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Refinance Stimulus: Lending Availability Expanding?
The Obama Administration has announced it seeks to create another Refinance Stimulus. But there is a tension between banks and government intervention. In the meantime, California acts to protect the best interests of owners in condo develoments.
However, CAR concludes that “despite the improvement, distressed loans continue to loom over the housing market and threaten to further depress home prices.”
Enter government intervention. The Obama Administration recently spoke of new policy changes to make refinancing easier. We do not have details on this plan yet, but let‟s consider the pitfalls that my clients are seeing and that Kelly Evans wrote about in her online Bloomberg article “Refinancing „Stimulus‟
In other news, owners in condo complexes often find it annoying to refinance because their HOA may charge numerous fees to complete bank-required documents. According to a California Association of Realtors report, to address this Governor Brown recently signed AB 771, “a bill that prevents homeowners in common interest developments (CIDs). . . from being charged excess document fees.” CPK Mortgage is proud to be a member of CAR: an organization that advocates for our clients‟ best interests.