REAL Talk with ROBERT ALDANA

Just another day @ Team Let's Talk Real Estate!

Robert Aldana Interviewed & Featured on NBC's "Best of the Bay"

The Dangers & What You Should Know About Loan Mods & Short Sales

To do a loan mod or a short sale on your home; that is the question. But beware as there are many consequences for either if you do not understand how things work and make the wrong move, which could cost you tens of thousands of dollars and a lot of heartache. In this lengthy article, I will dissect each one and share with you the pros and cons of either doing a loan modification or a short sale.

Dog-gone tired!

Even my dog got tired from watching my P90X workout this morning....

Bay Area home prices may drop, real estate firm warns

The San Jose Mercury News just came out with an article (click here to read it) stating the following; Bay Area Home Prices May Drop, Again....

Although I would not exactly write whatever Zillow says in stone (some of their stuff is all over the map including values), the firm has spoken and stated the obvious of what I have been saying for several months now, that we should expect another price drop in the Bay Area this year. I personally think it could extend further than that and maybe into the next 2-3 years. Consider the following:

15 banks fail in the first month of 2010. What does that mean to you?

It was reported by CNN Money that this Friday, January 29th, 6 banks failed. That brings it to a whopping total of 15 the amount of banks that have failed in the first month of 2010! Could it be poor decision making by these banks? Hmmm....

Well, try and look at how this can affect you as a consumer and one way it will definitely affect you is the fact that we are not out of the woods yet in this financial crisis, but it is not all bad news. Get your finances in order and get ready to take advantage of some amazing real estate deals this year and maybe in the next couple of years as opportunity is knocking.

While this is astonishing news, it really is not news but more of a formality. Until banks get their act together and start making logical decisions, we will see more of this type of news in 2010.

So lick your chops everyone, blunders on one end equal opportunities on the other end.

Click here to read the story as reported on CNN Money.

Big day today - Day 1 of my P90X 90 day workout program

Ok, so today is the first day of my P90X 90 day workout program! This is an intense program and I expect intense results. Wish me luck!

Can you believe this? Loan Mod with a rate of 1.7% payment. Believe it!

We just got an approval on a loan modification with Ocwen for a client that already had a good interest rate of 4.75% down to 2%. But it gets better! The lender is only charging him with this interest rate on 85% of his loan which makes it an effective interest rate of 1.7%!

Their payment on a $495,373 loan amount is only $1,282.89. Believe it!

Need a loan modification? Don't pay, go to www.makinghomeaffordable.com and download their application and send it to your lender via certified mail. Contact me if you need any help with it. And, I will not charge you one penny before or after.

Just trying to make a difference in the world one family at a time!

Another loan modification @ 2.625% from 6.25%! Sign of the times?

We just completed another loan modification from Wells Fargo at a rate of 2.625% which is significantly lower than the 6.25% that they were paying in interest rate. Their payment was reduced from a monthly payment of $3,083 down to $1,295 on a $592,000 mortgage. Believe it!

What makes this even more interesting and newsworthy is that this is the 3rd or 4th loan modification from Wells Fargo at that exact rate over the past 10-15 days. Is this a sign of the times that maybe things are getting better at Wells Fargo? I hope so because they have a long way to go in restoring my faith in their bank and lending and loan modification practices.

Remember, do NOT pay anyone for a loan modification! Do it yourself at www.makinghomeaffordable.gov or call us and we will help you get the forms filled out and sent to your lender at no cost.

Good time to buy a home? DEFINITELY NOT a bad time!

If you have read my blogs or listened to my radio shows you have heard me say that we may see prices come down a little more this year based on many factors such as foreclosures, lender and appraisal restrictions, increased inventory and temporary loan modifications that are up with homeowners needing to do something. I still believe that this is true. However, depending on where you are buying, even if prices come down, it will not be much more. I see prices flat-lining in many areas.

Is it a good time to buy a home? It is DEFINITELY NOT a bad time. Just remember, don't pay more than what the home is worth and make sure that you only get a 30 year fixed rate loan. 5 years from now you will look back and be glad you did!

Here is an excellent article by Pete Carey of the San Jose Mercury News, an award winning writer who usually is right on with his reporting. Click here to read it.

Turning 'Upside Down Mortgages' Right Side Up

As Featured on AOL this week - Another excellent article by one of the best real estate writers in the country, Broderick Perkins. Mr. Perkins talks about homeowners who are upside on their mortgages and are trying to get a loan modification from their lenders, with a few words and comments from yours truly, Robert Aldana. Click here to read it.