Michael-Edward Cruz - CA Real Estate Broker - 01758933 » Buy Short Sale

Temecula Short Sale Experts – Community News

Lenderhelp Inc. — Thu, 04 Feb 2010 20:37:45 +0000

Parent workshop to be held in Temecula

The Press-Enterprise

The Temecula Valley Council PTA will sponsor a free, two-part, workshop on creating school-family-community partnerships from 10 a.m. to 1 p.m. Tuesday and Feb. 23.

The workshop will include information on parent information resource centers, ways parents can get involved in schools and other topics.

The workshop is open to parents from any Temecula Valley Unified School District campus, but seating is limited and reservations are required. The sessions will be in the community room at the Temecula Public Library, 30600 Pauba Road.

Information: council President Jeannie Hardy, 951-694-5655, orinfo@tvcpta.org.

If you or someone you know is in danger of losing their home to foreclosure call:

For North San Diego County – TROY HUERTA 760-420-5498
For South Riverside & South Orange County – MICHAEL-EDWARD CRUZ 951-572-2789 & 949-630-9743

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Short Sales to remain strong in 2010

Lenderhelp Inc. — Thu, 28 Jan 2010 22:28:46 +0000

Michael-Edward Cruz and Troy Huerta agree that Short Sale transactions will see an uptrend in 2010. Michael specializes in working with short sales South Orange County as well as communities in South Riverside County like Redhawk in Temecula California. Troy works with clients in North San Diego communities such as Carlsbad, Vista, Oceanside and San Marcos.

They are working the short sale market and giving homeowners options to avoid foreclosure. They do not charge any ridiculous “fees” to get your process started. With a high success rate, they are looking for sales that can be completed. To find out if you qualify send a request on the home page by clicking the link www.shortsalemc.com

Here is an article from the California Association of Realtors with some news on Real Estate Financing for 2010. To subscribe see the links above under POST for the link.

Conforming loan limits extended through 2010

For release:
Friday, Oct. 30, 2009

Extension of conforming loan limits through 2010 earns praise from C.A.R.

LOS ANGELES (Oct. 30) –The U.S. Congress late yesterday passed a congressional resolution extending through 2010 the current conforming loan limits of $417,000 for most areas in the U.S. and $729,750 for high-cost areas, including many in California. President Obama is expected to sign the resolution today or tomorrow as part of a broader piece of budgetary legislation that will prevent a government shutdown.

The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) and the NATIONAL ASSOCIATION OF REALTORS® (NAR) have long advocated making permanent higher conforming loan limits. As a result of C.A.R.’s and NAR’s efforts, a provision of the Housing and Economic Recovery Act of 2008 included temporarily raising the conforming loan limits from $625,500 in high-cost areas to $729,750 and extending the limits through 2009. Yesterday’s actions effectively extend the higher conforming loan limits for Fannie, Freddie, and FHA loans through 2010.

“There is no doubt that higher loan limits and the federal tax credit for first-time home buyers have helped stabilize California’s housing market over the last year,” said C.A.R. President James Liptak. “C.A.R. applauds our congressional representatives for their actions to extend the higher loan limits through 2010. They now should focus on making higher loan limits permanent.”

The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or “guarantee.” Non-conforming or “jumbo loans” typically carry higher mortgage interest rates than conforming loans, increasing monthly payments and hampering the ability of families in California to purchase homes by making them less affordable.

Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 163,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles

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HAFA – The new government incentive for short sales

Lenderhelp Inc. — Tue, 29 Dec 2009 15:54:25 +0000

by Michael-Edward Cruz, California Real Estate Broker.

Have you heard? The government is trying to motivate lenders to avoid foreclosure.

According to statistics the sister program HAMP has been able to help about 9% of homeowners in trouble. Yes I said 9%, I think the average Realtor has been able to short sale about 20% without the extra help.
We have been able to close about 95% of our short sales because we understand the process. And in my case 95% was never a number I thought was even possible. It took hard work and perseverance but I made it.

I believe short sales have been an issue for two main reasons.

1. The staffing departments in loss mitigation departments exploded and this caused a huge learning curve and lack of adequate systems.

2. The mentality of these departments was that of a collections agent. Not actually mitigating loss but gambling to see how much they could get. I traded stocks for many years and some people said I was gambling, but my level of trading risk was nothing compared to these departments. They hang there risk on another agents appraisal-which many are unqualified to give, they lack any knowledge in real estate. Those talented and qualified loss mitigation agents are buried by thousand of request.

These departments have been filled with loan officers that went broke when the housing bubble bust. They had not been in business long enough to learn the fundamentals of selling homes and negotiating selling terms. They went from making an insane amount of money to broke. Now they are just looking for a steady paycheck.

I lost count of how many times lenders have foreclosed on a home which they would have made more on a short sale. Either because of price, commission, closing cost, basically the normal cost to sell a home, AND THEN sell it one to two months later for 20 to 30% less.

It’s not surprising that some Realtors refuse to touch short sales. Not to mention buyers who don’t want to wait for what seems like forever.

So do I think this HAFA program will work? I sure hope so but I am not going to hold my breath.

To me this will just serve to confuse more people and waste tax payer money. But if it works then great, because both Realtors and Homeowners need the help.

So is it all bad? THE ANSWER IS NO

There are many variables involved. All properties cannot be short sold but we need to go back to basics. Homes are held as collateral for money that is owed. With that you can begin to change the way you think about short sales.

It is all about education and negotiation, the Realtor is key to this part of the process. You need to work with an agent that can educate lenders as to the process, make it easy for them.

Yes make it easy, they have thousands of files, the agent needs to keep it simple. Then they need to negotiate intelligently, don’t sumbit offers with huge discounts, while this might work once in a blue moon. You will just cause the file to get tossed.

And you the seller is the second key. When looking to short sale your home you need to ask yourself a few things.

1- Can I repair my credit after a short sale?
2 – Is my loan a recourse or non-recourse loan?
3 – Do I have a Realtor that understands the short sale negotiation process?
4 – Do I have a valid hardship?
5 – Am I commited to settling these debts?

When you prepare this questions ahead of time, you can ensure a smoother short sale process.

Why waste your time trying to get a loan mod or a short sale that is never going to happen.

Why start with a process you are not committed to.

There is life at the end of this and yes your credit and your stability will return to normal.

We have helped many people reduce there housing expense by over 2/3. Our services are free to you as we are compensated by the lenders and or buyers. And because time is of the essence we encourage you get informed asap!

We look forward to helping the governments efforts to help people in foreclosure. While we are unsure of HAFA’s success, we are still committed to the process.

If you or someone you know is in danger of foreclosure call our short sale experts right away.

Michael-Edward Cruz 951-572-2789
Troy Huerta 760-420-5498

If there is no answer leave a message, if they are not on the phone with a lender they are helping clients.

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Will 2010 be the year of Recovery?

Lenderhelp Inc. — Mon, 28 Dec 2009 15:39:11 +0000

According to some experts 2010 is set as year of recovery, largely in part to lender participation in short sales. According the the article,

“At the start of the foreclosure crisis, she says, banks accepted about one in every 10 offerings on short sales. But as the crisis worsened, the number of short sale homes closing in escrow has improved to one in every five homes.”

“Banks realize they typically are better off to close a short transaction than go through foreclosure,”

Michael-Edward Cruz and Troy Huerta have been working on short sales transactions since day one and they have been able to work with lenders even back when it wasn’t popular for lenders to help. “We have been able to consistently show lenders the benefit to a short sale.” said Michael-Edward Cruz

If you or someone you know needs a free short sale consultation then please have them call one our experts right away.

Michael-Edward Cruz
US Bureau of Recovery Inc
Short Sale Expert
951-572-2789 – RIVERSIDE OFFICE
949-630-9743 – OC OFFICE
EMAIL ME

Troy Huerta
Lender Help Inc.
Short Sale Expert
760-420-5498 RIVERSIDE AND SAN DIEGO COUNTIES
EMAIL ME

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Are banks finally realizing that Short Sales are Better than Foreclosures???

Lenderhelp Inc. — Wed, 23 Dec 2009 16:30:49 +0000

Tuesday, December 22, 2009

Fannie Mae, which facilitates the lending of almost one in four U.S. residential mortgages, says the recent 11% jump in home sales is proof-positive that the three-year housing slump may end in 2010.

The reality is that we have a ton of excess inventory to burn off before any meaningful recovery can commence.

But here’s a good start…

Rather than further embrace the loser’s game of foreclosure, banks are increasingly entering into short sales, where they accept a sale for less than the balance owed on a property…

“It’s finally dawning on the banks that they’re better off with a short sale,” said Richard Green, director of the Lusk Center for Real Estate at the University of Southern California. (Foreclosed homes can sit vacant for months. And they’re easy targets for vandals.)

Short sales tripled to 40,000 in the first six months of 2009. Yet, for each short sale there were still 25 foreclosures.

What’s holding the number of such sales down, however (and you’ll love this), is that bank employees have no short-sale training. I mean, who ever heard of a bank losing money on a mortgage?

Wells Fargo, Bank of America and JP Morgan (JPM: 41.635, -0.295) Chase are all adapting to the new reality by hiring more staff with proper short-sales training. The fact that banks are willing to accept these sales should limit the housing market’s downside in the year ahead.

by Robert Williams, Publisher

If you or anyone you know is facing foreclosure, needs to sell but has no equity or would simply like to know about the short sale process, then call our experts today.

Michael-Edward Cruz
US Bureau of Recovery Inc
Short Sale Expert
951-572-2789 – RIVERSIDE OFFICE
949-630-9743 – OC OFFICE
EMAIL ME

Troy Huerta
Lender Help Inc.
Short Sale Expert
760-420-5498 RIVERSIDE AND SAN DIEGO COUNTIES
EMAIL ME

See an actual example of of a lender actually looking at the reality of the situation and realize that a short sale was better for there bottom line. (link below)

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