Archive for September, 2008
DO NOT FALL VICTIM TO MORTGAGE SCAMS
September 25th, 2008 Categories: Carlsbad Business Community, Carlsbad Real Estate
Carlsbad– GOOD NEWS, the rate of foreclosure filings took a break last month only up 23% from the year previous. The average going into August had consistently been over 60%. BAD NEWS, as the flood gates of bad economic conditions continue to open further, I have a feeling this will be a brief respite.
So in this time of a seemingly endless parade of bad news, there are those out there looking to make a buck by scamming desperate homeowners out of money and sometimes their actual home. Nothing like kicking someone while they’re down.
While there is a great article from MSN about three of the most common scams, the most common potential for a scam in our area is probably the “Phantom Help”.
The “phantom help” scammers are usually the guys placing the yellow signs offering help at the freeway offramps and on the telephone poles. In this scam the company charges you thousands of dollars for various administrative duties like filing forms and phone calls, or else keeps simply promising a big rescue late. What the company is really doing is nothing and
eventually you will fins this out. Unfortuantely, by that point it is generally too little too late to take real steps. On top of this, you are out of the money you spent.
These companies can also target you through foreclosure sites and/or the public record. When your lender starts the foreclosure process in California they file a notice of default and list the amount of money your are delinquent on. These companies now know you are behind in your mortgage payments and you become there target.
There is help though.
If you are falling behind on your mortgage or know that is inevitable, there are things that can be done. First and foremost, you have to be honest with yourself with regard to your situation. Chances are time will ont heal this wound.
Your first line of defense is your phone and your computer. You have to communicate with your lender. Not only explain to them what is happening in your life to cause your situation, be prepared to back it up with documentation. I recently wrote a blog post about loan modifications and it was reported that almost half of all loan workouts were loan modification. Statewide this number monthly hoovered between 9,000 to 10,000. Realize this is a real possibility. You just need to be proactive and patient. This process can take many weeks. You are trying to save your home and your 
credit so do not give up.
If you do not seem to be getting anywhere or you do not have drive to push it through, I do have a lender who has a team that will work on a loan modification for a fee. How this is different from the scam mentioned, is they do not collect any money unless they are successful in getting the modification. Additionally your fee is based on the amount of money you have saved.
If you can not get your loan modification I can help you with the sale of your home. If you are delinquent on your current mortgage, we would do a preforeclosure or short sale. The diifference between the two is your standing with the lender. It would be considered a short sale up to the point that the lender files Notice of Default initiating the foreclosure process. At this point it technically becomes a preforeclosure sale. The bottom line is we do everything we can to find a buyer and submit that offer to your lender along with a hardship letter explaining why you no longer can afford your home in the hope that the lender will take the short payoff and not foreclose on your home. 
Again, probably the most important thing you can do is to acknowledge your situation promptly and try hard to work with your bank to come to agreeable terms. While you are doing this, CALL ME, work with someone you cna trust to evaluate your situation. Your goal should be to try to keep your home, but I realize that is not always possible and I will do everything I can to help you. Remember, even renters are buying a home. Just not theirs.
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“Old” Carlsbad positively leads the cities housing market
September 14th, 2008 Categories: Carlsbad Business Community, Carlsbad City, Carlsbad Real Estate, Carlsbad South, Carlsbad Village, Carlsbad schools
CARLSBAD-Of Carlsbad’s four zip codes, 92008, 92009, 92010 and92011, the best real estate data are coming from the “old” area of the city.
The San Diego Union Tribune reported on data from DataQuick this weekend that approximately two-thirds of sellers lost money when selling their home.
For Carlsbad, the 92008 “village” zip code had the lowest rate of homes sold for a loss in the city and was in the top 6 for the entire county. From June 22 through August 22, there was a total of 40 transactions of which 10 were for a loss. Additionally, when looking at detached homes, 92008 has the second best affordabilty of 15% which is double from its last year mark of 7%.
Turning our attention towards 92010, in the same data used revealed that the 92010 had the lowest difference on median price from previous sale of 6.9%. This is also the fifth lowest for the entire county. To put this number in perspective, the area hardest hit, Golden Hills, had a median loss of 55% which translates to a return of only $45,000 for every $100,000 in initial purchase price. The other areas of Carlsbad saw approximately twice as much loss at approximately 13.7%.
In more good news for the area, 92010 maintains its position as the most affordable area of the city at 16% for detached homes and just over 26% 
when combined with attached homes.
The 92011 zip code was not included in the article. The study was done on zip codes wth 10 or more transactions during this two month period and with 60 closed transactions, 92011 should have been included. I have contacted the author to see if I could get an explanation.
Contact me any time, I am here to help.
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Carlsbad home buyers… let do this!!!
September 9th, 2008 Categories: Carlsbad Business Community, Carlsbad City, Carlsbad Real Estate
CARLSBAD– As most everyone knows by now, on Sunday, the federal government put both Fannie Mae and Freddie Mac in to conservatorship.
Placing the companies in conservatorship, rather than receivership, could signal that the government does not intend to nationalize or liquidate Fannie Mae and Freddie Mac. Instead, under the terms of a federal law passed this summer, conservatorship is designed to allow the government to restructure the companies and return them to private control. Treasury officials have previously compared the process to Chapter 11 bankruptcy.-Seeking Alpha, 9/6/2008
So what does this mean to Carlsbad’s current and potential homeowners?
There are two primary impacts to our housing market.
Firstly, for existing homeowners, interest rates have already started to fall on fixed rate loans and are expected to continue trending downward for the next 3–6 months. This is great news for homeowners with loans that have rate adjustments coming in the future. However, being realistic, the changes in loan program, new qualifying guidelines and loss of equity, are 
going to be factors limiting the number of homeowners that can take advantage of this.
Secondly, for potential buyers and sellers, more importantly is the cause of the lower interest.
The reason rates have already gone down, currently at 5.88% down from 6.26% last week, is the potential for a large and consistent infusion of cash in to the mortgage market from the government. This infusion will ‘loosen’ the flow money which should help lower underwriting standards.(Isn’t this how we got into this predicament in the first place?)
The government hopes that loosening the purse strings will prompt lenders to lower underwriting standards and ease the credit crunch that has kept many potential home buyers on the sidelines.-San Diego Union Tribune,9/9/2008
With the significant drop in home pricing and our market’s high inventory, if you have been waiting to purchase, I would give serious consideration to the current market. Your new home is waiting for you and remember, if you are renting, you are buying a home. Just not yours.
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Save money, time and your credit
September 6th, 2008 Categories: Carlsbad 'best of', Carlsbad Business Community, Carlsbad Real Estate
SAN DIEGO– I was recently surfing the net looking for something to perk my interest for my blog. I happened to go to the Department of Corporations website, not sure why, and what I found there is encouraging.
I am working on a market campaign, the pictured is a rough idea, reaching out to homeowners in trouble. The worst thing homeowners facing a money crunch can do is hope the problem goes away and it seems their biggest hurdle is reaching out for help. I realize it is hard to talk about these things, but you HAVE to and the sooner the better.
There is a huge window of opportunity right now to get either a loan modification or a short sale.The government, federal, state and local are all over lenders to do everything they can to help homeowners stay in their homes. Currently it is estimated that up to 60% of the homes banks have already foreclosed on are NOT on the market. The average monthly case load
for a full time loss mitigation manager in the state is approximately 150 files a month. Again there is a huge incentive for financial institutions to try to help as they are getting buried.
What the survey showed to my surprise is that approximately 20% of all loan workouts initiate in the state are granted loan modification or forbearance. This is GREAT news. Another 25% close escrow through foreclosure/REO sale or short sale. However, short sale closings are less than 10% of this group. This tells me homeowners have a GREAT chance of getting a loan modification if they initiate the process soon enough and have a real reason for the need.
Lastly, I am here to confidentially help you with your situation. We will work together to try to come to the best solution for you. I am working with a lender that can help with the loan modification process. Feel free to email me or call 760–415–3329.
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Hey Carlsbad, get your FREE TREES!!!
September 3rd, 2008 Categories: Carlsbad City, Carlsbad Outdoor Events
CARLSBAD– What does a New Zealand Christmas, a Chinese Flame and a London Plane have in common? They are three of the up to 19 varieties of shade trees available for free from the California Center for Sustainable Energy Cool Communities Shade Tree Program. This program is now in jeopardy due to a loss of funding.
Started in 2002, the shade tree program was designed to provide homeowners with free trees to plant strategically on their property. With proper placement, homeowners could save energy by using shade trees to help keep their homes cool in San Diego’s year round summers. An added benefit of course is that trees help beautify the homes and help our environment. Since the programs inception over 36,000 trees have been distributed.
Prior to 2006, the program had been funded by the California Public Utilities 
Commission with funds collected for the public purpose program charge. This charge is tied to to our SDGE based on natural gas usage. While the monies will still be collected, it is the shift in oversight of the funds to SDGE that has caused the program to loss its funding. SDGE is looking to use the funds for more immediate energy efficiency benefits.
“It’s a great program,” said Brian Jordan, who has received about 10 trees for his Carlsbad property since 2003. “We live in a concrete jungle. A lot of neighborhoods around San Diego County could use trees, just for aesthetic appeal.” – San Diego Union Tribune, 9/2/2008
The program is funded through 2008 and unless new funding is found, it will most likely be terminated then. Here’s your chance to beautify your home, neighborhood, save energy and help the environment all at once.. FOR FREE!!
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