So it’s worth repeating a segment of a blog I published last year, under the headline of

New laws affecting CA homeowners…

…because enough time has passed so the regulators and the bankers have gotten their game plan together to help underwater homeowners refinance their homes.

I’ve discovered many people aren’t aware that, if their home mortgage was a Fannie Mae or Freddie Mac, they may be able to refinance into today’s ultra low interest rates, even if their home is underwater!

HARP – the federal government’s “Home Affordable Refinance Plan” – was criticized for not helping enough people, so they’ve improved it.     There are some conditions—for example, you have to be current on your mortgage payments, and the mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.       Check the links below to see if your loan is eligible:

http://www.FannieMae.com/loanlookup/

or call 800-7FANNIE (8 am to 8 pm ET)

https://ww3.FreddieMac.com/corporate/

or call 800-FREDDIE (8 am to 8 pm ET)

Or, you can always contact me for help.

Are you aware that the state of Californiahas funds for homeowners at risk of losing their homes?    The federal government gave the state $2 Billion for the “Keep your Home California” program to help people make their payments, but only $150 million has been granted.   Here’s an article about it, and the phone number: 888-954-KEEP (5337).

Finally, from the Ca Association of Realtors, come these “Fast Facts:” – Check out the Pending Home Sales!

Fast Facts
Calif. median home price: December 2011: $285,920 (Source: C.A.R.)
Calif. highest median home price by region/county December  2011: Marin: $693,880 (Source: C.A.R.)
Calif. lowest median home price by region/county December 2011: Madera: $106,000 (Source: C.A.R.)

Calif. Pending Home Sales Index: November 2011: 109.8, an increase of 11 percent compared with the prior year.

Calif. Traditional Housing Affordability Index: Third quarter 2011: 52 percent (Source: C.A.R.)

Mortgage rates: Week ending 1/12/2012 30-yr. fixed: 3.89% fees/points: 0.7% 15-yr. fixed: 3.16 fees/points: 0.8% 1-yr. adjustable: 2.76% Fees/points: 0.6% (Source: Freddie Mac)