Santa Clarita Short Sale Specialists

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~

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

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

Get directions

Santa Clarita Pre Foreclosure Specialists | Facebook

Welcome to a Facebook Page about Santa Clarita Pre Foreclosure Specialists. Join Facebook to start connecting with Santa Clarita Pre ...
http://www.facebook.com/pages/Santa-Clarita-Pre-Foreclosure-Specialists/117149974980207

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

Santa Clarita | What is a CDPE ?

Tue, 01 Jun 2010 19:19:03 GMT

What is a CDPE?

A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and is trained to utilize all foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPE's are able to provide solutions for homeowners facing hardships in today's market, specifically short sales.

The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. CDPE's have the tools needed to help homeowners find the best solution for their situation. Once homeowners exhaust all other pre foreclosure options, Realtors with the CDPE designation can help homeowners avoid foreclosure through the efficient execution of a short sale.

While enduring financial difficulties is challenging for any family, the process of finding a qualified real estate professional should not be. Selecting an agent with the CDPE Designation ensures you are dealing with a professional trained to address your specific needs. For more information, contact Jennifer and Gary Ricco Santa Clarita's CDPE team now.

CDPE's don't merely assist in selling properties, they serve and help save their clients in need.

If you or someone you know are in a difficult situation with your property contact us. Homeowners who are in the pre foreclosure process need to speak with us as quickly as possible.

For many homeowners foreclosure is not the only option however most do not know where to look for solutions. We designed Santa Clarita's CDPE Short Sale Experts to provide interested homeowners with free no hassle education..Foreclosure is never easy!!! Our promise is not to tell you what you want to hear, it's to tell you what you need to know!

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

No More California State Tax on Forgiven Debt, California Senate Bill SB 401 Enacted April 12, 2010

Wed, 14 Apr 2010 11:17:48 GMT

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Great steps are being taken to help homeowners truly rocked by financial hardships. On April 5th 2010 HAFA has begun to be implimented by participating servicers/lenders. This is another example of a step taken in the right direction. I was recently on a webinar with Matt Vernon and Dave Sunland of BofA, where we received training on BofA's participation in , "HAFA" and the progress being made to the equator system.

If your struggling don't wait till it gets really bad, take a proactive approach, it's it time you did something about your financial situation. Jennifer and I are here to show which programs you may quailify for, whether its keeping you in your house with a HAMP MHA Loan Mod, or a HAFA approved short sale.

Jennifer and I provide free consultations in a effort to ensure you make an informed decision. For more information on HAFA go to the HOME page of this website www.SantaClaritaPreForeclosureSpecialists.com to see which program you may quailify for. Click on the Government Programs Eligibilty link in the upper right corner of the page.

Jennifer and Gary Ricco Certified Distressed Property Experts

01461940, 01803395

As with all taxable situations consult your CPA.

Struggling California homeowners warned against phony foreclosure 'audits'

Fri, 26 Feb 2010 12:14:49 GMT

Struggling California homeowners warned against phony foreclosure 'audits'

cbuck@sacbee.com

Published Tuesday, Feb. 23, 2010

State officials warned struggling homeowners Monday about a new variation on loan-modification scams: "forensic loan audits."

Under the dubious service, homeowners are enticed to pay upfront fees for an audit of their mortgage loan, purportedly to determine their lender's compliance with state and federal laws. It's pitched as a way homeowners gain leverage in the loan-modification process.

In reality, the audits do nothing to help those facing foreclosure, according to state Attorney General Jerry Brown's office.

"It's the latest phony foreclosure-relief 'service' by an industry that continues to be long on promises and short on results," said attorney general spokesman Evan Westrup. "It's another way to get homeowners in distress to pay for services that ultimately aren't helping or providing the relief they need."

Brown's office partnered with the state Department of Real Estate and the State Bar in the warning.

Real Estate Department spokesman Tom Pool said ads offering "forensic loan audits" to distressed homeowners have appeared on TV, radio and in print. Last year, the Real Estate Department investigated more than 2,000 instances of loan-modification scams. Of those, nearly 350 individuals and businesses were ordered to halt illegal activity, according to the attorney general's office.

If you've been scammed, contact the attorney general's office at (800) 952-5225. You can also file a complaint online at: www.ag.ca.gov/consumers.php. or www.dre.ca.gov. For more information on loan-modification fraud, visit www.ag.ca.gov/loanmod.

Here's additional advice from the attorney general's office:

• Don't pay up-front fees. By law, foreclosure consultants are prohibited from collecting money in advance of providing services.

• Don't ignore letters from your lender or loan servicer.

• Don't transfer title or sell your house to a "foreclosure rescuer." This scam convinces homeowners they can stay in their home as renters and repurchase the home later. It also could be part of a fraudulent bankruptcy filing. A scammer can evict you and take your home.

• Don't make mortgage payments to anyone except your lender or loan servicer. Fraudulent consultants often keep the money for themselves.

• Never sign a document without reading it. Homeowners have unknowingly signed documents that transferred their home ownership to someone intent on evicting them.

This is a great article that the Sacramento Bee recently published. We feel that education is key in this market with so many scams going on out there. We hope that you found this article useful.

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.Pre-ForeclosureSpecialists.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Are promissory notes good or bad for clients during a short sale negotiation?

Fri, 26 Feb 2010 11:55:31 GMT

Are promissory notes on 2nd liens good or bad for clients during a short sale? It's common knowledge that a foreclosure, deficiency judgment or debt being sold to a collections company will have a serious negative impact on an individuals credit history, but what about an unsecured promissory note that is required by a 2nd lien holder in order to get a short sale approved?

During a recent conversation with my credit repair expert, Doug Minor www.easycreditrelief.com, Doug informed me that promissory notes for 2nd lien holders during the short sale actually help establish and repair the credit score quicker. Doug stated making payments on a promissory note will establish a new trade line, which often leads to additional credit being issued by other creditors. In my experience most homeowners are unaware of this and this information could be the information the homeowner needed to decided whether or not to agree to the promissory note.

Promissory Note: A promissory note is also an unsecured note and a contract between the lender and borrower where the borrower agrees to pay the difference (or a percentage of the difference) between the amount owed and the sales price of the property. This is usually presented during a short sale and can only be enforced if the borrower agrees in writing. These notes are also negotiable after the short sale.

If your a homeowner or Realtor looking for information on how a short sale, foreclosure, bankruptcy or debt collections effect credit, I highly recommend Doug Minor from www.easycreditrelief.com

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.Pre-ForeclosureSpecialists.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

SIGTARP Warns of Second Housing Bubble

Fri, 26 Feb 2010 11:43:17 GMT

As a Realtor, I read lot of articles in an attempt to get my head around whats happening with our economy, the TARP bailouts, the Stock Market volatility and the mortgage market. HousingWire is a great location to gather information, which has been helpful to my clients.

An Article published by AUSTIN KILGORE, dated Monday, February 1st, 2010, 3:40 pm, outlines a report by SIGTRAP that warns of a possible Second Housing Bubble

The Special Inspector General for the Troubled Asset Relief Program (SIGTARP), which oversees the federal government's economic recovery program, called for reform to prevent government bailouts in the future and warned of a government-induced second housing bubble.

The report warns the government's efforts to stabilize the housing market may create a second bubble. "The government has done more than simply support the mortgage market, in many ways it has become the mortgage market, with the taxpayer shouldering the risk that had once been borne by the private investor," the report said.

The report also notes that despite TARP's other stated goals - preserving home-ownership and promoting jobs - nearly 16 months later, foreclosures remain at record levels, the TARP foreclosure prevention program has only permanently modified a small fraction of eligible loans, and unemployment is the highest it has been "in a generation."

Please take the time to follow this link; http://www.housingwire.com/2010/02/01/sigtarp-warns-of-second-housing-bubble/ I value the power of collective minds and think this might spur some interesting conversation. Please let me know your thoughts.

Follow this link to view a copy of the SIGTRAP report; http://www.sigtarp.gov/reports/congress/2010/January2010_Quarterly_Report_to_Congress.pdf

I have also attached part of recent news release from FEDERAL HOUSING FINANCE AGENCY dated January 29, 2010

For more information.

Contact: Corinne Russell (202) 414-6921

Stefanie Mullin (202) 414-6376

Washington, DC - Fannie Mae and Freddie Mac initiated more than 485,000 mortgage loan

modifications through December 2009, under the Administration's Home Affordable

Modification Program (HAMP). Total refinance volume increased in December, including those

under the Home Affordable Refinance Program (HARP). The data were released by Edward J.

DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA), as part of the

agency's monthly Foreclosure Prevention Report.

The report summarizes foreclosure prevention data for Fannie Mae and Freddie Mac through

October, 2009, and includes HAMP modification data and refinance data through December,

2009.

The report shows:

Foreclosure Prevention Actions:
• As of December, 2009, the Enterprises had initiated nearly 43,000 HAMP permanent

modifications and 442,500 active trials.

• Completed loan modifications declined to approximately 7,000 in October, from 12,500

in September

• Other completed home retention actions such as repayment plans and forbearance

plans increased in October. Repayment plans increased 12 percent while forbearance

plans increased 38 percent in October.

• Total refinance volume rose in December in response to a gradual June to November

decline in rates. Refinance volume is sensitive to mortgage rates with the effect most

visible after a one or more month lag.

• Fannie Mae and Freddie Mac refinanced over 4 million loans in 2009 and over 190

thousand through the HARP program.

• Loans that are only one month delinquent decreased by 29,000 loans or nearly 4

percent in October to 705,000.

• Loans 60-plus-days delinquent increased by 66,000 loans or more than 4 percent in

October to 1.7 million.

• Foreclosure starts in October increased 5 percent compared with September to nearly

77,900.

• Completed foreclosure and third-party sales increased 20 percent to 29,200 in October,

from 24,200 in September.

Follow this link to review the FHFA's report on HAMP & HARP

Refinance Volumes and HAMP Modifications Increased in December

Again, I believe there is power in collective thinking. We would love to here your thougths.

Foreclosures:

Mortgage Performance:

Refinance:

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.Pre-ForeclosureSpecialists.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Wachovia Fast Track Short Sale Program Implements 7-10 day Approvals

Tue, 02 Feb 2010 18:35:31 GMT

Jennifer and I have been trained to process Wachovia Fast Track Short Sales by a manager from Wachovia's Loss Mitigation division, who has been assigned to handle short sales in North Los Angeles County, Santa Clarita Valley and Ventura County.

I'm sure as homeowners you have heard the horror stories or experienced them yourself with regards to the Loan Modification & Short Sales process and are confused about the ramifications associated with doing these types of transactions. Wachovia understands the position this market has created and now offers homeowners, Realtors and buyers the assistance necessary to streamline the short sale process and approve these transactions within traditional time lines.

Wachovia has implemented their "streamlined" approval process by assigning a local representative (Loss Mitigation Manager) with the authority to approval these transaction within a 7-10 period.

Wachovia Short Sales Manager Marc Souza states, "70% of our loans in California are at least 60 days behind in their payments. Wachovia needed to create a program and leverage realtors that are short sale experts to determine which customers can benefit from short sales quickly."

Any homeowner in Calfironia who has either a Wachovia, Golden West or World Savings loan that is in danger of foreclosure can be a candidate for the Fast Track Short Sale Program. Wachovia wants to lessen their loss by helping homeowners secure a short sale now, verse a costly foreclosure later.

Here are some of the programs highlights:

*Must have financial hardship or emanate default pending.

*One local point of contact for homeowners, Realtors and buyers to submit offers to and close the transaction

*On-site property and seller interviews by a Loss Mitigation Manager if necessary

*Approvals in 7-10 days

*Average closing from start to finish: 48 business days

*$2500 up to $5000 cash for cooperation/moving expenses

*All Deficiency issues Waived

This is a great opportunity for homeowners with Neg Am or interest only loans, who will not qualify for loan modification due to their negative equity position and debt to income ratios. Don't miss out on the opportunity to speak directly with a Loss Mitigation Manager who can explain your options and show you how this program can help your family.

Homeowners struggling with Wachovia, Golden West or World Savings loans who are considering a short sale, this is the time to take advantage of this program, with limited inventory and low interest rates Realtors have nothing to show and sell their buyers. Take full advantage of this seller market and position yourself to minimize your financial loss, limit the damage to your credit history and shorten your recovery period. Homeowner's don't need to be behind on payments to qualify for this program.

Contact Jennifer or I to make an appointment with Wachoiva's Loss Mitigation Manager. 661-290-3837

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.Pre-ForeclosureSpecialists.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Santa Clarita Pre-Foreclosure Specialists Earns Clients Gratitude

Wed, 02 Dec 2009 13:27:07 GMT

If your considering a short sale as an option to avoid foreclosure, I highly recommend you hire a Realtor who has sought out extensive training and has experience in handling these transactions. Jenifer and I have been dissecting the default process since 2006. My experience as a Loan Officer has been instrumental in dealing with the Loss Mitigation and Home Retention Departments. I have processed numerous Pre Foreclosure solutions over the last three years. I caution homeowners to verify the experience a Realtor claims to have. Any Realtor in today's market should provide you with letters of recommendation like the following.

October 27, 2009

To Whom It May Concern:

I am writing this letter to express my gratitude for getting the pleasure to work with real estate agents Gary and Jennifer Ricco. They both represented my ex-husband and me in a Short Sale of our single-family home.

Gary and Jennifer went above and beyond to guide me through the process. They spent an exorbitant amount of hours meeting with me, making phone calls to both my mortgage company and the buyer's loan company, not to mention communicating with the Escrow Officer. Gary and Jennifer always kept me informed at every step throughout the entire process and made sure to explain things in terms I would be able to understand.

Gary and Jennifer made what was already a very difficult situation, a smooth one by showing a genuine compassion for my unique circumstances. They were willing to work with me even though my ex-husband was going to be deployed and unreachable throughout most of the process. Their flexibility and creativity were key factors in getting escrow to close, saving me from having a foreclosure permanently on my credit report.

I highly recommend Gary and Jennifer Ricco to anyone who needs assistance with either buying or selling a home, no matter how complicated. I am truly grateful for all their hard work and appreciate their time and professional, yet compassionate attitude. As I look back on that difficult time in my life, getting divorced and short selling my home, I realize just how blessed I was to have Gary and Jennifer's help.

Sincerely,

Kelly C

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.Pre-ForeclosureSpecialists.com

License numbers 01461940, 01803395

Options and Solutions

Thank you for visiting this site and taking the first step toward finding answers. We appreciate what it has taken for you to come here, and commend your efforts to get the facts about your situation. The current real estate environment can be frustrating, with misinformation and conflicting plans for how to proceed.

As Advanced Certified Distressed Property Experts, what we often see in troubled homeowners is a belief that they are alone with their challenges. Regrettably, over 70% of homeowners in foreclosure proceed without ANY visible assistance. This is not acceptable for the communities we serve.

That's why we have developed this site: to ensure you get the valuable resources that can reduce your financial strain and change your life for the better. As Advanced Certified Distressed Propertys Experts we know the options for homeowners in foreclosure or delinquent on their mortgages, and we can send you a report detailing this information, prepared just for you.

Simply enter your information below and click "Send." we hope that you will review this information carefully, so that your next steps are the right steps toward a real solution.

Let us help you evaluate your options and get back on track to a solid, stable future.

Jennifer & Gary Ricco

(661) 290-3837

Foreclosure Vs. Short Sale

As Advanced Certified Distressed Property Experts, We have devoted our career to helping homeowners who face difficult situations, taking them from uncertainty to resolution. Lately we have found a lot of conflicting information going around, especially concerning short sales, which you should know about.

A short sale occurs when a lender accepts the selling price of a home, even if it is less than the full amount owed on the mortgage. For particular homeowners, this can be the best option to foreclosure. Yet, we still hear people suggest that short sales are basically the same as foreclosure.

This is absolutely wrong!

You need to have the CORRECT information. That’s why we are glad you're here. To help, we have prepared a free report—just for you—that compares the realities of foreclosures and short sales side-by-side. Simply provide your information below, and we will send you this report.

If you have any additional concerns about this issue, or your circumstances are urgent, please feel free to give us a call. We can help you evaluate your options and get you back on track to a secure financial future.

Gary & Jennifer Ricco

(661) 290-3837

7 Short Sale Myths

There are millions of homeowners just like you who are looking for answers and don’t know what to do. You’re not alone and you’re in the right place.

As Advanced Certified Distressed Property Experts, We have training and experience in providing solutions to homeowners facing financial hardship. Despite our best efforts, there’s still an overwhelming amount of misinformation about the options available, especially short sales.

To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, We have prepared a free report just for you - please fill out the information below to receive your free report. This report will clarify the following myths:

The Bank Would Rather Foreclose Than Bother With A Short Sale
You Must Be Behind On Your Mortgage To Negotiate A Short Sale
There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
Listing My Home As A Short Sale Is An Embarrassment
Short Sales Are Impossible And Never Get Approved
Banks Are Waiting On A Bailout And Not Accepting Short Sales
Buyers Are Not Interested In Short Sale Properties

These ideas are potentially harmful to homeowners seeking real solutions. We hope you’ll review this information for yourself or share it with a homeowner in need.

In these times, we all need to know the truth to know how to get back on track.

If you have any additional concerns about this issue, or your circumstances are urgent, please give us a call.

Gary & Jennifer Ricco
(661) 290-3837

The Truth About Mortgage Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. We have prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply provide your information below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As Advanced Certified Distressed Property Experts, We have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call us today.

Gary & Jennifer Ricco
(661) 290-3837

Short Sale & Deed-In-Lieu

Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. This is great news for homeowners facing financial distress.

To help you understand more about these two options, we have prepared a free report just for you, called ‘Short Sale & Deed-in-Lieu: Dignified Solutions.’ To receive your free report, please provide your information in the fields below.

We hope you’ll review these options carefully and pass this information along to those who may need it. We commend your efforts to finding a solution to the difficult financial situation that you or someone you know is currently facing. Providing the best advice and information in your time of need is our priority.

Let us help you evaluate your options and get you back on track to a secure financial future.

Your First Steps To Avoid Foreclosure

Your First Steps

In today’s market, 1 in 7 homeowners is having trouble paying the mortgage. More than 70% of these homeowners proceed without seeking assistance or getting the facts. Many do not even realize that foreclosure is a process, and that there is time to make decisions that may result in a better outcome.

You are not alone. Millions of other homeowners nationwide are in the same circumstances. To assist you, we have prepared a free report outlining the first steps a homeowner should take when facing a foreclosure.

Fill out your information below for this free report. Don’t hesitate. Get back on track today!

Strategic Defaults are NOT Strategic

Walking Away Is NOT The Answer

You may have heard that a “strategic default” can be an appropriate and even beneficial reaction to an upside-down mortgage or impending foreclosure. While this idea is widespread, the truth is that default is never an easy road to choose, and rarely ever strategic.

Unfortunately, the ramifications of a “strategic default” are rarely explained, leaving many homeowners stranded on an island of misinformation. To assist you, we have prepared a free report outlining the myths and misrepresentations of strategic defaults.

Fill out your information below for this free report. Don’t hesitate. Get the facts today!

Avoiding Mortgage Modification Fraud

We are agents against mortgage fraud!

The last thing struggling homeowners need is to be victimized by fraud. Sadly, some people are preying on those who need help the most. Today, the real estate industry is the newest, biggest target for predatory schemes. In fact, the U.S. Attorney General, Eric Holder, stated that mortgage fraud cases are 400 percent higher than they were five years ago.

With nearly 1 in 6 homeowners unable to pay their mortgages, understand that you are not alone. Knowing your legitimate foreclosure-avoidance options is the best way to fight this terrible trend.

The report on this site will tell you how to avoid mortgage fraud schemes, as well as what solutions are available to you. Enter your information below and get the facts now!

Understanding HAFA

New Help Has Arrived!

The rising number of foreclosures in this country is simply too big to ignore. That is why a government-backed program has been released that aims at streamlining foreclosure avoidance options.

Short sales and deeds-in-lieu are dignified solutions to foreclosure, and now the government is making them easier, quicker and more accessible through the Home Affordable Foreclosure Alternatives Program, or HAFA.

With one in six homeowners struggling to make mortgage payments, you are not alone, and there are options available. With the free report provided here, find out if you qualify for the HAFA Program. Simply fill out your information below to get started on your new chapter of financial stability.

Please read this report to learn the facts, and contact us to begin your journey to a solid, stable tomorrow.

Government Program Surveys

Are You Eligible?

The government programs currently available to homeowners can be valuable resources, but only if you know which ones are right for your situation.

That’s why we have created this free resource that lets you find out which programs you’re eligible for. Read the descriptions for each program to see which one fits your situation, then fill out the corresponding survey to see if you are eligible.

Find out now if you are eligible!

The good news is that programs exist for a variety of situations, and even more options are available beyond those programs. As Advanced CDPE-designated agents, we can provide all of your possibilities and help you get moving toward a solution.

Cash for Short Sales

Short Sales are More Valuable Than Ever!

Avoiding foreclosure is always a smart move, but now there are incentives that make it an even better one.

Short sales and deeds-in-lieu are dignified solutions to foreclosure, and now the government is making them easier and quicker through the Home Affordable Foreclosure Alternatives Program, or HAFA, which also gives the homeowner $3,000 for participating.

With the free report provided here, you can learn all the benefits of completing a HAFA short sale. Simply fill out your information below for details on the program and how you would benefit.

Please read this report to learn the facts, and contact us to start exploring solutions.