Market Update : sierra del oro

Behind on House Payments? Facing Foreclosure?

Liane Thomas — Tue, 08 Dec 2009 15:44:00 GMT

What should you do if you are getting those calls and letters from your loan company because you are late on your house payments? Believe me, you are not alone! Here are some ideas to help you figure out what to do next...

First, don't panic, but act now. Take control by starting to act and plan. The thought of losing your home is scary for anyone. However, your best chance of getting the best result for you comes if you start planning and preparing right away to increase the chances of the best possible outcome among the alternatives available to you.

Watch out for scams. There are companies out there who promise to "Stop Foreclosure" "Save My Home" or "Credit Repair" but without bankruptcy. While bankruptcy is not the only way to do this, you must be careful, and you should get qualified advice about all your choices. A Chapter 13 Bankruptcy is your legal right and it is proven effective, with the right planning and the right legal advice. There are government programs, but to use them you need to know all your rights.

1. Collect and start keeping records. Start by collecting together and keeping all your records about your home and your mortgage loan. This includes all your loan papers and legal papers, any appraisals, any notices from your mortgage lenders which you may have gotten and anything you get in the future. Start taking notes of all your dealings with the lender, and start keeping proof of all payments you make. You may lose important rights if you do not keep these papers!

2. Assess your budget and your priorities, to see how well you can afford to pay the mortgage or pay back any past due payments. Incredibly, many people, under pressure from bill collectors, will pay credit card bills, leaving them no money to pay the mortgage. If you want to keep your home, the mortgage payment is more important. You have choices, and making the right choices early will increase your chances that things end up the way you want.

A personal and household Budget is your key. Spend the time to honestly and carefully look at what income you have coming in, and what are your expenses. A carefully prepared budget tells you, and anyone from whom you seek advice, what you can afford to do, and is critical to deciding what options are in your best interest. You can make your own, or call or email me for a free one.

3. Find out what your home is worth. Many REALTORS(R) will give you a complimentary "Comparative Market Analysis". Tell them that you want as accurate an idea of your home's value now, in its current condition. This is another important part of the picture. Don't have a REALTOR(R)? Call or email me for assistance in finding an expert in your area.

4. Don't just spend the unpaid mortgage payment. If your lender is no longer accepting payments, consider putting the amount of each monthly payment aside in a savings account. Just because the lender will not accept your payment does not mean you should spend it, unless there is another pressing need (like paying for food, medical care, or other critical needs). If you do decide to save your home by bankruptcy or another means, having some of the back payments will be helpful.

5. Most importantly, seek experienced advice right away to find out your best options as soon as possible. Keep in mind that doing nothing will make things worse. An experienced professional adviser should review with you all your options and be able to tell you the pluses and minuses of each.

Keep an open mind and consider all your choices. Sell? Refinance? Do a deal with the lender to catch up? Bankruptcy? Not all of them will make sense, or even be possible for you. Again, it depends on what you can afford to do, and what will work for you in the long term.

Brought to you by:

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

Have You Seen The New Show "Hoarders"? Do You Need To De-Clutter?

Liane Thomas — Tue, 08 Dec 2009 14:57:00 GMT

Last week I caught the premier of the show "Hoarders" on A & E (if you missed it, you can go to their website to view the entire episode). It was amazing, and got me to thinking about how someone goes from being a pack rat (guilty!) to being a hoarder.

The show inspired me to get rid of some of the clutter around my home, and my office. It seems like a big task, but by breaking it down, it can be done in 10 easy steps.

Step # 1: Set A Schedule

You are much more likely to stick to a routine, whatever it may be, if you work on a schedule. In addition, this allows you to clean when you can minimize interruptions and maximize your time.

Step # 2: Set A Goal For Each Room

If you can visualize what you want, you will be better able to achieve it. By setting goals for each room, you can note the things that need changing and work toward that goal one day at a time.

Step # 3: Create A Timeline

When do you hope to have your home completely free of clutter? One week, two weeks or even a month? Depending on your schedule and the amount of clutter that you have, it may take anywhere from a few days to a few weeks before you can kick back and relax again.

Step # 4: Start Small

The clutter in your home didn't appear overnight, and it won't disappear overnight either. If you start small, you will be less likely to get frustrated and give up midway through your cleanup.

Step # 5: Categorize Your Clutter

When cleaning, it's important to categorize your items into groups. By separating the items that you want to keep, toss and donate, you will be able to move through your clutter quickly and efficiently.

Step # 6: Letting Go

A good rule of thumb for uncluttering your home is to get rid of anything that you haven't used within the past year. If it's still useful, consider donating it to a good cause. Otherwise, toss it.

Step # 7: Storing Your Seasonal Apparel

When storing seasonal clothing, purchase a sturdy plastic storage bin with a lid and roll your clothes instead of folding them in an effort to maximize storage capability. When full, snap the lid on and slide the unit into your closet.

Step # 8: Closet Organization

Did you know that your choice of clothes hangers can greatly impact the storage capacity of your closet? Wire hangers take up less space and can save your shirts from getting that annoying shoulder bump that often arises from the use of plastic hangers.

Step # 9: Shoes Blues

When it comes to storing shoes, many homeowners are fighting a losing battle with clutter. How many pairs of shoes do you own? How neatly are they stored? If your shoe storage has you down, try purchasing clear lidded shoe boxes. These handy creations can house each pair of shoes and can be stacked neatly in your closet. And best of all, you can see your shoe collection without having to sift through a sea of sandals.

Step # 10: Read The Labels

If you have medicine, food or anything else with an expiration date in the home, check to make sure that the items are still good. If the expiration date has already come and gone, throw them away.

If these ideas inspire you, please respond and share your success! Thanks, Liane

Brought to you by:

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

One in Four Borrowers is Underwater on their Home

Liane Thomas — Sun, 29 Nov 2009 10:04:00 GMT

One in four borrowers is underwater
Despite recent indicators that the housing market is improving,a new report shows that one in four mortgage borrowers are underwater, meaning they owe more on their mortgage than their home currently is worth. According to First American CoreLogic, nearly 10.7 million households had negative equity in their
homes in the third quarter, accounting for about 23 percent of all U.S. homeowners. Most homeowners, however, still have equity, and nearly 24 million owner-occupied homes do not have a mortgage, according to the U.S. Census Bureau.

A study by credit-scoring company Experian shows that approximately 588,000 borrowers strategically defaulted on their mortgages last year, even though they could afford to pay--more than double the number in 2007. Homeowners with negative equity are more likely to strategically default if they live in a state where the bank cannot pursue their assets in court, according to a study by the Federal Reserve Bank of Richmond. California is
an example of a state with anti-deficiency laws protecting homeowners from personal liability under certain circumstances.

"Borrowers who are less than 20 percent underwater are likely to maintain their mortgage if their loan is modified and the payments reduced," said an official with Citigroup's mortgage unit. "Beyond 120 percent, the most effective modification is a complete loan restructuring, including a principal reduction."

So what does this mean to you? If you are underwater on your home, you are not alone. And you do have options....loan modification, short sale, deed in lieu of foreclosure, foreclosure, and bankruptcy are just a few. Not sure what to do first? Call for a free consultation. We will help you find the options available to you, no cost, no obligation, no pressure.

Brought to you by:

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

What If..You Stop Making House Payments???

Liane Thomas — Sat, 21 Nov 2009 04:07:00 GMT

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

2 Story For Sale in Sierra del Oro

Liane Thomas — Sun, 08 Nov 2009 20:15:00 GMT

• 3,031 sq. ft., 3 bath, 5 bdrm 2 story - $550,000 - Priced To Sell Fast!

Sierra del Oro, Corona - 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

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

388 Smokeridge Trail in CALIMESA is Sold!

Liane Thomas — Fri, 17 Jul 2009 22:05:00 GMT

Calimesa - The single story at 388 Smokeridge Trail has been sold. This was a short sale and we were able to get top dollar for it in record time. The bank agreed with us that the seller had a true hardship and the bank has forgiven the balance of the home loan!

If you are underwater on your home, please consider a short sale. We'd love to help you, too!

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

Property information

3803 Clarkson Street in Riverside is Sold!

Liane Thomas — Fri, 17 Jul 2009 22:04:00 GMT

Riverside, San Bernardino - The 2 story at 3803 Clarkson Street has been sold. This was a short sale that the family owed over $400,000 and we were able to sell it for $189,000. AND the bank agreed with us, and told the seller they did not have to repay the difference! AND the bank paid all the fees associated with the sale, so it didn't cost the homeowners anything to get out from under this house!

So if you owe more on your house than it is worth, and you have a reason why you cannot make your payments, we'd like to try to help you too! Please call for a free consultation.

Liane Thomas, REALTOR®, CDPE©, dre ca 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

Property information

Do YOU Want $8000?

Liane Thomas — Tue, 14 Jul 2009 14:05:00 GMT

Would You Like $8,000? Buy a Home. Soon!

To stimulate the economy, Washington juiced up the stimulus plan passed last year in February. Two benefits for FTHBs (First Time Home Buyers) were that the amount of the tax credit was increased from up to $7,500 to $8,000. And, more importantly, the amount of the credit does not have to be repaid!

To qualify for the credit the individuals buying a home cannot have owned a home in the last three years. So, while the credit is discussed as a credit for first-time buyers, anyone who has not owned a home in the last three years is eligible.

There are income limitations to fully qualify but they are quite liberal. Single tax filers earning up to $75,000 and joint filers earning up to $150,000 based on modified adjusted gross income can earn the full credit. A partial credit is available for those earning up to $95,000 and $170,000 respectively.

The amount of the tax credit is based on a percentage of the price of the home, specifically 10% of the purchase price, up to $8,000. This means if someone purchases a home for $70,000 their credit would be $7,000 and if the amount of the home purchased is $100,000, the credit would max out at $8,000.

Note! The deadline to take advantage of this opportunity is November 30, 2009. Close in December, and you just lost $8,000.

Homes Have Never Been More Affordable
FTHBs are leading the way, taking advantage of one of the best home buying opportunities ever, providing support for the real estate market. As indicated earlier, FTHBs have accounted for as much as 53% of purchases for any month this year.

Who can blame them? In short, no one. Home prices have fallen to levels not seen in years and interest rates hit their lowest point ever. This combination led to the highest home affordability ever recorded.

The National Association of Realtors® tracks what is known as the Home Affordability Index. The Home Affordability Index is arrived at as a function of both median home prices, available interest rates, and median family income.

The index represents the amount of monthly income that is required to pay a mortgage payment. In 2005, approximately 23.3% of a family's monthly income was required to carry a mortgage payment. With falling home prices and interest rates, the percentage of monthly income required to pay a mortgage payment is now approximately 15%.

This means that for a family at the median income level purchasing a home priced at the median income level, the monthly mortgage payment has declined nearly 36%! This is great news for anyone shopping for a home today.

You can take advantage of the low down FHA program, and combine it with this tax credit!

Get Busy, Time is Short!
In order to take advantage of both the available tax credit and low interest rates, anyone going into contract should strive to have their purchase agreement not later than mid-October. This will allow some time cushion in the event anything pops up in the purchase process and still allow for closing in time to take advantage of the available tax credit.

Home prices have fallen to levels not seen since the start of the decade in many parts of the country, interest rates are still near all time lows, and the availability of free money from the IRS all mean that the time to act is now. It is always easy to look back and identify times people should have acted, and this could well be one of those times people will look back and say, "Wow, I should have bought a home in 2009!"

Brought to you by:

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

Quick Facts about Home Ownership in California May 2009

Liane Thomas — Mon, 06 Jul 2009 04:08:00 GMT

Calif. median home price - May 09: $267,570 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region April 09: Santa Barbara So. Coast $875,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region April 09: High Desert $106,210 (Source: C.A.R.)
Calif. First-time Buyer Affordability Index - First Quarter 2009: 69 percent (Source: C.A.R.)
Mortgage rates - week ending 6/25/09 30-yr. fixed: 5.42% Fees/points: 0.7%
15-yr. fixed: 4.87% Fees/points: 0.7% 1-yr. adjustable: 4.93% Fees/points: 0.7% (Source: Freddie Mac)

info provided by:

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

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

California Running Out of $10,000 Tax Credits for New Homes

Liane Thomas — Sat, 20 Jun 2009 09:56:00 GMT

First-time home buyers wanting to take advantage of the state's $10,000 tax credit may have less time than originally expected. California set aside $100 million to help home buyers purchase newly built homes, hoping to jump start the residential-construction market. According to state officials, the tactic has worked well and is helping to entice home buyers into the market. However, there only is approximately 20 percent of the program?s funding remaining.

The program launched in March, and as of June 3 nearly $24 million in tax credit certificates already had been issued, according to the state's Franchise Tax Board, leaving nearly $76 million in credit available. Many applications still are in the pipeline awaiting approval. If all of the submitted applications are approved, only $17.5 million would remain in the fund.

The California state legislature is considering adding another $200 million to the program. However, securing approval may be difficult due to the state's estimated $24 billion budget deficit. A bill to extend the program already has won Assembly approval and now is awaiting activity in the state Senate.

So what does this mean to you? If you are considering buying a new home, you need to move fast! If you are a first time home buyer you, and you have completed the home buying process before 12/1/09, you could cash in on a much as $18,000 in tax credits. Need help finding you home? Call or email us! We offer a free service to get you in touch with a professional in your area who will help you find you home AND secure your tax credit!

Thanks!

Information provided by:
Liane Thomas, REALTOR(R), CDPE
The Thomas Group, Keller Williams Realty
Serving Corona, Riverside, Norco, and surrounding communities
www.AllCoronaHomes.com
www.FreeRiversideHomeSearch.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

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

Local REALTOR(R) Earns Prestigious Designation to Help Homeowners In Danger of Foreclosure

Liane Thomas — Tue, 09 Jun 2009 19:03:00 GMT

Liane Thomas of The Thomas Group, Keller Williams Realty in Corona Ca. has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Corona area, thousands of homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said REALTOR(R) Liane Thomas. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Liane Thomas with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information about CDPE designation, please call 1-800-482-0335. To reach Liane Thomas, please call 951 454-3805.

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