The losses at Fannie Mae are adding up. Along with the news of this multi billion dollar loss there is an announcement that the head of the Federal Housing Finance Agency will be stepping down at the end of the month. The good news it that the Fannie Mae did not request the full amount of the loss, they requested just in excess of $10 billion more from the Treasury.

Fannie Mae also announced that the rate of default is rising which would lead most accountants to believe the rate and size of future Treasury Department Support will not only be necessary but will increase.

The Associated Press announced that the Obama Adminstration is going to announce some plans for Fannie Mae’s Future sometime next year.

Click here to see access a news article supportive of the contents of this story.

If you would like to search public records for Trustee Sale Dates, Notices of Default or Bank owned property in San Diego, La Mesa, El Cajon or other San Diego County Communites just click HERE.

The Associated Press has just blasted the Mortgage Servicing Companies for their conduct  for the way they have been dealing with their clients who have fallen behind on their mortgage and have sought help under Government Plans for Mortgage Modifications.

All of the large banks, and I mean all of them have been named and many smaller companies whose sole role in the mortgage industry is to collect the money and then distribute it to investors have also been named in story.  The facts detail that many of the servicers are being sued for violation of Federal Debt Collection laws which protect consumers from overly aggressive practices.  It seems it is more profitable to keep the books open through a lengthy foreclosure process and charge the investor than it is do a loan modification.

 Some months ago President Obama was reported to have told the large banks that he was the only thing between them and the crowds with pitch forks.   Well, if this story continues to advance the crowds may just be at the banks with picket signs.   I am sure our President meant “Picket Signs”.

Based upon the stories in the news I have been reading tempers are growing short with the slow pace of advance related to the mortgage issue.  Tim Geithner the Treasury Secretary was reported in the Wall Street Journal to have “sworn” at many others Federal Bank Regulators just the other day in a closed door meeting.  Just one day earlier it was reported that Geithner had to rent his home because he could not find a buyer in his homes price range. 

Hopefully, we are spinning out of this and recovery  will become more important than short term profits and bonuses for the bankers who were bailed out with our future earning and tax dollars.  No portion of our community is well served by removing families from their homes if there is any way around it.

 This makes me think of the old saying “ cant we all kiss and make up.”    Clink on the Picture to go to the Associate Press Story mentioned here.

At Billionaires Row in La Jolla, our expertise of the area, extensive knowledge of the market, and impeccable client services, sets us apart from the rest.  Not only have we been in the real estate business of La Jolla for 22 years, but we have handled La Jolla’s foreclosed properties for just as long.  Having worked on foreclosures with major institutional lenders in the past such as TransAmerica, Home Savings, World Savings to name a few, we are now one of only seven agents in San Diego that work directly with Washington Mutual (now JP Morgan).

Working so closely with these financial institutions has helped us learn the mechanics of how each bank operates from the inside when it comes to foreclosures in La Jolla.  We have a keen sense of what each bank allows as far as credits, extensions, and overall time periods to get a deal closed.

In this kind of market, we see a lot of overbids of foreclosed properties.  Billionaires Row La Jolla has been successful by using escalator clauses.  For example, we would write an offer for $5000 over the best offer presented not to exceed a certain amount.  However, a number of banks are now requiring all buyers to submit their highest and best offers to be submitted for review.  We try and beat out all other offers by making ours as clean as possible.  For example, we may do a short close of escrow or not ask for the seller (in this case the lender) pay for termite inspections and termite work.  This does not preclude the buyer from doing inspections and investigations.  At Billionaires Row La Jolla, we use one of the best physical inspectors in the greater La Jolla area and conduct detailed investigations of the property you are buying.  We use a camera to snake down the sewer line and check all sewer connections, search for mold or potential mold problems; extensively search for any structural issues, etc.  All of the findings from these procedures could potentially change the valuation of the property from what we may have the home in escrow for. Conducting these intense investigations has helped make our strong reputation and allow hundreds of past clients or friends in La Jolla to refer new buyers to us looking for short sales and foreclosures in La Jolla.

We also have a customized website that notifies you, the potential buyer, of all La Jolla foreclosures and defaults on a daily basis.  In addition to La Jolla foreclosures, we follow all of the defaults on homes in the La Jolla area.  Having that list of defaults permits us to contact the La Jolla homeowner directly prior to the property going into foreclosure.  We then negotiate directly with the La Jolla homeowner and help him or her into a short sale before the property is turned over to the lender.

If a property in La Jolla ends up going to foreclosure in a trustee sale- the home can be purchased directly on the court steps with a cashier’s check.  Billionaires Row La Jolla can help you determine if the value is good or if it is still too high.  If in fact the value is too high, we would advise you to wait and let it go into foreclosure.  With our strong relationships with lenders, it allows us to go directly to the bank before it gets handed to another realtor.  At that point, it’s very simple.  We conduct a strategic Broker’s Price Opinion (BPO) to determine the value to best represent out La Jolla buyers.

It is extremely important when choosing an agent in La Jolla that you choose one who can determine the intrinsic value of a property, one who has vast experience in the La Jolla area, and one that can help you obtain the best value in the purchase of a La Jolla home or condo.

Values are the lowest they have been in the past 10 years with some La Jolla homes being discounted 60% of the value they were in 2005.  Right now is a great time to buy foreclosed properties in La Jolla, we are here to help.

San Diego Short Sale – San Diego Home Preservation

Usually we get an email from this web site or a phone call from a past client or someone who is in foreclosure. We then answer any questions they have over the phone as best we can and then set up an appointment to see the home or condo and gather information from the homeowner considering a short sale. Some of the questions we will ask and paperwork we will gather is to find out how much is owed on the property and whether the seller is in default on any mortgage liens, taxes, or association dues. We will ask for copies of the most recent mortgage statements including second mortgages and lines of credit. We will need the most recent property tax statement and association dues bill. We also ask the homeowner to gather up additional paperwork.

We will complete free of charge a CMA or Comparative Market Analysis on what your home will sell for in the current San Diego real estate market. We will use Active, Pending “homes in escrow”, and Sold homes or condos to value your property.

Sellers need to be aware that they will have to find out whether the loan(s) they have might be subject to a deficiency in a short sale are “Recourse” or Non-recourse”. In a recourse loan, the borrower retains personal liability for any deficiency after a sale or foreclosure. The lender has “recourse” to the personal assets of the borrower to make up any deficiency. In a non-recourse loan the lender is limited to whatever funds are available from its security interest in the property itself, and cannot force the borrower to repay any deficiency. Each state has its own rules and in some states a loan can be either recourse or non-recourse depending on factors such as whether it was a purchase money loan or a refinance. These are legal question and we recommend professional legal, credit, and tax advice. A short sale should never be the first choice because it carries with it serious negative credit and, possibly, tax consequences. Potential short sellers are advised that any action they take other than full payment of the mortgage note will have negative credit consequences. Sellers are encouraged to consult with a HUD-approved credit counseling agency prior to making any decisions. Sellers should be cautioned that when selecting a credit counselor to carefully check the credentials of the agency as not every credit counselor or foreclosure rescue specialist is going to be HUD-approved. 

We help San Diego Homeowners that owe the bank more money than what their home or condo is worth after selling and closing expenses. We submit a short sale package to the bank and list their home for sale in the San Diego MLS. We negotiate the offer with the bank and buyer on the sellers behalf and try and get the bank to take an offer less than what is owed on the home. We have helped many San Diego Homeowners get out of their homes and get relief. Many will buy a home again in the near future after renting for a while. Our success rate is very high and our experience and customer service is the best in San Diego County. We’re here to answer any San Diego Short Sale Questions that you have. Contact us today.

San Diego Home Preservation     San Diego Home Loan Modification     

San Diego Short Sales    about San Diego Home Preservation    

 Contact San Diego Home Preservation     Disclaimer

Short sales are a relatively new phenom in San Diego. They are both similar and different than foreclosures and typically require a lot of patience.  If you asked most agents and home buyers to describe short sales in one word, it would be “Argh!”.

It’s not that you can’t find a good deal on a San Diego home or condominium via a short sale, it’s that it takes typically months, and months to get all the required lender approvals…IF they ever come. It is important to note that some short sale listings do have their lender approvals and can respond and close in more traditional time frames, but deciphering which ones have approvals and which ones don’t can take a lot of work.

Short sales also sometimes have issues with lender approvals expiring and competing interests for the sale proceeds between lenders, HOA’s, etc.. that can cause additional heartburn.

The best advice if your bargain hunting in the short sale market is to have patience and an open mind, Most San Diego real estate for sale these days is a unique situation and each take a bit of discovery to get the true picture.

Contact me to discuss properties for sale in San Diego.

Rob Presley

rpresley@ppfsd.com

www.PrestigeRealtySanDiego.com

Here at Whitney & Associates Real Estate in La Jolla, we are one of only seven agents to represent Washington Mutual’s foreclosed properties in the San Diego County.  We have exclusive representation of these properties, chosen for our reputation and client satisfaction.  Whitney & Associates is in direct contact with the Washington Mutual short sale and loan modification representative, who gives us a monthly list of San Diego’s distressed properties, both prime ($1 million +) and subprime (less qualified, smaller) loans.

In the 1990’s, the Whitney team represented the bank, Home Savings of America, in its short sales and foreclosed listings.  That bank then merged with Washington Mutual giving us direct contact with all of its listings as well (now Washington Mutual is part of JP Morgan). If you are looking to buy a Real Estate Owned (REO) property, it is best to use an agent with at least 10 years of experience.  We have the experience, knowledge, and resources to get a buyer exactly what he or she needs.

What really sets us apart as the top La Jolla agency, however, is that we conduct a BPO or broker price opinion which is in very high demand.  A BPO is a price analysis done in place of an appraisal, to determine the current valuation of the property.  In doing this, we can give any potential buyers first shot at Real Estate owned and short sale properties.

If you are currently borrowing money from Washington Mutual in La Jolla and feel as though you can no longer make your payments, we have the resources to help you sell your home through a short sale without affecting your credit too greatly.  As stated in our previous blog, Whitney & Associates has devised a package consisting of a hardship letter and HUD1 statement which we create for you, as well as gathered documents such as 3 months worth of bank statements necessary to complete the short sale.

Gregg Whitney and his team sold my condo on Draper in a short sale, representing Washington Mutual. Gregg was very professional in working with the bank and he knew exactly what the bank was expecting. He helped put together the entire package including writing my hardship letter for me and getting the bank accept the sale of my condo at $100,000 less than they were owed. The sale was completed in a timely fashion, just 65 days. The Whitney team really helped me out in a difficult time and I would recommend them for a short sale or any other type of real estate transaction. They know exactly what it takes to get a short sale completed.

George O’Day

]]> http://sdhouserebate.wordpress.com/?p=438 Mon, 23 Feb 2009 19:41:28 +0000 sdhouserebate http://sdhouserebate.wordpress.com/?p=438

3225 FORTUNA RANCH RD
Encinitas CA 92024

San Diego just experienced one of the largest home foreclosures in history.

This 17 bedroom, 9 bath home was reported to be constructed for over $10M in 2006.

The home is over 16,330 square feet and boasts a beautiful pool and commercial kitchen.

There were no bidders at the court steps at 2,275,000.

To see if this property has been listed by the bank yet, check out the San Diego Foreclosure list. www.houserebate.com/foreclosure

Condominiums can be a great place to live as you share the cost of amenities such as pools, exercise room, bbq’s etc. One can experience great amenities at a fraction of the cost of having private pool. Of course, you may have to share that experience with your neighbors.

With the Sub-Prime mortgage problem hitting condominiums particularly hard, one really needs to study the Home Owners Association finances.

In many parts of the country, several apartments were converted to condominiums. The San Diego Condo conversions were done in record numbers. Many of these San Diego Condominiums under funded their reserves. Underfunded reserves, can lead to special assessments to the homeowners.  A special assessment is a demand for additional funds to fund the HOA reserve over and above the monthly HOA Dues. There have been a few Solana Beach condominium associations that assessed over $50,000 per unit for remodeling costs. BE CAREFUL! Be sure to study the minutes of the HOA to determine if there is anticipated deferred maintenance planned in the future. Note most San Diego Condominium associations typically budget for deferred maintenance as part of the monthly dues and never have special assessments.

However, as the number of San Diego foreclosures increase, the HOA dues are on the first expenses that a troubled homeowner stops paying leaving the HOA short on funds. To add insult to injury, the unpaid HOA dues in most cases gets cancelled after a foreclosure as the HOA debt is usually last in the creditor line. This leaves the remaining San Diego condominium owners having to fund the short fall by increased dues or special assessments.

Potential buyers can look up the current and planned foreclosures in a particular complex by doing a foreclosure search at www.surfforeclosures.com.

Before you write an offer on a condominium, be sure to ask your agent what the owner occupancy ratio is at the complex. It is extremely difficult to obtain a conventional loan at a complex where over 50% of the units are owned by investors vs. owners.

There are so many great deals on San Diego Condominiums now. It’s a great time to buy. Just be sure you buy into a well-funded and maintained complex. There are over 200 San Diego Condominiums under $100,000. In many cases your mortgage payment will be less than your rent. Check out the list of San Diego Condos under $100,000 .

A Loan Modification is a valuable tool in helping homeowners get back on track with their loans and protect their homes from foreclosure, but often even after a loan modification people end up right back where they were, and sometimes even worse.  In fact, more than half (55%) of loans modified in the first nine months of 2008 were 30 days or more late within six months.

The problem? Even as lenders have become more willing to modify borrowers’ loans in the past year, many aren’t offering deals that borrowers can afford over the long term.

How can you make sure that your loan modification actually works for you and helps keep you on track for the duration of your loan. 

We have some tips to make sure that your loan modification doesn’t fail and you stay away from foreclosure for the life of your loan.

Don’t Let Your Modified Loan Create a Higher Balance Than What You Started With

Some Loan Modifications fail because the modified loan carries a higher balance than the original loan…

Because many lenders add unpaid interest and fees to the loan balance, homeowners often walk away with more mortgage debt than they originally incurred. A study found that an average of $10,800 was added to mortgages when they underwent a modification. The average such mortgage was $210,000.

Unfortunately, servicers that reduce loan principal are few and far between.

That may change should Congress pass pending legislation that will allow bankruptcy judges to reduce loan principal for homeowners in Chapter 13 bankruptcy protection. Such a move will provide an incentive for loan servicers to start reducing principal themselves.

Don’t Let Your Loan Modification Increase Your Monthly Payment

Some lenders are reluctant to lower rates or waive fees so some homeowners are actually negotiating loan modifications with higher monthly payments than they had before.

It should come as little surprise that with few lenders reducing principal – and most tacking on fees to the loan balance - nearly half of loan modifications (45%) actually resulted in increasing a borrower’s monthly payment, according to White’s study.

When negotiating for a loan modification discuss with your lender all the possibilities so that you can be sure your monthly payment at least stays the same, but don’t accept a higher monthly payment.

What Happens When You Are Still Upside Down On Your Loan

Even after the loan modification some homeowners are still upside down on their loans.

Borrowers who owe more on their homes than they are worth have little incentive to stay there, even if their payments are lower.

Borrowers seeking a loan modification often fail to ask their lender to lower the principle on their loans.  This is a big mistake that can make it difficult for homeowners to really catch up.

Don’t Accept Un-Affordable Terms

Desperate to keep their homes, many homeowners accept modification offers they can’t afford.

Remember to stay calm and counter un acceptable offers.  This is a negotiation and you need to watch out for your interests. 

Don’t let the process intimidate you, but keep your cool and don’t accept any offers that will leave you in a worse situation that you started in.

Don’t Let The Process Overwhelm You

Even though customer services reps are typically the first people homeowners get on the phone, they aren’t authorized to modify a loan.  Homeowners often get lost in the maze of management and customer service and will give up on the process.

Many homeowners seek help from loan-modification brokers you must choose your representative carefully.  Remember there are people out there looking to make a quick buck off your misfortune.   Don’t fall victim, go with a reputable loan modification firm that get’s results.

The best advice to make sure your loan modification works for you is to seek reputable professional help in securing a fair and workable loan modification.  Visit MBACommercial for your free loan modification kit, and access to our loan modification experts.

POSTPONEMENT - Trustee Sales may be postponed by the Trustee at the direction of the lien holder. Notice may be given in advance or at the time and location specified for the intended sale.

PRIVATE MORTGAGE INSURANCE (PMI) - A policy of insurance paid for by the borrower to protect the lender in the event the borrower defaults on the mortgage. Typically PMI is required by the mortgage holder when the down payment is less than 20% of the purchase price.

REO - Short for Real Estate Owned. When a mortgage lender acquires a property, typically through foreclosure, it becomes real estate owned or REO.

SHORT SALE - The sale of a home which is completed through negotiation with the existing lender(s) in which the lender(s) agrees to accept less than the full amount owed to satisfy the debt allowing the debt to be “paid off” short.

TRUSTEE (Foreclosure Trustee) - A Foreclosure Trustee is appointed by the mortgage company when a mortgage reaches default status for the purpose of processing the foreclosure.

TRUSTEES DEED - The deed given to the highest bidder at auction or to the foreclosing lender upon completion of the foreclosure.

TRUSTEE SALE - Conducted by the Trustee. The property is sold at auction to the highest bidder or taken back by a foreclosing lender.

JUDICIAL FORECLOSURE – A foreclosure action conducted through the courts instead of through a
foreclosure trustee. Judicial Foreclosures are very uncommon in California, particularly on residential
properties. Should a lender elect to pursue a deficiency judgment, it would be through a Judicial Foreclosure.JUNIOR LIENS – A lien, usually a mortgage loan, that is subordinate to a Senior Lien, usually a first mortgage. Lien priority is generally established by recordation. NOTE: if you refinance a 1st mortgage on a property with a 2nd mortgage already in place the new 1st mortgage holder will require a subordination agreement from the Junior Lien holders to legally establish the new mortgage holder as 1st or Senior Lien holder.

LIBOR (London Interbank Offered Rate) – The interest rate charged among banks for short-term Eurodollars loans – LIBOR is a very common index for adjustable rate mortgages (ARM).

LOAN MODIFICATION – An adjustment to the terms of a mortgage, usually to assist a homeowner who has gone delinquent on the mortgage, or one for whom mortgage difficulty appears unavoidable. Among the most common modifications are adjustment to payment terms, adjustment to the interest rate or shifting of delinquent amounts for repayment later in the loan term.

LOSS MITIGATION - Home mortgage lenders look to limit losses on delinquent mortgages by working out solutions with borrowers through their Loss Mitigation Department.

NOD – Short for Notice of Default

NOTICE OF TRUSTEE SALE – An official notice that is posted, mailed, published/advertised and recorded by Trustee at the direction of lender indicating lender’s intention to sell the property at public auction. The notice typically includes a specific date, time and location.

If you are looking for help negotiating with your lender contact MBA Commercial or call Toll Free, 800-958-1952 and listen to our recorded message available 24 hours a day.

Study up and learn the lingo from the following Glossary of Terms:

BENEFICIARY – The beneficiary in a foreclosure context is generally the mortgage lender. Frequently referred to as the “Benny”.

CREDIT COUNSELING – Under the new bankruptcy law which took effect in October of 2005, those wishing to file bankruptcy must complete an approved credit counseling course within the six (6) months prior to filing.

DEED IN LIEU OF FORECLOSURE – The voluntary surrender of property by an owner/borrower to a lien holder that eliminates the need to continue foreclosure action by the lien holder. The lien holder can refuse to accept the Deed in Lieu and file a Notice of Non Acceptance with the County Recorder.

DISCOUNTED PAYOFF – The payoff of a mortgage loan where the lender accepts an amount less that the actual amount owed to payoff the loan.

EQUITY DEFICIENT- A property is Equity Deficient when, if sold, sales proceeds would not fully pay off existing mortgage debt.

FORBEARANCE AGREEMENT – An agreement between a mortgage holder and a borrower that lays out a specific loan payment plan and often puts a stop on the foreclosure action so long as the borrower meets the terms of the agreement. The payment plan includes provisions for repayment to the mortgage holder of all delinquent interest and fees and could include extending the life of the mortgage beyond the original terms. A Forbearance Agreement is a tool that allows the borrower to keep the property.

If you are looking for help negotiating with your lender contact MBA Commercial or call Toll Free, 800-958-1952 and listen to our recorded message available 24 hours a day.

Federal and state officials, eager to stabilize the housing market, have leaned hard on mortgage companies to honor their pledges to help more homeowners avoid foreclosure.

But in California at least, the mounting pressure has so far produced only modest results.  The most common from of avoiding a foreclosure is by negotiating a Loan Modification.  Loan Modifications can include reducing the interest rate, extending repayment from 30 years to 40 years, or reducing the principal due. The goal is to arrive at monthly payments – including property taxes and insurance – that typically represent between 30 to 40 percent of a homeowner’s monthly income.

Many homeowners will attempt to negotiate a Loan Modification with their bank, but there are some homeowners who turn to counseling agencies like MBA Commercial for help when in seems their bank is unwilling to negotiate or the process seems to difficault for them.  Homeowners who turn to counseling agancies run the gamut from those facing imminent foreclosure to those up-to-date with their loan payments but worried about their future ability to pay.

If you are looking for help negotiating with your lender contact MBA Commercial or call Toll Free, 800-958-1952 and listen to our recorded message available 24 hours a day.

If I could give just one tip for completing a short sale, this would be it… It’s ALL in the package!!! Make sure, make sure, make sure you send the complete package the first time. Find out if the bank has additional disclosure, if so, include them! Look at the package from an outside party’s perspective… If you were receiving these 80, 90, 100 pages at once, would you be able to make sense of them? Are they clear? Organized? Current? And if the negotiator/bank does need something… Get it QUICKLY! In return, they’ll be quick.

I can’t tell you how many times we have had a negotiator tell us that the reason our file is getting worked on so quickly is because it’s clean…

“I’m getting this one done quickly because it’s so clean… Normally this would take another 2-3 weeks” GMAC

“Wow, you must have sent a REALLY clean package… The files normally take 2-3 weeks to be assigned and have the BPO ordered” Chase representative on our file that had been submitted just 4 business days earlier and was already assigned with a BPO ordered.

“Yours was so clean/complete, I moved it to the front of my stack” Wells approval in 3 weeks

It goes on and on… We even have negotiators that we can send our packages to directly now because they know they’re complete, and we get them closed.

Those extra 30 minutes you can spend preparing your package can save you weeks down the road.

Good Luck!

Glen

San Diego Short Sale Experts  / San Diego Short Sale Experts

Has anyone else had to complete a short sale with ING Direct recently? If so, what was your experience like? We are in the process of closing one that just about took an act of congress in order to get the approval on. The negotiator on the file was a nightmare… Rude, arrogant and clueless (a dangerous combination). He was almost impossible to get a hold of and when we did, his story changed every time. After getting nowhere with him after the continuous lies of “the file has be submitted”, “we should have approval next week” (when in reality it turns out he had lost it), we went to his supervisor. He was pretty much the same as our negotiator but knew just a little more… The only good thing about going to him was we found out that the file had been lost.

After a couple months of the run around, reaching a dead end and finding out we were no further ahead, we took the next step… Emailing the CEO, CFO and all board members. The email was lengthily and explained how poorly staffed their department was and how much money it was costing them. It then finished with the details of our transaction and our short sale package was attached. Needless to say, we received phone calls AND emails from our negotiator’s supervisor within minutes wanting to help.

We weren’t able to get that offer approved because the price was too low based off of their BPO (that was too high), but after a little more fighting and another email to the CEO we were able to find out the number that would make the deal work. We had a new offer within a couple of days and an approval within the week.

These shorts sales often feel like a never ending battle… But if you’re willing to fight for it, you can get them closed!

Glen

San Diego Short Sale Experts  / San Diego Short Sale Experts

It’s hard to believe that we’re already at the end of the year and it’s nice at the same time… These last two months have been extremely busy with closings and new listings (which we couldn’t be happier to have). We’re coming into the week before Christmas when things come to an almost halt before picking right back up after the first.

We’d like to say thank you to everyone that has supported us and helped make everything we do possible! Have a great holiday and New Years, and we’ll look forward to another successful year!

San Diego Short Sale Experts  / San Diego Short Sale Experts

Fannie and Freddie put foreclosures on hold for the holidays!

On November 20th, 2008 Fannie Mae and Freddie Mac announced that they would be stopping foreclosures and putting them on hold “Until the streamlined modification program is fully implemented” as stated by Fannie Mae President and CEO Herb Allison. Not only has the two mortgage giants stepped up to embrace the “streamlined modification program” but so have Hope Now and 27 other mortgage servicers. This could be a nice Christmas present for many homeowners throughout the United States. Being thrown out of your home is hard enough but being thrown out around the winter holidays would be devastating.

Foreclosures scheduled to happen between November 26, 2008 and January 9, 2009 would be suspended during that time period. Fannie Mae has said this will encompass more than 10,000 homeowners. Fannie Mae as part of its “Second Look” initiative will be continuing workout efforts for homeowners seeking help.

I have personally heard a lot of talk and read many sensational headlines about helping homeowners in trouble but the truth of it has been that most are not being helped. I think giving false hope can be an even crueler way to deal with this problem of epidemic proportions. I think a homeowner should try to modify their loan and work with their lenders but through my experience they should also realize that most homeowners that I have spoken with have not been successful with this approach. Maybe Freddie and Fanny are more eager and sincere than most banks and mortgage holders that I have witnessed drop the ball when helping homeowners with workouts and loan modifications.

Freddie Mac Chief Executive Officer David M. Moffett said that Freddie Mac is on track to help three out of five troubled borrowers with Freddie Mac loans to avoid foreclosure in 2008. Out of the 140,000 homeowners delinquent on their Freddie Mac loans it is estimated according to Freddie Mac that they will approve 84,000 of them for workouts in 2008. I can’t wait to see what these numbers really look like once we look back at them and count them up in early 2009.

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

BANK OWNED REO IN SPING VALLEY SAN DIEGO CA – Great 2 bedroom condo in Spring Valley. Tile and carpet floors, bar seating in kitchen with lots of storage, private patio and is located in a beautiful park like setting with private pool. Located close to shopping and freeway this is one to put on your list to see.

San Diego REO Videos – Dawn Lewis REO’s 

453 Verde Ridge Court
Spring Valley CA 91977
2 bedrooms
1.5 bathrooms
1024 square feet

Spring Valley Real Estate Blog

If you’re ready to buy a San Diego Foreclosure or want more information about Foreclosures and REO’s in San Diego call us at 619-656-6700.

San Diego Foreclosures           

All information is believed to be correct but not guaranteed.

IF YOU HAVE FALLEN BEHIND ON YOUR MORTGAGE OR IF YOU CAN SEE THE DARK CLOUDS OF TROUBLE LOOMING ON THE HORIZON, YOU HAVE HOPE! AND YOU MANY OF YOUR OPTIONS DO NOT INCLUDE SELLING YOUR HOME.

HERE’S AND INSIDER’S SECRET: YOUR LENDER DOES NOT WANT YOUR HOME, YOUR LENDER DOES NOT WANT TO GO TAKE YOU THROUGH FORECLOSURE. YOUR LENDER WOULD MUCH RATHER WORK WITH YOU TO FIND AN OPTION THAT WOULD ALLOW YOU TO KEEP YOUR HOME. TAKE A LOOK AT THESE OPTIONS LENDERS ARE CONSIDERING TODAY:

FORBEARANCE AGREEMENT
One option that banks are agreeing to is a Forbearance Agreement which is a written agreement between you and your bank laying out a payment plan to get you back on track with your loan that either adds extra payments to your loan until your delinquency is brought up to date or extends the period of your loan after your original pay off date to make up the missed payments.

The Forbearance Agreement may give you an opportunity to delay or even adjust your monthly for a short period of time so you can recover from sort of temporary short term financial crisis or setback. The plan will include the repayment of interest and fees and may extend the life of your mortgage beyond the original payoff term.

When you have all the terms and details of the Forbearance Agreement hammered out you and your lender will enter into a formal written agreement, and you get to keep your home.

In order for a lender to consider a Forbearance Agreement you have to demonstrate to your lender that the conditions that led to your delinquency were temporary, short term, beyond your control and have all passed. Your lender will want to know for sure that you are back on solid ground and you are no longer a credit risk.

If you would like to learn more about how to negotiate a forebearance agreement with your lender contact MBA Commercial or Toll Free, 800-958-1952 and listen to our recorded message available 24 hours a day.

Next Week: Loan Modification

The Federal Government takeover of Fannie Mae and Freddie Mac has helped stabilized the financial markets, especially in the home lending sector. The San Diego Real Estate Market will benefit from this increased liquidity in the mortgage sector. The Fed’s actions have already affected interest rates. The rates on conforming fixed rate loans have already decreased by approximately 3/8 of a percent.

In some markets such as Oceanside, Calif., the listings are receiving multiple offers and sales prices are sold over the listing price. Lower interest rates help increase the pool of eligible San Diego homebuyers, which should bolster up demand for housing. This increased housing demand will help mitigate further steep declines in housing prices. The lower interest rates will not help those already in foreclosure, but may help homebuyers that may be able to refinance now with the lower interest rates.

The San Diego foreclosure inventory continues to be abundant, giving potential San Diego homebuyers tremendous opportunity. The end of Aug. 2008 showed 6,841 San Diego bank owned REO properties. Over 2,000 of these San Diego foreclosure properties are for sale on the San Diego Multiple Listing Service. The remaining 4,800 plus bank owned properties would be available for sale as the banks process these properties for the San Diego real estate market.

With 4,728 San Diego foreclosure properties scheduled for foreclosure auction in the next 90 days, a portion of these properties may be foreclosed on by the banks. There are almost 11,000 San Diego homes and properties in the pre-foreclosure phase. These owners of the San Diego real estate properties have received a Notice of Default and have been notified that a San Diego foreclosure auction is pending.

Brian Yui, CEO of HouseRebate.com, expects the climate to be good for investors and homebuyers in the next 12 months. “In some markets such as Oceanside, California, the listings are receiving multiple offers and sales prices are sold over the listing price,” states Brian Yui. “This may indicate we have reached bottom in certain market segments.”

According to Sandicor, there were 2,562 San Diego home sales in August 2008. Approximately 32 percent of these sales were San Diego bank owned properties due to San Diego foreclosures. To view the current list of San Diego Foreclosure properties, visit HouseRebate.com.

San Diego Foreclosure MLS

If you’re ready to buy a San Diego Foreclosure or want more information about Foreclosures and REO’s in San Diego call us at 619-656-6700. We are your San Diego Foreclosure Source.

San Diego Foreclosures    

Chula Vista Foreclosures   

California Foreclosures

We had another good day today… We received two more short sale approvals on a Countrywide 1st / 2nd. Hopefully there are some more to come soon.