Foreclosure Help - Preserving Our Community

Save April 23, 2009 on your calendar for foreclosure help. Keep reading for the details:

In last week’s press conference, San Jose City Mayor Chuck Reed along with San Jose Director of Housing Leslye Krutko and several members of the “Foreclosure Help – Preserving Our Community” program presented to the public and the media a plan designed to tackle the foreclosure problems the city of San Jose is facing.

The plan presented yesterday will Read more

April 16th, 2009 · Filed Under Foreclosure-Short Sale Information

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Understanding Obama’s Making Home Affordable REFINANCE plan

Last week the US Treasury Department released some of the guidelines for the “Homeowner Affordability and Stability plan;” however, the details for refinances and modifications created some confusion even among the professionals in the real estate industry.

Much of the confusion came from the belief that the refinance and modifications under “Making Home Affordable” (MHA) program were one of the same.

To make matter worse, loan modification “so called experts” are yapping on the radio and TV spots telling everyone that this plan won’t work or that they can qualify clients directly with their lenders for a fast approval.

Well, of course they are going to say that!

It is in their best interest to keep homeowners ignorant about the “Making Home Affordable” programs and keep charging them illegal upfront fees for modifications.

MAKING HOME AFFORDABLE REFINANCE

Looking at the “Making Home Affordable Refinance,” it will provide Read more

March 10th, 2009 · Filed Under Foreclosure-Short Sale Information, Loan Modifications

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Understanding Obama’s Making Home Affordable MODIFICATION plan

Yesterday, the Treasury Department released some of the detailed guidelines for the “Homeowner Affordability and Stability Plan.” The plan includes $75 billion in incentives for lenders to modify the loans of struggling homeowners which will run through December 31, 2012. These incentives are under the “Making Home Affordable Modification” program.

MAKING HOME AFFORDABLE MODIFICATION

The “Making Home Affordable Modification” is not mandatory for all investors and mortgage services/lenders; however, it will serve homeowners as an incentive for loan servicers/lenders to generate loan modifications. Nevertheless, financial institutions that accept future “bail out” funding from the Treasury’s Financial Stability Program must participate in the “Making Home Affordable” (MHA) program.

Servicers who decide to participate will Read more

March 5th, 2009 · Filed Under Foreclosure-Short Sale Information, Loan Modifications

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Would You Like Paper or Plastic For a Quarter?

While President Barack Obama is pushing for cleaner, more efficient cars by possibly allowing California and other states to impose tougher auto emission standards on carmakers, the City of San Jose is also looking to Read more

January 28th, 2009 · Filed Under UnReal Estate posts

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Pimps and Whores of the Loan Modification Industry

There are individuals doing loan modifications legally but there are many more doing it illegally. This is a hot business and it is exposing homeowners to fraud now more than ever.

“It’s becoming an issue. As always, people get very clever when they see an opportunity,” said California Department of Real Estate spokesman Tom Pool.

Figuratively speaking there are “pimps and whores” in the loan modification business claiming to be advocates of the people, claiming to be legit, and claiming to be experts. Some go as far as Read more

January 12th, 2009 · Filed Under Loan Modifications

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Some Food for Thought: Seven Pounds

Yesterday, after watching the new Will Smith movie “Seven Pounds,” I was curious to hear the movie critics. Some liked it others did not.

My suggestion for you is not to listen to the movie critics because their job is to critic the movie. And their criticism is narrowly focused on Read more

December 19th, 2008 · Filed Under UnReal Estate posts

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Subprime Wolves are Howling About Mortgage Rates and the Fed Funds Rate Reduction

Yesterday’s reduction of the Federal Funds rate to a range of 0.000 to 0.250 percent is the lowest record level in history. This news is certainly in the minds of many consumers but, as also explained by Dan Green, it is for the wrong reasons!

Every time the Federal Reserve reduces interest rates, I hear radio and television personalities (i.e.: agents and broker) rambling about how “The Fed reduced rates today and that translates into lower mortgage rates so now you can refinance/buy with an even lower rate.” Well….they are either a lying to you with that sales pitch, they don’t know how mortgage rates work, or both.

Now, let’s look at how all these rates really work so you don’t have to rely on a wolf howling to refinance your home. Read more

December 17th, 2008 · Filed Under Mortgage - Loan Information

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Some Food for Thought: Why Should We Give Thanks If We Have so Many Problems?

We are facing the worst economic crisis we’ve seen in years. Our economy is getting closer and closer to a full blown recession. Deflation is affecting every business and as a result we may be receiving the so dreaded “pink slip.” We are all loosing our homes even though we’ve tried so hard to negotiate a loan modification or minimize the banks’ loses by doing a short sale. We are seeing our retirement accounts loose money every day.

All these thoughts are probably running through the minds of many people today (partly because these are the popular headline news). So if we have so many problems, why should we be thankful for anything?

I will tell you why we Read more

November 27th, 2008 · Filed Under UnReal Estate posts

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What is a Loan Modification?

Loan modifications have been, for the most part, the long waited rescue plan for some homeowners who have fallen behind on their payments. Nonetheless, this is not the silver bullet for the foreclosure problems we are going through right now.

Contrary to what the so called “loan modification experts” may say, not everyone qualifies and not every lender is cooperating.

THE BASICS

To understand what a loan modification is, we need to first Read more

November 26th, 2008 · Filed Under Loan Modifications

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Repair Your Credit By Legally Removing All Negative Accounts: It’s All Legal, I promise! (Just Don’t Report It To The Authorities)

I am sure that by now almost everyone has seen advertisements on the radio, television or the internet from companies or companies affiliated with law firms claiming to be “credit repair experts.” They boldly claim to be successful at removing from credit reports any derogatory accounts including short sales, foreclosures, and bankruptcies.

Most of the claims in these advertisements say, “We can clean your credit report and save you thousands,” “We remove foreclosures and bankruptcies from your credit report and best of all; it is all legal.”

Well, believe me when I tell you that Read more

November 7th, 2008 · Filed Under Credit Information, Credit Repair scams, Predatory - Subprime Advertisement

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Two Milpitas Mortgage Brokers Convicted in $10 Million Fraud Case

It never stops to amaze me how many of the alleged fraud cases here in the Bay Area seem to be connected in one way or another. You will see how at the end of this post.

On October 14 2008, the Santa Clara County District Attorney’s Office announced that a jury had convicted two mortgage loan brokers in a case that involves over $10 million in fraudulent sub-prime loans with 23 different borrowers and five lenders.

After a three-month trial, Esperanza Valverde (license record) and Herman Michael Covarrubias (license record) were convicted of multiple felony counts of grand theft and forgery in connection with their mortgage business, Summit Mortgage One (license record).

Valverde faces a maximum term of Read more

October 21st, 2008 · Filed Under Real Estate & Mortgage FRAUD

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US Financial Crisis: Whose Fault Is It Anyways?

Yesterday Henry Paulson, US Treasury Secretary, announced a plan to spend $250 billion to purchase stocks in at least nine major financial institutions. This money infusion would give taxpayers ownership stake on these banks and guarantee a 5% return. It would also help banks build more reserves and in turn ease lending to consumers and businesses alike, at least that is what we hope banks will do.

The Emergency Economic Stabilization Act of 2008 H.R. 1424 is known in Main Street as the “Wall Street bail out” plan. However, in Wall Street it is known as the “rescue” plan. Regardless of the name; many people Read more

October 15th, 2008 · Filed Under Credit Information, Mortgage - Loan Information, Real Estate Information

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I Am Urging Everyone NOT to Vote This Year….…

This is a very important message!

Believe me, I can’t stress enough how important it is that you DO NOT VOTE in the Presidential election this year. This is why……. Read more

October 4th, 2008 · Filed Under UnReal Estate posts

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SB 1055 California State Tax Relief Applied To Forgiven Mortgage Debt

The big news on everybody’s radar lately was the $700 billion “Rescue Plan,” which was vetoed by the House of Representatives yesterday and sent back to be re-drafted. Many on “Main Street” oppose to the bail out of Wall Street with tax payer’s money, while others see the “bail out” as a necessary evil that could possibly help stabilized the US economy. Meanwhile, there was another type of “rescue” that unfolded in Sacramento Read more

September 30th, 2008 · Filed Under Foreclosure-Short Sale Information

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What is Your Code of Ethics?

Not too long ago “business ethics” was an expression that many considered an oxymoron. Then, in the 1990’s corporations made a remarkable turnabout by addressing codes of ethics, conduct issues in policy manuals, etc. The main reason was because businesses became increasingly concerned about ethics after realizing that ethical practices actually made business sense.

The rules of ethical behavior that govern businesses and Read more

September 12th, 2008 · Filed Under Mortgage - Loan Information, Real Estate & Mortgage FRAUD, Real Estate Information

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Catchy Radio/TV Ads Lured Homebuyers Who Later Foreclose

How do you emigrate from Colombia, fleeing the Mafia, work your way up from doing work as a waitress and shinning shoes to owning your own real estate company, buy a $2.2 million privately gated mansion in Gilroy (2005) and a few years later (2008) attempt to sell it for $3.2 million?……Ask Maria Eugenia Avila (license record), former owner of the now defunct Rancho Grande Real Estate ( license record - doing business as Realty World Rancho Grande, Rancho Grande Financial, Mundo Real, the Mortgage Company and ACR Investments) in Read more

September 5th, 2008 · Filed Under Real Estate & Mortgage FRAUD

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Loan Modification and Foreclosure Help at San Jose Community Event

As I mentioned it on the previous post, there will be a big community event held at Independence High school in San Jose on August 20, 2008 aimed to help homeowners struggling with their mortgage payments and much more.

Following is more detailed information about Read more

August 16th, 2008 · Filed Under Foreclosure-Short Sale Information, Loan Modifications

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Loan Modification, Foreclosure Prevention and HUD Counseling Event in San Jose

I have been invited, along with some SCCAOR members, to help in the “Foreclosure Prevention and Rescue Fair” in San Jose on August 20, 2008.

[UPDATE]: Details for the event here

The “Foreclosure Prevention and Rescue Fair” is presented by the City of San Jose, the Department or Real Estate (DRE), local elected officials, several non-profit partners of “Don’t Borrow Trouble Silicon Valley” and The Santa Clara County Association of REALTORS® (SCCAOR).

The main goals for this foreclosure help fair is to assist troubled homeowners avoid foreclosure and keep their homes.

The services that will be provided at this event are: Read more

August 6th, 2008 · Filed Under Foreclosure-Short Sale Information, Loan Modifications

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H.R. 3221 Housing and Economic Recovery Act of 2008 Passes New Permanent Loan Limits

The House passed the massive housing bill last Wednesday, the senate voted Saturday to send it to the president and today President Bush signed the “Housing and Economic Recovery Act of 2008 HR 3221.”

HR 3221 is intended to aid in stabilizing our economy, support first-time homeowners and provide mortgage relief for Read more

July 30th, 2008 · Filed Under Foreclosure-Short Sale Information, Mortgage - Loan Information, Real Estate Information

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What is Wrong with Buying One Today and Losing One Tomorrow?

Illustration by: Matt Mahurin

Some of the distressed emails I get from homeowners facing foreclosure ask me what I think about buying a home before losing their current one. To answer that question I will give you my personal opinion at the end of this post.

First let’s look at the case of Read more

July 17th, 2008 · Filed Under Foreclosure-Short Sale Information, Real Estate & Mortgage FRAUD

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