The Basic Steps of Foreclosure

by Arnie Levine on August 27, 2011

in Latest News,Real Estate news,Riverside foreclosure news,Riverside Real Estate,San Diego Foreclosure news,San Diego Real Estate

The Basic Steps of Foreclosure

Fannie Mae has publicly assured homeowners going through foreclosure that they will be protected from losing their homes while applying for a federally funded loan modification. They can apply for a modification at any point before or during the foreclosure process. If a modification is approved, homeowners can keep their homes if they make their adjusted payments. Absent that, here are the stages of a typical foreclosure:

1) In default: A loan is in default when a mortgage payment is 30 days late.

2) Warning: When a loan is 60 days past due, the bank, credit union or mortgage company warns that foreclosure is the next step.

3) Proceedings begin: After 90 days, the lender refers the loan to its foreclosure department, and hires a trustee (foreclosure company typically Tittle companies) to begin foreclosure proceedings.

4) Sale advertised: The lender’s lawyer advertises the property for sale for four consecutive weeks in a local newspaper. The sheriff’s sale date is listed in the advertisement.

5) Sale held: The sale is held on the published date. A sheriff’s employee conducts a courthouse auction and the highest bidder wins, usually the bank that owned or serviced the mortgage.

If you have equity in your home, we will sell your home and get top dollar in this challenging market, go to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION for loan modification and or selling .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

The Basic Steps of Foreclosure

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U.S. Senator Dianne Feinstein responding to County Properties Message

by Arnie Levine on August 27, 2011

in Finance,Latest News,Real Estate news,San Diego Real Estate

300px Dianne Feinstein%2C official Senate photo U.S. Senator Dianne Feinstein responding to County Properties Message

U.S. Senator Dianne Feinstein

Dear Mr.Levine:

Thank you for contacting me to express your concern regarding recently announced criteria for “qualified residential mortgages” (QRMs).  I appreciate hearing your thoughts on this issue and apologize for the delay in my response.

As you know, one of the leading causes of the recent financial crisis was a practice within the subprime mortgage industry of extending loans to borrowers who had little chance of repaying them.  Because mortgage originators were not previously obligated to retain a financial interest in the riskier loans they issued, their incentives favored short-term profits over the long-term performance of the loans they packaged and sold to investors.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) attempted to correct this practice by requiring issuers of mortgage-backed securities to retain at least a five percent stake in the loans they package and sell to investors.  The legislation, however, included an exemption for QRMs and required banking and housing regulators to develop underwriting standards to determine which mortgages could be considered stable enough to qualify.

In March, after surveying data on the factors that contribute to homeowner defaults, federal regulators issued a proposed rule defining QRMs as those made with a 20 percent down payment to borrowers with strong credit histories and a low debt to income ratio, among other standards.  These criteria do not prohibit non-QRM loans from being insured or securitized by government-sponsored housing entities, such as Fannie Mae or Freddie Mac.  Rather, these regulations will require issuers of non-QRM loans to retain a measure of credit exposure to the performance of the loan.

I understand you are concerned that these criteria – specifically the 20 percent down payment requirement – will stifle the housing market in California by raising borrowing costs for many potential homebuyers.  The Federal Reserve is currently in the process of reviewing the many comments it has received in response to its proposed regulation in preparation for the release of a final rule.  Please know that I will keep your concerns in mind as I monitor the Federal Reserve’s development of a final rule and its potential effect on Californians.

Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841.  Best regards.

Sincerely yours,

Dianne Feinstein
United States Senator

Further information about my position on issues of concern to California and the Nation are available at my website, Feinstein.senate.gov.  You can also receive electronic e-mail updates by subscribing to my e-mail list. Click here to sign up. Feel free to checkout my YouTube Page.

U.S. Senator Dianne Feinstein responding to County Properties Message

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Guess what city foreclosures dropped to lowest level in 3 years

by Arnie Levine on August 27, 2011

in Latest News,Real Estate news

Foreclosure postings in the Dallas-Fort Worth area fell in July-September period to their lowest level in 11 quarters, a new report says.

From July through Texas’ upcoming foreclosure auctions in September, 12,876 postings were filed on area homes, a 21% decline from the 16,229 postings recorded for the third quarter of last year, according to a report from Foreclosure Listing Service Inc.

Postings also declined on a year-to-date basis, according to FLS.

“For the first time in 11 years, year-to-date residential postings declined,” said George Roddy Sr., president of Foreclosure Listing Service. Through September, 42,380 postings have been filed threatening Dallas-area homes with foreclosure, a 12% decline from the 48,081 postings filed over the same period last year.

The report covers the four counties in the Dallas-Fort Worth metro area: Dallas, Tarrant, Collin and Denton. All four saw foreclosure postings drop from a year earlier to their lowest levels in two years or more.

Foreclosure postings increased for homes valued below $100,000, rising 7%, but dropped for all other price segments. Of the homes posted for foreclosure this year, 83% were priced under $200,000.

If you have equity in your home, we will sell your home and get top dollar in this challenging market, got to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION for loan modification and or selling .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

Buy smart for school including Justin Beiber stuff

by Arnie Levine on August 27, 2011

in Latest News

From a very young age, I understood not just the importance of a freshly pressed outfit with price tags newly ripped from the seams, but the value of pencils sharpened like daggers and Lisa Frank notebooks ordered by beauty. I guess you could say that I was a bit of a back-to-school shopping nut. I would drag my parents up and down the aisles of Target, Office Depot or the children’s section of Sears in search of anything and everything that would make this school year the best school year.

You can probably also guess that as an adult, I still love a new outfit and that as each September rolls around I start to long for the days of shopping sales for a glittery pencil sharpener or a three-ring binder featuring the faces of the Backstreet Boys. As September of 2011 approaches, many parents may be searching for ways to keep their kids happy and their costs down.

Your San Diego BBB knows that while spending your money is easy, stretching dollars is not. Here are some tips for the back-to-school shopper who wants to get the most bang for their buck without breaking the bank:

· Make a “grocery list.” Most of us know that you shouldn’t grocery shop on an empty stomach. Similar to walking the aisles of an Albertson’s while we long for a snack, try not to go back-to-school shopping unless you are prepared with a list of your needs and, if you can afford it, your wants.

· You know you gotta shop around. Do your research. The sale price isn’t always the best price. Most of us are familiar with the trappings of misleading advertising, and there is assuredly going to be a fair share of misleading back-to-school ads. Be prepared. Read the fine print, and compare prices online before you leave to go to the stores.

· Keep your competitive edge. Look into every stores policy. Many stores accept competitor’s coupons and match, or sometimes beat, competitor’s pricing. While it is unlikely that you want to quibble over an 18-cent folder, on larger purchases, it may be a good idea to keep this strategy in your back pocket.

· Clip coupons. Don’t depend solely on the in-store discounts. Look online and in newspaper advertisements; either can be a great source for finding the best markdowns. The BBB is also a great resource for coupons. Click here to check out what back-to-school specials Accredited Businesses are offering.

· Keep track on your shopping. Keep a list of what you have bought and how much you have spent. That way, you won’t be surprised when the credit card bill comes.

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

Short Sales: In’s and out’s

by Arnie Levine on August 19, 2011

in Finance,Riverside Short Sales,San Diego Short Sales

Short sales – a real estate transaction in which the homeowner needs to sell the property, but owes more on the mortgage than the home currently is worth – continue to dominate the housing market, but these real estate transactions aren’t for everyone.

Typically with a short sale, the homeowner is underwater and has experienced a financial hardship such as a job loss.  To limit the damage to his credit rating, a homeowner may attempt to work with his lender to negotiate a short sale.  Not only must the bank approve of the short sale itself, it also must agree to the price, since the bank will accept the difference as a loss.

Unlike foreclosures, in which the owner has walked away and the bank is looking to unload a vacant – and sometimes vandalized – property, a short sale isn’t a distressed home that will sell at an extremely low price.  According to data from RealtyTrac, short sales typically sold for nearly 10 percent less than the market price in the first quarter of 2011, whereas foreclosures sold at an average discount of 35 percent.

Home buyers wanting to purchase a short sale must have patience.  In most cases, when a buyer makes an offer on a house, he receives a response from the seller within a few days, or even hours.  With a short sale, the bank must approve of the sale and bank representatives are overloaded with cases.  It may take 30 days or longer for a buyer to receive a response from the bank.

In a traditional real estate transaction, it is common for a home buyer who currently owns his home to make his offer contingent on selling his current home.  In short sales, most banks will not approve an offer that is contingent on the buyer selling his current home, as too many things can go wrong.

Banks also typically won’t consider short-sale offers that have inspection contingencies in them, so buyers can either do an inspection prior to making an offer or forego an inspection altogether.

Even with the challenges associated with short sales, buyers should not avoid these transactions.  Being prepared ahead of the time and working with an experienced REALTOR® can help buyers avoid frustration and surprises down the line.

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

If you have equity in your home, we will sell your home and get top dollar in this challenging market wiht our  Internet Marketing and Sales Program. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also, go to www.ShortSaleRealtors4U.com

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

 

Is buying cheaper than renting?

by Arnie Levine on August 19, 2011

in Finance,Real Estate news,Riverside Real Estate,San Diego Investment Properties,San Diego Real Estate

Home prices have taken such a beating and demand for rental units has increased so much that it’s now cheaper to buy a two-bedroom home than to rent one in most major U.S. cities.

According to real estate web site Trulia, buying was cheaper than renting in 74% of the country’s 50 largest cities in July. In just 12% of the cities, including New York, Seattle and San Francisco, renting was cheaper. In the remaining 14% of cities, renting was less expensive but close to the cost of buying.

In addition to a continuing decline in home prices, rock-bottom interest rates have added a lot of weight to the buy side of the scale. The overnight average rate for a 30-year fixed was just 4.19% on Monday, according to Bankrate.com. A 15-year fixed averaged just 3.43%.

Add in the tax perks of home ownership and for those who can afford it (and who can actually qualify for a loan), it certainly is a buyer’s market.

County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 .

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

Special Program offers condo buyers up to $1500 for future association dues

by Arnie Levine on August 19, 2011

in Finance,Real Estate news,San Diego Foreclosure news

HomeSteps, the real estate sales unit of Freddie Mac, is offering “Condo Cash,” a special limited time offer that will provide eligible condominium buyers with up to $1,500 for standard condominium association dues.  

HomeSteps’ Condo Cash is limited to buyers who submit offers between Aug. 15 and Nov.15, 2011, and close escrow on or before Dec. 30, 2011.  HomeSteps’ Condo Cash offer is valid only on HomeSteps homes that have been on the market for at least 120 days and are sold to owner-occupant buyers.

HomeSteps Condo Cash is not available on HomeSteps condominiums purchased through auctions, sealed bids, bulk sales, or in areas where such offers are prohibited by law.

County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

Click here to get loan information before the rates go up. To get started on viewing homes, condos, investment properties, pre-foreclosures, bank owned foreclosures (REO’s) or thinking of selling your property, please contact me today for free counseling at (619) 301-0200 .

New Pro-Property Search. We will setup a customized search for you by our professional REALTOR® Team. Sit back relax and shop at home! We will make changes to your Pro-Property Search any time you like, just let us know. Have fun!

Daily Real Estate News for sellers

by Arnie Levine on August 19, 2011

in Finance,Real Estate news

Here are the IRS’s top 10 tax tips for home sellers:

1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.


2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases#.


3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.


4. If you can exclude all of the gain, you do not need to report the sale on your tax return.


5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.


6. You cannot deduct a loss from the sale of your main home.


7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain #or loss) on the sale, and the gain that you can exclude.


8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.


9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.


10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

These tips can be found on the IRS website at http://www.irs.gov/newsroom/content/0,,id=104608,00.html.

Stephen Fishman is a tax expert, attorney and author who has published 18 books, including “Working for Yourself: Law & Taxes for Contractors, Freelancers and Consultants,” “Deduct It,” “Working as an Independent Contractor,” and “Working with Independent Contractors.” 

If you have equity in your home, we will sell your home and get top dollar in this challenging market, got to County Properties Marketing Homes. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R)  CONSULTATION .  or go to www.ShortSaleRealtors4U.com

More questions we can help you, at County Properties, 25 years of brokerage experience, trust and a Member of the local Better Business Bureau! Want to know what your home is worth? Click here for a free market evaluation !

County Properties is not associated with the government and our service is not approved by the government or your lender.” “Even if you accept this offer and use our free service your lender may not agree to change your loan.

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net and I’ll be happy to follow up and take great care of them.

Energy Savers: Rebates for ENERGY STAR Appliances

by Arnie Levine on August 19, 2011

in Going Green,Latest News

Rebates for ENERGY STAR® Appliances

You may be eligible to receive rebates from your state or territory for the purchase of new ENERGY STAR qualified appliances. These rebates are being funded with $300 million from the American Recovery and Reinvestment Act of 2009. Under this program, eligible consumers can receive rebates to purchase new energy-efficient appliances when they replace used appliances.

Appliance Rebates in Your State

Each state and U.S. territory designed its own rebate program, and all 56 plans have been approved by the U.S. Department of Energy (DOE). Learn about those programs, including their program start dates and specific eligibility criteria. (Note: This Web site is the only official DOE-sponsored Web site; be cautious of “fake” Web sites or media stories that may contain inaccurate information.)

How to Apply: Visit your state’s appliance rebate Web site for rebate forms and instructions. For questions about the status of your rebate, contact your state’s program using the table or map on the next page.Program Results Are Coming In!

As of March 31, 2011, a total of 1.6 million consumer rebates, valued at $239 million, were paid to consumers. The annual energy savings resulting from the purchase of the rebated products is estimated at 1.5 trillion Btu. The bar chart, below, shows the distribution of these rebates by major appliances (88%), HVAC (10%), and Water Heater (2%) categories. Download the results fact sheet for the appliance rebate program.

Types of Appliances

More than 70% of the energy used in our homes is for appliances, refrigeration, space heating, cooling, and water heating. Replacing old appliances and equipment with those that are ENERGY STAR labeled can help American families save significantly on their utility bills. Each state and territory has selected its own set of ENERGY STAR qualified products to rebate, based on the DOE list of recommended appliances:

Boilers

Central air conditioners

Clothes washers

Dishwashers

Freezers

Furnaces (oil and gas)

Heat pumps (air source and geothermal)

Refrigerators

Room air conditioners

Water heaters

Frequently Asked Questions

Who will issue the rebates?

Each state is designing and running its own unique Appliance Rebate Program. DOE is providing funding to all states, five territories, and the District of Columbia to develop and implement these programs.

Where do I get rebate forms?

Each state runs its own appliance rebate program and publishes its own rebate forms. Please visit Rebates for ENERGY STAR Appliances where you can find quick overview information on approved appliance rebate programs. In addition, from this page you can click on your state (or the name of your state just below the map) for more information, where you will find specific details such as eligible items, fact sheets, and yo

via Energy Savers: Rebates for ENERGY STAR Appliances.

U.S. Senator Barbara Boxer Responded to County Properties

by Arnie Levine on August 14, 2011

in County Properties in the media,Current Affairs,Real Estate news

 senateheader U.S. Senator Barbara Boxer Responded to County Properties

 Dear Mr. Levine:

 Thank you for contacting me to express your support for extending and reauthorizing the National Flood Insurance Program (NFIP).  I appreciate hearing from you, and I share your support for this important initiative.

 As you may know, Congress established the NFIP in 1968 to address the nation’s flood exposure and challenges inherent in financing and managing flood risks in the private sector.  The NFIP was created to identify areas across the nation most at risk of flooding and provide flood insurance to individuals and businesses.

 Congress is currently considering several proposals to reauthorize the NFIP.  Be assured that I will continue to work with my colleagues to see that this program is extended and adequately funded.  

Again, thank you for writing to me.  Please do not hesitate to contact me in the future about this or any other issue of importance to you.

 
Sincerely,
bbsig U.S. Senator Barbara Boxer Responded to County Properties
Barbara Boxer
United States Senator

 If you would like to comment on legislation, please visit my website and use the correspondence form at https://www.boxer.senate.gov/en/contact/policycomments.cfm.

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