Market Update : corona bank repo

Avoid Foreclosure

Liane Thomas — Sun, 26 Jul 2009 18:40:00 GMT

Home owners who are facing foreclosure often dread dealing with the facts that got them to that place. If they think back to when they first bought that home, losing their home was probably the furthest thing from their mind. Few home owners actually plan to go into foreclosure.

Reasons For Pending Foreclosure

Apart from those who knowingly participate in mortgage fraud, most homeowners are faced with a sudden and usually unexpected change in their circumstances that force them to stop making timely mortgage payments. Here are a few of those reasons:

Job Loss
Sudden illness or medical emergency
Death in the family
Divorce or loss of second income
Excessive debt obligations
Job demotion or promotion denials
Inability to pay an adjustable interest rate that increases
Unexpected major home maintenance expense

Ways to Avoid Foreclosure

The best way to avoid foreclosure is to prevent the filing of a Notice of Default. Lenders do not want to foreclose but will file a Notice of Default to protect their interests, if necessary. If you know you are unlikely to meet your mortgage obligation, the first thing you should do is call your lender.

Don't put it off, be embarrassed or ignore letters from your lender because those responses will make the situation worse, not better. Depending on your particular situation and hardship circumstances, here are some options your lender might propose to you:

Time to make up your payments.
Lenders might agree to wait before taking legal action against you and let you work out a repayment plan that is affordable for you. This is called forbearance.
Forgive a payment.
If you can agree on a way that you will be current after missing a payment or two (without the means to pay it back), the lender might give you a break and waive your obligation. This is called debt forgiveness, and it rarely happens.
Spread out the missed payments over a longer term.
For example, if your payment is, say, $1,200 a month, the lender might let you add $100 a month to each payment for a year until you are caught up.
Change the terms of your loan.
If your mortgage is an adjustable loan, the lender might freeze the interest rate before it increases or change the interest rate to a more manageable rate for you. A lender might also extend the amortization period.
Add the back payments to your loan balance.
If you have sufficient equity and meet the lender's lending guidelines, the lender might increase your loan balance to include the back payments and re-amortize the loan.
Make a separate loan to you.
Certain government loans contain provisions that let borrowers who meet specific criteria apply for another loan, which will pay back the missed payments.

Ways to Stop Foreclosure

When the lender files a Notice of Default, your options are limited. That is why it is better for you to call your lender before falling behind on your payments, because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have been commenced.

You will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure and stop the foreclosure. This is called reinstatement of your loan. If you cannot make up the missed payments and the lender will not work with you, here are a few other options to stop foreclosure:

Sell Your Home.
Interview at least 3 successful real estate agents who are well versed in foreclosure prevention. Get a realistic opinion of your homes market value and how long it will take to sell it. You might be tempted to hire a discount broker, but many sellers feel they need the exposure and marketing that full service brokers offer. Compare both to determine which best meets your needs and time frame.
Consider a Short Sale.
If your home is worth less than the amount you owe, you might be a candidate for a short sale. A short sale does affect your credit, but it's not as bad as a foreclosure. A good agent will negotiate with your lender to find out if the lender will cooperate on a short sale. Many times, the lender will cover the costs associated with a short sale.
Sign a Deed-in-Lieu of Foreclosure
This is called deeding the home back to the lender. The homeowner give the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action.

If you are in a situation that could leave you facing a forclosure, please know you have options. Call for a free consultation.

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

CNN Says Housing Market may be Stabilizing!

Liane Thomas — Sun, 05 Jul 2009 21:20:00 GMT

CNN is searching for a bottom in the housing market

With consumer confidence rising in May to its highest level in eight months, housing starts increasing more than 17 percent in May compared with the previous month, and sales of existing homes climbing 2.9 percent in April nationwide, it appears that the housing market may be stabilizing.

So what does that mean to you?

Although sales of existing, single-family homes rose 35.2 percent in May in California, compared with a year ago, the median price declined 30.4 percent during that same year. Some industry analysts predict that as specialized adjustable-rate mortgages, known as option ARMS and Alt-A mortgages, reset over the next 18 to 24 months, prices could decline further before stabilizing.

"We are seeing strong buying activity, particularly in those boom and bust markets, where prices have declined significantly. Buyers are coming in and fighting over properties -- there is multiple bidding in California and Florida," says Lawrence Yun, chief economist with the NATIONAL ASSOCIATION OF REALTORS(R).

Sales of existing homes are soaring as many investors and first-time buyers purchase distressed properties. Yun estimates that about 50 percent of current sales involve distressed properties, and he expects the trend to continue as foreclosures rise in the months ahead.

Although some economists predict home prices will continue to decline in the coming months, California'ss median home price rose for the third consecutive month in May, posting the largest monthly increase on record for the month of May.

Some buyers are trying to time the bottom of the market and purchase once it appears that prices are consistently and steadily rising. Many housing forecasters advise against this approach as buyers should not view their homes solely as investment opportunities. Historically, the average annual rate of return on a home lived in for five years or more is nearly 12 percent, based on data C.A.R. has collected over the last 40 years.

If you are thinking of selling your home, now is an excellent time with low inventory and the seasonal spike we get this time of year. Even if you are underwater on your home, like so many families, we'd like to help you find a solution. Call for a free consultation. Thanks!

Liane Thomas, REALTOR(R), CDPE
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and Surrounding Communities
www.AllCoronaHomes.com
951 454-3805

Home Sales Jump ~ April 2009

Liane Thomas — Tue, 02 Jun 2009 19:02:00 GMT

Pending US Home Sales Surge

Pending US home sales skyrocketed to their highest number in 7 years, a sure sign that the bottom is forming and that bargain seekers have arrived. The National Association of Realtors reported that its seasonally adjusted index of sales contracts signed (the Pending Home Sales Index) jumped 6.7% to 90.3, well ahead of analysts' expectations. Lawrence Yun, NAR chief economist, said buyers have responded to favorable market conditions. "Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market," he said. "Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers."

So what does that mean to you? If you want to sell your home, this is probably the best time since 2006. Call me for a no obligation consultation to find out what your house is worth in todays market. We can help you sell your home fast, even if you owe more than your home is worth!

If you are considering buying a home, you MUST close escrow before the end of November to cash in on the tax credit. That means you need to be in escrow by September, and that means you need to be looking for a home TODAY! Please take advantage of this awesome opportunity pass you by!

Brought to you by:
Liane Thomas, REALTOR(R)
The Thomas Group, Keller Williams Realty
951.454.3805
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com

Why this may be the BEST time to upgrade to your dream home!

Liane Thomas — Fri, 01 May 2009 15:04:00 GMT

Here are the top five reasons current home owners should consider upgrading to their dream home:

1. Interest rates are at historic lows, which means you can buy more house than you could a year ago - for the same monthly mortgage payment.

2. Prices have come down. Even if your current home is worth less than during the last housing market peak, your dream home is likely more affordable too.

3. There are plenty of homes on the market right now, both new construction and existing, giving you lots of choice-and negotiating power.

4. You can move in to your new home faster, as many builders either have completed homes in inventory or they can start work right away due to the production slowdown.

5. You may have outgrown your home, but it’s probably someone else’s ideal starter home. With the $8,000 tax credit expiring Nov. 30, now is the time to market your home to first-time buyers.

Have questions? Please call or visit our website..

Liane Thomas
The Thomas Group, Keller Williams Realty
1860 Compton Ave
Corona, Ca. 92881
951.454.3805
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com

Get Paid Up To $7500 For Buying A House!

Liane Thomas — Fri, 15 Aug 2008 15:30:00 GMT

Did you know that a law was just passed that would help many home owners avoid foreclosure? Called the Housing and Economic Recovery Act of 2008, this is one of the boldest and broadest pieces of legislation related to the real estate market since the great depression. As part of this law, the government will give you a tax credit up to $7500 if you buy a home this year.

What this means to you: If you buy a house this year, you will get an instant tax credit of up to $7500 when you file in the spring of 2009. A few restrictions apply, so please call (951) 454-3805 if you would like more information about this historic legislation. We would love to help you find the home of your dreams, and save $7500 off your taxes, too!

Thank you!

Thomas Realty Group, Inc.

951 454-3805

www.AllCoronaHomes.com

www.FreeRiversideHomeSearch.com

Open House in Sierra del Oro, Corona, on Saturday

Liane Thomas — Fri, 22 Feb 2008 06:24:00 GMT

Sierra del Oro, Corona - We invite everyone to visit our open house at 3621 Foxplain Road on February 23 from 12:30 PM to 4:00 PM. This is a beautiful 4 bedroom home, priced for fast sale. Priced like a bank repo, only better!

Property information

Interest Rate Snapshot January 31, 2008

Liane Thomas — Thu, 31 Jan 2008 15:24:00 GMT

Interest Rates are Great

30 Year Fixed 5.52%
15 Year Fixed 5.01%
5/1 Arm 5.07%
30 Year Fixed Jumbo 6.60%
5/1 Jumbo Arm 5.66%

Thank You to Bankrate.com for providing the rates!

Can you believe these great rates?? If you are planning to buy a home in the spring, start looking NOW. There are so many great homes to choose from. Get your pick of the litter now or wait until spring and get what is left over.

Thank you for visiting, and have a safe and happy weekend!
Liane Thomas, REALTOR(R)
Keller Williams Realty
Serving Southern California Counties of Riverside and San Bernardino
(951) 454-3805
http://www.lianethomas.com/
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com

Interest Rate Snapshot January 25, 2008

Liane Thomas — Fri, 25 Jan 2008 15:09:00 GMT

Interest Rates are at 4 year lows!

30 Year Fixed 5.42%
15 Year Fixed 4.89%
5/1 Arm 5.00%
30 Year Fixed Jumbo 6.51%
5/1 Jumbo Arm 5.49%

Thank You to Bankrate.com for providing the rates!

Have you heard the news? Bank owned foreclosure homes are HOT! Smart homebuyers know these homes can be priced way under market value. As specialists in this type of sale, we get a list every week. If you want your FREE copy, please call today.

Interest Rate Snapshot January 7, 2008

Liane Thomas — Mon, 07 Jan 2008 12:56:00 GMT

Interest Rates are Great!

30 Year Fixed 5.57%
15 Year Fixed 5.11%
5/1 Arm 5.36%
30 Year Fixed Jumbo 6.61%
5/1 Jumbo Arm 5.89%

Thank You to Bankrate.com for providing the rates!

Have you heard the news? Bank owned foreclosure homes are HOT! Homebuyers know these homes can be priced way under market value. As specialists in this type of sale, we get a list every week. If you want your FREE copy, please call.

Thank you for visiting, and have a safe and happy week!
Liane Thomas, REALTOR(R)
Keller Williams Realty
Serving Southern California Counties of Riverside and San Bernardino
(951) 454-3805
http://www.lianethomas.com/
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com

Interest Rate Snapshot December 31, 2007

Liane Thomas — Mon, 31 Dec 2007 18:49:00 GMT

Interest Rates are Great!

30 Year Fixed 5.84%
15 Year Fixed 5.38%
5/1 Arm 5.55%
30 Year Fixed Jumbo 6.73%
5/1 Jumbo Arm 6.06%

Thank You to Bankrate.com for providing the rates!

Want a house for the New Year? It is time to shop. There are a lot of homes on the market and very few buyers are looking at them. Get the pick of the litter and your BEST deal of the year NOW!

Thank you for visiting, and have a safe and happy New Year's Day!
Liane Thomas, REALTOR(R)
Keller Williams Realty
Serving Southern California Counties of Riverside and San Bernardino
(951) 454-3805
http://www.lianethomas.com/
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com

Buy A Bank Repo Home

Liane Thomas — Tue, 27 Nov 2007 15:23:00 GMT

Now is an excellent time to consider a bank owned repo home! Banks are desperate to get these homes sold, and they are ready to deal! We are licensed to work with every bank on these special homes, and we serve all of Southern California. We will negotiate a great deal for you, help you with all the necessary legal paperwork, assist you in securing preferred mortgage rates, and guide you through an easy purchase. Best of all, our services are FREE to you as the buyer! For example: today in Corona, there are over 130 bank owned condos and homes priced from $189,000 to $939,000. Riverside has over 150 repo homes priced from $109,000 to $779,900. Want to know about another area? Just ask. We compile a new list weekly and will email or fax it to you. Call today before someone else steals YOUR bargain!
Thanks!
Liane Thomas, REALTOR(R)
(951) 454-3805
http://www.allcoronahomes.com/
http://www.freeriversidehomesearch.com/
Liane@LianeThomas.com