Hugh Lilly Stockton Real Estate

One of the biggest problems we see in a short sale transaction is buyer education. Patience is one of the most important attributes of a buyer considering a short sale and this also includes the buyer’s real estate agent. The buyer’s agent needs to educate the buyer’s expectations on the time frame it takes to get a short sale ...

Searching for a mortgage lender with the right fit is extremely important for the first time homebuyer and for move up buyers. Rates are at an record lows and home values are flat making a perfect environment to purchase a home. Because there are so many mortgage companies out there, mortgage lending has become extremely competitive. By ...

Most sellers don’t realize that one of the advantages of FHA mortgages is that they are assumable. When a seller wants to sell his home, a credit qualified home buyer can assume their FHA loan which is an advantage when they sell because when you assume a mortgage, the terms and interest rate remain the same. This means an interest rate ...

Low mortgage rates likely to continue through 2012The mortgage market did not live up to predictions from the experts for 2011. Record low interest rates for mortgages are the lowest in 40 years, but very few potential homebuyers took advantage of these rates and record low prices for homes in Stockton and nationwide. There is a great deal of ...

My team recently received the following e-mail from a homeowner in Stockton: “ My wife and I are underwater in our mortgage we have not made payments in 3 months, I recently was cut back on my hours at work and it looks like I may lose my job. My monthly payment on my adjustable rate mortgage is increasing. We have exhausted our saving and ...

Price of homes in Stockton have declined to a purchase price that homes have become more affordable. Young families and middle income families and now more than every able to live the American dream and own a home. The pieces are in place for many to own homes; lower mortgage interest rates, lower prices and low down payment FHA loans. FHA loans ...

One of the important consideratons in doing a short sale is who is the actual investor. Just because Bank of America, Wachovia, Wells Fargo or Chases name is on you monthly mortgage statement doesn't mean they own the loan. This is important for you to know when considering a short sale. There can be three layers when trying to get a short ...

 A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. In addition, the property owner cannot afford or chooses not to repay the liens full amounts. Therefore, the lien holders agree to release their lien on the real estate ...

This question is asked very frequently by my clients with Homes in Stockton and involves a number of unique variables. The first thing to keep in mind is that the moment you are 30+ days behind on your mortgage payment, your mortgage lender has the right to report to all of the credit bureaus that you are 30 days behind on your payments. ...

With foreclosures on the rise in the US, banks are looking for any way they can to minimize their foreclosure losses. It more cost effective for your lender to agree to a short sale rather foreclose on a home. Short sales and foreclosures comprise much of the market for homes in Stockton and homes ...