foreclosure: California Association of Realtors Trying to Make Our Job Easier
- 08/22/07 05:42 PM
California Association of Realtors Trying to Make Our Job EasierBy John Occhi, Hemet CA REALTOR®Hemet CA Real Estate The California Association of REALTORS® (CAR) just published its regular e-newsletter with a link to a newly designed chart that has just been released to help a California REALTOR® determine what disclosures are necessary when negotiating a purchase contract for a property that has been foreclosed on and is now owned by the lender - or by the industry term, REO. CAR claims, the "Disclosure Chart for for Trustee/Foreclosure Sales and REO Property Sales (for Residential 1 - 4 Unit Properties), is designed to provide REALTORS® … (8 comments)
foreclosure: Help Save My Hemet Home From Foreclosure!
- 08/18/07 11:16 AM
Help Save My Hemet Home From Foreclosure! by John Occhi, Hemet CA REALTOR® Hemet CA Real EstateI received a call last week from a sobbing Hemet homeowner, who asked, "Can you help me save my home from foreclosure?"I asked a few qualifying question and what concerned m the most is that the home was scheduled to go to auction in less than a month. We set an immediate appointment for that afternoon, where both the husband and wife came to my Hemet office on Florida Avenue. I told her that I needed a copy of the Notice of Default (NOD) as … (8 comments)
foreclosure: Is your State a Judicial or Non-Judicial Foreclosure State?
- 08/11/07 05:53 AM
Is your State a Judicial or Non-Judicial Foreclosure State?by John Occhi, Hemet CA REALTOR® Mission Grove Realty The foreclosure process is different in every state; however most states can be classified as either "Judicial" or a "Non-Judicial" state. The process is as different as night and day. A Judicial Foreclosure is one that uses the courts. Literally a laws suit is filed and as the defendant, you have the right to file an answer. As in any lawsuit, there are legal maneuvers that can be used to delay the inevitable.
A Non-Judicial state has an administrative process that allows the lender to … (10 comments)
foreclosure: I Beat the Beast
- 08/06/07 03:35 AM
I Beat the Beast by John Occhi, Hemet CA REALTOR®Mission Grove Realty It's true. I beat the beast... and the beast is my own desire.Let me try and explain...I have a habit - not a good one mind you, but a habit none the less. I open refrigerator doors. OK, certainly rude if it's not my house. Nothing I should ever do at clients - especially when taking the listing. However, when I stop by a friend's house, I seem to catch myself looking inside their refrigerator.Even if I don't look, I crave. I guess it's like a recent ex-smoker wanting … (15 comments)
foreclosure: Foreclosure Rates Continue To Climb in California
- 07/30/07 12:18 PM
Foreclosure Rates Continue To Climb in Californiaby John Occhi, Hemet CA REALTOR Hemet CA Real Estate There are no surprises in the Mid-Year Report that was released today by RealtyTrac, an online leader in foreclosure property information. Foreclosures continue to increase across the country. See, no surprise.What is new to the report format is that RealtyTrac has added a number it calls "Unique Properties". They issue a quarterly report and starting with the mid-year 2007 they have included the "Unique Properties" field at a request made by the Federal Reserve Bank, which uses RealtyTracs data for market and risk analysis. The number most … (2 comments)
foreclosure: What is a "Free Foreclosure List"?
- 07/28/07 04:54 PM
What is a "Free Foreclosure List"?by John Occhi, Hemet REALTOR® Mission Grove Realty I have to hand it to my fellow REALTORS®, they certainly know how to market, if nothing else. Some would argue that is a REALTORS® most important job - marketing - or getting the word out.The change in the market of 2007 has brought all sorts of people into the foreclosure and preforeclosure niche of selling real estate. One of the latest techniques that REALTORS® are using is offering a "Free List of Foreclosures". OK, I suppose I could see the value in that, if it was legitimate.One of … (22 comments)
foreclosure: Stop Your Foreclosure: Bankruptcy
- 07/28/07 05:32 AM
Stop Your Foreclosure: Bankruptcy by John Occhi, Hemet CA REALTOR® Mission Grove Realty Prior to October 17, 2005 it was a fairly easy process to stop a foreclosure through fining a bankruptcy (BK). Without getting to deep into the process, since I am a REALTOR® and not an attorney and am not practicing law or giving any legal advise here, I am just stating what I recall of the process. We'll refer to the pre change in the law in October 2005 as "the old days". Back in the old days, many would file both a Chapter 7 and a Chapter 13 … (7 comments)
foreclosure: Stop Your Foreclosure: Break Through Loan
- 07/27/07 07:08 PM
Stop Your Foreclosure: Break Through Loan by John Occhi, Hemet CA REALTOR® Mission Grove Realty When a Hemet homeowner recently asked me about helping stop his foreclosure, he asked me what a "Break Through Loan" was and if it would be appropriate for him in his situation. I was not at first familiar with the term, Break Through Loan. With a little investigation I figured out it was what I thought - a fancy name for a hard money loan for someone in the preforeclosure process.Before looking to hard money lenders, the Hemet Homeowner was advised to talk with his lender to … (2 comments)
foreclosure: California Foreclosures and Deficiencies Balances
- 07/21/07 11:15 AM
California Foreclosures and Deficiencies Balances by John Occhi, Hemet CA REALTOR Mission Grove REALTYI just received an email from a member of the public, Reid Pi*zz* who found Brad Andersohn's post The California Foreclosure Process & Timeline. Reid is in a jam and on top of that his wife is stressed. Anyone who has read much of my work knows how I feel about keeping the wife happy, I cover my personal story in great detail in the blog article I wrote called, Why Do I work the PreForeclosure Market and Want to Help? Reid is upside down in his … (11 comments)
foreclosure: Is That Congress I See on the Big White Horse?
- 07/16/07 05:29 AM
Is That Congress I See on the Big White Horse? by John Occhi, Hemet CA REALTOR Mission Grove Realty Anyone who does not have their head buried in the sand knows that the United States is on the verge of some sort of financial disaster as a result of repercussions of the blows the housing industry has recently taken. There are of course many opinions as to what the actual crises are, who is to blame and how do we prevent the worst case scenario. That is not the purpose of this article. Ultimately, many families will lose their home either … (27 comments)
foreclosure: The #1 Thing to Never Do When Facing Foreclosure - Or, How Not To Lose Your Hemet Home
- 07/15/07 05:46 AM
The #1 Thing to Never Do When Facing Foreclosure - Or, How Not To Lose Your Hemet Home by John Occhi, Hemet, CA REALTOR Mission Grove Realty Obviously when a home is lost to foreclosure there have been a lot of mistakes made. There are times when a Hemet CA homeowner is in pre-foreclosure and ready to lose their home because they have made some bad financial mistakes; the most common using their home as an ATM machine. Then there are other times when bad things just happen to good people and the Hemet homeowner finds himself a victim of circumstances; … (15 comments)
foreclosure: Why Do I work the PreForeclosure Market and Want to Help?
- 07/14/07 08:04 PM
Why Do I work the PreForeclosure Market and Want to Help? by John Occhi, Hemet CA REALTOR Mission Grove Realty As a REALTOR® that specializes in the Hemet - San Jacinto Valley real estate market, I know for a fact that there are many homeowners who have fallen behind in their mortgage and today many are in preforeclosure. Many can save their home from foreclosure if they only know where to turn and who to trust.
Pre-foreclosure is a problem that is very near and dear to my heart - as my wife, Sherri, and I have been dangerously close to losing … (26 comments)
foreclosure: 9.1 California Families out of 1,000 Have Lost Their Home to Foreclosure
- 07/11/07 07:05 AM
9.1 California Families out of 1,000 Have Lost Their Home to Foreclosure by John Occhi, Hemet CA REALTOR Hemet CA Real Estate Anyone who has been keeping up with my blog and my local real estate activities in Hemet, CA know that I have been very much involved in the pre-foreclosure market.I have aligned myself with Freedom Foreclosure Prevention Service as a resource to help homeowners work through their financial hardships and, if at all possible, to save their home from foreclosure. This process, in the industry is known as "Loss Mitigation".
Unfortunately, for most homeowners, the process is expensive - … (2 comments)
foreclosure: Is this Good News for Homeowners?
- 07/04/07 11:11 AM
Is this Good News for Homeowners? By John Occhi, Hemet CA REALTOR Hemet CA Real Estate I just read in a newsletter that the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR) are working together, towards a common goal.They issued a joint statement they referred to as a "Join Consumer Alert on Mortgage Payment Increases". The alert is geared towards those homeowners who have a high-risk loan for ending up in foreclosure: the interest only, neg-am and the ARM's. Homeowners are urged to start planning and budgeting immediately for their pending resets of their … (2 comments)
foreclosure: So You Have a Short Sale Lined Up - The Loss Mitigation Specialist is Your Friend - Step #6
- 06/27/07 03:14 AM
So You Have a Short Sale Lined Up - The Loss Mitigation Specialist is Your Friend - Step #6 by John Occhi, Hemet - San Jacinto Valley REALTOR Hemet - San Jacinto CA Real Estate Stress can be a funny thing. It's not just sitting up waiting for your teenage daughter to come home from the prom kind of stress -we are talking about stress that is the effect of life changing events - good and bad.
In the last installment of this series, So You Have a Short Sale Lined Up - Seller Issues - Step #5 we talked … (2 comments)
foreclosure: So You Have a Short Sale Lined Up - Seller Issues - Step #5
- 06/26/07 01:29 PM
So You Have a Short Sale Lined Up - Seller Issues - Step #5 by John Occhi, Hemet - San Jacinto Valley REALTOR Hemet - San Jacinto CA Real Estate By now you should knot that getting involved in buying and investing in short sale properties can be very rewarding financially. You should also know that you, as an investor, are walking a fine line between your own financial success and future and the downside of the homeowner who is probably losing more than their home- their credit, all for the money they have put into the home, the memories, relationships … (2 comments)
foreclosure: Hemet two of 138 California Zip Codes Ranked in Top 500 for Foreclosures
- 06/26/07 05:19 AM
Top 500 Zip Codes for Foreclosuresby John Occhi, Hemet CA REALTOR Hemet CA Real Estate I recently wrote a blog post where I provided a Foreclosure Heat Map that was provided by RealtyTrac. RealtyTrac does pretty much what its name implies - they track real estate data - focusing on the foreclosure market. They recently released a study of the top 500 zip codes in the United State that are affected by the foreclosure market. Of the 500 zip codes pointed out by RealtyTrac, I am sad to say that California leads the country with 138 - including two of thew 3 … (1 comments)
foreclosure: Foreclosure Heat Map
- 06/26/07 04:30 AM
Foreclosure Heat Map by John Occhi, Hemet CA REALTOR Hemet CA Real Estate RealtyTrac is a company that tracks data in the foreclosure world. They recently released a "Heat Map" that shows real estqate foreclosures across the country - for the year 2006.
When you check out the map, it appears as if most of the foreclosures are taking place in one of two regions. There is the "Sunbelt" and the "Rust Belt" I thought others would find this map interesting and perhaps even fine a use for it. If you do, please let me know, because I am trying … (2 comments)
foreclosure: Foreclosures May Cost U.S. Homeowners, Lenders $112.5 Billion
- 06/17/07 01:41 PM
I came across this article in my email and thought it was so relevnt to wha tI have been reporting on that the only way I could do it any justice was to reprint it here: Foreclosures May Cost U.S. Homeowners, Lenders $112.5 BillionBy Hui-yong Yu March 19 (Bloomberg) -- U.S. homeowners, lenders and investors may lose as much as $112.5 billion through 2014 as mortgage payments go up on adjustable-rate loans, triggering defaults and foreclosures, according to a study by mortgage-risk data provider First American CoreLogic. An estimated $2.3 trillion of adjustable first mortgages were originated from 2004 to 2006, many of which will begin to … (0 comments)
foreclosure: Why Work with Short Sales, Foreclosures and Home Equity Sales
- 06/17/07 12:59 PM
Why Work with Short Sales, Foreclosures and Home Equity SalesWhat Must a REALTOR Know About Foreclosure - Pt1by John Occhi, Hemet - San Jacinto Valley REALTORHemet -San Jacinto CA Real EstateThe California Association of Realtors (CAR) recently printed a distributed a 12 page Special Report (SR) on the topic, "Legal Guide to Foreclosure-related Transactions". Specifically, the SR covers issues concerning Short Sales, foreclosures and home equity sales. This series of blog articles is meant to digest and break down the guidelines that CAR has provided. The SR starts by highlighting the reasons a REALTOR might want to consider getting involved in this … (0 comments)
California Association of Realtors Trying to Make Our Job EasierBy John Occhi, Hemet CA REALTOR®Hemet CA Real Estate
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