Imperial Valley Real Estate 619-241-4415 or 760-344-5363

Find Foreclosure Bargains in Imperial Valley CA

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Tue, 17 Nov 2009 04:03:34 -0600

Find and Buy Foreclosure Bargains in Imperial Valley CA

First time home buyers, trade-up buyers, investors and bargain hunters are able to easily search and find Foreclosure bargainst to buy in Imperial Valley.

Home buyers can search properties in three foreclosure categories, PreForeclosure, Auction (Trustee Sale), and Bank Owned homes.

"I'm giving home buyers another choice when it comes to searching the internet for their dream home" says REALTOR(r) Frederic Din of EXIT Stepping Stone Realty, who is offering clients a value added search on his websites and blogs.

"It's simple, enter a city or zip code in the search bar below and select from one of three foreclosure categories to find and buy your foreclosure deal in Imperial Valley CA", says Frederic.

Search from areas within Imperial Valley such as Brawley 92227, El Centro 92243, Calipatria 92233, Westmorland 92281, Imperial 92251, Heber 92249, Holtville 92250 and other cities throughout the area.

If you find this search tool to be valuable in helping you find your dream home or bargain deal, contact Frederic and let him represent you as your buyers agent in the home purchase transaction.

Take a few moments to leave your comments on how you used the search to find your dream home.

Frederic Din, CA DRE License #01274420

Great Time to Buy a Home in Imperial County CA

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Fri, 13 Nov 2009 11:12:04 -0600

Local Press Confirms What I've Said All Along

As a REALTOR® in Imperial County, CA I provide value opinions known as BPOs (broker price opinions) and CMAs (comparative market analysis) for a variety of private and professional clients and track housing prices for neighborhoods and areas throughout Imperial County for my home buyers, short sales, and REO disposition clients.

I am interested in news stories regarding our local housing market, whether positive or negative. News articles allow me the opportunity to digest the information and interpret housing trends for my clients. Local IV Press confirms what I've said all along.

Elizabeth Varin, a staff writer with the Imperial Valley Press wrote an article regarding housing prices in the El Centro CA area or Metropolitan Statistical Area (MSA) entitled "Housing Prices Fall in EC Area".

The article confirms what I've said all along, "it's a great time to buy a home in Imperial County, CA".

In the article Ms. Varin quoted various statistics from the popular consumer real estate website http://www.zillow.com/profiles/ivforeclosures as a source for housing prices.

Zillow maintains their "Zestimate® is accurate "...depending on the home data received...in your area". Zestimate® home data is pulled from public record data and "is public because it's the consumers right to have access to information about ... their home" value.

The "Value Range" associated with the Zestimate® provides a low and high range for value associated with the property.

In short, the median home prices that Zillow provides are based upon their Zestimate® and Value Range as described above.

Historically relying on these types of values can potentially be skewed in terms of the low range, or be off the mark based on the high end.

As a service to my home buying public, I pulled out my Imperial Valley housing stats to review any differences or discrepancies in the housing price data.

In September 2008, the median housing price for Imperial County was $165,000, which is 26.67% less than the September 2009 median housing price of $121,000. The median house price for October 2009 is $120,000, a negligible price difference. Median sales prices from April through August 2009 remained only slightly higher than September.

While housing prices have noticeably dropped during the last few years, there are certain areas and neighborhoods in the County which are experiencing slight value increases and stabilization.

Coupled with the extended Home Buyer Tax Credit of $8,000 for first time buyer will assist those making the move through mid-2010 is expected to bolster home sales. In addition to extending the first time buyer tax credit, a new $6500 tax credit for existing home owners was introduced.

What does this mean to home buyers in today's market?

All of this good news means one thing; it's a great time to buy a home in Imperial County. So whether buying you're first home or your dream home, one thing is clear, housing prices are down about ½ from their previous lofty prices a few short years ago.

If you're in the market to buy a home, talk to me, Your Imperial Valley Housing Specialist about your favorite neighborhood, this way I can help you find the right home at the best price in the market today.

July 2009 Housing Stats for Imperial County CA

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Wed, 19 Aug 2009 14:24:55 -0500

July 2009 Housing Stats for Imperial County compared to July 2008

Housing Stats for Imperial County, CA (also known as Imperial Valley, CA)

Recently I reviewed listing service data for JULY Housing Sales stats for Imperial County, CA
homes, including condo/townhomes (attached) and single family (detached) homes and compared them to housing stats of July 2008 to spot any significant trends of use to my readers, potential home buyers, and investors. The following is a compilation of my analysis comparing July 2008 and July 2009.

July 2008 - The number of SOLD homes: 76
July 2009 - The number of SOLD homes: 125
Increase of 39.2% from 2008

July 2008 - Average SOLD price: $204,359
July 2009 - Average SOLD price: $126,485
Decrease of 38.1% from 2008

July 2008 - The Median SOLD price: $196,000
July 2009 - The Median SOLD price: $128,500
Decrease of 34.4% from 2008

July 2008 - Average SOLD Price % ~vs~ Listing Price:98.13%
July 2009 - Average SOLD Price % ~vs~ Listing Price: 99.66%
Virtually unchanged - Increase of 1.5% from 2008

July 2008 - Average PRICE per Square Foot: $111.65
July 2009 - Average PRICE per Square Foot: $77.60
Decrease of 30.5% from 2008

July 2008 - Average MARKETING Time (known as DOM): 103 Days
July 2009 - Average MARKETING Time (known as DOM): 65 Days
Decrease of 36.9% from 2008

July 2008 - Average SALES Cycle Time (known as True DOM): 174 Days
July 2009 - Average SALES Cycle Time (known as True DOM): 71 Days
Decrease of 145% from 2008

Sales by City/2008/2009
===================
El Centro - 25 / 23
Brawley - 5 / 20
Calexico - 22 / 24
Calipatria - 0 / 1
Heber - 4 / 14
Holtville - 3 / 4
Imperial -14 / 37
Salton City - 2 / 2
Seeley - 1 / 0
Westmorland -0 / 0
TOTAL: 76 / 125

If you have questions about the Imperial Valley area, please feel free to contact me if you're thinking about buying, selling, short sale, or want to modify your mortgage to your Imperial County, CA home.

I'd like the opportunity to provide you with up to date information, along with a customized housing
market analysis and plan that will surely keep you ahead of the real estate cycle curve.

Looking to buy a home? Get your own customized Home Search for up-to-date information of homes that fit your home buying needs in all areas of Imperial County including foreclosures, bank owned, REO, short sale, and market listing homes. Some homes may be probate or estate sales, as well there may be fixer-upper homes at various price levels from $15,000 to $250,000 depending on the area, style, size, age and condition of the home.

Thanks,
Frederic Din, REALTOR(r)
Your Imperial Valley Housing Specialist
619-241-4415 cell
info@ivforeclosures.com

http://imperialvalleyreo.com

All information herein is deemed accurate, has not been verified and is not guaranteed.

Role of the BPO Real Estate Agent

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Wed, 29 Jul 2009 11:56:29 -0500

Role of the BPO Real Estate Agent

I was going to call this article "Don't Shoot the Shooter", (picture shooter that is) since people seem to get defensive when I'm on their street taking pictures of houses for comparables and BPO reports. It seems as if they have the right to tell me not to take pictures of their house or even the neighborhood. Why not, I'm on public property, right?

Maybe I will start writing a series of short articles of my BPO and REO property inspection encounters. People for the most part are cooperative and understanding, however once in awhile there's a special and unique individual that stands out from the crowd. I will do my best to protect their identity and the housing area I'm talking about, but the stories are simply incredible and must be told, but now its time to explain just what a BPO real estate agent does. Thanks for reading.

It's a Wednesday afternoon and you're watching TV after a long day at work when you notice a vehicle parked in front of your home with the engine running idle. You decide to investigate further and notice the driver is taking a picture of your home, what comes to mind?

You've just encountered "a shooter" someone who has been contracted by a third party company to take pictures of your home and report as to the condition and provide an opinion of value regarding your home.

Introducing the BPO real estate agent. The acronym BPO stands for Brokers Price Opinion, they are an abbreviated valuation report are used by banks, lenders, mortgage companies, servicing agents and third parties to quickly and efficiently determine the market value of their asset (your home), which if you have a note or mortgage on your home, it is their right to do so. The servicing agents and third parties may also use a report called a CMA, a Comparative Market Analysis, which is which very common in the real estate world.

What does a BPO agent look for and do while at your property? First you must understand there are two basic types of BPO reports. One is called the "drive-by", which is an exterior only type of report where the agent has to make many assumptions regarding the property condition since it may affect value. I am a BPO real estate agent located in Imperial Valley or Imperial County, California, and I perform many BPOs in El Centro, Brawley, Calipatria, Calexico, Imperial, Heber, Holtville, Westmorland, and other surrounding cities monthly for variety of national clients, so allow me to explain the BPO process to you in basic terms.

Typically a BPO real estate agent will take three to five pictures of your home for a drive-by or exterior BPO, although they may only use one picture for the final report, it all depends on the client. Most obvious, its important for the agent to take an unobstructed full frontal view picture of the home, this will help the agent determine the type of elevation (look) of the property and allow to compare to other similar homes in the area. Next a side view picture is taken to determine if there are any patio covers, guest houses or other buildings on the property in the rear yard that may affect value.

The agent will more than likely take a picture of the house numbers to verify the address of the property as well a street view picture is taken from in front of the home looking down the street which gives a snapshot of what the neighborhood looks like. Some agents will also take a picture of the street sign corner for location orientation, opposite street view picture, a snapshot of the other side of the home, or even the rear yard if an alley way or rear or side street abuts the home, a picture may even be taken across the street if there is a view or amenity that could affect value either positively or negatively.

Most BPO reports require the use of MLS (multiple listing service) listing and sold comparables to arrive at an opinion of value. Remember a BPO is not an appraisal. A BPO is an opinion of value range of a specific property at a specific point in time and are used internally by the bank for their purpose. Most banks and lenders who request these reports from third parties want to know if the home they've lent hundred of thousands of dollars on is still there or in good condition.

BPO reports are used for internal purposes of the bank or lender requesting them. Some have to do with "servicing requirements" which the word servicing means the bank or lending company who sends you the monthly mortgage statement and who you send your payment to, the ones who collect your money.

Generally banks and lenders will act as their own servicing agent, collecting payments, generating mortgage statements and providing analysis of your property taxes and insurance, called an "escrow account" (not to be confused with an escrow transaction involving the purchase, sale, or refinance of a property, however often times a servicing agent is acting on behalf of the bank or lender, which in turn they collect a fee for managing a portfolio of mortgages, which includes sending out the statement and the payment collection process.

As listed on your Note (the mortgage loan) and your Deed of Trust (in trust deed states the deed is your "pink slip" to the home, so to speak), the lender has a right to check on their collateral and to perform reasonable inspections of the property, most lenders do this with a drive-by or exterior BPO report.

What types of reasons a bank or lender may request a drive-by BPO? There are numerous reasons why a bank or lender may request a BPO, they may include, a transferring of your mortgage in or out of the portfolio (group of loans), your loan got sold to another lender and the buying lender wants to know what their collateral is worth, it could be for mortgage insurance (PMI) reasons, perhaps the homeowner is seeking a loan modification of their mortgage terms to lower payments and/or interest rate, maybe the bank is making a decision on a short sale or bank owned REO property status. The homeowner could be past due or delinquent on their payments and the bank wants to determine how much of a potential loss they're facing. A BPO can be used for preventive and factual purposes regarding determining value.

As many reasons as people borrow money is how many reasons why a bank or lender would request a BPO, in short, to get an quick snap shot of the market value of the home in order to make a decision. Most banks and lenders will order more than one BPO and many will also order an appraisal to determine how close the value ranges are amongst the reports to better help them in making their value decision.

Sometimes it becomes necessary for the BPO real estate agent to go inside the home and perform what is called an "interior inspection". These types of reports are for the same purposes as the drive-by, with the exception there are photos taken of each room and any damage or deferred maintenance issues that may affect the value of the property. Either way the BPO is an opinion of market value and often times include a value range of what a home would sell for in as little as 30 days, to regular sale marketing cycle time frames of 60, 90 and 120 day prices ranges.

The interior BPO is generally requested by a bank or lender when the property is in the process of being sold or transferred, such as by a short sale, or when the property becomes bank owned such as an REO status (real estate owned), or maybe even for a loan modification. The interior BPO provides more detail regarding condition of the home, as opposed to just viewing the home from the exterior or outside. More details about the homes condition, such as flooring, walls, systems, damage to the structure, etc go into each BPO report, while additional pictures are taken to give the bank or lender a better idea of what their collateral looks like and what condition the home is in.

Condition affects value and the banks need to know this before they make a decision on what the sales price is going to be with regard to a short sale or bank owned listing in order to sell the property in a realistic time frame without giving the home away (going too low) or having the home sit on the market too long (going too high). .

In conclusion the BPO real agent serves a vital position to the real estate community to both homeowners and banks/lenders by being the eyes and ears of the banks and lenders, they ultimately own these homes, so they can make intelligent unbiased decisions on how best to price their property to sell in the current market environment within a specific time frame.

So the next time you see someone sitting in front of your home or driving by and taking pictures, know they are doing it for your benefit if you're requesting a loan modification to lower your payment or interest rate, or if you are selling your home, a BPO real estate agent will be sent over to take pictures.

Ultimately the BPO real estate agent is working to help you accomplish a goal, which may be to lower your monthly mortgage payment and interest rate, or to help you get out from under a high payment mortgage or upside down loan, either way the BPO real estate agent is on your side and is there to help you, so please don't shoot the shooter.

Since I am a BPO real estate agent feel free to ask me for assistance. I can help you help with your mortgage payments and if think you may lose your home to foreclosure, please contact me to talk about how you can walk-away from your home without messing up your credit. I will be happy to go over the process of getting out from under your upside down house and eliminate your mortgage payment while protecting your credit report and credit history long term.

Call Frederic Din, Your Imperial Valley Housing Specialist at 1-619-241-4415 or contact me via email info at ivforeclosures.com

Are you looking for foreclosure, short sale and great property deals in Imperial County? Visit my website http://imperialvalleyreo.com for listings of homes for sale. Interested in a certain home, I can help you buy any home you see listed.

I am Your Imperial Valley Housing Specialist, DRE Lic #01274420

Bank Owned 1190 JR Villa Ct Calexico CA 92231

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Mon, 01 Jun 2009 19:31:29 -0500

Bank Owned Home For Sale: 1190 JR Villa Ct, Calexico CA 92231

Frederic Din | 619-241-4415

1190 JR Villa Ct, Calexico, CA

Beautiful home w/open floor plan, fireplace, covered patio and
large lot. Must see!

3BR/2BA Single Family House

offered at $149,900

Year Built	2002
Sq Footage	1,275
Bedrooms	3
Bathrooms	2 full, 0 partial
Floors	1
Parking	2 Car garage
Lot Size	10,000 sqft
HOA/Maint	$0 per month

see additional photos below

PROPERTY FEATURES

Central A/C	Central heat	Fireplace
High/Vaulted ceiling	Walk-in closet	Tile floor
Living room	Dining room	Breakfast nook
Dishwasher	Stove/Oven	Microwave
Laundry area - inside	Balcony, Deck, or Patio	Yard

OTHER SPECIAL FEATURES

Great single family home - NO CFDs

See other great homes for sale http://ivforeclosures.com

ADDITIONAL PHOTOS

Front view	Great room
Back yard	Patio

Contact info:

Frederic Din

619-241-4415

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 1, 2009, 4:05pm PDT

El Centro CA Has Most Underwater Mortgages In US Below Sea Level

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Wed, 27 May 2009 09:18:09 -0500

El Centro CA has Most Underwater Mortgages in the US Below Sea Level~ Frederic Din

News leader CNBC lists El Centro CA as Number 11 in its story "U.S. Cities With The Most Underwater Mortgages" out of 163 of the largest US cities according to Zillow.com Home Values Index, however Imperial Valley REALTOR(R) Frederic Din says "...we're number one when it comes to mortgages underwater below sea level."

According to the report, the Top Spot in the US, a place where they can claim to be Number 1 is Las Vegas-Paradise, NV with just over 2/3rds of all mortgages underwater! California is ranked as Number 3 in terms of having the highest foreclosure rate of one of every 138 households statewide, while Nevada ranks as Number 1 with one of every 68 households in foreclosure.

For individual homeowners, being “underwater” on a mortgage – when a home is worth less than outstanding debt, or has “negative equity” – is one of the worst positions to be in, short of foreclosure.

Perhaps producer Paul Toscano didn't realize just how underwater El Centro CA is. Not only in terms of the number of mortgages with negative equity but El Centro is the largest city in the United States entirely below sea level, coming in at approximately 50 feet below sea level.

You can read the entire CNBC article by clicking here.

Six months or so ago, Forbes.com ranked El Centro CA as Number 5 on the list "Where U.S. Homeowners Are Losing Value Fastest"

According the article, Zillow states the following information regarding the El Centro, CA MSA (MSA is short for metropolitan statistical area) of which El Centro received its designation earlier in the decade as an MSA by combining cities within the county to provide an aggregate representation of the entire county.

Zillow.com's findings are:
11. El Centro, CA

Homes with negative equity: 41.2%

Of Homes Sold in Last 12 Months:
Foreclosure transactions: 47.7%
Shore sale transactions: 4.7%

Zillow Home Value Index: $153,214
Year-over-year change: -21.9%

Last time market was at current levels: Q1 2004
Change from market peak: -42.9%

You can see more real estate related information as well as videos regarding the Imperial Valley real estate market including monthly MLS sales, pending sales indexes, median sales prices, and average days on market and more by clicking on the Monthly Real Estate Sales Report updated monthly by the 20th of the month and covers information from the previous month.

Your comments and questions are important to me.

If your mortgage is underwater and you WANT OUT, I will help you "walk away" and get a FRESH Start while protecting your credit history and avoiding foreclosure.

Loan Mod Fail Think Short Sale

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Tue, 12 May 2009 11:05:03 -0500

Loan Mod Fail Think Short Sale

It's not just a catch phrase, it's serious thinking.

If you're attempting a loan modification to keep your home, your bank and lender LOVE you since they're trying to find a way to keep you in debt (they will not be lowering your loan balance). Sure, they may lower your monthly payments for 6-months or even 5-years but rarely do we see a long term modification that both impacts principal balance and the term(they happen, just not often at all).

Your debt is still much higher than what your home may be worth now however if your monthly payments are affordable you're able to keep your home, upside down and all.

Long term, it may not be so bad, however what happens in three or five years when your temporary loan mod reverts back to its regular terms? Then what?

Perhaps your bank or lender said "NO, we cannot offer you a Loan Modification", in that case you need consider Loan Mod Fail Think Short Sale. I posted some Questions & Answers regarding Short Sales for Sellers

Also, to help lighten the air, I found a great song that exemplifies the mantra, which can be viewed by clicking ---> Loan Mod Fail Think Short Sale

Do you have additional questions regarding a Loan Mod (loan modification) or Short Sale? Allow me to help and review your situation to determine the best course of action for your situation.

PS If you like the song, please vote for it and pass it along to others you know, thanks!

"Loan Mod Fail Think Short Sale is (c) 2009 by Frederic Din, all rights reserved"

Imperial Valley a Story of Hardship and Hope

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Mon, 27 Apr 2009 10:44:45 -0500

The following is the print posting of a story in the Los Angeles Times regarding the Imperial Valley economy entitled "Deepening woes for the Imperial Valley" by bureau chief Tony Perry. Please comment below, I am interested in what you have to say. I call this version of the story, Imperial Valley: Hardship and Hope

From the Los Angeles Times COLUMN ONE

Deepening woes for the Imperial Valley The remote region in California's arid southeastern corner has a long history of hardship and hope.

Now, an economy in free fall has residents wondering how much worse it can get.

By Tony Perry

April 27, 2009

Reporting from El Centro, Calif. — The Imperial Valley is accustomed to the spectral look of failure: Houses around the Salton Sea have been abandoned for decades; the Planters Hotel in Brawley stood empty for years before it was destroyed by fire; Main Street in El Centro, the Imperial County seat, remains stubbornly vacancy-pocked.

But even by historical standards, the latest bust in the region's cycle of hardship and hope has been profound.

Never-completed subdivisions resemble movie lots waiting f8or a picture set in a typical Southern California suburb. Men who had found high-paying jobs building homes are back in the fields -- if they can find work at all. View the Audio Slideshow by clicking here.

Not even the dead are immune to the valley's woes. A huge sign warns that Memory Gardens Cemetery and Memorial Park, the final resting place for Imperial Valley residents for nearly a century, is in foreclosure.

"The valley has never seen things this bad, never," said Roy Buckner, Imperial County assessor and a lifelong resident of Brawley. "This is the worst."

Desperation has always had a place in the Imperial Valley's story.

Hard upon Mexico and the Colorado River in California's arid southeastern corner, the valley has never been an easy to place to live, not with its isolation, austere landscape and blistering heat.

Legend holds that a Franciscan friar traveling with early Spanish explorers declared it a "deadly place" and urged the group to move on. Naturalist John James Audubon took a look in 1846 and pronounced it "most melancholy."

Since the early 1900s, when buccaneer capitalists organized the Imperial Land Co. and began large-scale irrigation, its fortunes have depended on the unpredictable farm economy. In recent decades its unemployment rate has remained high -- sometimes the nation's highest -- even when the rest of the state is prosperous.

Name the state statistic, and Imperial County (population: 172,000) is usually near the top or the bottom, whichever is worse: per capita income, welfare recipients, families below the poverty line, elderly living in poverty and so on.

From 1983 to 1999, while unemployment statewide averaged 7%, unemployment in Imperial County was 27%. Last year, the county's year-end average was the highest in the state.

In March, the unemployment rate was 25.1%, the highest in the United States for any area with at least 50,000 people.

Farmworkers have always led the jobless ranks, but others have joined them: truck drivers, construction workers, retail salespeople and service industry employees. Teachers and school employees could be next. Even a repo man, after capitalizing on the economic downturn for months, is facing an uncertain future.

In a crowded classroom in an El Centro strip mall, some of the valley's jobless come to learn new skills and rescue what is left of their dreams.

Tony Arispe and two dozen other unemployed workers are studying to become pharmacy technicians. The 37-year-old Arispe lost jobs as a truck driver and bar manager and lost his home to foreclosure.

"I'm putting my family through misery right now because I'm not working," said Arispe, who is married with a 5-year-old son. His home, once valued at $285,000, he said, is for sale by the bank for $100,000 -- with no takers.

Carla Balbastro, 34, lost her job at a lumber company in August. Then she had to move out of her apartment. "I felt like a failure," she said. "I didn't even know how to tell my parents."Now she lives with them in Calexico.

Jose Gastelum was laid off by a cellular-telephone outfit. "I was planning to get a house," the 23-year-old said.

Instead of shopping for a home, he's worried about not making the next payment on his car. "I get kind of depressed," he said. "I don't have the life I used to have."

The class is run by the Imperial Valley Regional Occupational Program. Roberto Avila, who has worked for the training program for 15 years, finding jobs for veterans, has started for the first time to counsel job seekers to look outside the county.

The program's superintendent, Mary Camacho, said of the unemployed who seek help: "They come here so very desperate it makes you cry. I want to stop their bleeding, but often I can't."

Imperial County's main cities -- Brawley, El Centro and Calexico -- are residential and commercial islands amid vast cultivated fields, with major streets chockablock with fast-food restaurants and small businesses. Larger shopping centers -- including a new Wal-Mart Supercenter in Brawley -- have begun to put pressure on smaller, older retailers.

Besides its 500,000 acres of cropland, the county is known for the smelly and environmentally endangered Salton Sea, the New River (once designated the most polluted in America), buggy-friendly sand dunes, the Brawley Cattle Call Rodeo and the Navy's Blue Angels, whose winter base is in El Centro.

The Pioneer Museum, across from Imperial Valley College just north of El Centro, is devoted to exhibits about the grit of the immigrants who arrived as farmers in the early 20th century: Koreans, Swiss, Greeks, Chinese, Italians, Portuguese, Mexicans, Filipinos, French, Lebanese, Japanese, East Indians and African Americans.

The museum also has an exhibit about the county's unofficial (and fictional) heroine: Barbara Worth, the plucky orphan who survives numerous challenges in a bestselling 1911 novel set in the valley.

"We're a lot tougher than people think," said Lynn Housouer, the museum's director of operations. "You have to be tough to survive in the Imperial Valley."

For Carlton Hargrave, operator of the Hometown Buffet in Calexico, the worst part is the uncertainty. With its buffet style and friendly atmosphere, his 400-seat restaurant has long been a popular spot favored by government employees, farmworkers and politicians.

With business down a third, Hargrave laid off 23 employees, many of whom had been with him for years. A recent lunchtime was the slowest day in his 16 years at the restaurant.

"Nobody knows when we're going to bottom out," Hargrave said. "I've laid off 40% of my employees, and I don't know if that's going to be enough."

Marco Recio, the repo man, is also feeling the pinch after months of reaping a windfall as banks and other lenders hired him to reclaim cars, trucks and farm and construction equipment. In a windowless room, his four employees search for debtors in phone books and on the Internet.

But people appear to be leaving the valley or getting better at eluding Recio. That's hurt his business as lenders have become more aggressive.

"They're hiring private detectives," he said. "It's the economy."

Mervyns stores in Calexico and El Centro closed when the chain went bankrupt. The Millie's Restaurant in El Centro and Western Auto in Calexico have closed, along with locally owned businesses that had endured for decades, such as Wright's Cleaners in El Centro, Pine Market in Holtville and Garcia Food in Calexico. Del Norte Chevrolet in Brawley, one of the oldest dealerships in the valley, went out of business. U.S. Gypsum laid off employees at its Plaster City plant.

Every Tuesday, the Imperial Valley Press has a front-page feature called "Tough Times." It's had stories about mortgage scams, the decline in sales-tax revenue and the scramble by local officials to lure businesses to the valley.

The most visible effect of the recession has been in the real estate market. Imperial County had the highest percentage of subprime 100% loans of any county in the state. More than 600 homes are in some stage of foreclosure. Prices are plummeting. "Short sales," in which banks agree to write down loans, are common.

Real estate agent Frederic Din, who on his blog has chronicled Imperial County's housing boom and bust, remembers the go-go years when couples with incomes below $30,000 easily got loans for $250,000 homes.

Part of the market was supported by a growing number of government workers in Imperial County, particularly in the federal and state governments.

But then many government employees, Din said, became obsessed with "keeping up with the Garcias" and bought homes bigger than their co-workers' -- often tempted by 100% financing.

"They were living beyond their overtime," he said.

Imperial Avenue, connecting Imperial and Brawley, was lined with billboards for subdivisions offering creative financing. Now a billboard warns, "Foreclosure Affects The Whole Family," while another advises, "Unlock the Truth: Question Your Mortgage Lender."

The county is bracing for a 5% drop in assessed valuation, which means a reduction in property tax revenue to pay for schools and local governments, on top of cuts in state and federal allotments.

There are, however, glimmers of better times ahead. Home sales are picking up. Camacho's program is trying to ensure that residents are in line for jobs with energy companies aiming to tap the desert's sun, wind and geothermal power and with construction firms that will build a major transmission line to link new energy sources to San Diego.

Boosters also hope that new Indian casinos will provide recession-proof employment, as the construction of two prisons did in the 1990s.

The Manzanita band of Kumeyaay Indians is seeking approval for an off-reservation casino in Calexico. In February, the Quechan tribe opened a casino and resort in Winterhaven on the valley's eastern edge, two miles from Yuma, Ariz., bringing 1,000 slot machines and 600 jobs. The grand opening was highlighted by the Flying Elvi from Las Vegas, a parachute team whose members dress like Elvis Presley.

But help seems far off to the unemployed.

Corina Garcia, 34, who learned on Christmas Eve that she would lose her job as a department supervisor when Mervyns closed, is back living with her parents and has interviewed with most of the valley's big-box retailers.

"I'm just not getting any response," she said.

Balbastro has spoken with employers but found many are offering only part-time work with no benefits. "I just hope I don't get sick enough to require a doctor because I have no insurance," she said.

Arispe misses being able to reward his son with a nice toy. "Used to be $30, no problem," he said. "Now it's a 99-cent Hot Wheels. If I pay more, my wife chews me out because it's not in the budget."

Still, Hildy Carrillo-Rivera, former crusading editor of the defunct Calexico Chronicle and now executive director of the city's Chamber of Commerce, believes Arispe and the others will eventually find work.

She has seen the valley rebound before: from the whitefly infestation in the 1990s, from the inflationary 1980s, from multiple devaluations of the Mexican peso.

"Imperial Valley has always been at the bottom of the bottom," she said. "We're used to fighting our way out of troubles. Now the whole nation is joining us. We'll dig our way out together."

tony.perry@latimes.com
--------------------------------------------------------------------------------
If you want other stories on this topic, search the Archives at latimes.com/archives. Article licensing and reprint options

Portions Copyright 2009 Los Angeles Times

OCTO-REALTOR Helps Imperial Valley Real Estate

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Wed, 01 Apr 2009 01:54:37 -0500

Your OCTO-REALTOR is here to assist you in the Imperial Valley with his arms ready to help you accomplish your home buying, home selling, or loan modification goals.

Here is what OCTO-REALTOR can do to help you:

1) Represent home Sellers who owe more than their home is worth, OCTO-REALTOR will help you negotiate a SHORT SALE. The Short Sale will help protect and preserve your credit history and credit report!

2) Represent home Owners who want to keep their home, OCTO-REALTOR will help you with a LOAN MODIFICATION. Do you live in the home you need lower monthly payments? Do you have an Adjustable Rate Mortgage (ARM)? Do you have two mortgages? Do you have a Balloon loan that is coming due? A LOAN MODIFICATION will help you lower your monthly payment and stabilize your interest rate.

3) Represents home Buyers who are looking for a good deal on foreclosures, bank owned, REO, and short sale real estate, OCTO-REALTOR will help you find your dream HOME. Did you get passed by when the housing boom sent prices through the roof? Were you left wondering how your neighbor was able to afford the big house and the fancy cars? I can help you find the right home at the right price and buy it with a long terms fixed rate mortgage to keep your monthly payments low. Prices are LOW and Mortgage rates are LOW...Obama says "buy a car", your OCTO-REALTOR says "buy a HOME"!

4) Represent home Sellers who have equity in their home, OCTO-REALTOR can help you put a plan together to get the most for your home sale dollar in today's market by making subtle changes to your home. You don't need to compete with the foreclosures, bank owned, REO, or short sale properties to sell in today's market, simply make your home attractive to buyers who want "move-in-ready" for a Market Sale.

5) Represents First Time Home Buyers, OCTO-REALTOR will help guide you through each step of the home buying process. Your OCTO-REALTOR has an extensive mortgage financing background and can help you review home financing options to fit your finances and budget.

6) Represents Investor Buyers, OCTO-REALTOR will help you find properties that make good rental prospects and provide assistance with cash-flow analysis. Need property management? No problem, your OCTO-REALTOR works with the best property managers in Imperial Valley.

7) Assists future home buyers improve their credit history, OCTO-REALTOR has relationships and works with credit and collection attorney's to help my clients improve their credit histories on their terms. Plans for credit history improvement vary based upon the items found on the credit report, however average FICO score increases are as much as 70 points or more in 60 days.

8) Your OCTO-REALTOR is Tech Friendly and Savvy! OCTO-REALTOR uses cutting edge technology to help home buyers see homes through real time video, not just a slide show set to music or still pictures. OCTO-REALTOR is in tune with the Housing Market as your OCTO-REALTOR analyzes and shows dozens of homes a week. Your OCTO-REALTOR is in tune with the internet market by writing timely articles, blog posts, and provides informative real estate content to local news sites, news papers, and internet blogs covering everything about Imperial Valley real estate.

No other real estate agent even comes close...

If you are looking to BUY a home or SELL a home in Imperial Valley, don't hesitate to CONTACT your OCTO-REALTOR today.

If you are concerned about your mortgage payments rising, talk to me about a LOAN MODIFICATION.

Also, if you know OTHERS who would like to BUY, SELL, or MODIFY please keep the OCTO-REALTOR information handy and pass this article along.

You can reach the OCTO-REALTOR at info@ivforeclosures.com or simply go to www.IVForeclosures.com for a current list of homes for sale. These homes may be foreclosures, bank owned, REO, short sale, or a regular market sale, and many homes provide a tremendous real estate opportunity.

Comments? Please let OCTO-REALTOR know how he can help you!

Thank you,
OCTO-REALTOR

171 Buckskin Ranch Rd Imperial CA 92251 Short Sale Bargain

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Tue, 10 Mar 2009 20:05:47 -0500

Short Sale bargain 171 Buckskin Ranch Rd Imperial CA 92251

A great home in Sunset Ranch North, limited inventory available at this home size makes this home more desirable than ever and such a great price too, only $149,900!

Take a tour of the home right here from the comfort of your home or office. Make an offer quickly as there has been a great amount of interest in this home and it will sell quickly. If you'd like to see the home and make an offer, please contact me at your earliest convenience and we will take care of all the details for you. Enjoy the video home tour of 171 Buckskin Ranch Rd Imperial CA 92251.

Video 1 - home tour front view of 171 Buckskin Ranch Rd Imperial CA 92251

Video 2 - home tour inside view of 171 Buckskin Ranch Rd Imperial CA 92251

Any comments, please post them below, I would like to hear what you think about this great single family home.

Housing Sales Prices Decline, Buyers Finding Best Deals

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Mon, 02 Feb 2009 00:06:41 -0600

As seen on ImperialValleyLiving.com

Even as housing prices in Imperial County continue to spiral downward, there are some positive signs for people who were cautious during the housing boom.

The most recent figures indicate that in Imperial County, the median price of an existing home declined to $175,000 in December 2008, down 28.6 percent from December 2007, when the median price of an existing home was $245,000.

With many home values in Imperial County declining, the housing market is actually providing an opportunity for many local residents to become homeowners. The declining prices may even mean that homes that previously were out of reach for some buyers are now affordable.

Read the entire Housing Article by clicking here

Frederic talks with Gordon about his Labrador Retrievers in Brawley

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Fri, 30 Jan 2009 10:52:31 -0600

Frederic talks with Gordon from Alberta Canada
As a local real estate professional in the Imperial Valley I meet new people everyday, however I have begun to take to meeting them to a more personalized level as I talk with them about their hobbies, work, and children so I could have you meet them too.

I met Gordon Benn from Edmonton, Alberta, Canada recently and he shared his hobby of field training Labrador Retrievers. He had three in the back of his Ford truck and had the campershell windows opened to give them some fresh air as he waited. He has been a winter visitor to the area for about five years now. I know that all of us in the Imperial Valley appreciate those who visit our communities and spend time here.

Speaking of spending time here, if you or someone you know is looking to relocate to the Imperial Valley area, contact me and I will be happy to show you the homes we have available in our beautiful area. You could also buy a home as a home-away from home to spend during the fall, winter, or spring months as our climate is one of the best in the country.

Here's a clip of the video I took as he talked about his hobby. Before I came onto the scene he was waiting for his wife to finish up some shopping at the Super Wal-Mart in Brawely, CA.

If you know Gordon, drop him a line and let him know you saw his video clip online or feel free to comment below.

Thanks Gordon, I hope you read more about your adventures soon when you put your blog together.

Imperial Valley Real Estate Short Sale Avoid Foreclosure

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Tue, 27 Jan 2009 21:25:42 -0600

Imperial Valley Real Estate - Imperial Valley Short Sale - Avoid Foreclosure

The purpose of this article is for you to share with others you know who are asking the same questions.

Please pass it around and make sure everyone you know who has a home or a mortgage knows about it.

If you want to sell your home and you're located in the Imperial Valley, please let me know ~ the possibility of a "short sale" is a very important way to avoid damage to your credit history over the long term. I can help you by putting together a package your lender will need in order to accept your home as a short sale. If you're located outside of the area and want to sell your home, I can help you by making an agent recommendation.

I know you've talked about different aspects affecting your home, the mortgage, your credit and your existing situation and you want answers. You're asking everyone around for advice, therefore I wanted to provide a summary and outline of items for your information so you can share them with others who may need it as well.

Alternatives to a Foreclosure:

1. Forebearance: Your lender will allow you to delay making payments for a period of time, but will add these payments back to your loan. They may be added to the end of your loan, or with a separate payment plan.

2. Re-amortization: Your lender may add missed payments to your balance, and recalculate a monthly payment taking into account the missed amounts. For example, if you owe $200,000 on your mortgage, and you have missed $4000 in payments, they may recalculate a new monthly payment based on $204,000 mortgage. This will increase your payments somewhat. This is also known as a Loan Modification of the loan terms.

3. Refinance: Your lender may agree to change the terms of your loan in order to reduce your monthly payment. This is also known as a Loan Modification of the loan terms or it could be a totally new mortgage.

4. Deed-in-Lieu of Foreclosure: You give your lender will take title to the house and may agree to waive a deficiency judgment against you. This is still recorded as a foreclosure on your credit.

5. Foreclosure: Proceeding in which the mortgage holder sells or repossesses your property. The lender may then seek a deficiency judgment against you for the unpaid balance.

In summary, it seems like a Short Sale is the best choice when it comes to ability to secure future financing or buying another home in the near future.

Specific information regarding Short Sale Myths & Tall Tales, link here: http://is.gd/htJT

Specific information regarding Short Sale Q & A for Home Sellers, link here: http://is.gd/cyMq

Specific information regarding Loan Modification Tips, link here: http://is.gd/htK8

I have a network of investors who have cash to buy your home: http://is.gd/htKS

"How Will a Short Sale Affect My Credit?"
Your credit affects your ability to procure financing and obtain favorable rates. A Short Sale will often be reported to the credit reporting bureaus by the lender. Fannie Mae, the nation's largest backer of mortgages, affecting millions of loans, has announced recent favorable changes regarding its view of Short Sales and how they affect the credit-worthiness of borrowers. The Fannie Mae policy indicates that Short Sales are preferable to Deed-in-Lieu of Foreclosures and straight foreclosures. Following are excerpts from the new policy guide, published June 25, 2008:

Establishing a new policy for preforeclosure (Short) sales . A preforeclosure sale involves the sale of the property by the borrower to a third party for less than the amount owed to satisfy the delinquent mortgage, as agreed to by the lender, investor, and mortgage insurer. Due to the increased incidence of preforeclosure sales, Fannie Mae is establishing a 2-year elapsed time period for reestablishing credit following completion of the action.

Time Period After Preforeclosure Sale: 2-year time period from completion date. Additional Requirements: None

Deed-in-Lieu of Foreclosure: 4-year time period from completion date (date deed-in-lieu executed) Additional requirements that apply after 4 years up to 7 years following completion date: Borrower may purchase a property secured by a principal residence, second home, or investment property with the greater of 10 percent minimum down payment or the minimum down payment required for the transaction. Limited-cash-out and cash-out refinance transactions secured by a principal residence, second home, or investment property are permitted pursuant to the eligibility requirements in effect at that time. ** Note- 2 year time frame only applies with "extenuating circumstances"

How does Foreclosure affect credit? Kenneth R. Harney, of the Washington Post, recently wrote "Walking Out of a Mortgage And Into Years of Hurt", about ramifications of foreclosure. Some the highlights:

Fannie Mae, the major federally chartered mortgage backer, will not allow borrowers with a foreclosure to get another Fannie Mae-backed mortgage for 3-5 years, and only with a minimum credit score of 680.
Freddie Mac, federally chartered to support the secondary mortgage market, sees foreclosure as a major negative on credit for seven years.
FICO scores count foreclosures as nearly as bad as bankrupty.
Freddie Mac and Fannie Mae loan applications include questioning the borrower on whether they have ever had a foreclosure or deed-in-lieu of foreclosure. If so, the loan is more critically analyzed, and may not be so easy to obtain.

Did you know that until recently, mortgage debt on a primary residence that was forgiven from a Short Sale or foreclosure could be counted as taxable income by the IRS?

On December 20, 2007, the Mortgage Forgiveness Debt Relief Act was signed into law. Effective from January 1, 2007 through December 31, 2009, any foregiven or "cancelled" primary mortgage debt from a principle residence, or debt used to improve the residence, will not be taxable. The limits are up to $2,000,000 for married couples filing jointly, or $1,000,000 if filing separately. You can find more information on the IRS online filing form titled Reduction of Tax Attributes Due to Discharge of Indebtedness.

Be aware, however, that second mortgages or home equity lines are not exempted.

Second homes and investment properties are still subject to taxation for forgiven debt. There is an exception when the borrower is insolvent, meaning, has liabilities are greater than assets. For a detailed explanation and a worksheet to figure if you have any liability, please visit the IRS page about "Questions and Answers on Home Foreclosure and Debt Cancellation". And of course, consult with your tax account on your particular situation.

In summary, new laws and regulations are helping people to avoid these burdens.

I hope this information helps you understand and know the choices you have regarding your situation in response to selecting a loan modification, new FHA rescue bill refinance, or short sale as your remedy.

Thank you for looking to me as your trusted advisor,

Frederic Din, REALTOR(R)
IVForeclosures.com
info@ivforeclosures
760-344-5363
619-241-4415

http://ivforeclosures.com
http://imperialvalleyreo.com
http://blog.imperialvalleyreo.com
http://youtube.com/ivforeclosures
http://twitter.com/ivforeclosures
http://activerain.com/blogs/ivforeclosures

* Information is subject to change without notice, is deemed reliable but cannot be guaranteed.

++ The information in this email is not meant to be legal, tax, or financial advice, you are to use the services of a attorney, CPA, or financial planner for specific advice. ++

Imperial County Loan Modification Success Tip

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Thu, 15 Jan 2009 21:23:55 -0600

Frederic's Loan Modification Success Tip

Getting your loan modification proposal accepted.

Click HERE to start SAVING money Now on your current mortgage. No Appraisal or Credit Report Required!

Let's be very clear about things, make sure you represent the facts surrounding your debts and obligations correctly. You want to be honest with your lender at all times.

In this loan modification success tip we'll talk about which monthly payments count as part of your loan modification debt-to-income ratio. This is a figure your lender will use to calculate your ability to "qualify" for the loan modification and repay the existing mortgage.

Credit card minimum payments. This is the minimum payment amount for your credit cards on a monthly basis. If you owe $1,000 and your minimum payment is $30.00, this is the amount you will list. You do not want put down that you pay $100 per month.

Automobile loan payments. You list your car payments as long as they are personal vehicles and not used for business purposes. Meaning if you have a company car that is paid for by your business, do not list the debt on your personal financial statement.

Installment loan payments. These are the monthly payments for installment loans other than credit card and auto loan payments, such as personal bank loans etc.

Expected NEW mortgage payment. This is the amount you want as your new mortgage payment by completing the loan modification. A loan modification will change the terms of your loan to lower your interest rate, lower your monthly payment, and perhaps lower your overall debt owed.

Your annual property taxes expressed as a monthly cost. For example, if your property taxes are $1,200 per year, the cost would be $100 per month.

Your property insurance calculated as a mothly cost. For example, if your property taxes are $600 per year, the cost would be $50 per month.

The following list of Expenses do not count as part of your debt-to-income ratio for the purpose of getting your loan modification accepted. Please understand, I know these are very real expenses and they affect your monthly budget, however they do not count towards your debt-to-income ratio for loan modification purposes.

These items include the but are not limited to the following, food, cable/utilities, daycare expenses, vehicle used for business, personal family loans (ie loans from mom or dad), tuition expenses, etc.

These items do not count towards the lenders requirement of debt-to-income ratio for loan modifications. We try to keep your overall debt-to-income ratio at 50% or less. Some lenders may require lower ratios at no more than 38%, however it all depends on your specific situation.

Follow Frederic's tips for loan modification success you will obtain your loan modification approval quickly and easily.

Do You Need help with a loan modification?

I will help you legally modify your home loan and mortgages to help you lower your monthly payment, lower your interest rate, and lower the amount you owe on your loan overall. Simply down load the following form to begin the process including a no obligation review. Remember, the loan modification process is a legal process and should be handled by professional legal representation. Do not accept imitations and do not seek help without the counsel of an attorney. The services that I provide are reviewed by attorneys who know real estate and mortgage banking laws, do not accept or settle for less.

Click HERE to start SAVING money Now on your current mortgage payment. No Appraisal or Credit report required!

Ask about my service guarantee*
~if we do not obtain a loan modificaiton that saves you money, we will refund your fees * restrictions apply.

REO Bank Owned Foreclosure Home Video Tour

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Mon, 15 Dec 2008 05:53:47 -0600

Price Reduced! Make your offer today...28 W Sparrow St, Heber, CA 92249
Tags, Bank owned REO Heber CA real estate for sale
Foreclosure home Video tour, any comments please post below, enjoy the tour.
Video tour Part 1

Video tour Part 2

Video tour Part 3

Video tour Part 4

Home buyer testimonial by John & Dana Sharpe

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Wed, 10 Dec 2008 05:26:06 -0600

John & Dana Sharpe purchased an El Centro CA 92243 home in late September 2008. They've settled in and recorded the following testimonial recently.

If you know John & Dana, they would love to hear that you heard about their home buying experience, so please make sure and post your comments below, I'll make sure and pass them on for you.

Please click here to view the video
if the video doesn't load automatically.

Note: the testimonial is unscripted and raw, please listen with caution!

Imperial County Foreclosure Sale List as of 11/14/2008

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Fri, 14 Nov 2008 07:50:02 -0600

If the auction date has passed, these homes are more than likely going to end up as REO or Bank Owned properties. Ask me for details or click on the link to find REO and Bank Owned homes available for sale now!

Imperial County Foreclosure Sale List 11/14/2008

** Writers note: October Notice of Trustee Sale notices mirrored thos of September with a 102 logged versus 107 for September, however October auction numbers represent a 100% increase in foreclosure postings from the same time in 2007. These show a smiliar level of activity in NOTs.

Although a smaller amount of Notice of Default and Notice of Trustee Sale notices were filed during October may be classified as the beginning of the end of tumultulous foreclosure activity, the author feels this lower level represents a combination of lenders more willing to participate in loan modifications, or the implementation of an additional 30 day wait period of mortgage lenders to find solutions before issuing such notices of foreclosure.

You can count on me to track the foreclosure activity locally in Imperial County to determine trends to assist home buyers and investors with opportunities to purchase properties well below market value. **

*** If you want to KEEP YOUR HOME - Get the Loan Modification Facts - contact me for your complimentary evaluation. Complete the following two forms, fax to 760-259-2037 for expert assistance.

EVALUATION FORM 1 - Click Here <---->
EVALUATION FORM 2 - Click Here <---->
* Must have AdobeAcrobt Reader to view forms
** Both forms are required for complimentary evaluation, all information is private & confidential **

These homes are the future Bank Owned and REO properties during the next 60-90 days.

FREE Real Estate & Mortgage Information for Imperial County, CA

List of Bank Owned (REO) homes for sale $100k to $150k! Three ways to get your list:

(1) 24 Hr Recorded Info, Call 1-866-227-1254 Ext. 8881

(2) Email your Name, Address, Best Phone number to list@ivforeclosures.com

(3) Text BANKREO to 41411 (must be abe to receive wireless text messages)

Looking for Foreclosure HELP - Click Here!

Note: Trustee Sale Auctions are held at the Imperial County Courthouse, 939 Main Street, El Centro, CA at 2:00pm or 3:00pm. Check with the court clerk for exact date & time. Loan Amount is listed for reference only and sourced from the Notice of Trustee Sale. All details are subject to change without notice. BOOKMARK this site! Tell others about these listings, email it to your friends! *List is updated approximately every 10-14 business days.

** Last updated November 14, 2008 **

Street Address	City, State, Zip	Sale Date
1293 Vine St	El Centro, CA 92243	Nov 10, 2008
1072 Vine St	El Centro, CA 92243	Nov 7, 2008
854 W Hamilton Ave	El Centro, CA 92243	Nov 7, 2008
1857 Santa Rosa Rd	El Centro, CA 92243	Nov 10, 2008
1026 S 7th St	El Centro, CA 92243	Nov 10, 2008
1121 Walnut St	Brawley, CA 92227	Nov 10, 2008
2321 Montecito Ct	Imperial, CA 92251	Nov 10, 2008
225 Cozumel Dr	Imperial, CA 92251	Nov 12, 2008
1984 Bell Ct	Salton City, CA 92275	Nov 12, 2008
412 Silverado Tr	Imperial, CA 92251	Nov 12, 2008
302 N J St	Imperial, CA 92251	Nov 13, 2008
1344 Persimmon Ave	Salton City, CA 92275	Nov 12, 2008
758 Milano Ct	Brawley, CA 92227	Nov 12, 2008
1805 Southwind Dr	El Centro, CA 92243	Nov 12, 2008
1174 N Maple Ave	Heber, CA 92249	Nov 12, 2008
1534 Wake Ave	El Centro, CA 92243	Nov 12, 2008
2962 Ross Ave	El Centro, CA 92243	Nov 13, 2008
2493 Shore Isle	Salton City, CA 92275	Nov 13, 2008
1220 A Cota St	Calexico, CA 92231	Nov 14, 2008
690 N 5th St	Brawley, CA 92227	Nov 17, 2008
1757 Smoketree Dr	El Centro, CA 92243	Nov 17, 2008
2684 Jadetree St	Imperial, CA 92251	Nov 17, 2008
803 Meadowview Ave	El Centro, CA 92243	Nov 17, 2008
1224 N Stampede	Heber, CA 92249	Nov 18, 2008
2437 Stapleton Ct	Imperial, CA 92251	Nov 18, 2008
2974 Lisbon Ave	Salton City, CA 92275	Nov 18, 2008
135 W C St	Brawley, CA 92227	Nov 18, 2008
956 Skyview Ave	El Centro, CA 92243	Nov 18, 2008
1298 Gillette Rd	El Centro, CA 92243	Nov 26, 2008
416 S 14th St	Brawley, CA 92227	Nov 21, 2008
298 Jackrabbit Dr	El Centro, CA 92243	Nov 19, 2008
1335 Bourbon St	Salton City, CA 92275	Dec 3, 2008
1723 Barbara Worth Rd	El Centro, CA 92243	Nov 20, 2008
2107 Sunrise Dr	Salton City, CA 92275	Nov 21, 2008
58 E Niki St	Heber, CA 92249	Nov 20, 2008
681 Dulles Ct	Imperial, CA 92251	Nov 20, 2008
1345 Hanson Ave	Salton City, CA 92275	Nov 20, 2008
2309 Montecito Ct	Imperial, CA 92251	Nov 21, 2008
609 Wisteria Ct	Imperial, CA 92251	Nov 20, 2008
2490 Hamilton Ave	El Centro, CA 92243	Nov 20, 2008

Text 4CLOSURE to 41411 to receive other listings!

Note: The notices listed above are sourced from public records which may not be accurate. * Text message rates may apply, check with your wireless phone provider to determine text message plan.

If the auction date has past, these homes will more than likely end up as an REO or Bank Owned properties, ask me for details or click the link here to find REO and Bank Owned homes available for sale now.

Reference and additional tags:
Imperial County foreclosure, El Centro foreclosure, Brawley foreclosure, Calexico foreclosure, Imperial foreclosure, Calipatria foreclosure, Westmorland foreclosure, Salton City foreclosure, Heber foreclosure, Holtville foreclosure

Imperial County homes for sale, El Centro homes for sale, Brawley homes for sale,Calexico homes for sale,Imperial homes for sale,Calipatria homes for sale,Westmorland homes for sale,Salton City homes for sale,Heber homes for sale,Holtville homes for sale

Imperial County real estate,El Centro real estate, Brawley real estate, Calexico real estate, Imperial real estate, Calipatria real estate, Westmorland real estate, Salton City real estate, Heber real estate, Holtville real estate

Imperial County Foreclosure Sale List 10/20/2008

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Mon, 20 Oct 2008 14:49:18 -0500

Imperial County Foreclosure Sale List 10/20/2008

** Writers note: September Notice of Trustee Sale notices declined approx 20% from August, however September numbers represent 100% increase in foreclosure postings from 2007. The October 4th and the October 20th postings show a smiliar level of activity in NOTs.

Although a smaller amount of Notice of Default and Notice of Trustee Sale notices were filed during September may be classified as the beginning of the end of tumultulous foreclosure activity, the author feels this slight downturn represents a combination of lenders more willing to participate in loan modifications, or the implementation of an additional 30 day wait period of mortgage lenders to find solutions before issuing such notices of foreclosure.

*** If you want to KEEP YOUR HOME - Get the Loan Modification Facts - contact me for your complimentary evaluation. Complete the following two forms, fax to 760-259-2037 for expert assistance.

These homes are the future Bank Owned and REO properties during the next 60-90 days.

FREE Real Estate & Mortgage Information for Imperial County, CA

List of Bank Owned (REO) homes for sale $100k to $150k! Three ways to get your list:

(1) 24 Hr Recorded Info, Call 1-866-227-1254 Ext. 8889

(2) Email your Name, Address, Best Phone number to list@ivforeclosures.com

(3) Text BANKREO to 41411 (must be abe to receive wireless text messages)

Street Address	City, State, Zip	Sale Date
1017 E Second St	Imperial, CA 92251	Oct 21, 2008
1001 Flammang Ave	Brawley, CA 92227	Oct 21, 2008
1295 Indian Ocean Ave	Salton City, CA 92275	Oct 22, 2008
1166 Bloomfield St	Heber, CA 92249	Oct 22, 2008
504 Desert Gardens Dr	El Centro, CA 92243	Oct 22, 2008
184 W B St	Brawley, CA 92227	Oct 22, 2008
704 Desert Gardens Dr	El Centro, CA 92243	Oct 22, 2008
1245 Burr Ave	Salton City, CA 92275	Oct 23, 2008
1150 N Goldfield	Heber, CA 92249	Oct 22, 2008
901 S 22nd St	El Centro, CA 92243	Oct 23, 2008
1113 Pecan St	Brawley, CA 92227	Oct 23, 2008
2863 Midas Ave	Salton City, CA 92275	Oct 23, 2008
1419 Belvedere Ave	Salton City, CA 92275	Oct 24, 2008
1860 Rodeo Dr	Imperial, CA 92251	Oct 24, 2008
262 Countryside Dr	El Centro, CA 92243	Oct 27, 2008
1257 Palm Ave	Heber, CA 92249	Oct 27, 2008
1261 China Sea Ave	Salton City, CA 92275	Oct 27, 2008
1724 Smoketree Dr	El Centro, CA 92243	Oct 28, 2008
2386 Tori Ct	Imperial, CA 92251	Oct 29, 2008
1761 Adams Ave	El Centro, CA 92243	Oct 29, 2008
1181 N Maple	Heber, CA 92249	Oct 28, 2008
1226 N Stampede	Heber, CA 92249	Oct 28, 2008
1221 Seventh St	Calexico, CA 92231	Oct 28, 2008
1730 Rio Vista Ave	Seeley, CA 92273	Oct 29, 2008
1123 Skyview Ave	El Centro, CA 92243	Oct 29, 2008
856 Orange Ave	El Centro, CA 92243	Oct 29, 2008
2777 Beachcomber Ave	Salton City, CA 92275	Oct 29, 2008
931 W Legion Rd	Brawley, CA 92227	Oct 29, 2008
4 E Evan Hewes Hwy	Ocotillo, CA 92259	Oct 30, 2008
1286 Arctic Ave	Salton City, CA 92275	Oct 31, 2008
1298 Martin St	Brawley, CA 92227	Oct 30, 2008
197 Marina Ct	Imperial, CA 92251	Oct 31, 2008
141 Smoketree Dr	El Centro, CA 92243	Oct 31, 2008
225 S Center St	Westmorland, CA 92281	Oct 31, 2008
176 Vallecito Ct	Imperial, CA 92251	Oct 31, 2008
1366 Persimmon	Salton City, CA 92275	Oct 30, 2008
1198 Mountainview Ave	El Centro, CA 92243	Oct 31, 2008
1474 Fieldview Ave	El Centro, CA 92243	Nov 4, 2008
1223 Maple Ave	Heber, CA 92249	Nov 4, 2008
1255 Arctic Ave	Salton City, CA 92275	Nov 3, 2008
2612 Camino Ave	Salton City, CA 92275	Nov 3, 2008
1620 N Canon Dr	Imperial, CA 92251	Nov 3, 2008
75 Hawk Ave	Heber, CA 92249	Nov 4, 2008
1321 Mill Ave	Salton City, CA 92275	Nov 5, 2008
474 E Brighton Ave	El Centro, CA 92243	Nov 4, 2008
770 Fern Ave	Holtville, CA 92250	Nov 4, 2008
1330 Mill Ave	Salton City, CA 92275	Nov 5, 2008
1331 Saboba Ct	Imperial, CA 92251	Nov 4, 2008
670 Boley Field Dr	Imperial, CA 92251	Nov 5, 2008
1225 N Palm Ave	Heber, CA 92249	Nov 5, 2008
193 Bianca Ct	Imperial, CA 92251	Nov 5, 2008
1058 Rose Ave	El Centro, CA 92243	Nov 5, 2008
602 Bina St	Brawley, CA 92227	Nov 6, 2008
1075 Calle Del Sol	Brawley, CA 92227	Nov 6, 2008
999 Fieldview Ave	El Centro, CA 92243	Nov 6, 2008
600 Silverwood St	Imperial, CA 92251	Nov 6, 2008
147 E 6th St	Westmorland, CA 92281	Nov 5, 2008
1536 River Dr	Brawley, CA 92227	Nov 6, 2008
1428 Catalina Ave	Salton City, CA 92275	Nov 6, 2008
309 N F St	Imperial, CA 92251	Nov 6, 2008
2415 Lenrey Ave	El Centro, CA 92243	Nov 6, 2008
1452 N 17th St	El Centro, CA 92243	Nov 6, 2008

Text 4CLOSURE to 41411 to receive other listings!

Note: The notices listed above are sourced from public records which may not be accurate. * Text message rates may apply, check with your wireless phone provider to determine text message plan.

28 W Sparrow St Heber CA 92249 Imperial County California

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Wed, 15 Oct 2008 18:12:29 -0500

28 W Sparrow St Heber CA 92249 Imperial County California

Bank Owned house for sale, located in the heart of Heber California, an unincorporated area 3 miles south of El Centro and about 7 miles north of Calexico.

The home is located on quiet street in the original area of the Heberwood Estates, which were built approximately 1996. Newer construction surrounds this three to four block enclave with similar home styles and large estates.

The home consists of 4 bedrooms and 2 bathrooms on a low maintenance lot and features a full length covered patio. Two garage spaces contain a utility room which can be used as a variety of purposes include a laundry room, mud room, or other.

The open floor plan of 1300 square feet gives the home an airy feel thus making it appear larger.

Home needs TLC and buyers/buyers agent needs to verify all information listed in this entry, as well as all information regarding the home in the multiple-listing-services (MLS).

So put your HGTV hats on and get creative with this one, ask for your private showing and make on offer on this affordable home today.

TEXT keyword 28SPARROW to 41411 for automated information regarding this home for sale.

Receive other Foreclosure listings by sending a TEXT to keyword 4CLOSURE to 41411 to receive listings.

* Although there is no charge to receive text messages from us, please be aware that text message are only available from wireless phones with text messaging features.Your wireless carrier may charge you to receive text messages, check your wireless plan for more information *

Full listing is here:
Click Here for Listing Details - 28 W Sparrow St

Homeowners are still getting mortgages so why the media hype?

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Wed, 15 Oct 2008 12:27:07 -0500

Homeowners are still getting mortgages so why the media hype?

It's no doubt you may have heard news stories claiming people cannot get a mortgage unless they put 20% or more down. Perhaps you heard that homeowners need to have a minimum of a 720 FICO credit score or worse, maybe someone told you that banks and lenders are just not lending anymore until the dust settles.

It's a sad sad day in America where we pay any attention to the media much less believe it. By the way, if you DO believe the media, I have some bridges in the desert to SELL you, send me your offers.

The media isn't all bad, don't get me wrong and please DONT send me hate messages, please...but think about it, the media is there to SELL something and that something is "bad news". Yeah, they'll pepper their stories with some heroic tale of this or that, or how a 100 year old woman was the first to fly solo from Denver to Seattle, which by the way would be some feat, however the media's primary role is selling its widgets whether they're newspaper, magazines, TV ad spots, etc. You get the drift.

Yes, people can and they are getting mortgages to buy homes, refinance, and buy investment properties.

You heard me right, people ARE getting mortgages, yes they can get them...Hello McFly...

So, whats all the fluff about? Well, I think, in my humble opinion that people began to think that lending and underwriting guidelines had to do more with "pulse and fogging a mirror" than actually qualifying to repay the loan. Yes, I know it sounds ludicrous but people got so use to the EZ money that they actually forgot they had to repay the mortgage loans at some point in the future.

In reality, they were counting, no banking on letting their home equity appreciation take the ride and help them along the way. Frankly, there is nothing wrong with that concept, that has happened year after year.

I have a chart in my office called the Home Economics chart which is wall sized, color coded chart that tracks real estate cycles since 1963 and the trend is clearly UP to present day, however there were plenty of peaks and valleys. Guess what? We're in one of those valleys now and it sometimes they last only a few months and other times they last a few years.

Did you know that average real estate appreciation since 1963 through 1981 averaged more than 6.50% per year? Sure there was a time in 1970 when it dropped below 5% for the year, but for the most part real estate appreciated over 6.5% a year for nearly 20 years. WOW!

Do you know what kind of loans were available back then? Conventional loans and Government loans, thats right...good old FHA loans.

Did you know that average real estate appreciation from 1982 to 2000 was under 5% per year? Again, with the exception of 1986 & 1987 where appreciation was over 6.50% as it was in 1997 & 1998. But again, for most of these nearly 20 years, average annual real estate appreciation was less than 5% per year.

Do you know what kind of loans we had back then? Thats right, conventional and government loans. Oh, in the mid-90s there was a newer product being introduced and it was meant to help people with a variety of needs, but it required larger down payments than FHA but it was able to grant people access to mortgage financing who were "self employed" and had HIGH FICO scores. It was meant to help people who put 20% down not worry about disclosing reams of paperwork for this business, once again these loans were meant to satisfy the requirements of the self-employed business owner obtain financing a little bit easier.

Yes, the self-employed borrower had to pay to receive these perks, but this was a small price to pay for getting access to buying homes and refinancing that was much harder in years gone by.

As you know during 2001 and on, average real estate appreciation sky rocketed to astronomical proporations all across the country and certain "hot zones" were affected more than others. Appreciation rates on a national median home price scale soared to double-digits and doubled from previous averages of appreciation. 10%, 12%, 15% and more were not unheard of.

What fueled these high prices and crazy appreciation cycles? Do you remember those "self-employed" loans that didnt require the borrower to fully disclose everything they earned based on the merits of credit score, assets (cash on hand), and big down payments? Well, banks and leneders who were eager to grant a mortgage to anyone with a pulse or those who could fog a mirror were born.

OK, there was still "some" qualifying involved but frankly I saw some advertisements that made my stomach ache and I thought to myself, "even if I could offer these loans to people...why would I do so...when I know they won't be able to sustain or repay the loan much less keep it current..."

Of course I took my chances on some borrowers but frankly, I made them jump through hoops to get the loans. One client of mine, a personal friend, didn't want to jump through my hoops and I counseled him and his wife to "wait about 6 months". I asked them to quit bouncing checks for $40 bucks here and there and asked them to stop missing payments on their $25/mo a VISA payments. I told them they need to start budgeting like they have the mortgage payment, which in their case was going to be around $1350/mo while they're currently renting at $700/mo, I asked them to SAVE the difference an amount of $675/mo and do this for 6 months.

But the husband scoffed at me, told me he could get the loan from "another lender" to which I replied, I am sure you can...I even told him, "hey, I can give you the loan and bury you...but I won't do it...". You can guess how the story went...he got his home and somebody else made $3500 in commissions (or more) on his loan on a home I advised him to wait on.

It was interesting but he called me about a year later asking about refinancing. We were still in a fairly upward trending market and I said, sure...but once I pulled his credit report, I was horrified.

Before he took out the mortgage he only had a few late VISA payments, but after his home purchase, ALL of his consumer debt accounts were seriously past due. As a matter of fact, his mortgage loans had both gone to Notice of Default (NOD)status twice during the ONE year he owned his home. OUCH! I asked him if anything had changed with his job or income, to which he replied NO. Unfortunately due to his BELOW 500 FICO scores, I told him there was nothing I could do to give him 100% financing and take cash out to payoff some bills (can you imagine). His FICOs before were in the low 600s but now they were in the LOW and BELOW 500.

He called me again about a year after that, this was when the market was already trending down noticably and his case hadn't changed at all. He was still in his house but this time he FICOs were in the LOW 400s and he had approachd Notice of Trustee Sale (NOTS). He advised that he had spoken to a real estate agent about selling his house but it would have to be sold short, which I advised to get legal counsel and do it if that would ease his burdens.

I'm not sure what has happened to Albert since this time, its been about 18 months since I have heard from him but I figured no matter what I explain or advise, he won't listen anyway, but its just my nature to guide people in ways that make sense to their situation. Sometimes we need to take a risk and other times we know our tolerance levels.

Stated income loans soon became LIAR LOANS which they were never intended to become. These loans don't exist anymore, not the way we used to see them.

The ZERO down loans are gone...the 80/20s, the 90/10s, the 100% single loans are ALL gone with the exception of VA Loans and USDA Rural Housing Development Loans. Both have restrictions but there are still 100% loans available.

So please dont listen to the media when they say lenders are lending any more, that is pure hype and its wrong.

People do need to come in with 3% to 5% down payments, sometimes more, depending on the circumstances but for the most part LOW down payment loans are available and in many parts of the country they're available up to $729,000 and in my neck of the woods they're available to $325,00 through the end of the year for FHA, HUD insured loans.

Conforming or conventional loans are still maxed at $417,000, which buys quite a bit of house these days, even in higher pricier areas.

What is MORE important than ever today is 1) Your credit score - if you need assistance, I work with an attorney based solution that provides increases to credit scores at very affordable rates/fees. 2) Saving accounts - if you need assistance in working a budget or finding money to save, I work with an attorney based solution that can help you negotiate your consumer credit card debts down to 30%, which will save you money. 3) Debt ratio/income - you need to have a way to repay your debts, period. Banks and lenders are screening all applications more than ever but in reality its like it was in the mid-to-late 90's.

Its back to basics and by the way, YOU CAN GET A MORTGAGE TODAY.

HOPE for Homeowners Can Help

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Wed, 15 Oct 2008 08:01:49 -0500

HOPE for Homeowners Can Help

You've heard the news, you've read reports, Congress and everyone seems to be talking about Hope for Homeowners, but how does it HELP?

The program, which was enacted by Congress is geared to help homeowners who are at risk of falling past due and going into foreclosure. The goal is to refinance these at risk loans into more stable, fixed rate products that are affordable for homeowners.

This program began October 1, 2008 and will run through September 30, 2011.

Preiminary estimates have shown that as many as a half-million homeowners could benefit from the Hope for Homeowners initiative, but how does it work?

There are basically four ways for homeowners to work with the program:

Homeowners can contact their existing lender or a new lender (such as me) to discuss how to qualify and determine eligibility for the program. * YES, you need to qualify and be eligible *
Loan servicing companies, those that collect the mortgage payment but who do not own the loan can work with homeowners to arrive that a solution to best help at avoid foreclosure is to refinance their loan into a Hope for Homeowners loan.
Originating lenders (such as me) can assist homeowners work with their servicing company to qualify for the program.
Counselors can assist homeowners contact their servicer to qualify for Hope for Homeowners to avoid foreclosure.

Remember, I mentioned that you must "qualify" and be "eligible" for one of these new loans, so what are the requirements?

Here is what lenders, such as myself will look in considering a distressed homeowner for this program.

1) Affordability versus Value. Simply put the lenders will be taking a "loss" on the difference between the current mortgages and the new loan, which is set to be 90% of appraised value. Lenders can also choose to work with a modification scenario (which I can HELP YOU WITH), instead of the a new loan and I will talk about the Pros & Cons of both later in this entry.

2) Borrower eligibility. We have to determine that the Hope for Homeowners program is a workable solution for the homeowner, since the lender will be taking a loss, the borrower has to be eligible:

* The existing loan had to be taken out before January 1, 2008
* Existing mortgage payment, as of March 1, 2008 has to be more than 31% of gross income
* The homeowner did not intentially default, does NOT have an ownership interest in other residential real estate and has not been convicted of fraud within the last 10 years under Federal and State low, AND
* The homeowner did not provide materially false information (ie. stated income or liars loan), to obtain the mortgage being refinanced into the Hope for Homeowners mortgage.

Here are what consumers need to consider when reviewing this option, as possible benefits.

1) Home retention (keeping the property)
2) New affordable mortgage based on current appraised value
3) At least 10% equity going into the program

Lenders have to make known to you that when you are eligible for the program, you will also be the following costs:

1) 3% upfront mortgage insurance, of the loan balance, and 1.5% annual mortgage insurance premiums.
2) Equity and Appreciation - your new partner is the Federal Government (thats right, when you take out a Hope for Homeowners mortgage, the Federal Government will share YOUR equity and appreciation with you in exchange for "bailing" you out.
3) You will NOT be able to get 2nd mortgages or junior liens against the home unless they are directly related to property maintenance.

The following steps in the process have to do with negotiations between the borrower and the existing lien holders, note owners, the originating or starting of the new loan process, the discussion of the Shared Equity Note & Mortgage and the Shared Appreciation Note & Mortgage.

If at some point in the future the homeowner decides to SELL or REFINANCE the property, they will share a portion of those proceeds as directed by their NOTE and agreement.

In the event that the homeowner "defaults" on the Hope for Homeowner mortgage, you will sign a note indicating that the lender will not be "paid"monies to the owner of the mortgage.

Overall, the Hope for Homeowners mortgage is a good deal if you truly want to keep your home and you qualify. To do so, you will have to share some of your future equity as a cost to making this arrangement, otherwise you can CALL me to discuss Loan Modifications to your mortgage, which often times can do the same thing but with the expense of the Hope for Homeowner mortgage costs.

The price you will pay for an attorney based Loan Modification service is FAR less than the 3% upfront and the 1.5% of the loan annually, those are costs you have to pay in addition to SHARING your equity with the Feds.

Do you need assistance? Have questions? Contact me for your personalized consultation.

Casas Subasta en el Valle Imperial California

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Sat, 04 Oct 2008 19:32:56 -0500

Casas Subasta en el Valle Imperial, California (Imperial County, California)
Homes for Sale via Auction in Imperial Valley California

Ahora es su tiempo para comprar su casa! Desfrutase en la marketa de casas porque ahora los precios estan mas bajo y es timpo que se declara su derecho a obtener el sueno Americano. Ventas de casas en El Centro, Brawley, Imperial, Calexico, Heber en el Contado de Imperial.

Prestamos del Gobierno para comprar existe y tienen bajos engache hasta 100% de precio y mas. Existe muchos casas que necessitan un dueno nuevo como useted y pueden obtenga los precios mejorres.

Hablame para buscar un casa que quieres comprar y hablamos sobre sus suenos y manera de tener su hogar proprio.

Deja de pagar renta, pare gastar su dinero mensuales en una hogar que no es suyo, compralo ahoy!

Gracias, Federico Din de Gonzalez, Agente de Suenos
Thank you, Frederic Din, Dream Agent

* Hablamos Espanol - su idioma ~ Hablamos Ingles - We speak Spanish, we speak your language *

LISTA de CASAS SUBASTA

• 3rec 1.5banos, 1050sf, lote ample, en El Centro desde $69,400 hace una oferta ahora mismo

• 4rec 2banos, 2000sf, dos pisos, casi nuevo en Imperial, desde $174,500 hace un oferta ahora

• 3rec 2.5banos, 2700sf, lote grande en Brawley desde $198,000, hace un oferta ahora mismo

• 4rec 2banos, 1300sf, cerca de IV Mall en Heber desde $88,500, hace un oferta ahora

*** Fecha de Subasta son pendiente - hace contacto conmigo y se pongo en la lista de ventas ***

Imperial County Foreclosure Sale List 10/04/2008

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Sat, 04 Oct 2008 19:04:45 -0500

Imperial County Foreclosure Sale List 10/04/2008

** Writers note: September Notice of Trustee Sale notices declined approx 20% from August, however September numbers represent 100% increase in foreclosure postings from 2007.

Although a smaller amount of Notice of Default and Notice of Trustee Sale notices were filed during September may be classified as the beginning of the end of tumultulous foreclosure activity, the author feels this slight downturn represents a combination of lenders more willing to participate in loan modifications, or the implementation of an additional 30 day wait period of mortgage lenders to find solutions before issuing such notices of foreclosure.

*** If you want to KEEP YOUR HOME - Get the Loan Modification Facts - contact me for your complimentary evaluation. Complete the following two forms, fax to 760-259-2037 for expert assistance.

These homes are the future Bank Owned and REO properties during the next 60-90 days.

FREE Real Estate & Mortgage Information for Imperial County, CA

List of Bank Owned (REO) homes for sale $100k to $150k! Three ways to get your list:

(1) 24 Hr Recorded Info, Call 1-866-227-1254 Ext. 8883

(2) Email your Name, Address, Best Phone number to list@ivforeclosures.com

(3) Text BANKREO to 41411 (must be abe to receive wireless text messages)

Street Address	City, State, Zip	Sale Date
1198 Manuel A Ortiz Ave	El Centro, CA 92243	Oct 1, 2008
1004 J Street	Brawley, CA 92227	Oct 1, 2008
231 Shoshonean Dr	Imperial, CA 92251	Oct 1, 2008
1514 N Marina Dr	Salton City, CA 92275	Oct 1, 2008
1219 Red Sea Dr	Salton City, CA 92275	Oct 1, 2008
1373 Persimmon Ave	Salton City, CA 92275	Oct 1, 2008
1220 Wild Horse Dr	Imperial, CA 92251	Oct 1, 2008
1023 Palmview Ave	El Centro, CA 92243	Oct 2, 2008
194 Bernardi St	Imperial, CA 92251	Oct 2, 2008
151 Shoshonean Dr	Imperal, CA 92251	Oct 6, 2008
818 Rose Ave	El Centro, CA 92243	Oct 7, 2008
1184 Ash St	Brawley, CA 92227	Oct 7, 2008
190 Driftwood Dr	El Centro, CA 92243	Oct 7, 2008
179 Quail Run Dr	El Centro, CA 92243	Oct 7, 2008
1290 Mullet Ave	Salton City, CA 92275	Oct 7, 2008
985 Evelyn Ave	Brawley, CA 92227	Oct 7, 2008
2276 Marlin Dr	Salton City, CA 92275	Oct 6, 2008
717 Woodward Ave	El Centro, CA 92243	Oct 9, 2008
333,333 1/2,335 Orange Ave	El Centro, CA 92243	Oct 9, 2008
1275 Vine St	El Centro, CA 92243	Oct 10, 2008
729 Maple Ct	Brawley, CA 92227	Oct 10, 2008
1145 Riverview Ave	Brawley, CA 92227	Oct 10, 2008
441 Cahuilla Dr	Imperial, CA 92251	Oct 14, 2008
310 Aurora Dr	El Centro, CA 92243	Oct 14, 2008
36 W Correll Dr	Heber, CA 92249	Oct 14, 2008
2799 Jester Ave	Salton City, CA 92275	Oct 15, 2008
1364 Malat Ave	Salton City, CA 92275	Oct 15, 2008
1631 Rodeo Dr	Imperial, CA 92251	Oct 15, 2008
319 W 14th St	Imperial, CA 92251	Oct 16, 2008
77 Redondo Ave	Salton City, CA 92275	Oct 15, 2008
674 Stanley Pl	Brawley, CA 92227	Oct 15, 2008
1224 Wild Horse Dr	Heber, CA 92249	Oct 15, 2008
944 B Street	Brawley, CA 92227	Oct 15, 2008
626 Southwind Dr	El Centro, CA 92243	Oct 17, 2008
1211 Stacey Ave	El Centro, CA 92243	Oct 17, 2008
628 Lincoln St	Calexico, CA 92231	Oct 16, 2008
1078 Mountainview Ave	El Centro, CA 92243	Oct 16, 2008
2315 Victoria Ct	Imperial, CA 92251	Oct 17, 2008
331 Cahuilla Dr	Imperial, CA 92251	Oct 20, 2008
426 E Orange Ave	El Centro, CA 92243	Oct 21, 2008
7975 Hwy 111	Niland, CA 92257	Oct 20, 2008
2291 W Heil Ave	El Centro, CA 92243	Oct 20, 2008

Text 4CLOSURE to 41411 to receive other listings!

Note: The notices listed above are sourced from public records which may not be accurate. * Text message rates may apply, check with your wireless phone provider to determine text message plan.

Imperial County Market Trend Report Sept 22 2008

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Tue, 23 Sep 2008 13:31:21 -0500

Imperial County, CA Market Trend Report - as of September 22, 2008

Anybody who says the "market has changed" knows the market is vastly different than it was just 24 months ago, however the basic fundamentals of homeownership has not changed. So why all of the fuss?

I reviewed our Imperial County market trends recently and have put together a few graphs to show something called "Abosorption Trends" and "Average List Price vs Sales Price Trends". These two graphs paint a great picture to would be homebuyers who felt as if they "missed the boat" two or three years ago as sales prices were pushed into the stratosphere but are now coming back into the atomosphere and into the realm of affordability. You'll find these graphs throughout this article, feel free to commment as you see fit regarding my observations and opinions, I appreciate hearing from you and reading your replies.

Back to our story: People still need to live somewhere and it has to be affordable to them. They must be able to meet all of their household obligations to consider housing affordable. You know what I'm talking about, don't you? If not, please allow me a moment to explain.

Throughout my years as a mortgage professional, as I would counsel couples and individuals, I would inadvertently end up shaking my head in amazement as we went through their home buying goals discussion.

Often times people who had sub-standard rents under $500.00 were looking at buying a home with similar loan payments. I explained to them, in the easiest to understand English I could use, home loan payments of that level are going to buy you these houses (pointing to a list of homes and addresses) in today's market and they would look at me like I was crazy. "I don't want to live in that area", or "the house is falling down, how can you expect me to live there", or "the home needs too much work and we don't have the money". The list of comments were endless but in reality they were all the same, they expected a $200,000 home for example with $50,000 home price loan payments.

As we began to discuss their existing debts and expenses I could clearly see what was seemingly holding them back from taking the leap into homeownership at some different level. Often times these would-be home buyers had car payments that exceeded $700 per month. They were tapped out on 3, 4 or 5 credit cards totalling $15,000 to $25,000 and carrying minumum payments as much as $500 or more per month, not to mention they had other consumer debt, it's no wonder they want a house payment like rent since in their mind they see the two as equal, a means to an end, they see it as a roof over their head, not as an investment in themselves or for their future. They viewed it simply as an expense.

They had chosen a rent lifestyle to allow themselves the money to fund their exterior lifestyle which still required substantial credit card usage. They were victims of their own consumerism, picture in your minds a brand new 2008 Hummer H2 parked in front of a shack (nothing against those who own Hummers or live in shacks, but hopefully you get my point).

Why are we more concerned in accumulating things that lose value versus working towards things that increase in value over time, such as real estate and long term investments? I agree we all have different aspirations, goals, and dreams, however fundamentally I believe that most people want the same thing. They want the American Dream of being a homeowner, they want an affordable monthly house payment, they work hard for their money and they want to take care of their family and provide a home.

It's no wonder that banks, lenders, and investors created home loan products that could replace the low rent mentality and transform it into the mortgage area with loan products that were dubbed "rent to loan" programs, since the loan only required interest payments for a few years. Often times these loans had teaser rates that made the interest only payment seem even lower, which meant many times people would "buy" more home than they should have. There were also loan products that allowed homeowners to pay LESS than interest due and allow it to be tacked onto the backend of the loan, however most people who took on those loans didn't fully understand the consequences of doing this over time, they just wanted the big 3,000 square foot home, with 5 bedrooms and 4 bathrooms, swimming pool in the newest neighborhood with three car garage so they could show off to their friends and family members how successful they were. The $2,500/mo mortgage payment seemed affordable and afterall, they were the envy of their peers at work, at childs school, in their social circles. Afterall, they work hard for their money and now they can show it, admirable indeed. They were able to buy their dream home without any down payment and all they really paid to get the home was a sales deposit of $1,000 and an appraisal fee of $400, which wasn't bad since they ended up buying a home worth almost $500,000.

But then, the loan payment swells up to $3500/mo and they have supplement property taxes to pay of another $5,000 and they know their payments are going to increase again to over $4,000/mo in a few months, so they call their friendly loan officer who told them two years ago "...don't worry about the adjustable rate, you'll be able to refinance in a few years to a fixed rate loan and you'll have equity and everything will be fine...", but the loan officer is no longer working in the mortgage industry, they've taken a job elsewhere, so you talk to whoever is at the office and begin the loan process. A month passes by and now almost two months, when you're told, "sorry but we can't refinance your home since you owe more than it's worth...". Now what?

Imperial County is much like many parts of California that were hit hard with a decrease in sales prices due to an increase in foreclosure activity primarily blamed on subprime loans. Often times these loans were given to individuals who had good jobs, stable income and good credit, but what was amiss was these borrowers did not actually have the income to support the artificial, too good to be true house payments on their dream home, forget the starter home and building up over time, these folks wanted it all now and they were going to get it.

The Market Absorption Trend graph for Imperial County, CA shows trends over the past 12 months and takes a snap shot at how many sales take place on an average according to the MLS versus how many active listings are available in todays market, known as "absorption", which tests how many months of inventory do we have available it no new listings were to hit the market.

I'm pleased to report that the absorption trend has moved from nearly 12.50 months of housing inventory 12 months ago to 8.76 months of inventory 3 months ago. The trend continues downward to just under 8.00 months of inventory based on the most recent 30 days of sales. In order to have a balanced sales market, we need to have approximately 6.00 months of inventory at any given time.

As you review the Average List Price versus Average Sales Price graph for Imperial County, CA you will see that housing price averages have trended downward over the past 24 months and in the most recent month were even. This graph shows that housing prices are stabilizing but are not done correcting, as we will see lower prices into winter time, however the biggest and most dramatic changes in month to month sales price decreases has taken place over the past 90 days indicating a fact that more and more sellers are aggressively pricing their homes to sell. Sellers in todays market are mostly bank owned or REO sellers, along with short sale sellers and these two classifications of sellers account for more 70% of all listings.

What do these graphs mean to you as a future home buyer? In my opinion they mean that housing prices are leveling off and becoming more affordable as many areas in the County are approaching pre-bubble price ranges from earlier in the decade.

Home loan programs still exist with little to low down and offer fixed rates typically in the 6% range, making these homes more affordable than ever. Perfect credit isn't required but you should always try to keep your credit in the best shape it can be.

If you're considering buying a home and need guidance, please do not hesitate to contact me at your earliest convenience. I will be happy to schedule an appointment to talk to you about your goals and dreams to make 2008 the year you become a homeowner.

Short Sale Q & A for Home Sellers

Frederic A Din ~ Imperial Valley REALTOR (EXIT Stepping Stone Realty) — Mon, 22 Sep 2008 14:56:31 -0500

Short Sale Q & A for Home Sellers

Selling a property as a short sale can be complicated and carry a multitude of ramifications to consider.

This entry will attempt to answer some common and frequently asked questions regarding Short Sales. This information was gathered from various sources, including my own experience within the industry.

What is a short sale?
A short sale is a process in which a homeowner sells their home for less than what they owe on the outstanding mortgage or mortgages. This process requires specific documentation that is gathered early in the process and is presented to the lenders in an attempt to convince them to discount the mortgage balance in order to allow a sale of the home to occur. If the sale is approved by the lender, they will take a loss on the mortgage. This process, if approved, will allow the homeowner to get out from under the mortgage and not have to repay the difference from what was owed to what the sales price was. As well, this process stops the foreclosure action and acts as satisfaction for the mortgage balance.
What are the steps the bank takes to decide what the sales price on the home should be?
Each bank has different criteria they review to decide on the selling price of the home with regard to a short sale.
Which types of situations benefit most from using a short sale?
Short sales are known as sales in pre-foreclosure, meaning they have some type of default or possibility of default looming over them. Typically a homeowner who is in default is at least 3 months or more past due on their mortgage payment and more than likely the foreclosure process has already been started, however more lenders are carefully considering mortgages that are only behind a few months as prospects for short sales without fully being in foreclosures as a means of helping to avoid further losses.

Aside from the past due factor which must be present, the homeowner will more than likely have no equity in their home. This means the total amount owed to payoff the mortgages is more than the home price need for it to be sold.

The homeowner who is past due must have some demonstrated hardship involving their finances which has caused their delinquency. Typically the reasons for hardship will vary, however proof must be rendered before the hardship will be considered by the bank.
How does a homeowner benefit from a short sale?
The homeowner is more than likely suffering from a financial hardship and the opportunity to get out from under a burdensome monthly mortgage payment is a huge benefit for the homeowner. Once the short sale is approved and underway, the foreclosure process stops which also removes any anxiety the homeowner may have been feeling, which will offer them a sort of fresh start.

From a credit reporting perspective, a short sale will more than likely be listed on the homeowners credit history as a "paid settled" account, along with the late payments from being past due on the mortgage, however these blemishes are considered to be the lesser of the bad when considering a full blown foreclosure on your credit report will be reported as a public record event up to 10 years, just the same as a bankruptcy filing which causes huge damage to your credit report.
Are short sale remedies offered to me as an investor homeowner?
They certainly are, however remember in order to complete a successful short sale a hardship has to be demonstrated. As an investor you may have other considerations or implications to consider, therefore it is recommended that you seek advice regarding tax consequences from your tax adviser or CPA.
Are certain loan types considered over others with regard to short sale?
Maybe, however there may be other implications which may pose a risk such as a deficiency judgment, or lawsuit on loan or mortgage contract, which differ from a judicial foreclosure.

If you have questions, please contact me to discuss your specific situation.
I'm facing foreclosure, is a short sale the right solution for me?
Every situation and circumstance is different and therefore requires to be looked at individually. Here are some important factors related to short sales:
* Your property is in default (past due) or foreclosure (several months past due)
* You have evidence of a documented financial hardship
* You have little or no equity in the property, more than likely you have negative equity
* Your homes value has dropped below the amount you owe on your mortgages
I have a FHA, VA, or other government back loan, does this matter?
Every loan type has different characteristics the banks look at, therefore a short sale may still be possible.
Are there other options besides a short sale I could look into?
Yes, there are many different options to consider aside from a short sale, such as:
* Bringing your loan current, paying all past due payments up to date, also known as curing your delinquency
* If you feel your hardship was only a temporary setback, you could try a loan modification which changes the terms of your existing loan(s). Note: I work with skilled negotiators who will guarantee a modification result or your money back, ask me for details
* If you have equity, you could refinance your mortgage with another lender
* If you have equity, you could try to sell your home through a normal means
* You could try to have you lender take the deed to your home, which is known as a "deed in lieu of foreclosure", however you must be aware that taking this action will cause your credit report to reflect a foreclosure just the same as if you lost your home to foreclosure
* You could file for Bankruptcy, however you should know that simply filing bankruptcy does not stop the foreclosure action, it merely delays action taken
You keep talking about a financial hardship, why do you discuss this so often?
The reason I keep coming back to a financial hardship is because the lenders will not agree to allow you to sell your home for less than what is owed without having a good reason. Quite simply, a good reason is proving that you're in a financial bind and cannot come out of it quickly enough to bring your mortgage payments current and you will more than likely not continue to keep making payments either.

Lenders want to lose the least amount of money when considering a foreclosure and it has been said that lenders expect to lose up to 40% of the amount of the mortgage if the go through the foreclosure process, therefore if they can see someone willing to buy your home for less than what is owed but they will gain more than if they continue with the foreclosure sale, then you have a strong chance at getting your short sale approved.

Please exercise caution if you are attempting to use a short sale as a means of dumping a poor investment, or if you have simply lost value in your home and want out, but are employed and have assets (savings, investments, etc), you will more than like be unable to successfully short sale your home. If you are current on your mortgage payments, it is nearly impossible to short sale your home. Lenders need to see that you cannot pay your mortgage before they will agree to allowing you to do a short sale.
After the short sale is completed, who owns the home?
Just like a regular home sale, the buyer of the home is the owner. The loans are paid and satisfied, the previous owner moves out and the new owner moves in.
How does a short sale affect my past due property taxes?
Similar to a normal sale, property taxes are the responsibility of the homeowner up until the close of escrow, then the new owner takes responsibility of them. If your property taxes have not been paid, this fact will affect the negotiations of the short sale since the lender will ultimately have to pay those off to transfer title to the new owner. This fact will affect the outcome of negotiations between the bank and buyer, please let me know if you're behind in your property taxes in any way.
What areas do you cover and list short sale homes?
I work locally in the Imperial County area of Southern California, however depending on the circumstances I will review requests for listings outside of Imperial County. I network and work with other agents who are experienced in short sales in California and will refer you to another real estate broker who can best serve your needs.
What types of properties do you work with on short sales?
My focus is on residential properties, such as single family homes, duplexes and apartments up to four units, however I currently do not handle any commercial properties.
How do things change if my home is already listed on the MLS but its not selling, can I do a short sale?
Absolutely. Lenders may actually want the home listed to show proof that a reduction or discount is required in order to sell the home before approving a short sale.
My home is very well taken care of, the short sale price seems very low, why?
Most often homeowners who are facing the possibility of selling through a short sale are attached to their homes emotionally. You must keep a few things in perspective, such as a home seller can never receive any money through a short sale. The price of a home is of little concern and the goal is to sell the home and remove the burden of the mortgage from the homeowner who is facing a hardship.

There are a few possible concerns for a home seller, such as possible tax consequences, since a large discount provides a larger amount of mortgage relief and the possibility of a great tax liability.

The key point is to ensure the lender will accept the sale price and agree to the short sale in a fashion that will sell the home. Discounts of 25% to 30% or more from current market value are not uncommon. These facts happen for a variety of reasons, such as a) home sellers are in denial about how far the market has turned down and are uneducated regarding declining property values, b) lenders do not like the foreclosure process, perhaps even more than homeowners since lenders know a foreclosure process can take up to twelve months go from start to finish. Lenders have tremendous expenses from attorney costs, publication costs, lost interest, money tied up in the home, past due property taxes, inspection costs, maintenance costs, vandalism threats, etc.

All of these expenses come before the bank tries to sell the home as a bank owned or REO property and pay a sales commission to sell it. A short sale is a way to avoid some or most of these costs. Let's say a lender calculates their cost of taking possession of the home or eviction at $50,000 for a home, then by doing a short sale and only spending $35,000 or $40,000 the lender is better off approving a short sale than going to foreclosure.
With a short sale, who pays the real estate sales commission?
Typically commissions are paid for from the funds the buyer places in escrow but since there is no equity in the home, the lender ends up paying the entire real estate sales commission.
Are there any guarantees a short sale will work?
No, there are no guarantees a short sale will work. A complete and thorough short sale package must be provided to your lenders(s) before they will even consider a short sale. Banks and lenders need to be convinced of the property value as well, which may make it more difficult.

Lastly, even when all of the paperwork requested is submitted in the perfect order, all complete, it may take weeks or even months before the lenders gives a reply only to deny the request for a short sale. At this stage, your purchase contract is no longer valid and the short sale listing continues on the market.
How long does a short sale take to go through?
As discussed previously a short sale may take several weeks to a few months to complete. The process if very involved and complication and its important to exercise patience, if you have the time to sell, however if you're facing eviction from your property and expect a short sale to help you, you've simply waited too long and nothing can be done. Please do not wait until the last minute to get help.
One of the forms I have to sign is a borrowers authorization, why is this required?
This form, the borrowers authorization, gives us permission to the lender to discuss your loan with them. This form is required by every party who will be discussing your loan with your lender, as it gives permission to talk about your transaction.
Someone told me that I will owe taxes after a short sale, tell me if this true or not?
You could owe taxes, however it's not that simple as there are many factors involved. A few examples are, is the property an investment or your primary residence? Did you purchase the home with a purchase money loan or did you refinance it recently? If you're an investor or if your recently refinanced the home, are you technically insolvent? These questions get deep quickly and depending on your actual case, you will need answers from a qualified tax professional or CPA.

Here are some rather simplified descriptions of the questions above:
When a lender writes off part of a mortgage (takes a loss on the loan), the discount or difference is similar to "cash paid to the owner", even though you saw no cash at all, but in the eyes of the IRS its the same as if you received cash. This mortgage relief is reported to the IRS on form 1099C.

Even if you receive a 1099C form and declare it as income on your taxes, there is a chance you will owe very little if any taxes on the money. Why? Simply because the IRS has a rule about being technically insolvent, which says if you owe more (liabilities) than you are worth (assets), you're insolvent. Since this happens at the time you did a short sale, your liabilities are greater than your assets, you are insolvent and you don't have to count the 1099C income. You can learn more about 1099C forms at the IRS website, http://www.irs.gov

Late last year, President Bush signed into law a bill called the "Homeowners Debt Forgiveness Act", which spells out certain requirements that homeowners can take to not be taxed on mortgage relief.

Make sure you seek advice from a CPA or a qualified tax preparer.
I'm not in foreclosure yet, but I am behind in my payments, can a short sale work for me?
Yes, more and more lenders are open to homeowners who are past due on the mortgage but not yet in foreclosure as a remedy, as long as the hardship requirements are met. The vast majority of lenders are choosing a short sale over taking foreclosure action due to the expenses involved with foreclosure. Lenders also know that as more time passes, the less their home is worth which causes the loss to increase.
My home is in disrepair since I was in the middle of remodel, will a short sale work for me?
Certainly, however this may complicate matters since the bank will have to compensate a much lower price to factor in the repairs. The important piece to accomplishing this is to show the lender's appraiser all of the repairs that need to be done. If your home fits this description, please contact me for additional specific guidance.
I have a little equity in home, perhaps 10% or a bit more, is a short sale still a viable option for me?
More than likely not, since you have some equity and a regular sale will be in order.
I own the property with other parties who do not want to do a short sale, can I still do one?
No, since all parties on the title must agree to the short sale contract it is necessary for all parties to be in agreement, there are no exceptions.
There are other types of liens on my home, such as Tax liens, Mechanics liens, IRS liens and Judgments on my home, can a short sale work for me?
Yes, a short sale can work but having additional liens only complicates matters further. You must be sure to completely list all liens that are outstanding, then each lienhold will have to be negotiated individually. Short sales with these types of liens will take a much longer time to complete.
I cannot afford the mortgage on a property that I inherited, can a short sale help me?
Yes, there are other resources available that discuss these matters. Ask me for a report for California property owners regarding Proposition 13 Preservation of the Base Year.
I have multiple loans on my home, including my first and two 2nds, can I do a short sale?
Yes, each mortgage or home equity loan or line of credit must be negotiated individually. If you're past due, its important to know which loan has filed or will file the foreclosure first, if more than one mortgage has filed.

I hope this detailed yet basic overview will help answer some questions if you're considering selling your home through a short sale. If you have additional questions, please feel free to contact me at your convenience regarding your specific situation. Thank you.

Note: The intent of this article is to provide a general discussion format only and should not be considered legal advice. By using this information, you agree that it does not create an attorney-client relationship.

If you rely or use this information, you do so at your own risk, since any liability that might arise is expressly disclaimed. As I mentioned in the beginning, this blog does not provide legal, accounting or tax advice, is not to be acted on as such, it may not be current, and is subject to change without notice.