Josh Groban’s Malibu Haven Up for Grabs for $6.1 Million

July 28, 2010
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The American singer-songwriter and actor, Josh Groban has listed his Malibu haven for $6.1 million.

Josh Groban’s Malibu home measures 3,294 square foot. The home is a four-bedroom Tuscan villa-style home. His home is located at Point Dume area of Malibu where it has private beach rights. Enter a double-gated entry and a long drive back to the 1.8-acre estate that includes a separate guest house, recording studio, a salt water pool with a waterfall, lighted tennis court, a poolside cooking area and many private patios. The main house features stone floors with inlaid tiles.

The family room has high beamed ceilings and opens into billiard room with bar and wine cellar.…

Remove Clutter from the Most Important Part of the House – The Kitchen

July 28, 2010
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In home staging you must know which part of the house you must pay attention first. The kitchen is a good place to start removing clutter.

You must first get everything off the counters. Even the toaster must be removed. Find a place where you can store everything in the cabinets and drawers. Clean them out. Put everything in a box and put the box inside the storage room.

Home buyers usually open all the cabinets and drawers, most especially in the kitchen. They want to be sure there is enough room for their stuff. If your kitchen cabinets, pantries and drawers look jammed full, it sends a negative message to the…

Big Plan to Cut Mortgage Debt Reveal by Bank of America

July 28, 2010
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Bank of America stated that it would trim down mortgage-loan balances in so far as 30% for thousands of troubled borrowers, in what could foretell a wider government effort to encourage banks to offer debt reduction to ease the mortgage crisis.

The plan is one of the boldest moves so far to address the dilemma of millions of U.S. homeowners who owe more on their homes than they are worth. It would make it easier for the Obama administration to move in a similar direction with its present loan-modification program, though senior government officials and many bankers remain very cautious of offering to cut loan balances as the main way of…

The Modular Construction

July 25, 2010
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Modular construction has been around almost since the advent of the covered wagon. The use of modular construction enhanced today’s building practices.

Japanese builders construct homes like kids using building blocks. At first, a new homeowner may only be able to afford a small home with a single bath. As time passes, the homeowner can easily add on to their existing modular structure with new add-on modular units making the home a little more spacious and or bigger.

In the early 60’s, a builder from my home town built modular rooms for hotels and motels. For that era, this builder was considered a visionary. Today, this is a much more common practice.…

A Lot Face Soaring Housing Costs

July 25, 2010
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A new study reveals that housing has become more affordable for nurses, teachers, police and other workers; however, it suggests homeownership remains out of their reach in many major markets.

The Center for Housing Policy stated that incomes for many of the workers that communities rely on for vital services have not kept pace with the cost of housing. That only means many cannot afford to buy a median-priced home in the cities they work in, even with mortgage interest rates at near historic lows and lower home prices.

The study also found out that workers in many markets cannot afford rent payments for a two-bedroom apartment. The findings are based on…

Mortgage Rates Stuck at 4.75

July 25, 2010
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According to a rate research website, the conventional 30-year fixed mortgages are available at 4.75% for well-qualified consumers that pay a standard .07 to 1 point.

Today’s 15-yr fixed rate is 4.125%, and the 5/1 ARM rate 3.625.

The FHA mortgage rates continue to mirror those of conventional loans. Whereas FHA loans do offer similar rates, the closing cost associated with those rates is significantly higher. The 30-year fixed jumbo loans are available at 5.625% with little better rates (5.5) for borrowers with an extremely low LTV. Mortgage-backed securities prices that drive mortgage rates in the opposite direction have been flat in the month of March.

In just a week until the much…

Jeffrey Jacobs Puts His Duplex Penthouse Co-op on the Market for $5.75 Million

July 9, 2010
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Attorney Jeffrey Jacobs put his duplex penthouse co-op on the market for $5.75 Million. Jacobs was Oprah Winfrey’s former agent, manager and adviser.

Jacobs bought the unit in 1999 and has renovated the elegant four-bedroom residence that was designed by architect, David Adler. The building is right on the park and has a skylight and big windows show lake and city views.

The apartment has a grand staircase that alleviates upward to four bedrooms plus a nursery/office. The home has a new kitchen, breakfast room and an adjacent family living room. That Oprah money has done this home well, it is exquisitely designed. The formal dining room with faux columns, a piano…

A Multi-Million-Dollar Mortgage Fraud Scam Sends a Broker in Prison

July 9, 2010
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Bethesda, Maryland - Michael Milan was sentenced to 108 months in prison, pursued by three years of supervised release, for his role in carrying out a multi-million-dollar mortgage fraud scheme. He was also ordered to pay restitution of $3,141,409 and to forfeit $1,061,890 in proceeds he got hold of.

Milan was a consultant to various mortgage brokerage companies and connived with others to defraud mortgage lenders into lending funds for the purchase and refinance of residential properties. Milan caused his associates to prepare false mortgage applications which contained false information about the income and assets of the borrowers. Some of the mortgage applications falsely claimed that the borrowers earned hundreds of…

Home Loss has Its Consequences

July 9, 2010
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Financially distraught homeowners must consider choices that have both tax and credit implications and not only face the painful personal circumstances.

In recent times, the legal department of the California Association of Realtors® (CAR) issued a memorandum titled “Credit After Foreclosure, Bankruptcy, or Short Sale,” it is a very useful document for those who have questions about how credit is affected by the various ways in which one might lose his or her home.

The memo is basically based on the 2008 update of Fannie Mae guidelines (Fannie Mae Announcement 08-16), so it should be clear that the explanations are not completely general or unqualified.

For instance, it is said that a person…