About Imperial County, CA

As seen on ImperialValleyLiving.com

Even as housing prices in Imperial County continue to spiral downward, there are some positive signs for people who were cautious during the housing boom.

The most recent figures indicate that in Imperial County, the median price of an existing home declined to $175,000 in December 2008, down 28.6 percent from December 2007, when the median price of an existing home was $245,000.

With many home values in Imperial County declining, the housing market is actually providing an opportunity for many local residents to become homeowners. The declining prices may even mean that homes that previously were out of reach for some buyers are now affordable.

Read the entire Housing Article by clicking here

As seen on ImperialValleyLiving.com

Even as housing prices in Imperial County continue to spiral downward, there are some positive signs for people who were cautious during the housing boom.

The most recent figures indicate that in Imperial County, the median price of an existing home declined to $175,000 in December 2008, down 28.6 percent from December 2007, when the median price of an existing home was $245,000.

With many home values in Imperial County declining, the housing market is actually providing an opportunity for many local residents to become homeowners. The declining prices may even mean that homes that previously were out of reach for some buyers are now affordable.

Read the entire Housing Article by clicking here

Frederic talks with Gordon from Alberta Canada
As a local real estate professional in the Imperial Valley I meet new people everyday, however I have begun to take to meeting them to a more personalized level as I talk with them about their hobbies, work, and children so I could have you meet them too.

I met Gordon Benn from Edmonton, Alberta, Canada recently and he shared his hobby of field training Labrador Retrievers. He had three in the back of his Ford truck and had the campershell windows opened to give them some fresh air as he waited. He has been a winter visitor to the area for about five years now. I know that all of us in the Imperial Valley appreciate those who visit our communities and spend time here.

Speaking of spending time here, if you or someone you know is looking to relocate to the Imperial Valley area, contact me and I will be happy to show you the homes we have available in our beautiful area. You could also buy a home as a home-away from home to spend during the fall, winter, or spring months as our climate is one of the best in the country.

Here's a clip of the video I took as he talked about his hobby. Before I came onto the scene he was waiting for his wife to finish up some shopping at the Super Wal-Mart in Brawely, CA.



If you know Gordon, drop him a line and let him know you saw his video clip online or feel free to comment below.

Thanks Gordon, I hope you read more about your adventures soon when you put your blog together.

Imperial Valley Real Estate - Imperial Valley Short Sale - Avoid Foreclosure

The purpose of this article is for you to share with others you know who are asking the same questions.

Please pass it around and make sure everyone you know who has a home or a mortgage knows about it.

If you want to sell your home and you're located in the Imperial Valley, please let me know ~ the possibility of a "short sale" is a very important way to avoid damage to your credit history over the long term. I can help you by putting together a package your lender will need in order to accept your home as a short sale. If you're located outside of the area and want to sell your home, I can help you by making an agent recommendation.

I know you've talked about different aspects affecting your home, the mortgage, your credit and your existing situation and you want answers. You're asking everyone around for advice, therefore I wanted to provide a summary and outline of items for your information so you can share them with others who may need it as well.

Alternatives to a Foreclosure:

1. Forebearance: Your lender will allow you to delay making payments for a period of time, but will add these payments back to your loan. They may be added to the end of your loan, or with a separate payment plan.

2. Re-amortization: Your lender may add missed payments to your balance, and recalculate a monthly payment taking into account the missed amounts. For example, if you owe $200,000 on your mortgage, and you have missed $4000 in payments, they may recalculate a new monthly payment based on $204,000 mortgage. This will increase your payments somewhat. This is also known as a Loan Modification of the loan terms.

3. Refinance: Your lender may agree to change the terms of your loan in order to reduce your monthly payment. This is also known as a Loan Modification of the loan terms or it could be a totally new mortgage.

4. Deed-in-Lieu of Foreclosure: You give your lender will take title to the house and may agree to waive a deficiency judgment against you. This is still recorded as a foreclosure on your credit.

5. Foreclosure: Proceeding in which the mortgage holder sells or repossesses your property. The lender may then seek a deficiency judgment against you for the unpaid balance.

In summary, it seems like a Short Sale is the best choice when it comes to ability to secure future financing or buying another home in the near future.

Specific information regarding Short Sale Myths & Tall Tales, link here: http://is.gd/htJT

Specific information regarding Short Sale Q & A for Home Sellers, link here: http://is.gd/cyMq

Specific information regarding Loan Modification Tips, link here: http://is.gd/htK8

I have a network of investors who have cash to buy your home: http://is.gd/htKS


"How Will a Short Sale Affect My Credit?"
Your credit affects your ability to procure financing and obtain favorable rates. A Short Sale will often be reported to the credit reporting bureaus by the lender. Fannie Mae, the nation's largest backer of mortgages, affecting millions of loans, has announced recent favorable changes regarding its view of Short Sales and how they affect the credit-worthiness of borrowers. The Fannie Mae policy indicates that Short Sales are preferable to Deed-in-Lieu of Foreclosures and straight foreclosures. Following are excerpts from the new policy guide, published June 25, 2008:

Establishing a new policy for preforeclosure (Short) sales . A preforeclosure sale involves the sale of the property by the borrower to a third party for less than the amount owed to satisfy the delinquent mortgage, as agreed to by the lender, investor, and mortgage insurer. Due to the increased incidence of preforeclosure sales, Fannie Mae is establishing a 2-year elapsed time period for reestablishing credit following completion of the action.

Time Period After Preforeclosure Sale: 2-year time period from completion date. Additional Requirements: None

Deed-in-Lieu of Foreclosure: 4-year time period from completion date (date deed-in-lieu executed) Additional requirements that apply after 4 years up to 7 years following completion date: Borrower may purchase a property secured by a principal residence, second home, or investment property with the greater of 10 percent minimum down payment or the minimum down payment required for the transaction. Limited-cash-out and cash-out refinance transactions secured by a principal residence, second home, or investment property are permitted pursuant to the eligibility requirements in effect at that time. ** Note- 2 year time frame only applies with "extenuating circumstances"

How does Foreclosure affect credit? Kenneth R. Harney, of the Washington Post, recently wrote "Walking Out of a Mortgage And Into Years of Hurt", about ramifications of foreclosure. Some the highlights:

1. Fannie Mae, the major federally chartered mortgage backer, will not allow borrowers with a foreclosure to get another Fannie Mae-backed mortgage for 3-5 years, and only with a minimum credit score of 680.
   
2. Freddie Mac, federally chartered to support the secondary mortgage market, sees foreclosure as a major negative on credit for seven years.
   
3. FICO scores count foreclosures as nearly as bad as bankrupty.
   
4. Freddie Mac and Fannie Mae loan applications include questioning the borrower on whether they have ever had a foreclosure or deed-in-lieu of foreclosure. If so, the loan is more critically analyzed, and may not be so easy to obtain.

Did you know that until recently, mortgage debt on a primary residence that was forgiven from a Short Sale or foreclosure could be counted as taxable income by the IRS?

On December 20, 2007, the Mortgage Forgiveness Debt Relief Act was signed into law. Effective from January 1, 2007 through December 31, 2009, any foregiven or "cancelled" primary mortgage debt from a principle residence, or debt used to improve the residence, will not be taxable. The limits are up to $2,000,000 for married couples filing jointly, or $1,000,000 if filing separately. You can find more information on the IRS online filing form titled Reduction of Tax Attributes Due to Discharge of Indebtedness.

Be aware, however, that second mortgages or home equity lines are not exempted.

Second homes and investment properties are still subject to taxation for forgiven debt. There is an exception when the borrower is insolvent, meaning, has liabilities are greater than assets. For a detailed explanation and a worksheet to figure if you have any liability, please visit the IRS page about "Questions and Answers on Home Foreclosure and Debt Cancellation". And of course, consult with your tax account on your particular situation.

In summary, new laws and regulations are helping people to avoid these burdens.

I hope this information helps you understand and know the choices you have regarding your situation in response to selecting a loan modification, new FHA rescue bill refinance, or short sale as your remedy.

Thank you for looking to me as your trusted advisor,

Frederic Din, REALTOR(R)
IVForeclosures.com
info@ivforeclosures
760-344-5363
619-241-4415

http://ivforeclosures.com
http://imperialvalleyreo.com
http://blog.imperialvalleyreo.com
http://youtube.com/ivforeclosures
http://twitter.com/ivforeclosures
http://activerain.com/blogs/ivforeclosures

* Information is subject to change without notice, is deemed reliable but cannot be guaranteed.

++ The information in this email is not meant to be legal, tax, or financial advice, you are to use the services of a attorney, CPA, or financial planner for specific advice. ++

Imperial Valley Real Estate - Imperial Valley Short Sale - Avoid Foreclosure

The purpose of this article is for you to share with others you know who are asking the same questions.

Please pass it around and make sure everyone you know who has a home or a mortgage knows about it.

If you want to sell your home and you're located in the Imperial Valley, please let me know ~ the possibility of a "short sale" is a very important way to avoid damage to your credit history over the long term. I can help you by putting together a package your lender will need in order to accept your home as a short sale. If you're located outside of the area and want to sell your home, I can help you by making an agent recommendation.

I know you've talked about different aspects affecting your home, the mortgage, your credit and your existing situation and you want answers. You're asking everyone around for advice, therefore I wanted to provide a summary and outline of items for your information so you can share them with others who may need it as well.

Alternatives to a Foreclosure:

1. Forebearance: Your lender will allow you to delay making payments for a period of time, but will add these payments back to your loan. They may be added to the end of your loan, or with a separate payment plan.

2. Re-amortization: Your lender may add missed payments to your balance, and recalculate a monthly payment taking into account the missed amounts. For example, if you owe $200,000 on your mortgage, and you have missed $4000 in payments, they may recalculate a new monthly payment based on $204,000 mortgage. This will increase your payments somewhat. This is also known as a Loan Modification of the loan terms.

3. Refinance: Your lender may agree to change the terms of your loan in order to reduce your monthly payment. This is also known as a Loan Modification of the loan terms or it could be a totally new mortgage.

4. Deed-in-Lieu of Foreclosure: You give your lender will take title to the house and may agree to waive a deficiency judgment against you. This is still recorded as a foreclosure on your credit.

5. Foreclosure: Proceeding in which the mortgage holder sells or repossesses your property. The lender may then seek a deficiency judgment against you for the unpaid balance.

In summary, it seems like a Short Sale is the best choice when it comes to ability to secure future financing or buying another home in the near future.

Specific information regarding Short Sale Myths & Tall Tales, link here: http://is.gd/htJT

Specific information regarding Short Sale Q & A for Home Sellers, link here: http://is.gd/cyMq

Specific information regarding Loan Modification Tips, link here: http://is.gd/htK8

I have a network of investors who have cash to buy your home: http://is.gd/htKS


"How Will a Short Sale Affect My Credit?"
Your credit affects your ability to procure financing and obtain favorable rates. A Short Sale will often be reported to the credit reporting bureaus by the lender. Fannie Mae, the nation's largest backer of mortgages, affecting millions of loans, has announced recent favorable changes regarding its view of Short Sales and how they affect the credit-worthiness of borrowers. The Fannie Mae policy indicates that Short Sales are preferable to Deed-in-Lieu of Foreclosures and straight foreclosures. Following are excerpts from the new policy guide, published June 25, 2008:

Establishing a new policy for preforeclosure (Short) sales . A preforeclosure sale involves the sale of the property by the borrower to a third party for less than the amount owed to satisfy the delinquent mortgage, as agreed to by the lender, investor, and mortgage insurer. Due to the increased incidence of preforeclosure sales, Fannie Mae is establishing a 2-year elapsed time period for reestablishing credit following completion of the action.

Time Period After Preforeclosure Sale: 2-year time period from completion date. Additional Requirements: None

Deed-in-Lieu of Foreclosure: 4-year time period from completion date (date deed-in-lieu executed) Additional requirements that apply after 4 years up to 7 years following completion date: Borrower may purchase a property secured by a principal residence, second home, or investment property with the greater of 10 percent minimum down payment or the minimum down payment required for the transaction. Limited-cash-out and cash-out refinance transactions secured by a principal residence, second home, or investment property are permitted pursuant to the eligibility requirements in effect at that time. ** Note- 2 year time frame only applies with "extenuating circumstances"

How does Foreclosure affect credit? Kenneth R. Harney, of the Washington Post, recently wrote "Walking Out of a Mortgage And Into Years of Hurt", about ramifications of foreclosure. Some the highlights:

1. Fannie Mae, the major federally chartered mortgage backer, will not allow borrowers with a foreclosure to get another Fannie Mae-backed mortgage for 3-5 years, and only with a minimum credit score of 680.
   
2. Freddie Mac, federally chartered to support the secondary mortgage market, sees foreclosure as a major negative on credit for seven years.
   
3. FICO scores count foreclosures as nearly as bad as bankrupty.
   
4. Freddie Mac and Fannie Mae loan applications include questioning the borrower on whether they have ever had a foreclosure or deed-in-lieu of foreclosure. If so, the loan is more critically analyzed, and may not be so easy to obtain.

Did you know that until recently, mortgage debt on a primary residence that was forgiven from a Short Sale or foreclosure could be counted as taxable income by the IRS?

On December 20, 2007, the Mortgage Forgiveness Debt Relief Act was signed into law. Effective from January 1, 2007 through December 31, 2009, any foregiven or "cancelled" primary mortgage debt from a principle residence, or debt used to improve the residence, will not be taxable. The limits are up to $2,000,000 for married couples filing jointly, or $1,000,000 if filing separately. You can find more information on the IRS online filing form titled Reduction of Tax Attributes Due to Discharge of Indebtedness.

Be aware, however, that second mortgages or home equity lines are not exempted.

Second homes and investment properties are still subject to taxation for forgiven debt. There is an exception when the borrower is insolvent, meaning, has liabilities are greater than assets. For a detailed explanation and a worksheet to figure if you have any liability, please visit the IRS page about "Questions and Answers on Home Foreclosure and Debt Cancellation". And of course, consult with your tax account on your particular situation.

In summary, new laws and regulations are helping people to avoid these burdens.

I hope this information helps you understand and know the choices you have regarding your situation in response to selecting a loan modification, new FHA rescue bill refinance, or short sale as your remedy.

Thank you for looking to me as your trusted advisor,

Frederic Din, REALTOR(R)
IVForeclosures.com
info@ivforeclosures
760-344-5363
619-241-4415

http://ivforeclosures.com
http://imperialvalleyreo.com
http://blog.imperialvalleyreo.com
http://youtube.com/ivforeclosures
http://twitter.com/ivforeclosures
http://activerain.com/blogs/ivforeclosures

* Information is subject to change without notice, is deemed reliable but cannot be guaranteed.

++ The information in this email is not meant to be legal, tax, or financial advice, you are to use the services of a attorney, CPA, or financial planner for specific advice. ++