Stunning Mediterranean Home Featured in This Weekend's Open Houses

Have you seen the stunning Mediterranean homes in this exquisite new development? Constructed by Master Builders Kenmark, this stylish two-story home at 805 Skycrest offers a huge list of high quality amenities along with Kenmark's tradition of superb craftsmanship. Also, there are dramatic architectural lines, an incredible gourmet kitchen, a spacious master suite and more. Best yet, the community is integrated with fine shopping literally next door!

Offered at $869,000 and open Sunday from 1-4 p.m.

________________________________________________________________

Question of the Week

Q: Joe, I've heard a lot recently about the National Mortgage Settlement Act. What is it and how can it help me? —Chet, San Bruno

A: Chet, The National Mortgage Settlement Act refers to the settlement agreements reached by the state attorneys general of 49 states (including California), HUD, the Department of Justice, the Conference of State Bank Supervisors and a handfule of lenders/servicers. The act addresses the claims of misconduct in foreclosure, loan servicing and oringination.

The settlement includes $25 billion to be allocated by the lenders/servicers for monetary sactions and assistance to homeowners. As part of the settlement, the lenders/servicers will provide assistance for homeowners who meet certain eligibility requirements OR former homeowners that went through foreclosure between Jan. 2008 and December 2011.

Some of the specific aspects of the settlement that help persons stay in their homes and avoid foreclosure are:

• Lenders/Servicers must evaluate a borrower's situation for possible loss mitigation options.
• Lenders/Servicers must follow specific timelines when handling loan modifications.
• Lenders/Servicers must consider all possible loan modifications prior to referral of loan for foreclosure.
• SPOC single point of contact person for homeowners who are having difficulty making payments.
• No fees for applying for a loan modification.

The amount that California is receiving is significant compared to other states; However, California also has a greater number of homeowners affected by the crisis.

For more information, check out the National Mortgage Settlement Act website.

Joe Capote is a Realtor with Alain Pinel Realtors. He also serves on the board of directors for the San Bruno Chamber of Commerce. He can be reached at 650-375-1111 or JCapote@APR.com. Visit him on the Web at www.SanBrunoViews.com.