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 Foreclosure-Short Sale Information, Mortgage - Loan Information

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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 Repair scams, Foreclosure-Short Sale Information, 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 Foreclosure-Short Sale 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 Foreclosure-Short Sale Information, Mortgage - Loan Information, 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

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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

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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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Community Affair: For the Love of Music

If you are in the San Jose area this weekend and would like to enjoy a day full of good music with your family, come listen to the talented Bay Area protégé Jonah Johnson. Jonah has been featured in the reality show called “Waiting 2B Discovered” (Warner Bros).

Jonah, with his group of talented young artists from Timeless Entertainment (Jonah, Mid-One, Lonnye, Alexis), doesn’t follow today’s music standards that he calls “escapisms.” They stay away from profanity and the recycled “bling-bling, big pimpin” mentality that many artists feel they need to use in order to get Read more

July 16th, 2008 · Filed Under UnReal Estate posts

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Sixteen (Former) Su Casa Agents Face State Disciplinary Action & Possible Loss of License

Although “straw buyer” schemes are illegal but very lucrative for the parties involved, some agents and brokers have chosen to put their freedom, reputation and license on the line.

The California Department of Real Estate (DRE) has filed an extensive accusation and investigation against broker Bic Pho, his company Vision Quest 21 which operated Century 21 Su Casa and Mariposa Mortgage in the East Side of San Jose and sixteen former Su Casa agents.

The DRE accusations state that Read more

July 10th, 2008 · Filed Under Real Estate & Mortgage FRAUD

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Mortgage Fraud: How a “Straw Buyer” Scheme Works

Mortgage fraud is an epidemic that continues to be around and it can take form in many different ways (foreclosure rescue schemes, illegal flipping, etc). One form of mortgage fraud is a “straw buyer” scheme. This is how it works:

The participants

The most important piece to this scheme is Read more

July 10th, 2008 · Filed Under Foreclosure-Short Sale Information, Real Estate & Mortgage FRAUD

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New California Law Will Only Delay Foreclosure - S.B. 1137

Photo courtesy of the California Governor’s office

Tuesday, in another effort to protect homeowners facing foreclosure, California Gov. Arnold Schwarzenegger signed bill S.B. 1137 into law. This law would only delay the foreclosure process in hopes that lenders will talk with homeowners before taking a final decision to foreclose on the property.

This new law has certain restrictions Read more

July 9th, 2008 · Filed Under Foreclosure-Short Sale Information

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The Arrests of Major (former) Su Casa Agents Begins!!

Many victims of real estate and mortgage fraud get frustrated because in many instances there has been little progress in the investigations process. One of the reasons for this is because the designated authorities have to investigate and make sure that all the accusations are true. They must also obtain evidence and make sure that it is strong enough to put these people in jail.

One company in San Jose under investigation for complaints and accusations of fraud is the Century 21 Su Casa brokerage, its many affiliated companies and agents as reported in 2007. But the first top agent, from the now closed Su Casa brokerage, to get arrested was Gloria Alvarez (Booking mug for Gloria Madrigal Alvarez-SJ Mercury News)

The arrest occurred last Wednesday as she was leaving Read more

June 24th, 2008 · Filed Under Real Estate & Mortgage FRAUD

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