Valencia, CA

For Valencia first time home buyers it is a very exciting time, you have just finished escrow and are all moved in. Now the mail starts coming and you notice letters that appear to be from government agencies telling you that you need someone to help you to file a Declaration of Homestead. Your asking yourself 1. what is a Declaration of Homestead? and 2. there are more fees? I thought I was done with all the fees associated with buying a house in escrow! I believe in education, the more you know the better you can make an informed decision. So what is a Homestead and what does it Do?

A Homestead helps to protect you from losing your house to people you owe money. If you are sued for money in court and lose, the person
who sued you will receive a judgment from the court. If you do not pay the judgment, they can try to collect the money you owe by garnishing
your wages or bank accounts, or by having your automobile or home sold to pay the debt. The Homestead law protects a certain amount of the
value of your home from being taken to pay the judgment. There are 2 kinds of Homestead Exemptions: one is automatic and the other is declared.

Automatic Homesteads

Every homeowner has an automatic Homestead Exemption of at least $50,000 for his or her residence. This protection does not require the signing or filing of any papers or documents. The amount of the Exemption increases to $75,000 if at least one member of the family unit
living in the house owns no interest in the house, as, for example, when a homeowner lives with his or her minor children. If a homeowner is
65 years or older, or is physically or mentally disabled, the amount of the Exemption is $125,000. The $125,000 Exemption also applies to
persons 55 years of age and older if the person is (1) single and has a gross annual income of not more than $15,000, or (2) married and the
individual and his/her spouse have a combined annual income of less than $20,000, and the sale is involuntary. Declared Homestead Exemption
The homeowner can have a Declared Homestead Exemption as well as filing a Homestead Declaration form with the County Recorder in the
county where the house is located. It is important to note that the amount of the Exemption does not change or increase when a Homestead
Declaration is filed. A Declared Homestead offers extra protection in that it is not automatically lost when a homeowner moves. It will also protect
proceeds of the sale exempted by the Homestead from creditors for six months after the house is sold, even if the homeowner voluntarily sold the
house.

How Do I File A Declared Homestead?

It is easy to file a Declared Homestead by yourself. You do not need to pay someone to do it for you. Simply buy a Homestead Declaration form from an office supply store that carries legal forms. To fill out the form all you need is your name, the name of the co-owner, if any, and the legal
description of the property, which can be found on your deed. Sign the form and have it notarized. Take or mail the form to the County Recorder’s
office along with the required recording fees. What A Homestead Does Not Do A Homestead does not protect against the forced sale of a house
by a bank, savings and loan or other lender holding a mortgage Deed of Trust on the home, or against the enforcement of a valid mechanic’s
lien, or a judgment for child support or spousal support. Warning!

Homestead Filing Services

Many homeowners, especially those who have just purchased a home, receive mail from Homestead filing services. The letters often look like
they are a government office and lead you to believe that you must file a Declared Homestead. Don’t be fooled. The law prohibits Homestead-
filing agencies from making false or misleading statements or presenting themselves as a government agency. The law also prohibits them from
charging more than $25 to file a Homestead Declaration or from collecting any fees until after they have recorded a Homestead Declaration.

As with all information provided it is deemed reliable but not guaranteed, content derived from Los Angeles County Department of Consumer Affairs website.

Condo owners in Valencia not only share common walls and roofs, they also share one anothers financial burdens. Lending practices are constantly changing which is forcing lenders to look more closely at the makeup of entire complexes before they fund loans to prospective buyers or to people who have equity and want to refinance.

With the ever changing real estate market it's making it tougher to buy and sell condos, which are widely considered the housing market's shakiest segment because they are popular with entry-level buyers. The lending practices are also charging higher fees and requiring larger down payments from condo buyers while limiting where they can live. A lot of foreclosure-related losses have come from condo lending, pushing prices lower and wrecking condo association budgets.

In the recent past, FHA policies barely affected the condo market. Home buyers had abandoned FHA mortgages being lured by subprime loans and easy credit. Developers did not bother to get their buildings approved by HUD, Housing and Urban Development when they were first built. But after the subprime market crashed, borrowers flocked back to the FHA, and suddenly, its policies matter.

Here is an example of what is happening: A buyer wants to purchase a condo with a conventional loan because they can get a lower interest rates and pay no PMI, private mortgage insurance. But days before they close on their condo purchase the lender learns that to many residents in a complex were overdue on condo association dues. The only other option to purchase the condo is to go with FHA financing. Now here's the tricky part is the condo on the FHA approved list? If the condo complex is not FHA approved the borrowers only option is to try and get a the spot-approval to obtain FHA financing, which may take time and not be granted.


The stakes are even higher for buyers interested in newly built condos. In those buildings, 70% of the units must be presold before Fannie Mae or Freddie Mac will buy related loans, though exceptions are made. Previously, only 50% had to be presold.

You as a buyer need an experienced agent that understands 1. which complexes are FHA approved 2. which ones could get a spot approval. Buying a condo is an important financial decision. You want to make the right choice - an informed decision.

As a buyer you need an agent who truely understands this market and can help you get your desired condo whether it be a bank owned, short sale, or a traditional listing. With so much information and misinformation you need an agent that is not an average agent to guide you through these investment opportunities.

My husband and I are Santa Clarita's Certified Distressed Property Experts, CDPE. By dealing with an agent who has earned the CDPE designation, buyers ensure that they are working with experienced real estate professionals that are equipped to handle their specific needs.

If you would like to search for a condo in Valencia, Stevenson Ranch, Saugus, Canyon Country, Newhall, Castaic, or any other areas of Southern California go to: Search the MLS like a Realtor.

If your interested in selling your Santa Clarita condo and would like a free over the phone market evaluation call 1.800.805.2409 extension 3011. This service is available 24 hours a day, 7 days a week with no obligation. With this call you can receive a copy of our special report "How to Sell Your Home Quickly and for the Most Money". The reason were are making this information available to you is we want you to know what your home is worth before you talk to an agent.

Join the community of Santa Clarita on Sunday, May 3, 2009 from 1pm - 5pm for the 21st annual Taste of the Town - Santa Clarita's Premiere food & wine tasting event for a day of dining, wining, dancing and fun at the 2009 Taste of the Town!

Over thirty of Santa Clarita's finest restaurants, caterers, wine vendors and micro-brewers will serve up their culinary masterpieces to hundreds of guests. Plus there will be live entertainment by Platinum recording artists Mark LeVang & Friends and a silent auction to help raise funds for the Child & Family Center.

It is important to remember the many children and families who are helped every day by the Child & Family Center's mental health services. Taste of the Town provides much needed funds to continue helping kids with emotional and behavioral problems.

Participating restaurants to date include Babe's Dessert Bar, BJ's Restaurant, Bristol Farms, Castaic Lake Water Agency, Cavi Cucina Italia, Clarice's Cake & Candy Supplies, Frankies NY Italian Restaurant, Freshers, Indian Wells Brewing Co., Jill's Cake Creations, Maru, New Moon, The Paseo Club, Rattler's Bar-B-Que, Roast House, RSVP the Catering Company, Salt Creek Grille Catering, Sisley Italian Kitchen, Stonefire Grill, Tandoori Grill, Trader Joe's, Tropical Smoothie Café, Vines, Vino 100, Vintner's Cellar, Vivoli Café & Trattoria, Wolf Creek Restaurant & Brewing Co.

Don't miss the chance to taste all the exceptional restaurants located here in Santa Clarita while supporting the Child & Family Center a very worth while cause!

Click here The Child & Family Center Website for further information on the center.

*I'm worried that my interest only or adjustable rate mortgage will cause me to loose my home!

*I have been trying to do a loan modification on my own!

*My credit score is very important to me!

*Its very important to me to avoid Foreclosure!

*I want to understand the benefits of a short sale vs foreclosure!

If any of the above statements are your concerns, please call the 24 hour Foreclosure Avoidance Resource Helpline for FREE Recorded Information:

Call: 1-(800) 805-2409 Extension 2002

Have we Hit the Bottom?
By Joshua Suess

So, has the housing market finally bottomed out? This is a topic where everyone seems to have a different opinion. The media certainly doesn't help clarify the situation and tends to cause more confusion for home buyers and sellers. Let's take a look at the statistics to get an unbiased, factual point of view about our local Santa Clarita real estate market.

A buyers' market is one where there are more sellers than buyers, of course, but specifically it's when there are more than six months of inventory (homes) for sale in the Multiple Listing Service. With that said, here are how many months of inventory the following price ranges have here in Santa Clarita.

· $0 - $99,000 has 9.8 months of inventory (buyers' market)

· $100,000 - $199,999 has 4.9 months of inventory (sellers' market)

· $200,000 - $299,999 has 5.5 months of inventory (sellers' market)

· $300,000 - $399,999 has 4.2 months of inventory (sellers' market)

· $400,000- $499,999 has 4.4 months of inventory (sellers' market)

· $500,000 - $599,999 has 5.2 months of inventory (sellers' market)

· $600,000 - $699,999 has 8.5 months of inventory (buyers' market)

· $700,000 - $799,999 has 12.8 months of inventory (buyers' market)

· $800,000 - $899,999 has 17.7 months of inventory (buyers' market)

· $900,000 - $999,999 has 31 months of inventory (buyers' market)

· $1,000,000 - $1,499,999 has 28.7 months of inventory (buyers' market)

· $1,500,000 - $1,999,999 has 29 months of inventory (buyers' market)

· $2,000,000 and above has 12 months of inventory (buyers' market)

* Information obtained from Tempo MLS is deemed reliable but not guaranteed.