Market Update : preforeclosure

Changes in Home Loans May Affect You

Liane Thomas — Fri, 17 Jul 2009 22:37:00 GMT

Starting July 30, 2009, if the APR on an initial Good Faith Estimate is no longer accurate (within a 0.125% range) at close of escrow, a lender must generally provide a residential borrower with a new disclosure and a three-day right to rescind before consummating the loan. REALTORS(R) are forewarned that, because of this new three-day waiting period, a lender's failure to timely provide corrected disclosures has the potential of delaying funding of the loan and close of escrow.

This new requirement is part of the Mortgage Disclosure Improvement Act (MDIA) implementing new loan procedures to protect borrowers and foster greater transparency in mortgage lending. For loan applications submitted on or after July 30, 2009, the new MDIA changes to the Truth In Lending Act are generally as follows:

- Applicability: The new MDIA rules pertain to federally-related mortgage loans covered under RESPA and secured by a consumer's dwelling. The rules apply to both purchase and refinance loans.

- Early Disclosures: A lender must provide a borrower with an initial Good Faith Estimate within three business days of receiving the borrower's written loan application as specified. For this provision, a "business day" is generally defined as a day on which the lender's offices are open for business.

- Upfront Fees Restriction: Neither a lender nor any other person may impose an upfront fee on the borrower (except for credit report) until the borrower has received the early disclosures in person or, if mailed, three business days after the early disclosures are mailed. For this rule, a "business day" is defined as all calendar days except Sundays and legal public holidays as specified.

- Seven-Day Waiting Period: A lender must wait seven business days after providing the early disclosures before consummating the loan. For purposes of this waiting period, a "business day" is defined as all calendar days except Sundays and federal legal holidays as specified. A borrower may waive the waiting period in writing in case of personal financial emergency, such as an imminent foreclosure sale.

- Re-disclosure Requirement: If the final Annual Percentage Rate (APR) at loan consummation varies more than 0.125% (or 1/8 of one percent) from the initial APR on the early disclosures of a regular transaction, the lender must provide the borrower with a corrected disclosure at least three business days before the loan is consummated. For purposes of this waiting period, a "business day" is defined as all calendar days except Sundays and federal legal holidays as specified.

- Three-Day Waiting Period: For corrected disclosures, a lender cannot consummate a loan until three business days after the borrower receives the corrected disclosure in person. If the corrected disclosure is mailed, the borrower is deemed to have received it three business days after it is placed in the mail. A borrower may waive this waiting period in writing in case of a bona fide personal financial emergency, such as an imminent foreclosure sale.

What does this mean to you? Let's say you go to sign loan docs, and find out that the interest rate or fees are higher than quoted. At that point, you are stuck because if you don't sign, you don't get the house, and you are supposed to be moved out of your apartment by the weekend. So you lump it and sign. These new laws will require the lender to notify you when the rate changs, so you won't get a nasty surprise.

Information provided to you by:

Liane Thomas, REALTOR®, CDPE©, Lic # 01704162

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

Yummy Grilled Guacamole

Liane Thomas — Tue, 14 Jul 2009 14:14:00 GMT

No really, this is good! Just prepare about half an hour before serving, so it has time to cool!

Summertime Guacamole

2-3 medium to large-sized avocados, halved and seeded
3 tbsp freshly squeezed lime juice
1 clove garlic, finely chopped
1/3 C red onion, finely chopped
1 jalapeño chili, seeded and finely chopped
1 small tomato, seeded and chopped small
1/3 C cilantro, finely chopped
Kosher salt and freshly ground black pepper
Extra virgin olive oil

Brush the cut side of each avocado with olive oil and grill (cut side down) over a medium flame for 1 to 2 minutes, or until grill marks are achieved. Allow the avocado to cool. Remove the skin and cut into ½-inch cubes.

Place all of the ingredients into a mixing bowl, season liberally with salt and pepper and toss until all the ingredients are incorporated and the avocado is lightly mashed. This guacamole is best when served on the chunky side.

enjoy~

Brought to you by:

Liane Thomas, REALTOR(R), The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and the surrounding communities
www.AllCoronaHomes.com
951.454.3805

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

New 90 Day Foreclosure Rule in California

Liane Thomas — Thu, 18 Jun 2009 00:02:00 GMT

Recent news headlines have caused confusion by mischaracterizing the new California Foreclosure Prevention Act as a 90-day moratorium and incorrectly stating that the lender must modify delinquent loans before it begins foreclosure. In reality, the foreclosure process for certain owner-occupied residential first trust deeds has been extended by 90 days, effective June 15, but an exemption is available for lenders with comprehensive loan
modification programs as defined by the Act.

Under pre-existing law, a lender must wait three months after filing a notice of default before it can file a notice of sale. The new California Foreclosure Prevention Act extending that time frame by another 90 days may not have much practical impact.

So what does that mean to you? If you find yourself unable to make your monthly payment, first, call your loan servicer. The phone number should be on your payment coupons. Ask first for the Home Retention or Loan Modification Department. Then honestly explain your situation. Ask them to help you keep your home. Your loan servicer will not charge you for this service.

If you cannot get your loan modified, please call me. As a Certified Distressed Propery Expert, I can help you figure out what to do next. Foreclosure is not your only option.

Thanks,

Liane Thomas, REALTOR(R), e-PRO, CDPE
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside and surrounding communities
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.com
951.454.3805

Price Reduced on 12843 Prairie Circle in Eastvale, Corona

Liane Thomas — Thu, 11 Jun 2009 13:45:00 GMT

Eastvale, Corona - Announcing a price reduction on 12843 Prairie Circle, a 2,063 sq. ft., 2 bath, 4 bdrm single story "Hard to Find!". Now MLS® $325,000 - Approved Short Sale! Yes, the sale was approved and the buyers have found a different home! Call today to see this beautiful home!

Property information

HOMEOWNERS BEWARE: Foreclosure Rescue Scams

Liane Thomas — Thu, 11 Jun 2009 13:28:00 GMT

Brought to you by your Realtor®, Liane Thomas, and the California Association of Realtors®

With the recent rise in foreclosures, foreclosure-related scams have exploded onto the real estate scene. These so-called “foreclosure rescue companies” claim they will help save your home, but in reality are out to make a profit -- at your expense.

Red Flags for Foreclosure Rescue Scams
If you are at risk of or in foreclosure, you should be on the lookout for foreclosure scams. Here are some of the red flags to watch out for:

• Asks for money upfront before providing any service
• Instructs you not to contact your lender, lawyer, housing counselor, family, friends, or others
• Asks for mortgage payments to be made directly to his or her company or a bank account set up by that person, rather than your lender.
• Requires payment only in the form of cash, cashier’s check, or wire transfer
• Promises to stop the foreclosure process, no matter the circumstances
• Advises you to transfer your property deed or title to his or her company
• Offers to fill out paperwork for you
• Asks for something to be done immediately and without delay. This includes pressuring you into signing paperwork that you have not had the chance to read thoroughly or do not fully understand
• Encourages you to lease your house and buy it back over time
• Offers to buy your house for a fixed price that is not set by the housing market at the time of sale
• Asks for you to give a power of attorney
• Asks for signatures on a grant deed or deed of trust
• Asks for signatures on a document that has lines left blank
• Fails to provide copies of signed documents
• Refuses or fails to put an oral promise in writing

Report Fraud
If you have been a victim of a foreclosure-related scam or approached by a scam artist, you may report the incident to the following organizations and government enforcement agencies:
• California Attorney General
http://ag.ca.gov
• California Department of Real Estate
www.dre.ca.gov
• Department of Housing and Urban Development (HUD)
www.hud.gov
• Federal Trade Commission (FTC)
www.ftc.gov
• Your local Better Business Bureau
www.bbb.org

Legitimate Resources
If you are at risk of foreclosure or have already received a foreclosure notice, you should contact your lender immediately.
Homeowners also may seek the advice of a reputable housing, financial or credit counselor, attorney, or other qualified professional.
Homeowners may visit the U.S. Department of Housing and Urban Development (HUD) Web site at http://www.hud.gov/ to view its Guide to Avoiding Foreclosure and its list of California HUD-approved housing counseling agencies. In addition, the non-profit Homeownership Preservation Foundation has a 24/7 toll-free Homeowner’s HOPE Hotline at (999) 995-HOPE.

Copyright© 2009 CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Permission is granted to C.A.R. members only to reproduce this material for non-commercial purposes. Other
reproduction or use is strictly prohibited without the express written permission of the C.A.R. Legal Department. All rights reserved.
The information contained herein is believed to be accurate as of April 9, 2009. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney.

If you are facing foreclosure, we'd like to talk with you. We will explain what your options are, and where to go for help. There is no cost for this service.
Liane Thomas, REALTOR(R), and Certified Distressed Property Expert
The Thomas Group, Keller Williams Realty
Serving Corona, Norco, Riverside, and surrounding communities
951 454-3805
www.AllCoronaHomes.com

Banks Accepting More Short Sales!

Liane Thomas — Fri, 05 Jun 2009 15:36:00 GMT

Did you know the Obama administration, through the Making Home Affordable program, is giving lenders and loan providers an incentive of up to $1,000 for each completed short sale? This is in addition to $1,000 to share the cost of paying any second-mortgage lenders to release their claim on the property. These incentives offered by the government, coupled with lenders wanting to reduce bad loans, are likely to increase the number of short sale transactions. "Without a doubt, lenders are more willing to work through short sales," said Andre L. Mitchell, the executive vice president of the Lynx Mortgage Bank. "In this marketplace if the lenders can negotiate in any way to get rid of a bad loan, they're going to do it." Banks may lose less money in short sales than in foreclosures, where banks may carry the house for a considerable period of time before selling it. Analysts believe short sales are often the best option, even for homeowners thinking about a new loan to save the home. "It's gotten to the point where people understand that sometimes you have to start over," says Mitchell. "A loan modification might help you in the short term, but sometimes what people need to do is get out completely."

Personally, we are seeing short sales getting approved faster, and the process is becoming easier than it has been in the past. We have been helping homeowners who are underwater since 2007. If you are a homeowner who is underwater, behind in payments, or facing a foreclosure, we'd love to talk with you. There is no obligation, and no cost to you. Thanks!

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

CALIFORNIA HOMEOWNERS ARE BEING TARGETED BY CON ARTISTS OFFERING FORECLOSURE ASSISTANCE

Liane Thomas — Mon, 27 Apr 2009 01:56:00 GMT

CALIFORNIA HOMEOWNERS ARE BEING TARGETED BY CON ARTISTS OFFERING FORECLOSURE ASSISTANCE

The U.S. Department of Housing and Urban Development (HUD) has issued a warning that California homeowners are increasingly becoming the target of con artists trying to loot families of their bank accounts with phony promises to avoid foreclosure. HUD officials are warning homeowners seeking assistance to contact a local HUD-approved housing counseling agency instead of companies offering foreclosure assistance for a price.

"Foreclosures are hurting homeowners and communities, and now we see "financial looters" plying a "grab-and-go" strategy to con families out of their scarce dollars with empty promises and phony claims," said Caroline H. Krewson, HUD Deputy Regional Director for Region IX. "It's criminal when it happens in the wake of a natural disaster, and it's just as criminal when it happens to families facing financial disaster."

Congress has provided the U.S. Department of Housing and Urban Development and the Treasury with resources to assist families facing foreclosure at no cost to the homeowner. The public can find a HUD-approved housing counseling agency on HUD's website or call toll free (800) 569-4287 on weekdays between 9:00 a.m. and 5:00 p.m. Eastern Standard Time (6:00 a.m. to 2:00 p.m. Pacific Time) or call 1 (800) CALL-FHA. People can also find out more information about mortgage modifications and the Administration's Making Home Affordable Plan by visiting www.financialstability.gov.

HUD also warned that some homeowners are receiving emails and letters urging them to contact companies that have names that mislead the public by using variations of HUD's official name and site. The only official HUD website is at www.hud.gov and sites that end in hud.us-gov or hud.com or hudgov.us or any of a number of other addresses are not official HUD websites.

Examples of scams HUD include:

The foreclosure prevention specialist: The "specialist" really is a phony counselor who charges high fees in exchange for making a few phone calls or completing some paperwork that a homeowner could easily do for himself or herself. None of the actions results in saving the home. This scam gives homeowners a false sense of hope, delays them from seeking qualified help, and exposes their personal financial information to a fraudster.

Some of these companies even use names with the word HOPE or HOPE NOW in them to confuse borrowers. Borrowers should not be mislead. HOPE NOW provides foreclosure counseling assistance at its 1 (888) 995-(4673) HOPE hotline.
The lease/buy back: Homeowners are deceived into signing over the deed to their home to a scam artist who tells them they will be able to remain in the house as a renter and eventually buy it back. Usually, the terms of this scheme are so demanding that the buy-back becomes impossible, the homeowner gets evicted, and the "rescuer" walks off with most or all of the equity.
The bait-and-switch: Homeowners think they are signing documents to bring the mortgage current. Instead, they are signing over the deed to their home. Homeowners usually don't know they've been scammed until they get an eviction notice.
Equity skimming: In this type of scam, a "buyer" approaches you, offering to get you out of financial trouble by promising to pay off your mortgage or give you a sum of money when the property is sold. The "buyer" may suggest that you move out quickly and deed the property to him or her. The "buyer" then collects rent for a time, does not make any mortgage payments, and allows the lender to foreclose. Remember, signing over your deed to someone else does not necessarily relieve you of your obligation on your loan.

If you are approached with these offers, contact the local U.S. Department of Housing and Urban Development office at (415) 489-6400.

Questions? Want to know what your real options are? call or visit us online.

Liane Thomas, REALTOR(R)
www.AllCoronaHomes.com
951 454-3805

Open House in Corona, Eastvale on Saturday April 18, 2009

Liane Thomas — Sat, 18 Apr 2009 14:08:00 GMT

Eastvale, Corona - We invite everyone to visit our open house at 12843 Prairie Circle on April 18 from 1:00 PM to 4:00 PM.

Property information

2 Story For Sale in Central Riverside

Liane Thomas — Mon, 16 Mar 2009 23:21:00 GMT

• 1,384 sq. ft., 3 bath, 3 bdrm 2 story - MLS® $175,000

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, tile floor, and stainless steel appliances including built in microwave and dishwasher. Upstairs you'll find a grand master suite with a private bath including dual sinks, jetted tub and separate shower. Spacious secondary bedrooms with upgraded mirrored closet doors. Upgraded carpet, ceramic tile, 3" baseboards, window blinds, and custom paint throughout. Well kept community has pool, spa, clubhouse, parks, BBQ area, and tot lot. Commuter close to the 60, 10, and 215 freeways. Plan your visit today!

Property information

Open House in South Corona on Sunday

Liane Thomas — Thu, 11 Sep 2008 23:26:00 GMT

South Corona, Corona - We invite everyone to visit our open house at 1134 Pampas Circle on September 14 from 1:00 PM to 3:00 PM.

Property information

Help for the Troubled Housing Market!

Liane Thomas — Fri, 15 Aug 2008 15:43:00 GMT

Finally we have some help for the troubled housing market. A law passed by the federal government and is one of the boldest and broadest pieces of legislation related to the real estate market since the great depression.

Among other relief details, the legislation devotes $300 billion to helping troubled homeowners avoid foreclosure.

Key provisions of the Housing and Economic Recovery Act of 2008

• A tax credit of up to $7,500 for qualifying first-time home buyers (repayable and interest-free over 15 years).

• An increase in loan limits for Fannie Mae, Freddie Mac, and FHA up to $625,500 with local limits set at 115% of the area median.

• A foreclosure rescue plan in which lenders would refinance homeowners with subprime and ARM reset loans into fixed-rate, 30-year mortgages backed by the Federal Housing Administration.

• A change in existing legislation that will eliminate seller-paid down payment assistance programs such as Nehemiah and the HART programs.

• New requirements for mortgage originators.

• A bailout plan for government-sponsored loan companies Fannie Mae and Freddie Mac, if it is needed.

• A grant of $3.9 billion in grants to the hardest hit communities for buying and fixing foreclosed property.

• $180 million for pre-foreclosure counseling and legal services for distressed borrowers

Additionally, states will receive and additional $11 billion in tax free municipal bond authority for low interest loans to first time home buyers, construction of low income rental housing and refinancing subprime mortgages.

If you want to know how this new law may help you, please call (951) 454-3805. We'd love to offer you some free information.

Price Reduced on 4255 4th Street in Downtown

Liane Thomas — Tue, 06 May 2008 05:03:00 GMT

Downtown, Riverside - Announcing a price reduction on 4255 4th Street, a 765 sq. ft., 1 bath, 2 bdrm single story. Now MLS® $200,000 - Reduced!.

Property information

Price Reduced on 6475 Avenida Mariposa in Indian Hills

Liane Thomas — Thu, 27 Mar 2008 19:06:00 GMT

Indian Hills, Riverside - Announcing a price reduction on 6475 Avenida Mariposa, a 1,750 sq. ft., 2 bath, 4 bdrm 2 story. Now MLS® $350,000 - Priced to Sell!.

Property information

Price Reduced on 6475 Avenida Mariposa in Indian Hills

Liane Thomas — Thu, 06 Dec 2007 15:12:00 GMT

Indian Hills, Riverside - Announcing a huge price reduction on 6475 Avenida Mariposa, a 1,750 sq. ft., 2 bath, 4 bdrm 2 story. Now MLS® #K07166590 $350,000 - Short Sale Opportunity! Beautiful home, professionally landscaped, ready to move into before the New Year!

Property information