Santa Clarita HAFA Short Sale Agents
Welcome to our website. This site was created as a resource to help you understand your options and implement the solutions you need to utilize when avoiding foreclosure. Whether you are experiencing a pay cut, loss of job, mounting credit card debt or unmanageable medical bills, it’s important to know that with your participation Foreclosure can be avoided.
From the clients we've helped avoid foreclosure, we have found that homeowners today have more questions than answers about their circumstances. Many are embarrassed to reach out for assistance and those that have are frustrated with the miss information provided by the untrained Realtor, the bank’s loan modification process and the time it takes to complete a short sale.
Don’t sit idle waiting for your lender to make a decision about your financial future. NOW is the time to identify what options you qualify for to minimize your financial loss and help your credit history recover quicker.
Homeowners, all commissions paid to the Realtors and associated closing costs are paid by the bank, you pay no sales commissions!!! Explore all your options now.
Fannie Mae and Freddie Mac’s Making Homes Affordable program provides homeowners options that will have less of an impact on your credit history; however your involvement is necessary, together we will plan out your road map to recovery.
Making Home Affordable provides options to remain in your home, however you must qualify!
Click here to see if you are eligible for any of the Government Programs.
There is a list of mortgage servicers who participate in the Making Home Affordable Program who are required to evaluate homeowners for a Home Affordable Modification before evaluating them for other options.
As your Santa Clarita Pre Foreclosure Specialists, one of the things we will review with you, is if you should attempt a Loan Modification first.
We can request a HAMP (MHA) modification from your mortgage servicer and if you are determined to be eligible, you will enter into a review process, then a trial period plan and receive a permanant modification.
If it is determined that you are not eligible for a Home Affordable Modification, your mortgage servicer will evaluate you for other alternatives they offer to keep you in your home, such as their own modification programs or a forbearance.
What is HAFA and can it help me Avoid Foreclosure?
The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.
These options are available for homeowners who:
1. Do not qualify for a trial mortgage modification under the Making Home Affordable Program.
2. Do not successfully complete the trial period for their modification.
3. Miss at least two consecutive payments during their modification period.
4. Request a short sale or deed-in-lieu of foreclosure.
The HAFA Program streamlines both of these options to make them easier for a homeowner to work with their servicer. Under the program, a homeowner may qualify to receive $3,000 from a HAFA short sale to help with relocation costs.
Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program into their business models. For more information about your options, Jennifer and I will contact your mortgage servicer with you. As Advanced CDPE Short Sale Agents, Jennifer and I can navigate you through HAMP, HAFA, traditional loan modifications and short sales.
Nine options when facing Foreclosure
1. Do Nothing- If a homeowner does nothing, they will lose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed upon. Credit reports also disclose this damaging information. Not the best option.
2. Payoff/Refinance- Completely paying off the entire loan amount plus any default amount and fees. Usually this is accomplished through a refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penalty because of the recent default. With this option, there should be equity in the home. This option may change your non-recourse loan to a recourse loan, enabling the lender to pursue a deficiency judgment should you redefault.
3. Reinstatement- Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.
4. Loan Modification- Utilizing the existing mortgage company to refinance the debt or extend the terms of the loan. This may allow the homeowner to catch up at a more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.
5. Forbearance- Lender may be able to arrange a repayment plan based on the homeowner's financial situation. The lender may even be able to provide a temporary payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.
6. Rent the Property- A homeowner who has a mortgage payment low enough that market rent will allow it to be paid, is able to convert their property to a rental and use the rental income to pay the mortgage.
- Benefit: Allows homeowner to keep property indefinitely.
- Drawback: The issues that can arise with a rental property are many, and rent often does not cover the full cost of property ownership and maintenanc
7. Deed in Lieu of Foreclosure- Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan applications ask if this has ever happened.
8. Bankruptcy- This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.
- Chapter 7 (Liquidation) To completely settle personal debt.
- Chapter 13(Wage Earner Plan) Payments are made toward a plan to pay off debts in 3-5 years.
- Chapter 11(Business Reorganization) A business debt solution.
9. Sale- If the property has equity (money left over after all loans and monetary encumbrances are paid). The homeowner may sell the home without lender approval through a conventional equity home sale. In this case, the homeowner will get cash from the sale. On the other hand, a Short Sale, also known as a pre-foreclosure sale, can be negotiated with your lender by your Realtor if you owe MORE than the property's value.
While it may not seem like it now, there will come a time when you look back on this situation and know that you did everything you could.
Jennifer and I are now offering you FREE Reports in an effort to explain your options and help you decide on the course of action thats best for your family. The idea of losing a home can be emotionally overwhelming, and we feel it is vital for you to have all the facts necessary to make an informed decision. Simply click the Resources tab and choose from our many informational reports.
Experience that counts when it matters the most. Here are letters of recommendation from families in Santa Clarita Valley that we helped avoid foreclosure. We always provide a list of references at our consultations.
September 20, 2011
To Whom It May Concern:
With the economic crisis that the majority of Americans find themselves in, via mounting debt and housing depreciation, it is critical that one finds competent guidance with sound measures for domestic relief. Thankfully, I found this professional assistance with Jennifer and Gary Ricco.
Whether it be by way of fortunate coincidence or what I continue to describe to my beloved wife as divine intervention, Jennifer and Gary came into my like and their concerned application and tenacious spirit truly to this day provide their clients with comforting security. Their concern for detail and professional articulation are traits - I assure you - revered by their associates in the highly competitive field of real estate.
My first home depreciated by over $200,000 and as a husband, father, and local high school teacher, I was lost. With Jennifer and Gary Ricco, I was found; my bleak situation was countered by these two professionals who remain steadfast in their admired efforts for resolve. Had it not have been for the Ricco's the smiles I witness daily on my wife's and daughters' spirited faces may not exist - for this, I will remain forever indebted to them.
Jennifer and Gary Ricco sold my home within six months; their skilled diligence offers me now a second chance at being a home owner. Words will never suffice in acknowledging my gratitude for their determination. It really was invaluable the day my wife and I decided to empower Jennifer and Gary Ricco to represent our family.
"Jennifer and Gary Ricco are not just Realtors, they remain dear friends - Thank you!"
Sincerely,
Brant, Gina, Kadyn and Shalyn
Castaic, Ca
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Date: August 17, 2011
To Whom It May Concern:
It’s a pleasure to write a letter of recommendation for two people who have exemplified the highest level of professional integrity and dedication in helping our family sell our home. Gary and Jennifer Ricco were faced with a difficult task, in a difficult market with many difficult obstacles. However, despite all of these challenges, they accomplished their goal in selling our home for the highest possible price in a relatively short period of time.
In the midst of the recent recession, my employer required that I relocate from LA to their Denver office. The prospect of selling a home with a value significantly below the mortgage seemed like mission impossible. However immediately after meeting with Gary and Jennifer, we were put at ease due to their experience with similar situations, and the resulting positive outcomes. They walked us through the process, assisted with compiling all of the necessary documentation and spearheaded the marketing, financial resolution and eventual closing with little effect on us personally.
They’re a real homeowner advocate with a passion for their business and their clients.You can expect constant communication, insightful updates and a team that will operate with the highest standard of care. I strongly recommend Gary and Jennifer Ricco to anyone seeking professional real estate services.
Sincerely,
Andrew & Kara
Canyon Country, Ca
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11-15-10
If you’re reading this, then you’re in the same position my wife and I were in. We were scared about our worsening financial situation, embarrassed, and unsure of our future. So by the time we made the call to the Ricco’s, we were desperate. We needed help, answers to a lot of questions, and were hoping our meeting with them wasn’t going to be some contrived shakedown by a couple sleazy realtors. That didn’t happen. They were direct, patient with us, and put us at ease while they answered what we believed, were very difficult questions. No, no shake down, because that’s not Gary and Jennifer, not by a long shot.
Let me say, you did well to find them. With so many homes and families in distress, there are naturally a lot of realtors you could have picked. It isn’t easy, and some how, some way, you chose well. You’ll find both Gary and Jennifer to have a unique passion about their work. That passion and energy never waned during our time with them. Our situation was very complicated, and it took a year before we finally saw closure, and during that time, they were always there. They often had the answers to our questions before we asked, and when the bank(s) were being difficult, they were able to diagnose for us in layman’s terms, what it was the bank’s were doing. They fought hard for us. At times, we lost hope. But it was their passion, coupled with their knowledge and experience in the incredibly complex foreclosure market, which impressed us the most. During the toughest times, it was these traits that put both my wife and I at ease.
What we’d really like to pass along to you is this…you picked the best. What you’re facing is no joke. It’s ugly, and isn’t going to go away anytime soon. You should be anxious, and scared about what’s ahead….we were. But now, looking back at it, we are very glad we chose the Ricco’s. Because of their work and efforts, they allowed us to keep some dignity and piece of mind during our crisis. It is with that we proudly recommend them to you. If you decide to take them on, enjoy the ride."
Jeff and Laurie S.
Santa Clarita, Ca
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"From the very first moment we met with Gary and Jennifer, we could tell that they were honest, compassionate, and genuine. Gary and Jennifer truly showed an interest in their work and a desire to help people in need. When we explained our situation and need for help, they listened. After gaining a solid understanding of our situation, Gary and Jennifer provided us with options to solve our problem and a commitment to executing the plan no matter how long it took or how difficult it could become.
A short sale is not an easy one, and Gary and Jennifer demonstrated a strong understanding of the entire process and an amazing ability to make it work. From start to finish, Gary and Jennifer knew exactly what needed to be done. They were always one step ahead of the game and had a solid reaction plan based on every possible outcome for any given situation. We were nervous about trying to tackle a short sale with our home, but Gary and Jennifer were always there to explain everything and make us feel comfortable. They truly are experts in distressed property transactions."
Jason H.
Valencia, Ca
As Santa Clarita's Advanced CDPE® Short Sale Agents we stay current with the changes to the foreclosure process through advanced training from the CDPE institute. Our CDPE designation provides us with a unique appreciation of the factors affecting the market. Please take the time to fact check what pre foreclosure avoidance options are available to you. You can also learn more about the Distressed Properties Institute at www.cdpe.com
If you would like to know more about your options, please call us at 661-290-3837 for a no obligation pre foreclosure/short sale consultation. With our law enforcement backgrounds we pride ourselves on honesty and integrity, your information is kept confidential.
We're glad you stopped by visit our Resource Page.
Jennifer & Gary Ricco
Southern California Pre Foreclosure Specialists / Short Sale Agents
California Real Estate Lic #'s 01461940/01803395
Serving: Santa Clarita Valley, Stevenson Ranch, Valencia, Saugus, Newhall, Canyon Country, Castaic, San Fernando Valley, Encino, Van Nuys, West Hills, Sherman Oaks, Chatsworth, North Hills and Ventura County
Gary and Jennifer Ricco are compliant with the new FTC-MARS Rules, all Realtors and loan modification companies must disclose the following if working with distressed homeowners:
- We are not associated with the government, and our services have not been approved by the government or the consumer’s lender;
- The lender may not agree to change the consumer’s loan; and
- If companies tell consumers to stop paying their mortgage, they must also tell them that they could lose their home and damage their credit rating.