Beware of Foreclosure Rescue Scams

- Help Is Free!

• Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.
• Assistance from a HUD-approved housing counselor is FREE.
• Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
• Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.
• Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never make a mortgage payment to anyone other than your mortgage company without their approval.

The above information provided courtesy the Obama Administation's Financial Stability Program, Making Home Affordable (www.MakingHomeAffordable.gov).

In Ventura County, there are two non-profit organizations that help with not only Foreclosure Prevention, but also Loan Modifications! Services are available in both English and Spanish.

• SurePath Financial Financial Solutions (Formerly Consumer Credit Counseling Service)
• Cabrillo Economic Development Corporation - A NeighborWorks Chartered Member.
  

Fannie Mae Homes

Just thought I would share that I now have Fannie Mae homes for sale in Ventura County listed on my website (click on the Listings tab). Many of these homes are not in the local MLS and you may not otherwise find out about them.



Fannie Mae homes are foreclosed properties that were backed by the government and now for sale. Just like a bank-owned or REO property. There is special financing and qualifying for one of these mortgages may be simpler than what you can find elsewhere in the marketplace. Here's a glimpse of what Fannie Mae calls HomePath® Mortage Financing:

This special financing is available on Fannie Mae homes with the following logo:

The benefits include:
Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only)
You may qualify even if your credit is less than perfect
Available to both owner occupiers and investors
Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer
No mortgage insurance*
No appraisal fees
Also eligible for HomePath Renovation Mortgage

HomePath Mortgage financing is available from a variety of lenders - both local and national.

Beware of Bogus & Copycat HUD websites

I received the following email alert from HUD (Housing and Urban Development) this morning...

This email is to alert HUD customers to a bogus and deceptive website (http://bailout.hud-gov.us) posing as HUD. The website attempts to dupe people into providing personal information. And because it has been designed to appear to be an official US Government website, people may fall prey to this scam. Please alert your customers, clients and other stakeholders about this deceptive website.

Also, HUD's official website for the American Recovery and Reinvestment Act of 2009 is www.hud.gov/recovery.

Housing Inventory Reduction

I don't know if we've hit the absolute bottom of the market yet, but I believe we're well past the halfway point. For Camarillo, Housing inventories continue to decline (down 38% compared to a year ago) and the number of sold properties continues to rise (up 70% compared to a year ago).

Another positive trend is the Months Support of Inventory has dropped 69% from a year ago, from a high of 23 months down to 7 months. Similarly, the average days a single family home can expect to be on the market is just under 90 days.

There are similar market indicators throughout Ventura County. If you're interested in getting more detailed information about market trends in your area, ask for it and I'll post it!

Consequences for "Walk-Away" Borrowers

From the Washington Post Writers Group, Kenneth R. Harney (04/12/2008):

The government and the lending industry are taking aim at “walk-away” home owners who stop making payments and months later send the house keys back to their lender. ...More

If you're a homeowner contemplating handing the keys back to your lender and simply walking away, it is extremely important for you to understand the consequences. Every homeowner has unique circumstances. And, while I know this is a time that you're more apt to ignore what is happening, it's far better for you understand your options. Seek out free consultations with qualified professionals. If they can help you, you may be asked to pay a fee for their services, but spending a few hundred dollars for expert help can save you thousands in the long run and may help preserve your credit.

Do not fall for offers from so-called foreclosure consultants that guarantee results. No one can guarantee results. And, never pay upfront for services. Under the Foreclosure Consultant law, no one can charge for services that have yet to be rendered. For more information on the Foreclosure Consultant law, click here.

If you don't know your options, contact me. I provide free consultations. If I can help you, I will. If not, I will refer you to the appropriate professionals.