Santa Clarita, CA

A Short Sale occurs when a home owner is unable to keep up the mortgage payments and must sell or lose their home to a foreclosure. The home owners is considered upside down. The Lender has the option to allow the home owner sell the home and the Lender will pay all of the closing costs and accept the net proceeds from the sale as payment in full. This helps the seller by allowing them to avoid a foreclosure on they record. This helps the Lender by allowing them to sell the home quicker and reinvest the proceeds sooner. This helps the Buyer by making a property available the otherwise would not be.

This all seems like a win win win for all parties. However the Lenders continue to drag their feet. They should be selling these homes and unloading distressed properties quickly. The nation could run through the distressed home inventory in a matter of months rather then years. There was supposed to be a streamline process that would get homes selling again. Lenders continue to have their own agenda.

It's time for the Federal Government to step in and put Americans first. Show some guts and stop corporate America from being the tail that wags the dog! Wake up Americans! We have a voice, let's use it!

Your Friend & Realtor,

Tony Lewis RE/MAX of Valencia, Ca. www.TonyLewis.com tonyglewis@yahoo.com 661-702-4720

I am located in Valencia, Stevenson Ranch, Santa Clarita, California and have been a Realtor selling residential homes since 1996. The real estate market is now absolutely incredible when looking back to October of 2005. That was the month and year that we, as Realtors, knew that the real estate market had begun to crash.

October 2005 the phones stopped ringing, and homes stopped selling at the brisk pace that began in November of 1997. Homes did sell through close to the end of 2006 but inventories grew and price reductions were the norm. From the end of 2006 until the federal government started the buyer incentive programs home sat and sat. Lowering prices didn't make much difference. Buyers were scarce as were saleabe homes. The market had crashed but sellers had no urgency to wholesale their homes.

Then the Tax Credit began and REO/Bank Owned homes were simultaneously becoming the new era of real estate. Home sold and inventories diminished. Even Short Sales Listings were selling.

Looking back on the market today I can say we have come back from the brink of destruction and now can see the light at the end of the tunnel. We seem to have gone far past the devastation that lead most to believe that we would see the next depression in our life time. People with money and jobs are gradually leading the way to a new tomorrow. This momentum is gaining wheels and smooth sailing is in the near future.

This is the time to buy a home, sell a home and move up or buy an investment property to help regain the equity lost in the pase five years! Home prices are down nearly 50% in many areas and interest rates are near the 4 1/2 % mark. I've said it many times, "Buy a home and help you family, friends, neighbors and country!"

Your Friend & Realtor,

Tony Lewis RE/MAX of Valencia, Ca. www.TonyLewis.com tonyglewis@yahoo.com 661-702-4720

Circle J Ranch Ranch Town-home, Santa Clarita, Ca. 91350 $324K

Laura Coffey | Re/Max of Santa Clarita | (661) 284-5004 25426 Pyramid Peak Drive, Valencia, CA Executive town home 3BR/2+1BA Townhouse offered at $324,000 Year Built 2000 Sq Footage 1,700 Bedrooms 3 Bathrooms 2 full, 1 partial Floors Unspecified Parking 2 Car garage Lot Size Unspecified HOA/Maint $225 per month DESCRIPTION Save Listing Sought after Circle J Ranch town-home minutes from the 5 freeway. Gorgeous adult occupied home with custom upgrades, built ins, laminate floors throughout, 3 bed, 2.5 baths, and a loft currently used as an office. Boasting indoor laundry room, granite counters, stainless steel appliances, plantation shutters, neutral decor, and more. Private patio yard for BBQing and enjoyment plus community has pool & spa. see additional photos below PROPERTY FEATURES - Central A/C - Central heat - Fireplace - High/Vaulted ceiling - Walk-in closet - Tile floor - Family room - Dishwasher - Stove/Oven - Microwave - Granite countertop - Stainless steel appliances - Laundry area - inside - Balcony, Deck, or Patio COMMUNITY FEATURES - Guest parking - Swimming pool(s) - Gated property OTHER SPECIAL FEATURES - Has a loft ADDITIONAL PHOTOS front entrance Living room kitchen loft master comminuty pool Contact info: Laura Coffey Re/Max of Santa Clarita (661) 284-5004 For sale by agent/broker Equal Opportunity Housing Posted: Jul 22, 2010, 9:35am PDT

I am being foreclosed upon by my HOA?? It is not at all uncommon these days, as struggling borrowers let the dues slide, thinking it's more important to throw all their cash into their mortgage payments.

Thirty-four states allow for judicial foreclosures by HOAs, although the rules and redemption periods differ. The redemption period is the amount of time that a homeowner has to pay up all the dues and fees after the HOA has officially taken title to the home.

Texas has a 180 day redemption period.

Florida's is just 10 days.

"People don't understand that by failing to pay the association dues they can lose their home and be put in the street," says Florida attorney Robert Tankel. He represents HOAs in Florida and his business is positively booming.

Sometimes, real property owners fall on hard times and they default on some type of a payment that's owed on their property. Usually, the creditor can either take action to enforce and collect the debt, such as foreclosing on a lien, or the property owner and the creditor can make a deal to settle the matter, which is called a "workout." Sometimes, a property owner has to declare bankruptcy.

All of these things can happen when the property is part of a homeowners' association (HOA). And, anyone who's a member of an HOA, should know how their HOA will react in such circumstances. Often, a HOA will be aggressive in collection actions when assessments and dues go unpaid, because it's simply not fair to other owners to shoulder the financial responsibility of a non-paying HOA member.

It has become a race to the courthouse steps because if there's a first mortgage foreclosure pending and the first mortgage foreclosure beats the HOA to the courthouse steps, then they wipe out the association's claim of lien. Since the big banks on average can take over a year to foreclose on a home, the HOAs can swoop in, take title, boot the borrower, and either rent or sell the home for a good six to twelve months before the bank comes in with the far bigger lien and forecloses again. Most regular real estate investors don't touch HOAs because the risk is high and the time for profit short said Tankel, cnbc.com.

Foreclosure:

Foreclosure is when a creditor, like an HOA if it has a lien against your property for unpaid HOA fees, takes your property as payment for the fees. Generally, you can stop a foreclosure immediately by paying all the fees that you owe to the HOA.

If you can't or don't pay the fees or file for bankruptcy, there are two types of foreclosure actions that your HOA might use:

•Non-judicial foreclosure, which allows the HOA to take your property and sell it at auction without a court order. This type of foreclosure by HOAs is allowed in only some states, including California.

•Judicial foreclosure, which requires the HOA to go to court and get an order authorizing it to sell your property, but only after the HOA gives you notice of the non-payment or lien and a certain amount of time to "cure" the default by paying the fees or assessments that you owe

The laws on foreclosure vary from state to state, so be certain to check the laws in your area to make sure that your legal rights are protected if your HOA attempts to foreclose on a lien.

Workouts:

It's not uncommon for HOAs to foreclose on a lien for unpaid fees and assessments, even if your debt amounts to only a few hundred dollars-remember, these are your fellow owners and neighbors, and the failure of an owner to pay his share of the common expenses is unfair to the group. However, it's likely that the HOA will agree to an arrangement like a payment plan to allow you to catch up on the amount you owe over time. This solution will save the expenses that come with foreclosure.

For example, you could arrange a monthly payment plan that consists of the regular monthly fee, plus an amount to be applied towards the arrears, so that you stay current on the regular fee and pay off the arrears over the course of one year.

In any event, the best advice is to pay your HOA fees on time. If you have a question about whether a fee is legitimate or too large, ask the HOA about it. If you can't afford the payments, try to work out a plan with the HOA before it begins foreclosure proceedings.

Many homeowners here in Santa Clarita live within HOA communities and find themselves in this exact situation. Anyone who is facing foreclosure should understand exactly what it's implications are, and what other options are available. Make sure you explore All of your options before you do not have any left to choose from. As Santa Clarita's Advanced Certified Distressed Property Experts we pay close attention to the changes as they happen, so that you can get the most relevant, current information, and the best possible service. If you would like to find out more about HAMP or HAFA programs, or someone you know needs assistance in avoiding foreclosure, please don't hesitate to call us we are here to help.

Click on the report you wish to request or go to:

• Credit Score Issues
• Foreclosure vs. Short Sale
• 7 Short Sale Myths
• The Truth About Mortgage Modifications
• Short Sale & Deed-In-Lieu
• Your First Steps To Avoid Foreclosure
• Strategic Defaults are NOT Strategic
• Avoiding Mortgage Modification Fraud
• Government Program Surveys
• Options and Solutions
• Cash For Short Sales
• A Dignified Solution

www.SantaClaritaPreForeclosureSpecialists.com click on the resources tab then simply choose the report and it will be emailed to you promptly. This is for homeowners only please.

Jennifer & Gary Ricco CDPE, PSC

Keller Williams VIP Properties

25124 Springfield Court Suite 100 Valencia, Ca 91355

661.290.3837

'Quality Consulting Through Continuous Improvement'

www.SantaClaritaPreForeclosureSpecialists.com

Serving The Greater Los Angeles Area & Ventura County

License numbers 01461940, 01803395

Follow us on Facebook: Santa Clarita Pre Foreclosure Specialists Fan Page