Gene perez

Whose fault is it that you didn’t get your home loan

As I write this on a Saturday morning inspired by the phone call I got last night by someone that lost the house she wanted because after the 3^rd extension to close the seller cancelled the contract. Then on Thursday I had a preliminary interview with someone that I had to tell them I don’t think that I can do the loan for you due to various reasons. But she seemed a little irate with me because so and so told her they could. Obviously I told her she should just let so and so do her loan and no point on trying to shop the rate just be glad you can get the loan in today’s market, since things have changed.

I have been on both sides the fence, what I mean by that is I have been the loan officer doing the loan as well as the Realtor with the transaction whose client is getting the loan, and I can tell you sometimes it’s the loan officer’s fault that you did not get your home loan probably more than you know, I know they said it was the underwriters fault but that may not be the case. So this going to be a two part on what may have happened and does happen and what you should expect from your loan officer as well as your Real Estate agent.

I myself have never had a loan go bad or go south or that I could not close after starting the process due to the simple fact that I made sure I knew what the guidelines were as well as never over promising on something that I was not sure that I can deliver. But the reality is just like anything there are loan officers that will promise the world just to get the business. There are loan officers that will issue Pre-approval letters to Real Estate agents when the loan officer and the Real Estate Agent are not even sure if the client will even be able to get the loan. They just have the mentality of we will cross that bridge when we come to it. So loan officers do “approve” people even if they are not really approved IT DOES NOT MATTER IF THEY ARE A DIRECT LENDER OR A BROKER, I have seen approvals from both and wondered,,,how????? As expected the deals never did close, because the wicked underwriter would not clear this condition or added on more conditions to the loan.

Sorry to say that there are Real Estate agents that demand that there clients get “approved”, or they will stop sending that loan officer any clients and they will make sure everyone in their office does the same. So they black mail the loan officer for the preapprovals so they can submit offers, both of these individuals do nothing but a disservice to everyone. There will always be unsavory people in any industry but due to the fact that so many individuals in the last 3-5 yrs got in the business there are more now than ever now, and until the requirements become more difficult to become a Real Estate agent to lessen the amount of unsavory people that enter the business it will have to be something that you will just have to keep in mind.

Okay I am not going to say that there are not underwrtters out there that are not cooperative and put conditions on loans that just make you think “what world is this person from “ I have seen some crazy stuff myself and have had to appeal those conditions, but in the end it did get closed.

So what should you expect from a loan officer and know whether you are just being put in a situation that will result in nothing but a roller coast ride for you, because someone has hopes on cashing in on a possible commission whether it be your loan officer or Real Estate agent.

So look out later this week on what to expect from your loan officer and your Real Estate Agent

Gene Perez

805-448-7101

DRE # 01321588

Whether you are a first time home buyer or a veteran home buyer I have helped many clients with ther financial decisions. Buying a home is still a very big decision for both and in making an important decisions such as buying real estate it is always good to have experience on your side. I have been in the real estate industry prior to the refi boom before it was the "thing" to do. And plan on being here for quite some time. I have had many years in helping families with all of their real estate needs so whether you are buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources and tools you need to make a smart and stress free real estate minded decision. I can also help in getting the financing for your home or just finding the home you would love to buy.

Getting a loan modification on your home loan,,, just facts

I know that this is going to ruffle some feathers to some reading this. But I did not make up the numbers regarding the fraud coming from loan modifications they come from the California Department of Real Estate but I can say that it is in line what I have seen and it does seem to be predominant. There is always an exception to the rule but for the most part when trying to get a loan modification due try to keep a few things in mind. This will be a two part series first the loan modification scenario and second what you can do.

First off foreclosures and short sales are still a common occurrence in here in the Santa Maria Real Estate market and for that matter in many areas of the country. Many homeowners prior to losing their home will try to get their loan modified. Most homeowners sad to say do what all the financial experts on the morning and evening televisions shows tell them to do which is call your lender. Only to find out its not that easy to call your lender you get bounced around from person to the next or put on eternal hold and sometimes you may get someone that is civil and helpful and other times some one that is obviously arrogant and can careless what the situation is that the homeowner is going through. I remember doing exactly call for the for the client only to hear the recording that my wait time is “480 minutes” , needless to say I did not wait.

Many homeowners are confused and rightly so after hearing all the aid that is being offered to them through the Obama home affordable act as well as any other advice that they get from all corners. The problem with all these government bailout programs or aid to stop foreclosures are voluntary the banks do not have to participate to help you or any other homeowner. Which sorry to say should have been something that could have been implemented before we gave them all the money so they can stay in business and foreclose on their clients that had home loans with them.

Most homeowners are turning to loan modification companies that they either saw online or received some kind of letter in the mail announcing how they can help or as I am told by many of my Hispanic clients, what they heard on the radio. What never seems to amaze me is how the advertising on the Spanish radio seems to offer so much more in being able to help someone get a loan modified but the same individuals don’t advertise their services on the English radio nor do I hear the same “type” of help from anyone? Which is something I point out to the clients seeking loan modifications, to beware of who you are dealing with, (and which has been reported to the DRE.)

According to the California Department of Real Estate 9 out of 10 companies offering services to do loan modifications do nothing to help the homeowner get a loan modification. I have even seen Real Estate agents offer to do loan modifications only on the premise of getting the client to do a short sale after they could not obtain a loan modification. That is not to say that there are not individuals and companies that are not doing loan modifications and helping, its just that 9 out of 10 do nothing. Another fact to point out is that the DRE has partnered with the California State Bar and had approximately 800 open cases involving attorneys which you can go to the website of the State Bar since the names of the attorneys are being published.

This is not something that will be going away any time soon but in times of economic turmoil there are always going to be unsavory people taking advantage of others and preying on their weaknesses and needs. The Santa Maria Real Estate market like many other real estate markets is still recovering and there are still many more homes to hit the foreclosure market, sad truth is that until the unemployment numbers come down recovery is still a long way to come.

Look out for my next blog on tips and advice on how to get your loan modified and tips on what to look for and ask if you plan on working with someone that will help you get your loan modified.

If you have any questions about buying a Santa Maria home for sale or any properties on the Central Coast and need to get a loan in Santa Maria, CA or any where in the state of California not just on the Central Coast please contact me by sending me an email at: GenePerez@GMSLoans.net

my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588

Foreclosure and Shortsale

Today’s market is a double edge sword especially for those areas hit hardest with a great number of foreclosure and where the foreclosure rates have not seemed to let down. Prices have come down tremendously making it a great time to buy a home but at the cost of many other homeowners losing their homes. Santa Maria real estate market is not immune to the current foreclosure crisis.

The number of Santa Maria foreclosures have seem to have died down in the recent months but I believe that is partly due to a number of factors. One is the banks are just not releasing the homes that are foreclosed as well as loan modifications that are in the works.

But even though the number of foreclosure have seem to have decreased the majority of homes for sale in Santa Maria and in probably other areas of the country where there was predominance of a considerable amount of building as well as subprime loans, mostly consists of either a foreclosure or a short sale. Santa Maria real estate market seems to have been the dominant place on the Central Coast for foreclosures, and short sales. Short sales is another term that has become popular due to the foreclosure crsis. As I said before most homes for sale in Santa Maria seem to be either a Foreclosure or a Short Sale 80% of the time.

.

Most clients just see a home for sale in Santa Maria and want to go look at it or have questions about it with out having any idea of what the difference is between foreclosure or a shortsale. There two real main differences between a foreclosure and a short sale. In a Short Sale the bank has not taken the home away from the homeowner, and is selling the home that he is upside down on. The homeowner is seeking permission from the bank to sell the home since he owes more on the home than it is worth. So basically the home is upside the homeowner may owe 300k but the home is worth now 150k. The other real main difference is time and it usually takes a considerable amount of time to close a short sale. The banks do not approve short sales easily nor do they make the process an easy one, it can take months to close a short sale weeks and even months just to get an approval on a short sale. When a foreclosure hits the market the bank just wants to liquidate the home as soon as possible. Another factor that may delay the home in a short sale is that the bank may have a loan on the home but is just servicing the loan that is backed by investors so aside from having to deal with the homeowner and the bank there is an invisible party the “investor” that no one really deals with other than the negotiator that bank assigns to the file once a negotiator gets assigned to the file time line does speed up a bit.

Some times short sales can be a great opportunity for someone that wants to buy a home and although they can require more work and patience you can find some good deals in a short sale and not just foreclosures. Many times the conditions of the home in a short are left in better shape than foreclosures. Santa Maria real estate market still has plenty of options for home buyers and choices whether they be short sale, foreclosures, and even just regular listings, call me to show you what is available.

Buying or selling a home or property in Santa Maria CA, or a Santa Maria foreclosure, or a property on the Central Coast, my goal is to provide you with resources you need. DRE 0131588

You can feel confident that he will treat you with respect and dignity and that he is only down the street, a local phone call away not an "800" number if you need help, and have any questions. His office is located in the OSH shopping center on 1954 S. Broadway, ste. L, Santa Maria, Ca. or you can call him at 805-352-1100 or email him at GenePerez@GMSLoans.net

If you are curious as to which homes maybe going into foreclosure there is a website with FREE information.

All you have to do is sign up and and fill out the needed information its easy check it out. This website is not just for Santa Maria homes or homes on the Central Coast but pretty much anywhere in the country.

http://www.lpsasap.com/

Remember I can help you get the financing you need for your home anywhere in the state of California

Please help me out in giving you the information that you may be interested. If there is a topic that you are curious about need more clarification let me know.

Thank you

If you want to search for any homes for sale in Santa Maria or the Central Coast you might want to buy just go to www.GenePerez.net.

If you have any questions about this article or buying a Santa Maria home for sale or any properties on the Central Coast or need to get a loan in Santa Maria, CA or on the Central Coast as well as other real estate related questions please contact me by sending me an email at: GenePerez@GMSLoans.net

my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better information please let me know. I have been helping my clients for the last 15 years on the Central Coast,

Gene Perez, Ph. 805.448.7101, Fax, 805.352.1109 - DRE 01321588

There have been several posts regarding this mess and the back room dealings that the FDIC and our hero Paulson who pressured the govt and made the public believe that the banks need to be bailed out.

Well some people believe that the banks are here to help do a loan mod this is a simple and pretty straight to understand video on why they prefer to foreclose on you instead.

Enjoy !!!!!!!!!!!!!!!;-)

HERE IS THE LINK OR CLICK THE PIC

http://www.thinkbigworksmall.com/mypage/player/tbws/23087/1447612

IF YOU FEEL THAT MORE NEED TO UNDERSTAND THIS PLEASE REBLOG MORE PEOPLE SHOULD KNOW LET ALONE BE OUTRAGED.

Gene Perez

DRE 01321588

ph 805-448-7101

Buying or selling a home or property in Santa Maria CA, or a Santa Maria foreclosure, or a property on the Central Coast, my goal is to provide you with resources you need.