, Rohnert Park/Cotati, City of Sonoma and Petaluma, the rest of Sonoma County is eligible. Included are communities like Healdsburg, Sebastopol, Cloverdale, Windsor, all Russian River area, Graton, and the Sonoma valley along hwy 12 into the city of Sonoma. This program, allows a 6% seller credit, requires no reserves, FICO scores can be as low as 620, and it can be used for a single family home and the best part of it all it requires no mortgage insurance.The normal qualifying income ratios are 29% / 41%. You can exceed these ratios if you have scores above 660 and you don't have to apply for a debt-to-income waiver. Those below 660, you'll have to have compensating factors and apply for an income ratio waiver. The appraisal is done by a HUD certified appraiser and all section one items need to be cleared. Should you have any questions in regards to when this loan will become available the seller down payment assistance and/or your credit and income qualifying ratios feel free to give me a call toll free at 1-877-870-2676 or view more details on this and all of my other loans programs at http://www.fhasubmissions.com and ask for branch manager Jeffrey Martino Young

I'm Jeffrey Martino Young ( http://www.youtube.com/watch?v=PqDjlB3fV8Y ) and I'm dedicated to providing you the highest level of service and care. With hundreds of loan programs available, I can find the best one for you at the lowest rate possible! How can I do this you ask? Because I am the bank- No brokering, no middleman, no messing around. The industry's average closing time is over 45 days to close a California first time home buyer mortgage loan. Our FHA direct loan submissions and in house funding give me the ability to close your loan on average in 14 - 21 days.

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Santa Rosa, CA -- (SBWIRE) -- 07/29/2010 -- California's Franchise Tax Board reports that it's received nearly 18,000 applications requesting $91 million of an available $100 million set aside for first-time home buyer tax credits ( http://www.fhasubmissions.com ) up to $10,000.

The FTB points out that the numbers so far are only estimates based on small samples. So it plans to take 28,000 applications before shutting off the process . Also, many of those applications coming in are duplicates, and most people won't be able to claim the full $10,000.

But the numbers show again the popularity of a stimulus that was passed almost unanimiusly by the state of California lawlakers in the month of March 2010 . The bill, AB 183, was designed to soak up excess housing inventory and help revive the state's construction industry. Many have argued that it's a giveaway to people who would have bought anyway, and that there are more pressing needs in a state facing $20 billion in budget gaps. But consumers sure appear to like this.

http://www.youtube.com/watch?v=sYykPVM62Zg

The Franchise Tax Board expects to have numbers next month on a similar $100 million allocation for additional tax credits to buyers of new, unoccupied houses that are freash off the showroom floor.

So in my opinion it looks like this will be the very last month of the California First Time Home Buyer credit offered through Essex Mortgage Bank ( http://www.fhasubmissions.com ) in Santa Rosa,Ca. 95404. The branch manager suggests that you make sure you have little is any hassles when submitting your loan package because just one little mistake will have you bumped from your spot and replaced by another lucky potential homeowner.We suggest sending it to the top loan officer in the state a well known entrepreneur who founded and managed two successful banking firms. Skills in Originating and underwriting residential & commercial mortgages to private-money and institutional products. Intimate familiarity with state & federal lending guidelines. Capital placement experience with trust deeds, mortgage fund offerings, private offerings, equity partnerships, credit companies, life insurance companies, pension funds, self-directed IRA's -

Essex Mortgage ( http://www.fhasubmissions.com ) - CALIFORNIA FIRST TIME HOME BUYERS SPECIAL -
Whether you are a first time home buyer or a sophisticated investor, let me empower you with the information and service you need to make the best loan decision. I have over 20 years experience in all facets of real estate and lending, I understand the importance of continuous contact and honest feedback. I take the time necessary to better understand your needs and concerns. I take pride in being the best I can be for you. I learn something valuable from every person I meet. I am committed to my clients needs 100% and will go to bat for you to get you the very best deal possible.

When you want to do it right the first time call me and-- sit back and relax and let me put my skills to work for you!!!

I'm Jeffrey Martino Young and I'm dedicated to providing you the highest level of service and care. With hundreds of loan programs available, I can find the best one for you at the lowest rate possible! How can I do this you ask? Because I am the bank- No brokering, no middleman, no messing around. The industry's average closing time is over 45 days to close a California first time home buyer mortgage loan. Our FHA direct loan submissions and in house funding give me the ability to close your loan on average in 14 - 21 days. We simply do it better and with greater efficiency. How is this done? Again I am the bank "lender ". We originate, process, underwrite and fund our loans under one roof in our office in Orange County, California . If you want a status of your loan you will never get the run around from Essex Mortgage Bank. ( http://www.fhasubmissions.com )

Place your loan in the hands of America's top 20 Entrepreneur of the year in 1999 I founded and managed two successful banking firms.with me various skills in Originating and underwriting residential & commercial mortgages ( http://www.fhasubmissions.com ) to private-money and institutional products your loan is in the hands of a master of his industry.I have Intimate familiarity with state & federal lending guidelines.as well as Capital placement experience with trust deeds, mortgage fund offerings, private offerings, equity partnerships, credit companies, life insurance companies, pension funds, self-directed IRA's ,and Hard money quick fast and cost efficient-

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
Phone: (310) 984-0496 or 1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The FHA is proposing to update the combination of credit and down payment requirements for new borrowers, reduce seller concessions from 6% to 3% and tighten underwriting standards for manually-underwritten loans.

Santa Rosa, CA -- (SBWIRE) -- 07/19/2010 -- We at Essex Mortgage Bank want to advise you the the Federal Housing Administration (FHA) is considering these policy changes to boost its capital reserves. Under the changes, new borrowers seeking FHA-insured loans will need a minimum FICO score of 580 to qualify for FHA's 3.5% down payment program. New borrowers with credit scores between 500 and 580 will be required to provide a 10% down payment, and borrowers with credit scores below 500 will no longer qualify.

"These are the latest in a series of changes to allow the FHA ( http://www.fhasubmissions.com ) to manage its risk better while continuing to support the nation's housing recovery," said FHA commissioner David Stevens in a press release. "By protecting FHA's capital reserves, we can continue providing affordable, responsible mortgage products and will remain the nation's largest source of home purchase financing for under served communities."

The Federal Housing Finance Agency seems to draw no distinction between the lien from this program and any other kind of lien that a private party or government can place on a property for missed payments or unpaid bills. As a result, the agency has ordered Fannie Mae and Freddie Mac to require affiliated lenders to lower loan amounts for all borrowers here in California ( http://www.fhasubmissions.com ) and in other areas where energy retrofit programs exist.

The county of Sonoma is not a for-profit entity. Its interest is in seeing homes become more energy efficient and self-sufficient and stimulating the economy by creating some jobs. As a result, a distinction and an accommodation needs to be made for these kinds of liens.In the absence of this program we at Essex Mortgage Bank ( http://www.fhasubmissions.com ) want to help Sonoma County Homeowners keep up the good work by offering the FHA 203(k) loan for all solar or housing remodels.

The changes also seek to reduce the share of the home sales price that sellers are allowed to contribute at the closing table to offset the buyers' costs. The current share of 6% "exposes the FHA to excess risk by potentially driving up the cost of the home beyond its appraised value," the FHA said in a statement today. The proposed change would reduce seller concessions to 3%, which the FHA ( http://www.fhasubmissions.com ) said would bring it into conformity with industry standards.

The proposed FHA policy ( http://www.fhasubmissions.com ) updates also require lenders, during the underwriting process, to consider compensating factors that are "the best predictive indicators of loan performance" - credit history, loan-to-value ratio, debt-to-income ratio and cash reserves.

If you have not used this opportunity to purchase your first home you better act fast you will never have such a great combination of factors (low rates,little or no down payments required and a large supply of foreclosed homes on the market.

Our loan representatives are ready to answer you questions and take your loan application today all us toll free at 1-877-870-2676 or visit us online at http://www.fhasubmissions.com you have nothing to lose and everything to gain as branch manager Jeffrey Martino Young promises that has office will meet or beat any lenders rates !!!

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Installing Solar in your home typically cost a person between $25,000 and $50,000 to convert their house into an energy independent house using commercially available solar application retrofit products and commercial installers.

Santa Rosa, CA -- (SBWIRE) -- 07/14/2010 -- Installing Solar in your home typically cost a person between $25,000 and $50,000 to convert their house into an energy independent house using commercially available solar application retrofit products and commercial installers. Even at a cost of $50,000 this kind of retrofit may not be feasible if the roof is too small or oriented in the wrong direction. Sounds like a lot of money huh? Well It is a lot of money. You can dabble with a few solar panels if you like basically the more involved you get with the process the more you will save.And you can resell your power back to the utilities at a profit or have the freedom of knowing you have solar independence. Essex Mortgage Bank has now made it easier to take on this process through our 203(k) loan program.

The FHA 203(k) loan ( http://www.fhasubmissions.com ) provides a single-close loan that enables a qualified borrower to purchase a home that may need repairs, to refinance an existing home for the purpose of installing solar ,remodeling, or to move an existing home to a mortgaged property. The streamlined FHA 203(k) program ( http://www.fhasubmissions.com ) allows the borrower to finance a maximum of $35,000 to make improvements. Both programs generate the necessary funds for renovation by financing the as-completed value of the home, rather than the present value.

FHA 203(k) features: ( http://www.fhasubmissions.com )
* Primary residences that are 1- to 4-unit properties
* Purchase and rate/term refinancing
* Fixed rate mortgages with 30-year term
* 1-year adjustable-rate mortgage with 30-year term
* Up to six months for rehabilitation
* One underwriting review and one closing for installing solar, rehabilitation, new construction additions and permanent financing

Designed for borrowers who: ( http://www.fhasubmissions.com )
* Want an alternative to a closed-end second mortgage or HELOC
* Can benefit from flexible qualifying requirements
* Are looking for a cost effective way to repair or improve their current home
* Plan to purchase a home with repair contingencies
* Want to rehabilitate a neglected or damaged foreclosure
* Want to install Solar Green Energy

For more information, contact me today
** Watch this video -- http://www.youtube.com/watch?v=_ZXHFo3p0Uc -- Here is all you need to know about the 203k **

At Essex Mortgage Bank, we've been helping homeowners just like you find the right mortgage loan since 1986. If you're purchasing your first home, or refinancing your sixth, you can count on us to make the process easier and more affordable.

Jeffrey Martino Young is our Branch Manager at Essex Mortgage Bank in Santa Rosa you can feel at ease knowing that he has many years of experience in this section of the Real Estate Industry.

More information can be found online at http://www.fhasubmissions.com

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The recession started in the housing market, so the recovery underway should include the housing market in some way, right? That makes sense, but hasn't happened yet.

Santa Rosa, CA -- (SBWIRE) -- 06/26/2010 -- This deterioration has fired up those calling for a double dip in the economy. If housing is slipping back into the mud, they contend, so will everything else until another shot of taxpayer-funded stimulus ( http://www.fhasubmissions.com ) gooses the numbers higher again. Given recent warnings from Moody's and S&P about the possibility of the US losing its triple A credit rating by slipping too far in debt, the choice between a sinking economy and a sinking balance sheet will be a tough one. Well, it would be for anybody but the government, which seems to never find it tough to choose higher.

To my way of thinking the housing industry in the U.S. is as large a concern, and probably also is to the Fed.

As I have said before, softness in housing and autos frequently leads the economy into recessions, and housing and auto sales are almost always the driving force that pulls the economy out of recessions.

Unfortunately, this time the housing industry fell not only into a recession but a depression, with a record decline in home prices and home sales, and record level of defaults and foreclosures, such that it didn't stand a chance of pulling itself out of the hole. It took dramatic government support and stimulus efforts, including providing first time home-buyers with a down-payment via the rebate program and the Fed buying more than $1 trillion of mortgage-related securities. Both programs expired in April.

We can already see the dramatic negative impact on the housing industry of the end of those programs, and the inability of the housing industry to make it on its own. Mortgage applications ( http://www.fhasubmissions.com ) are down 40% since the end of April. The Housing Market Index, which measures the confidence of home-builders, plunged to just 17 in June from an already low 22 in May. New home starts plunged 10% in May, with starts of single-family homes dropping 17%. Take a look at the builders, too, like Lennar, Toll Brothers, Hovnanian and the whole lot of them in the SPDR Homebuilder ETF--all down sharply as the housing recovery has stalled. The SPY tells the tale of a worried market, too.

Put it all together with the unexpected retail sales decline in May, and the negative surprise of the May employment report, and it does bring back concerns, and in fact raises the odds, that the economy will double-dip back into recession.

Recent economic reports seem to underscore their worries.

There was the very disappointing employment report for May, and the report that retail sales unexpectedly fell 1.2% in May. Those are two critical areas for the recovery, jobs and consumer spending.

I am still of the opinion that the housing industry is of more importance to the recovery, as it creates so many jobs in other areas of the economy. And the early returns regarding housing activity in May and June are certainly not encouraging.

Mortgage applications ( http://www.fhasubmissions.com ) are down a huge 40% since the home-buyer rebate plan expired in April. It was reported this week that new housing starts plunged 10% in May, with single family home starts plummeting 17%. And permits for future single family home starts fell 10%.

A panel of commercial real estate experts ( http://www.fhasubmissions.com ) predicted a "double dip" recession triggered by growing defaults of commercial loans.

The experts were speakers at the National Association of Real Estate Editors conference in Austin, Texas, this week's gathering of real estate news writers from across the country.
Values on commercial real estate in the U.S. has fallen by at least 40% - and by perhaps as much as 80% to 90% on hotel properties, with numbers like these its really hard to to think we are moving in any direction but down ....so the question remains can the overall economy recover ( http://www.fhasubmissions.com ) without the housing market being a pert of it ? It would be a first but then again stranger things have happened these past couple of years.For more information in regards to the overall health of the real estate market or for all your real estate financing needs contact branch manager Jeffrey Martino Young at Essex Mortgage Bank toll free 1-877-870-2676 or http://www.fhasubmissions.com

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Santa Rosa, CA -- (SBWIRE) -- 06/24/2010 -- Bank regulators usually work very hard to keep a troubled bank's predicament quiet to prevent a run on the bank, to preserve systemic economic confidence, and to obtain the best price for the bank's assets in any arranged deal. In some cases, regulators issue an order requiring the institution to take certain actions (usually to increase its capital within a certain period of time), but it is still difficult to determine the status of the bank's compliance. Often, the only public advance signal of a bank failure is a securities filing from the bank itself that it cannot continue as a going concern, which usually comes only days before serious regulatory action occurs.

Since the government is given broad discretion in making decisions about banks, there is also some risk that the contracts of a healthy bank ( http://www.fhasubmissions.com ) may be altered for public policy reasons, particularly in a difficult economy. See, e.g., the consumer home mortgage forbearance and reformation provisions in FDIC Financial Institutions Letter 36-2009 (the Obama Administration's home mortgages protection initiative).

The beginning of an official "resolution", comes with the issuance of a "Failed Bank Letter" to the FDIC by the agency which charters the bank, stating that the bank is failing or is in imminent danger of failing, and will be closed. (This typically happens when a bank becomes critically undercapitalized, insolvent, or unable to meet requests for deposit withdrawals.)

As a practical matter, these notices are not likely to be a timely source of guidance or warning for the bank's creditors and counterparties. Once the official resolution phase has started, using one or more of the specific methods described later.The point being that selecting a lender such as Essex Mortgage Bank ( http://www.fhasubmissions.com ) in Santa Rosa,Ca. and its Corporate office Essex Mortgage Bank out of the city of Orange in Orange County ,Ca.is a wise choice !!!We have been in Businesss for the past 25 years and we do not have any blemishes on our record. The manager Jeffrey Martino Young is known in the banking industry as a trend setter always a step ahead of others in creating new products and investment opportunities.as well as having founded and managed two successful banking firms. With skills in Originating and underwriting residential & commercial mortgages ( http://www.fhasubmissions.com ) to private-money and institutional products. Intimate familiarity with state & federal lending guidelines. Capital placement experience with trust deeds, mortgage fund offerings, private offerings, equity partnerships, credit companies, life insurance companies, pension funds, self-directed IRA -

Whether you are a first time home buyer or a sophisticated investor, he can empower you with the information and service you need to make the best loan decision. MR.Young have over 20 years experience in all facets of real estate and lending, ( http://www.fhasubmissions.com ) He understand the importance of continuous contact and honest feedback. He takes the time necessary to better understand your needs and concerns. He really takes pride in being the best he can be for you.Quote "he mentions that he learn something valuable from every person he meets". He is committed his clients needs 100% and will go to bat for you every time all in the name of getting you the very best deal possible http://www.fhasubmissions.com .

Call the office today toll free at 1-877-870-2676 or visit us online at http://www.fhasubmissions,com

Jeffrey Martino Young. Branch Manager at Essex Mortgage Bank

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Congress is considering a 90 day extension from June 30th to September 30th for would-be homebuyers who are racing to close home sales in order to receive a federal tax credit. The real-estate industry has warned that tens of thousands of buyers who rush.

Santa Rosa, CA -- (SBWIRE) -- 06/21/2010 -- Homebuyers may get an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring.

Senate Majority Leader Harry Reid, D-Nev., said Thursday he wants to give buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the current terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale.

The real-estate industry ( http://www.fhasubmissions.com ) has warned that tens of thousands of buyers who rushed to buy homes to qualify might not close before the deadline imposed by Congress, meaning they could miss out on receiving credits worth thousands of dollars without action from Congress.

http://www.youtube.com/watch?v=voVtkXCcZ7k

Congress last fall extended an $8,000 tax credit for first-time home buyers and added a smaller $6,500 credit for current homeowners who were buying a primary residence. To qualify for the credit, buyers had to sign purchase contracts by April 30 and must close on the transaction by June 30.

But there are so many transactions in the pipeline that the companies responsible for handling the sales, including mortgage lenders, ( http://www.fhasubmissions.com ) appraisers and title insurers and real-estate brokers, say the last-minute home-buying rush in April.

There is a very good chance this will pass so if you are inescrow and not happy with your interest rate but decided to take it in fear of losing out on the home and the tax credit this is good news to your ears because 90 days gives you the ability to take your time and find a loan that is just for you.Interest rates have dropped to a all time low thie past two weeks so you are almost certain to find a lower loan payment.

If you are in escrow and you're concerned that you are having challenges with your financing, ( http://www.fhasubmissions.com ) this may be an opportunity to get that lower rate and the keys to your new ome without having to completely stress out about the deadline.

I will follow this issue and as always and will be one of the very first to report on it so stay tuned... should I hear something sooner this week regarding the extension of the $8,000 closing deadline you will be the first to know.

Despite optimism yesterday that the measure would pass, the bill was defeated in a Senate test vote today, 52-45.

The bill would have extended unemployment benefits ( http://www.fhasubmissions.com ) and a variety of other tax breaks. It was defeated largely because of the cost of the legislation, which would have added something in the neighborhood of $80 billion to the deficit. The total cost of the bill would have been more than $140 billion dollars. The growing concern over federal deficits and the (nominal) push toward fiscal austerity caused many Senators to vote against the measure.

Democrats will now head back to the drawing board, hoping to make enough concessions to get the necessary votes to pass the bill. Whether the extension of the closing date of the first-time home buyer tax credit will be in a reconstituted bill remains to be seen.

Jeffrey Martino Young at Essex Mortgage Bank in Santa Rosa,Ca.95404 .Should you wanna chat you can reach me toll free 1-877-870-2676 or leave me a question on my website http://www.fhasubmissions.com

More information can be found online at http://www.fhasubmissions.com

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The FHA 203(k) allows homebuyers an opportunity to purchase or refinance existing home and finance 110% of the costs to improve the home. The 203(k) is ideal for "fixer-uppers" or "handyman specials".

Santa Rosa, CA -- (SBWIRE) -- 06/10/2010 -- The FHA 203(k) program ( http://www.fhasubmissions.com ) provides a single-close loan that enables a qualified borrower to purchase a home that may need repairs, to refinance an existing home for the purpose of remodeling, or to move an existing home to a mortgaged property. The streamlined FHA 203(k) program allows the borrower to finance a maximum of $35,000 to make improvements. Both programs generate the necessary funds for renovation by financing the as-completed value of the home, rather than the present value.

FHA 203(k) features: ( http://www.fhasubmissions.com )
* Primary residences that are 1- to 4-unit properties
* Purchase and rate/term refinancing
* Fixed rate mortgages with 30-year term
* 1-year adjustable-rate mortgage with 30-year term
* Up to six months for rehabilitation
* One underwriting review and one closing for rehabilitation construction and permanent financing

Designed for borrowers who: ( http://www.fhasubmissions.com )
* Want an alternative to a closed-end second mortgage or HELOC
* Can benefit from flexible qualifying requirements
* Are looking for a cost effective way to repair or improve their current home
* Plan to purchase a home with repair contingencies
* Want to rehabilitate a neglected or damaged foreclosure

For more information, contact me today.
** Watch this video -- http://www.youtube.com/watch?v=_ZXHFo3p0Uc -- Here is all you need to know about the 203k **

At Essex Mortgage Bank, we've been helping homeowners just like you find the right mortgage loan since 1986. If you're purchasing your first home, or refinancing your sixth, you can count on us to make the process easier and more affordable.

Jeffrey Martino Young is our Branch Manager at Essex Mortgage Bank in Santa Rosa you can feel at ease knowing that he has many years of experience in this section of the Real Estate Industry.

More information can be found online at http://www.fhasubmissions.com

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

The California Senate approved a new foreclosure bill last week with a 21 to 12 vote and sent it on to the Assembly for review.

Santa Rosa, CA -- (SBWIRE) -- 06/10/2010 -- The California Senate approved a new foreclosure bill last week with a 21 to 12 vote and sent it on to the Assembly for review. The legislation lays out two major provisions intended to deter lax behavior on the part of servicers and prevent avoidable foreclosures in the state, which continues to post one of the nation's highest foreclosure rates.

The bill would provide a means of recourse to homeowners whose homes were lost to foreclosure due to serious servicer errors, and it would prohibit servicers from starting the foreclosure process until a homeowner has received a final decision on their modification.

The Center for responsible lending put out the following statement - the confusion and errors that cost Californians their homes, are devastating to the state's housing market, but are avoidable we need this measure to sop further deterioration of the California housing market.

http://www.youtube.com/watch?v=RtY9qfLFrqY

If a borrower's home is sold in foreclosure due to servicer error, there is currently no means by which to seek recourse. The bill, SB 1275, authored by Sen. Mark Leno (D-San Francisco) and Senate President Pro Tem Darrell Steinberg (D-Sacramento), seeks to change this by providing recourse through what is known as a private right of action This would allow eligible homeowners to seek limited damages which are directly related to the severity of the servicer's errors, or, in some cases, would allow the homeowner to reverse the foreclosure sale all together.

For more information on this or other foreclosure measures that are making their way through the system follow Jeffrey Martino Young's daily web blogs at http://www.fhasubmissions.com or contact us toll free at 1-877-870-2676.

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Amid opposition from Big Banks. The proposal would allow homebuyers who have been served a notice of mortgage default to enlist the help of a state monitor to negotiate before filing for foreclosure.

Santa Rosa, CA -- (SBWIRE) -- 06/09/2010 -- AB 1639, as amended, Mortgage Workout Program. Existing law requires that, upon a breach of the obligation of a mortgage or transfer of an interest in property, the trustee, mortgagee, or beneficiary record a notice of default in the office of the county recorder where the mortgaged or trust property is situated and mail the notice of default to the mortgagor or trustor, among other acts required prior to exercising a power of sale in a nonjudicial foreclosure proceeding. This bill would establish , contingent upon receipt of federal funding for all costs, and only until January 1, 2014, the Mortgage Workout Program. ( http://www.fhasubmissions.com ) The program would be a process whereby borrowers and lenders would engage in conciliation sessions for purposes of developing a loan modification plan. These provisions would apply, except as specified, if the loan originated prior to January 1, 2009, the loan is the 1st mortgage or deed of trust secured by the property, the property is occupied by the borrower as the borrower's principal residence, and the unpaid principal balance is not more than $729,750. The program would require that specified information regarding the MProgram be included with the notice of default sent to a borrower, as defined, on a loan secured by residential real property of one- to 4-family dwelling units that is the primary residence of the borrower, as specified. The bill would require that this additional notice be recorded in the office of the county recorder. By expanding the duties of county recorders, the bill would impose a state-mandated local program.

http://www.youtube.com/watch?v=UVfBab0t-7w

The bill would provide for an administrator of the program who would be appointed by the Governor and confirmed by the Senate. The program would require a borrower who elects to participate in the program to complete a specified form and return the form to the administrator of the program not later than 30 calendar days after receiving the notice of default. The program would require the borrower to submit other information to the administrator within 15 days of requesting to participate in the program, including tax returns, income verification, a specified deposit of funds , and a letter describing the borrower's financial hardship, as specified. The program would require a borrower who elects to participate in the program to deposit with the administrator 50% of the current mortgage payment each month during participation in the Program. The bill would also prohibit a mortgagee, trustee, beneficiary, or authorized agent from reporting negative credit information to a credit reporting agency about a borrower who has completed the Program and accepted a mortgage loan modification. The bill would impose various administrative fees, and a specified minimum deposit, payable by the mortgagee, trustee, beneficiary, or authorized agent, or by the borrower, as specified, who participates in the Program.

The bill would also provide that the timelines set forth in the provision governing the exercise of the power of sale, as specified, would be suspended until the completion of the program, as specified.

The bill would require the administrator of the program, among other duties, to implement rules and standards for selecting qualified neutral conciliation officers and to develop standards for forms and reports required to implement the program. The bill would also require the administrator, upon receipt of a borrower's form whereby he or she elects to participate in the program, to nominate an individual to serve as a neutral conciliation officer from a list of qualified neutral conciliation officers in the county in which the property is located. The bill would establish the compensation for a neutral conciliation officer who provides his or her services to the program and require a neutral conciliation officer to use reasonable efforts to ensure that each Program is completed within 60 calendar days of the neutral conciliation officer's nomination . The bill would require the neutral conciliation officer to prepare a final report, as specified.

The bill would also require, only until January 1, 2015, the administrator to report quarterly to the Legislature regarding the Program, as specified. The bill would also require each mortgagee, trustee, beneficiary, or authorized agent participating in the program to post specified data about its loans on its Internet Web site. These provisions would become operative only upon the issuance of a notice from the administrator to the Governor and specified other legislative leaders, and the posting of the notice on an Internet Web site, declaring that the administrator has the capacity to make the program available to any borrower in every county who desires to participate.

For more information visit our website http://www.fhasubmissions.com or call Jeffrey Martino Young toll free at 1-877-870-2676

More information can be found online at http://www.fhasubmissions.com

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

One of the biggest advantages of doing a FHA mortgage will be coming to a end due to the increased volume of losses that the FHA has been reporting.

Santa Rosa, CA -- (SBWIRE) -- 06/07/2010 -- One of the key attractions of FHA home mortgage financing is going, going - but not quite gone. Sellers and buyers who move fast can still make the most of it. Sometime this summer, the Federal Housing Administration plans to slash maximum "seller concessions" from 6 percent of the home price to 3 percent. Seller concession rules allow buyers to look to the property seller to pay for a variety of services and taxes connected with the transaction - loan origination and local transfer fees, appraisals, inspections, closing and escrow costs among others - though not the down payment.

If you have very little cash available for a down payment and closing costs, or your credit scores are mediocre, then an FHA insured loan ( http://www.fhasubmissions.com ) may be your solution.

But if you hurry you may still be able to get an FHA loan with nothing out of your pocket at closing. The FHA program ( http://www.fhasubmissions.com ) requires 3% down. But that was covered with a third-party "pass through" or short-term loan for closing only offered by various non-profit organizations. This for-closing-purposes-only loan was paid by the sellers' proceeds from the sellers' profit on the sale, known as a seller concession.

That little loophole was closed after the sub-prime debacle. But now, after a howl of protests from the down payment assistance lenders, there is a court injunction reopening the loophole until there is further legal review. So it is still possible to avoid the even low down payment requirement of 3% at the time of this writing!

Help With Closing Costs:
There is another seller concession allowed for closing costs to the buyer, of which many first time home buyers are not aware. These closing costs cover expenses that include the appraisal, the title company or attorney's closing fees, and other items that the lender's or mortgage broker's Good Faith Estimate should show.

FHA does allow the seller to pay up to 6% of the loan amount for closing costs that would normally be required from the buyer. This is a generous concession. With FHA loans, ( http://www.fhasubmissions.com ) that 6% is usually more than enough.

CShould you have any further questions in regards to this or any of the FHA'S loan programs feel free to give us a call we a a FHA direct lender and are known in the industry as a specialist in these mortgages.we can be reached on our toll free line # 1-877-870-2676 and ask for branch manager Jeffrey Martino Young or online at http://WWW.FHASUBMISSIONS.COM

More information can be found online at http://www.FHASUBMISSIONS.COM

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Obama recently announced updates to his Homeowner Affordability and Stability/Making Home Affordable Plan. This plan is in addition to the finance bills passed by the US congress in 2008 and early 2009.

Santa Rosa, CA -- (SBWIRE) -- 06/04/2010 -- Last Friday the Obama administration announced their latest plans for helping consumers who are currently in foreclosure or are moving slowly toward the foreclosure process.

Help for the unemployed- Jobless mortgage holders can receive a three month temporary forbearance on their mortgage loan. Loan servicers participating in the Making Home Affordable Program are required to offer assistance to all jobless borrowers who meet eligibility criteria.

Meeting eligibility criteria- You must provide proof of unemployment insurance benefits. The home must be your primary residence and the loan origination dated prior to January 1, 2009. The current loan balance must be less than $729,750. The borrower must be less than 90 days delinquent with payments on the current mortgage loan.

Qualifying for FHA refinance loans ( http://www.fhasubmissions.com )- The borrower must be current with their existing mortgage payments, home is current primary residence and a FICO credit score of > 500. The monthly payment for the new loan must remain below 31% of borrowers income. Other rules which apply to all FHA loans can make it difficult for most to qualify for FHA refinance.

http://www.youtube.com/watch?v=Pk8RaSUtrks

The new laws and plans include stipulations should make it easier to refinance mortgages ( http://www.fhasubmissions.com ) to the historically low interest rates we have been seeing since 2009. These new government-backed loans are the best and often only refinance option available for homeowners facing difficulties due to rising interest rates and increasing payments. Government-backed mortgages are also often the only viable refinance option for homeowners with credit scores below 700 or with less than 25% equity left in their home.

We help qualified homeowners get fixed rate government-backed mortgage relief loans.

For Homeowners Who Still Have Equity

With the traditional FHA loan program ( http://www.fhasubmissions.com ) a homeowner can get a fixed rate loan for up to 97% of the current appraised value of their home. Via the new Homeowner Affordable Refinance Program (HARP) homeowners with conforming loans can now refinance up to 105% of the appraised value of their home. By taking advantage of Government Refinance Assistance you could save thousands of dollars on your mortgage payments over the next few years and have the peace of mind of knowing that your home is financed with a low fixed rate. Plus FHA allows homeowners in most states to get a cash out refinance for up to 85% of the current value of the home.

If you would like to learn it you are a candidate for a government-backed loan contact us today by filling in the contact form on our website or by calling The Essex Mortgage Bank Team or Jeffrey Martino Young on their toll free # 1-877-870-2676 or on our wesite http://www.fhasubmissions.com we are always there to answer questions and be of service.

More information can be found online at http://www.fhasubmissions.com

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

AB 183,will provide a tax credit of up to $10,000 to Californians who are buying their first home or purchasing a brand new home. Legislation, part of the Governor’s larger California Jobs initiative.

Santa Rosa, CA -- (SBWIRE) -- 05/26/2010 -- Get Ready For The Mad Dash to Purchase a Home begining ( http://www.fhasubmissions.com ) today A.B 183 goes into effect.And knowing that many buyers won't save the full $10,000, the state is awarding more than $200 million in credits, hoping that the actual cost to the general fund will come in right around $200 million. The actual cost won't be known for more than three years.

The new bill will cost the state more than twice as much as last year's home buyer credit.

Early last year, the Legislature approved $100 million in state tax credits for people who bought a newly built home starting March 1, 2009.

Last year's credit was also worth up to $10,000 spread over three years but applied only to new homes, not existing ones. The credits, which were allocated on a first come, first served basis, ran out in less than four months, and the Franchise Tax Board stopped awarding them July 2.

The tax board estimated that last year's credit will cost about $70 million in lost tax revenues, $30 million less than the sum allocated, because many buyers won't use their entire credit.

To save $10,000, a homeowner must owe at least $3,333 in state income tax in each of the three years. A homeowner who owed only $2,000 in one year would lose $1,333 in tax savings that year. The unused credit cannot be used to reduce taxes owed in past or future years.

The new credit:
The bill the governor signed last week, AB183, provides $100 million in credits for the purchase of existing homes and $100 million in credits for the purchase of new homes. ( http://www.fhasubmissions.com )

To make sure that credits are not left on the table, the bill lets the Franchise Tax Board award credits to at least 17,544 buyers of existing homes and at least 14,286 new-home buyers. If each of those buyers saved the full $10,000, the state would lose more than $300 million in tax revenues. Because they won't, the tax board estimates that the actual cost should be roughly $200 million - but it could be more or less.These funds are on a first serve first come basis so everyone in the industry is expecting them to go fast.

Watch the video at http://www.youtube.com/watch?v=YOLFzmPy1YA

For more information call Jeffrey Martino Young Essex Mortgage Bank In Santa Rosa, CA, 95404 toll free # 1-877-870-2676

More information can be found online at http://www.fhasubmissions.com

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

It's no surprise that buyers are looking for a bargain but now even more people are showing interest in the growing foreclosure market.A recent survey shows 55% of shoppers will buy a foreclosure for their next purchase ...why pay full price when you get get the same home for 30 cents on the dollar.

Santa Rosa, CA -- (SBWIRE) -- 06/02/2010 -- A foreclosure is a legal process in which a mortgaged property that was acquired using a government loan program goes into default. Ultimately the buyers can not pay the mortgage and the Essex Mortgage Bank ( http://www.fhasubmissions.com ) foreclosure property is sold to pay the loan of the defaulting homeowner/borrower.

Our foreclosure properties allow people to have the chance to buy a home for themselves and their family without paying a high price for the single family home, condo or small multi-family unit.A foreclosures become available when someone with a Federal mortgage can't meet the payments, the lender then forecloses on the home. The Federal Government or the lender then takes ownership of the foreclosed property. You can find REO,FHA,VA, and HUD foreclosure lists on our site http://www.fhasubmissions.com

FORECLOSURE LISTS:
To find out what foreclosure properties are available in your area, you can search our online foreclosure section that has lists of Government foreclosed houses for sale. You will find our foreclosure listings including HUD, FHA, VA, and bank foreclosures as well as homeowners who are accepting short sale offers on.

http://www.youtube.com/watch?v=wbMxmoI5DNk

When you're interested in one of our foreclosure properties, you might want to know just what properties are available for purchase under this umbrella term. After all, there are numerous properties, but you want to know what your options are in order to choose the home and the foreclosure that's best for your needs. The first step to buy foreclosures is to find out what's out there right now.

FORECLOSURE PROCESS:
When you're interested in foreclosure properties, ( http://www.fhasubmissions.com ) you might want to know just what properties are available for purchase under this umbrella term. After all, there are numerous properties, but you want to know what your options are in order to choose the home and the foreclosure that's best for your needs. The first step to buy foreclosures is to find out what's out there right now.

It can help to understand the actual foreclosure process and whether certain properties emerge for sale during this process. When a homeowner is first falling behind on their payments, they are alerted by the bank of their payment problems and given a chance to catch up on the money owed. If the payments still do not come into the bank, then the house is said to be in preforeclosure. At this point, the home is not for sale until the home actually goes into foreclosure, but there might be times when the home is on its way to foreclosure, so it's listed before the actual foreclosure is determined.

The foreclosed property is sold at bargain prices as quickly as possible. As a prospective home buyer or real estate investor, you have many options in your search to find an affordable home. One of those options today is the purchase of foreclosure properties ( http://www.fhasubmissions.com ) owned by HUD/FHA and other Federal Government Agencies.

Generally a foreclosure may happen in several ways in the United States but two of these ways are widely used. The court process is mostly the same for both the processes, but the result is different. These ways are:

Strict foreclosure - a judge will set a series of "law days" for each person listed as a defendant

Foreclosure by sale - a judge will set a sale date and the legal proceeding takes place

There are a variety of factors you will always need to consider when choosing amongst any foreclosure listing services; these services may include:

Number of properties listed - you must need a healthy selection of homes cases to review.

User friendly - the foreclosure listing service must be easy to handle and that is to make your interest easier.

Cost - you must see if the foreclosure listing service that you are availing offers you good value for your money

Why choose us ? - with that being said you can see the importance of using a foreclosure list from a list of reputible mortgage lender it is even now more important than ever before with the economy in a tail spin.

At Essex Mortgage Bank, we've been helping homeowners just like you find the right mortgage loan since 1986. If you're purchasing your first home, or refinancing your sixth, you can count on us to make the process easier and more affordable.

Not only would we like to find you the foreclosure property we wouls also like to finance it for you .We offer a wide range of loan programs to fit just about everyone - Conventional loans with competitive rates, FHA and VA loans (great for first time buyers) and high balance (Jumbo) loans to purchase or refinance your home. We also finance investment properties.

Give us a chance to earn your business - you'll find out why so many Essex customers are repeat customers who appreciate value and great customer service.

Jeffrey Martino Young is our Branch Manager at Essex Mortgage Bank in Santa Rosa you can feel at ease knowing that he has many years of experience in this section of the Real Estate Industry.

This Entrepreneur founded and managed two successful banking firms in Orange County ,Ca, before bringing his skills in Originating and underwriting residential & commercial mortgages to Essex Mortgage Bank he is familiar with private-money and institutional products. Intimate familiarity with state & federal lending guidelines. Capital placement experience with trust deeds, mortgage fund offerings, private offerings, equity partnerships, credit companies, life insurance companies, pension funds, self-directed IRA -

Whether you are a first time home buyer or a sophisticated investor, let him empower you with the information and service you need to make the best loan decision. he have over 20 years experience in all facets of real estate and lending, he understand the importance of continuous contact and honest feedback. he take the time necessary to better understand your needs and concerns. he take pride in being the best he can be for you. he learn something valuable from every person he meets. he is committed to his clients needs 100% and will go to bat for you to get you the very best deal possible.

When you want to do it right the first time call me and-- sit back and relax and let me put my skills to work for you!!!

More information can be found by going online at http://www.fhasubmissions.com once there you will see the foreclosure section that has lists of all homes listed as REO,FHA,VA and HUD foreclosures. If you need to speak to someone directly feel free to contact Jeffrey Martino Young toll free 1-877-870-2676 he is always willing to take the extra effort needed to get you the very best deal possible...

Press Contact:
Jeffrey Martino Young
Essex Mortgage Bank
1585 Terrace Way, Suite 158
Santa Rosa, CA 95404
1-877-870-2676
jyoung@essexmortgage.com
http://www.fhasubmissions.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm