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La Mesa, Mt Helix, Casa de Oro, El Cajon, Spring Valley Homes for Sale

April 2011

The Rams are coming back to LA this Saturday

Apr. 28, 2011

aia logo w text

American Icon Autographs Upcoming Events

April 28, 2011

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Public Signing - April 30, 2011

Former Los Angeles Rams

Vince Ferragamo - Jack Youngblood

Fred Dryer -  Roman Gabriel
 
roman and vince

dryer and Youngblood

 

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PSA/DNA Open House

May 14, 2011   

This is your opportunity to have your items authenticated by the world's leading authentication company while you wait.

  

PSA/DNA will have an authenticator on site at our store. You can have your autographed items authenticated at our store while you wait. There pricing is available www.psacard.com

Please contact sean@aiase.com for wholesale orders or bulk discounts.

  psa

 

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Big Time Wrestling's WrestleFest May 21, 2011

 wrestlefest

American Icon Autographs is Bringing in Kevin Nash, Don Muraco, The Million Dollar Man Ted DiBiase, Virgil and Playboy Playmate Miss February 2007 Heather Rene Smith

Other stars include Bret Hart, Jimmy Snuka, The Nasty Boys, X-Pac, Jimmy Hart, The Honky Tonk Man and More

  

  

 

 

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Mail Order and Customer Drop Offs are always available if you cannot attend the signing

Other Upcoming Events  

June 25 - Public Signing tba

July 30 - Public Signing - Matt Kemp

 

Sincerely,

 


Sean Jacoby
American Icon Autographs

 

(619)955-5777

 

www.AIASE.com

 

McCormack Auction Co - Just Star Construction / Masonry Auction Next Week- Bid Now

Apr. 28, 2011

 

McCormack Auction Co

Upcoming Auctions
April 28th, 2011

 

 


Just Star Construction

ONLINE Auction

 

  

 

 

11465 Woodside Ave - Rear Yard - Santee, CA 92071

 

First Item Ends Tuesday May 3rd, 2011 - 10:30AM

 

Onsite Preview - Monday May 2nd- 9:00AM- 4:00PM


 

 

Equipment: Hyster Forklift, Mason Tools, Power Tools, Rebar Cutters and Benders, Racking, Stihl Concrete Saws, Mikasa Tamper, New Concrete Saw Blades, Laser Level, Skil Saws, Core Drills, Extension Cords, Concrete Vibrators, 100's of pieces scaffold, OSHA Aproved Planks, Mortar Tubs, Knack Boxes, Hand Tools, Concrete Mixers, MK Towable Tile Saw, AND MUCH MORE....

 

 

 

 

 

Vehicles: 2003 Ford Ranger, 1999 Ford Ranger, 1997 Ford F-Super Duty Flat Bed Truck, 20 Foot Sea Container

 

 

Full Catalog & Register to bid 

 

 

 

 

 A $500 Authorization Will Be Placed On Your Credit Card Before You Will Be Enabled To Bid. Please Plan Accordingly...

 

 

 

 

Auctions Currently Scheduled

 

 

* Pavilion Live Auction - Vehicles, Equipment, ATV, Golf Carts- Spring Valley, CA  

 

*Print House - Large Screen Print Company - Online Auction - Vista Ca.  

 

Click on links for inventory and pictures 

 

Call us for your real estate needs - Specializing in Auctions, Short  Sales, Probate, Forclosure, Court Sales.

 

NOW ON FACEBOOK  - Click Here 

McCormack Auction Co

743 El Cajon Blvd

El Cajon, CA 92020

619.447.1196

www.mccormackauction.com 

Family owned and operated since 1976

 

McCormack Auction Co - 4 Access Online Auction This Week - Bid Now

Apr. 25, 2011

McCormack Auction Co

Upcoming Auctions
April 25th, 2011

 

 


4 Access Communications

 

ONLINE Auction
 

1815 Aston Ave #107 - Carlsbad, CA 92008

 

First Item Ends April 27th, 2011 - 10:30AM

 

Onsite Preview - April 26th- Noon- 4:00PM

 

Equipment: Office Equipment, COMPUTERS, Servers, Phone System, Testing Equipment, Racking, Credit Card Machines, Parts, Work Tables, Office Supplies, Warehouse Supplies...AND MUCH MORE.

 

 

Full Catalog & Register to bid 

 

 

 

 

A $500 Authorization Will Be Placed On Your Credit Card Before You Will Be Enabled To Bid. Please Plan Accordingly...

 

 

 

Auctions Currently Scheduled

 

 *Construction/Masonry Company - Lakeside, CA - Online Auction 

 

* Pavilion Live Auction - Vehicles, Equipment, ATV, Golf Carts- Spring Valley, CA  

 

*Print House - Large Screen Print Company - Online Auction - Vista Ca.  

 

Click on links for inventory and pictures 

 

Call us for your real estate needs - Specializing in Auctions, Short  Sales, Probate, Forclosure, Court Sales.

 

NOW ON FACEBOOK  - Click Here 

McCormack Auction Co

743 El Cajon Blvd

El Cajon, CA 92020

619.447.1196

www.mccormackauction.com 

Family owned and operated since 1976

 

Tips for salvaging old bricks

Apr. 21, 2011

Tips for salvaging old bricks

Remove mortar by soaking in special solution

By Bill and Kevin Burnett
Inman News™

Share This

Q: A neighbor has given me a stack of bricks from his backyard. I intend to use them in the median strip between the curb and the sidewalk in front of my house. Many of the bricks have old mortar stuck to their sides that I need to get rid of. Can you recommend an alternative to the chisel-and-hammer method suggested at my local hardware store? Also, if the bricks can't be cleaned up, how do I dispose of them?

A: It's great that you're preparing a new home for those old bricks. Not only do we prefer the look of used brick to new, we like the fact that you are reusing perfectly good material.

You have a good deal of work ahead of you, but take heart -- it's not difficult, just time-consuming. Also, you probably won't be able to salvage all your neighbor's used bricks. Inevitably, a few will be beyond redemption or will break apart when you remove the mortar.

Your first step should be to soak the bricks in a solution of muriatic acid and water. This will soften the cured mortar enough to allow removal via the tried-and-true method of hammer and cold chisel. The alternative, and our preferred method, is to saw the mortar off using a diamond-encrusted blade fitted to a circular saw. Kevin's father-in-law, Ed, a master mason, used this method to dry cut bricks when doing small jobs.

Masons have used muriatic acid, also known as hydrochloric acid, for years to clean mortar residue from brick and stone. At the end of any job there's a residual gray film from mortar on the bricks. Muriatic acid emulsifies the Portland cement contained in the mortar allowing for easy cleanup. It is not used full strength but is diluted with water, usually 10 parts water to 1 part acid. Directions for dilution and safe handling are printed on the label.

Be warned: Muriatic acid is quite strong, and it's dangerous when it comes in contact with skin or mucous membranes. So it is critical that you take proper safety precautions. Suit up with rubber gloves, long pants, a long-sleeve shirt, a hat and eye protection. If the solution gets on your skin or heaven forbid in your eyes, immediately flush the area with cold water. For more tips on working with muriatic acid, click here.

To do the job, first prepare a work area. Lay out a heavy canvas or plastic drop cloth to stop any acid solution from seeping into the ground. Set up a bench or table (a piece of 3/4-inch plywood and a couple of sawhorses will do).

Next, lay out your tools. If you opt for the power saw, make sure to use one that's light enough for you to handle comfortably for long periods of time. Also use a GFCI-protected (ground-fault circuit interrupter) outlet for a power source. You'll be working around water, and this will prevent electrical shock.

Mix the acid solution according to the manufacturer's instructions in a 5-gallon plastic bucket. To prevent possible eruption or spillover, always put the water in first, then the acid. Fill the bucket about half full and drop in as many bricks as it will hold without overflowing. Make sure the bricks are totally submersed.

Let them soak for about 15 minutes then pull them out of the bucket and place them on your worktable. Put more bricks in the bucket to soak while you clean the soaked bricks.

Chip, chisel or saw the old mortar off the soaked bricks. Once you've got most of the mortar off, get rid of the residual mortar by giving the bricks a good scrubbing with a wire brush. Stack the cleaned bricks in a pile and repeat the process. Before you know it, you'll have all the salvaged bricks cleaned and ready for their new home.

If for some reason you decide you can't use them or just don't want to tackle the job, you can easily sell them or give them away. We'd bet an ad on Craigslist would have them gone in less than a day.

 

Canceled debt's tax impact

Apr. 20, 2011

Canceled debt's tax impact

Bad news for investors, cash-out refinancers

By Benny Kass

Inman News™

 

Share ThisDEAR BENNY: I am in the process of preparing my income taxes, and heard that I may have to pay a tax on the moneys that my lender canceled when I sold my house via a short sale. Is this correct? --Theresa

 

DEAR THERESA: I have to give you a good lawyer's response: "It depends." Usually under the tax laws, if your debt is canceled or forgiven, that is taxable income to you.

 

However, Congress thought this was absurd: You lose a house by foreclosure (or short sale), and to add insult to injury, you have to pay tax on this phantom income. Accordingly, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million -- if that debt was on your principal residence.

 

If the debt was on a second home or an investment property, then you are out of luck; the amount that was forgiven (or canceled) is taxable income to you.

 

If your canceled debt was on a refinanced loan, the law is murky. If you used the refinance proceeds to substantially improve your house, then there is no tax to pay. But if you used those proceeds for other purposes -- regardless of how significant the investment may have been -- the cancellation creates a taxable event for you.

 

The IRS has an excellent, free, publication on this topic, called "Canceled Debts, Foreclosures, Repossessions and Abandonments." It is Publication 4681, and will soon be published at the following link on the IRS website -- http://www.irs.gov/pub/irs-pdf/p4681.pdf -- or by calling (800) 829-3676, or (800) TAX-FORM.

 

County of San Diego - PAPG Real Estate Auction

Apr. 19, 2011
County of San Diego - PAPG Real Estate Auction

 

Health & Human Services Agency
Public Administrator / Public Guardian
5201-A Ruffin Road
San Diego, CA 92123
(858) 694-3500

Does downtown living appeal to you? A 2-bedroom, 2-bath condo is available for as little as $320,000.

If the lifestyle of a rural community is more tempting, you could get a 2-bedroom, 2.5-bath house in Bonsall for about $225,000.

These and seven other houses, condominiums, and undeveloped lots will be up for bid during the County of San Diego Health and Human Services Agency’s Real Estate auction on Wednesday, May 11, 2011 at 3:00 p.m. All properties have access through the use of Multiple Listing Services (MLS) lock boxes. Please contact a real estate broker of your choice to view each property.

The auction will take place at the County Operations Center (COC) Annex in Kearny Mesa, 5201-A Ruffin Road.

An open house is scheduled for Saturday, April 30 from 10:00 a.m. to 3:00 p.m. This will be the only open viewing without the services of a real estate broker.

Additional information, including terms of sale and pictures of the properties up for auction, is available on the Public Administrator/Public Guardian (PA/PG) website at www.papg.org.

PAPG sells real estate to maximize the assets of estates for the individuals they serve and the County is appointed to manage. Proceeds from the auction will benefit the estates the County administers and pay for the living expenses of conservatees in the County’s care.

Lori Bays
Public Administrator/Public Guardian

 

Untitled Entry

Apr. 13, 2011

What’s a Private Money Real Estate Loan?

A private money loan is cometimes called a hard money loan. With so much information and misinformation floating around, it’s easy not to know which end is up with private money.

From all the info, you probably surmise a hard money loan is something bad and also something complicated. To separate the wheat from the shaft, you want the simplest explanation possible.

Here’s the simple answer to the question, What is a hard money loan?

If you cannot qualify for a FHA or conventional loan, it is a short term loan, usually with a 1-3 year balloon payment that is at higher than normal interest rates.

               

Qualifying may be from one of 2 ways:

  • On a refi, having enough equity in a non owner occupied property.
  • On a purchase, having at least 35% down payment regardless of credit score.

The long and the short

For self employed buying prospects who may have a nasty habit of forgetting to declare everything that the bring in, hard money lenders just require a down payment. We don't ask for tax returns. It doesn’t really matter the state of their credit situation too.

Sell another house and also perhaps get a referral fee.

Take it to the bank...(NOT)

Done right, a hard money loan transaction can be successful. The ease of doing one will give you incentive to not turn away prospects with credit scores in the 500's in the future.

George

George Kengott
Federal Home Loans-(HARD MONEY)
5540 Ruffin Rd
San Diego, Ca 92123

619-987-8639 Direct
619-923-3007 fax
Like the service I provide?
Don’t keep it a secret. Referrals are appreciated.




 

=?us-ascii?Q?What's_a_Private_Money_Real_Estate_Loan=3F?=

Apr. 13, 2011

What’s a Private Money Real Estate Loan?

A private money loan is cometimes called a hard money loan. With so much information and misinformation floating around, it’s easy not to know which end is up with private money.

From all the info, you probably surmise a hard money loan is something bad and also something complicated. To separate the wheat from the shaft, you want the simplest explanation possible.

Here’s the simple answer to the question, What is a hard money loan?

If you cannot qualify for a FHA or conventional loan, it is a short term loan, usually with a 1-3 year balloon payment that is at higher than normal interest rates.

               

Qualifying may be from one of 2 ways:

  • On a refi, having enough equity in a non owner occupied property.
  • On a purchase, having at least 35% down payment regardless of credit score.

The long and the short

For self employed buying prospects who may have a nasty habit of forgetting to declare everything that the bring in, hard money lenders just require a down payment. We don't ask for tax returns. It doesn’t really matter the state of their credit situation too.

Sell another house and also perhaps get a referral fee.

Take it to the bank...(NOT)

Done right, a hard money loan transaction can be successful. The ease of doing one will give you incentive to not turn away prospects with credit scores in the 500's in the future.

George

George Kengott
Federal Home Loans-(HARD MONEY)
5540 Ruffin Rd
San Diego, Ca 92123

619-987-8639 Direct
619-923-3007 fax
Like the service I provide?
Don’t keep it a secret. Referrals are appreciated.




 

San Diego Parks and Recreation April 2011 Newsletter

Apr. 13, 2011
Parks and Recreation April 2011 Newsletter

 

 

April 2011

SD Parks Newsletter Header 600x194

Quick Links

Parks and Recreation Home

Online Camping Reservations

Dear Valued Park Patron,

The days grow longer; new plants push up; animals of all species are born. Spring in a County park is magical, the perfect season to camp, take a walk, or have a picnic while basking in nature’s renewal.

This month, County Parks and Recreation offers activities to help you get into the spring spirit. The “It’s How We Live!” community health festivals in Lakeside and Spring Valley are an invigorating and fun approach to fitness, health and nutrition for all ages.

Egg hunts and breakfasts with the Bunny in Fallbrook and Spring Valley promise more family fun. And you’ll want to visit this month’s featured park, Felicita Park in Escondido, for a ramble among the oaks and spring-fed creeks. Or come out for Felicita's annual Renaissance Faire, when the park becomes an English village with queen, king, knights and over 500 other costumed actors.

See you soon!

County of San Diego Department of Parks and Recreation

For up-to-date information on County of San Diego Parks and events, visit our website or join us on:

Facebook icon

Twitter icon

 

April Events

Lindo Lake Park   IHWL 
9841 Vine Street 
Lakeside| 619-443-9176

It's How We Live! 
Saturday, April 2
9 a.m. - 1 p.m.
A free community festival for the entire family! The event will feature games, live entertainment, information booths, healthy food samples, health and dental screenings and prizes!

________________________________________________________   
Fallbrook Community Center  Acoustic Jam 
341 Heald Lane 
Fallbrook | 760-728-1671

Acoustic Jam Nights 
Tuesday, April 5 
7:15 p.m - 9 p.m. 
Eucalyptus Room 
Acoustic musicians and their friends are invited to this fun and creative jam the first Tuesday of every month. Bring your instruments and have fun – no electronics, please. All players, listeners, family members and friends are asked to pay $2 to cover room use. 

Pancake Breakfast and Spring Egg Hunt
Saturday, April 23  
Breakfast, 7:30 a.m. - 10 a.m. $4 adults/$2 kids under 12   
Egg Hunt and Games, 10:30 a.m. 
Bring the whole family and join the Bunny for a tasty pancake breakfast and egg hunting fun! The Fallbrook Firefighter’s Association will serve up a delicious pancake breakfast as the Bunny hops around and meets all the kids. After breakfast, egg hunts are arranged by age group and followed by fun, games and contests.

____________________________________________________________________________   
  
Sycamore Canyon/Goodan Ranch  Goodan Ranch  
16281 Sycamore Canyon Road 
Poway | 858-513-4737
 

Snakes Encounter 
Saturday, April 9 
10 a.m.-11 a.m. 

Do you like snakes? Would you like to see them up close? Join park staff and learn all there is to know about the snake species found right here in San Diego County. You will learn all about these wonderful reptiles, including what they eat and how they survive in the wild. You will even get a chance to see them up close. Kids and adults are welcome, so bring the family out for a chance to understand a commonly-misunderstood animal. Space is limited to 50, so please call 858-513-4737 for reservations. Guests will park at the Goodan Ranch staging area and must walk approximately one mile down to the visitor center. Program will be held at the Preserve Visitor Center.

Ecology Walk 
Saturday, April 30 
9 a.m.-11 a.m. 

With the new seasons come a whole new batch of plants and animals. Come enjoy the cool weather and learn all about how the animals and plants interact in nature. This walk, led by Ranger Maureen, will teach you all about the different, unique and amazing creatures we have throughout our park. She will show you abundant plant life and explain why these plants are so important and connected to the survival of everything else. This hike is moderate-to-strenuous, so make sure you are up for the challenge. Program meets at the Highway 67 staging area. Rain or muddy conditions cancel. 

________________________________________________________ 
Spring Valley Community Center 
8735 Jamacha Blvd. SVCC 
Spring Valley | 619-479-1832

Breakfast with the Bunny 
Saturday, April 23 
7:30 a.m. - 9:30 a.m. $4 children 12 and under/$5 adults
 
The entire family will enjoy a special visit from Spring Valley’s own “bunny.” Breakfast includes pancakes, sausage, juice, coffee and milk, all served by the enthusiastic members of Spring Valley Kiwanis!


Egg Hunt 
Saturday, April 23  
9 a.m.  
Find the eggs Spring Valley's mischievous bunny has hidden! 

 _________________________________________________________  
Spring Valley Park  IHWL
8735 Jamacha Blvd. 
Spring Valley
 | 619-479-1832 

It's How We Live!  
Saturday, April 30  
9:30 a.m. - 1:30 p.m.
 
A free community festival for the entire family! The event will feature games, live entertainment, information booths, healthy food samples, health and dental screenings, and prizes! 

_______________________________________________________  
San Elijo Lagoon Nature Center 
2710 Manchester Ave.  
Encinitas | 760-634-3026
LakSan Elijo

Springtime EGGucation 
April 9, 10   
1 p.m. - 4 p.m.
 
This event is a celebration of all the winged, crawly, scaly and slippery creatures that hatch from eggs, with live critters on display along the scenic Nature Center Loop. Kids will make their own baskets, then fill them in an egg-find as they walk the path and see the animals. A trivia hunt and free snacks round out the fun.

_______________________________________________________

 

FEATURED PARK: FELICITA COUNTY PARK 
742 Clarence Lane  
Escondido | 760-745-4379

Felicita ParkFelicita ParkFelicita

Tucked in a small vale in southwest Escondido, Felicita Park is one of San Diego's oldest gathering places. Year-round spring-fed creeks separate the park into a patchwork of developed and natural areas. Mixed in among the park’s ancient oak grove are two large playgrounds and seven reservable picnic areas perfect for a birthday party or corporate event. The park’s almost 2 miles of trails and pathways are perfect for exploring as a family or on your own. There are also two wedding ceremony areas and a reception tent. Because of its rich Indian and pioneer history, Felicita Park is listed on the National Register of Historic Places. You can make a reservation for interpretive nature hikes and history talks led by a County park ranger.

Felicita Park Renaissance Faire 
April 2 & 3 and 9 & 10
 
Felicita Park will host the spring Renaissance Faire produced by Gold Coast Productions. The event transforms the park into an eclectic Renaissance-era village. More than 500 actors will portray knights, gypsies, barbarians and pixies. Jesters, jugglers and magicians will entertain on various stages and armies will clash on the battlefield. At noon the Queen’s procession will make its way through the village and to her throne, where she will preside over her court.

Tickets are $17 for adults, $14 for seniors, $8 for children ages 5 to 11 and are free for children 4 and under. Admission includes all entertainment. Parking is $5. For more information go to  http://www.goldcoastfestivals.com/Escondido.html
  _____________________________________________________ 

A MESSAGE FROM SDG&E:

 

Parks - SDGE logo  

Buy, Recycle and Save with SDG&E® Rebates and Incentives
Lower your energy bill and save cash along the way!

Thanks to SDG&E® rebates, consumers can save energy and money on the purchase of energy-efficient refrigerators, washing machines, dishwashers, freezers, room air conditioners, and much more. Rebates range from $25 to $200 depending on the appliance.

When combined with incentives offered by manufacturers, retailers or SDG&E, you can save even more. For example, additional SDG&E incentives include $50 for recycling an old, working refrigerator or freezer, and $25 for qualifying room air conditioners.

For a complete list of rebates and appliances, and for more information on SDG&E incentives, go to sdge.com/saveenergy.

  

 

 

Your Short Sale Update - C.A.R. launches short sale website

Apr. 4, 2011
CALIFORNIA ASSOCIATION OF REALTORS(R)

 

Connect with C.A.R.

C.A.R. Member Value Newsletter

 

 

April 4, 2011

Dear Jason,

Just last month, C.A.R. placed an open letter advertisement in California’s seven largest daily newspapers, calling on lenders and industry regulators to streamline and improve the short sale process.  We received numerous overwhelmingly positive responses from many of you.  Thank you for taking the time to let us know your thoughts.

To dovetail off that effort, today we’re launching a California Short Sales website (www.shortsalescalifornia.org) -- a new website to keep members and consumers up to date on all the latest news and insider tips regarding the ever-changing short sale process.

With information for both consumers and REALTORS®, the website is full of need-to-know resources about short sales, and provides up-to-the-moment news, legislative information, legal tips, and lender requirements.

REALTORS® logging on to the REALTORS® section can access legal Q&As, informational short sale webinars, review suggested short sale publications, and find links to related content that may be helpful to agents handling a short sale. 

The Consumer section, geared for distressed home owners, provides helpful tips if they are on the brink of losing their home.  They can also find a REALTOR®, learn about government-sponsored programs to assist distressed buyers, access a glossary of commonly used distressed real estate terms, and learn how to avoid short sale scams.

California Short Sales is also a place to keep you informed of C.A.R.’s latest efforts in addressing your concerns about the difficulty of working with short sales.

I hope you’ll take a look today and refer back to it often.

Sincerely,

Beth L. Peerce
2011 President
CALIFORNIA ASSOCIATION OF REALTORS®

 

Problems With New Good Faith Estimate Forms

Apr. 4, 2011

New York Times

March 24, 2011

Problems With New Good Faith Estimate Forms

By LYNNLEY BROWNING

THE revamped Good Faith Estimate form, which arrived just over a year ago, has helped give home buyers and homeowners looking to refinance their mortgages a better understanding of their borrowing costs

But industry experts say the three-page, line-by-line disclosure — which lenders must provide within three days of receiving a loan application — still falls short of telling borrowers exactly what they will be paying. Some in the mortgage industry complain that it can even distort or obscure the true cost.

The new Good Faith Estimate form “is better than it used to be, but it’s not up to snuff,” said Kathleen Day, a spokeswoman for the Center for Responsible Lending, a consumer advocacy group. “There are things that need to be unbundled and made clearer,” she said.

The disclosure form, designed by the Department of Housing and Urban Development, became mandatory on Jan. 1, 2010, under the Real Estate Settlement Procedures Act that emerged from the mortgage crisis.

With the exception of certain fees, for services like title services and appraisals, lenders are bound to the costs they quote, notably those for origination and interest-rate locks.

The form also lists the services a borrower can shop around for, versus those selected by the lender. Charges for required services that the lender selects or that the borrower shops around for, using companies selected by the lender, can rise no more than 10 percent at closing. (An exception is fees for escrowed amounts and property taxes, costs that are beyond the control of the lender.)

The revised form, according to a consumer compliance alert issued last year by the Philadelphia branch of the Federal Reserve, is intended “to make the mortgage loan process more transparent to consumers, with fewer surprises at closing” in the form of higher fees.

But there are notable gaps.

The form, for example, does not break out seller-paid costs, such as transfer taxes, which are levied when a property changes hands, instead lumping those costs into the “total estimated settlement charges” figure at the bottom. (Transfer taxes, based on the sales price, vary by state; the combined New York State and city rate is 3.025 percent.)

As a result, borrowers are sometimes unknowingly looking at a larger final figure than they will actually have to pay. Nor does the new form account for down payments in the “total estimated settlement charges” column. Borrowers might then be looking at a smaller final number than they will need to pay.

This lack of clarity, according to Melissa Key, a spokeswoman for the Mortgage Bankers Association, can lead to delayed closings or even the loss of a locked interest rate.

Amid the uncertainty, a growing number of lenders have been furnishing consumers with their own custom “work sheets” as a supplement to — or in a few cases, in lieu of — the required disclosures, according to Brian Sullivan, a spokesman for the federal housing department. They were being used “to weed out window shoppers and borrowers who haven’t provided enough information for the lender to be required to furnish a G.F.E.,” he said.

But these work sheets may differ from the Good Faith form, further adding to the confusion.

Because Good Faith Estimates are binding on the lender, Mr. Sullivan said, some lenders appeared to be violating the new lending regulations by refraining from issuing the estimates, to avoid being locked into costs. He said that HUD would “intercede on the consumer’s behalf” if asked by the borrower, but only after lenders had been given a chance to correct any violations.

Still, the form may get yet another overhaul, by the new Consumer Financial Protection Bureau, itself part of the regulatory overhaul signed by President Obama last July. The bureau has said that it is considering revising the revised G.F.E. form to make all costs clearer to the consumer.

 

La Mesa, Mt Helix, Casa de Oro, El Cajon, Spring Valley Homes for Sale

Blog by Jason Kardos
La Mesa, California

Homes for sale in La Mesa, Mt Helix, Casa de Oro, Spring Valley, El Cajon, Santee, & surrounding San Diego County neighborhoods

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