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248 Homes set to foreclose any day now in Carlsbad CA!

Were they trying to modify their loans? The sad truth is that probably were.
Loan modification hopes lead more people into foreclose than anything else
I have seen. I remember in 2007, when I would work on short sales, the lenders
would say to me. “Do your clients want to stay in their homes?” I would say
yes and boom, loan mod. A year later the word loan mod became a buzz word
and people were canceling their short sales left and right.

Now in 2010 we get conflicting stories from lenders and the government. Lenders have told me, “next year” no more postponing foreclosures, were done with that, either short sale or foreclosure”, then the government says, we will require lenders to halt foreclosure when determining if the client qualified for a loan mod.

Who do you believe?

Here is what I do know, I can help get your short sale done. PERIOD

Will everyone qualify? NO, but we need to find out as soon as possible.

But I can’t help you if you come to me at the last minute anymore. I am always happy to help people in my community, but the lenders have said, no more delays, no more foreclosure postponements.

I WANT TO HELP YOU AVOID LANDING ON THIS LIST! CALL ME RIGHT AWAY FOR A CONFIDENTIAL APPT.

BLOG TITLE TEXT WITH TAGS

Michael-Edward Cruz
Broker Associate with Solutions Real Estate
Lic 01758933
1-800-374-9110
www.mikerebroker.com

Looking for homes? Try our Free MLS Search

North San Diego County,
Carlsbad, Aviara,
Bressi Ranch, Encinitas,
San Marcos, San
Elijo, Rancho Santa
Fe, Del Mar,
La Jolla, Oceanside,
Vista, South
Riverside County, Temecula,
Fallbrook, Murrieta,
South Orange County,
San Clemente, Talega,
The Reserve, Dana
Point, Laguna Niguel,
Talega Communities,Alora
(Single Family),Alassio
by Standard Pacific Homes (Townhomes),Alta
by Standard Pacific Homes (Single Family),Amalfi
by Standard Pacific Homes,Bella
Vista by Manning Homes (Single Family),Careyes
by Brookfield Homes (Single Family-Gated),Carillon
by Standard Pacific Homes (Single Family),Cantabria
(Single Family),Caprizi
(Single Family),Catania
by Standard Pacific Homes (Single Family-Gated),Cazadero
by Shea Homes (Single Family), Escala
by Standard Pacific Homes (Single Family), Farralon
Ridge (Single Family), Lucia
by Laing Luxury Homes (Single Family), Mirador
by William Lyon Homes (Single Family), Miraleste
(Single Family), Monterey
by Standard Pacific Homes (Single Family), Pacifica
by Standard Pacific Homes (Single Family), Portomarin
(Single Family), Ravenna
(Single Family), Sabella
by Pulte Homes (Single Family), San
Lucar by Brookfield Homes (Single Family), Sansol
by Standard Pacific Homes (Single Family), Santalana
by Standard Pacific Homes (Townhomes), Seaside
by Shea Homes (Single Family), Solana
(Single Family), Stella
Mare by Standard Pacific Homes (Single Family),Verano
by Lennar Homes (Townhomes),Vittoria
by Standard Pacific Homes (Single Family-Gated),Vizcaya
(Single Family), Seagarden,Sandbridge,Waterleaf,
Wavecrest

My Name is Michael-Edward Cruz and I want to help you get started.

Need more personalized service?

I can help you with:

• Customized Alerts of specific areas, sale types, features, ect…ect…
• I can show you homes NOT on the internet.
• I can show you home that are not on sale YET.

Not in my service area?

Not to worry, I network with agents throughout California and can find a quality agent for you. I will help you avoid poor representation.

FREE MLS SEARCH

Michael-Edward Cruz
Broker Associate with Solutions Real Estate
Lic 01758933
1-800-374-9110
www.mikerebroker.com

Looking for homes? Try our Free MLS Search

North San Diego County,
Carlsbad, Aviara,
Bressi Ranch, Encinitas,
San Marcos, San
Elijo, Rancho Santa
Fe, Del Mar,
La Jolla, Oceanside,
Vista, South
Riverside County, Temecula,
Fallbrook, Murrieta,
South Orange County,
San Clemente, Talega,
The Reserve, Dana
Point, Laguna Niguel,
Talega Communities,Alora
(Single Family),Alassio
by Standard Pacific Homes (Townhomes),Alta
by Standard Pacific Homes (Single Family),Amalfi
by Standard Pacific Homes,Bella
Vista by Manning Homes (Single Family),Careyes
by Brookfield Homes (Single Family-Gated),Carillon
by Standard Pacific Homes (Single Family),Cantabria
(Single Family),Caprizi
(Single Family),Catania
by Standard Pacific Homes (Single Family-Gated),Cazadero
by Shea Homes (Single Family), Escala
by Standard Pacific Homes (Single Family), Farralon
Ridge (Single Family), Lucia
by Laing Luxury Homes (Single Family), Mirador
by William Lyon Homes (Single Family), Miraleste
(Single Family), Monterey
by Standard Pacific Homes (Single Family), Pacifica
by Standard Pacific Homes (Single Family), Portomarin
(Single Family), Ravenna
(Single Family), Sabella
by Pulte Homes (Single Family), San
Lucar by Brookfield Homes (Single Family), Sansol
by Standard Pacific Homes (Single Family), Santalana
by Standard Pacific Homes (Townhomes), Seaside
by Shea Homes (Single Family), Solana
(Single Family), Stella
Mare by Standard Pacific Homes (Single Family),Verano
by Lennar Homes (Townhomes),Vittoria
by Standard Pacific Homes (Single Family-Gated),Vizcaya
(Single Family), Seagarden,Sandbridge,Waterleaf,
Wavecrest

Fannie, Freddie Pressed to Reduce Mortgages

Source: Wall Street Journal, Nick Timiraos, Alan Zibel (12/08/10)

The Obama administration is pressuring Fannie Mae and Freddie Mac to write down “underwater” home loans through fledgling FHA and Treasury programs.

The aim of the initiatives is to reduce loan balances, which Fannie Mae and Freddie Mac have been reluctant to do because it would deepen their losses.

However, the Obama administration wants to reduce the threat to the housing market posed by home owners believed to be at risk of default should their personal finances or home prices worsen.

Do you think this latest attempt to force lenders to work with homeowners will work?

Or do you think this is just another way to quiet the American public while nothing changes?

I don’t know…All I know is that we have been able to help homeowners eliminate their toxic debt via short sale. They get a fresh start and are able to start mending their credit and their cash flow. Not everyone will qualify or should even do a short sale, so call us to for your free evaluation. If you qualify we will be able to work with your lenders free of charge. Our commissions are paid by the lender at close of escrow. If you don’t qualify we will refer you to qualified bankruptcy and real estate attorneys that can review your case.

Michael-Edward Cruz
Broker Associate with Solutions Real Estate
Lic 01758933
1-800-374-9110
www.mikerebroker.com

Looking for homes? Try our Free MLS Search

North San Diego County, Carlsbad, Aviara, Bressi Ranch, Encinitas, San Marcos, San Elijo, Rancho Santa Fe, Del Mar, La Jolla, Oceanside, Vista, South Riverside County, Temecula, Fallbrook, Murrieta, South Orange County, San Clemente, Talega, The Reserve, Dana Point, Laguna Niguel,
Talega
Communities,Alora
(Single Family),Alassio
by Standard Pacific Homes (Townhomes),Alta
by Standard Pacific Homes (Single Family),Amalfi
by Standard Pacific Homes,Bella
Vista by Manning Homes (Single Family),Careyes
by Brookfield Homes (Single Family-Gated),Carillon
by Standard Pacific Homes (Single Family),Cantabria
(Single Family),Caprizi
(Single Family),Catania
by Standard Pacific Homes (Single Family-Gated),Cazadero
by Shea Homes (Single Family), Escala
by Standard Pacific Homes (Single Family), Farralon
Ridge (Single Family), Lucia
by Laing Luxury Homes (Single Family),
Mirador by William Lyon Homes (Single Family), Miraleste
(Single Family), Monterey
by Standard Pacific Homes (Single Family), Pacifica
by Standard Pacific Homes (Single Family), Portomarin
(Single Family), Ravenna
(Single Family),
Sabella by Pulte Homes (Single Family), San
Lucar by Brookfield Homes (Single Family), Sansol
by Standard Pacific Homes (Single Family), Santalana
by Standard Pacific Homes (Townhomes), Seaside
by Shea Homes (Single Family), Solana
(Single Family), Stella
Mare by Standard Pacific Homes (Single Family),Verano
by Lennar Homes (Townhomes),Vittoria
by Standard Pacific Homes (Single Family-Gated),Vizcaya
(Single Family), Seagarden,Sandbridge,Waterleaf,
Wavecrest

No Foreclosures Over the Holidays

Source: CNNMoney, Les Christie (12/03/2010)

Fannie Mae and Freddie Mac are freezing all foreclosure evictions on the mortgage loans they own or back from Dec. 20 through Jan. 3.

“If the property is occupied, our foreclosure attorneys will suspend the eviction to provide a greater measure of certainty to families during the holidays,” says Anthony Renzi, executive vice president of single family portfolio management at Freddie Mac.

Most of the large banks, including Bank of America, J.P. Morgan Chase, and Wells Fargo, already observe a moratorium through the New Year, unless the foreclosure involves an investor who chooses not to observe the holiday policy.

Carlsbad Residents, don’t wait until this is what you worry about during the Holidays

You have enough to worry about during the holidays, parties, friends, gathering, gifts. Don’t make getting evicted one of them. If you or someone you know is starting to have problems with the mortgage you need to call me right away.

Don’t Wait any longer

Michael-Edward Cruz
Solutions Real Estate
Broker Associate 01758933
www.mikerebroker.com
1-800-374-9110 Ext.1

Gated Aviara Golf Course Community

REAL ESTATE ACTIVITY FOR MAREA AVIARA CARLSBAD CA

Its Christmas time in the beautiful Aviara community of Marea.

Welcome to Marea!

Golf Course within Walking Distance!

Getting Ready For Christmas in Marea Aviara Carlsbad CA

Michael-Edward Cruz, your Aviara Real Estate Specialist

Call 1-800-374-9110 Ext.1

Visit www.mikerebroker.com

Michael-Edward Cruz
Solutions Real Estate
Broker Associate 01758933
www.mikerebroker.com

This is a tough real estate market and for us it has presented us with an amazing
opportunity to grow our business and shift strategies based on what the market
has thrown at us. We are glad to be able to work in Real Estate here in Carlsbad
California (Near Lego Land) and are here to represent you with your next real
estate project.

SEARCH
FOR HOMES IN CARLSBAD, SEARCH
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I am here at Peet’s Coffee & Tea in the Carlsbad Community of Bressi Ranch with Troy Huerta Broker/Realtor/Short Sale Expert and Mentor, to discuss issues that one can have when trying to do a short sale and avoid foreclosure.

JR Liens

What are JR Liens?

JR Liens are loans or financial obligations that are attached to your property and are not in ‘first position’.

So, for example if you have two loans, your first mortgage is in first position all others are ‘JR LIENS’. Most of the time the first mortgage is in first position, unless you owe the Government, which always takes first position.

Here we are going to talk about issues that arise when working with JR Liens, many times inexperienced Realtors take on a short sale only to find out many months later that a JR lien has already doomed them from ever closing the sale.

It is not all bad news though, we talk about these problems so we can advise you of actions to take before you commit a buyer to a long escrow that will go nowhere. Knowing issues upfront are key to a successful outcome in the world of short sales. More successful outcomes, more buyers who are willing to buy your home.

Here are a few items we discussed…

HELOCS (Home Equity Lines of Credit)

HELOCS have become very challenging to settle in short sale transactions, many times this lender will look harder for a detailed explanation as to what the money has been used for. Many times these lenders will require the seller to make a cash contribution or agree to repay some of the debt. Homeowners need to know this upfront, this is the first step to start over and put this massive debt behind them. You need to know how to make a case for your hardship and work with the servicer to work out a deal so you can move on with your life and put your financial life in order.

CHARGE OFFS

Some pool of loans serviced by lenders like Chase and Bank of America have began to sell off JR Liens to default note buyers after 6 months of non performance (nonpayment) These type of investors will then contract collection attorneys who practice the most aggressive collection tactics to try and collect on SOME of these JR Liens, this ironically makes settling your debt very difficult in the process. The most effective way to protect yourself from having this issue is knowledge, knowing will help you keep these debts from being charged off is key. Most of these second loan payments tend to be smaller and may be kept from charge off by paying the minimum required every month.

If this has already happened, do not just ignore the it, it WILL GET WORSE unless you proactively plan to remedy this situation. Remember this does not mean a short sale is impossible, it just means that a review is necessary to create a successful plan of action. In some cases short sale will not help and you may need to resort to more drastic measures such as bankruptcy. This is the time to prepare yourself, the quicker you do the quicker you can move on. We can help…

FORECLOSE AND FORGET MYTH

Some homeowners believe that if the home forecloses, then all other loans are wiped out and go away. We have found that many homeowners who had homes foreclosed in 2007 and 2008 are now beginning to get collections notices from their JR LIEN holders for money owed to them. Letting the “home go” will not make the problem go away. Now they not only have a foreclosure but their credit will continue to be dragged thru the mud for months and possible years to come.

The Realtor you choose to work on your short sale has to be familiar with your servicer (Bank of America, Chase, Wells Ect). You need a complete evaluation to see whether you qualify for your short sale.

I invited Troy Huerta to share his knowledge with you because he has been instrumental in my short sale success and he is someone I consult with on very difficult transactions.

Troy continues to educate REALTORS on secrets to a successful short sale and will start offering new classes for processors and assistants that work with REALTORS, so Realtors can spend more time working with their clients. This classes will begin in 2011, if you need more info on his courses just email me.

I hope you have enjoyed our series on short sales. My goal is to educate homeowners and agents that are new to short sales get a better understanding of what this market is like. Once you know more about short sales you can begin to see that not everything you hear about short sale are true. Most people hear about the horror stories surrounding short sales. Once you are familiar to this process you too will begin see short sales in more positive light.

The secret to success in Real Estate is knowledge.

Thank you and check us out tomorrow as we continue to share more about this topic affecting our Real Estate Market in Carlsbad California.

We have been working on short sales since 2007 and this is how they seemed to us back then.

This week I will outline key strategies that help us (Realtors) close short sales. As you know short sales can be difficult, but do you know what makes them difficult? I will explain what to avoid.

We will also outline what can make or break your short sale. As well as things that you must consider if you decide to short sale your home.

If you need a seasoned specialist but don’t live in our service area don’t worry. I network with agents nationwide with my activerain.com account and can help YOU find an agent that will HELP YOU CLOSE YOUR SHORT SALE.

Thank you for watching

Can the economy support this?

• The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) this week issued its third quarter First-time Buyer Housing Affordability Index (FTB-HAI), which indicates the percentage of households in California who could afford an entry-level home in the state during that period.
• The percentage of first-time buyers who could afford to purchase an entry-level home in California stood at 66 percent in the third quarter of 2010, according to C.A.R.’s FTB-HAI.  In the second quarter of 2010, the Index was a revised 65 percent and was 64 percent in the third quarter of 2009.
• First-time buyers, who tend to purchase homes equal to 85 percent of the prevailing median price, needed to earn a minimum annual income of $42,300 to qualify for an entry-level home of $266,620 during the third quarter of 2010.  The monthly payment, including taxes and insurance, was $1,410, assuming a 10 percent down payment and an adjustable effective interest rate of 3.66.
• At 85 percent, the High Desert region was the most affordable area in the state.  The San Francisco Bay region was the least affordable in the state at 51 percent, followed by the Santa Barbara area and the Santa Clara County regions, both at 53 percent.

LINK TO REPORT  http://www.car.org/3550/xls/econxls/Counties_FTB_HAI__Q12000toQ32010….xls

If you are watching this on activerain and you cannot post a comment you can click here to get to my short sale blog

Michael-Edward Cruz
California Real Estate Broker 01758933
www.mikerebroker.com
www.shortsalemc.com
Become a fan on FACEBOOK
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North San Diego County, Carlsbad, Aviara, Bressi Ranch, Encinitas, San Marcos, San Elijo, Rancho Santa Fe, Del Mar, La Jolla, Oceanside, Vista, South Riverside County, Temecula, Fallbrook, Murrieta, South Orange County, San Clemente, Talega, The Reserve, Dana Point, Laguna Niguel,

Monday, Nov. 15, 2010 | 2 a.m.

In 2004, two years before I bought my house, a website urged real estate investors thusly: “It is important that investors make their investments as soon as possible. This is because Las Vegas is growing and expanding at a scorching pace.”

In 2005, one year before I bought my house, Ken Jones of something called the Institute of Real Estate Technologies was — in a document on greatlasvegashomes.com — dismissing fears of a bursting real estate bubble: “However, there is no rationale or fact-based reasoning being put forth to support this fear; just that ‘prices are too high.’ ”

Read More

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Michael-Edward Cruz
Independent California Broker 01758933
800-374-9110 Ext 1
www.mikeREbroker.com
Follow me on www.twitter.com/mikerebroker
Facebook

Visit msnbc.com for breaking news, world news, and news about the economy

Supplemental Directive 09-09 November 30, 2009

Introduction of Home Affordable Foreclosure Alternatives – Short Sale and Deed-in-Lieu of Foreclosure

CLICK HERE TO DOWNLOAD YOUR FREE COPY

Michael-Edward Cruz
California Real Estate Broker
01758933

Many Americans are Hoping for a Loan Modification

HOPE!

wikipedia defines hope as:

“A belief in a positive outcome related to events and circumstances in one’s life. Hope is a feeling that something desired may happen, when the outlook may or may not warrant it.”

When I traded stocks I was taught that four letter words hurt you as a trader more than they helped you. The main bad words were FEAR and HOPE.

FEAR kept you from fully maximizing on your trades and HOPE kept you in them long enough to pay the hefty price.

Now as a Real Estate Broker I meet people who are in danger of losing their home to foreclosure. Like stocks, the real estate market has its ups and downs. And like stocks the same emotions play out. Fear and Hope are prevalent. Of those I think HOPE is worse,  its hurting people more than just having a foreclosure.

EXAMPLE

We will call this person Tom,

Tom was behind on his mortgage three months and $14,000 in back payments not including fines and looming legal fees. Based on public record I knew he was in need of my services and offered to do a short sale on his property. He told me that he was working on getting a loan modification. It made sense, he was working but went thru a divorce and this hurt his ability to stay current. He just had to prove to the lender that since the property had lost 50% of its value it would be in their best interest to work with him.  So he had his buddy refer him to an attorney who was going to work on the loan  mod. The attorney charged him $4,000 to work on his file and off they went.

Five months later the banks responded… DENIED! Tom thinking that his attorney didn’t know what he was doing  fired his loan modification company and hired another one he heard on the radio, they charged him $4,500.

One month later after the loan mod company didn’t return any phone calls or emails he decides to visit the location only to find out that the business had gone bankrupt, Ouch!  (people still think radio and tv add credibility!)

But he was still hopeful so he paid a third company $3,000 to help him. This company did work on it like the first had and three months later he got his answer. DENIED! What!! how could this happen, it doesn’t make sense. The government said that programs exist and that banks had to help people!! Arrrrgh!! How could this happen you say, it doesn’t make sense, banks took tarp money!!!!

Well what happened is the investor sold the note the moment that Tom’s loan went into default. Huh? what does that mean you say? That means that the servicer or bank as most people know them (Bank of America, Chase, Citi) don’t own the loans. Investors do,banks hold a small number of loans but not many. So the many investors who do own these loans sell them to other investors who buy bad debt. Sometimes the same attorney who helped your on the loan mod is buying bad debt to resell. (yes it happens, I have had bank reps tell me that attorneys are there best note buyers, especially on second loans.) Don’t act surprised, these are the waters you enter when in these situations.

Most investors don’t know the homeowner and yes they don’t care. All they know is that they lent money for the purpose of collecting a profit, short or long term the word is PROFIT. Like your 401k at work, you save to be able to retire and live off the interest. Some of these loans were actually purchased with other peoples retirement money but that is a whole other topic for another day.

So again, without the homeowner even knowing, the investor sold that $380,000 note for $90,000 (property worth 180,000) The new investor has purchased the note for ONE REASON, LIQUIDATION. The old investor probably did it for tax breaks , or maybe his buddy buys it to resell, who knows, the point is money is moving. and Toms house is the prize!

Not FAIR right, well there’s another four letter word for you. Maybe they have LUCK, and Tom needs real HELP, see a pattern here?

We spoke with an exec at Bank of America who admitted that only 10% of loan mods have been made permanent. Of those 10% they did, 80% re defaulted.  So why are the banks pushing them if they really don’t help??? Well like we said earlier, gov programs! They have to try and help even though many people will be denied, its called Public Relations!

But back to Tom…

So after Tom paid $11,500 of hope money he was told SORRY. We are foreclosing next week!  So again hopeful Tom sues the bank which delayed the foreclosure for a week.  And then the day came, FORECLOSURE! No stopping the train, this was done and done. Right?

Well hope reared its ugly head again, this time he hoped that he could reverse the foreclosure and hope that the bank could not make him leave his home. After a couple of misfiled court documents and other delay tactics he was eventually evicted.

So hope won him

$11,500 in fees, foreclosure and finally eviction, all in his credit record for him to keep for 10 years. From here on he can HOPE to get cell phone or lease on apartment in the near future.

This is a real scenario by the way.  I have been in situations where the banks have screwed up and this was the only tactic left. But this was not Tom’s case at all.

Tom should have short sold the home. He owed about $400,000 for a home that was worth $180,000. What if he was successful with the loan mod? What did he actually accomplish? He would really be renting his home without a landlord. It would be a temporary fix at best.  He would be responsible for repairs, insurance, and taxes only to have issues with the loan in 2 to 5 years. He could have rented a MUCH, MUCH NICER HOME while his credit improved.

The WORST PART OF THIS STORY is he would be ready to buy right about NOW because this happened 2 years ago. He would have been eligible to buy again. And those 11k would have been perfect for a down payment.

I guess when it comes to business, hope and money don’t mix!

Michael-Edward Cruz
California Real Estate Broker 01758933
760-689-BANK (2265)

http://www.mikerebroker.com

http://facebook.com/mikerebroker

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