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We all talk about what-ifs.
One big what-if many homeowners have today has to do with making house payments.
Many homeowners are underwater, meaning they owe more than the home is worth at today's depressed prices.
Some homeowners certainly are wondering why they're sending in the payment
on, say, a $450,000 mortgage, when the house would sell today for only
$250,000.
Your options: Keep paying, try to change your loan's terms, or sell and get the heck out!
But some people wonder, what if I just stop paying the mortgage? It may be a
tempting idea, but it quickly leads to trouble.
Here's what could happen if you don't pay the mortgage:
• Report to the credit bureau — If your payment does not arrive, your
lender or servicer will report this late payment to the credit bureau by the
first day of the next month. This can happen in as little as two weeks from due
date and put a negative mark on your credit report.
• Your credit score drops — The late payment report whacks your credit
rating. Your credit score starts to drop, by up to 200 points, if this is your
only late or missed payment.
• Cards are closed, rates rise — In the next 30 days, you can expect
your other creditors to take note of the late payment and to take action. They
can raise your interest rates, shut off your credit card entirely, or lower your
credit limit. You also could face other changes in your financial life, because
auto insurance, student loans and other forms of credit are pegged to your
credit score.
• Tightening of credit lowers your score — Credit scores feed on
themselves. If your credit card limits are lowered and you are carrying a
balance, you are then using more of your available credit, something known as
your utilization rate. When that goes up, it lowers your score some more. The
negative mark stays on your credit report for seven years. But the impact on
your credit score lessens over time. The biggest impact is for the first two
years.
• Lender response — The phone will start ringing. Your lender will try
to contact you to persuade you to go into a loan modification of some kind. But
after 90 days, you cannot just start making payments again. The lender may send
your payment back, if you send it this late and have not been in contact.
• What happens next — After four months of not paying your mortgage,
you will likely be served with a foreclosure notice. If you don't respond within
20 days, then the lender, in the following 60 days, will ask a court to issue a
judgment against you.
A county sale will be arranged 50 to 120 days after the judgment. Then, 120
days after the sale, the sheriff will be at the door. Ten days after that,
you'll be thrown out of your home.
This schedule is a general one, however. If you hire a
lawyer and fight the foreclosure, you may be able to delay the sale for many
months or avoid it altogether. If you are in this position, and not sure what to do, please call 951 454-3805 for a free, no obligation, consultation. We will explore the "What If's" with you, no pressure, and no cost. Liane
Thomas, REALTOR®
The Thomas Group, Keller Williams Realty
1860 Compton Avenue
Corona, Ca 92881
Serving Corona, Norco, Riverside, and Surrounding Communities
951.454.3805
www.AllCoronaHomes.com 
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This is great news for anyone who wants to buy a home in the next 6 months!
The federal tax credit for home buyers was signed into law by President Obama Friday, Nov. 6. The tax credit, which was set to expire Nov. 30, has been extended through April 30, 2010 with a 60-day extension if a binding contract is in place prior to deadline. It also was expanded to include existing homeowners who have lived in their primary residences for five consecutive
years out of the last eight years. First-time home buyers still may be eligible for a tax credit of up to $8,000, while existing homeowners may receive a credit of up to $6,500. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers, to $125,000 and $225,000, respectively. The
purchase price of the home is capped at $800,000 in both instances. Under additional provisions in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The bill maintains the provision that home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase, and waives this requirement for active duty military personnel who move due to a military order. If you are planning to buy a home in the next few years, do not wait! Now is the best time to cash in on tax credits! For more information, or assistance in your home search, please call: Liane Thomas, REALTOR®, CDPE© The Thomas Group, Keller Williams Realty Serving Corona, Norco, Riverside, and surrounding communities (951) 454-3805 www.AllCoronaHomes.com www.FreeNorcoHomeSearch.com www.FreeRiversideHomeSearch.com Ca DRE #01704162
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Cypress, Orange County - We invite everyone to visit our open house at 4008 Bryant Court on November 14 from 12:15 PM to 3:00 PM. Property information
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• 1,031 sq. ft., 2 bath, 2 bdrm townhouse
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MLS®
$290,000
- Standard Sale!
Cypress, Orange County
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Cute townhome in Cypress, in the highly desirable Los Alamitos School District. Walking distance to schools and shopping. You'll love the large living room with newer wood floors. The kitchen has newer cabinets and countertops. The downstairs den (could easily be converted to a 3rd bedroom) has a private 1/2 bath and slider doors out to the private patio. The master bedroom features a private patio, too. Recently remodeled with newer carpet, steel front door, and dual paned windows and slider door. The full bath upstairs has tile floor and a newer vanity and sink. Nice community with greenbelts, tot lot, pool, and spa. One car garage and one parking space included! Plan your visit today!
Property information
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• 1,320 sq. ft., 3 bath, 2 bdrm townhouse - $2,195 USD Monthly - Affordable Luxury! Westpark, Irvine - Luxury Living in Irvine! Beautiful townhouse in gated community of Corte Bella. Close to freeways, airport, and shopping. 2 Bed/2.5 Bath. Second Bedrm is mini-master suite. Townhouse is extremely upgraded granite countertops thruout, S/S appl, Security system, wood shutters, indoor laundry, 2 car attached garage w/built in cabinets, upgraded flooring. Fireplace and Balcony off living room, perfect for outdoor dining. Refrigerator, washer, dryer included. Community offers pool, spa, and parks. Available 12/5/09. Property information
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• 3,031 sq. ft., 3 bath, 5 bdrm 2 story
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$550,000
- Priced To Sell Fast!
Sierra del Oro, Corona
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Luxury Living Orange County Close! You must see this highly upgraded Sierra del Oro, Corona Pool Home! The elegance starts at the gated courtyard entrance, and continues to the 3 sided slate fireplace, the granite in the kitchen, and to the romantic master suite. Newer stainless steel appliances including a double oven, and 5 burner gas cook top. You will love the low maintenance landscaping, and the inviting rock pool and spa. This is a standard sale, no long waits for banks. You'll save money too, with low tax rate, and no HOA fees. Commuter close to Orange County, and close to great schools, shopping center, and so much more. Call to see this beauty today!
Property information
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• 3,486 sq. ft., 3 bath, 4 bdrm single story
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$649,000
- Standard Sale!
South Corona, Corona
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Visit me first. Stunning South Corona Pool Home! Standard sale, no long waits! This beautiful 4 bedroom, 3 bath home is on one of the largest lots in the tract! Granite in the kitchen, honey maple cabinets, city lights view, and a 4 car garage, too. Romantic master suite has private bath with separate oval tub and shower. Highly upgraded, including a whole house fan, and insulated, drive thru garage. Fenced yard, fully landscaped, with a sparkling rock pool. Commuter close to freeway and shopping. Plan your visit today.
Property information
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Riverside County, California
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We invite everyone to visit our open house at 14957 Old Grove Road on
November 8
from 10:00 AM to 1:00 PM.
Property information
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Executive Home, Private Paradise!
• 5,941 sq. ft., 5 bath, 5 bdrm 2 story - $1,500,000 - Not A Short Sale! South Corona, Corona - Welcome to Paradise! Private & Elegant Estate in Crown Ranch, The Premier Destination in Corona. Orange Country Close, You Will Live in Grandeur!. HIghly Upgraded Home, Seller Spent Over $700,000 in the Backyard Alone! Upon Entrance, You Will Be Greeted With Slate and Granite Flooring, Soaring Ceilings and a Romantic Wrought Iron Spiral Staircase That Will Take Your Breath Away. Cherry Cabinets and Granite Counters Await You In The Kitchen Along With Impressive Crown Molding Throughout. An Extensive Media Center With Surround Sound is Both Inside and Out, Ideal For Socializing. This Home Has Four Fireplaces To Create The Perfect Mood No Matter Where You Roam. For The Ultimate Luxury, Try a Massage From Your Own Personal Masseuse In Your Private Retreat Off the Master Suite. Impress Your Friends As You Entertain Them With Your Gorgeous Pool/Spa and Built In Bar-B-Que. And For The Sports Enthusiast, A Full Soccer Court Awaits You. Perfect Location, Private Cul de Sac. Motivated Seller Says Bring Your Offer Today! Property information
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Wow! This is the one you have been waiting for! A standard sale in the Sycamore Creek community in Corona, Ca. This home is over 3000 square feet, has 4 bedrooms, 3.5 bathrooms, a 3 car tandem garage, extra large master suite, granite in the kitchen, and so much more. This home has never been lived in, and will sell fast. Not a short sale, not a repo, no waiting, fast response from seller! Call today to see this one today 951 454-3805. Liane Thomas
The Thomas Group, Keller Williams Realty
1860 Compton Ave
Corona, Ca. 92881
www.AllCoronaHomes.com
(951) 454-3805 cell
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Eastvale, Corona
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The single story at 12843 Prairie Circle has been sold. If you have a house to sell, call the team that can get the job done! Short sales are welcome!
Property information
Liane Thomas,
Keller Williams Realty, The Thomas Group
www.AllCoronaHomes.com
951 454-3805
dre #01704162
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Travis Ranch, Yorba Linda - The pool home at 5155 Via Mariposa, Yorba Linda, has been sold. If you are thinking of selling your home, now is the time! Short Sales Welcome! Property information
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Short Sale
• 1,666 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $150,000 - Nice Price! Central Riverside, Riverside - Beautiful, nearly new KB home in gated community. Light and bright open floor plan with many upgrades. Large kitchen with granite counter tops, upgraded cabinets, and tile floor. Upstairs you'll find a grand master suite with a private bath including dual sinks, jetted tub and separate shower. Spacious secondary bedrooms. Upgraded carpet, ceramic tile, and window blinds. Well kept community has pool, spa, clubhouse, parks, BBQ area, and tot lot. Commuter close to the 60, 10, and 215 freeways. Also minutes from UCR. Plan your visit today! Property information
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Riverside County, California - We invite everyone to visit our open house at 14957 Old Grove Road on October 4 from 1:00 PM to 4:00 PM. Property information
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Riverside County, California - Thomas Realty Group has sold the single story at 8687 Chifney Lane for 96% of asking price with a record breaking 12 day escrow. Congratulations to our happy seller and happy new homeowner. If you need to sell your home, we'd like to help you, too.Short sales welcome. Property information
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