The long-awaited housing recovery is beginning to blossom, according to industry experts taking a look at recent existing-home sales.

While admitting home sales “are still very low,” Paul Dales, chief economist at Capital Economics, says “it is clear that housing recovery is now well underway.”

The evidence: home sales have been on the rise for the past three months, posting a 5 percent increase in December.

Lawrence Yun, chief economist for the National Association of Realtors (NAR), concurs with Dales’ assessment, saying “The pattern of home sales in recent months demonstrates a market in recovery.”

Yun suggests consumers are gaining confidence from “record low mortgage interest rates, job growth and bargain home prices.”

In addition to the 5 percent increase in December, NAR reported a 1.7 percent annual increase in existing-home sales in 2011, a total of 4.26 million homes for the year. 

Distressed homes made up 32 percent of sales in December, according to NAR’s existing home sales report for the month.
Foreclosed home sales closed at about 22 percent below market rate in December, a discount 2 percent higher than that recorded a year earlier.

Investor demand remains steady with 21 percent of homes sold in December going to investors after this category of buyers took 19 percent of purchases in November and 20 percent one year ago.

Cash sales – commonly linked to investors – made up 31 percent of December’s existing-home sales. This rate was 28 percent in November and 29 percent a year ago.

Purchases by first-time home buyers declined in December – both from the previous month and the previous year. First-time home buyers accounted for 31 percent of purchases in December, down from 35 percent in November and 33 percent in December 2010.

Housing inventory is on the decline and fell to its lowest level since March 2005 last month, according to NAR. Approximately 2.3 million homes are available for sale currently.

“The inventory supply suggests many markets will continue to see prices stabilize or grow moderately in the near future,” Yun said.

However, listed inventory is only part of the equation, and according to CoreLogic’s latest numbers, shadow inventory stands at about 1.6 million.

Regardless, Dales believes sales will rise this year. “Housing still won’t contribute much to GDP growth over the next few years, but at least it will no longer subtract from it,” Dales says.

By: Krista Franks

Falling behind; loan modification attempts

When a mortgage payment is missed, the march toward foreclosure begins. California law requires the lender to make a good-faith effort to call or visit the borrower to discuss ways to avoid foreclosure, including free counseling and loan modification possibilities, at least 30 days before declaring default. In California and several other states, the foreclosure process unfolds largely outside a courtroom. Borrowers can find free counseling through the Department of Housing and Urban Development at http://www.hud.gov.

Default; more modification attempts

The lender notifies a third-party trustee of the default. The trustee files a notice of default. Now the foreclosure process officially has started. A California borrower has three months to: dispute the default claim; find the money for all past payments, plus late fees and interest; get the lender to agree to a "short sale," in which the house is sold for less than the amount owed; or win a mortgage modification.

Sale notice; more modification attempts

After three months, the trustee can schedule an auction by filing a notice of trustee sale with the county. The borrower has at least 20 days to get a mortgage modification, find the payment money, arrange a short sale or convince everyone that an error has occurred. If a borrower is being considered for the federal Home Affordable Modification Program, the foreclosure process stops. Bankruptcy may delay but won't stop the auction.

Auction, eviction

If the sale isn't canceled or postponed, the house is auctioned. The buyer often is a cash-carrying investor eager to snap up a deeply discounted home. If no qualified bidders emerge, the lender takes the house, which is now considered foreclosed. If the former homeowner is still in the house, a notice to quit will be delivered allowing three days to leave before a notice of unlawful detainer is filed. The borrower can ask for a trial, which is supposed to be held within 20 days.

Foreclosure rescission

Foreclosures aren't often rescinded, but experts expect more rescissions as lawyers learn to exploit foreclosure mistakes and misdeeds. Consumers are filing more lawsuits challenging banks' right to foreclose based on faulty paperwork and improper procedures. But beating back foreclosure doesn't solve the underlying problem if the homeowner couldn't afford the mortgage payments.

Source: ForeclosureRadar.com; Times research

For additional help with your situation go to The Short Sale Toolbox

Its a Great Time to Buy or Invest in Real Estate....

The 30-year, fixed-rate mortgage fell to 3.88% this past week, hitting a new low and marking its seventh consecutive week below 4%, Freddie Mac said Thursday.

That compares to a 30-year FRM of 3.89% a week earlier and 4.74% last year.

Meanwhile, the 15-year FRM hit 3.17%, up from 3.16% the previous week and down from 4.05% last year. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.82%, compared to 3.69% a year ago.

The 1-year, Treasury-indexed ARM hit 2.74%, down from 2.76% last week and 3.25% last year.

Mortgage rates for the most part were unchanged from the previous week due to mixed economic reports that show a level of uncertainty over consumer sentiment and the broader economy, according to Frank Nothaft, vice president and chief economist for Freddie Mac.

Bankrate also reported the 30-year, FRM remained unchanged at 4.18%, while the 15-year, FRM ticked up from 3.38% last week to 3.39%. The 5/1 ARM also rose to 3.06% from 3.04% a week earlier.

By Kerri Panchuk.

Today’s ever changing real estate industry has brought upon some very challenging questions from our clients. We as counselors, want to put forth the best, non-emotional advice that we can, in hopes that we can help our clients and their families navigate the rough waters of the short sale process.

The most prevalent question and one that continues to permeate the industry is:

“Why should a seller go through the short sale process rather than letting their house be foreclosed upon?”

While we cannot speak to every client circumstance, we can say one thing with complete conviction. In almost all instances in which a potential seller is contemplating whether they should short sell their house or let it go through the foreclosure process, a short sale is the better option. The following are examples to consider:

Example A- Short Sale

Mr. Smith owns a home in which he has a mortgage balance of $220,000 and a current market value of $150,000. Mr. Smith has elected to short sell his property. His Realtor successfully obtains a buyer who puts forth an offer price of $120,000 (80% current market value according to Realty Trac Foreclosure Report 5/26/2011). After reviewing the buyers offer and the financial hardship information from Mr. Smith, Mr Smith’s bank agrees to accept the short payoff of $120,000 which would leave a deficiency balance of $100,000.

The transaction closes and is final. Mr. Smith then pulls his credit report 30 days after the transaction takes place. On the report he notices that the mortgage trade line states “Mortgage debt was settled for less than full” and the balance on the mortgage is $0. Mr. Smith is now on the road to financial recovery.

Example B- Foreclosure

For the ease of illustration we will use the same value and mortgage debt amounts as in Example A. However, Mr. Smith has elected to forgo the short sale process and let the bank foreclose on the property. The bank holding his mortgage facilitates the proper legal procedures to foreclose on the property, all of which are costly. Mr. Smith is notified and his property foreclosed upon of which is taken back by the bank to sell as an REO.

Six months later, the bank finally sells Mr. Smith’s home only they sell it for $90,000 (60% of current market value according to Realty Trac Foreclosure report dated 5/26/2011). Remember, as a short sale, the home would have sold for $120,000 keeping the deficiency to $100,000. In addition to the deficiency now being $130,000, the bank has elected to add on legal costs of $15,000 and asset preservation costs of another $5000 for a total deficiency liability of $150,000. Mr. Smith pulls his credit report 30 days after being notified that the bank has sold his property and of his liability.

On the report he notices that the mortgage trade line states “Foreclosure” and the balance is $150,000. Because of Mr Smith’s choice to choose foreclosure vs. short sale his road to financial recovery has taken a major detour. He not only has a foreclosure on his credit report but now has a much larger deficiency balance in which the bank, in most cases, will report on his credit report as a balance owed.

The Best Option is Clear

While the financial and credit advantages are clear when choosing a short sale over a foreclosure, other advantages are sometimes overlooked. The most important of all of them is maintaining the seller’s dignity and peace of mind. We have heard too many stories of families having to leave their homes because of a Sheriff’s order or some other type of legal action. The short sale process alleviates this negative social impact. The process puts the control back in the seller’s hands so that they can get back on the road to financial recovery and start providing for their families. In the battle of the two evils, a short sale always wins!!!

by Christopher Reale on October 4, 2011

​

Several real estate economists have shown that the average homeowner accumulates more overall wealth than the average renter.[i] However, it is not clear how this is done. Is it that owned property usually appreciates at such a rate that, after considering leverage, returns to ownership are extraordinarily high? Said another way, might homeowners accumulate more overall wealth because ownership is a great levered equity creator through property appreciation? Or, is it that owners acquire greater wealth, on average, because they are systematically paying down a mortgage thereby creating equity thanks to loan amortization? In other words, paying off property creates wealth.

In ongoing research being conducted by Beracha and Johnson,[ii] these and other questions concerning homeownership and the accumulation of wealth are being investigated. In earlier research, Beracha and Johnson show that renting is the superior investment strategy; however, in this earlier strict horse race between buying and renting, a very bold assumption is made. Specifically, it is assumed that any rent savings (from lower rent versus mortgage payments) are reinvested without fail. Thereby, after balancing all of the costs and benefits from ownership and comparing them to renters’ portfolios from reinvesting rent savings, renting wins.

The question, however, very quickly becomes that, in a setting where Americans generally save less than 5% of their disposable income, is this assumption realistic and how might the removal of this reinvestment decision alter the outcome of the horse race between buying and renting? As part of their current research, this question is directly addressed. In particular, Beracha and Johnson find that after allowing renters to spend any rent savings on consumption (beer, cookies, healthcare, education, etc.), ownership leads to greater wealth accumulation, on average. The graph below highlights this finding.

The graph looks at the ratio of renters’ portfolio values to owners’ proceeds from sale for the entire U.S. between 1978 and 2010 both with strict reinvestment of rent savings and without reinvestment of rent savings.[iii] Clearly, numbers greater than 1 indicate that renting leads to greater wealth accumulations, while numbers less than 1 indicate that homeownership creates greater wealth, on average.

When renters are forced to reinvest (top line in the graph), the results confirm the earlier findings of Beracha and Johnson (2012). That is, in a strict horse race between buying and renting, renting wins in the vast majority of cases. However, when renters are allowed to spend rent savings on consumption (i.e. economically act like the typical American consumer), homeownership wins in virtually all instances. Notice that in the bottom line of the graph (no reinvestment), the renters’ portfolio values divided by owners’ sale proceeds is great than 1 for only four of the 32 years of the study. Thus, when renters are allowed to spend rent savings, homeownership is the clear winner in the wealth accumulation horse race.

Finally, in the same current research, Beracha and Johnson find that allowing for property appreciation rates to increase as much as 20% over their actual historic values results in virtually no change in the outcomes concerning wealth accumulation. That is, property appreciation contributes only marginally to wealth accumulation.

Implications

Without proof many have speculated about this outcome for years. However, there is now actual quantifiable evidence that homeownership is not the great levered equity creator that it has so often been touted to be. Instead, it appears that homeownership creates extra wealth mainly through its ability to force owners to save rather than through property appreciation. Thus, homeownership appears to be a self-imposed savings plan, which through time leads to greater wealth accumulation as compared to comparable renters. In short, buying a home makes Americans save.

Who says that Americans are horrible savers? Apparently, we are not. We have simply been saving through our homes rather than putting our savings in the bank.

Many believe that very few houses are selling and that almost no one can get a mortgage. We want to let everyone know that neither of these assumptions is true. Recently, the National Association of Realtors (NAR) released their Existing Homes Sales Report. According to the report there are, on average, 12,109 homes selling in the United States EACH and EVERY DAY! That means that approximately 12,000 houses sold yesterday, approximately 12,000 will sell today and approximately 12,000 will sell tomorrow. So the thinking that homes aren’t selling just isn’t true.

Another interesting fact in the report was that 72% of these transactions were accompanied by a mortgage. That means that approximately 8,719 people qualify for a mortgage on a daily basis in this country.

There are over 12,000 homes sold and over 8,000 mortgages granted every day. The real estate market is doing better than many believe.

by the KC Blog

Foreclosure Avoidance Options

Foreclosure is one of the most devastating financial challenges that a family can face and one that many times can be avoided. The options available to residents for foreclosure are many, including but not limited to short sales. Following is a brief explanation of these solutions:

Reinstatement

A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult. The homeowner simply requests the total amount owed to the mortgage company to date and pays it. This solution does not require the lender's approval and will 'reinstate' a mortgage up to the day before the final foreclosure sale.

Forbearance or Repayment Plan

A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time. The homeowner typically makes their current mortgage payment in addition to a portion of the back payments they owe.

Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These typically result in a lower payment to the homeowner and a more affordable mortgage.

Rent the Property

A homeowner who has a mortgage payment low enough that market rent will allow it to be paid, can convert their property to a rental and use the rental income to pay the mortgage.

Deed-in-Lieu of Foreclosure

Also known as a "friendly foreclosure," a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property.

Bankruptcy

Many have considered and marketed bankruptcy as a "foreclosure solution," but this is only true in some states and situations. If the homeowner has non-mortgage debts that cause a shortfall of paying their mortgage payments and a personal bankruptcy will eliminate these debts, this may be a viable solution.

Refinance

If a homeowner has sufficient equity in their property and their credit is still in good standing, they may be able to refinance their mortgage.

Service members Civil Relief Act (military personnel only)

If a member of the military is experiencing financial distress due to deployment, and that person can show that their debt was entered into prior to deployment, they may qualify for relief under the Service members Civil Relief Act. The American Bar Association has a network of attorneys that will work with service members in relation to qualifying for this relief.

Sell the Property

Homeowners with sufficient equity can list their property with a qualified agent that understands the foreclosure process in their area.

Short Sale

If a homeowner owes more on their property than it is currently worth, then they can hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship can be simply defined as a material change in the financial stability of the homeowner between the date of the home purchase and the date of the short sale negotiation. Acceptable hardships include but are not limited to: mortgage payment increase, job loss, divorce, excessive debt, forced or unplanned relocation, and more.

This represents only a summary of some of the solutions available to homeowners facing foreclosure. Teri Pacitto is a CDPE that can provide you with an evaluation of your individual situation, property value, and possible options.

Understanding your options now could mean all the difference in the world.

Contact Teri Pacitto, Broker DRE#00997649

The Short Sale Toolbox  For answers to questions regarding your situation.

​6. Call  professional...one who has the experience to get your home SOLD in any market.  

​Teri Pacitto Group 

​Sell Your Home Today

​​

Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here are five reasons why it pays to work with a REALTOR®. 

1. Navigate a complicated process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi page settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.

2. Information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

3. Help finding the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.

4. Negotiating skills. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5.  Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

6. Someone who speaks the language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.

7. Experience. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.

8. Objective voice. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, home buying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll every make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.

​When it comes to your financial future regarding your home...know your options.  

Federal Housing Administration (FHA): Temporary Exemption From Compliance With FHA's Regulation on Property Flipping Extension of Exemption

Time is critical for real estate transactions and handling a  Short Sale is no exception.  One of the best things that has happened to short sales in the last couple of years is the on line platform for processing a short sale. There are several platforms in use, but Equator is one of the more popular ones, and is the one used for Bank of America and Wells Fargo Short Sales. So, instead of your agent having to fax all the documents, usually several times, the short sale documents are uploaded as PDFs onto the Equator web site. In order to keep the process moving forward Equator will assign a task to be fulfilled by the agent, like uploading an offer or financial documents onto the website. Once the task is assigned they will give you a fixed number of days to upload the requested documents. This number of days is the same, no matter when the task is assigned. So if it its 2 day task and it is assigned on a Friday, it is due Sunday, period.  It does not matter if it's a holiday, birthday, vacation day or any other day.  It is due when they say it is due; no exception.  

Just this past Christmas Eve my latest short sale assigned me the task of uploading the signed offer on Friday, with a due date of Sunday, which happened to be Christmas.  Of course, I have the ability to work from my home office so I did what I had to do and uploaded the documents right on time.  My responsibility is similar to that of a doctor;on call to do what I need to do.  Sometimes the lives of others depend on me being responsible to get the job done and time is of the essence.  

So the next time you or someone you know needs to hire a real estate agent to help with a real estate transaction and especially a Short Sale...tell them to ask  the agent how they handle their business to make sure that your interests will come first.  You can't afford to have anyone miss crucial deadlines just because it is a holiday or weekend.  

Teri Pacitto Group has the ability to be there for Clients, Lenders, Asset Managers and anyone involved in the real estate transaction to make sure no critical deadlines are missed.  

When it comes to handling your next real estate transaction and your Short Sale, call a professional who will be there for you. 

Teri Pacitto, Broker, REALTOR, CDPE, SFR, CHS

Short Sale Professional

Enjoy your holidays!

There is 20% less homes for sale in the winter, compared to spring and summer months.

In the winter months, the buyers in the market are serious about buying a home.

There aren't many “tire kickers” out in the cold house hunting. They are usually motivated buyers.

There is less inconvenience to the family to keep the home up for showings, because there's less people house hunting in winter.  With scheduled showings, there doesn't have to be any disturbance to holiday festivities.

Several studies have shown homes sold during the winter season sell closer to listing price than those sold during the spring and summer.

Contract negotiations are easier and seller concessions less are generally less in the winter months.

Remember, buyers in the winter are serious about finding a home. It's a captive audience.

Real estate agents aren't as busy in the winter months, and with less inventory, there is more attention on your property.

House Majority Leader John Boehner, R-Ohio, said on NBC's "Meet the Press" Sunday that he opposed a bill passed by the Senate to extend the payroll tax cut through February, and would likely propose another version of the extension Monday.

The upper house of Congress passed the bill 89-10 in a rare Saturday session as both chambers finish up year-end business. The Senate version of the bill amends an earlier House bill to prolong the tax cut, along with other benefits, for two months.

The Senate version still includes an increase of guarantee fees charged by Fannie Mae and Freddie Mac, upping the rate by at least 10 basis points in the first two years. Fees last year averaged about 0.25% of the loan amount.

The increase would offset about $35.7 billion in costs through 2021, according to a report from the Congressional Budget Office.

David Stevens, CEO of the Mortgage Bankers Association, wrote on Twitter that the g-fee increase is "not justifiable," and to "never tax homeownership for dysfunctional tax efforts again."

The Senate proposal also leaves in a provision on the Keystone XL pipeline that would run from Canada to the southern United States. The bill would require President Obama to make a decision within 60 days on the project.

White House communications director Dan Pfeiffer said in a statement Sunday that Congress should pass the two-month extension for now, but continue work on a yearlong version.

"If House Republicans refuse to pass this bipartisan bill to extend the payroll tax cut, there will be a significant tax increase on 160 million hardworking Americans in 13 days that would damage the economy and job growth," Pfeiffer said.

The House version of the bill, which passed Tuesday, originally extended the programs through the end of 2012.

The National Association of Realtors will release its November existing home sales figures Wednesday. The trade group, however, will also announce revisions made to its sales figures dating back to 2007.

The expected adjustments come after data firm CoreLogic (CLGX: 12.37 +0.57%) said in February that NAR's 2010 were at least 15% too high. NAR said the "rebenchmarking" is a normal process and not brought on by CoreLogic's belief that NAR overstated the sales numbers.

NAR attributed its overestimation to shifts in population, duplicate listings and a decline in for-sale-by-owner transactions.

In other housing data, the Census Bureau will release its November housing starts figures Tuesday and new home sales Friday. October housing starts increased 17.7% from last year to a seasonally adjusted annual rate of 653,000, while new home sales rose 8.9% from October 2010 to the annual rate of 307,000.

The Commerce Department will release its final third-quarter GDP figure as well Thursday. Last month's second estimate for the third quarter bumped an earlier 2.5% annualized increase down to 2%.

The Senate postponed until next year Obama's nominations for several positions, including Richard Cordray as head of the Consumer Financial Protection Bureau, according to Reuters.

Senate Democrats failed to move Cordray's nomination past a Republican filibuster on a 53-45 vote on Dec. 8.

Other nominees in legislative limbo include Martin Gruenberg as chair and Thomas Hoenig as vice chair of the Federal Deposit Insurance Corp., and Thomas Curry to head the Office of the Comptroller of the Currency.

The Senate said it will hold several "pro forma sessions," or brief meetings, between now and Jan. 23, the expected legislative resume date, in order to block recess appointments by Obama.

Wells Fargo (WFC: 25.765 -0.83%) spent $1.97 million to lobby the federal government in the third quarter, much of it regarding changes coming from the Dodd-Frank Act, according to the Associated Press. That figure increased from $1.18 million a year ago and equaled second-quarter totals.

The figures were disclosed in a report filed Oct. 20 with the House clerk's office. The disclosure also said the company lobbied Congress, the Treasury Department and the Federal Housing Finance Agency, among other agencies. Wells Fargo lobbied the government on debit card fees and new mortgage-related rules, as well as data privacy and small-business lending.

The Federal Deposit Insurance Corp. announced Friday the failures of two banks, Phoenix-based Western National Bank and Premier Community Bank of the Emerald Coast in Crestview, Fla. Washington Federal acquired Western National, and Summit Bank absorbed Premier Community Bank.

Ninety-two banks have failed in 2011.

Write to Andrew Scoggin.

Follow him on Twitter @ascoggin.

The number of delinquent mortgages in November rose to 8.15% from 7.93% the prior month, according to a first look report from Lender Processing Services (LPS: 14.39 +0.63%).

That delinquency rate as a percentage of the LPS database of 40 million mortgages declined nearly 10% from a year earlier. About 4.14 million homes were 30 or more days past due in November, with about 1.81 million properties more than 90 days past due.

LPS considers a mortgage delinquent when it's at least 30 days in arrears but not in foreclosure. The company recorded 6.26 million homes either delinquent or in foreclosure last month.

Foreclosure presale inventory dropped 3% from October, but increased 2% from November 2010.

States with the highest percentage of noncurrent loans include Florida, Mississippi, Nevada, New Jersey and Illinois, according to the LPS report. Montana, South Dakota, Wyoming, Alaska and North Dakota had the lowest noncurrent loan rates.

Write to Andrew Scoggin.

Follow him on Twitter @ascoggin.

For information on Short Sales in Ventura and Los Angeles Counties -   Go to our Short Sale Toolbox  For information on how you can get answers to your questions and help with your situation.

Short Sale List Prices

The list price of a short sale home generally has very little bearing on the actual price a bank may accept. The list price may be too high to attract an offer or too low for the bank to accept. Some agents advertise short sales at unbelievable prices, in hopes a buyer will be enticed to submit an offer. Moreover, just because the seller may accept the offer does not mean the bank will agree to take a short sale. 

For more information and answers to your questions about Short Sales please go to The Short Sale Toolbox

Teri Pacitto, Broker DRE#00997649, SFR, CDPE, CHS 

805.444.7013  

Online report outlines what a distressed homeowner should expect if they have missed mortgage payments—and provides steps for homeowners to take to... Avoid foreclosure in the Ventura County area, including Thousand Oaks, Westlake Village, Agoura, Oak Park, Newbury Park, Moorpark and Simi Valley.

Thousand Oaks, CA, December 7, 2011.  LocalBroker/RCDPE-designated agent,  Teri Pacitto, REALTOR®  DRE#00997649 of Aviara Real Estate , has released a new report that provides information regarding the steps that can be taken to avoid the costly effects of foreclosure.

The report titled Missing Mortgage Payments? It’s Not Too Late!, provides information every homeowner should know if they are about to or have already missed mortgage payments.

“So many people are devastated and embarrassed by their financial challenges they don’t ask for help,” Pacitto said.  “The reality is that over 6 million Americans missed a mortgage payment in April, so people should understand they are not alone.”

This community resource is available at The Short Sale Toolbox.   In addition to providing more information about the alternatives to foreclosure, the report explains five steps a distressed homeowner can take to get the process started. It also lists each alternative to foreclosure, including options like loan modification or short sale.

A short sale occurs when a lender allows a homeowner to sell a property for less than the current mortgage amount owed.

“There are many alternatives to foreclosure that a distressed homeowner can choose from Pacitto said. “I can help tailor a solution that best fits the needs of distressed homeowners and gets them back on track to financial stability.”

The CDPE Designation that Pacitto has acquired provides a specific understanding of the complex issues confronting distressed homeowners.  Through comprehensive training and experience, CDPE-designated agents are able to provide solutions for homeowners facing financial hardship in today’s market.

To learn more, visi​​t The Short Sale Toolbox.

Teri Pacitto, Broker, REALTOR®, CDPE, SFR, CHS

Aviara Real Estate

805.444.7013 

It’s Not Too Late

Wondering what a homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

First, here’s what a distressed homeowner should expect to happen when payments are missed:

30 Days Late: The lender will attempt phone contact or send a notice in the mail.

60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.

90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.

120 Days or More Late: The lender’s attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

Not late yet, but about to be?

Homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn’t work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders who would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with homeowners to avoid being late.

If you are visiting my website, you or someone you care about may miss mortgage payments in the near future. I can help navigate the process and put you back on a path to financial stability. Contact us today and alleviate the stress that comes with unaffordable mortgage payments.

​The Short Sale Toolbox    The place to go if you or someone you know needs help.  Contact us today!

Help for Homeowners.

Take action now to turn it around in 2012

Recent economic upheaval has taken a hefty toll. Looking forward to 2012, it’s impossible to know what’s next and the kind of an impact that an upturn or a downturn at the national level stands to have on your family’s finances.

Regardless of what happens in Washington or on Wall Street, two things are very clear: you are not alone and now is the time to prepare for a new normal.

With a national epidemic of unemployment or underemployment, and 25 percent of the homeowners in the country owing more on their home than they could net for it in today’s market, homeownership for many has become a financial liability. Not       being able to make payments on a home that you can’t afford to sell feels like an awful trap, but the fact is, there are solutions—and foreclosing on your mortgage is not one of them.

Loan modification is an option for many and banks are increasingly willing to negotiate short sales. In many cases, they’re offering sizable financial incentives to help financially strapped homeowners to get a fresh start on their lives.

As real estate professional who has achieved the Certified Distressed Property Expert , CDPE designation, it is my mission to give homeowners the gift of a fresh start. 

Contact me TODAY and let’s get started.

Teri Pacitto, Broker, REALTOR,DRE#00997649,  CDPE, SFR, CHS

805.494.4663   

​The Short Sale Toolbox -    Resources for Homeowners

Help for Homeowners.

Take action now to turn it around in 2012

Recent economic upheaval has taken a hefty toll. Looking forward to 2012, it’s impossible to know what’s next and the kind of an impact that an upturn or a downturn at the national level stands to have on your family’s finances.

Regardless of what happens in Washington or on Wall Street, two things are very clear: you are not alone and now is the time to prepare for a new normal.

With a national epidemic of unemployment or underemployment, and 25 percent of the homeowners in the country owing more on their home than they could net for it in today’s market, homeownership for many has become a financial liability. Not       being able to make payments on a home that you can’t afford to sell feels like an awful trap, but the fact is, there are solutions—and foreclosing on your mortgage is not one of them.

Loan modification is an option for many and banks are increasingly willing to negotiate short sales. In many cases, they’re offering sizable financial incentives to help financially strapped homeowners to get a fresh start on their lives.

As real estate professional who has achieved the Certified Distressed Property Expert , CDPE designation, it is my mission to give homeowners the gift of a fresh start. 

Contact me TODAY and let’s get started.

Teri Pacitto, Broker, REALTOR,DRE#00997649,  CDPE, SFR, CHS

805.494.4663   

​The Short Sale Toolbox -    Resources for Homeowners