Realtor Coaching & Training: Calabasas
Ed McMahon, Johnny Carson’s sidekick on “The Tonight Show” for three decades, may lose his home to foreclosure. Ed’s home has been up for sale for two years.
A default notice for $643,596 was filed against the 85-year- old McMahon by ReconTrust Co., a unit of Countrywide Financial Corp., the biggest U.S. home lender. The default involves a $4.8 million mortgage issued by Calabasas, California-based Countrywide, according to property-record data collected by Discovery Bay, California-based ForeclosureRadar.
McMahon’s 7,013-square-foot (652-square-meter) home went up for sale at about $7 million in mid-2006. The price was later dropped to $5.75 million and then, two months ago, increased to $6.25 million. The boost was needed to pay what McMahon owes on the house. That sounds like a great idea….RAISE the price on a home that isn’t selling! (sarcasm intended)
The default notice was filed on March 3, according to ForeclosureRadar. Its filing was reported earlier today by the Wall Street Journal.
McMahon was the “Tonight Show” sidekick from 1962 until Carson retired in 1992, supplying both the drawn-out “Heeeere’s Johnny!” introduction and constant laughter at the host’s gags. McMahon also hosted the syndicated talent show “Star Search” and was a pitchman for the American Family Publishers sweepstakes.
McMahon isn’t the only celebrity with mortgage problems. Former baseball star Jose Canseco, who last played in the major leagues in 2001 and wrote a 2005 book revealing steroid use in the sport, also is losing his Los Angeles home to foreclosure, television show Inside Edition reported last month.
“It’s happening to anyone and everyone,” said Canseco.
Agents, you CAN help people who are facing foreclosure. You can sometimes help them to stay in their homes. As we have been saying for almost 2 years…
There has never been a time in history when so many home owners have needed the services of a caring, skilled agent. Be that agent. Learn now what it takes to thrive in this market.
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Most major lenders are freezing withdrawals from Home Equity Lines of Credit (HELOCs) – and I don’t want you to be caught off guard by this development. If you were planning on using your HELOC for spring home improvements or college tuition chances are the money has been–or will be–shut off.
You should be aware that the lender retains the right to suspend or reduce the line of credit available if your property value falls below the appraised value used to originate the loan. Lenders are actively assessing properties and then suspending access for account holders who have seen a downward slide in their home value. Many of our students who do BPOs are reporting to us a dramatic increase in BPO requests from lenders for this reason.
From Countrywide..sent to borrowers before Countrywide Froze Helocs:
‘Important message about your loan: At Countrywide Home Loans we are committed to helping customers sustain homeownership. As part of the commitment, and in keeping with its sound risk-management and responsible lending practices, Countrywide Home Loan is reviewing and analyzing home equity lines of credit in its servicing portfolio.
As you know, home values in many areas of the country have declined. We believe that the decline in the value of your property, from its original appraised value at the time your loan was made is significant. In accordance with the terms of your Home Equity Credit Line Agreement and Disclosure Statement (Agreement), we have elected to suspend further draws against your account as of the Effective Date above.’
On Friday, the Los Angeles Times reported that Countrywide notified many homeowners they’ve lost their right to borrow against their credit lines:
‘ Tens of thousands of homeowners with home equity lines of credit are getting a rude surprise: They’ve been told by their lender that they can no longer take money out on their credit lines because sinking home prices have left them with little or no equity.
Among the lenders taking such action is Countrywide Financial Corp., which sent 122,000 letters to customers last week telling them they could no longer borrow against their credit lines. In some cases, according to the company, the borrowers are now “upside down” — the total debt on the home exceeds the market value of the property.
Calabasas-based Countrywide, the nation’s largest mortgage lender, says it uses computer modeling that factors in changes in home prices to determine which customers will have their money tap shut off. ’
Will we see a Chase HELOC freeze, or a Bank of America HELOC Freeze? What will that do to the economy?
If there was any question that consumers were feeling the pinch before…just wait until they are told that their homes are worth LESS than what they owe. Or in the word of Coutrywide…’Significantly Less” Think that will have an effect on the economy..think this will make consumers feel more confident about housing?
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