Monthly Archives: August 2011

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Get up to $100,000 in Principal Reduction with Keep Your Home California

Program offers a chance to get your Loan Principal Reduced!

KEEP YOUR HOME CALIFORNIA

California Homeowners caught a big break when Bank of America agreed to participate in a principal-reduction program.

Read more here:

via http://www.keepyourhomecalifornia.org/

Keep Your Home Banner

Helping You Keep Your Home


Each of the Keep Your Home California programs is designed to address one or more aspects of the current housing crisis by doing the following:

  • Helping low and moderate income homeowners retain their homes if they either have suffered a financial hardship such as unemployment, have experienced a change in household circumstance such as death, illness or disability, or are subject to a recent or upcoming increase in their monthly mortgage payment and are at risk of default because of this economic hardship when coupled with a severe decline in their home’s value.
  • Creating a simple, effective way to get federal funds to assist low and moderate income homeowners who meet one or all of the objective criteria described above. Speed of delivery will be balanced with fulfillment of the specific program’s mission and purpose.
  • Creating programs that have an immediate, direct economic and social impact on low and moderate income homeowners and their neighborhoods.
Call to See if you Qualify! Homeowners Call Toll Free 888-954-KEEP(5337)

Agent Training: How to Sell HUD Homes 9/6 at 8:45 AM at Regency Real Estate Brokers, Inc.

How To Sell HUD Homes

Discover New Ways to Grow Your Business:

What You Will Learn:

• How to register and sell HUD Homes?

• How are HUD Homes Sold?

• Who can buy and Sell HUD Homes?

• How to Market/ Advertise HUD Homes

• How to complete a HUD Sales Contract

• How recent changes affect you and your buyers

• Tips in getting your offers accepted by HUD

 

Training OCAR

 

 

 

 

 

 

 

 

 

Presented by:

Jesse Madison, Broker at Madison Realty and HUD Local Listing Broker

What: course on How to Sell HUD Homes

When: Sep 6, 2011

Where: at Regency Real Estate Brokers, Inc.

25950 Acero # 100

Mission Viejo, CA 92691

Time: 8:45 AM

orangecountyshortsalebroker.com: Join Me Thu

orangecountyshortsalebroker.com: Join Me Thurs Aug 25 at Aliso Viejo Library for a FREE HUD Homebuyer Workshop: We offer “HUD Homebuyer Workshops” … http://wp.me/p1umxw-6j

Join Me Thurs Aug 25 at Aliso Viejo Library for a FREE HUD Homebuyer Workshop

We offer “HUD Homebuyer Workshops” for buyers interested on purchasing HUD Homes. Please attend one of our workshops to learn how to buy a HUD-owned property in California.

Aliso Viejo Library

 

 

 

 

 

 

 

 

 

 

HUD homes present an amazing opportunity for those looking to  SAVE MONEY when buying a home in Southern California.  Below are just few of the benefits of buying a HUD home:

  • Appraisals are completed on HUD homes before they are listed for sale.  Often times, the homes are listed for sale at or below the appraised value!
  • If you utilize FHA financing, you can use the appraisal completed by HUD saving you hundreds of dollars!
  • Termite reports are provided and section 1 repairs are completed by the seller when using FHA loans.
  • Property Condition Reports (which are similar to a home inspection) are provided to you by HUD at no cost saving you hundreds of dollars!
  • HUD will pay up to $4000 towards lead based paint remediation when the buyer uses FHA financing!
  • Only owner occupants can make offers on HUD owned homes for the first 30 days the home is listed!

Please join us on at the Library to learn more about the process and benefits of buying a HUD home.  This event is completely free of charge.

 

What: FREE HUD Homebuyer Workshop

Where: Aliso Viejo Library, 1 Journey, Aliso Viejo, CA 92656

Time: Aug 25 at 7:00 pm

 

 

For more information, please call Jesse at (949) 306-8416

Please contact me at JMadison.Realtor@gmail.com to register for one of our “HUD Homebuyer Workshops” near you.

Or register online at: http://freehudworkshop.eventbrite.com/

Avoid the Drama…Mr Agent, Please don’t let your buyer move in early

“We’re ready to close” …Those are great words coming from an escrow officer.

  • Buyer funds just received into to escrow- check
  • All docs are in from both buyer and seller – check

Things were going great until my client (REO Seller) had asked for one last property inspection before our scheduled closing in 2 days.

moving boxesThen I saw the items stored in the garage and some repairs being done on the interior of the home PRIOR to closing… and of course I had to send the photos to my client. I realized that I had been boxed into a corner by an agent who either: 

1- Did not know any better and allowed this to happen or,

2- Knowingly allowed this to happen and hoped I would not find out or did not care about the fact that this was not permitted by my client under any circumstances.

Unfortunately it was the latter in this case.

Actions have consequences and by doing this the buyers agent jeopardized her entire transaction as the seller threatened to cancel the entire sale ( an believe me they were ready to). The agent reacted quickly to resolve the issues that very same day and if she would have been out of town or busy that day she very well could have had lost the whole deal for her buyer.

handyman

And then what?… Who do you think the buyer will blame when they lose the house and all the fees incurred? Not to mention what would have happened if the buyers actually injured themselves while performing repairs on the property themselves ( no contractor).

We really do have to be strong and adhere to the guidelines and protocols put in place during our escrow and closing process. We cannot let our desires to be a good friend to the buyer to cloud our judgement. We must first give sound advice and inform them of the consequences to their actions.

 

 

Jesse Madison is an expert in South Orange County Real Estate. As a Real Estate Broker, the cities he serves include Irvine, Laguna Niguel, El Toro, Foothill Ranch, Huntington Beach, Capistrano Beach, Corona Del Mar, Costa Mesa, Dana Point, Lake Forest, Laguna Woods, East Irvine, Laguna Beach, Laguna Hills, Aliso Viejo, Newport Coast, Newport Beach, San Clemente, San Juan Capistrano, Silverado, Trabuco Canyon, Rancho Santa Margarita, Mission Viejo, Ladera Ranch, Santa Ana, Fountain Valley, Tustin, Tustin Ranch, Villa Park, Orange, Portola Hills, Foothill Ranch, Dove Canyon, Coto De Caza, Las Flores, Rancho Cielo. As a top producing Real Estate Broker and HUD specialist he can help you reach your buying and selling goals properties in South Orange County.

 

Small investors fleeing the stock market…”Mr. and Mrs. Investor, right this way please…”

Small investors fleeing the stock market…”Mr. and Mrs. Investor, right this way please…”

stocks down
Economic Uncertainty in the Stock Market

The market volatility is getting to be a little too much for many small investors as investors drew over 33 billion from the domestic stock market  mutual funds in the last 7 months.

This is the perfect time to turn those stock market woes into real estate buying opportunities. I have had a few recent buyers who have pulled their money out of the stock market and 401k’s and who are ready to invest in real estate.

Why? Because It is cheaper to buy right now than to rent real estate. Many investors are wondering where they can  invest for a better return on their money. Right now there is great opportunity for investors to cash in on low real estate prices in Orange County, CA. Rents remain high and the rental market is strong in Southern California. Throw record low interest rates into the mix and you have tremendous investment opportunity.

Related: Read New York Times article here: In Striking Shift, Small Investors Flee Stock Market

 

Jesse Madison is an expert in South Orange County Real Estate. As a Real Estate Broker, the cities he serves include Irvine, Laguna Niguel, El Toro, Foothill Ranch, Huntington Beach, Capistrano Beach, Corona Del Mar, Costa Mesa, Dana Point, Lake Forest, Laguna Woods, East Irvine, Laguna Beach, Laguna Hills, Aliso Viejo, Newport Coast, Newport Beach, San Clemente, San Juan Capistrano, Silverado, Trabuco Canyon, Rancho Santa Margarita, Mission Viejo, Ladera Ranch, Santa Ana, Fountain Valley, Tustin, Tustin Ranch, Villa Park, Orange, Portola Hills, Foothill Ranch, Dove Canyon, Coto De Caza, Las Flores, Rancho Cielo. As a top producing Real Estate Broker and HUD specialist he can help you reach your buying and selling goals properties in South Orange County.

 


 

 

 

California Officials Take Down National Foreclosure Rescue Fraud Ring via DSNews.com

BY: CARRIE BAY 08/19/2011

via www.DSNews.com

California’s attorney general and the state’s Department of Justice have taken down a fraud ring of legal firms and attorneys that officials say swindled thousands of homeowners out of millions of dollars by convincing them to take part in mass lawsuits against their lenders.

Fraud ScamAttorney General Kamala Harris has sued Philip Kramer, the Law Offices of Kramer & Kaslow, two other law firms, three other lawyers, and 14 other defendants who are accused of working together to defraud homeowners across the country through the deceptive marketing of “mass joinder” lawsuits. Mass joinder lawsuits involve hundreds, or more, individually named plaintiffs.

Kramer’s firm and other defendants were placed into receivership on August 15. The legal actions were designed to shut down a scheme operated by attorneys and their marketing partners, in which defendants used false and misleading representations to induce thousands of homeowners into joining the mass joinder lawsuits against their mortgage lenders.

Defendants also had their assets seized and were enjoined from continuing their operations. Nineteen special agents from the California Department of Justice participated as the firms were taken over on August 17, along with 42 agents and other personnel from HUD’s Office of Inspector General, the California State Bar, and the Office of Receiver Thomas McNamara.

Fourteen office locations in Los Angeles and Orange counties and 16 bank accounts were seized in the massive sweep.

“The defendants in this case fraudulently promised to win prompt mortgage relief for millions of vulnerable homeowners across the country,” said Attorney General

Harris. “Innocent people, already battered by the housing crisis, were targeted for fraud in their moment of distress.”

It is believed that at least two million pieces of mail were sent out by the defendants to victims in at least 17 states. The defendants’ revenue from this scam is estimated to be in the millions of dollars.

“The number of lawyers who have tried to take advantage of distressed homeowners in these tough economic times is nothing short of shocking,” said William Hebert, president of the State Bar. “By taking over the practices of four attorneys accused of fraudulent marketing practices, the State Bar can put a stop to their deplorable conduct as part of our ongoing effort to protect the public.”

The California attorney general’s office says the defendants led homeowners to believe that by joining these lawsuits, they would stop pending foreclosures, reduce their loan balances or interest rates, obtain money damages, and even receive title to their homes free and clear of their existing mortgage. Defendants charged homeowners retainer fees of up to $10,000 to join as plaintiffs in a mass joinder lawsuit against their lender or loan servicer.

This mass joinder scam began with deceptive mass mailers, the attorney general’s lawsuit alleges. Some mailers, designed to appear as official settlement notices or government documents, informed homeowners that they were potential plaintiffs in a “national litigation settlement” against their lender.

No settlements existed and in many cases no lawsuit had even been filed, Harris says. Some consumers lost their homes shortly after paying the retainer fees demanded by defendants.

The Department of Justice has seized the practices of the following non-attorney defendants: Attorneys Processing Center, LLC; Data Management, LLC; Gary DiGirolamo; Bill Stephenson; Mitigation Professionals, LLC; Glen Reneau; Pate Marier & Associates, Inc.; James Pate; Ryan Marier; Home Retention Division; Michael Tapia; Lewis Marketing Corp.; Clarence Butt; and Thomas Phanco.

The State Bar has seized the practices and attorney accounts of the attorney defendants: the Law Offices of Kramer & Kaslow; Philip Kramer, Esq; Mitchell J. Stein & Associates; Mitchell Stein, Esq.; Christopher Van Son, Esq.; Mesa Law Group Corp.; and Paul Petersen, Esq.

New Video on How to Buy A HUD Home!

Want to learn about HUD Homes and how you can buy a HUD- owned home in California?

Please watch my new Video explaining the process and the advantages of buying a HUD owned Home.

A few advantages when Buying a HUD owned home:

  • FHA Appraisals are completed on HUD homes before they are listed for sale.  Often times, the homes are listed for sale at or below the appraised value!
  • If you utilize FHA financing, you can use the appraisal completed by HUD saving you hundreds of dollars!
  • Termite reports are provided and section 1 repairs are completed by the seller when using FHA loans.
  • Property Condition Reports (which are similar to a home inspection) are provided to you by HUD at no cost saving you hundreds of dollars!
  • HUD will pay up to $4000 towards lead based paint remediation when the buyer uses FHA financing!
  • Only owner occupants can make offers on HUD owned homes for the first 30 days the home is listed!

If you would like to attend a FREE Live class on How to Buy HUD Homes please visit my link at:

http://jessemadison.com/hud-homebuyer-workshops/

You can read more about the HUD Selling Process at:

http://jessemadison.com/the-hud-selling-process/

Realty Times – Homeowners More Dissatisfied With Mortgage Servicers

Realty Times – Homeowners More Dissatisfied With Mortgage Servicers.

IRS Releases Ten Tax Tips for Home Sellers

IRS Releases Ten Tax Tips for Home Sellers

via www.IRS.gov

The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.

  1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
  2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
  3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
  4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
  5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
  6. You cannot deduct a loss from the sale of your main home.
  7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
  8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
  9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
  10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at www.irs.gov or by calling 800-TAX-FORM (800-829-3676).


Tax deductions Orange County

 

Please seek the help of a tax professional with regards to tax issues related to buying or selling Real Estate in Orange County and Riverside County, CA

These tips can be found on the IRS website at http://www.irs.gov/newsroom/article/0,,id=243682,00.html