Gary's Blog

FICO Reveals How Common Credit Mistakes Affect Scores

Sun, 29 Nov 2009 15:47:39 -0600

I think we can all agree, it's easier to get somewhere when we have a road-map placed in front of us. In the present default market many struggling homeowners are uncertain of what to do. Many want to get through the process with their dignity in tact. Many need questions answered. Many want to know how their FICO score will be affected. News articles are a great ways to bring clients current on this topics.

I found this article while searching Yahoo Finance on the Internet, I thought it would be worth providing to clients during a listing appointment. Its clarifies how the FICO Score could be impacted.

http://finance.yahoo.com/banking-budgeting/article/108239/fICO-reveals-how-common-credit-mistakes-affect-scores?mod=bb-creditreports Yahoo finance article; by Jeremy M. Simon Sunday, November 29, 2009

Call for recorded info on loan mods and short sale. 1 (800) 805-2409 ext 2000 Or visit www.santaclaritapreforeclosurespecialists.com

Working Struggling homeowners through the "Standard Waterfall" MHA Loan Modification

Sat, 28 Nov 2009 13:35:44 -0600

Prior to this financial chaos, lenders had no consistent set of guidelines on what to do when borrowers defaulted. Usually the lenders tacked missed payments and late fees onto the principle increasing the principle balance and payments. This did nothing for the homeowner. President Obama's "Making Home Affordable" plan outlined a consistent set of loan modification guidelines to follow, for those who can't meet the monthly mortgage payments.

MHA's goal is to modify the terms so the monthly payment is no more then 31% of a persons gross monthly income. The homeowner is eligible when they are in eminent danger of defaulting or have already defaulted. A lender receives incentives by following the MHA guidelines, these guidelines are known as the Standard Waterfall. These are the steps the lenders will follow.

1) Borrowers monthly income will be verified through a 4506T tax document

2) All the Borrowers current monthly payments with all fees and property insurance will be added

3) Calculate 31 % of the borrowers income for target DTI ratio

4) The lender will then begin to reduce the interest rate by .125% increments to get as close to the target DTI ratio. The lender will not go any lower then 2%

5) To reach the target DTI ratio of 31%, the term of the loan can be extended to 40 years

6) If the target DTI ratio of 31% still hasn't been reached the lender could choose to forbear a portion of the principle, although they don't have to. That amount will be due in a balloon payment at the end of the term

MHA will pay incentive payments for every modified loan they complete. If the lender follows the Standard Waterfall outline and determine a loan modification is a better financial outcome then a foreclosure they will modify your loan. After making payments on a three month trial period the new interest rate will remain in place for the next five years. If the borrower fails in the trail period, the outline states the next step would be a short sale, deed in lieu then foreclosure.

Santa Clarita Residential Repair & Rehabilitation Programs

Fri, 27 Nov 2009 14:52:31 -0600

Residential Repair & Rehabilitation Programs

Handy Worker Program

This program is managed by the Santa Clarita Senior Center and helps low- and moderate-income residents repair their homes with grants for work not to exceed $2,500. Click here to see current income restrictions. Grant applicants must call the Senior Center for an application. No bids are necessary. All work is performed or contracted by the Senior Center. For more information, availability of funds, or to obtain an application please call 661-259-9444.

Residential and Property Rehabilitation Program

This is a city managed program that helps low- and moderate- income city residents make repairs to their homes. Click here to complete a short self-evaluation to see if you may be eligible for the program. Please see the chart below for typical allowable repairs. All applicants must complete an application, provide income documentation, and 3 bids for work desired. Applicants must be willing and able to manage the repair process with the contractor. For more information, availability of funds, or to obtain an application please call 661-286-4141.

Rehabilitation Grant Information

Typical allowable repairs for the Residential Rehabilitation and Handy Worker programs

Roofing repair and/or replacement

Electrical and plumbing repairs

Heating and air conditioning repairs (except window units)

Modifications for disabled access

Flooring/tile/wall repairs

Repairs needed to fix municipal code violations

Exterior painting*

*For painting on homes built prior to 1978 lead based paint testing is required before any bids can be submitted.

Property Rehabilitation

This program is managed by Santa Clarita City Staff and helps low- and moderate-income residents repair their property with grants for work up to $1,000. Please see the chart below for typical allowable repairs. Click here to see current income restrictions . Applicants will be required to submit income documentation and 3 bids for the work desired. Applicants must be willing and able to manage the repair process with the contractor. For more information, availability of funds, or to obtain an application please call 661-286-4141.

Typical allowable repairs for the Property Rehabilitation program

Walkway and driveway repairs

Wall, fence, and gate repairs

Outbuilding or detached garage repairs

Irrigation repairs

Assistance to address certain municipal code violations

Santa Clarita Pre-Foreclosure Specialists Earns Clients Gratitude

Mon, 23 Nov 2009 20:04:44 -0600

If your considering a short sale as an option to avoid foreclosure, I highly recommend you hire a Realtor who has sought out extensive training and has experience in handling these transactions. Jenifer and I have been dissecting the default process since 2006. My experience as a Loan Officer has been instrumental in dealing with the Loss Mitigation and Home Retention Departments. I have processed numerous Pre Foreclosure solutions over the last three years. I caution homeowners to verify the experience a Realtor claims to have. Any Realtor in today's market should provide you with letters of recommendation like the following.

October 27, 2009

To Whom It May Concern:

I am writing this letter to express my gratitude for getting the pleasure to work with real estate agents Gary and Jennifer Ricco. They both represented my ex-husband and me in a Short Sale of our single-family home.

Gary and Jennifer went above and beyond to guide me through the process. They spent an exorbitant amount of hours meeting with me, making phone calls to both my mortgage company and the buyer's loan company, not to mention communicating with the Escrow Officer. Gary and Jennifer always kept me informed at every step throughout the entire process and made sure to explain things in terms I would be able to understand.

Gary and Jennifer made what was already a very difficult situation, a smooth one by showing a genuine compassion for my unique circumstances. They were willing to work with me even though my ex-husband was going to be deployed and unreachable throughout most of the process. Their flexibility and creativity were key factors in getting escrow to close, saving me from having a foreclosure permanently on my credit report.

I highly recommend Gary and Jennifer Ricco to anyone who needs assistance with either buying or selling a home, no matter how complicated. I am truly grateful for all their hard work and appreciate their time and professional, yet compassionate attitude. As I look back on that difficult time in my life, getting divorced and short selling my home, I realize just how blessed I was to have Gary and Jennifer's help.

Sincerely,

Kelly C

What Is A CDPE And How Can A CDPE Realtor In Santa Clarita Help You?

Mon, 23 Nov 2009 19:28:51 -0600

A Certified Distressed Property Expert^® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today's market, specifically short sales.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the tools needed to help homeowners find the best solution for their situation. Often, when other options have been exhausted, CDPEs can help homeowners avoid foreclosure through the efficient execution of a short sale.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information, contact Jennifer & Gary Ricco of Keller Williams VIP Properties, Santa Clarita's Certified Distressed Property Experts. www.santaclaritacertifieddistressedpropertyexperts.com

CDPEs don't merely assist in selling properties, they serve and help save their clients in need

Are promissory notes good or bad for clients during a short sale negotiation?

Tue, 17 Nov 2009 11:23:37 -0600

Are promissory notes on 2nd liens good or bad for clients during a short sale? It's common knowledge that a foreclosure, deficiency judgment or debt being sold to a collections company will have a serious negative impact on an individuals credit history, but what about an unsecured promissory note that is required by a 2nd lien holder in order to get a short sale approved?

During a recent conversation with my credit repair expert, Doug Minor www.easycreditrelief.com, Doug informed me that promissory notes for 2nd lien holders during the short sale actually help establish and repair the credit score quicker. Doug stated making payments on a promissory note will establish a new trade line, which often leads to additional credit being issued by other creditors. In my experience most homeowners are unaware of this and this information could be the information the homeowner needed to decided whether or not to agree to the promissory note.

Promissory Note: A promissory note is also an unsecured note and a contract between the lender and borrower where the borrower agrees to pay the difference (or a percentage of the difference) between the amount owed and the sales price of the property. This is usually presented during a short sale and can only be enforced if the borrower agrees in writing. These notes are also negotiable after the short sale.

If your a homeowner or Realtor looking for information on how a short sale, foreclosure, bankruptcy or debt collections effect credit, I highly recommend Doug Minor from www.easycreditrelief.com

Is Your Realtor Properly Trained In Pre Foreclosure Options? Jennifer & Gary Ricco Certified Pre Foreclosure Specialists

Mon, 02 Nov 2009 12:28:53 -0600

I find it hard to believe some Realtors are still trying to bypass educating themselves fully in pre foreclosure process. Utilizing third party negotiators to negotiate pre foreclosure's can be a benefit; however the Realtor has the fiduciary duty to ensure the negotiator is licensed and skilled at negotiating the "most favorable outcome". In order to properly screen individuals or companies claiming to be third party negotiators, the Realtor has to have the knowledge first. The Realtor who sits across the table from the clients armed with this knowledge is the key. As a result of bypassing their own education, or resisting the education, untrained Realtors utilizing negotiators only focused on short sale negotiations, continue to pass along incorrect information to homeowners, information which could cause the homeowner not to have the "most favorable outcome".

It's imperative that Realtors possess the correct information when having intelligent conversations with clients. Trained Realtors can point out facts without giving legal or tax advice to homeowners on the possible Tax & Deficiency issues. California is one of 12 states with Anti-Deficiency Laws. In some cases going through a foreclosure is the most favorable outcome because of the protections provided by the Anti-Deficiency Laws. Realtors need to know the difference. Realtors with a Pre Foreclosure Specialists Certification can point out the facts and explain non-recourse & recourse issues as they relate to; purchase money loans with PMI or LPMI, 80/20 non recourse splits involving 100% financing, or a 1st lien with a 2^ndlien recourse Home Equity Line of Credit, (HELOC).

When choosing a Realtor to handle your pre foreclosure transaction, the Realtor must demonstrate their working knowledge of the guidelines the servicers and each note holder (investor) are working off of. Understanding how all the Government Programs, like the "Making Homes Affordable Program", the "Helping Families Save Homes Act" or President Obama's Foreclosure Alternative Program, ("FAP" Program) is setting the stage to streamline homeowner assistance. Most of these programs are requiring the servicer to attempt a loan modification; however the homeowner has to meet debt to income (DTI) ratios in order to qualify, if not the struggling homeowner can then proceed with a short sale, deed in lieu and lastly a foreclosure.

The Realtor must also be able to understand and point out the language used in approval letters, in order to guide the homeowner's conversation with their legal counsel. The terms "release" and "satisfy" should be scrutinized. Here is an actual example from a short sale approval I recently negotiated. The approval language used by SLS to "Release the lien secured by its Deed of Trust and "Release" the seller from liability under their promissory note was for a recourse 2nd lien, where the homeowner used a HELOC to pull out money out.

As you can see I was able to negotiate with SLS on the 2nd Lien (Recourse HELOC) and its investors to release the lien and release the seller from liability. This is very favorable language for the seller, who verified this with their counsel prior to moving forward and closing the short sale. These transactions must be negotiated and documented by a highly trained Realtor, a Realtor doing short sales with a purpose, not by default because these type of transactions are a majority of current real estate market.

Realtors who don't understand the foreclosure process or negotiating with loss mitigators are more likely to have 2^nd liens "charged off". A "Charge Off" is an instance in which a consumer (homeowner) is seriously delinquent in paying a bill and the creditor elects to transfer the account to an accounting category such as "charged to loss" or "bad debt." In such cases, the creditor may also turn the account over to an in-house or third party collections agency. These cause problems and delays and may be a deal breaker when negotiating short sales, however a trained Realtor has the knowledge to deal with this situations.

Here are just a few questions to ask your Real Estate Agent before hiring them.

•· Can my real estate agent explain the short sale process?

•· Does my real estate agent have prior short sale experience & success this year?

•· How do I know if my property qualifies for a short sale?

•· Does my real estate agent know what "hardships" quality for a short sale?

•· Does my real estate agent have an effective short sale strategy?

•· Does my real estate agent know how to effectively Price & Market my property correctly?

•· Which is better- a foreclosure or short sale?

•· What are the consequences of the short sale?

•· Why would the servicer and investor agree to a short sale?

•· How is a short sale different from a normal sale?

Now is not the time to gamble with your financial future, there are lots of real estate agents claiming to be short sale experts. If your serious about finding solutions to minimize your financial loss and limit the damage to your credit history, contact Jennifer and Gary Ricco at Keller Williams VIP Properties. 661-290-3837

Pre Foreclosure Assistance For Santa Clarita Homeowners Struggling With Wachovia, Golden West and World Savings Loans. Jennifer & Gary Ricco Santa Clartia's Pre Foreclosure Specialists

Mon, 26 Oct 2009 14:31:14 -0500

Santa Clarita Homeowners struggling with Wachovia, Golden West or World Savings loans, would you like to speak directly with a Short Sale Manager able to explain, handle and approve your Short Sale?

Jennifer and I have recently been assigned and are working with a manager from Wachovia's Loss Mitigation division who's been assigned to handle the Santa Clarita Valley. This Wachovia representative will meet with all the homeowners that are interested in doing a Loan Modification or Short Sale to avoid foreclosure.

I'm sure as homeowners you have heard the horror stories about the Loan Modification & Short Sales process, the time they take to get the approval and are confused about the ramifications associated with doing these types of transactions. Wachovia understands the position this market has created and now offers Realtors, homeowners and buyers the assistance necessary to streamline the short sale process and approve these transactions within traditional time lines.

Per Wachovia program guidelines the Wachovia representative will meet with homeowners to answer their questions, explain what program they qualify for and ensure their cooperation with a licensed Realtor. The beauty of this program is, you don't have to be behind on payments, however there must be a verifiable hardship in order to participate in this program. You may have received a letter from Wachovia or will be receiving a letter shortly, in any case feel free to contact me, I'll make the necessary arrangements for him to contact you directly.

Here are some of the programs highlights:

*One local point of contact for Realtors and customers to review strategy, submit offers and close the transaction

*On-site property and seller interviews by a Loss Mitigation Manager

*Approvals in 7-10 days

*Average closing from start to finish: 48 business days

*$2500 up to $5000 cash for cooperation/moving expenses

This is a great opportunity for homeowners with Neg Am or interest only loans, who can not get a loan modification due to their negative equity position and debt to income ratios. Take the opportunity to speak directly with a Loss Mitigation Manager who can explain your options and show you how this program can help your family.

Should you be considering a short sale this is the time, with limited inventory and low interest rates Realtors have nothing to show and sell their buyers. Take full advantage of this seller market and position yourself to minimize your financial loss.

Contact Jennifer or I to make an appointment with Wachoiva's Loss Mitigation Manager. 661-290-3837

Santa Clarita Pre Foreclosure Specialists Explains Seller Benefits of a Short Sale, Jennifer & Gary Ricco Keller Williams VIP Properties.

Thu, 22 Oct 2009 10:21:57 -0500

I am continually asked by clients on our listing appointments, "what are the benefits of doing a short sale vs letting the property go through foreclosure?" Without knowing the seller's financial situation, this can be difficult to answer because sometimes it's better to let the property go to a foreclosure because of California's Anti Deficiency laws and the protections they provide.

With that being said, in summary a seller can benefit from a short sale in the following ways.

* The most important, a seller can avoid having a "foreclosure " on their credit report.

*According to recent Fannie Mae lending guidelines, you can be eligible to qualify for a Fannie Mae backed loan two years after the short sale completes.

*Assuming the seller is already not making mortgage payments, they can continue to live in the property and not make payments during the short sale. The lender of Record actually prefers that the borrower continue to live in the property. Statistically, occupied homes tend to be better maintained then vacant properties, making the property more marketable.

*Most lenders feel that staying in the house is the "right thing to do" when in default. They tend to feel walking away from the house is irresponsible and unfair to the lender.

*Sellers often do not understand that when doing a short sale, the senior lien holder will pay for the costs of the sale.(i.E, commissions,escrow fees, title insurance, deliquent property taxes, ect.)

Here are the risks associated with Vacancy that lenders are faced with and why they prefer the borrower to stay in the home during the short sale process.

Vacancy risks can be broken down to three (3) primary categories.

1. Maintenance:

Maintenance issues on vacant properties stack up quickly. Lenders take on the expense of securing & maintaining the the property ahead of the foreclosure. Lenders hire costly preservation companies to maintain the property.

2. Theft & Vandalism:

Vacant properties are easy target for thieves looking for appliances and/or for the copper out of A/C units and pipes. Also vacant properties are a magnet for squatters and or juveniles that cause thousand of dollars of damage, all costs the lenders assumes in a foreclosure. Municipal fines can run as high as $1000 per violation, per property, per day for properties not maintained.

3. Vacant Property Ordinances:

Cities and counties across the country have drafted vacant property ordinances aimed at two things:

a) Reducing neighborhood blight by pushing lenders with the threat of financial penalties, to secure, monitor and maintain vacant bank owned properties.

b) Generating revenue, municipalities are looking for ways to make up for revenue short falls they face.

Each vacant property ordinance is different. It is estimated that there are over 5,000 distinct & separate vacant property ordinances across the country.

If your struggling with your mortgage, you owe it to your self to understand what pre foreclosure options you have. Jennifer and I have the training & experience to educate homeowners on the options they qualify for. If your looking for ways to minimize your financial loss and limit the damage to your credit history you need a trusted professional, trained in the pre foreclosure process. Jennifer and I have obtained our Pre Foreclosure Specialists certification and the Certified Distressed Property Expert designation.

Also if you are struggling with a Wachovia, World Savings and Golden West mortgage Jennifer and I have a short sale manager we can put you in direct contact with that will explain your pre foreclosure options with these loans.

Wachovia's Streamlined Short Sale Process Has Been Expaned To North Los Angeles County Homeowners!

Mon, 19 Oct 2009 15:04:57 -0500

Wachovia Streamlines Their Short Sales process!

North Los Angeles Homeowners struggling with Wachovia, Golden West or World Savings loans, would you like to speak directly with a Short Sale Manager able to explain, handle and approve your Short Sale?

Jennifer and I have recently been assigned a manager from Wachovia's short sale division. Our Wachovia representative will meet with all the homeowners we represent that are interested in doing a short sale to avoid foreclosure.

I'm sure as homeowners you have heard the horror stories about the short sale process, the time they take to get the approval and the ramifications associated with doing a short sale. Wachovia understands the position this market has created and now offers Realtors, homeowners and buyers the assistance necessary to streamline the short sale process and approve these transactions within traditional time lines.

Per Wachovia guidelines our Wachovia representative will meet with homeowners to answer their questions and ensure their cooperation. The beauty of this program is, you don't have to be behind on payments, however there must be a verifiable hardship in order to participate in this program.

Here are some of the programs highlights:

*One local point of contact for Realtors and customers to review strategy, submit offers and close the transaction

*On-site property and seller interviews by Short Sale Manager

*Approvals in 7-10 days

*Average closing from start to finish: 48 business days

WHAT DOES THIS MEAN TO YOU?

*Working with a Bank that "Get's It!"

*Professional Local Partner paired with you to help facilitate the closing of the sale

*Unprecedented Turn Around Time for Approval

*A Short Sale Transaction that will close in the Same Time Frame as a Regular Purchase

*YOUR VOICE IS HEARD!

If you have a Wachovia home loan that is in danger of defaulting, please give us a call. For more information on this program, please contact Jennifer & Gary Ricco of Keller Williams VIP Properties 1 (661) 290-3837.

Santa Clarita Realtors Helping Frustrated Home Buyers, Jennifer & Gary Ricco PSC & CDPE Keller Williams VIP Properties 661-290-3837

Mon, 21 Sep 2009 13:50:44 -0500

I have been through 8 homes, either outbid or short sales going under review for "modification". It is extremely frustrating. Seems to be a shortage of homes that fit our criteria, should I hang in there and relax, or put it off until next year? Will the $8K be there next year or is it over in 2009?

Frustrated over the housing market in Santa Clarita. We finally decided to stop renting and jump into this market. I went to a direct lending institution and we were pre-approved for a decent amount for the income that I make. Armed with a pre-approval letter, proof of funds, Fico scores and a 3% earnest money deposit we found a Realtor to work with who has patience beyond measure but we keep running into the same problem every single time. We find a place that suites all of our needs, is in a decent location and we would be able to see ourselves living there for a few years. We put offers in on 4 places thus far, every single time we have had to wait 4-5 days and get STOMPED on by someone with a better offer, granted they would never really ever tell us the amount of the other offers. This situation has been ridiculous, we have been almost $20,000.00 over the asking price in some cases and we would still lose the bid. Its become so frustrating, what are we to do in this market to position ourselves to get our offer accepted?

These are some of the stories we have heard from frustrated home buyers and I'm sure, if your trying to purchase a home right now you have a story similar to these. The competition is fierce in Santa Clarita as it is in all of California as well. Its important to understand we are experiencing historically low levels of inventory to sell here in Santa Clarita and all across California.

We can all speculate how this market is being manipulated by the government & the banks. In reality, the market it is what it is and takes highly trained professionals driven by ethics, not commissions to get the job done. As Realtors, Jennifer and I have sought the best training our industry has to offer. We have both received our Pre Foreclosure Specialists certifications www.partnerfirst.org and the Certified Distressed Property Expert designation www.cdpenow.com. This training ensures sellers & buyers are working with two highly trained professionals who are staying on top of this changing real estate market. Our knowledge and professionalism helps alleviate the frustrations home buyers are experiencing in this market.

This is how Jennifer and I position home buyers to win bidding wars with their offers.

First; As a Realtor we have to understand your purchasing power, which will paint a clear picture of the areas/properties in Santa Clarita you can afford. Closing cost credits, HOA dues & Mello-Roos expenses are major factors that need to be addressed.

Second; Jennifer and I study the comps in each particular neighborhood. Looking within a 1/2 mile radius first, then 1 mile out should their be no current comps and compare per-square-foot costs. We examine the median prices of the pending against the median prices of the solds. We use only the comps of homes that match as closely as possible to the home you want to buy.

Prior to showing the property we always talk with the listing agent in a effort to determine a price to offer, see if the listing agent has a ton of offers and if the property is still available. These facts will often help determine if you have to offer more than the list price. Jennifer and I will then suggest you offer a price within that range, knowing it will not appraise, at which point your the only offer to renegotiate with.

Finally; Put down at least a 3% earnest money deposit, of the asking price. You're going to put the money into escrow anyway, so do it upfront. Jennifer and I always write a letter to the seller, explaining why you want to buy that home and submit it with your offer.

Here is a link to our FREE MLS search engine. Its very user friendly. If your looking to make a purchase in this market please call us for a consultation, we'd be happy to help you understand our local market conditions. http://www.santaclaritavalleyhomesonline.com/buyers.htm

If your struggling with your mortgage payments call us for a free consultation, we're here to educate you on the options you qualify for whether its keeping you in your home or selling it through a short sale.

Struggling With Mortgage Payments, Don't Let time Run Out... FREE Foreclosure Assistance

Sat, 12 Sep 2009 13:11:39 -0500

Pre Foreclosure Specialists Bank Owned & Short Sale Listings Powered By GOOGLE Maps Direct access to SoCal Multiple Listing Service.

Mon, 31 Aug 2009 12:37:12 -0500

Searching for bank owned & short sale properties? Our FREE search IDX is powered by Google Maps. If your searching for bank owned or short sale properties go to www.santaclaritapreforeclosurespecialists.com When this page opens click on the middle icon below the photos, titled "short sales/REO's"

Once the Pre Foreclosure/Foreclosure page opens, you will see the Google map to the right. This tool is very interactive. By clicking on the green dots you will see all the pre foreclosure & foreclosure listings in that area. Just above the list of properties to the left you will see 2 tabs titled search & results. By clicking on the search tab you can change your search criteria. The results tab will show you the properties matching your search. Clicking on the property photos will provide details & information about the property.

You can also drag the Google Map around to the area you want to search in. For example, lets say you want to find bank owned and short sales in Thousand Oaks. Click on the minus sign on the zoom tool until you can see Thousand Oaks. Then click on the green dot in Thousand Oaks and all the listings will show up. Repeat the process for any city you want to search in.

This system also gives you the ability to create an account so you can track your favorite properties. The system will automatically notify you of price reductions and send you emails when new properties come on the market that meet your search criteria. If you have questions about any of the properties, you can email those questions and get answers hassle free.

Foreclosure & Default Numbers Continue to Rise 2nd Quarter 2009

Fri, 28 Aug 2009 21:20:24 -0500

Here are the National foreclosure & default numbers according to the Mortgage Bankers Association for the 2nd quarter of 2009.

These numbers were provided by the Mortgage Bankers Association,which they distribute quarterly. They are based on 45,000,000 mortgages and are seasonally adjusted.

National numbers on all Mortgages

4.30% in foreclosure

8.86% in default (30+ days late)

13.16% Total in Default

National numbers on Prime Mortgages

3.00% in foreclosure

6.41% in default (30+ days late)

9.41% Total in default

National numbers of Subprime Mortgages

15.05% in foreclosure

25.35% in default (30+ days late)

40.40% Total in default

National numbers of FHA Mortgages

2.98% in foreclosure

14.42% in default (30+ days late)

17.40% Total in default

National numbers of VA Mortgages

2.07% in foreclosure

8.06% in default (30+ days late)

10.13% Total in default

All Mortgages - 2009

Total Distressed Properties: 9,550,000

Total Predicted Sales: 4,760,000

As you can see the numbers in default are much higher then those in foreclosure, reason being is the government put a moratorium on foreclosures which has slowed the foreclosure process. Also Freddie Mac and Fannie Mae have publicly stated they want to move distressed assets through short sales vs acquisition and REO. President Obama's efforts and programs have given the banks incentive to complete more loan modifications where homeowners qualify and to streamline the short sale process for those who don't qualify.

To complete a short sale and successfully negotiate its close in today's market conditions requires a Realtor who has received Certified training as a Pre Foreclosure Specialist. In many subdivisions as many as 86% or more of the properties active on the MLS are distressed (pre-foreclosure, short sale, bank owned). With 86% of an area's listings being distressed, we have seen as high as 80% or more of an area's closings come from distressed properties.

If your struggling to make your mortgage payment or have missed three or more mortgage payments, it's time to take action. Don't gamble with your financial future, As a Certified Pre Foreclosure Specialist with a Certified Distressed Property Expert designation, my wife and I have helped homeowners avoid foreclosure and get on with their lives. You owe it to yourself to learn what options are available to minimize your financial loss and limit the damage to your credit history. Our consultation is free, educational and confidential.

Whether your looking to buy or sell, it's critical to select a Realtor who understands this market, has your best interest in mind and the ability to get the job done. Please contact, Jennifer & Gary Ricco at Keller Williams VIP Properties, we're specialists in Santa Clarita's Pre Foreclosure Real Estate. 661.290.3837 Please visit us at www.SantaClaritaPreForeclosureSpecialists.com

Please visit www.PartnerFirst.org and www.CDPEnow.com to learn about the training we received and networks Jennifer and I are affiliated with.

Home Sales Warm Up, However The cold chill of Falling Home Prices Awaits Many Americans This Winter.

Fri, 28 Aug 2009 15:34:36 -0500

For the past 2 years I have been following the number of mortgage defaults and developing a business to help struggling homeowners. Here is a post I wrote back in April showing the foreclosure trends. http://activerain.com/blogsview/1013521/-national-foreclosure-default-numbers-continue-to-rise-fouth-quarter-2008 The folowing will show you we are not out of the woods yet.

Home sales jumped 7.2% between June and July, the largest increase in over a decade with the fastest pace in nearly two years. However, according to the National Association of Realtors(NAR). Prices are down 15% compared to last year.

The banks along with the government moratorium on foreclosures have fostered a sellers market to slow and stop the devaluation of home prices. A combination of distressed properties, seasonal trends, low interest rates, and tax credits for first-time buyers is working its magic. Several issues have me worried that instead of an end to this housing nightmare, we are about to be hit by another wave of foreclosure.

With a large percentage of sales focused on foreclosures, short-sales, or other forced transactions rooted in financial distress, our current buying trends are by no means normal. It's no wonder, with the Mortgage Bankers Association (MBA) reporting that more than one in eight mortgage holders are in some stage of delinquency or foreclosure. http://www.mortgagebankers.org/NewsandMedia/PressCenter/68008.htm

In July foreclosures jumped 7% compared to June. With subprime borrowers unable to refinance loans and prime borrowers unable to pay their bills because of job loss we will see default numbers continue to rise. According to the MBA survey, 58% of new foreclosure starts originated in the well-to-do prime loan category, up from 44% last year. Meanwhile, subprime borrowers were responsible for only 33% of foreclosures, down from 49% last year. As foreclosures affect a larger and larger swath of the population, it will only add to the number of properties on the market and prices will naturally gravitate lower.

The major problem were facing now is the wave of loan resets in 2010 and 2011. As you can see in the chart below, a large number of prime, Alt-A, and Option ARM borrowers will be facing a higher payment, due to a mortgage rate reset, just as the housing market digests the fallout from the subprime problem of 2007 and 2008. Notice the reset activity for 2009. Should the economy actually start recovering, the Federal Reserve will have no choice but to raise interest rates during this period.

We also have an inventory issue. Despite a spike in sales, the inventory of existing homes for sale actually increased 7.3% to 4.1 million last month nationally. Here in Santa Clarita, California our inventory is at historically low levels, however with the foreclosure moratorium being lifted and homeowners attempting to short sell we could see a wave of properties hit the market by late fall.

Whats alarming to me is what Zillow found in it's latest survey. Zillow found that a full 81% of homeowners believe their homes value wont fall in value over the next six months. Adding to the perception that people are losing touch with reality, only 60% believed the value of their home had fallen over the last year; when in reality 83% of all homes actually lost value during that time.

My wife Jennifer and I are here to help homeowners who are dealing with foreclosure. After serving in the Military and Law Enforcement we pride ourselves in doing the right thing for those in need. Now is not the time to gamble with your financial future, you need a Certified Pre Foreclosure Specialist who understands this market and has the experience to get the job done. Call for your free consultation. 661-290-3837 We offer & extend our expertise from Santa Clarita to Oxnard through Thousand Oaks and the San Fernando Valley.

Notice Of Default In Santa Clarita, Now What? Realtor Specializing In Pre Foreclosure Real Estate

Thu, 27 Aug 2009 18:48:04 -0500

I just received a Notice Of Default, now what?

For many people, the prospect of being unable to make their mortgage payment paralyzes them with fear and anxiety. They stop opening the mail, start avoiding phone calls and procrastinate on paying the bills. The fastest way to feel relief if you are falling behind on your mortgage is to do something about it. Whether you gather your bill statements, apply for a new job or call your lender to explain your situation, moving into action will prevent you from waking up to find a Notice of Trustee Sale posted on your front door. By the time that happens, there is not much you can do to save your home.

If you have attempted to do a loan modification and it looks like you will not be able to work out a solution with your lender or refinance your home, you should put it up for sale -- immediately. The faster you get your home sold, the less damage will be done to your credit and your psyche!

Selling your home in today's market requires a real estate agent who has certified training as a Pre Foreclosure Specialist. When attempting to avoid a foreclosure, it's critical to have a trained professional representing your interests. Any Realtor that is specializing in Pre Foreclosure Sales should provide you with references. To ensure you are working with a professional that has experience with short sales, I will put you in contact with homeowners I have recently & successfully represented in a Pre Foreclosure Sale (short sales). Pre Foreclosure short sales are difficult transactions which require a skilled negotiator who knows the foreclosure process inside and out.

Here in Santa Clarita and across California real estate inventory is at an all time low. There are currently 632 active listings on the market in Santa Clarita. Many are getting multiple offers the day they are listed. Homeowners wanting to avoid foreclosure have an opportunity to take advantage of this sellers market.

As Certified Pre Foreclosure Specialist with a Certified Distressed Property Expert designation, I have the training and experience to assist homeowners who are facing foreclosure. Don't let your fear or embarrassment cause you to wake up to a Notice Of Trustee Sale posted on you door. If you have received a Notice of Default you must act quickly.

Please take the time to contact me for a free consultation and a current market analysis of your property. You owe it to yourself to learn what options you can utilize to avoid foreclosure. Due to my Law Enforcement background, all financial information disclosed is confidential and protected.

Santa Clarita Real Estate New Short Sale Listing 28893 Rock Canyon Dr Saugus Jennifer and Gary Ricco Keller Williams VIP Properties

Wed, 12 Aug 2009 14:37:39 -0500

Hello all,

Jennifer and I specliaize in Santa Clarita's distressed real estate market. We recently took a new short sale listing in Saugus. The property is in the Timberline Tract, Copper Hill North. We are looking to represent committed buyers on this transaction. Should you be interested in letting Jennifer and I represent you with the purchase of this transaction, we would negotiate a reasonable commission with this lender in order to minimize the loss to this lender. This is a true hardship, the homeowners were denied a loan modification and were instructed to proceed with short sale.

Address 28893 Rock Canyon Dr Saugus, Ca 91390

List Price $550,000 Sqft 2897 4 bed 3.25 bath MLS # F1817028

www.tourfactory.com/538015

Santa Clarita's PreForeclosure Specialists Save Another Homeowner From Foreclosure! Jennifer & Gary Ricco Keller Williams VIP Properties.

Mon, 10 Aug 2009 19:05:01 -0500

When your a homeowner facing foreclosure its difficult to manage your emotions during this process. What's important to focus on may be clouded by your attachment to the property. An experienced Realtor will be comforting throughout the process. Homeowners trying to avoid foreclosure need a Realtor who is trained to handle and negotiate these difficult transactions. Being a Certified Pre Foreclosure Specialist with a Certified Distressed Property Expert designation ensures homeowners that we have the training and experience required to handle these transactions. Here's another example of how we help Santa Clarita homeowners avoid foreclosure.

We were contacted by these clients, in Feb 2009 for a consultation. After careful analysis of their situation and their communication with a CPA and Tax advisor, these clients decided a short sale would be the best solution to minimize their financial loss and limit the damage to their credit history. We listed the property at FMV ($455,000) and represented a committed buyer to purchase the property. We educated everyone involved in this transaction on the time frames and pitfalls associated with a short sale transaction.

Jennifer and I showed the buyers what FMV was in this neighborhood and they agreed to make a reasonable offer ($425,000), which we believed the lenders would accept. Jennifer and I negotiated with BofA, who held both the 1st and 2nd liens. BofA accepted the $425,000 offer and gave the buyers a 3% credit towards closing costs. After negotiations were settled, we had a delay due to the buyers bank (Chase) not funding on time. This entire process lasted alittle over 5 months and recently closed, with the homeowner avoiding foreclosure.

Those not educated on this process will say this process is impossible or takes way to long. This is the reality of the current Real Estate Market. As a Realtor in today's market it's critical to have the training, experience and communication skills to manage and facilitate transactions for seller's and buyer's. We all just need to do our part while President Obama's administration and the banks streamline the short sale process.

If your facing foreclosure, we can help you understand your Pre-Foreclosure options. Jennifer and I provide Free Consultations! Don't gamble with your financial future, you need a trusted representative with a proven record. We extend our services to homeowners in the Santa Clarita Valley, San Fernando Valley and Ventura County. For recorded information on Pre-Foreclosure Options Call 1(800)805-2409 ext 2002

If your a buyer in this market you need a Realtor who has received specific training in distressed markets, has experience in representing buyers in today's market and the ability to negotiate on you behalf to get the job done. If your buying in today's market, Jennifer and I would like the opportunity to earn your business. Our buyer consultations are educational.

Fannie Losses reach $14.8 Billion, Fannie needs $10.7 Billion from Treasury to stay afloat!

Sat, 08 Aug 2009 21:46:50 -0500

As a real estate professional I feel it's important to keep up with current events in the mortgage industry. Being a Loan Officer for a period of time has enhanced my skills as a Realtor. In this market Realtors need to have an understanding of real estate financing, it can make or break a deal in today's market. Understanding whats happening in the mortgage industry is critical when consulting first time buyers, move up buyers and investor's. Anyone one can copy & paste the local numbers, IE; DOM, number of properties in escrow or on the market.

When specializing in a distressed market I believe it's critical to tract the number of defaulting mortgages, the unemployment numbers and how the various Housing and Economic Recovery Acts are affecting the situation. I don't think anyone wants to go out on the limb to predict when we will hit the bottom or if we have hit the bottom.

I found this article on one of my favorite websites WWW.housingwire.com and thought I would share it with you.

By AUSTIN KILGORE
August 7, 2009 8:39 AM CST

Government-sponsored enterprise (GSE) Fannie Mae (FNM: 0.66 -16.46%) said it needs a $10.7bn injection of cash from the Treasury Department to stay afloat after losing $14.8bn in Q209.

The Q209 loss, about $2.67 per share, is less than the $23.2bn ($4.09 per share) that Fannie had in Q109.

Fannie had $18.8bn in credit-related expenses, which was down from $20.9bn in Q109. The provision for credit losses was $18.2bn, but only $4.8bn of that was for net charge-offs. The remaining $13.4bn went toward building loss reserves, as Fannie expects continued losses.

It's the third time Fannie has been forced to go to Treasury for funds to stay in business, and brings the total amount of money loaned to the GSE under its preferred stock purchase with the Treasury to $45.9bn. It has requested the funds on or before September 30.

Reportsindicate that the ObamaAdministration may "wind down" Fannie and fellow GSE Freddie Mac (FRE: 0.74 -11.90%), and possibly spin off their bad assets into a federally backed corporation, a so-called "bad bank," and let the two companies keep their performing products. The White House denies this.

Fannie is seeing an across the board increase in delinquencies and defaults, even on loans considered less risky - those with lower loan to value ratios, higher borrower FICO scores and other variables.

"This general deterioration in our guaranty book of business is a result of the stress on a broader segment of borrowers due to the rise in unemployment and the decline in home prices," Fannie said in its quarterly report.

As you can see from this article Fannie Mae is reporting huge losses and an increase in delinquencies. According the Mortgage Bankers Association National Delinquency Survey, the delinquency rate for mortgage loans on one-to-four-unit residential properties was 8.22 percent on a non-seasonally adjusted basis, down 41 basis points from 8.63 percent in the fourth quarter of 2008. Delinquency rates always decline in the first quarter of the year due to a variety of seasonal factors. After accounting for these factors, the seasonally adjusted delinquency rate was 9.12 percent of all loans outstanding as of the end of the first quarter of 2009, up 124 basis points from the fourth quarter of 2008, and up 277 basis points from one year ago.

The seasonally adjusted rate is the highest in the MBA's records going back to 1972 and the unadjusted rate is the highest recorded in the first quarter of any year back to 1972.

The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the first quarter was 3.85 percent, an increase of 55 basis points from the fourth quarter of 2008 and up 138 basis points from one year ago. Both the foreclosure inventory percentage and the quarter to quarter increase are record highs.

The combined percentage of loans in foreclosure and at least one payment past due, meaning the percentage of mortgage holders not current on their mortgages, was 12.07 percent on a non-seasonally adjusted basis, the highest ever recorded in the MBA delinquency survey.

We are in challenging times. With the foreclosure moratorium being removed in fall, the delinquencies numbers raising and the current unemployment numbers, how could anyone speculate if we have hit the bottom. Stay tuned for the delinquency numbers in Q3 & Q4 2009.

Specializing In Santa Clarita's Pre-Foreclosure Real Estate Market, Jennifer & Gary Ricco PSC & CDPE

Wed, 29 Jul 2009 16:49:05 -0500

Has your lender filed a Notice Of Default? Don't wait till you receive a Notice Of Trustee Sale, learn your Pre-Foreclosure options from a Certified Pre-foreclosure Specialist now!

Have you missed 3 or more mortgage payments due to a reduction in pay, large medical bills, loss of job or your ARM Loan resetting to a higher payment? Has all the information you've heard in the media confused you? Are you stressed out because your lender is not responding to your loan modification request or your lender is only offering you a Forebearance which increases your principle balance? Do you want honest answers about how to avoid foreclosure? Your not alone, millions of homeowners all across America are facing foreclosure. These homeowners, like you will be making tough decisions throughout the next couple years.

Don't be mislead, as a homeowner you only have 9 options to choose from when trying to avoid foreclosure. A true financial hardship and missed mortgage payments in most cases is required to qualify for President Obama's Making Homes Affordable Program. Financial hardships limit the use of these 9 options. Here are the only options available for homeowners to utilize to avoid foreclosure.

Nine options when facing Foreclosure

1. Do Nothing - If a homeowner does nothing, they will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information. Not the best option.

2. Payoff/Refinance - Completely paying off the entire loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home. This option may change your non-recourse loan to a recourse loan, enabling the lender to pursue a deficiency judgment. http://banking.about.com/od/loans/a/recourseloan.htm

3. Reinstatement - Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.

4. Loan Modification - Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.

5. Forbearance - Lender may be able to arrange a repayment plan based on the homeowner's financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.

6. Partial Claim - A loan from the lender for a 2^nd loan to include back payments, costs and fees.

7. Deed in Lieu of Foreclosure - Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan applications ask if this has ever happened.

8. Bankruptcy - This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.

--Chapter 7 (Liquidation) To completely settle personal debt.

--Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.

--Chapter 11 (Business Reorganization) A business debt solution.

9. Sale - If the property has equity (money left over after all loans and monetary encumbrances are paid). The homeowner may sell the home without lender approval through a conventional home sale. In this case, the homeowner will get cash from the sale. On the other hand, a Short Sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your Real Estate Professional if what is owed is MORE than the property's value.

Jennifer & Gary Ricco of Keller Williams VIP Properties have sought out the best training in the Real Estate Industry to provide homeowners with honest answeres about avoiding foreclosure. Both my wife and I have earned the Certified Distressed Property Expert designation www.cdpenow.com and the Pre-Foreclosure Specialists Certification www.partnerfirst.org .

Don't gamble with your financial future, Jennifer and Gary Ricco are Realtors who are specializing in this Pre-Foreclosure Real Estate Market. Whats critical to understand about avoiding foreclosure is which option will minimize your financial loss and limit the damage to your credit history. Avoiding Foreclosure will have negative ramifications, Jennifer and I have to verify your financial hardship in order to see what programs you qualify for and what options apply to you. Whether you agree with your lender to do a forebearance or choose a short sale their are ramifications that homeowners have to understand and consider when utilizing these options.

If your about to miss payments or are in default, contact Jennifer and Gary Ricco to set up a consultation, its free, educational and will provide solutions for the difficult decisions you have to make. We extend our services to the Santa Clarita Valley, San Fernando Valley and Ventura County.

FOR 24 HOUR RECORDED INFORMATION ON PRE-FORECLOSURE OPTIONS CALL 1(800)805-2409 ext 2002

Santa Clarita Valley Homes Online, Jennifer & Gary Ricco Keller Williams VIP Properties

Tue, 21 Jul 2009 19:12:06 -0500

By utilizing the internet and our unique 201 point marketing plan, we have the skills and technology that are necessary to sell your home in today's market, whether it's a traditional sale or short sale. As members of Keller Williams VIP Properties, The Distressed Property Institute, PartnerFirst Nationwide Short Sale Network, The Women's Council of Realtors and The Santa Clarita Advisory Network, we are committed to networking with dedicated real estate professionals who know how to work in today's market.

Our Advisory Group decided that we would invite agents in town from different companies to a bi-monthly network meeting where we would put our buyers and sellers together. Focusing our networks on our listings can mean the difference between selling and not selling in a tough market.

In today's market it means our advisory group's buyers hear about great homes before they hit the market. Is this fair to other agents who have listings that may be as competitively priced as ours but aren't networking the way we do? Not really, it's our job to position our clients, whether selling our buying, to get the job done.

Marketing

Understanding that most of today's buyer's utilize the internet to research property values, communities and to view photos of homes, Jennifer and I have created a user friendly online marketing system. Our website www.santaclaritavalleyhomesonline.comallows buyer's to educate themselves on the services we provide, search and view properties in a variety of ways. We can feature our listings utilizing virtual tours, which links our featured properties to other website's like Realtor.com, Trulia.com, Youtube.com and maney more.

Facing Foreclosure In Santa Clarita? We Can Help You Go Over Your Options!

Sun, 19 Jul 2009 21:18:42 -0500

Are you a homeowner in Santa Clarita faced with the difficult decisions a foreclosure presents? These tough economic times have hardworking people everywhere making difficult decisions regarding their financial future. When facing foreclosure it's critical to learn what options are available to avoid foreclosure, don't be mislead sometimes foreclosure is the best action. When the California 90-day Foreclosure moratorium, aka the "California Foreclosure Prevention Act", is released thousands of foreclosures will eventually happen. Understanding where you are this process is critical, where your at in the process may limit the time you have left to utilize Pre-Foreclosure options.

As a homeowner you have many Pre-Foreclosure options to choose from: Forebearance, Loan Modification, Refinance, Deed-In Lieu, Short Sale and more! As a trained Certified Distressed Property Expert with a Pre-Foreclosure Specialist Certification I can help you understand these options. A close analysis of whats causing the financial hardship will clarify which options you quailify for and which option may be applied to your situation. Whether you have lost your job, taken a pay reduction, have alot of medical bills or just got caught in an adjustable mortgage, I can Help! Seek the best option for you and you family. AVOID FORECLOSURE!

Call today to discuss your options! 1-800-805-2409

Homeowners with IndyMac Loans in the areas of Santa Clarita, San Fernando Valley and Ventura County are encouraged to call today!

Santa Clarita Realtor Receives Pre-Foreclosure Specialist Certification (PSC)

Sat, 18 Jul 2009 17:59:23 -0500

In today's market foreclosure does more then hurt your credit, it affects your ability to buy a home in the future. There are many programs out there to help struggling homeowners who are falling behind on their mortgage payments. During these tough economic times hardworking people everywhere are having to make difficult decisions regarding their financial future. In order to make sure that you and your family are protected from foreclosure you need a Realtor who has been properly trained to specialize in Pre-Foreclosure alternatives.

As Realtors who specialize in helping homeowners avoid foreclosure in Santa Clarita, Jennifer and I go out of our way to seek out continuing education from the brightest minds in the industry. Thanks to the incredible Frank Crandall (Santa Clarita KW Team Leader) and Rod Gordy (Sr VP Fidelity National Title) we were introduced to PartnerFirst, a Nationwide Certified Short Sale Agent Network, who offer's the PSC designation. Yesterday, Jennifer and I finished their intensive two day Pre-Foreclosure Specialist Certification course. This course enhanced our negotiation skills and provided us with a perspective from the lenders point of view, when it comes to loss mitigation. For more information about how PartnerFirst PSC Realtors can help homeowners please follow this link. www.partnerfirst.org

Here's a look at the management team and the individuals who were instrumental in putting the curriculum together for the PSC designation.

Management Team

Mark Comer, Co-Founder and President, PartnerFirst. With more than 19 years of experience achieving high levels of leadership success within the mortgage and real estate industries, Mark co-founded PartnerFirst with a vision to connect homeowners, vendors, mortgage servicers and real estate brokers together through the PartnerFirst Real Estate Network. Mark is a graduate of the University of Southern California with an emphasis in Real Estate Development and Finance.

Michael Leet, Co-Founder, Executive Vice president and Chief Operating Officer, PartnerFirst. With more than 19 years of experience achieving high levels of success within the mortgage industry, Michael is in charge of all financial and operations management for PartnerFirst and its sister companies National Mortgage Consumer Counseling, and United American Funding. Michael is a graduate of the University of Southern California in Business with an emphasis in Real Estate.

Son Nguyen, Co-Founder, Senior Vice President, Program Director of the Homeowner Outreach Assistance Program and Minority Outreach Initiative, PartnerFirst. With more than 12 years of achieving high levels of leadership success within the real estate, title and escrow industries, Son is in charge of developing the Homeowner Outreach Program (HOA) focusing on the Minority Outreach Relations initiative (MOR). A proud U.S. Navy veteran, Son is a graduate of the University of Florida with a degree in Public Relations and Masters in Organizational Management.

Priscilla Carlone, Vice President of Default Services Technology, PartnerFirst. With more than 27 years of experience in non-performing mortgages servicing, Priscilla is considered an expert in loan loss mitigation technology and servicing practices. Her award-winning career with Fannie Mae for the past 20 years has yielded multiple loss mitigation initiatives including integral system technology and innovative servicing processes and efficiencies.

Trainer

Jacob Swodeck, Director Of Education, PartnerFirst. Jacob is an active agent who has been in the pre-foreclosure trenches for over 10 years. He began his real estate career as a manager of one of the largest short sale processing centers on the west coast. With a training that runs deep with experience and volume in short sales, Jacob has acquired the knowledge necessary to be considered one of the top short sale experts in his respective field. Between himself and his past business partner, they estimate to have closed nearly 1,000 short sales together including the 1990's when Jacob began. Jacob has also trained thousands of real estate professionals to "recession proof" their careers in his full day short sale mastery university seminars nationwide.

If you are falling behind on your mortgage payments you have many Pre-Foreclosure options to choose from: Contact a Pre-Foreclosure Specialist today to discuss which option is best for you. Don't wait till it's to late, let us show you how to minimize your financial loss and limit the damage to your credit history.

I encourage homeowners to contact me, who are facing foreclosure with IndyMac Loans. I have helped several homeowners with IndyMac Loans, in doing so I have developed a great working relationship with several Loss Mitiators and the VP of Loss Mitigation. I have also developed similar relationships with BofA, Wells Fargo and several other lenders.

Santa Clarita Realtor, Experienced Short Sales Specialist Jennifer & Gary Ricco Keller Williams VIP Properties

Sat, 11 Jul 2009 16:35:55 -0500

As a Santa Clarita Realtor specializing in Pre-Foreclosure options and Short Sales, I spend a large amount of time on the phone negotiating with asset managers for clients my wife and I represent. This particular client's job requires a security clearance and a delinquency would cause him to loose his clearance and his job. I recently escalated this file to a Level 2 supervisor at Fannie Mae because OneWest Bank formally know as IndyMac negotiated a deal that all parties agreed to, but ultimately was denied by Fannie Mae. This file was negotiated after a OWB loss mitigator supervisor verified the current mortgage status was not an issue, due to the fact that there was Imminent Default pending.

During this conversation the supervisor at Fannie Mae stated they recently changed the guidelines, according to their MBS Trust Document, Fannie Mae will not consider a short sale on homeowners with current mortgages, homeowners must be delinquent.

Here is wording from the MBS Trust Document:

2. Default Reasonably Foreseeable (Imminent Default)

Servicing Guide, Part I, Section 202: Servicer's Basic Duties and Responsibilities;

Expansion of Forbearance Term
Part III, Section 102.04: Repayment Plans; Section 804.04: Temporary Forbearance; Part VII, Section 302: Special Forbearance; Section 303: Repayment Plan; Section 502.02: Modifying Conventional Mortgages; Announcement 07-03R2: Reissuance of the Instructions for the Fannie Mae Single-Family MBS Master Trust Agreement; and Announcement 08-07:

Effective immediately, a servicer may begin loss mitigation efforts for any mortgage loan when a payment default is reasonably foreseeable (imminent default) rather than waiting for an actual payment default. Accordingly, a servicer may agree to one or more appropriate and permitted loss mitigation alternatives (e.g., forbearance, a combination of forbearance and a repayment plan, and an Early Workout (discussed in the following section)), if the servicer has determined that a payment default is reasonably foreseeable, and a concession to the borrower in the payment terms is advisable. In determining whether a payment default is reasonably foreseeable, the servicer must evaluate the borrower's financial condition as well as the condition of and circumstances affecting the property securing the mortgage loan. The servicer also must document the basis on which it makes a determination that a payment default is reasonably foreseeable. This new rule allowing earlier intervention applies to all MBS mortgage loans and all whole loans held in Fannie Mae's portfolio.

Preforeclosure sales, acceptance of deeds-in-lieu of foreclosure, and short payoffs (accepting a payoff for less than the amount owed), will not be permitted loss mitigation alternatives for use with borrowers whose loans are current but are determined to be in imminent default.

Following is a list of examples of the types of factors the servicer may consider when evaluating whether or not a payment default is reasonably foreseeable. Factors for consideration include, but are not limited to:

 information received from the borrower (for example, changes in employment and other income sources, or family medical status);

 the payment history of the borrower(s) (as reported by a credit bureau) on other indebtedness;

 the loan-to-value (LTV) ratio of the mortgage loan when it was originated;

 an estimate of the current LTV ratio;

 whether the monthly debt service under the mortgage loan has recently changed or will soon change;

 the credit score of the borrower(s); and

 the occurrence of a natural disaster (such as a tornado, hurricane, or flood), terrorist attack or other catastrophe caused by either nature or a person other than the borrower that: - the servicer reasonably believes adversely affects the value or habitability of a mortgaged property; or - the servicer reasonably believes adversely affects the borrower's ability to make further payments or payment in full on the mortgage loan.

A default is reasonably foreseeable when the servicer is notified or otherwise becomes aware of an event or factors (including those listed above) that is or are expected to cause the borrower to be in default in the near future, generally within 90 days.

As you can see this document is confusing. The attorney I have a business relationship with is reviewing this case for any possible legal intervention.

From the above scenario you can see it's critical to hire a Realtor that is experienced & equipped to handle these types of transactions. If your facing foreclosure, we are Santa Clarita Realtors who specialize in foreclosure avoidance. Our Free consultations educate clients on the options available to keep their home, or sell their home through a short sale. When facing foreclosure your goal is to minimize your financial loss and limit the damage to your credit history.

Santa Clarita Real Estate, Short Sale Price Reduced To $430,000

Sat, 11 Jul 2009 14:55:36 -0500

BEAUTIFUL 3 BEDROOM 3 BATHROOM 2208 SQFT SAUGUS HOME. THIS HOME HAS A SPACIOUS KITCHEN WITH GRANITE COUNTERTOPS AND CENTER ISLAND. THE FAMILY ROOM HAS A CUSTOM BUILT IN ENTERTAINMENT CENTER. FORMAL DINING ROOM, LIVING ROOM/STUDY HAS A BUILT IN BOOKCASE AND FRENCH DOORS WITH BEAUTIFUL GLASS INLAY. SPACIOUS OPEN LOFT AREA UPSTAIRS. THE MASTER SUITE HAS A PANORAMIC VIEW OF THE MOUNTAINS. THE BACKYARD HAS A COVERED PATIO WHICH IS GREAT FOR ENTERTAINING. THIS IS A SHORT SALE. Wells Fargo hold both notes. click on this link to view virtual tour. http://www.tourfactory.com/514393