Pederson Properties, Inc.

For years, doctors advised patients to flush unused or outdated medications down the toilet. Today, scientists are urging us stop this practice because waste water treatment plants cannot remove these substances, and everything from hormones to codeine have been detected in streams and lakes. The health risks to animals and humans remain unclear. For guidelines for safe disposal of medications, visit http://nodrugsdownthedrain.com/disposal.html.

The Los Angeles County Assessor's office is alerting homeowners that various private companies are sending mailings to property owners offering their services to pursue a reduction in the owner's property taxes. The companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner. Some companies also are imposing late fees if the application is received after an arbitrary deadline. Solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency. Failure to provide such notice is a violation of California law.

In 1978, California voters passed Proposition 8, a constitutional amendment that allows a temporary reduction in assessed value when a property suffers a "decline-in-value." A decline-in-value occurs when the current market value of your property is less than the assessed value as of January 1. The assessed value is the value shown on a property owner's most recent property tax bill. Typically, an application from the property owner is required to initiate a review of the property's value by the Assessor.

Consumer confidence fell in January to a new historic low and now stands at 37.7 (1985=100), down from 38.6 in December, according to the most recent Conference Board report. The Present Situation Index declined slightly to 29.9 in January compared with 30.2 the previous month and the Expectations Index declined from to 43.0 from 44.2 in December.

Until we begin to see considerable improvements in the Expectations Index, we can't say that the worst of times are behind us.. ..HOWEVER, we can find the positives in all these 'negatives' and use them to our advantage. Don't get sucked into the Media/News - according to them the sky is falling - and yours will if you let it! So keep your chin up, and run with all the blessings that are being offered to your Clients. ..and spread it like wildfire. ..

Freddie Mac announced February 3rd a new Workout Strategy For High Risk Loans pilot program designed to keep more at-risk borrowers in their homes by employing third-party servicers that specialize in servicing Alt-A and other types of higher risk mortgages.

Under the new pilot, a selected portfolio of higher risk mortgages that is at least 60 days delinquent will be given to a specialty servicer for intensive attention using the full range of Freddie Mac workout opportunities, including the Streamlined Modification Program developed with the Federal Housing Finance Agency, Fannie Mae, and the HOPE Now Alliance, according to a Freddie Mac statement.

Initially, the pilot will target an estimated 5,000 reduced documentation loans from California, Nevada, and other states with high delinquency rates. Although Alt-A loans were made to borrowers with strong profiles and represent a fraction of Freddie Mac's single family portfolio, the loans account for half of its seriously delinquent mortgages. Freddie Mac will determine whether to broaden or modify the strategy after reviewing the pilot's June results.

Fannie Mae announced Friday it will extend its suspension of evictions from Fannie Mae-owned single-family properties through Feb. 28. The suspension applies to all single-family properties, including owner-occupied properties that have been foreclosed upon as well as foreclosed properties occupied by renters. Freddie Mac also issued a similar announcement suspending evictions through Feb. 28.

The company this month began implementing its National Real Estate Owned (REO) Rental Policy that allows qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes. The new policy applies to renters occupying any type of single-family foreclosed properties at the time Fannie Mae acquires the property. Eligible renters will be offered a new month-to-month lease with Fannie Mae or financial assistance for their transition to new housing should they choose to vacate the property. The properties must meet state laws and local code requirements for a rental property. Property managers are contacting renters in Fannie Mae-owned foreclosed properties on behalf of Fannie Mae to notify them of their options. Renters in Fannie Mae-owned properties can call (800) 7-FANNIE for further information about their options.