“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Art Flores - Art Flores Group

Art Flores - Art Flores Group

Blog_tag

Diamond Bar, CA-Don't lose your house! How I let a homeowner down!

11-04-11
Art Flores - Art Flores Group
Diamond Bar HouseDon’t lose your house! Especially after a Realtor (who’s been certified to help) has offered to help you. But you didn’t accept that help because you were waiting for that modification to be approved.! Do protect yourself and make him show proof of his certification. But keep in touch in case that modification fails to materialize. This way you can develop a plan B.

As a Realtor, I sometimes work for a Bank Servicing Company (BSC). I won’t mention the name of the company. My title there is a Home Retention Consultant (HRC). I’m a liaison between the borrower/homeowner and the bank.

When the bank cannot get a hold of the borrower/homeowner (who is having trouble making their payments) the bank hires a BSC which in turn hires me to physically go out and knock on the door and see if I can make contact with the borrower/homeowner and let the borrower/homeowner know that the bank would like to talk to them about a modification or other foreclosure alternative. They can either call the bank while I am there or they can call later.

I received an assignment about one and a half years ago to go out to this house and talk with the homeowner. She answered the door and stepped outside her home to talk to me. We talked and she said she would be right back. She came back with her phone number and told me that we should meet down the street at Starbucks since she did not want to upset her mother who was living with her.

A couple of days later we met. She was very cordial. She asked me what I needed. I told her that the bank wanted to talk to her about an offer for a modification that they had sent to her. I was to follow up with her and pick up the documentation that the bank required for the modification offer.

She insisted that the modification paperwork was already completed and sent to the bank. She said she was laid off before but she just landed an even better job. That income and payments would no longer be a problem. She once again insisted that she had received the modification paperwork from the bank and she had completed it (including the form that needed to be notarized) and had sent the whole package back to the bank. I felt relief for her and her situation. She seemed to me to be pretty competent and that she could fill out the required forms for the modification with no problem or help.

I left Starbucks feeling pretty good about this assignment. I reported back to the BSC what I was told and left it at that.

Well back to today, I was looking in the multiple listing service (MLS) for properties for my client and what did I find? Yup, you guessed it! That borrower/homeowner’s home I had visited a year and a half ago listed on the multiple listing service (MLS) as a Fannie Mae repossession. The homeowner that I visited, counselled and felt pretty good about lost her house and didn’t call me to try to help her.

Not to deviate from this subject but I have to side with the bank on this one issue. We just had a meeting with Chase and they informed us that Chase makes on average one hundred and eleven (111) attempts to get a hold of the borrower before they foreclose on their property. That’s phone calls and letters to the borrower/homeowner.

This distresses me very much! I’m very sad about this situation! I should have been following up at least on a quarterly basis to see how she was doing! Maybe I could have helped her. Maybe not! But at least we could have tried.

There are 13 ways to avoid foreclosure. If you are a member of the armed forces, there are 14.
I’m sure we could have used one of them to help her avoid foreclosure (no, it doesn’t always have to be a short sale). Possibly even had her lender assist her with moving expenses if a short sale was even necessary.

I promised to myself to be more diligent and follow-up with distressed borrowers at least on a quarterly basis. After all we are all people. We should help each other out. People deserve better! I wish her luck and I hope she realizes this isn’t the end. In three years she can buy again. It really isn’t that long to wait.
0 Comments
Blog_tag

Buy A 300,000 Diamond Bar Los Angeles CA House With Only 1,500 OAC!

09-26-11
Art Flores - Art Flores Group

Diamond Bar Los Angeles CA - Let me qualify this statement for the regulating powers that be.

You must qualify for this loan based on your credit, income and property also known as the three C's which stand for Credit, Capacity and Collateral.


The loan for this program is an FHA purchase money loan. It can be used in Diamond Bar Los Angeles, CA and neighboring communities.


This is a new program and is a true gift of 3% via a non-profit organization which does not have to be paid back. It is to be used in conjunction with a FHA purchase money loan. Typically, with a FHA purchase money loan the buyer must put down a minimum required 3.5% down payment for homes in Diamond Bar Los Angeles, CA and neighboring communities.


The beautiful thing about this gift program is that you DO NOT need to be a first time buyer and there are no income limits like a lot of the other programs that target only first time buyers and/or buyers within a certain income range in Diamond Bar Los Angeles, CA and neighboring communities.


An example of this is on a $300,000 home in Diamond Bar Los Angeles, CA and neighboring communities.The minimum required down payment is 3.5% or $10,500. The buyer gets a 3% gift or $9,000 from a non-profit organization towards the buyer's required minimum down payment then all the buyer needs to come in with is $1,500 to complete the minimum required down payment of 3.5%. Closing costs can either be paid by the seller, buyer or depending on interest rates can also be paid by the lender. So you truly only need $1,500 to buy this $300,000 house. There are a few requirements:

  • Buyer(s) must attend a Home Buyer Education class based on the course, California Department of Real Estate’s Financial Sense to White Picket Fence specific for this program, to be held on October 1, 2011.
  • Buyer must purchase a home using FHA financing.
  • Gift is three percent (3%) of sales price and given in conjunction with the new FHA loan.
  • No need to be a first time buyer (FTB).
  • No income limits.
  • Buyer must prequalified with an approved lender for this program (contact me for details).
Contact me and I will go over the program with you. This is a pilot program that is trying to get approved by HUD for people that do not have 20% down payment to buy a house. We are located in Diamond Bar in Los Angeles county, California.
1 Comment