Gary and I are passionate about helping our community through this foreclosure crisis. We spend a great deal of time educating ourselves and clients to best serve them. Here is our most recent testimonial from a family that we helped to avoid foreclosure here in Valencia, Ca.

March 1, 2010

To Whom It May Concern:

I am writing this letter to express my deep gratitude and appreciation for Gary and Jennifer Ricco. My wife and I were represented by Gary and Jennifer in the short sale of our home, and we can honestly say that they truly are the most amazing real estate agents we have ever worked with.

From the very first moment we met with Gary and Jennifer, we could tell that they were honest, compassionate, and genuine. Gary and Jennifer truly showed an interest in their work and a desire to help people in need. When we explained our situation and need for help, they listened. After gaining a solid understanding of our situation, Gary and Jennifer provided us with options to solve our problem and a commitment to executing the plan no matter how long it took or how difficult it could become.

A short sale is not an easy one, and Gary and Jennifer demonstrated a strong understanding of the entire process and an amazing ability to make it work. From start to finish, Gary and Jennifer knew exactly what needed to be done. They were always one step ahead of the game and had a solid reaction plan based on every possible outcome for any given situation. We were nervous about trying to tackle a short sale with our home, but Gary and Jennifer were always there to explain everything and make us feel comfortable. They truly are experts in distressed property transactions.

Gary and Jennifer have an answer for everything; I truly believe they can accomplish the impossible. I would highly recommend Gary and Jennifer to anyone who needs to buy or sell a home no matter how dire or complicated the situation may be. If anyone can help, Gary and Jennifer can. Not only will they get the job done, but they will be there for you every step of the way.

Gary and Jennifer truly are amazing people. In a world where it seems nobody can be trusted, you can count on Gary and Jennifer. They will help you through any real estate transaction, and be your friend too. When you work with Gary and Jennifer, not only do you benefit from their expertise and professionalism, but you also benefit from the entire professional community that they bring with them. Gary and Jennifer Ricco provide a total package solution to a complex problem.

Sincerely,

Jason H.

Los Angeles Area Wachovia Homeowners are you looking for answer to your

pre foreclosure questions? Marc Souza a Regional Short Sale Manager will

be one of our guest speakers at our 2010 Homeowners Outreach Assistance

Pre Foreclosure Seminar March 6, 2010 from 1-4 pm in Van Nuys. This is your

chance to speak directly with a Wachovia representative as well as other top

professionals in the industry. This event is FREE, seats are filling up quickly

RSVP today!

Click on each flyer to enlarge
         

Homeowner Resources get Your FREE report! Learn how Jennifer & Gary Ricco with the Certified Distressed Property Expert® designation are best suited to help Southern California distressed homeowners. We have been Certified Distressed Property Experts, CDPE since November 2008, helping one homeowner at a time.

Homeowners to get your FREE report go to: www.SantaClaritaPreForeclosureSpecialists.com Click on the resoureces tab to request your FREE report.

License numbers 01461940 & 01803395

Homeowner Resources get Your FREE report! Learn how Jennifer & Gary Ricco with the Certified Distressed Property Expert® designation are best suited to help Southern California distressed homeowners. We have been Certified Distressed Property Experts, CDPE since November 2008, helping one homeowner at a time.

PRE FORECLOSURE OPTIONS

The current U.S. housing market and national financial crisis has caused untold stress and heartache for many American families. Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to Santa Clarita area residents for foreclosure are many. Following is a brief explanation of these solutions, including their benefits and drawbacks:

Reinstatement
A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender's approval and will 'reinstate' a mortgage up to the day before the final foreclosure sale.

• Benefit: Does not require the mortgage company or lender's approval.
• Drawback: Requires that a homeowner be able to pay all back payments, fines and fees.

Forbearance or Repayment Plan
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

• Benefit: Allows the homeowner to make back payments over time.
• Drawback: Requires that a homeowner be in a financial position to pay not only their current mortgage, but also a portion of the back payments owed. Some mortgage companies will require a homeowner to 'qualify' for forbearance.

Mortgage Modification
A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.

• Benefit: Reduces the payment a homeowner is required to make on a monthly basis and may reduce the principal balance of the loan
• Drawback: Requires that a homeowner 'qualify' for the new payment and will often require full documentation. Lender has to be actively pursuing modifications.

Rent the Property
A homeowner who has a mortgage payment low enough that market rent will allow it to be paid, is able to convert their property to a rental and use the rental income to pay the mortgage.

• Benefit: Allows homeowner to keep property indefinitely.
• Drawback: The issues that can arise with a rental property are many, and rent often does not cover the full cost of property ownership and maintenance.

Deed in Lieu of Foreclosure
Also known as a 'friendly foreclosure', a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.

• Benefit: Many times in a successful deed in lieu, the lender will forego their right to a deficiency judgment.
• Drawback: Requires that a homeowner vacate the property, and a deed in lieu may be reported to credit bureaus as a foreclosure.

Bankruptcy
Many have considered and marketed bankruptcy as a 'foreclosure solution,' but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.

• Benefit: Does not require lender approval.
• Drawback: If a homeowner cannot afford their mortgage payment, a bankruptcy will only stall-not stop-the foreclosure process. Bankruptcy can be costly, is damaging to credit scores, and can only be declared once every seven years.

Refinance
If a homeowner is lucky enough to have sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.

• Benefit: In some cases, this will lower payments.
• Drawback: In today's market, a refinance will almost always raise mortgage payments, and is an expensive process.

Service members Civil Relief Act (military personnel only)
If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment, they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers in relation to qualifying for this relief.

• Benefit: If qualified, this will lower payments on all consumer debt in addition to mortgage payments.
• Drawback: Must be active military to qualify.

Sell the Property
Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.

• Benefit: Allows homeowner to avoid foreclosure and harvest some of their equity.
• Drawback: In many cases today, homeowners do not have sufficient equity to sell their property without negotiating a short sale (see next solution).

Short Sale
If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.

• Benefit: A short sale allows the homeowner to avoid foreclosure and salvage some of their credit rating. This also keeps foreclosure off the individuals public record, and in many cases will allow the homeowner to avoid a deficiency judgment. Borrower may qualify for another mortgage in as little as 24 months (as opposed to five years for a foreclosure).
• Drawback: Short sales can be a trying process in which a homeowner is best served by contracting with a qualified real estate agent to guide the way.

This represents only a summary of some of the solutions available to homeowners facing foreclosure. Please call us today for a free confidential evaluation of your individual situation, property value, and possible options. With our law enforcement backgrounds we pride ourselves on honesty and integrity, your information is kept confidential.

WE CAN SEND YOU THE FOLLOWING FREE REPORTS:

1. Short Sale & Deed-In-Lieu Understand the details and consequences of two dignified solutions to an upside-down mortgage situation.

2. The Truth About Mortgage Modifications The Truth About Mortgage Modifications.

3. 7 Short Sale Myths The 7 most dangerous short sale myths identified and explained.

4. Foreclosure Vs. Short Sale A side-by-side comparison of the consequences of foreclosure and a short sale.

5. Options and Solutions Highlighting 10 alternatives to foreclosure for distressed property homeowners.

To get these Free reports go to: www.SantaClaritaPreForeclosureSpecialists.com simply click on the Resource tab and choose which report you would like e-mailed to you. If you have any questions please feel free to contact these CDPE® Realtors

Jennifer & Gary Ricco CDPE, PSC Keller Williams VIP Properties

25124 Springfield Court Suite 100 Valencia, Ca 91355
(661) 290-3837

We service Los Angeles and Ventura Counties

**This event is for all homeowners, not just Wachovia mortgage homeowners** 

Foreclosure Avoidance Options

Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to residents for foreclosure are many, including but not limited to short sales. Following is a brief explanation of these solutions:

Reinstatement

A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender's approval and will 'reinstate' a mortgage up to the day before the final foreclosure sale.

Forbearance or Repayment Plan

A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.

Rent the Property


A homeowner who has a mortgage payment low enough that market rent will allow it to be paid, can convert their property to a rental and use the rental income to pay the mortgage.

Deed in Lieu of Foreclosure


Also known as a 'friendly foreclosure,' a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.

Bankruptcy

Many have considered and marketed bankruptcy as a 'foreclosure solution,' but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.

Refinance

If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.

Servicemembers Civil Relief Act (military personnel only)

If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment, they may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers in relation to qualifying for this relief.

Sell the Property

Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.

Short Sale


If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.

This represents only a summary of some of the solutions available to homeowners facing foreclosure. For an evaluation of your individual situation, property value, and possible options give us a call to set up your free, confidential consultation.

Understanding your options now could mean all the difference in the world.

www.Pre-ForeclosureSpecialists.com

4th of July is a day to celebrate our Country's birthday, many of us do this with bbq's, the beach, or our backyards with friends and famlily members. We all have our traditions and our favorite fireworks venues, but this year there have been some changes to our regular fireworks shows. Below is a list of the local fireworks displays in and around our community of Santa Clarita. Make sure you get there early to claim your area there will be large crowds with the limited number of displays this year.

Valencia 

9:15 pm
Fireworks displaywill be shown over the Westfield Valencia Town Center. The show will last approximately 30 minutes. There is no other entertainment planned during the fireworks. Free. MAP IT!

Castaic 

5:45 am - Park gates open. Come early to get the best picnic spot.

10:00 am - 5:00 pm -
Swim beach is open. (Upper lake is open for boating from 5:45 am to 8:00 pm)

9:20 - 10:00 pm
"Lights of Freedom" fireworks extravaganza (There will be plenty of additional parking for the fireworks show beginning at 6 pm.) $25 per car, $5 pp walk in (5 & under are free)
For more information, call 661-257-4050.
MAP IT!

Stevenson Ranch

This year Stevenson Ranch will not be hosting their annual fireworks show at Richard Rioux Park.

Six Flags Magic Mountain

Six Flags Magic Mountain, in the interest of the local community and the high brush fire conditions in the Santa Clarita Valley, will no longer be implementing summer fireworks or the annual 4th of July show.

Filmore

9:00 am - 4:00 pm Car Show and Festival
Open to vehicles 1974 and older. Live entertainment, train rides, great food, and fireworks after dusk. 2008 Photos

6:00 - 9:45pm Firecracker Train
Boards at 6:00 and returns after the City of Fillmore's fireworks. Enjoy a delicious BBQ dinner of tri-tip and chicken, potato salad, BBQ beans, garlic bread, dessert, coffee or tea.

9:15 pm Fireworks in Fillmore

                                                As a courtesy this information was brought to you by

Valencia Short Sales & Bank Owned Properties for sale

As your Valencia Short Sale Specialist team we are here to provide you with the most current short sale (pre foreclosure) and bank owned (REO) property statistics in Valencia. Whether you are thinking about buying a home or you need to short sale your home these numbers show you a snap shot of the Valencia real estate market. As of May 28, 2009 here are the current average list and sale prices for the Valencia area.  

ACTIVE BANK OWNED LISTINGS IN VALENCIA MAY 28, 2009:

There are 6 active bank owned (REO's) single family homes for sale in Valencia, 2 in back up 26 pending.

Average list price: $358,083

Average sale price: $417,612 from 4/8/2009 - 5/28/2009, 29 homes sold.

The bank owned homes sold $59,529 Above the current average list price.

ACTIVE SHORT SALE LISTINGS IN VALENCIA MAY 28, 2009:

There are 59 active short sale, pre foreclosure single family homes for sale Valencia, 54 in back up 42 pending.

Average list price: $457,564

Average sale price $472,294 from 4/8/2009 - 5/28/2009, 17 homes sold.

The short sale homes sold for $11,082 Above the current average list price.

Short sale homes in Valencia are listed for more and are selling for more then the bank owned homes during the 4/8/2009 - 5/28/2009 time period.  During this time period the numbers have changed. Previously Bank owned homes sold for more then short sale listings.

ACTIVE BANK OWNED LISTINGS IN VALENCIA APRIL 8, 2009:

There were 13 active bank owned (REO's) single family homes for sale in Valencia, 6 in back up 27 pending.

Average list price: $452,600

Average sale price: $424,940 from 2/3/2009 - 04/8/2009, 31 homes sold.

The bank owned homes sold $27,660 Below the current average list price.

ACTIVE SHORT SALE LISTINGS IN VALENCIA APRIL 8, 2009:

There were 86 active short sale, pre foreclosure single family homes for sale Valencia, 30 in back up 24 pending.

Average list price: $452,112

Average sale price $439,625 from 2/3/2009 - 04/8/2009, 16 homes sold.

The short sale homes sold for $12,487 Below the current average list price.

Short sale homes in Valencia are listed for less but are selling for more then the bank owned homes during the 2/3/2009 - 04/8/2009 time period. During this time period the numbers have changed. Previously Bank owned homes sold for more then short sale listings.

With the constantly changing market we are in my goal is to keep you up to date with the most current statistics in Valencia. As potential buyers or sellers these numbers help you to understand what the price ranges are for bank owned and short sale properties. There is a big misconception when it comes to bank owned properties (foreclosures) and short sales (pre foreclosures). Many are led to believe that there is a fire sale going on, that the banks are giving deep discounts. Banks at this point are in the business to minimize their loss severity. There is a difference between a pre foreclosure and a foreclosure. The time period between the first missed payment and the final bank sale is called the pre foreclosure phase. Foreclosure is a legal process that is initiated whenever a homeowner defaults (stops making payments) on their mortgage(s). When the foreclosure is completed the home is either sold at auction or becomes real property of the lender and is now owned by the lender REO, Real Estate Owned.

Many of you have heard these terms on the news lately or see these type of homes in your communities. Would like to know what these terms mean or understand how the short sale process works? Go to short sale, pre foreclosure definitions.   

You as a buyer need an agent who truly understands this market and can help you get your desired home whether it is a bank owned or short sale listing. With so much information and misinformation you need an above average agent to guide you through these investment opportunities.

My husband and I are Valencia's Certified Distressed Property Experts, CDPE. By dealing with an agent who has earned the CDPE designation, buyers and sellers ensure that they are working with experienced short sale real estate professionals that are equipped to handle their specific needs.

This real estate market has caused unbearable stress and heartache. As Certified Distressed Property Experts we will give our clients the expertise necessary to save their credit, relieve the uncertainty, and most of all help their families. We feel that education is key in this market with so much misinformation and foreclosure scams out there, we sought out this education to ensure we could properly help families get on the path to recovery.

If you or someone you know are in a difficult situation with your property consider us. Homeowners who are in the pre foreclosure process need to speak with an educated agent as quickly as possible. For many homeowners foreclosure is not the only option however most do not get the opportunity to explore solutions. We are  Santa Clarita's short sale specialists and would like opportunity to sit down with you and give you a free, no obligation, consultation on this process. We want to be the number one short sale agent you call.                                        

Do you know of anyone who is thinking about moving to Valencia? Let me show you this beautiful community among others here in the Southern California area. If you would like to search specifically Valencia , or any other areas of Southern California go to: Search the MLS like a Realtor

You can tract the Valencia Short Sales and Bank Owned statistics on a monthly basis. In my archives click on the SANTA CLARITA/VALENCIA SHORT SALE AND BANK OWNED PROPERTIES FOR SALE button.

*All information deemed reliable but not guaranteed, information directly from SOCAL MLS

For Valencia first time home buyers it is a very exciting time, you have just finished escrow and are all moved in. Now the mail starts coming and you notice letters that appear to be from government agencies telling you that you need someone to help you to file a Declaration of Homestead. Your asking yourself 1. what is a Declaration of Homestead? and 2. there are more fees? I thought I was done with all the fees associated with buying a house in escrow! I believe in education, the more you know the better you can make an informed decision. So what is a Homestead and what does it Do?

A Homestead helps to protect you from losing your house to people you owe money. If you are sued for money in court and lose, the person
who sued you will receive a judgment from the court. If you do not pay the judgment, they can try to collect the money you owe by garnishing
your wages or bank accounts, or by having your automobile or home sold to pay the debt. The Homestead law protects a certain amount of the
value of your home from being taken to pay the judgment. There are 2 kinds of Homestead Exemptions: one is automatic and the other is declared.

Automatic Homesteads

Every homeowner has an automatic Homestead Exemption of at least $50,000 for his or her residence. This protection does not require the signing or filing of any papers or documents. The amount of the Exemption increases to $75,000 if at least one member of the family unit
living in the house owns no interest in the house, as, for example, when a homeowner lives with his or her minor children. If a homeowner is
65 years or older, or is physically or mentally disabled, the amount of the Exemption is $125,000. The $125,000 Exemption also applies to
persons 55 years of age and older if the person is (1) single and has a gross annual income of not more than $15,000, or (2) married and the
individual and his/her spouse have a combined annual income of less than $20,000, and the sale is involuntary. Declared Homestead Exemption
The homeowner can have a Declared Homestead Exemption as well as filing a Homestead Declaration form with the County Recorder in the
county where the house is located. It is important to note that the amount of the Exemption does not change or increase when a Homestead
Declaration is filed.  A Declared Homestead offers extra protection in that it is not automatically lost when a homeowner moves. It will also protect
proceeds of the sale exempted by the Homestead from creditors for six months after the house is sold, even if the homeowner voluntarily sold the
house.

How Do I File A Declared Homestead?

It is easy to file a Declared Homestead by yourself. You do not need to pay someone to do it for you. Simply buy a Homestead Declaration form from an office supply store that carries legal forms. To fill out the form all you need is your name, the name of the co-owner, if any, and the legal
description of the property, which can be found on your deed. Sign the form and have it notarized. Take or mail the form to the County Recorder’s
office along with the required recording fees. What A Homestead Does Not Do A Homestead does not protect against the forced sale of a house
by a bank, savings and loan or other lender holding a mortgage Deed of Trust on the home, or against the enforcement of a valid mechanic’s
lien, or a judgment for child support or spousal support. Warning!

Homestead Filing Services

Many homeowners, especially those who have just purchased a home, receive mail from Homestead filing services. The letters often look like
they are a government office and lead you to believe that you must file a Declared Homestead. Don’t be fooled. The law prohibits Homestead-
filing agencies from making false or misleading statements or presenting themselves as a government agency. The law also prohibits them from
charging more than $25 to file a Homestead Declaration or from collecting any fees until after they have recorded a Homestead Declaration.

As with all information provided it is deemed reliable but not guaranteed, content derived from Los Angeles County Department of Consumer Affairs website.

Many qualified new home buyers today are struggling to come up with a down payment to purchase in today's market today. There is great news fresh off the presses that helps FHA buyers.  Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment. Donovan’s remarks came in an address to several thousand Realtors^® gathered this morning at The Real Estate Summit: Advancing the U.S. Economy.  Secretary Donovan said that important changes, which the National Association of Realtors^® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table. Again, this only applies to new home buyers, make sure to consult your tax adviser about this new change before you proceed with your purchase. If you would like to search for properties for sale in Valencia go to your Valencia First Time Home Buyers search. Just click on the buyers link to get your free no obligation Valencia home search started.