Santa Clarita Short Sale Specialists

Santa Clarita Pre Foreclosure Specialist HAFA Program updated

Thu, 13 Jan 2011 00:52:28 GMT

Homeowners updates to the HAFA Short Sale Program loosened some of the eligibility requirements. Check your eligibility now!

The Home Affordable Foreclosure Alternatives (HAFA) Program provides opportunities for borrowers to transition to more affordable housing through a short sale or deed-in-lieu (DIL) of foreclosure when they can no longer afford to stay in their home but want to avoid foreclosure. HAFA provides financial incentives to servicers, investors, and borrowers that utilize a short sale or a DIL to avoid a foreclosure on a HAMP-eligible loan.

The HAFA short sale process employs standard form documents and defined performance timeframes to facilitate clear communication between the parties to the listing and sale transaction. Servicers must adhere to the following guidelines in connection with the issuance of an SSA. (Short Sale Agreement)

Either proactively, or at the request of an eligible borrower, the servicer will prepare and send an SSA to the borrower after determining that the proposed sale is in the best interest of the investor. A borrower may not participate in a TPP (Loan Mod Trail Payment Plan) and agree to an SSA simultaneously. The servicer will also provide the borrower a RASS, (Request Approval Short Sale) pre-populated with contact information for the servicer, the property address and the loan number.

The borrower must sign and return the SSA within 14 calendar days from the SSA Effective Date along with a copy of the real estate broker listing agreement and information regarding any subordinate liens. In returning and signing the SSA the borrower agrees to:

Provide all information and sign documents required to verify program eligibility.
Cooperate with the listing broker to actively market the property and respond to servicer inquiries.
Maintain the interior and exterior of the property in a manner that facilitates marketability.
Work to clear any liens or other impediments to title that would prevent conveyance.
Make the monthly payment stipulated in the SSA, if applicable.

This is some of what you can expect in a HAFA Short Sale Transaction. If you would like to hear more and find out, how a HAFA short sale could eliminate your mortgage debt, waive all the deficiencies and possibly receive $3000 in relocation assistance give us a call. 661-290-3837

As your Santa Clarita Short Sale Agent we have the training and skillset to get you through the HAFA program or traditional short sale process, which ever route your eligible for. Our extensive knowledge of this foreclosure market sets us apart from our competition. As you can see continuing education is critical to keep up with the changes occurring in this real estate market.

Jennifer and I are both Advanced CDPE Agents with a Pre Foreclosure Specialist Certifications. By working with us homeowners ensure themselves they are working with an agent who is receiving continuing education and is up to date on all the options available to utilize. Jennifer and I keep current with continuing education from our Advanced CDPE membership and or personal relationship with PartnerFirst/Servicelink. As your Santa Clarita HAFA Short Sale Agent, Jennifer and I will explain this complex process in layman's terms.

The below HAFA policy chart outlines changes made to existing guidelines on December 28, 2010. These changes go into effect February 1, 2011, but servicers may adhere to guidelines immediately.

For more information visit, Santa Clarita's Foreclosure / Short Sale Resource Center

Jennifer & Gary Ricco CDPE, PSC

RE/MAX of Santa Clarita

25101 The Old Road

Santa Clarita, Ca 91381

661.803.2093

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Valencia Short Sale Realtors | Jennifer and Gary Ricco |Realtor Specializing in Short Sales

Wed, 05 Jan 2011 12:24:08 GMT

Valencia Short Sale Realtors | Jennifer and Gary Ricco |Realtor Specializing in Short Sales

With all the misinformation available in the media and on the Internet, Valencia homeowners can easily be mislead. Homeowners struggling to make their mortgage payment in Valencia need a Valencia Short Sale Realtor with solid understanding of:

Whether a loan modification is an option
Whether you qualify for a short sale
Whether the HAMP, HAFA, or "Hope" for Homeowners Plan apply to you
Whether the lender will sue you after foreclosure or a short sale
Federal Tax Liabilities Resulting from a Short-Sale/Foreclosure
The Impact on Your Credit Rating
The Effect on Your Life and Finances Due to Resulting Deficiency Judgments
Whether or Not Collection Efforts by Your Lender will Cease or Continue for 10+ Years
The Estimated Waiting Period Before Being Able to Purchase Another Home.
and much more

The complexity of these multi-faceted issues; require a Valencia short sale Realtor who has; intergity, experience in negotiations, sought out extensive pre foreclosure training and has successfully helped homeowners avoid foreclosure.

Completing a Loan Modification or Short Sale requires first-hand experience in, mortgage banking, underwriting, real estate finance (loan origination) and real estate sales experience(Realtor® experience).

I want to caution Valencia homeowners about real estate attorney's with years of experience in real estate law, property transactions, and bankruptcy. Often more times then not, clients are directed to a Bankruptcy to postpone the sale date, which requires the attorney collect a fee. Do some homework on the differences of a chapter 7, 11 or 13.

Don't forget, some of these Real Estate Attorney's are the same individuals who have extensive experience as former owners of financial services companies, and real estate development companies; some of which were involved in assisting with the creation and management of banks. Many of their associates are experienced forensic auditors of mortgage companies with extensive underwriting experience and ties to the very banks that are making it difficult for homeowners to avoid foreclosure.

By selecting Valencia Realtors specializing in short sales, such as Jennifer and Gary Ricco when facing foreclosure can make all the difference. Jennifer and Gary Ricco are Certified Pre Foreclosure Specialists with a Advanced Certified Distressed Property Expert designation. Visit Santa Clarita Pre Foreclosure Specialists.com to research what option you qualify for.

Homeowners you don't have to pay additional expensive attorney fees when you can do all your research with Jennifer & Gary Ricco for free.

Jennifer & Gary Ricco CDPE, PSC

RE/MAX of Santa Clarita

25101 The Old Road

Santa Clarita, Ca 91381

661.803.2093

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Stevenson Ranch Short Sale Realtors | Jennifer & Gary Ricco | Realtors Specializing in Short Sales

Wed, 05 Jan 2011 12:22:55 GMT

Stevenson Ranch Short Sale Realtors | Jennifer & Gary Ricco | Realtors Specializing in Short Sales

With all the misinformation available in the media and on the Internet, Stevenson Ranch homeowners can easily be mislead. Homeowners struggling to make their mortgage payment in Stevenson Ranch need a Stevenson Ranch Short Sale Realtor with a solid understanding of:

Whether a loan modification is an option
Whether you qualify for a short sale
Whether the HAMP, HAFA, or "Hope" for Homeowners Plan apply to you
Whether the lender will sue you after foreclosure or a short sale
Federal Tax Liabilities Resulting from a Short-Sale/Foreclosure
The Impact on Your Credit Rating
The Effect on Your Life and Finances Due to Resulting Deficiency Judgments
Whether or Not Collection Efforts by Your Lender will Cease or Continue for 10+ Years
The Estimated Waiting Period Before Being Able to Purchase Another Home.
and much more

The complexity of these multi-faceted issues; require a Stevenson Ranch short sale Realtor who has; intergity, experience in negotiations, sought out extensive pre foreclosure training and has successfully helped homeowners avoid foreclosure.

I want to caution Stevenson Ranch homeowners about real estate attorney's with years of experience in real estate law, property transactions, and bankruptcy. Often more times then not, clients are directed to a Bankruptcy to postpone the sale date, which requires the attorney collect a fee. Do some homework on the differences of a chapter 7, 11 or 13.

By selecting Stevenson Ranch Realtors specializing in short sales, such as Jennifer and Gary Ricco when facing foreclosure can make all the difference. Jennifer and Gary Ricco are Certified Pre Foreclosure Specialists with a Advanced Certified Distressed Property Expert designation. Visit Santa Clarita Pre Foreclosure Specialists.com to research what option you qualify for.

Homeowners you don't have to pay additional expensive attorney fees when you can do all your research with Jennifer & Gary Ricco for free.

Jennifer & Gary Ricco CDPE, PSC

RE/MAX of Santa Clarita

25101 The Old Road

Santa Clarita, Ca 91381

661.803.2093

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Saugus Short Sale Realtors | Jennifer & Gary Ricco | Specializing in Short Sales

Wed, 05 Jan 2011 12:19:53 GMT

With all the misinformation available in the media and on the Internet, Saugus homeowners can easily be mislead. Homeowners struggling to make their mortgage payment in Saugus need a Saugus Short Sale Realtor with a solid understanding of:

Whether a loan modification is an option
Whether you qualify for a short sale
Whether the HAMP, HAFA, or "Hope" for Homeowners Plan apply to you
Whether the lender will sue you after foreclosure or a short sale
Federal Tax Liabilities Resulting from a Short-Sale/Foreclosure
The Impact on Your Credit Rating
The Effect on Your Life and Finances Due to Resulting Deficiency Judgments
Whether or Not Collection Efforts by Your Lender will Cease or Continue for 10+ Years
The Estimated Waiting Period Before Being Able to Purchase Another Home.
and much more

The complexity of these multi-faceted issues; require a Saugus short sale Realtor who has; intergity, experience in negotiations, sought out extensive pre foreclosure training and has successfully helped homeowners avoid foreclosure.

By selecting Saugus Realtors specializing in short sales, such as Jennifer and Gary Ricco when facing foreclosure can make all the difference. Jennifer and Gary Ricco are Certified Pre Foreclosure Specialists with a Advanced Certified Distressed Property Expert designation. Visit Santa Clarita Pre Foreclosure Specialists.com to research what option you qualify for.

Homeowners you don't have to pay additional expensive attorney fees when you can do all your research with Jennifer & Gary Ricco for free.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Whether Buying or Selling You Need an Experienced Santa Clarita Short Sale Agent

Mon, 20 Dec 2010 23:45:56 GMT

Jennifer and I are experienced short sale agents/Realtors in Santa Clarita. We provide our clients with a comprehensive plan whether they are buying a short sale or selling a home via short sale to avoid foreclosure. Our thorough, detailed Comparative Market Analysis of a home's value will help you determine the purchase price your willing to pay or sell your home for. We will also provide you with the professional guidance necessary to take you comfortably and smoothly through the process to close of escrow.

Buyers have more control over the home buying today because; they can choose what they want to see with access to property listings online. However, in most cases what they see is not what they get. I get calls daily from buyers excited about listings that are neither actually listed nor still available taking "back up offers only" when the listing shows as "active" in their searches even though it is really in escrow.

The purpose of this blog is to let buyers in every price range know that short sales will make up a large portion of the homes that are available to purchase. In Santa Clarita as of today's date, 48% of the "active" listings are short sales and that isn't going to change anytime soon. In fact, I fully expect that the type of market we have today will be this way for awhile. Meaning, there will be less homes available, 14% of the market are REO's, and the remaining 38% of the market are regular sellers. According to Credit Suisse 50% of the homes in California are 50% upside down. (Owe more than their home is worth). Most professionals expect it to stay this way awhile. So what does that mean to buyers of short sales? In short, uncertainty and likely frustration unless you know and are prepared for the following;

First, selecting a skilled buyer's agent who will research whether or not the listing agent has specific training on processing short sales, are negotiating their own transactions and whether or not they have successfully closed short sale transactions.

As thorough short sale agent will have "motivated sellers" provide complete disclosures so repair costs, cash contributions to 2^nd lien holders and mortgage insurance expectations can be addressed. A good real estate agent ALWAYS caution their short sellers that they MUST participate in the process if they truly want to avoid foreclosure. A great buyer's agent will work closely with the listing agent to address any curve balls thrown by the negotiator.

A trained Realtor will know to get a "complete package" of the seller's financials. Their training will be the frame work for them to review the financials and ensure this is a verifiable financial hardship that's qualified to be listed as a short sale. Without a "complete financial package" review it is impossible to determine if the homeowner may be eligible for any of Making Homes Affordable HAMP, HARP, second lien modification program (2MP) and HAFA programs. Struggling homeowners follow this link to see if your eligible for relief from the government programs

A good buyer's agent will communicate with the listing agent on pricing. If the property is listed to low the buyer's agent should have a conversation with the listing agent about how Fair Market Value was determined. The good listing agent's will demonstrate their skill level by properly pricing the property. A skilled buyer's agent will interview the listing agent to see if the seller/homeowner has applied for, been denied or failed in a permanent modification and if they are eligible to proceed with a short sale. We have all heard the horror stories, buyer's waited for 6 months seller took a loan modification or filed BK at the last minute killing the deal. It's very frustrating to THINK you have a chance at getting your dream home only to find out that "the great deal" you thought you were getting isn't happen because the seller's were hiding their true motivations.

So why would any buyer put up with long waits, uncertainty and frustration? Simply put, because they want a house! The point is this; when selecting a buyer's agent the buyer's should access the agent's overall qualifications. The real questions is, does the buyer's agent have the training and skill set to ask pertinent questions in an attempt to really determine what is happening with the seller's and advise their buyer of the viability of this transaction. The good buyer's agent will set expectations of what to expect should the buyer proceed with an offer.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Santa Clarita Short Sale Realtors | Why Short Sales Fail | Jennifer & Gary Ricco

Mon, 29 Nov 2010 18:51:33 GMT

Why Most Short Sales Fail

We know you have heard to horror stories about short sales not being ‘so short’; there are many reasons why they can take so long or even fail. It all comes down to the Realtor who is representing you and the education they have received to navigate through the many pitfalls associated with short sales. Many may say it’s the banks, they are the sole problem, yes they have stacks and stacks of short sale proposals to work on but they have a system in place. If your Realtor from the beginning of the transaction gets the basic foundations of a short sale wrong your chances of a successful short sale diminish! As a homeowner considering a short sale, it is important you understand the process and screen Realtors about their short sale knowledge and practices before you hire anyone. The following are some examples of the most common mistakes short sale agents and homeowners make when handling a short sale.

The Listing Agent has Not Scrubbed the Seller Properly

Pitfall: Understanding the client's commitment and motivation to avoid foreclosure. This is the most overlooked mistake made with all transactions, and the most common reason a property goes to foreclosure. Understanding the foreclosure laws in your state is critical when setting expectations with your client.

o Solution: During your interview with the seller, should they indicate they are not willing to make a cash contribution this is a deal breaker.Scrubbing the buyer's agent and the buyer's are just as critical in the short sale scenario. Setting the expectations upfront for all parties involved will clarify If the buyer's agent and the buyer's are committed to working with you and are willing to contribute to get the deal closed. It's up to you as the listing agent to show your client what it will take for this transaction to be successful; otherwise this is not a viable short sale.

Your Property is Priced Incorrectly

Pitfall: Your Property is Priced incorrectly. This is the most common mistake made with all properties, and the most common reason a property doesn't sell.
Solution: Agent Providing Understanding and Transparency. Your real estate agent will go through a detailed listing price strategy with you, allowing you to see exactly where your property should be priced based on its current condition, and sales in your area.

Your Short Sale Proposal is Incomplete

Pitfall: Your Short Sale Proposal is Incomplete. This is one of the most frequently seen causes for the rejection of short sales proposals. The short sale package must contain everything your lender will be looking for.
Solution: Understand All Aspects of the Process. Your agent should understand the short sale process in detail and be able to explain it clearly. The agent should also be able to communicate effectively with both you and lenders to produce a complete and cohesive proposal.

There has been Inadequate Follow-up and Communication
Pitfall: There has been Inadequate Follow-up and Communication. As your property goes through each stage of the short sale process, an agent can jeopardize the transaction by not properly communicating with everyone involved. As the homeowner, you may not know that your file has been delayed, and that you again may run out of time to close and avoid foreclosure.
Solution: Select an Agent With Experience. The right agent knows exactly how to follow up to ensure that your lender's issues are addressed in a timely manner, and will make certain you do not have unnecessary delays. We stay in touch with the seller, buyers agent and the buyers lender on a weekly basis to make sure all parties know exactly where we are at in our transactions

Not Enough Time
Pitfall: There Isn't Enough Time. It is critical that your agent understands the foreclosure laws in your area. They should be able to show you an estimated timeline for the process, from start to closing. In addition, they should know how to communicate with your lender. Certain information can be provided to lenders to postpone your foreclosure for weeks or months in order to negotiate a sale.
Solution: Provide Accurate and Useful Information. Make sure you provide your agent accurate information as to exactly how many payments you have missed and any correspondence you have received from your lender. This will allow your agent to understand your situation and work to improve it.

Your Deal is Not Submitted Properly

Pitfall: Your Deal is Not Submitted Properly. If you do not follow the directions you receive for submission, then you are expecting an over-worked, under-staffed department to go out of their way to handle your file. There is very little likelihood of this situation working out in your favor.
Solution: Follow Instructions Closely. You must make sure you hire an agent that follows your lender(s) instructions. Any deviation from their instructions may cause your file to be rejected.

The Buyer's Offer is Too Low

Pitfall: The Buyer's Offer is Too Low. Many agents will encourage you to submit any offer that comes in. The reality is that a short sale is not the same as a fire sale. In order to have a legitimate chance of getting your deal approved, you must have an offer that as close to fair market value as possible, your lender is trying to minimize their loss severity.
Solution: Proper Negotiation. The right agent will work with you to properly negotiate any offer that you receive to get 'highest and best' from each potential buyer. This ensures you are presenting the best possible solution to your lender.

The Buyer's Contract is Not Strong Enough

Pitfall: The Buyer's Contract is Not Strong Enough. Especially in our current economic climate, willingness to make an offer on a property does not mean that a buyer is truly qualified to purchase. The reality is that buyers must to be pre approved for financing, closing funds must be verified, and their ability to buy needs to be confirmed.
Solution: An Agent Familiar with Qualifying Buyers. Your agent should be familiar with what must be verified in order to qualify a buyer to submit an offer on your property. Otherwise, these offers may have little chance of closing. Don't risk this process with an uneducated agent who does not appreciate this aspect of short sales.

While these pitfalls may seem overwhelming to all parties involved, we have the advanced training and experience to help you navigate your way to a successful closing. Don't endanger your financial future and the potential sale of your home with an agent who does not fully understand the process. As Santa Clarita Advanced CDPE agents, Gary and I have completed extensive training in the short sale process, and in assisting struggling homeowners who need real solutions. We understand what you are going through, and are here to serve and help save your family's interests.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaShortSaleSpecialists.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Jennifer was awarded LA Daily News Readers Favorite Realtor for 2010

All content, unless noted, are the property of Jennifer & Gary Ricco and my not be used without permission.

Santa Clarita Short Sale Agent | Short Sale Specialist | Jennifer and Gary Ricco

Mon, 15 Nov 2010 14:02:59 GMT

Keller Williams is one of the top Real Estate Companies in Santa Clarita as well as the country. We have worked for several of the real estate brokers here in Santa Clarita. The name of the brokerage does not sell real estate, the individual agent does. Real estate is and alwasy will be about relationships. What sets Keller Williams Agents apart from other brokerages is the Keller Williams Agent Leadership Counsel, the ALC which in our opinion provides the best training of all the brokerages located here in Santa Clarita.

Anyone that knows anything about running a business, understands training and compliance are keys to running a successful business. When selecting a Santa Clarita Real Estate Specialist, whether buying or selling who specializes in short sales, you have to focuse on that Realtors training, experience and proven ability to negotiate and short sale your home.

As your Santa Clarita Short Sale Agent, Jennifer and I will perform a thorough assessment of your personal finances, and analyze your lender's loss mitigation policies. We will negotiate with your lender to get you the best possible solution to your forclosure problem. We can help you stay in your home or minimize the damage to your credit history through any one of your lenders loss mitigation options. Because of our extensive short sale experience, as well as our close working relationships with mortgage lenders, we are able to help you successfully navigate through those complexities and rules, which may otherwise overwhelm you as you work to save your home.

Don't believe the hype, "I did short pays in the 80's & 90"s" no one has dealt with a cycle of foreclosures that deal with sub-prime loans, mortgage insurance or the financial crisis we are faced with today. Its critical to find a Realtor with specific training and proven results. Finding a Realtor that is,"a student of the default service industry," will increase your success of avoiding foreclosure.

I think it is interesting that Real Estate Agents who have been in the business for 15, 20 or 30 years did not see this bubble coming. Many of their clients are now facing foreclosure. Whats puzzling is many of these same Realtors are still refusing to learn all they can about processing loan modifications and short sales. Many Realtors are now realizing they need specific advanced pre foreclosure training to screen third party negotiators, because most of the third party short sale negotiators Realtors are currnetly using, DON'T KNOW WHAT THEY ARE DOING!

My associates Hector Guizar & Angel Gonzalez, owners of Mortgage Relief Counseling, came to Keller Williams because they liked the minimal fees, training and name recognition of Keller Williams. By the end of 2006 we decided to combined our knowledge. Hector & Angel have extensive mortgage backgrounds. We became, "Students" of the changing Loan Modification, Short Sale / Default Services Industry. Mortgage Relief Counseling and Santa Clarita Pre Foreclosure Specislists have the skillset and integrity to assist our clients in all aspects of home retention and or selling the home in order to move on to more affordable housing. The three of us are Life Insurance Licensed, this additional skillset gives us the ability to help struggling homeowners get back on track quicker.

The Making Homes Affordable Loan Modification and HAFA Short Sales require an agent that has mastered these processes with results.

Due to our belief in Home Retention and the government programs helping homeowners stay in their homes, Home Retention is our first approach. All of the governemnt program require the borrower/seller to be screened for a loan modification. Mortgage relief Counseling has completed over 3200 loan modifications to date. Experienced Pre Foreclosure Specislists can provide Loan Mod & Short Sale Clients as references. We provide free training to homeowners on Tuedsay & Saturdays. Call (818)979-6800 to reserve a seat

In summary; just because a Realtor works for Re/Max, Realty Exec's, Coldwell Banker or any brokerage for that matter and has been in business a long time does not make them a good or bad agent. Its all about the training, experience and services the Realtor can provide to help a homeonwer keep, sell or by their home.

Should you need help with a loan modification or short sale, Santa Clarita Pre Foreclosure Specialists are here to help.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Facing Foreclosure, Do You Have Access to Sound Legal Advice?

Sun, 14 Nov 2010 16:11:55 GMT

Etched above the doors of the US Supreme Court are the words "Equal Justice Under Law." It's one of the basic principles of democracy. Unfortunately, in reality we receive about as much justice as we can afford. As Realtors and Retired Police Officers Gary and I believe in providing the best services we can to our clients, now more then ever you need to understand your legal rights especially if you're facing foreclosure. You will need legal advice after speaking to a Realtor about your financial situation. Realtors cannot give legal advice, you must fact check everything before you proceed with any transaction especially short sales. Distressed homeowners, you need to speak to legal counsel before you sign your listing contract and especially when your Realtor gets the approval letter from your lender. Here are other life events that you will want/need legal advice for:

The IRS selects you for an audit
Your landlord refuses to give your cleaning deposit back
Your creditor's threaten to take action against you for your ex-spouse's debt's
You need child support enforced
A friend owes you money then files for bankruptcy
Your car is repossessed unjustly
You have received a speeding ticket
You need help with credit card liability resolution
Your teenager gets a speeding ticket
A property manager refuses to rent to you

There are at least 101 reasons not to be without your life events plan. This just isn't a fix for sudden unforeseen events such as your lender foreclosing on you, this plan is designed to provide common legal services for you throughout your life. You can walk through life more confident when life does get complicated you are comforted knowing you have a legal team just a phone call away.

The wealthiest ten percent can afford to have a lawyer on retainer, and are accustomed to consulting with one before making decisions. On the other hand, the bottom ten percent has access to public aid. But what about the rest of us?

For most people, the idea of calling a lawyer before signing a contract or making an important decision just isn't an option -- either because we think we don't need one or because it would simply cost too much.

But there is a solution. Pre-Paid Legal Services Incorporated is currently serving the legal needs of well over one million families.

For over thirty years, this New York Stock Exchange company has been providing North American family's access to quality law firms through low-cost prepaid legal plans.

Think about it: When you're sick, health insurance lets you visit a doctor without having to worry about expensive bills. Car insurance protects you in the event of an accident on the road.

Even in our increasingly litigious society, you might live your whole life without facing a lawsuit. And while a Pre-Paid Legal plan can protect your rights in the event of a catastrophic legal situation, there are many practical reasons to ask the advice of a lawyer that you may not have considered.

Have you ever thought about writing or revising your will? Wouldn't it be nice to have your will prepared by an experienced lawyer without having to consider the cost?

Have you ever purchased a home, sold a home or signed a lease? You should never sign a contract without fully understanding the commitment.

Wouldn't you like to have access to a law firm to review documents before you sign?

Have you ever paid a bill you knew was unfair, or had difficulty with credit issues? If you don't know your rights, you don't have any.

With a simple phone call, not only can you know your rights, you can learn how to exercise them.

Have you ever had a legal question you wanted to ask, difficulty with insurance claims, or received a speeding ticket?

Pre-Paid Legal Services Incorporated is the solution for over one million families. It could be yours.

Many people wonder exactly what kind of lawyer they can get for this membership. The combined buying power of well over one million families across North America means you as an individual Pre-Paid Legal Member will be treated with the same respect and careful attention as one of the firm's largest clients.

Since service IS our business, you can rest assured we take every measure to maintain the highest standard in quality legal care.

Using your membership is simple. When a potential legal issue arises, simply call your provider law firm toll free, and explain the situation.

Then, a lawyer knowledgeable in the area of law that concerns your specific question or need will return your call. It's that easy!

From major legal issues to simple questions about everyday occurrences we all face, you'll be able to say, "I'm going to talk to my lawyer about this" and mean it.

Pre-Paid Legal Services has opened the doors to equal justice, isn't it time you stepped through? You can be just a few clicks away from joining over 1.5 million families in the United States and Canada who have toll-free access to law firms ready to provide you with legal counsel and advice for as little as $39.95 a month, which covers your family, instead of thousands of dollars. Feel free to visit our website Pre Paid Legal or give us a call to see how we can best help you.

Jennifer & Gary Ricco CDPE, PSC, Retired Police Officers
Keller Williams VIP Properties
'Quality Consulting Through Continuous Improvement'
www.SoCalPreForeclosureSpecialists.com
Serving the Greater Los Angeles and Ventura Counties
License numbers 01461940, 01803395
Jennifer was awarded the LA Daily News Readers Favorite Realtor Choice for 2010

All content, unless noted, are the property of Jennifer & Gary Ricco and may not be used without permission.

Jennifer & Gary Ricco Santa Clarita Realtors | Advanced CDPE

Mon, 08 Nov 2010 15:22:39 GMT

Jennifer & Gary Ricco Santa Clarita Realtors want to warn homeowners not to wait for the Notice of Trustee Sale to be posted on your door. If you have received a Notice Of Default or have missed mortgage payments Call Now! (661)290-3837 Waiting to long will reduce your home retention/loan modification options.

Before you consider last resort options like short sales to avoid foreclosure, you would be wise to check out the government programs that are helping homeowners to stay in their home.

The governments Troubled Asset Relief Program (TARP) is the umbrella for HARP (Home Affordable Refinance Program) and HAMP ( Home Affordable Modification Program. HAFA ( Home Affordable Foreclosure Alternative is yet another program. So what does all this mean to you if your a Santa Clarita Resident who needs some mortgage relief.

The Home Affordable Modification Program is basically the first line of defense when it comes to someone struggling with their mortgage payment.

On the right side of my blog you will see a youtube video of Congresswoman Maxine Waters. Watch the video you will see why she says, "the average homeowner wont be able to get a modification on their own.", She's right! You need a strong advocate who knows the system. We can help.

The Making Homes Affordable government programs are focused on home retention, so one of the first things we will review with you prior to beginning any Short Sale process, is whether you should attempt a Loan Modification. These programs require borrowers to be reviewed for a HAMP loan modification as a requirement to proceed with a HAFA Short Sale.

Loan Modifications require alot of work, as a good friend recently said, "loan modifications require a life modification! We talk to alot of struggling homeowners who failed to get a loan modification, because they were paying every bill except the mortgage. After a simple education on how money works, and how loan modifications are underwritten we can show our clients very quickly if we can meet MHA's 31/38 DTI Ratio or proceed with the lenders traditional modification process.

During our consultation together; we can request a HAMP (MHA) modification from your mortgage servicer and if you are determined to be eligible, we will assist you with the review process. If you qualify and enter a trial mod, we don't leave our clients at this critical point of the process, we keep in communication with the lender and provide financials throughout the trial period plan. We are there to congratulate the homeowner when they receive their permanent modification Doc's.

If your lender 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, should you not quailfy for any retention assistance your lender will consider a HAFA short Sale. As Advanced CDPE & PSC Agents we have received specific training on HAFA and continue to receive continuing education on these programs.

Jennifer and I, Santa Clarita Realtors are Specialist in Short Sales. As specialist in pre foreclosure options, we process our modifications with Mortgage Relief Counseling, a professional company staffed with full time processors located in Mission Hills Ca. MRC can prove it has modified over 3100 loans. MRC's office is located at 15515 San Fernando Mission Blvd unit 7, Mission Hills, Ca 91345.

We offer Free Home Retention Training on Tuesday nights at 7pm and Saturday's at 11 am. Call and let them know Gary wanted you to reserve a seat 818-979-6800. If your interested in a new career, are a newly licensed Realtor or Life Insurance agent let us show you how you can better assist your clients and grow your business. Come by check out Team Leaderships trainings.

All content/images, unless noted, are the property of Jennifer & Gary Ricco and may not be used without permission.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Foreclosure Real Estate Trends for the Past Year in Santa Clarita 91390

Wed, 03 Nov 2010 19:41:14 GMT

We know times are difficult right now however there are solutions to your situation. This blog was created as a resource to help you understand this real estate market. In gaining an understanding we can show you options and implement the solutions you need to utilize when avoiding foreclosure. Whether you have experienced 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. Gary and I like to give our clients this analogy; you wouldn't sit down and play Monopoly with understanding the rules the same is true for your financial future. If you're in some stage of the foreclosure process or look like your headed that direction you need to understand these rules, being forewarned is being forearmed.

If you need to sell your home in the 91390 area of Santa Clarita now is the time to do your research. As of today November 1, 2010 there are 214 homes in foreclosure with the average foreclosure sale price of $469,000. Below are some graphs that show what is going on in the 91390 area of Santa Clarita. According to the pie chart 90% of the homes are in some form of the foreclosure process, 10% have gone back to the bank and are now REO's. The highest percentage of homes in the foreclosure process is in the $500-$600K price range. Compared to Valencia and Stevenson Ranch struggling homeowner's in Santa Clarita are outpacing the foreclosures in these other areas.

Foreclosure Real Estate Trends for the Past Year in Santa Clarita 91390

ØSanta Clarita: Blue

ØValencia: Orange

ØStevenson Ranch: Red

Foreclosure Status Distribution - 91390

Foreclosures by Estimated Market Value - 91390

Highest Availability
500-600K/39 Properties

Foreclosure Sales Count for - 91390

Current Activity
11

· Foreclosure sales are sales of properties that are in some stage of the foreclosure process - default, foreclosure auction or bank-owned. This graph shows total number of sales.

With banks stopping foreclosures and reviewing their foreclosure process 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.

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 bank's loan modification and short sale efforts.

Fannie Mae and Freddie Mac's Making Home Affordable websites provide homeowners options that will have less of an impact on your credit history; however your involvement is necessary, together we will manage your road to recovery.

Making Home Affordable provides options to remain in your home, however you must qualify!

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 Specialist, one of the things we will review with you prior to beginning the Short Sale process 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 permanent 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.

Click here to see if you eligible for any of the Government Programs.

Jennifer & Gary Ricco PSC, CDPE

'Quality Consulting Through Continuous Improvement'

www.StopForeclosureInSantaClaritaNow.com

Serving the Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Jennifer was awarded the LA Daily News Readers Favorite Realtor Choice for 2010

The Headlines Read: Foreclosure Fiasco The Latest | Santa Clarita Pre Foreclosure Options

Fri, 22 Oct 2010 12:32:08 GMT

The headlines read: Foreclosure fiasco: The latest. Don't sit idle and wait for your lender to make a decision about your financial future. NOW is the time to do your homework to research the best course of action for you to take. Gary and I are all about home retention, in some cases this can be accomplished in others we show our clients the alternatives, all available pre foreclosure options. Below is the list of the banks who are going through their files, reviewing their banks foreclosure procedures. Some lenders may not move forward with the foreclosure process at this time. This is the time you need to be arming yourself with knowledge so you can make the best most well informed decisions about your financial future when these lenders do move forward with the foreclosure process.

Bank of America: Bank of America reviewed 102,000 foreclosures in the 23 states where a court must sign off on the proceedings, and it is now restarting the process on those cases.
JPMorgan Chase: The bank is reviewing 56,000 foreclosure cases in 23 states that require a judge to sign off on a foreclosure, and is reviewing documents in additional states.
PNC Financial Services: The company has halted some foreclosure proceedings while it conducts a review of documents.
Litton: The Goldman Sachs subsidiary has suspended foreclosure proceedings in certain cases while it completes a review of its procedures.
Ally: The lender previously announced that it was temporarily suspending evictions and post-foreclosure closings in judicial states, and has hired independent contractors to conduct a review of processes in all 50 states.
Wells Fargo: The bank is conducting additional reviews of documents, but is not freezing foreclosures

Are you facing foreclosure? You should understand exactly what it's implications are. Confused about what options are available to you? Make sure you explore All of your options before you do not have any left to choose from. As Santa Clarita Advanced Certified Distressed Property Experts we pay close attention to the changes as they happen, so that you can get the most relevant, current information, and the best possible service. If you would like to find out more about HAMP or HAFA programs, or someone you know needs assistance in avoiding foreclosure, please don't hesitate to call us we are here to help.

To request your FREE copy of this report

On The Edge of Losing Your Home?

or past reports click the link below:

Click on the report you wish to request or go to: www.SantaClaritaPreForeclosureSpecialists.com click on the resources tab then simply choose the report and it will be emailed to you promptly. This is for homeowners only please

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Loan Modification Qualification Fact or Fiction | Mortgage Relief Counseling

Wed, 15 Sep 2010 14:04:10 GMT

Loan Modification Qualification Fact or Fiction | Mortgage Relief Counseling

President Obama's "Making Home Affordable" plan outlined a consistent set of loan modification guidelines to follow, for those who can't meet the monthly mortgage payments. This has provided temporary relief for the struggling homeowner, however with our high unemployment rate many are re-defaulting.

Making Home Affordable's goal is to modify the terms so the monthly payment is no more then 31% of a persons gross monthly income. The homeowner is eligible when they are in eminent danger of defaulting or have already defaulted. A lender receives incentives by following the MHA guidelines, these guidelines are known as the Standard Waterfall. These are the steps the lenders will follow.

As of June 1, 2010 Home Affordable Modification Program (HAMP) now requires Borrowers monthly income to be verified through a 4506T tax document Prior to Trial Period.....

All the Borrowers current monthly payments with all fees and property insurance will be added. Impounded account (PITIA)

Calculate 31 % of the borrowers income for target DTI ratio

The lender will then begin to reduce the interest rate by .125% increments to get as close to the target DTI ratio. The lender will not go any lower then 2%

To reach the target DTI ratio of 31%, the term of the loan can be extended to 40 years

If the target DTI ratio of 31% still hasn't been reached the lender could choose to forbear a portion of the principle, although they don't have to. That amount will be due in a balloon payment at the end of the term

MHA will pay incentive payments for every modified loan they complete. If the lender follows the Standard Waterfall outline and determine a loan modification is a better financial outcome then a foreclosure they will modify your loan. After making payments on a three month trial period the new interest rate will remain in place for the next five years. If the borrower fails in the trail period, the outline states the next step would be a short sale, deed in lieu then foreclosure.

My Partners at Mortgage Relief Counseling and I have educated & helped hundreds of homeowners get loan modifications or move on to more affordable housing. Our team has an in-depth knowledge of the underwriting process associated with processing a loan modification. If your in a trial modification period or are struggling with the banks make an appointment with us, we can help! We have successfully closed MHA and traditional loan modifications for hundreds of our clients. Our team of trained professional negotiators work our clients files 6 days a week. To schedule a free consultation call 661-290-3837

Jennifer & Gary Ricco PSC, CDPE

Keller Williams VIP Properties

25124 Springfield Court Suite 100 Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaPreForeclosureSpecialists.com

Serving the Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

When Can I Buy Again After a Short Sale?

Sun, 12 Sep 2010 14:24:32 GMT

When Can I Buy Again After a Short Sale?

We get asked this question on all of our Pre Foreclosure consultations, "when can I buy again after a short sale?" Here are the current guidelines posted by HUD with regards to FHA-Insured Mortgages after a successfully negotiated short sale.

Date: December 16, 2009

Mortgagee Letter 09-52 Subject

Short Sales and Short Pay Offs

To: All Approved Mortgagees

Purpose

This mortgagee letter provides guidance to lenders and underwriters regarding borrower eligibility when

• a previously owned property was sold for less than what was owed (short sale), or

• there is principal write down of indebtedness that cannot be refinanced into a new mortgage (short pay off).

Summary - FHA Guidance on Short Sales

Borrowers are not eligible for a new FHA mortgage if they pursued a short sale agreement on his or her principal residence simply to

• take advantage of declining market conditions, and

• purchase, at a reduced price, a similar or superior property within a reasonable commuting distance.

Reference:

For detailed information on converting existing principal residences into rental properties, see 4155.1 4.E.4.g

Summary - Guidance on Borrowers current at the time of Short Sale

Borrowers are considered eligible for a new FHA-insured mortgage if

• they were current on their mortgage and other installment debts at the time of the short sale of their previously owned property, and

• the proceeds from the short sale serve as payment in full.

Reference:

For detailed information, see "Short Sales" at 4155.1 4.C.2.l

Summary - Guidance on Borrowers in default at the time of Short Sale

Borrowers in default on their mortgage at the time of the short sale (or pre-foreclosure sale) are not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale. Lenders may make exceptions to this rule under certain circumstances.

Reference:

For detailed information, see "Short Sales", at 4155.1 4.C.2.l.

Follow this link to view HUD's entire Mortgagee Letter 09-52 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Jennifer & Gary Ricco PSC, CDPE

Keller Williams VIP Properties

25124 Springfield Court Suite 100 Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaPreForeclosureSpecialists.com

Serving the Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Stop Foreclosure Now | Santa Clarita Real Estate Market Update

Fri, 10 Sep 2010 11:52:09 GMT

Santa Clarita Real Estate Market Update | Stop Foreclosure Now

People continue to flock to the Santa Clarita Valley in record numbers, and for good reason. As one of the fastest-growing communities in both California and the nation, the Santa Clarita Valley is a destination of choice for people seeking both a family-oriented atmosphere and a business-friendly environment. Just 35 minutes north of the City of Los Angeles many say the Santa Clarita Valley is the brightest discovery in the Golden State. In fact, USA Today named Santa Clarita one of the nation's 100 best communities in 2007. Spend some time in this thriving community and you'll discover why so many families and businesses call it home.

As your Santa Clarita Certified Pre Foreclosure Specialist team we are here to provide you with the most current short sale (pre foreclosure) bank owned (REO) property statistics in the Santa Clarita Valley, SCV including regular listings (these stats do not include condo sales). Whether you are thinking about buying a home, you need to short sale your home, or are just looking to be educated about the current Santa Clarita real estate market.

REGULAR LISTINGS:

ACTIVE: 344

BACK UP OFFERS: 56

PENDING OFFERS: 58

SOLD in the past 30 days: 90

The combined averages; list price vs. sale price for the regular listings:

3.7 bedrooms

3.0 bathrooms

2212 sqft

List Price: $505,877

SOLD Price: $497,689

SHORT SALE LISTINGS: pre foreclosures

ACTIVE: 293

BACK UP OFFERS: 246

PENDING OFFERS: 124

SOLD in the past 30 days: 59

The combined averages; list price vs. sale price for the regular listings:

3.7 bedrooms

3.0 bathrooms

2171 sqft

List Price: $414,779

SOLD Price: $417,694

BANK OWNED LISTINGS: REO's

ACTIVE: 74

BACK UP OFFERS: 9

PENDING OFFERS: 48

SOLD in the past 30 days: 20

The combined averages; list price vs. sale price for the regular listings:

3.4 bedrooms

2.75 bathrooms

2161 sqft

List Price: $399,140

SOLD Price: $393,290

You may have noticed we have reached historic low levels of inventory the past several months here in the Santa Clarita Valley, as of today there are 758 active listings, when in a normal market we have anywhere from 1500-2000. with these number it's our opinion the government/banking institutions created a seller's market. They are taking advantage of a basic supply vs. demand market by cutting off the supply, releasing very few bank owned listings and taking extensive time to approve short sales they have slowed the decline of property values. You can clearly see that President Obama's pressure on the banking industry to streamline loan modifications and short sales has taken effect with many banks. If you look at the statistics you will see home prices have gone down but some areas are on the rise. It will be interesting to see how the rest of this year will unfold. How much more will properties loose their values?Will interest rates stay as low as 4.27%? Will the market be flooded with bank owned properties? Will the banks be more cooperative with short sales, streamlining them?

This is a constantly changing housing market, education is Key. As potential buyers or sellers these numbers help you to understand what the price ranges are for bank owned and short sale properties for sale. There is a big misconception when it comes to bank owned properties (foreclosures) and short sales (pre foreclosures). Many are led to believe that there is a fire sale going on, that the banks are giving deep discounts. Banks at this point are in the business to minimize their loss severity, they want to see offers as close to fair market value as possible. In some instances there are listings that are generating multiple offers which results in a higher sale price. Here is where an experienced agent can guide you with these purchases.

My husband and I are Santa Clarita's Certified Pre Foreclosure Specialists, PSC with a Certified Distressed Property Experts designation, CDPE. By dealing with a Realtor who has earned the PSC and CDPE designations, buyer's and seller's ensure that they are working with an experienced Santa Clarita Short Sales Expert that is equipped to handle their specific needs. We want to be the number one real estate agent you call when looking to buy or sell in today's market.

This real estate market has caused unbearable stress and heartache. As a Pre Foreclosure Specialist with a Certified Distressed Property Expert designation we have the training and expertise necessary to minimize our clients financial loss and limit the damage to their credit. We feel that education is key in this market with so much misinformation and foreclosure scams out there, we sought out this education to ensure we could properly help Santa Clarita families get on the path to recovery.

There is a difference between a pre foreclosure and a foreclosure. The time period between the first missed payment and the final bank sale is called the pre foreclosure phase. Foreclosure is a legal process that is initiated whenever a homeowner defaults (stops making payments) on their mortgage(s). When the foreclosure is completed the home is either sold at auction or becomes real property of the lender and is now owned by the lender REO, Real Estate Owned. Many of you have heard these terms on the news lately or see these types of homes in your communities. Would like to know what these terms mean or understand how the short sale process works? My Pre Foreclosure Options.

If you or someone you know are in a difficult situation with your property consider us. Homeowners who are in the pre foreclosure process need to speak with an educated agent as quickly as possible. For many homeowners foreclosure is not the only option however most do not get the opportunity to explore solutions. We are Santa Clarita's short sale specialists and would like opportunity to sit down with you and give you a free, no obligation, consultation on this process. We want to be the number one short sale agent you call, we are here to help you avoid foreclosure.

If you would like to search specifically for bank owned or short sale listings in Santa Clarita, or any other areas of Southern California go to: Search the MLS like a Realtor.

Jennifer & Gary Ricco PSC, CDPE

Keller Williams VIP Properties

25124 Springfield Court Suite 100 Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.StopForeclosureInSantaClaritaNow.com

Serving the Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Follow us on Facebook: Santa Clarita Pre Foreclosure Specialists Fan Page

Jennifer was just awarded the LA Daily News Readers Favorite Realtor Choice for 2010

Mortgage Delinquency Numbers Contain a Mixture of Somewhat Good and Somewhat Bad News Q2 2010

Tue, 07 Sep 2010 18:47:51 GMT

National Default Numbers Q2 2010

Mortgage Delinquencies -

All Mortgages:

4.57% in Foreclosure 9.40% in Default (30+ days late) Total 13.97%

Prime Mortgages:

3.49% in Foreclosure 6.66% in Default (30+ days late) Total 10.15%

FHA Mortgages:

3.62% in Foreclosure 12.63% in Default (30+ days late) Total 16.25%

VA Mortgages:

2.50% in Foreclosure 7.48% in Default (30+ days late) Total 9.98%

Total Distressed Properties: 6,216,650

Total predicted sales 3,830,000

"These latest delinquency numbers contain a mixture of somewhat good news and somewhat bad news", according to the Mortgage Bankers Association.

Homeowners if your struggling with a Loan Modification we can assist. As of June 1, 2010 HAMP requires eligible borrower's financials must be fully verified before entering a trial period. If you have questions about the MHA standard waterfall loan modification or any of the HAFA short sale programs we offer free consultations.

With investors, servicers and the government intervention slowing the foreclosure process this is a great time for struggling homeowners to seek Pre Foreclosure Options don't wait until your months behind before you seek assistance.

Jennifer & Gary Ricco PSC, CDPE

Keller Williams VIP Properties

25124 Springfield Court Suite 100 Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaPreForeclosureSpecialists.com

Serving the Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Bank of America's Pilot Cooperative Short Sale Program

Tue, 07 Sep 2010 18:18:43 GMT

Bank of America's Pilot Cooperative Short Sale Program

Here is some information on Bank of America's new Cooperative Short Sale program.

Bank of America is committed to helping homeowners avoid foreclosure. As most of our partners are aware we have been diligently working to develop alternative short sale programs to solve some of the fundamental issues inherent in the traditional short sale process. Prior to rolling out the government's Home Affordable Foreclosure Alternatives (HAFA) Short Sale program in April we'd begun a pilot program we refer to as a Cooperative Short Sale. It is structured similarly to HAFA in that we work with the homeowner and agent prior to marketing the property to gain agreement on the terms of the short sale so that once an offer is received the approval is streamlined. The objective is to utilize this program for customers that do not qualify or fallout of the HAFA program. HAFA is always considered first and no HAFA eligible loans will be included in the program.

The Cooperative Short Sale program is still being developed and tested. Under the current pilot we are proactively reaching out to homeowners who have been pre-screened to meet specific eligibility requirements. Examples of the eligibility requirements include asset reviews, no second liens or MI on the loan, and participating investors. Based on our pre-review, these customers may have limited documentation required for the program. We have other versions of the program for customers who fall into segments that may require more documentation. This very limited population of customers is notified via letter if they have been selected for inclusion in any test programs. Additionally, various execution methods have been used during testing including 3rd party organizations and internal teams handling all communications. Note that although these methods are useful to quickly rollout a small pilot they are not always feasible for full scale rollout.

Other similarities of the pilot program to HAFA include:

We will work with the customer prior to listing the home to help establish the listing price using a valuation to determine fair market value.

We will ask that the property be actively marketed for 120 days. If it does not sell in that time, we will consider a deed-in-lieu of foreclosure to satisfy the mortgage.

Since the appraisal and qualifications are completed upfront, short sale approval will take less than two weeks to complete.

Results from the pilots will be used to design the upcoming expansion of the program. Announcements will be made when we expand this program beyond the pilot and will outline details of the program.

Thank you for your continued support of distressed homeowners as we all work together to help make short sales a more positive experience for homeowners, homebuyers, and the agents that support them.

Bank of America Home Loans

Jennifer & Gary Ricco PSC, CDPE

Keller Williams VIP Properties

25124 Springfield Court Suite 100 Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaPreForeclosureSpecialists.com

Serving the Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Stop Foreclosure in Santa Clarita Now!

Tue, 07 Sep 2010 18:13:04 GMT

How can I Stop My Foreclosure? Homeowners are you confused about the designations and certifications Realtors hold. What do the three or four letter abbreviations mean after a Realtors name and how can those designations help Stop Your Foreclosure?

As the real estate and financial markets crashed, several leaders in the real estate community used their experience and understanding of the default services industry to create education modules and certifications, which will educate Realtors on the complexities of Stopping or processing Pre Foreclosures. There are several certifications that have gained a high level of recognition, due to their designationscurriculum. Realtors who have obtained any or all of these certifications are demonstrating their commitment to help homeowners Stop Foreclosure! Realtors are using their education and experience from these certifications to assist distressed homeowners in these challengingtimes.

As Santa Clarita PreForeclosureSpecialists, Jennifer and I believe in continuing education, its critical to keep current with all the changes in real estate practices and real estate financing. In todays Real Estate Market a Realtor needs to belong to several real estate networking groups. The below listed designations are nationwide networks that share information and experiences with processing short sales and following the HAMP & HAFA guidelines. CDPE, PSC and Five Star provide continuing education to its membership in order to keep them current with the implementation of the Treasury's HAFA program, Fannie Mae program and Freddie Mac's HAFA program.

Distressed Property Institute

PartnerFirstU

PartnerFirstAgent Management Services

The Five Star Institute

NAR's SFR

Here's what REO Insider and DSNews has published about the current alliances occurring within the default services industry.

REO Insider

DSNEWS

Jennifer & Gary Ricco PSC, CDPE

Keller Williams VIP Properties

25124 Springfield Court Suite 100 Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaPreForeclosureSpecialists.com

Serving the Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Jennifer Ricco is One of the LA Daily News Readers Favorite Realtor Choice Award Winners for 2010

Sun, 05 Sep 2010 12:50:09 GMT

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Helping Homeowners with Bank of America and Equator Negotiations | Jennifer & Gary Ricco Keller Williams VIP Properties

Thu, 19 Aug 2010 11:12:20 GMT

Today as part of our daily continuing education, Jennifer and I attended a webinar hosted by Bank of America. Dave Sunlin (VP of Reo & Short Sales) and Elena Celestine (Short Sale Escalation Specialist) provided us with 10 Tips and techniques to help you guide your clients through the short sale process. We felt this was good information to share with consumers and our peers. Here is a summary of the training they provided.

Jennifer and I couldn't agree more with Dave Sunlin and Bank of America on the 1^st Tip; Obtaining education & Experience is critical if you're going to work in the default market. There are numerous designations out there with self proclaimed experts popping up everywhere, so be selective and do some homework. Jennifer and I have received PartnerFirst's Pre Foreclosure Specialist Certification (PSC) and the Distressed Property Institutes Advanced Certified Distressed Property Expert designation (CDPE). We felt the value was in the curriculum and the continuing education. By belonging to both these nationwide networks we ensure our clients we are providing them with information they require to make a sound decision.

Here is an opportunity to save $100 dollars on the Pre Foreclosure Specialist Certification offered by PartnerFirst.

As for Tip#2

Your education, experience and continued education will help you clearly set client expectations, which when combined with the following tips will more your short sale process through the milestones and result in success.

TIP #3

Tip#4

Tip#5

Tip#6

Tip#7

Tip#8

Tip#9

Tip#10

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Is your Santa Clarita Realtor Equipped to Handle Your Bank of America Short Sale?

Thu, 19 Aug 2010 10:53:13 GMT

Jennifer and I have to applaud BofA on efforts to provide better customer services by continually improving the Equator system. I'm sure those of us utilizing the Equator system have plenty of ideas to make it better. Realtors need to keep completing the customer service surveys when ever you contact Short Sale Support, positive articulation on ways to improve the system are being heard. We have recently received two approvals within 45 business days of submission.

Santa Clarita Pre Foreclosure Specialists are very familiar with BofA's Home Retention and Loss Mitigation practices. We provide Free consultations should you need assistance with a Loan Modification or Short Sale. Here is an update directly from Bank of America, regarding Equator changes.

Bank of America is committed to providing excellent customer service throughout our short sale process. As a valued partner, we want to ensure you are kept informed on the status of each transaction. On July 15, 2010we launched four new automatic email status notifications that will be sent once key milestones or tasks have been completed in the traditional short sale process:

· Awaiting Valuation: Sent once the agent has successfully completed the document collection phase

· Awaiting Analysis: After the valuation has been successfully uploaded to the short Sale Management system

· Awaiting Decision: After the file is ready for investor reviews

· Awaiting Decision follow-up: Follow-up message to be sent while investor approval is pending

These messages will complement the status information that agents can already view when they log in to the short sale processing system.

If you have any additional suggestions on additional enhancements to keep you and our customers informed, please let us know. Thank you for your continued partnership with Bank of America.

As you can see by the information we received from BofA in an email, it appears BofA & Matt Vernon are attempting to make positive changes to their systems and customer services.

If your struggling with a Countrywide or Bank of America mortgage we are here to assist. We have been very successful at getting Loan Modifications and short sales approved. Contact us for your free consultation.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

New Short Sale Listing | 367 Pacos Street Ventura, Ca 93001 | $325,000

Wed, 04 Aug 2010 12:16:57 GMT

Centrally located Sycamore Village 3 bedroom 2.5 bathroom 1615 sqft home that is located minutes from the beach in Ventura listed for $325,000. This light and bright home has a spacious living room with vaulted ceilings and a dining room for entertaining. The kitchen has a large walk in pantry. The master bedroom has a view of the mountains and a peek a boo view of the ocean. The master bathroom has a double vanity sink and a walk in closet. The laundry area is upstairs and all bedrooms have ceiling fans. This home is located in a culdesac, there are no rear neighbors. The HOA includes front yard lawn care and a beautiful pool and spa to enjoy. To view the virtual tour click on this link: 367 Pacos

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

~This is a short sale. As with all short sales, sale price and commissions are subject to lender(s) approval~

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Fri, 23 Jul 2010 12:12:17 GMT

Follow Santa Clarita Pre Foreclosure Specialists on Facebook as your trusted resource for market trends and real estate news

Santa Clarita Pre Foreclosure Specialists

25124 Springfield Court
Suite 100, Valencia, CA 91355
(661) 645-9409

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Our topic today is:

New Loan Delinquencies on the Rise Again

Just when you thought things might be turning around, the mortgage crisis takes yet another little dip to the downside. Lender Processing Services just put out its May "Mortgage Monitor," and some promising trends aren't so promising anymore, specifically new delinquencies and cure rates.... To read more follow us

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

'Quality Consulting Through Continuous Improvement'

Serving the Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Homeowner Associations: The New Foreclosure?

Fri, 23 Jul 2010 11:23:43 GMT

I am being foreclosed upon by my HOA?? It is not at all uncommon these days, as struggling borrowers let the dues slide, thinking it's more important to throw all their cash into their mortgage payments.

Thirty-four states allow for judicial foreclosures by HOAs, although the rules and redemption periods differ. The redemption period is the amount of time that a homeowner has to pay up all the dues and fees after the HOA has officially taken title to the home.

Texas has a 180 day redemption period.

Florida's is just 10 days.

"People don't understand that by failing to pay the association dues they can lose their home and be put in the street," says Florida attorney Robert Tankel. He represents HOAs in Florida and his business is positively booming.

Sometimes, real property owners fall on hard times and they default on some type of a payment that's owed on their property. Usually, the creditor can either take action to enforce and collect the debt, such as foreclosing on a lien, or the property owner and the creditor can make a deal to settle the matter, which is called a "workout." Sometimes, a property owner has to declare bankruptcy.

All of these things can happen when the property is part of a homeowners' association (HOA). And, anyone who's a member of an HOA, should know how their HOA will react in such circumstances. Often, a HOA will be aggressive in collection actions when assessments and dues go unpaid, because it's simply not fair to other owners to shoulder the financial responsibility of a non-paying HOA member.

It has become a race to the courthouse steps because if there's a first mortgage foreclosure pending and the first mortgage foreclosure beats the HOA to the courthouse steps, then they wipe out the association's claim of lien. Since the big banks on average can take over a year to foreclose on a home, the HOAs can swoop in, take title, boot the borrower, and either rent or sell the home for a good six to twelve months before the bank comes in with the far bigger lien and forecloses again. Most regular real estate investors don't touch HOAs because the risk is high and the time for profit short said Tankel, cnbc.com.

Foreclosure:

Foreclosure is when a creditor, like an HOA if it has a lien against your property for unpaid HOA fees, takes your property as payment for the fees. Generally, you can stop a foreclosure immediately by paying all the fees that you owe to the HOA.

If you can't or don't pay the fees or file for bankruptcy, there are two types of foreclosure actions that your HOA might use:

•Non-judicial foreclosure, which allows the HOA to take your property and sell it at auction without a court order. This type of foreclosure by HOAs is allowed in only some states, including California.

•Judicial foreclosure, which requires the HOA to go to court and get an order authorizing it to sell your property, but only after the HOA gives you notice of the non-payment or lien and a certain amount of time to "cure" the default by paying the fees or assessments that you owe

The laws on foreclosure vary from state to state, so be certain to check the laws in your area to make sure that your legal rights are protected if your HOA attempts to foreclose on a lien.

Workouts:

It's not uncommon for HOAs to foreclose on a lien for unpaid fees and assessments, even if your debt amounts to only a few hundred dollars-remember, these are your fellow owners and neighbors, and the failure of an owner to pay his share of the common expenses is unfair to the group. However, it's likely that the HOA will agree to an arrangement like a payment plan to allow you to catch up on the amount you owe over time. This solution will save the expenses that come with foreclosure.

For example, you could arrange a monthly payment plan that consists of the regular monthly fee, plus an amount to be applied towards the arrears, so that you stay current on the regular fee and pay off the arrears over the course of one year.

In any event, the best advice is to pay your HOA fees on time. If you have a question about whether a fee is legitimate or too large, ask the HOA about it. If you can't afford the payments, try to work out a plan with the HOA before it begins foreclosure proceedings.

Many homeowners here in Santa Clarita live within HOA communities and find themselves in this exact situation. Anyone who is facing foreclosure should understand exactly what it's implications are, and what other options are available. Make sure you explore All of your options before you do not have any left to choose from. As Santa Clarita's Advanced Certified Distressed Property Experts we pay close attention to the changes as they happen, so that you can get the most relevant, current information, and the best possible service. If you would like to find out more about HAMP or HAFA programs, or someone you know needs assistance in avoiding foreclosure, please don't hesitate to call us we are here to help.

Click on the report you wish to request or go to:

www.SantaClaritaPreForeclosureSpecialists.com click on the resources tab then simply choose the report and it will be emailed to you promptly. This is for homeowners only please.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100 Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaPreForeclosureSpecialists.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

2010 Q1 Default Numbers | Foreclosure Starts & Delinquency Status

Tue, 01 Jun 2010 21:01:59 GMT

Here are some interesting graphs that support an increase in foreclosure starts (filing NOD's). As you can see by the graph provided by Lender Processing Service. As indicated the number of loan deteriorating further into delinquent status is almost 2.5 times the volume of Foreclosure starts (down from three times in the prior month). This drop is due entirely to the increase in foreclosure starts.

As shown in the second graph, it's apparent that more severely delinquent loans are not in the foreclosure process. However it's clear foreclosure starts are up and will be the catalyst that will get homeowner to take pre foreclosure action. I caution homeowners not to wait till they get the Notice Of Default or Notice of Trustee Sale before they educate themselves on the foreclosure avoidance options.

If you're on the fence and considering a short sale visit Santa Clarita Pre Foreclosure Specialists our free reports will educate you about your pre foreclosure options and the complexities of avoiding foreclosure. Your financial future depends your involvement and understanding of this process and its ramifications. Get ahead of those who will be receiving NOD's, right now inventory is low. Don't miss the chance to list now so you can minimize your loss and avoid the hassle of competitive distressed property market.

Mortgage Deliquencies - National Defualt Numbers Q1 2010

All Mortgages:

4.63% in Foreclosure 9.38% in Default (30+ days late)

Prime Mortgages:

3.41% in Foreclosure 6.89% in Default (30+ days late)

Subprime Mortgages:% Total

15.39% in Foreclosure 25.76% in Default (30+ days late)

FHA Mortgages:1.15% Total

3.93% in Foreclosure 12.09% in Default (30+ days late) 1

VA Mortgages:6.02% Total

2.63% in Foreclosure 7.06% in Default (30+ days late) 9.69% Total

All Mortgages - 2010

Total Distressed Properties: 6,700,000*

Total Predicted Sales: 6,030,000** *Distressed Property Institute estimate **NAR, Walt Molony

http://www.realtor.org/press_room/news_releases/2010/02/metro_state

Unemployment Rate

According to the U.S. Bureau of Labor Statistics, the seasonally adjusted unemployment rate for April 2010 was 9.9%. The highest rate ever recorded by the Bureau was 10.8% in Nov/Dec 1982.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

FICO Reveals How Common Credit Mistakes Affect Scores

Tue, 01 Jun 2010 19:26:48 GMT

by Jeremy M. Simon
Sunday, November 29, 2009

provided by

Disclosed for the 1st time, 'damage points' taken off for late payments

Borrowers already knew that late payments hurt their credit scores, but for the first time, they now know the extent of that damage.

This is intended as educational information only, consult an accredited credit repair expert.

Did you max out your credit card? Expect a credit score drop of 10 to 45 points. Declare bankruptcy? Your score will plummet by up to 240 points, and your odds of getting credit will nosedive with it.

The "damage points" data, unveiled recently by FICO, are part of the most revealing glimpse into the firm's once-secret -- and still mysterious -- credit scoring model. The new information discloses how many points borrowers' scores will drop when they make the most-common mistakes.

'Help People Understand' Scores

"I hope this information will help people to better understand FICO scores and the value for them of avoiding credit missteps. It illustrates key points such as the higher your score, the farther it can fall if you stumble," says FICO spokesman Craig Watts. "Getting and maintaining a good score isn't complicated. We all just need to pay our bills on time, keep credit card balances low and take on new debt sparingly. "

The greater transparency about FICO scores is important because American consumers' ability to get credit rises and falls with the number. FICO, the company that pioneered credit scoring, assigns consumers a three-digit number from 300 to 850, depending on how well they handle credit. Other companies also offer scores, but FICO's version is the most widely used by lenders in determining whether a consumer can borrow, and at what rate.

FICO's credit score has been around for decades, but only within the past decade have consumers gradually gained access to theirs. Though the raw numbers can be purchased, how they're figured remains a FICO secret, as closely guarded as the formula for Coca-Cola. Until Thursday, FICO revealed only broad categories of factors influencing the score, but not the number of points at stake for consumers who fail to pay as agreed. The "damage points" information, revealed in a report by personal finance writer Liz Pulliam Weston, will be made available through its myFICO.com Web site starting this weekend.

FICO's information shows that bankruptcy does the most serious damage to a credit score (up to 240 points), followed by foreclosure (up to 160 points) while maxing out a credit card has the least numerical impact (as few as 10 points).

Those with good or excellent credit -- so-called prime borrowers -- put more points at risk with each mistake. For example, someone with an average credit score of 680 who pays a bill 30 days late will see a drop of 60 to 80 points. But for someone with an excellent credit score -- 780 -- that same delinquency can send a FICO score tumbling by 90 to 100 points.

The Cost in Dollars

In order to show just how badly a drop in your FICO score can hurt your wallet, we spoke with members of the home mortgage, auto and credit card lending industries. We presented hypothetical scenarios of a consumer who decided to apply for a $200,000, 30-year mortgage; a $20,000, five-year auto loan and a credit card. While all the industry insiders stressed that a FICO score isn't the only factor in determining who gets credit and at what cost (other factors they cited include the borrower's debt-to-income ratio and whether they have already established a relationship with the lender), they were able to provide an idea of what a borrower who had the following credit scores could expect.

For a Consumer Who Started With a FICO Score of 780:

Following a 30-day late payment, the consumer's car loan rate would jump nearly 3 percent, costing the borrower $26 more each month.
Following a debt settlement, the consumer would pay as much as $109 more each month on a home mortgage.

For a Consumer Who Started With a FICO Score of 680:

Following a 30-day late payment, the consumer would pay $41 more each month for a car loan.
Following a 30-day late payment, the consumer would pay as much as $95 more each month on a home mortgage.
Following a debt settlement, the consumer would no longer qualify for a credit card.

Some Surprised By the Details

Consumer advocates say it's important for borrowers to know what can damage their FICO scores. "If they know it in advance, they won't go out and step in a pile of doo-doo. They won't go out and do some of these things," says Linda Sherry, director of national priorities with advocacy group Consumer Action. Even experts found some surprises in today's news. "FICO imposes bigger hits than I would have thought for being maxed out or 30-days late just once, reinforcing my view that it is a cruder, blunter instrument than they like to claim. Nevertheless, it is a powerful, widely used crude blunt instrument," says Ed Mierzwinski, consumer program director for the U.S. PIRG consumer advocacy group.

Of course, knowing the impact on a FICO score and actually avoiding these mistakes are two separate things: Amid rising unemployment and other daily financial struggles, paying bills and staying on-track financially becomes a much bigger challenge for many borrowers.

"Some of these things are out of their control," Sherry says of consumers.

Additionally, as Weston points out, consumers with identical FICO scores can have different credit histories. That means the same slip-up -- such as maxing out a credit card -- could have different impacts on consumers who have the same FICO score. In the examples they provided, FICO assumed each borrower had several active major credit cards, a mortgage, car loan and student loans.

Sherry acknowledges the benefit of putting a number to a financial blunder. "I don't think we necessarily knew the numbers that a bankruptcy could apply to a credit score," Sherry says.

Helping You Make Better Decisions

While knowing the numbers may not keep you filing for bankruptcy if given no other choice, the information may help you make the best decision when faced with a bad situation.

FICO scores -- and the access to credit they provide -- are a valuable asset to consumers and supply a safety net when incomes are stretched. It's an asset that needs to be protected, Sherry says, even if job loss or catastrophic illness makes bill paying problematic.

"In that period of time, paying down debt is the last thing on your mind. Paying the minimum payment may also be the last thing on your mind, but you'll be doing yourself a big favor if you do," Sherry says.

Jennifer and I are very careful when consutling our clients on credit matters. We direct our clients questions to Doug Minor of Easy Credit Relief. Doug has 20+ years of experience in analyzing consumer credit reports and has reviewed more than 6,000+ reports. He has authored articles and co-created a Credit Score Mortgage Analysis educational program helping consumers understand the cost of their credit score when buying a home.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100

Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaCertifiedDistressedPropertyExperts.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395