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California, seat (1850) of San Luis Obispo county, western California, U.S. It lies on San Luis Obispo Creek at the base of the Santa Lucia Mountains, 20 miles (30 km) east of the Pacific Ocean and 80 miles (130 km) northwest of the city of Santa Barbara. It grew up as a farming centre around the mission of San Luis Obispo de Tolosa (for St. Louis, bishop of Toulouse), founded in 1772 by Jun�pero Serra as the fifth in the California chain of 21 missions. San Luis Obispo came under U.S. control in 1846. During the lawless and violent Gold Rush period, much of the land continued to be held by Mexicans, who established an economy largely based on the hides and tallow industry. In the 1860s severe drought destroyed much of the rancho land. The Mexican ranchers subsequently sold many of their holdings, and the area became a centre for beef- and dairy-cattle production. After 1894 it became a railroad division point. Oil, pumped and refined locally, is shipped through Port San Luis, located along the Pacific coast 9 miles (14 km) southwest of the city. Light manufacturing, wineries (located throughout the county), and tourism are other economic factors. It is the home of California Polytechnic State University (1901) and Cuesta (community) College (1963). The city's attractions include children's and county museums. Nearby are Pismo State Beach, Morro Bay and Montana de Oro state parks, and Los Padres National Forest. Inc. 1856. Pop. (2000) 44, 174; San Luis Obispo - Paso Robles Metro Area, 246, 681; (2010) 45, 119; San Luis Obispo - Paso Robles Metro Area, 269, 637.Performing Arts Center, California Polytechnic State University, San Luis Obispo, Calif. Gregg Erickson
The one reality about today's housing market is that many people have more questions than answers. The following information is intended to help you or someone you know better understand your situation.
Do I Qualify For A Short Sale?
The qualifications for a short sale include any or all of the following:
Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall - You have more month than money. A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
What Is A Mortgage Modification?
A mortgage modification is a process through which your mortgage lender changes any or all of the following:
Your interest rate
Your principal balance (through a reduction)
Your loan terms (example: from an adjustable to a fixed rate)
This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.
Why Would A Lender Modify My Mortgage?
Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.
What Do I Need To Qualify For A Mortgage Modification?
According to the Making Home Affordable Web site (http://MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:
Information about your first mortgage, such as your monthly mortgage statement
Information about any second mortgage or home equity line of credit on the house
Account balances and minimum monthly payments due on all of your credit cards
Account balances and monthly payments on all your other debts such as student loans and car loans
Your most recent income tax return
Information about your savings and other assets
Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
If applicable, it may also be helpful to have a letter describing any circumstances that caused your income reduce or expenses to increase (job loss, divorce, illness, etc.)
How Do I Qualify For A Mortgage Modification?
The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):
Prior to contacting your mortgage lender you can quickly complete an eligibility test at http://MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP).
For a list of mortgage lenders and servicers, visit www.HopeNow.com.
What Is A Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.
What If I Don't Qualify, Can't Afford My Home, And Owe More Than It's Worth?
You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents with the 'Certified Distressed Property Expert' Designation have undergone extensive training in how to process and negotiate short sales.
A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.
What Are The Qualifications For A Home Affordable Refinance?
According to the resources released by the government, following are a list of qualifications:
You are the owner occupant of a one- to four-unit home
The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
At the time you apply, you are current on your mortgage payments (you haven't been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan.
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Closely Related Topics: Condition Is No Issue - We Can Buy Your Home.
Related Statewide Reading Topics: San Luis Obispo - Condition Is No Issue - We Can Buy Your Home.