Jason Kardos San Diego, CA Real Estate Agent San Diego, CA Blog

Pre-Approval Letters, Are They Helping or Hurting You?

Jason Kardos (Broker/Owner) — Wed, 25 Nov 2009 13:41:36 -0600

Via Ken Crotts (Windermere Real Estate):

When you present your preapproval letter to the listing agent does it help, or hinder your chances of getting an accepted offer? Financing preapproval letters are widely dismissed by the real estate industry as not being worth the paper they are written on. The reason is there are no consequences for the loan officer who issues a preapproval letter and is unable to follow it up with a full approval. It's especially true in this market when underwriters (the people who actually approve your loan) are under strict scrutiny and are nitpicking every detail of every potential loan looking for potential problems.

This is also the result of earlier years when loan officers were disinclined to spend allot of time getting initial approvals and would produce letters like flyer's knowing some would stick. I'm not throwing good loan officers under the bus here. This was a market reality born from too many poor loan officers and fickle buyers who would drop you for a $20 difference in closing costs.

Here is the verbiage from a B of A Approval letter;

Not too inspiring. My first reaction as a listing agent was B of A? I have the unfortunate task of dealing with them daily on short sales. I recovered from the initial reaction and had a few questions.

Did the buyer actually make a loan application?

Has the credit been pulled and reviewed?

Have they provided bank statements and other required documentation?

Has the buyer provided income verification yet?

Do they actually have a loan program picked out yet?

Do they actually meet the underwriting guidelines for that loan program now?

Has an underwriter actually looked at the file or has the loan officer talked to an underwriter regarding this file.

This example instills no confidence that anything has been done beyond a phone interview from a too big to care banks call center. It's not really worth the paper it was written on.

In order for your pre-approval to have some weight have your loan officer include the following elements;

A statement that loan application has actually been made.

Income documentation has been provided and reviewed.

Asset documentation has been provided and reviewed.

Credit has been pulled and reviewed.

Based upon the provided documentation the borrower meets the underwriting guidelines for the FHA/VA/Conventional loan program selected.

There are no outstanding issues that would prevent the borrower from obtaining a loan (like a bankruptcy).

The typical disclaimers are going to follow but at least the listing agent reviewing the letter knows the buyer has actually met with the loan officer and brought bank statements, pay stubs and other basic documentation in for review. It is more of a hassle for the borrower to provide this information but it demonstrates they are more serious, committed and thoughtful about what they are doing. In the current real estate and lending market this carries allot of weight with regards to how your offer is viewed.

If you really want to have your letter seriously considered have a well known, veteran loan officer take your application and put their name to the letter. Bringing in a computer generated pre-approval letter from some online lender is not going to help your offer get accepted and suggests to the listing agent that you are not serious, possibly flighty, and probably have qualification issues. You may not, but history suggests there is a probability that you do.

If you really want to get a great deal in this buyers market take the time to sit down with a great loan officer and thoroughly review your financing options BEFORE you go out and tie up a property. Take the time to provide them every thing they need to really preapprove you. Your time and energy will be well spent. You will be more confident and capable and the seller who's house you are buying will have more confidence in you as well. That alone should help you get a better deal. Even in this market....especially in this market, well qualified buyers have a distinct advantage over their competition. In my market the best properties are still getting multiple offers and preference goes to the best qualified buyers.

Are you thinking of buying? Call me and I will set you up with a great loan officer that will be an asset to your offer and go the extra mile thoughout the transaction.
Ken Crotts

Broker, Certified Short Sale Specialist

www.KenCrotts.com

Ken@KenCrotts.com

425-432-8600

When Credit Card Companies Lower Your Credit Limit

Jason Kardos (Broker/Owner) — Fri, 06 Nov 2009 13:50:34 -0600

Via Tom Burris | Texas Mortgage Dallas Mortgage FHA (DallasLoanGuy.com):

When Credit Card Companies Lower Your Credit Limit

Has this happened to you? It may have happened and you didn't know it because it was tucked into the fine print of your recent bill. But if you aren't using the full limit..... Does this action by the credit card company help you or hurt you!?!?!?!?

It will hurt!! Plain and simple.

There is a term used by the experts in credit scoring.... And that word is Utilization. We are referring to how much of your revolving credit lines that you are currently using. And this is about 30% of your FICO Score.
So how can this hurt? Let's start with an example:

Joe owes $750 on his Visa card. The limit is $2500. Joe is currently using 30%(750/2500) of his credit limit. Experts agree that you should strive to keep that utilization % below 30% and the lower the better. Why? Because once you start approaching the higher percentages.... The FICO Scoring Method sees you as a great risk. Think about it.... Someone with 30% utilization vs someone with all of their credit cards maxed out.... Who is the better risk? Well, FICO knows.... and the person with the high utilization will have a much lower FICO Score as a result.

Ok.... So Joe is being responsible. His hot water heater breaks and he put that purchase on the card to the tune of 30% utilization. But then the credit card company lowers Joe's limit to $1000 to reduce their exposure to risk. Overnight, Joe went from a responsible 30% to utilizing 75%(750/1000) of his credit limit. Ooooops!!! Now what? Well, it is quite possible that Joe's respectable 720 credit score falls into the high 600s. Let's say 660 or so. What is the impact? Go try and buy a car with a 660 FICO and 720 FICO and see what interest rate difference you get. Try to buy a home on a conventional mortgage with a sub 680 FICO Score and see the if you are eligible for PMI.

But, Tom, I pay off the balance in FULL each month? So this doesn't affect me!!
Not so fast.... If you put $800 travel expenses on that $1000 limit credit card and that gets reported to the credit bureaus on the 4th of the month..... Yet you pay your bill on the 5th.... What number will FICO use? That's right, they will assume 80% utilization and dock you many points for it right then and there.

So, how can you protect yourself?
Keep more than one credit card.
Spread out large expenditures over a few cards.
Open a store card for that one time purchase(hot water heater example)
Know when your credit cards report your balance and pay history to Experian, Equifax & Transunion so you can pay off/down those cards before you apply for that big purchase like a car or new home.

Note: FICO says that it adds up all of your limits and all of your balances to calculate FICO. However, I have seen people suffer greatly by maxing out one card when they had 3 other cards with zero balance. Don't ask me why... This has been experienced by me more than once.

This credit scoring tip has saved many of my clients thousands of dollars... And it could save YOU many thousands too!!!

Did you know: That if a credit card company raises your interest rate that you have a right to cancel the card and pay it off under the old terms**?

** Remember: If you close that account, it lowers your total revolving credit available balance and could raise your 'utilization' which we discussed.

Tom Burris
DallasLoanGuy.com
Dallas, TX

http://www.dallasloanguy.com/

I write about Texas Home Loans , live in the Dallas, TX area and lend across the entire Great State of Texas!!

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High Offers Offset By Low Appraisals - Fair And Balanced? Or Unfair?

Jason Kardos (Broker/Owner) — Fri, 06 Nov 2009 13:49:01 -0600

Via Lisa Udy Realtor Utah Real Estate Specialist (Logan Utah Real Estate Immaculate Homes):

With the amount of offers coming in on REO properties(Bank Owned Properties), there has been a new trend among buyers. The trend is to just offer as high as possible to get the property under contract. After the contract is accepted by the bank, they have to get an appraisal for the loan.

The appraisal comes in quite a bit lower then their original offer price, which means the buyers won't be able to get the financing. These buyers then have the right to withdraw from the contract based on the appraisal contingency. The deal is dead right?

Not so fast. The buyers agent has been planning this all along. The agent and the buyers will submit an addendum to the price to meet the appraisal, and will re-submit to the bank.

Now, the bank wants to get this deal done, and knows the same thing will happen with any other buyer. The appraisal has already been done. So, the bank just accepts the lower price, and the buyers get away with it. They knew the appraisal would not meet the original offering price, and they get a great deal.

With the new appraisal guidelines, this is happening more and more. Appraisals are coming in low, buyers are aware this is what's happening, they are offering high to get the property over the competition, and just wait out the appraisal to get a great deal.

How fair is it to the buyers that put in an offer closer to asking price? Is this fair and balanced? Is it unfair to the other buyers that put in a reasonable offer? Or is it a smart way to get your buyers the house they wanted?

Thank You for Your Service: Now Get Served for Free!

Jason Kardos (Broker/Owner) — Fri, 06 Nov 2009 12:55:57 -0600

Via Brian Block -- Northern Virginia & D.C. Real Estate (RE/MAX Allegiance):

Veteran's Day is coming up in just one week. It's an important time to pause and say thanks to those who have served our country so valiantly.

To honor our United States veterans, some local restaurants will be providing free meals on Veteran’s Day (November 11th) to current and former service members. Bring an ID card, DD Form 214, or something else identifying you as a Veteran (VFW/American Legion membership card).

Here's some info on the free deals:

Applebee's (even accepting an old picture in uniform as proof of service)

http://www.applebees.com/vetsday/

Proof of Service: US Uniform Services ID Card, US Uniform Services Retired ID Card, Current Leave and Earnings Statement (LES), Veteran's Organization Card (VFW, American Legion), Photograph in uniform, Wearing uniform, DD214, Citation or Commendation.

McCormick & Schmick's

http://www.mccormickandschmicks.com/featured-promotion/Veterans-Appreciation-Day.aspx

The McCormick & Schmick's Veterans Appreciation Event is offered to veterans defined by the Veterans Administration, Title 38 US Code 101, which is "a person who served in the active military, naval, or air service, and who was discharged or released under conditions other than dishonorable."

Please present proper identification to your server when you are seated. Proper ID includes VA card, VFW card, American Legion card, discharge papers, DD214 or other Veterans ID.

Note that in an effort to accomodate as many Veterans as possible, restaurants will not be able to seat parties larger than 6.

Golden Corral: The Military Appreciation Monday dinner will be held on Monday, November 16, 2009 from 5 pm to 9 pm in all Golden Corral Restaurants. The free “thank you” dinner is available to any person who has ever served in the United States Military. If you are a veteran, retired, currently serving, in the National Guard or Reserves, you are invited to participate in Golden Corral’s Military Appreciation Monday dinner.

Lowe's: Lowe’s Companies, Inc. will offer all active, reserve, honorably discharged, retired military personnel and their immediate family members a 10 percent discount on in-store U.S. purchases made during the Veterans Day holiday. The discount is available Nov. 6 – Nov. 11. The discount is available on in-stock and special order purchases up to $5,000. To qualify, individuals must present a valid military ID or other proof of service. Excluded from the discount are sales via Lowes.com, previous sales, and purchases of services or gift cards.

Home Depot: The Home Depot is offering all active duty personnel, reservists, retired military, veterans and their families a 10 percent discount off their purchases in honor of Veteran’s Day. The offer is valid on purchases of up to $2,000 for a maximum of $200 between November 6 and November 12, 2008, at The Home Depot stores, The Home Depot Design Center locations, Yardbirds and EXPO Design Center locations.

Thanks you for your service and Welcome Home!

Thank you for reading my blog post. If you like what you’ve read, then please:

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If you plan to purchase or sell a home in the Northern Virginia or D.C. area,
you can visit my main Northern Virginia & D.C. real estate website at www.brianblock.com.

Home Buyer Tax Credit Extension News!

Jason Kardos (Broker/Owner) — Thu, 05 Nov 2009 21:39:31 -0600

Home Buyer Tax Credit Extension News!

Dear Friend,

Did you hear the good news?

The U.S. Senate late Wednesday unanimously passed legislation extending unemployment benefits and also significantly expanding a tax credit. As part of the unemployment package, the Senate voted to extend the $8,000 first-time homebuyer tax credit through April 30, 2010. The homebuyer tax credit program, which is currently set to expire Nov. 30, 2009, also would be expanded to give all homebuyers a $6,500 credit as long as they had been in their previous home for at least five years.

The U.S. House has already passed an extension of unemployment benefits, but must still approve the homebuyer tax credit. Senate leadership has gotten assurances from House leaders that the amendment will get approval, and President Barack Obama is expected to sign it. Under the amendment passed by the Senate Wednesday, both the $8,000 first-time homebuyer tax credit as well as the $6,500 tax credit for "move-up" buyers would end April 30. It would be limited to homebuyers who make $125,000 or less as an individual or $225,000 or less as a couple. The cost of the home being purchased may not exceed $800,000.

In the mean time, if you or someone you know is thinking about buying or selling a home please feel free to call me with any questions you might have.

Jason Kardos, Real Estate Broker

With McCormack Auction and

San Diego County Property Management

Cell (619) 347-6337

Check out Homes for Sale, Auctions,

& Property Management Services at:

www.EastCountyHomes.info

DRE Lic# 01324429

November 2009 San Diego, CA Calendar of Events

Jason Kardos (Broker/Owner) — Tue, 03 Nov 2009 11:11:09 -0600

November 2009 San Diego, CA Calendar of Events

A list of events and activites for the month of November, compliments of:

Events at a Glance

Discover Egypt

Gospel Brunch at the House of Blues

14th Annual Komen San Diego Race for the Cure

San Diego Tropical Fish Show

9th Annual Fall Back Festival

Carnival at Memorial Park

San Diego Beer Week 2009

Outdoor Outreach Puzzle Pursuit

San Diego Vision Walk

Senior Veteran's Day Dance & Waltz Lessons

VAVi 2nd Annual Beach Blast Tournament

San Diego Bay Wine & Food Festival

6th Annual San Diego Breast Cancer 3-Day Event

Auto Product Recycling Event

Senior Citizen's Homemade Arts & Crafts Fair

7th Annual Father Joe's Thanksgiving Day 5K

Chargers 50th Anniversary Celebration

Jason Kardos, Broker

Cell 619 347 6337

Real Estate Sales, Property Management, & Auctions

Calendar provided by:

Lawyers Title Insurance Corporation

CHECK OUT THESE USEFUL LINKS

www.EastCountyHomes.Info

MARKET UPDATE REPORT

Throughout November, Discover Egypt

This is premiere interactive exhibit in the Children's Discovery

Center. The kids can learn about the royal and ordinary

Egyptian lives in the 19th Dynasty. Barter in the Egyptian Market,

steer a small boat on the Nile and play dress-up.

Time: 10:00 am - 4:30 pm
Location: San Diego Museum of Man,

1350 El Prado, Balboa Park
For more visit: www.museumofman.org

Every Sunday, Gospel Brunch at the House of Blues

Live music show combined with an all-you-can-eat southern style buffet that mixes breakfast favorites plus a host of Southern dishes.

Time: 10:00 am
Location: House of Blues, 1055 Fifth Ave., Downtown
For more information visit www.hob.com

November 1 - 14th Annual Komen San Diego

Race for the Cure

Proceeds from this 5K run/walk will fund breast cancer education,

screenings, and treatment programs in San Diego County as well as

national research for the prevention of breast cancer. Today is a

good day to get out for some exercise while bringing awareness

about this disease.

                                   Time: 6:00 am - 12:00 pm
                                   Location: 6th Ave. / Palm St.
                                   For more information call Leisha Battles @ (760) 692-2900

or visit www.komensandiego.org

October 31 to November 1 -

San Diego Tropical Fish Show 2-Day Event

Welcome to a tropical fish show where saltwater and freshwater fish will be on display. Exotic fish such as fantail guppies, betas, clown fish, and angel fish can make a home or office aquarium look impressive. Aquarium enthusiasts are sure to want to come to see this.

Time: 10:00 am - 4:00 pm
Location: Balboa Park, Casa Del Prado - Room 101
For more information call (619) 234-8901

November 1 - 9th Annual Fall Back Festival

Fall back in time to the 1800's with old time entertainment.

Event highlights include carriage rides, pony rides, an old jail,

gold panning, soap making, puppet shows, country music,

square dancing, and Mexican food.

Time: 11:00 am - 4:00 pm
Location: 4th Avenue (between Market St. & J St.)
For more information call Laurel McFarlane at (619) 233-5008 or

visit www.mcfarlenepromotions.com

November 5 - Carnival at Memorial Park 11-Day Event

Attractions include thrilling carnival rides, challenging games with prizes, and carnival-type snack food.

Time: 5:00 pm - 11:00 pm
Location: Memorial Recreation Center Park, 2902 Marcy Ave.
For more information call Ermalinda Orozlo @ (951) 316-1382

November 6 to 15 - San Diego Beer Week 2009

San Diego Beer Week promotes San Diego's thriving craft beer

culture by sponsoring a ten-day county wide festival that attracts

beer tourism, fosters knowledge of our regional brewing heritage,

and serves as a showcase for San Diego's breweries, restaurants,

pubs, and other businesses with ties to the craft beer community.

                                   Time: Refer to website for schedule of events
                                   Location: Varies, refer to website
                                   For more information visit www.sdbw.org

November 7 - Outdoor Outreach Puzzle Pursuit

Perplexing puzzles guide you and your teammates on a fun-filled

foot race at Balboa Park. Each team is to figure out how to use a

hole punch, paper clips, a piece of foil, and a gallon of water to solve mind-bending puzzles and race to the finish line. Winning teams will receive grand prizes!

Time: 9:30 am - 1:00 pm
Location: Balboa Park (lawn area at Park Blvd. & President's Way)
For more information call Jennifer Clark @ (858) 212-2808 or visit

www.outdooroutreach.org

November 8 - San Diego Vision Walk

As promising treatments move into critical human studies,

the need for research funding is greater than ever before.

Time: 7:00 am - 1:00 pm
Location: East Mission Bay (meet at De Anza Cove)
For more information visit www.visionwalk.org

CORONARY HEALTH IMPROVEMENT PROJECT, Clairemont, CA

Jason Kardos (Broker/Owner) — Mon, 02 Nov 2009 21:18:50 -0600

CORONARY HEALTH IMPROVEMENT PROJECT, Clairemont, CA

Hathaway Street, San Diego, CA 92111 Tel. (858) 569-6735

CHIP is an acronym for,

CORONARY HEALTH IMPROVEMENT PROJECT

What CHIP can do for you:

· Disarms Diabetes by Regulating Blood Sugar

· Lowers Blood Pressure

· Reduces Cholesterol Levels

· Sheds Extra Pounds

Call us at 858-774-1979 for more information.
Clairemont CHIP 2010

February 8 - March 11

FREE Information Sessions

Please select ONE REQUIRED INFO SESSION to attend and learn more about CHIP and complete registration form. All Info sessions will be held at the Fellowship Hall, Clairemont SDA Church, 4125 Hathaway Street, San Diego at the dates and times:

Tuesday, January 26 at 6:30 pm

Thursday, January 28 at 6:30 pm

Sunday, January 31 at 6:30 pm

Tuesday, February 2 at 6:30 pm

Daily Seminar Schedule

HeartScreen # 1, Fri, Feb 5 (6:30-9:30 am)

HeartScreen # 2 Wed, Mar 10 (6:30 -9:30 am)

Lab work provided by Lab. Corp

Class Schedule 6:30-8:30 pm

Week 1 -- February 8, 9, 10 & 11

Mon Miracles, Medicines and Mirages

Tue Portrait of a Killer

Wed Stalking the Killer

Thu Eat More and Weigh Less

Week 2 -- February 14, 16 & 18

Sun Going Up in Smoke; The Magic of Fiber

Tue Reversing Hypertension/Disarming Diabetes

Thu Effective Cholestrol Control

Week 3 -- February 21, 23 & 25

Sun Fats in the Fire

Tue Fit At Any Age

Thu Boning Up On Osteoporosis

Week 4 -- February 28, March 2 & 4

Sun Lifestyle and Health & Disease Reversal

Tue Optimal Diet

Thu Diet and Cancer

Week 5 -- March 7, 9 & 11

Sun Adaptability

Tue The Gift of Forgiveness

Thu Building Self-Worth

Graduation Banquet -- Sunday, March 14

Fees: $250/person ($275 after Feb 2)

$350/couple ($375 after Feb 2)

Jason Kardos, Real Estate Broker

With McCormack Auction and

San Diego County Property Management

Cell (619) 347-6337

Check out Homes for Sale, Auctions,

& Property Management Services at:

www.EastCountyHomes.info

DRE Lic# 01324429

November Specials at Body Beautiful Car Wash

Jason Kardos (Broker/Owner) — Mon, 02 Nov 2009 21:14:06 -0600

November Specials at Body Beautiful Car Wash

Hello Friends,

Here is an offer that we all can use and save a little money. I hope everyone had a great Halloween and is getting ready to enjoy the upcoming Thanksgiving Holiday and watch some football games. Go CHARGERS!

Jason Kardos, Broker

Cell 619 347 6337

www.EastCountyHomes.Info

Home Page

Our Locations

CarWash Services

Express Auto Detail Services

Full Serve Auto Detail Services

For November, we've got three great deals for you!

1) A Regular Full Service Car Wash for only $9.99. That's $3.50 off our regular price of $13.49.

2) Our $25.99 Deluxe Wash for only $18.99, a full $7 off !

3) and $10 off any single Express Service! Only $45.99!

Body Beautiful Car Wash is a proud member of the International Carwash Association's WaterSavers ™ program.

Feel free to forward this email to anyone you like.

Be sure to visit us at Bodybeautiful.com

If you wish to discontinue receiving these email offers, Click here to unsubscribe

Spring Valley, CA Community Clean Up Day and Recycling

Jason Kardos (Broker/Owner) — Mon, 02 Nov 2009 14:19:46 -0600

Clean Up Spring Valley, CA Event

J O I N T H E F U N !!!
SPRING VALLEY CLEAN-UP DAY

MONTE VISTA HIGH SCHOOL
3230 Sweetwater Springs Blvd.
(in the parking lot)

SATURDAY - NOVEMBER 7, 2009
7:00AM TO 1:00PM

TRASH TIRE RECYCLING E-WASTE SHREDDING
Beat the Rush, Get there early!
Bring your junk, tree trimmings, tires without rims, hot water heaters, etc.
E-waste would be items such as computers, telephones, cell phones, televisions & residential electronic items working or not.

We will take large appliances - working or not!

Please NO hazardous waste, batteries, landfill, NO auto fluids, cleaning fluids, painting fluids, poisons, light bulbs etc.

Limited to Spring Valley residents - For additional information please call the chamber office at 619-670-9902

Event sponsored by: Spring Valley Chamber of Commerce and the County of San Diego

THE SILENT KILLER - CARBON MONOXIDE POISONING

Jason Kardos (Broker/Owner) — Mon, 02 Nov 2009 14:18:32 -0600

THE SILENT KILLER - CARBON MONOXIDE POISONING

I just ordered some new air filters for my home and I was doing

some research on the best filter to get and found out that during

the winter months, other than keeping you heating and cooling

system well maintained, it is also a good idea to be aware of

what Carbon Monoxide Poisoning.

Carbon Monoxide, the number one cause of death by poisoning,

is a colorless, odorless, and tasteless gas. This is why

Carbon Monoxide Poisoning is known as "The Silent Killer".

Carbon Monoxide Poisoning can occur when gases from a faulty

furnace or water heater back up into your home. Every year

people die from Carbon Monoxide Poisoning.

A sign of Carbon Monoxide Poisoning is constant headaches,

especially when you are home. If more than one member of your

family has headaches, then I recommend you call a heating

contractor immediately to check your system. And, it goes

without saying, see a doctor! Carbon Monoxide can remain in

your brain and body even after the source is removed.

The best way to protect against Carbon Monoxide Poisoning is to

install a Carbon Monoxide Detector. They are not expensive and

it can save your life. By the way, we do not sell Carbon Monoxide

Detectors but you can probably pick one up at any home improvement store.

Finally, if you think your friends and other family members can benefit

from this information, please forward this email to them......

It could save a life!

In an effort to help our clients, we are offering 10% Lowes Coupons

that we can mail out to you and use to help

Jason Kardos, Real Estate Broker

With McCormack Auction and

San Diego County Property Management

Cell (619) 347-6337

Check out Homes for Sale, Auctions,

& Property Management Services at:

www.EastCountyHomes.info

DRE Lic# 01324429

Starlight Terrace, La Mesa, CA Neighborhood Information

Jason Kardos (Broker/Owner) — Wed, 28 Oct 2009 00:17:53 -0500

Starlight Terrace, La Mesa, CA Neighborhood Information

Starlight Terrace is a private home owners association community in the City of La Mesa, CA that consists single family homes and features a private park with swimming pool, grass playing fields, basketball courts, sandbox and swings. The major streets in this neighborhood are Polaris Drive, Nereis Drive, Orion Drive, and Capella Court. This neighborhood is close to the 94 and 125 freeway and Spring Street Trolley Station.

To view the latest active and sold homes in this area, please click on the link below or feel free to contact me.

Click here to view your personal property search web site.

Click here for a Google street map of the Starlight Terrace Neighborhood

Jason Kardos, Real Estate Broker
With McCormack Auction and
San Diego County Property Management
Cell (619) 347-6337
Check out Homes for Sale, Auctions,
& Property Management Services at:
www.EastCountyHomes.info
DRE Lic# 01324429

Free Termite Reports and 10% Lowes Coupons at www.EastCountyHomes.info

San Diego County Offers Free Halloween Fun

Jason Kardos (Broker/Owner) — Wed, 28 Oct 2009 00:15:04 -0500

San Diego County Offers Free Halloween Fun

County Offers Free Halloween Fun

October 2009

Trying to figure out where to take your little ghouls or goblins this year? County parks and recreation centers are offering safe, family-friendly Halloween events - and best of all, they're free!

Tuesday, Oct. 27
Rancho San Diego Branch Library, 11:15 am. Halloween Story Time & Costume Parade for preschoolers offers not-too-scary stories and a bag of treats!

Wednesday, Oct. 28
Imperial Beach Branch Library, 6 p.m. Halloween Costume Contest offers spooktacularly scary fun for children!

Thursday, Oct. 29
Encinitas Branch Library, 11 a.m. Halloween Sing-Along fun for preschoolers and toddlers.

Friday, Oct. 30

Ramona Branch Library, 3 p.m. El D�a de los Muertos (Day of the Dead) Skeleton Crafts allow kids to decorate edible skulls. Instruction in Spanish & English.
Lakeside Community Center, 5 - 7 p.m. Free Halloween Festival with Halloween fun, food, and festivities. Don't forget to wear your costume!
Julian Branch Library, 1 p.m. Spooky Halloween Craft helps kids make batty finger puppets after school.

Saturday, Oct. 31

Agua Caliente Regional Park, 3 p.m. Halloween at the Springs for goblins of all ages (parents must accompany children). Celebrate with spooky fun, treats and prizes; wear costumes; bring a carved pumpkin; and enjoy lots of games and crafts. Meet at the new park clubhouse.
Fallbrook Community Center, 5 - 7:30 p.m. Safe Halloween Festival with trick-or-treat games, costume contests, prizes, music, and tons of safe fun! For children preschool age and older; all children must be accompanied by a parent. Held at La Paloma School, 300 Heald Lane.
Spring Valley Community Center, 5:30 - 8:30 p.m. 7th Annual Halloween Festival features candy, costumes, games and more.

Jason Kardos, Real Estate Broker

With McCormack Auction and

San Diego County Property Management

Cell (619) 347-6337

Check out Homes for Sale, Auctions,

& Property Management Services at:

www.EastCountyHomes.info

DRE Lic# 01324429

HALLOWEEN SAFETY TIPS FROM JASON

Jason Kardos (Broker/Owner) — Wed, 28 Oct 2009 00:13:20 -0500

HALLOWEEN SAFETY TIPS FROM JASON

Jason Kardos
Featured Articles Halloween Safety Costumes Tips For Parents About Treats Decorations Pedestrian Safety Trivia Block
	Halloween Safety There's No Trick To It! The observance of Halloween, which dates back to Celtic rituals thousands of years ago, has long been associated with images of witches, ghosts, devils and goblins. Over the years, Halloween customs and rituals have changed dramatically. Today, many of the young and young-at-heart take a more light-spirited approach. Glowing skeletons and lighted Jack O' Lanterns decorate homes, while children dressed in all kinds of costumes begin flocking out onto neighborhood streets in search of treats. Make this year's holiday extra safe by following these safety tips on costumes, treats, decorations and more! Costumes When purchasing costumes, masks, beards and wigs, look for flame-resistant fabrics such as nylon or polyester, or look for the label "Flame Resistant." Flame-resistant fabrics will resist burning and should extinguish quickly. To minimize the risk of contact with candles and other fire sources, avoid costumes made with flimsy materials and outfits with big, baggy sleeves or billowing skirts. Purchase or make costumes that are light, bright and clearly visible to motorists. For greater visibility during dusk and darkness, decorate or trim costumes with reflective tape that will glow in the beam of a car's headlights. Bags or sacks also should be light colored or decorated with reflective tape. Reflective tape is usually available in hardware, bicycle and sporting goods stores. Children should carry flashlights to see and be seen. Costumes should fit well and not drag on the ground to guard against trips and falls. Children should wear well-fitting, sturdy shoes. Oversized high heels are not a good idea. Tie hats and scarves securely to prevent them from slipping over children's eyes and obstructing vision. Swords, knives and similar costume accessories should be made of soft, flexible materials. Apply a natural mask of cosmetics rather than have a child wear a loose-fitting mask that might restrict breathing or obscure vision. If a mask is used, however, make sure it fits securely and has eyeholes large enough to allow full vision. Tips For Parents About Treats Children should not snack while they're out trick-or-treating. They should wait until they get home and parents have had a chance to inspect the handouts. To help prevent children from munching, give them a snack or light meal before they go-don't send them out on an empty stomach. Tell children not to accept-and, especially, not to eat-anything that isn't commercially wrapped. When children bring their treats home, discard any homemade candy or baked goods. Parents of young children should also remove any choking hazards such as gum, peanuts, hard candies or small toys. Inspect commercially wrapped treats for signs of tampering, such as an unusual appearance or discoloration, tiny pinholes, or tears in wrappers. Throw away anything that looks suspicious. If juice or cider is served to children at Halloween parties, make sure it is pasteurized or otherwise treated to destroy harmful bacteria. Juice or cider that has not been treated will say so on the label. Decorations Keep candles and Jack O' Lanterns away from landings and doorsteps where costumes could brush against the flame. Remove obstacles from lawns, steps and porches when expecting trick-or-treaters. Indoors, keep candles and Jack O' Lanterns away from curtains, decorations and other combustibles that could catch fire. Do not leave burning candles unattended. Indoors or outside, use only lights that have been tested for safety by a recognized testing laboratory. Check each set of lights, new or old, for broken or cracked sockets, frayed or bare wires, or loose connections. Discard damaged sets. Don't overload extension cords. Wet leaves should be swept from sidewalks and steps. Restrain pets so they do not inadvertently jump on or bite a trick-or-treater. Small children should never carve pumpkins. Children can draw a face with markers. Then parents can do the cutting. Votive candles are safest for candle-lit pumpkins. Pedestrian Safety Young children should always be accompanied by an adult or an older, responsible child. Children should go only to homes where the residents are known and have outside lights on as a sign of welcome. Children should not enter homes unless they are accompanied by an adult. All children should WALK, not run from house to house and use the sidewalk if available, rather than walk in the street. Children should be cautioned against running out from between parked cars, or across lawns and yards where ornaments or furniture present dangers. Obtain flashlights with fresh batteries for all children and their escorts. Explain to children the difference between tricks and vandalism. Throwing eggs at a house may seem like fun but they need to know the other side as well-clean up and damages can ruin Halloween. If they are caught vandalizing, make them clean up the mess they've made. Teach children how to call 9-1-1 (or their local emergency number) if they have an emergency or become lost. Make sure you set a time that they should be home. Make sure they know how important it is for them to be home on time.

Daylight Savings Time Change - Sunday, November 1st at 2 AM

Jason Kardos (Broker/Owner) — Wed, 28 Oct 2009 00:11:45 -0500

Spring Valley, CA Real Estate Agent

• Oct. 27, 2009 - Daylight Savings Time Change - Sunday, November 1st at 2 AM

How to set your Clocks for the 2009 year:

On November 1st 2009 at 2:00 a.m., you set the clocks back an hour.

Interesting fact about time change and Halloween..............

Halloween Trick-or-Treaters

Through 2006, Daylight Saving Time in the U.S. ended a few days before Halloween (October 31). Children's pedestrian deaths are four times higher on Halloween than on any other night of the year. A new law to extend DST to the first Sunday in November took effect in 2007, with the purpose of providing trick-or-treaters more light and therefore more safety from traffic accidents. For decades, candy manufacturers lobbied for a Daylight Saving Time extension to Halloween, as many of the young trick-or-treaters gathering candy are not allowed out after dark, and thus an added hour of light means a big holiday treat for the candy industry. Anecdotally, the 2007 switch may not have had much effect, as it appeared that children simply waited until dark to go trick-or-treating.

Selling Your Mt. Helix, CA Home In The Next 6-12 months?

Jason Kardos (Broker/Owner) — Sun, 18 Oct 2009 20:31:19 -0500

• Oct. 18, 2009 - Selling Your Mt. Helix, CA Home In The Next 6-12 months?

If You're Going To Sell Your House In The Next
Six To 12 Months, What You Do Right Now Could Mean A Difference Of Thousands Of Dollars -- Especially If You're Going To Buy Another Home...

Mt. Helix, La Mesa, CA - Even though your house isn't on the market yet, the buyer for your house is already starting to read the real estate magazines - just like you are right now. A recent interview with Jason Kardos, Real Estate Broker revealed several tips for anyone thinking of selling their Mt. Helix -area home. "Most owners think their homes will sell quickly. Everyone thinks that their home is special and will bring a good price. In fact a lot of all new listings that go on the market eventually expire with the home still unsold." If you're going to sell your house in the next six months, there are some things you can do now that will help you get top dollar for your home when you do sell it. You may be reading this publication right now looking for the next home you're going to buy - even though you haven't sold the house you're in now. If that's the case it's especially important for you to plan your move properly. A special report has just been released which shows you step-by-step what you need to do to get ready to sell your house for top dollar quickly.

Here's some of what you'll learn:

Why buyers love model homes and how to make your house show like one.
How to sell your house in as little as 24 hours - without ever putting it "on the market."
How a 25-cent upgrade could earn you an extra $500 to $1,000 when you sell.
How to find out what houses in any neighborhood are really selling for - and how long it takes for them to sell.
Why most real estate advertising will never sell your house - and what to do about it.
How to avoid the most expensive mistakes smart people make when they buy or sell a home.
How to find out the current market value of your home for free over the phone.

Jason says the information in this report is the secret to his success in selling homes so quickly, and the reason he's able to sell most of her listings in less than 90 days.

To get a free copy of the guide for smart home sellers called How To Sell Your House For Top Dollar - Fast! just call 619 303-2826 and your guide will be mailed today.

We've provided a link below to see all the currently active listed homes in the Mt. Helix area as a free service for seller's to research their competition. Seller's can contact us for a current market analysis on their home and schedule an appointment for us to meet you and preview your home for a pre-listing review.

Click here to view your personal property search web site..

Jason Kardos, Real Estate Broker

With McCormack Auction and

San Diego County Property Management

Cell (619) 347-6337

Check out Homes for Sale, Auctions,

& Property Management Services at:

www.EastCountyHomes.info

DRE Lic# 01324429

How To Save Thousands On Spring Valley, CA Bank Owned Foreclosures, Get a Low-Interest Government Mortgage AND Get A Check For Up To $8000!

Jason Kardos (Broker/Owner) — Sat, 17 Oct 2009 21:19:41 -0500

Spring Valley, CA Real Estate Agent

• Oct. 17, 2009 - How To Save Thousands On Spring Valley, CA Bank Owned Foreclosures, Get a Low-Interest Government Mortgage AND Get A Check For Up To $8000!

San Diego, CA -- If you've been thinking of buying a home, this is going to be the most exciting news you hear this year! We are trying to make sure that everyone who wants the money and needs the money, gets this message.

Right now, you can get up to $8000 in FREE money from the federal government to buy a home in 2009. The money is part of President Obama's economic stimulus package to help more Americans become homeowners. The money is a FREE gift, and never has to be paid back - as long as you live in your new home for three years. You don't have to jump through any hoops to get the money either. All you have to do is buy a home before November 30th, 2009 and the money is yours.

Most people in San Diego qualify for the full $8000 - meaning you must make less than $75,000 as an individual, or less than $150,000 as a couple. Even if you make a little more than that, you can still get some of the money. Anyone who has not owned a home in the last 3 years is considered a "first-time" homebuyer. Right now, it's a good time to be living in San Diego, because there are special government backed Low-Interest Mortgages available for many of the homes here.

This mortgage program is part of the government's Federal Housing Administration, and interest rates are at their lowest levels in decades. The VERY BEST situation you could take advantage of right now is to find a "Bank-Owned" foreclosure - a home that the bank has taken over and needs to get rid of. They price these homes unbelievably low to get rid of them in less than 30 days.

There Are SEVERAL
Bank-Owned Foreclosures
Available Right Now

As I write this, there are 223 of these Bank-Owned homes in San Diego priced UNDER $200,000. For example, there's a 2 Bedroom house in North Park with 795 square feet of heated space. The house sold in 2006 for $290,000 - it's for sale right now for $129,900. It qualifies for a low-interest mortgage. There's a 3 bedroom, 3 bath Bank-Owned home for sale in South Park that's on the market right now for $502,900. It sold in 2005 for $610,000.

There are 72 bank-owned homes under $100,000. These homes are all bank owned foreclosures and must be sold. The way the banks work when they foreclose on a home is they first make sure the house is vacant. They do whatever clean up and repairs are necessary to get the house ready for the market.

Bank-Owned Homes
Sell Very Quickly

The banks don't care about getting the MOST money for the house... they care about getting RID of it. Most of the time, they'll even pay all of the closing costs. With a bank-owned home, that means you could buy it at a nice discount, have the bank pay your closing costs, AND get a check for up to $8000 you can use for anything you like. You can use the money for decorating your new house, furniture, a new fridge or appliances - even a big screen TV or hot tub. It's your money and you can use it however you want. The amount of money you get depends on the price of the home you buy. You get 10% of the value of the home up to $8000. So if you buy a $70,000 home - you would get $7000. Anything over $80,000 qualifies for the full $8000.Even some manufactured homes qualify for these low-interest mortgages, as long as they are stationary and on "owned" property. Most of these homes will have monthly payments similar or less than what you're paying in rent right now. Today, I just ran off a list of ALL the bank-owned homes in San Diego, and I researched which of those homes are also eligible for a low-interest mortgage. If you want to stop by and pick up the list from our office today... you can call me at
888-877-8022 ext. 500 and I'll have it ready for you. Just ask for Jason Kardos, Broker.

Get a FREE Bank Owned Homes List and Map - 888-877-8022 x500 or www.BankOwnedElCajon.com

Click here to view your personal property search web site.

Jason Kardos, Real Estate Broker

With McCormack Auction and

San Diego County Property Management

Cell (619) 347-6337

Check out Homes for Sale, Auctions,

& Property Management Services at:

www.EastCountyHomes.info

DRE Lic# 01324429

$8000 Federal First Time Home Buyer tax credit extended to Military personnel

Jason Kardos (Broker/Owner) — Wed, 14 Oct 2009 14:51:46 -0500

The House voted today to extend the $8000 tax credit to Military personnel, Foreign service and Intelligence Officers for an extra year (November 30th 2010)! They have to qualify using the same 1st time buyer rules and they have to have had 90 days of continuous military service during 2009. One new provision: If the military person is forced to sell their home (within the 3 year period) due to military orders or deployment, they will not hve to pay back the $8000. It's expectted to sail thru the Senate shortly. When I have confirmation of that, I'll let you know.

Banks bite bullet on loans

Jason Kardos (Broker/Owner) — Wed, 14 Oct 2009 02:42:04 -0500

Banks bite bullet on loans
A new report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision shows
that the portion of loan modifications in the second quarter that involved reducing the principal increased to 10 percent from 3.1 percent in the first quarter.
While strategies such as lowering interest rates or extending mortgage terms can temporarily help borrowers struggling to make payments, reports show that often times borrowers redefault because the modifications do not lower payments to a truly affordable level. Of loans modified in the first quarter of 2009, 28 percent were in default again within three months, according to the Office of the Comptroller of the Currency. Among those modified in last year's second quarter, 56 percent were in default again a year later. Banks are beginning to reduce mortgage principal due, in part, to prodding from the Obama administration, whose housing plan includes financial incentives for mortgage-servicing firms that modify loans. At the same time, banks now have more flexibility to modify loans because of their success in stabilizing their balance sheets and, in some cases, raising fresh capital.

Spring Valley Community Planning Group Meeting - Tue Oct 13 7pm - Tue Oct 13 9pm

Jason Kardos (Broker/Owner) — Tue, 13 Oct 2009 12:24:44 -0500

What Spring Valley Community Planning Group Meeting

When Tue Oct 13 7pm - Tue Oct 13 9pm (Monthly at 7pm on the second Tuesday) Monthly at 7pm on the second Tuesday

Where map 2554 Sweetwater Springs Boulevard, Spring Valley, CA 91977

Description Otay Water District Headquarters

BARRATT AMERICAN BANKRUPTCY AUCTION - ONLINE ONLY - Ends on Wednesday at 10:30 AM.

Jason Kardos (Broker/Owner) — Mon, 12 Oct 2009 19:05:03 -0500

BARRATT AMERICAN BANKRUPTCY AUCTION - ONLINE ONLY - Ends on Wednesday at 10:30 AM.
Office Furniture, Computers, Office Supplies, SONY Flat Panel TV's, Conference Tables, File Cabinets, 2007 Chevy Cargo Van...and much more.
Please visit www.mccormackauction to register and bid on items.

Spring Valley Citizen's Association Steering Committee Meeting

Jason Kardos (Broker/Owner) — Thu, 08 Oct 2009 12:19:56 -0500

What

Spring Valley Citizen's Association Steering Committee Meeting

When

Thu Oct 8 7pm - Thu Oct 8 8:30pm (Monthly at 7pm on the second Thursday)

Monthly at 7pm on the second Thursday

Where

map

Description: Meeting to discuss issues and events.

How To Save Thousands On Bank Owned Foreclosures, Get a Low-Interest Government Mortgage, AND Get A Check For Up To $8000!

Jason Kardos (Broker/Owner) — Tue, 06 Oct 2009 12:56:20 -0500

How To Save Thousands On
Bank Owned Foreclosures, Get a
Low-Interest Government Mortgage, AND Get A Check For Up To $8000!

San Diego, CA -- If you've been thinking of buying a home, this is going to be the most exciting news you hear this year!

We are trying to make sure that everyone who wants the money and needs the money, gets this message.

Right now, you can get up to $8000 in FREE money from the federal government to buy a home in 2009.

The money is part of President Obama's economic stimulus package to help more Americans become homeowners. The money is a FREE gift, and never has to be paid back - as long as you live in your new home for three years.

You don't have to jump through any hoops to get the money either. All you have to do is buy a home before November 30^th, 2009 and the money is yours.

Anyone who has not owned a home in the last 3 years is considered a "first-time" homebuyer.

Right now, it's a good time to be living in San Diego, because there are special government backed Low-Interest Mortgages available for many of the homes here.

This mortgage program is part of the government's Federal Housing Administration, and interest rates are at their lowest levels in decades.

The VERY BEST situation you could take advantage of right now is to find a "Bank-Owned" foreclosure - a home that the bank has taken over and needs to get rid of. They price these homes unbelievably low to get rid of them in less than 30 days.

There Are SEVERAL
Bank-Owned Foreclosures
Available Right Now

As I write this, there are 223 of these Bank-Owned homes in San Diego priced UNDER $200,000.

For example, there's a 2 Bedroom house in North Park with 795 square feet of heated space. The house sold in 2006 for $290,000 - it's for sale right now for $129,900. It qualifies for a low-interest mortgage.

There's a 3 bedroom, 3 bath Bank-Owned home for sale in South Park that's on the market right now for $502,900. It sold in 2005 for $610,000.

There are 72 bank-owned homes under $100,000. These homes are all bank owned foreclosures and must be sold.

The way the banks work when they foreclose on a home is they first make sure the house is vacant. They do whatever clean up and repairs are necessary to get the house ready for the market.

Bank-Owned Homes
Sell Very Quickly

The banks don't care about getting the MOST money for the house... they care about getting RID of it. Most of the time, they'll even pay all of the closing costs.

With a bank-owned home, that means you

FREE Bank Owned Homes List and Map - www.BankOwnedElCajon.com

could buy it at a nice discount, have the bank pay your closing costs, AND get a check for up to $8000 you can use for anything you like.

You can use the money for decorating your new house, furniture, a new fridge or appliances - even a big screen TV or hot tub. It's your money and you can use it however you want.

The amount of money you get depends on the price of the home you buy. You get 10% of the value of the home up to $8000. So if you buy a $70,000 home - you would get $7000. Anything over $80,000 qualifies for the full $8000.

Even some manufactured homes qualify for these low-interest mortgages, as long as they are stationary and on "owned" property.

Most of these homes will have monthly payments similar or less than what you're paying in rent right now.

Today, I just ran off a list of ALL the bank-owned homes in San Diego, and I researched which of those homes are also eligible for a low-interest mortgage.

If you want to stop by and pick up the list from our office today... you can call me at
888-877-8022 ext. 500 and I'll have it ready for you. Just ask for Jason Kardos, Broker.

San Diego County Property Management

743 El Cajon Blvd. El Cajon, CA 92020

(619) 303-2826

Get a FREE Bank Owned Homes List and Map - 888-877-8022 x500 or www.BankOwnedElCajon.com

USDA Rural Development loans are NOT out of money, and other important facts…

Jason Kardos (Broker/Owner) — Fri, 02 Oct 2009 11:23:37 -0500

Via Thomas Mortgage, Florida's FHA Loan Pro:

Last Friday the USDA formally announced it was entering its annual "roll over" of funding as of its new fiscal year October 1^st. This mainly administrative action results in USDA's funding being delayed until it's made available through the General Accounting Office (GAO). This by no means indicates the USDA is out of funds! What it does do is delay funding for loans and guarantees. While there are still a number of lenders that can and do close and fund loans during this period, the vast majority of lenders do not. This doesn't mean your loan won't close, it just means you may have to wait a bit. How long? Last year the funds were made available by October 17 and this year they expect funds allocated within three weeks.

This means you may have to wait that long to close your loan, or take your loan to a lender that does fund in anticipation of the new allocation. Do note, by the time you can get an appraisal recertified, docs transferred, loan re-underwritten, etc. it's rarely worth it so you're likely best off to sit tight with your lender and wait for a late October close.

The great news is that in spite of crushing volume the USDA actually has $2 billion in funds to carryover from last year! In Florida we went from 2084 loans to over 7000 last year. The increased volume has increased the time it takes to get approvals from the USDA so depending on your area you may need to add from 3 days to two weeks to the process. This will become very critical as we near the deadline for the Tax Credit and the desperate scramble to close by November 30, so plan in advance and plan accordingly.

Lastly for those lenders interested in learning more about the program, consider signing up for the WebEx training offered nationally. This link will take you to the registration page for more information.

Realtors and lenders, if you haven't familiarized yourselves with this incredibly successful 100% financing program you are missing the boat. Home buyers, if you haven't spoken to your lenders and Realtors about the program you may be missing out on the least expensive low down payment program available.

Gerry Suarez, Jr.

Your FHA Loan Pro!

Mortgage Delinquencies - The Coming Storm

Jason Kardos (Broker/Owner) — Thu, 01 Oct 2009 11:56:46 -0500

Via Jeff Geoghan MBA - Lancaster PA Real Estate Expert (The Jeff Geoghan Realty Group, Coldwell Banker Lancaster PA):

This is one of those posts where I wish I didn't have to write it, but felt it was so important to my readers that I would be remiss not to at least talk about it.

Everyone out there probably knows somebody who is behind on their mortgage payments, looking for alternatives and likely also just finding out that their home's value has dipped below what their loan amount is. I know some within my own personal circles. It's a tough situation for me to advise them as a professional because it's such a personal challenge to their pride and self-worth, not to mention their plans and dreams for the family. The question we're asking is "when is this going to stop and where are we heading?"

I'm going to put up a few graphs that show the trends nationally with regards to mortgage delinquincies:

This chart is by quarter - Single-family mortgages set a new record delinquency rate in the second quarter of 2009, according to a quarterly survey by the Mortgage Bankers Association. Those of us in the real estate business see the foreclosure process (just visit the local Sheriff Sale docket to see the current numbers) but the looming delinqency-to-foreclosure issue is far, far larger.

The Wall Street Journal on 8/3/09 reported the following quote: “While subprime mortgages sparked the first round of housing problems two years ago, now "troubles are lurking further up the food chain," says Joshua Shapiro, chief U.S. economist at MFR Inc. White-collar job losses have accelerated while more adjustable-rate loans to prime borrowers are resetting to higher payments. ‘You put all that together, it leads me to believe that the next leg down on home prices is going to come from the top,’ he says.”

The first objection someone may have would be to say "yes, but historically those who are delinqent usually get their act together and come current on the mortgage after a while". That WAS true, but not anymore! We call that the "Cure Rate", that is the rate of delinquencies that go back to current. The Wall Street Journal reported on 8/24/09 about a Fitch analysis that found that the Cure Rate from 2000-2006 was 45% (which means about half of people fix their delinquency). However, as of July 2009 the rate had dropped to just 6.6%! That means that over 90% of delinquent customers are going to foreclosure. Take a look again at the above chart...

The next thing someone will say is "well, that's the 'sand states' and not my area". Here's the chart for all 50 states showing the same breakdown of delinquencies and foreclosures. Guess what - most states have a significant problem, especially compared to historical figures.

Now the next thing someone may say is "aren't those loans going to get 'fixed' by a loan modification?" I know several people right now who are applying for a Lancaster County loan modification but are waiting and waiting. I hope it works out for them...

In reality, loan modifications are hardly making a dent. To me, that's a burning question. Why arent banks being more aggressive in giving customers the option to extend their loan and/or reset to a lower rate? Why are they being SO difficult? The people I know don't want to be foreclosed. They CAN make payments. They just need the terms redrawn to allow them to catch & keep up. Loan modifications are not helping us get this crisis under control.

What are the causes of all these delinquencies? Here's a chart that is enlightening:

We hear a lot about adjustable rate mortgages being the culprit, but the reality is that it's the loss of jobs and the tanking real estate market that's the perfect storm. See my previous post on unemployment in the nation, the state and Lancaster County.

Keep in mind, this post is not intended to give us "good news". You may be experiencing good things in your market and that's great. My intent is to get us thinking about the challenges that aren't going away and how we're going to address them as homeowners, agents and professionals. I'd love to hear your ideas!

Mortgage Delinquencies - The Coming Storm

Jason Kardos (Broker/Owner) — Thu, 01 Oct 2009 11:56:21 -0500

Via Jeff Geoghan MBA - Lancaster PA Real Estate Expert (The Jeff Geoghan Realty Group, Coldwell Banker Lancaster PA):

This is one of those posts where I wish I didn't have to write it, but felt it was so important to my readers that I would be remiss not to at least talk about it.

Everyone out there probably knows somebody who is behind on their mortgage payments, looking for alternatives and likely also just finding out that their home's value has dipped below what their loan amount is. I know some within my own personal circles. It's a tough situation for me to advise them as a professional because it's such a personal challenge to their pride and self-worth, not to mention their plans and dreams for the family. The question we're asking is "when is this going to stop and where are we heading?"

I'm going to put up a few graphs that show the trends nationally with regards to mortgage delinquincies:

This chart is by quarter - Single-family mortgages set a new record delinquency rate in the second quarter of 2009, according to a quarterly survey by the Mortgage Bankers Association. Those of us in the real estate business see the foreclosure process (just visit the local Sheriff Sale docket to see the current numbers) but the looming delinqency-to-foreclosure issue is far, far larger.

The Wall Street Journal on 8/3/09 reported the following quote: “While subprime mortgages sparked the first round of housing problems two years ago, now "troubles are lurking further up the food chain," says Joshua Shapiro, chief U.S. economist at MFR Inc. White-collar job losses have accelerated while more adjustable-rate loans to prime borrowers are resetting to higher payments. ‘You put all that together, it leads me to believe that the next leg down on home prices is going to come from the top,’ he says.”

The first objection someone may have would be to say "yes, but historically those who are delinqent usually get their act together and come current on the mortgage after a while". That WAS true, but not anymore! We call that the "Cure Rate", that is the rate of delinquencies that go back to current. The Wall Street Journal reported on 8/24/09 about a Fitch analysis that found that the Cure Rate from 2000-2006 was 45% (which means about half of people fix their delinquency). However, as of July 2009 the rate had dropped to just 6.6%! That means that over 90% of delinquent customers are going to foreclosure. Take a look again at the above chart...

The next thing someone will say is "well, that's the 'sand states' and not my area". Here's the chart for all 50 states showing the same breakdown of delinquencies and foreclosures. Guess what - most states have a significant problem, especially compared to historical figures.

Now the next thing someone may say is "aren't those loans going to get 'fixed' by a loan modification?" I know several people right now who are applying for a Lancaster County loan modification but are waiting and waiting. I hope it works out for them...

In reality, loan modifications are hardly making a dent. To me, that's a burning question. Why arent banks being more aggressive in giving customers the option to extend their loan and/or reset to a lower rate? Why are they being SO difficult? The people I know don't want to be foreclosed. They CAN make payments. They just need the terms redrawn to allow them to catch & keep up. Loan modifications are not helping us get this crisis under control.

What are the causes of all these delinquencies? Here's a chart that is enlightening:

We hear a lot about adjustable rate mortgages being the culprit, but the reality is that it's the loss of jobs and the tanking real estate market that's the perfect storm. See my previous post on unemployment in the nation, the state and Lancaster County.

Keep in mind, this post is not intended to give us "good news". You may be experiencing good things in your market and that's great. My intent is to get us thinking about the challenges that aren't going away and how we're going to address them as homeowners, agents and professionals. I'd love to hear your ideas!

Jason Kardos San Diego, CA Real Estate Agent San Diego, CA Blog

Pre-Approval Letters, Are They Helping or Hurting You?

When Credit Card Companies Lower Your Credit Limit

High Offers Offset By Low Appraisals - Fair And Balanced? Or Unfair?

Thank You for Your Service: Now Get Served for Free!

Home Buyer Tax Credit Extension News!

November 2009 San Diego, CA Calendar of Events

CORONARY HEALTH IMPROVEMENT PROJECT, Clairemont, CA

CORONARY HEALTH IMPROVEMENT PROJECT, Clairemont, CA

November Specials at Body Beautiful Car Wash

November Specials at Body Beautiful Car Wash

Hello Friends,

Here is an offer that we all can use and save a little money. I hope everyone had a great Halloween and is getting ready to enjoy the upcoming Thanksgiving Holiday and watch some football games. Go CHARGERS!

Jason Kardos, Broker

Cell 619 347 6337

www.EastCountyHomes.Info

Spring Valley, CA Community Clean Up Day and Recycling

Clean Up Spring Valley, CA Event

J O I N T H E F U N !!! SPRING VALLEY CLEAN-UP DAY

MONTE VISTA HIGH SCHOOL 3230 Sweetwater Springs Blvd. (in the parking lot)

SATURDAY - NOVEMBER 7, 2009 7:00AM TO 1:00PM

*TRASH *TIRE RECYCLING *E-WASTE *SHREDDING Beat the Rush, Get there early! Bring your junk, tree trimmings, tires without rims, hot water heaters, etc. E-waste would be items such as computers, telephones, cell phones, televisions & residential electronic items working or not.

We will take large appliances - working or not!

Please NO hazardous waste, batteries, landfill, NO auto fluids, cleaning fluids, painting fluids, poisons, light bulbs etc.

Limited to Spring Valley residents - For additional information please call the chamber office at 619-670-9902

Event sponsored by: Spring Valley Chamber of Commerce and the County of San Diego

THE SILENT KILLER - CARBON MONOXIDE POISONING

THE SILENT KILLER - CARBON MONOXIDE POISONING

Starlight Terrace, La Mesa, CA Neighborhood Information

San Diego County Offers Free Halloween Fun

HALLOWEEN SAFETY TIPS FROM JASON

Daylight Savings Time Change - Sunday, November 1st at 2 AM

Selling Your Mt. Helix, CA Home In The Next 6-12 months?

How To Save Thousands On Spring Valley, CA Bank Owned Foreclosures, Get a Low-Interest Government Mortgage AND Get A Check For Up To $8000!

$8000 Federal First Time Home Buyer tax credit extended to Military personnel

Banks bite bullet on loans

Spring Valley Community Planning Group Meeting - Tue Oct 13 7pm - Tue Oct 13 9pm

BARRATT AMERICAN BANKRUPTCY AUCTION - ONLINE ONLY - Ends on Wednesday at 10:30 AM.

Spring Valley Citizen's Association Steering Committee Meeting

How To Save Thousands On Bank Owned Foreclosures, Get a Low-Interest Government Mortgage, AND Get A Check For Up To $8000!

USDA Rural Development loans are NOT out of money, and other important facts…

Mortgage Delinquencies - The Coming Storm

Mortgage Delinquencies - The Coming Storm

J O I N T H E F U N !!!
SPRING VALLEY CLEAN-UP DAY

MONTE VISTA HIGH SCHOOL
3230 Sweetwater Springs Blvd.
(in the parking lot)

SATURDAY - NOVEMBER 7, 2009
7:00AM TO 1:00PM

TRASH TIRE RECYCLING E-WASTE SHREDDING
Beat the Rush, Get there early!
Bring your junk, tree trimmings, tires without rims, hot water heaters, etc.
E-waste would be items such as computers, telephones, cell phones, televisions & residential electronic items working or not.