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foreclosure: Free Homeownership Seminar for Distressed Homeowners - 05/20/11 01:37 PM
Free From Riverside County - if you're a distressed home owner you should make time to attend this valuable seminar called 'Can I, or Should I keep my home'.Attendance will dramatically improve your uunderstanding of the loan modification, shorty-sale and foreclosure process and what your best option might be at this time. Taught by non-profit HUD approved instructors, you will also find out how to avoid fraud, who to contact at your lender, what government programs are available to assist you and what your IRS issues ay be.
Held locally at the Southwest Riverside County Association of Realtors office on Jefferson … (0 comments)

foreclosure: Updated: CA State Bar v. Michael T. Pines. SHARK ATTACK! - 03/15/11 05:56 PM
Last October I wrote about a local attorney by the name of Michael T. Pines who was making quite a name for himself in local real estate circles. (Another Real Estate Scam to beware of.) Counselor Pines was making the evening news by advising clients who had been foreclosed on and evicted to break back into their former homes under the theory that since the debt had been satisfied through foreclosure, they could now own their former home free and clear. 
To say this hadn't worked would be an understatement. Clients who actually followed his advice were summarily re-evicted if they … (5 comments)

foreclosure: Robo-signing & our attorneys general. Activists searching for a cause (or a clue). - 11/20/10 04:22 PM
What did I warn against back when this foreclosure/robo-signing fiasco first exploded on the scene? I said it would either blow over come November 3rd or the knee-jerks would over-react and create a crisis where none existed. Well, somehow we're seeing both of those come to pass today. Politicians by and large have passed on the opportunity to make a mountain out of a molehill so far. There's still time for them to climb aboard the bandwagon but the Republicans are too busy gloating and the Democrats are too busy dealing with Pelosi. 
But the attorneys general (as opposed to the … (37 comments)

foreclosure: Another RE Scam to beware of... - 10/29/10 07:06 PM
Last week our local paper bestowed their 'Raspberry' award to a SoCal based attorney by the name of Michael T. Pines. Pines qualified for this award by virtue of the fact that his business model apparently involves advising clients who have been through foreclosure and been evicted from a home to break back into the home and set up residency. Of the four families he has recently convinced that his advice is sound, he has accompanied them to the house with attendant locksmith and whatever press he can scrounge up.
He garnered a couple headlines.
But most figured it for … (67 comments)

foreclosure: Banks 'Right of Offset' is not right for you. - 09/10/10 05:21 PM
 
If you missed my post a couple weeks back on your bank’s right of offset – you should be aware that if you have your checking account, auto loan and/or mortgage at the same bank and you get delinquent on one of your loans, the bank can step in an take the money from your checking account to meet the delinquency. It’s called the ‘Right of Offset’ and they don’t even have to let you know they’re going to do it or that they even did it. You won’t know until your other checks start to bounce. This can be … (0 comments)

foreclosure: Foreclosures by Race & Ethnicity: The Demographics of a Crisis - 08/20/10 02:52 PM
The headline caught my eye. "California Foreclosure Rate Highest For Latinos". 
The article stated 'Loans taken out by Latinos in California have been more likely to end in foreclosure than most other groups' according to a study released by the non-profit Center for Responsible Lending. It went on to say that while Latinos comprise less than a third of the state's borrowers, they made up almost half of the states foreclosures between October 2006 and November 2009. It further pointed out that black borrowers are also disproportionately represented, accounting for less than 6% of loan origination but nearly 8% of foreclosures. … (3 comments)

foreclosure: $700 Million Bailout for California Homeowners? Don't hold your breath. - 06/25/10 06:01 PM
$700 Million OK'd for California Homeowners!
That's  a headline that would reach and and grab you over your oatmeal, wouldn't it? It certainly caught my attention yesterday. Here's a new program (4 actually) designed to help homeowners avoid foreclosure  and the Department of Treasury has just approved $700 Million of those old leftover TARP funds just for us in California. The article went on to say it's to help:
unemployed homeowners in danger of defaulting on their loans (lenders must match federal funds) borrowers who are a little behind on their mortgage but could catch up with a little help (lenders … (2 comments)

foreclosure: Tax Upsides & Downsides of Mortgage Debt Relief - 04/14/10 02:42 PM
Upside - Downside of Debt Forgiveness.
As you are aware, California just passed SB401 which brings th state of California into compliance with the Federal Mortgage Debt Relief Act of 2007. Essentially what that means is that, like the federal program, California homeowners who have benefited from a short-sale or foreclosure (benefited? That's questionable), qualify for relief.
Most of you already know what it means but for any first-time readers, this means if you took out a loan from a lender to buy a house and that house is now worth half what it was when you bought - you … (3 comments)

foreclosure: First Casualty in Housing War. Unintended Consequences or Diabolical Plot? - 08/01/09 06:57 PM
The first new casualty in the housing wars has appeared... and it isn't the one we wanted at all. By all accounts the first to fall by the wayside in the current cycle of the housing market is... 
TA-DAA 
...the first-time homebuyer! Well that certainly sucks, doesn't it? 
More and more, our market is swinging toward the investor/cash buyer over the first-time buyer for one simple reason - CASH! Money talks and the rest of it walks. Is that bad? Well, it's too bad but not necessarily bad. After all, over 70% of current buyers plan to be owner-occupants and that's … (1 comments)

foreclosure: Lender Pre-Foreclosure Access to Default Properties - 02/21/09 12:31 PM
I am posting this article to ActiveRain from my local Association blogsite. When I wrote about this last month it appeared the issue might just be confined to California but I have recently read  other posts on AR from Realtors in other states asking about this. You should be aware that it is apparently going on in several areas around the country as cities attempt to strengthen or implement Abandoned Property Ordinances.
By the way, Abandoned Property Ordinances are not bad things but as Realtors we MUST be involved with our city government during the time they draft these. Cities are just … (4 comments)

foreclosure: Temecula Valley Wine Country Bank Owned Homes 11-08 Update - 11/21/08 12:20 PM
11-20 woine country bank owned Temecula Valley Wine Country Bank Owned Homes
Million Dollar Foreclosures = Opportunity
Find yours at: SouthwestCaliforniaHomes.com 
ATTENTION:   If you've ever though about owning a home in the Wine Country but prices were just too steep - check out these bank-owned beauties. Some are even Brand New Construction, all are on acreage, many offer expansive views from the mountains to city lights. Plant your own vineyard and live the dream!  
Helpful Programs That SouthwestCaliforniaHomes  Found For Temecula Valley Wine Country Buyers. (May not all apply to 1 home)   $7,500 TAX CREDIT!     FREE HOME WARRANTY!    BROKER REBATE!    FREE … (0 comments)

foreclosure: Saving Your Home From Foreclosure - 06/17/08 04:37 PM
5-16 saving your home. AR Members*
One of the best primers I have seen regarding foreclosure is available from the Consumer Action Project, a  service and counseling organization with offices in Los Angeles and San Francisco. I recently participated in a Housing Preservation workshop with a representative of this group and wanted to pass along their contact information as well as well as a link to an excellent publication entitled 'Saving Your Homes From Foreclosure'. Avaialble as a web read or PDF download, this booklet is a must-read for anybody facing the possibility of foreclosure.  Saving your home Foreclosure—the repossession of … (0 comments)

foreclosure: IRS Q & A on Foreclosure - Excellent Resource - 06/17/08 03:56 PM
5-16 irs web help One place you may not think of that contains a wealth of information on what Homeowners face when they lose their home is the IRS. Amazingly enough, they have a great website full of helpful facts and links to help you through the foreclosure process. Simply go to www.irs.gov and find the information you need. If you type 'foreclosure' in the key word search box, it'll take you to even more specific advice and tax tips. One of the most helpful is a special web section unveiled by the IRS last September concerning the foreclosure process from … (0 comments)

foreclosure: Attorney General Brown Shuts Down Mortgage Scam Artists - 03/19/08 07:40 PM
For a copy of the indictment and to read the lengthy release detailing the mechanics of this scam and interviews with victims, please follow the source link. This scam has been going on for some time now and involves THOUSANDS of victims in LA and San Bernardino county. The scam involved high pressure sales tactics, bait-and-switch loan documents and multiple other predatory practices.
Another one bites the dust - but too late to save thousands of people from being victimized and many lost homes.
Source: http://ag.ca.gov/newsalerts/release.php?id=1533&
08-019FOR IMMEDIATE RELEASE(916) 324-5500
LOS ANGELES-California Attorney General Edmund G. Brown Jr. today shut down Lifetime Financial, Nations Mortgage, … (3 comments)

foreclosure: Is The End In Sight? Some observations - probably all wrong. - 03/07/08 11:56 AM
Last week I had a chance to talk with noted economist Gary Watts. One thing that makes Gary unique is the fact that he is a real estate economist and he has a real estate background. Imagine that, an economist that actually knows something about our industry instead of just another talking suit.
Now a lot of what Gary said you've read here before, but he backs it up with figures and studies from impressive sounding places like the U.S. Treasury, U.S. Bureau of Labor, U.S. Congress, Bureau of Economic Analysis and the like. Much more important sounding than just old Uncle … (14 comments)

foreclosure: Just Walk Away, Rene', you'll buy a house another day. - 02/26/08 02:34 PM
This is my second post today inspired by a post I just read. Lenn Harley has a great post HOMEOWNERS, IF YOU CAN'T SELL, EITHER RENT OR STAY WHERE YOU ARE. You can't "just walk away". Lots of good advice and many great comments on responsibility and such.
I had a situation come up this week where a member called me to complain about another member (as Chair of our local Association, I get that duty). His complaint was that this other member was advising clients that if they were facing foreclosure, to stay in their homes until the very last minute … (2 comments)

foreclosure: Inland Empire - Mortgage Fraud Help. - 02/12/08 08:33 PM
I just saw this new group and wanted to reach and and tap the members. I'm sure many of you have been victimized or had clients preyed upon by mortgage fraud scams when our market was rolling. In Murrieta we had one outfit - Stonewood Financial - who pulled off over 120 of these scams where they would come in offering 100,000+ over asking price with the overage going to a third party - namely themselves. Over 120 at 100,000 each - you do the math. Another agent, whose company was headquartered in Ontario, pulled off more than 70 of these … (5 comments)

foreclosure: Dr. Greenspanstein's Monster & Gambler Mae - 01/17/08 11:47 PM
Well, here's hoping you're safely through the holidays, and that Santa, in his munificence, deposited more than the richly deserved lumps of coal in your moth eaten stockings. With that cheery greeting,  let's start the year with a slap in the yap from the housing market. I know I told you about the light at the end of the tunnel last month but we're not out of the tunnel yet - so keep slogging.
I keep getting asked about the various ‘bail-out' packages being proposed by every sop from Sacramento to DC. So I'll just ask you - do you think … (15 comments)

foreclosure: Location, location, location - and TIMING. - 01/10/08 04:27 PM
We just finished a board retreat trying to plan around our changing real estate market in Southern California. In addition to trying to guide our Association, we are all Realtors and investors ourselves trying to get a handle on where the business is going, how to advise our clients and time our own plans. One member had an interesting analogy which I'll pass along to you.
A guy goes in to a clothing store one day - needs a shirt (well, we know that's the only time guys shop - when they really need something, right?) He see's this great looking shirt that … (10 comments)

foreclosure: Is That a Light at the end of this tunnel? - 01/03/08 03:45 PM
I  just got back from our National Association of Realtors conference in Las Vegas. Over 30,000 Realtors from around the world gathered to discuss legislative issues, mortgage fraud, marketing, the election and the economy. There's enough going on in each of those categories to write a whole column but since I promised you an update on the state of our market, that's what we'll focus on.
By far one of the highlights of our annual conference for me is the opportunity to talk with our Chief Economist. This year our new CE, Dr. Lawrence Yun, was joined by John Tucillo, our … (5 comments)