Gary Ricco Pre Foreclosure Specialist PSC & CDPE

Homeowners dealing with foreclosure are faced with difficult decisions. Foreclosure is quite possibly the most devastating financial and emotional process a homeowner or family can go through. The reality is, it's not going to be painless, however many foreclosures should never happen. Homeowners have options and now they have somewhere to turn for solutions.

As Santa Clarita Realtor's specializing in short sales, Jennifer and I are here to educate homeowners why it's important to avoid foreclosure. Our objective is to minimize an individuals financial loss, while limiting the damage to their credit history. This is why it's critical to select and utilize a Realtor who has successfully helped homeowners avoid foreclosure in this market. Through extensive education and ongoing experience, Jennifer & I have dedicated our time and effort to understanding the issues distressed homeowners are dealing with. We understand and utilize a full range of solutions, which are dictated by the clients financial situation.

On April 16, 2009 Jennifer and I successfully negotiated and closed a short sale, preventing a foreclosure, on 25338 Joyce Place, Stevenson Ranch. Here's a photo of the property

Caring, diligent, aggressive, thoughtful are just some of the character traits that describe the dynamic duo of Jennifer & Gary Ricco. The short sale process was a long process that had its share of frustration and angst; however, Jennifer & Gary never gave an inch to the lender, worked constantly with the lender and other parties to ensure we received the best possible terms for the sale of our property. In addition, they walked us through the process, kept us up to date with the latest information, and remained positive throughout the entire process.

Jennifer & Gary worked out a great deal for us that allowed us to sell our property as well move on with our life at a new residence that Jennifer & Gary were instrumental in helping us to secure. We could not have closed the sale of our home with such agreeable terms and moved on successfully to our new residence without the tremendous efforts & skills of both Jennifer & Gary.

We sincerely thank you and will recommend you both to our friends, family & peers.

Daren.

On May 22, 2009 Jennifer and I successfully negotiated and closed a short sale, preventing a foreclosure, on 26764 Pamela Drive, Canyon Country. Here's a photo of the property.

Over the last 20 years, I have experienced the purchase and sale of several homes, and have dealt with a variety of Realtors. By far, my experience with Gary and Jennifer Ricco has been the most satisfying of all. From the moment we met Gary and Jennifer, I was extremely impressed with their professionalism.

The sale of this house was a very difficult decision for my family and me, due to the tragic circumstances surrounding this resolution. When I called Jennifer to arrange the first meeting, she was empathetic, showed great compassion for my situation, and was strongly equipped with all sorts of relevant information.

Through the entire process they explained every procedure, had great strategy in place, and went above and beyond to promote the sale of the house. Additionally, for hours and days at a time, Gary relentlessly negotiated with the mortgage company in order to get the lengthy and tedious process sorted out. Fortunately and thanks to all their great efforts the house was sold!

My family and I will forever be grateful for their hard work and determination. Because of this wonderful support; we can now look forward to owning another home in the not so distant future.

Jeanette

If your struggling to make your mortgage payments due to a Job loss, medical condition, divorce or an adjustable rate mortgage or have been unable to make your mortgage payment, time is running out. Take this time to talk with Jennifer & Gary Ricco, Santa Clarita Realtor's Certified as Distressed Property Experts, our consultations are free, educational and confidential. We will analyze your financial situation and provide you with solutions that minimize your financial loss and limit the damage to your credit history. Don't loose your home to foreclosure without a fight. To set up an appointment call 661.290.3837

The Helping Families Save Their Homes Act (S. 896) was recently passed by Congress and signed into law by President Obama last week. There are five primary sections of the new law that will benefit home owners and consumers.

Benefit #1 - Loan Modifications and Short Sales Should Get Easier
Most mortgage loan modification plans announced by the government to date have been voluntary, meaning that mortgage companies do not have any legal obligation to participate. The new law changes that by requiring servicers to modify loans and approve short sales for consumers as long as three requirements are met:

• Default on the mortgage needs to be reasonably foreseeable
• The home owner must occupy the property as their primary residence
• The mortgage company needs to be able to recover more from the loan modification or short sale than they would by sending the home into foreclosure

These three requirements were also present in legislation that was signed into law in 2008. However, this new law is more effective because it specifically states that servicers must consider any of the plans that have been endorsed by the US Treasury Secretary - including the Obama administration's Making Home Affordable plan - when making their decisions. This means that home owners should find it easier to qualify for a loan modification or short sale because their mortgage servicers are finally obligated by law to consider some of these new plans that have been completely voluntary up until this point. It may take several weeks for servicers to start implementing the new law, but the bottom line here is that help is finally on the way.

Benefit #2 - New and Improved FHA Hope for Homeowners Program
It has been reported that only one family has qualified for the FHA Hope for Homeowners program since it was launched last year. Whether thats true or not, the new version of the program should generate a lot more participation from lenders due to four major updates:

• The current mortgage lien holder is allowed to share in any appreciation in home value that occurs over time. Previously, first lien holders were excluded from equity sharing and they had little incentive to participate in the program.
• The FHA premiums are reduced to "not more than" 3% up front and 1.5% annually. This means that the current lender may only need to reduce the principal to 90% of the current home value instead of the 87% that was required under the old plan.
• This program can now be used in conjunction with the Obama administration's Making Home Affordable program that pays servicers a fee to reduce the mortgage balance.
• Borrowers are no longer required to document their income through tax returns. The Department of Housing and Urban Development (HUD) will issue income documentation guidelines that may make it easier for some borrowers to qualify using alternative sources of income documentation.

Benefit #3 - $250,000 FDIC Insurance Limit Extended to December 31, 2013
The $250,000 limit was set to expire at the end of 2009 and revert back to $100,000. The new law prevents another large scale panic by extending the higher $250,000 limit for another four years. Also, the FDIC is now allowed to borrow up to $100 billion from the US Treasury in case of emergencies. This is significant because insured deposits have tripled since the FDIC's old borrowing limit of $30 billion was set during the 1990s. The FDIC is funded by the banking system and has never been funded by the US government. They only borrowed once from the Treasury during the 1990s and paid back all the money in full with interest. As a temporary measure, the FDIC is allowed to borrow up to $500 billion from the US Treasury throughout the end of 2009 as long as this is approved by a two-thirds majority vote of the FDIC Board of Directors and the Fed Board of Governors in consultation with the President and the US Treasury Secretary.

Benefit #4 - Borrowers Must be Notified When Ownership of Their Mortgage Changes
This is significant because previously, borrowers were only notified when their servicer changed. The current mortgage crisis has proven that the owners of the mortgage - not the servicers that collect the monthly payments - are the real decision makers when it comes to approving loan modifications and short sales.

Benefit #5 - Tenants are Better Protected in the Event of Their Landlord's Foreclosure
Many renters have been forced to leave their homes because of their landlord going through foreclosure. The new law provides two minimum guidelines that protect tenants:

• Tenants are now allowed to occupy the property until the end of their lease term (even after the landlord goes through foreclosure) as long as the new buyer does not intend to occupy the new home as their own primary residence
• If the new buyer intends to occupy the home as their own primary residence, the tenant must be given a 90 day notice before being forced to leave

It is more important than ever before for home owners and buyers to work with a Certified Distressed Property Expert, especially with all the rapid changes that are constantly taking place in the mortgage and housing markets. For information on the Certified Distressed Property Expert designation follow this link. www.cdpenow.com

Jennifer & Gary Ricco of Keller Williams VIP Properties are here to provide you with up to date information on how to avoid foreclosure. It's critical to select a Realtor who has the training & experience when facing foreclosure. Our goal is to minimize your loss severity and limit the damage to your credit history. For a confidential consultation contact Jennifer & Gary Ricco at 661.290.3837. We provide assistance to homeowners in the Santa Clarita Valley, San Fernando Valley and Ventura County.

Foreclosure in this economy, if not handled appropriately will cause financial ruin and delay an individuals recovery period. The main purpose to avoid foreclosure, is to minimize an individuals financial loss, while limiting the damage to their credit history. This is why it's critical to utilize a Realtor who has earned the Certified Distressed Property Expert designation. Jennifer and Gary Ricco are Santa Clarita's short sale specialists.

Most of the Realtor's I have recently dealt with have not shifted with this market, they are used to putting a yard sign in the front yard and the home selling it's self, hence generating a commision. Most Realtor's lack an understanding of Real Estate Financing, which is critical in the process of avoiding foreclosure. A Realtor negotiating with lenders on behalf of a homeowner in a short sale, MUST understand the foreclosure process inside and out. The Realtor needs to understand debt to income ratio's, the difference between a pay option ARM, interest only and an Adjustable Rate Mortgage. Prepayment penalties and mortgage insurance are other critical area's the Realtor MUST have knowledge and experience in when negotiating short sales for the purposes of avoiding foreclosure.

The Distressed Property Institute, www.cdpenow.com has the most comprehensive foreclosure avoidance training program available to Realtor's. NAR has left it to it's members to seek education with regards to these types of transactions. Here are just a few of the CDPE's Board of Advisor's that are instrumental in the cause and motto behind the CDPE designation. "Solving the foreclosure crisis one homeowner at a time."

Dave Jenks

Chief Visionary Officer | Free Enterprise Warriors
Dave is a 28 year veteran of the real estate industry. He has served as a master trainer, business consultant and executive leader for Century 21 and Keller Williams Realty International. Prior to entering the real estate industry he worked in higher education administration, sales and marketing, fund-raising and as an instructor for Dale Carnegie Training.
From 1985 until 1994, Dave served as Regional Director and Divisional President for Century 21, first in New York and then in Texas. After founding The Leadership Connection to train business and sales leaders, he joined Gary Keller and Mo Anderson with Keller Williams Realty International in 1996. Over the next 10 years they grew the company from 2,100 agents to over 72,000.
In 2003, Dave co-authored The Millionaire Real Estate Agent which has become one of the all-time best selling books in real estate. During the next five years he co-authored four more books including the 2007 publication of SHIFT: How Top Real Estate Agents Tackle Tough Times. Dave has gained a nationwide reputation as a master trainer and inspirational speaker.
In January of 2009, he teamed up with Laurie Hathorn to launch FreeEnterpriseWarriors.com, a web-based business dedicated to activating and supporting the global entrepreneurial transformation. Dave is Chief Visionary Officer of the company and writes regular blogs on www.davejenks.com.

Dave Liniger

Founder | RE/MAX International
The RE/MAX International Chairman and Co-Founder is generally credited with doing more than anyone in the real estate industry to improve the working conditions and income of real estate agents. He is a nationally recognized expert in time management, training, recruiting and motivation. He has been featured in The Wall Street Journal, Entrepreneur, Forbes, Fortune, Success and other global media. He is a private pilot, Arabian Horse breeder and wildlife art collector..

Steve de Laveaga

SVP of Fidelity National Title
Steve de Laveaga, SVP of Fidelity National Title, leads his dynamic Sales team in providing increased business for all FNT clients while maintaining a strong profit margin for the FNF Parent entity. His goal is to create long term employment and job growth for the employees throughout FNT Maricopa, Pinal and Coconino counties. On a day to day, Mr. de Laveaga facilitates and closes new business opportunities while continuing to create a strong, long term value proposition to the FNT customer base. He has daily interaction with current clients and prospects and attends regular Broker meetings. He also manages the Sales team, is active in recruitment, and aids in creating opportunities that ensure elevated results and productivity. His combined twelve years in Real Estate and eighteen years of Sales experience, have made his 7 years at FNT a robust and successful pairing. By recruiting at the highest level of talent in Sales, Mr. de Laveaga has assembled a diverse team that together has increased the growth in revenue and profit retention. He is pleased to see his efforts result in a synergy between groups and branches resulting in a growing client base at every level. Mr. de Laveaga is not only a driven leader in business, but also a dedicated husband, father and member of his community. He is actively involved as a Board Member of "It's all about the Kids Foundation" here in Phoenix. His ten years spent playing Professional Basketball for the Australia ABA also lead him to becoming an Honorary Member of the Tynan/Eyre foundation in Australia, supporting fallen Police Officers. He is also recognized as a Lead On Board Member for the Victoria, Australia chapter of the Make a Wish Foundation in supporting the Annual Basketball Extravaganza. Originally of San Ramon, CA, now residing with his wife and children in Gilbert, AZ, Mr. de Laveaga lives the by the standard of work hard - play hard. After a long day of successful transactions and meetings, he enjoys making time to coach his son's basketball team, support his daughter in her competitive equestrian activities, and have a long, quiet walk with his wife. His personal long term goal is to be a good husband, a great father and a better leader.

I encourage all Realtor's to invest in themselves and join this growing group of Real Estate Professionals, who are committed to helping homeowners avoid foreclosures. Your clients needed your professional guidence when purchasing and need a trusted professional now more then ever. Join me and thousands of other Realtor's across the country,"Solving the foreclosure crisis one homeowner at a time!"

Jennifer and I extend free confidential consultations to homeowners in the Santa Clarita Valley, San Fernando Valley and Ventura County. Don't let the threat of foreclosure paralize you, act now, Jennifer and I are here to educate you on the solutions available to deal with your financial hardship. For free 24 hour recorded information, call the Santa Clarita Foreclosure Helpline at 1(800) 805-2409 extension 2002

Good news comming from Washington , D.C. , today. President Obama's administration announced new details under its Foreclosure Alternatives Program (FAP) enabling servicers and borrowers to pursue short sales and deeds-in-lieu (DIL) of foreclosure in cases where the borrower is generally eligible for a Making Home Affordable modification but does not qualify or is unable to successfully complete the three month trial period. The program, effective through 2012, requires that prior to proceeding with a foreclosure, servicers must determine if a short sale is appropriate.

The administration has recognized the need to streamline the short sale and deeds-in-lieu processes, and has provided viable options to homeowners who have fallen behind on their mortgages but owe more than their homes would sell for in today's challenging market. We also appreciate the efforts of our colleagues at NAR for keeping this issue front and center in our nation's capital.

Incentives in the FAP program include $1,000 for servicers for successful completion of a short sale or deed-in-lieu of foreclosure; $1,500 for borrowers/homeowners to help with relocation expenses; and up to $1,000 toward the cost of paying junior lien holders to release their liens ($1 from the government for every $2 paid by the investors to the second lien holders). Hopefully these incentives will convince the servicers to work with Realtors on short sales.

The FAP includes streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter to minimize complexity and increase use of the short sale option. Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements, based on an appraisal or one or more broker price opinions, issued no more than 120 days before the date of the short sale agreement.

In the Short Sale Agreement, servicers must give borrowers/homeowners at least 90 days to market and sell the property, or up to one year, depending on market conditions. The property also must be listed with a licensed real estate professional with experience in the neighborhood, and no foreclosure may take place during the marketing period, of at least 90 days, as specified in the Short Sale Agreement.

The Short Sale Agreement also must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received. Servicers may not charge fees to borrowers/homeowners for participating in the program. Servicers have the option to require the borrower/homeowner to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement, plus any extensions.

Additional details will be forthcoming. Please check C.A.R.'s Market Response Center for updated information as it becomes available.

If your dealing with a financial hardship in the Santa Clarita Valley or San Fernando Valley that has you considering a short sale, please contact Jennifer & Gary Ricco at Keller Williams VIP Properties for a free educational consultation. Our Consultations are to the point, no smoke and mirrors here. We provide verifiable facts & solutions. Go to our about page on our website for Short Sale facts. www.SantaClaritaCertifiedDistressedPropertyExpert.com

Are you dealing with a financial hardship in that has you stressed out? Have your lenders given you the run around about modifing your mortgage and are now threatening to foreclose on your property. Don't let your home vanish without a fight. Jennifer & Gary Ricco are Valencia Foreclosure Specialists.

As licensed Realtors specializing in foreclosure avoidance, we will save you unnecessary expenses. We are certified and experienced in representing homeowners facing foreclosure. We have formed a mastermind group with the brightest minds in our industry, which includes Certified Bankruptcy Attorney's, Real Estate Attorney's and Credit Repair Experts.

It's critical that you interview and select a Realtor that is a specailist in Valencia Foreclosures. Most Realtor's are not trained or experienced to deal with these types of transactions. Just Listing short sale properties is not a quailfication. Realtors need to be skilled in negotiating with lenders, which requires knowledge of PMI, LPMI, debt to income ratios. These are just a few of the issues a Realtor must master when specailizing in Valencia foreclosures.

If your struggling to make your mortgage payments due to a Job loss, medical condition, divorce or an adjustable rate mortgage or have been unable to make your mortgage payment, time is running out. Don't become a victim of one of the, "Stop Foreclosure Scams" Take this time to talk with Jennifer & Gary Ricco Santa Clarita's Certified Distressed Property Experts, the consultation is free, educational and confidential.

Through extensive education and ongoing experience, Jennifer & Gary Ricco of Keller Williams VIP Properties have earned the CDPE Designation. Jennifer & Gary Ricco have dedicated their time and effort to understanding the issues distressed homeowners are dealing with. They understand and utilize a full range of solutions and are ready to help. Contact Jennifer & Gary Ricco 661.290.3837 or www.santaclaritacertifieddistressedpropertyexperts.com

For FREE Recorded Information Call: The Santa Clarita Foreclosure Helpline at 1-(800) 805-2409 Extension 2002