Joann Baldrich- "Your Financial Freedom Consultant"

Where have I been?

I have been so busy and consumed with other business opportunities that I have been side tracked on what is going on in our real estate market.  It doesn't seem to be getting any better right now.  This market is on a steep decline that even a short sale property that seems like a good deal won't end up to be by the time the bank decides to accept an offer.  It's very unfortunate that the bank is so overwhelmed with short sales that there own loss mitigation departments is buried with files that end up being neglected and the homeowner has no choice but to proceed with the foreclosure auction.

So for those of you who are facing foreclosure... please please please discuss your options with your lender first.  There guidelines have changed and can offer homeowners "loan modification" so YOU DO HAVE OPTIONS to save your house.

If you need assistance, please don't hesitate to contact me.

Your friend,

Joann

Riverside market shows the highest potential for decline over the next 2 years.

http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=5124615&GT1=10233
The riskiest housing markets

A new report projects home-price declines for the next two years. The riskiest markets are in Florida, California, Nevada and Arizona. Here's how to ride out the hard times. By Marilyn Lewis

As if the housing market isn't bleak enough. The Standard & Poors' Case-Shiller Home Price Index
( http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_csmahp/0,0,0,0,0,0,0,0,0,1,1,0,0,0,0,0.html) reported in late June that home prices dropped more in the first quarter of
this year than at any other quarter in the last 17 years. Now, a report from PMI Mortgage Insurance says home values could decline across much of the country for at least two more years.

There's a 34.6% chance on average that home prices will drop in the nation's top 50 markets in the next couple of years, according to PMI Mortgage Insurance's new U.S. Market Risk Index, which heavily factors in recent price volatility.

How far and how fast prices actually fall remains to be seen. But the report underscores the fact that today's market is decidedly different from that of recent years, when homeowners could bank on rapid home-value appreciation.  (See the report or hear a podcast here.)

Headed for decline Not surprisingly, the riskiest markets identified by the index are located
in areas that saw rapid price appreciation, a reduction in affordability followed by a rapid decrease in the rate of price appreciation. Of the 15 cities with the greatest risk for price decline -- with more than a
50% chance of lower home values by mid-2009 -- five were in California and four were in Florida.

http://realestate.msn.com/Buying/Article2.aspx?cp-documentid=5124742 Price risk for the top 50 U.S. markets

The top 50 major metros rated by their risk of a decline in the next two years.  By Marilyn Lewis

PMI Mortgage Insurance Co.'s new U.S. Market Risk Index tries to assess the future direction of markets across the U.S. by looking at recent price volatility, affordability (including per-capita income, appreciation and mortgage rates) and employment, among other factors.

On average, there's a 34.6% chance that home prices will drop in the nation's top 50 markets in the next couple years, with many of the riskiest markets falling in areas that saw steep run-ups in prices in recent years, followed by decreased affordability and drops in the rate of appreciation.

The risk scores for the top 10 major metros are listed as whole numbers in the table below. A score of 652 means there is a 65.2% chance that market will decline over the next two years.

Metropolitan statistical area                         

*Risk score

Riverside-San Bernardino-Ontario, Calif. -  652
Phoenix-Mesa-Scottdale, Ariz. - 646
Las Vegas-Paradise, Nev. - 614
West Palm Beach-Boca Raton-Boynton Beach, Fla. - 607
Los Angeles-Long Beach-Glendale, Calif. - 586
Santa Ana-Anaheim-Irvine, Calif.  - 577
Oakland-Fremont-Hayward, Calif.  - 572
Orlando-Kissimmee, Fla.  - 563
San Diego-Carlsbad-San Marcos, Calif.  - 555
Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.  - 542

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Help for families facing foreclosure??

The American dream of homeownership is fast becoming California's nightmare as the foreclosure boom threatens to cave in the roofs of many families. And unless there is a shift in reality soon, many residents of Southern California will be losing their homes.

In April, according to data from RealtyTrac, 30,505 foreclosure filings occurred in California. The state had the largest foreclosure total of any state for the fourth month in a row.

In addition, among the nation's metropolitan areas with the 10 highest foreclosure rates, six were in California, including San Bernardino and Riverside counties.

It makes sense to help those who are on the verge of losing their homes. A coalition of more than 100 consumer groups across the state has asked for a time-out, urging six of California's largest mortgage lenders to grant homeowners a reprieve.

More than 80,000 homes in California went into foreclosure in the first quarter. Many of the borrowers who have defaulted had risky subprime loans, and were unable to make the higher payments when their interest rates adjusted higher. And many borrowers have been unable to refinance or sell in the slowing housing market.

California doesn't need to see a crisis where one in every 400 households bites the dust. A temporary halt to defaults and some state financial assistance could protect the economy and buy time for a major restructuring of home loans.

If your in this situation and you need help, please feel free to contact me immediately.  Short sale may still be your option... don't let the bank foreclose on you.

Your friend,

Joann Baldrich

PS... Call me immediately for a free consultation: 951-491-5489

www.theshortsaleagent.com 

BE AWARE!!! of so-called foreclosure specialist

http://www.cbs2.com/video/?id=38371@kcbs.dayport.com

Are you a homeowner facing potential foreclosure?  If so, please be on the lookout for a "scam" in which "Foreclosure Rescue Specialists" target and defraud you with a document that appears to be a loan. But the product being offered is not an actual loan and as a vulnerable homeowner unknowingly has just signed over the deed of there home.

These unscrupulous individuals make good use of the foreclosure documents that lenders are required to file in court. They target the most vulnerable among us with this scam, preying on the fear of homeowners in danger of losing their homes - leaving the 'borrower' homeless, confused and in even greater debt. 

Foreclosure notices are a matter of public record and searching such records has become significantly easier as they have become computerized. In many low- and moderate-income or minority areas, one can see signs and flyers advertising "Stop Foreclosure" or "Save Your Home". As both property values and the numbers of foreclosures have risen, this scam has become more prevalent.

This is how the scam works:

When the homeowners attempt to use the funds provided by the specialist to bring their mortgage up to date, they discover that the "loan" papers they signed were in fact sales documents and they no longer own there home. To make matters even worse, homeowners learn that they retain sole responsibility for paying the mortgage despite no longer owning the house.

In some instances, the "borrower" is given a limited period of time in which to buy back the house from the specialist for a sum that is substantially higher than what is owed on the mortgage. If the former owner cannot buy the house back, some specialists will let the former owners remain in the home if they pay rent.

I believe such actions constitute fraud and urge any homeowner who has been approached or taken by one of these unscrupulous individuals to report the incident to authorities immediately. I strongly advise homeowners to avoid working with these 'specialists'.

To avoid being scammed, homeowners should never do business with anyone who comes uninvited to the door, makes an unsolicited phone call or whose name is found randomly on a flier. As soon as you the homeowner falls behind in your mortgage payments, you should contact the mortgage lender immediately and be honest about their financial situation. The mortgage lender may allow the homeowner to renegotiate their loan or work with them to set up a repayment plan.

If a homeowner believes that he or she has been a victim of a Foreclosure Rescue Specialist, immediate action should be taken:

Contact the Consumer Protection Board at 1-800-697-1220.

Contact the California State Attorney General's consumer hot line at 1-(800) 952-5210 to report fraud.

Contact the California Investment & Financing Authority at 1-866-275-2677

If you find that you are facing foreclosure and you have exhausted all your means to try to save your home, then I may be able to help you.  I CAN'T SAVE your home but I can save your credit.  For a free consultation, call 951-491-5489

or visit www.theshortsaleagent.com

Your friend,

Joann 

Inland region leads Southern California in mortgage defaults

		Download story podcast

The ratio of the foreclosures and pre-foreclosed listings to the traditional for sale houses is about 32%.  This means that 32% of the houses on the market for sale are in some stage of foreclosures!!  For the other 68% holding out for “wishing prices” are in for a rude awakening.  This isn’t the time to SELL if you don’t need to – no matter what your realtor tells you.  If you MUST SELL be prepared to sell for less then what you have expected.

 

RIGHT NOW, millions of U.S. homeowners are facing a "crisis" thanks to predatory and irresponsible lending practices.  Statistics showing the burgeoning growth of the sub-prime lending market, and said minorities, immigrants and the elderly are frequently the victims of predatory loans.

Are you a victim?

The Democrats in both the House and the Senate have promised to put predatory lending and other consumer issues high on their legislative agendas this year.  Let’s ALL make sure this takes place.

In the House, Reps. Mel Watt and Brad Miller of North Carolina are preparing to introduce a bill that would restrict the sale of loans with high interest rates and bar certain types of fees.

 

Never be intimidated to ask directly “what are your fees”?  There are way too many telemarketers out there taking advantage of homeowners like you.  Don’t be a victim.

The Mortgage Bankers Association is also concerned that approaches such as rigid, new underwriting standards and the imposition of suitability requirements will rollback hard fought homeownership and fair lending gains and will stifle innovation and take good financing options out of the hands of homeowners.

Sub-prime lending accounts for 20% of the U.S. lending market, or about $650 billion. About 70% of those loans have costly prepayment penalties that trap borrowers into high-cost mortgages.  Which forces homeowners to default in there loans and face foreclosure.  Which ALL of us as Homeowners would have never imagined that signing on the dotted line would destroy your American Dream.

Are you in this situation?  Let me HELP YOU!!!

I have consulted with hundreds of homeowners just like you that felt that they have no other options.

 

STOP RIGHT THERE.  You DO HAVE AN OPTION!  You don’t have to go through a FORECLOSURE.

Call me immediately for a FREE CONSULTATION:  951-491-5489

There are way too many homeowners that have fallen prey to either bad actors or their own choices.  Many of my clients have said that they we’re sold a loan that they couldn’t afford, thinking that they made a smart decision but there loan has turned into a nightmare.

Don’t let this be you!  You don’t have to RUIN your credit for 10 years by giving up and letting your house go into a foreclosure, please visit www.theshortsaleagent.com - I CAN SAVE YOUR CREDIT.

Your friend,

Joann Baldrich

For a FREE CONSULTATION, call me 951-491-5489

I believe it is time for the Congress, the administration, and the lending industry to face up to the fact that predatory and irresponsible lending practices have created a crisis for millions of American homeowners at a time when general economic trends are good. 

The New Exit Strategy

For all the homeowners who are upside down and can no longer make their mortgage payment (because of either a job loss, divorce, or an option ARM that's resetting higher), up to now the only option was, well, letting the bank foreclose. But that's not a good option since a foreclosure sticks on your credit record for at least 10 years. So why not seek the option that will allow you to save your credit. 

A "short sale" allows you to sell your home for less then what you owe on your mortgage.  This is a case of a distinction with a difference: If your bank agrees to a short sale, with your bank's blessing, they agree to eat the loss. 

The best thing is that there is no out of pocket expense on your end.  Allowing you the opportunity to get you out of your financial burden.

Check out my website:  theshortsaleagent.com

Any questions, feel free to contact my office directly at 951-491-5489

Your friend,

Joann

PS... Is your neighbor, friend, family or co-worker in this situation?  Don't let them suffer, give them my number so that I can help them.  There is no reason why anyone should have to face foreclosure.  Remember, I'm here to help... and again there is NO OUT OF POCKET EXPENSE on your end.    

What's going on in Perris?

Did you know that Perris is at the epicenter of mortgage problems. From November to January, 177 homes in Perris' central ZIP Code have received notices of default, the first step toward foreclosure.
That's about 1 of 53 houses, the highest level of any ZIP Code in California, according to a Times analysis of statistics provided by DataQuick Information Systems. The neighboring towns of Lake Elsinore and Moreno Valley came in second and third. WoW!

The default rate in Perris compares with 1 in 105 homes in Palmdale, 1 in 150 in Van Nuys, 1 in 189 in Northridge and 1 in 283 in Altadena. Many coastal communities have so few default notices they don't even place in the top 400 ZIP Codes.

What got these homeowners in trouble is they got in over their heads. They are losing their homes due to poor financing terms that they we’re put into when they either first purchased or refinanced.  It’s unfortunate, that this could have been avoided.

Don’t just let anyone take control of your financial future.  Get a seasoned real estate/financial consultant to help you make the right decision for your real estate and financing needs.

Just keep in mind, the market goes up and down. You have to look at it for the long term if you decide to ride it out, if not consider doing a “short sale”, atleast you can still save your credit.

We are in for a very rough trip, Be prepared.

Your friend,

Joann

Please visit my website at: www.theshortsaleagent.com for further information regarding a short sale.