If the auction date has passed, these homes are more than likely going to end up as REO or Bank Owned properties. Ask me for details or click on the link to find REO and Bank Owned homes available for sale now!

Imperial County Foreclosure Sale List 11/14/2008

** Writers note: October Notice of Trustee Sale notices mirrored thos of September with a 102 logged versus 107 for September, however October auction numbers represent a 100% increase in foreclosure postings from the same time in 2007. These show a smiliar level of activity in NOTs.

Although a smaller amount of Notice of Default and Notice of Trustee Sale notices were filed during October may be classified as the beginning of the end of tumultulous foreclosure activity, the author feels this lower level represents a combination of lenders more willing to participate in loan modifications, or the implementation of an additional 30 day wait period of mortgage lenders to find solutions before issuing such notices of foreclosure.

You can count on me to track the foreclosure activity locally in Imperial County to determine trends to assist home buyers and investors with opportunities to purchase properties well below market value. **

*** If you want to KEEP YOUR HOME - Get the Loan Modification Facts - contact me for your complimentary evaluation. Complete the following two forms, fax to 760-259-2037 for expert assistance.

EVALUATION FORM 1 - Click Here <---->
EVALUATION FORM 2 - Click Here <---->

These homes are the future Bank Owned and REO properties during the next 60-90 days.

FREE Real Estate & Mortgage Information for Imperial County, CA

List of Bank Owned (REO) homes for sale $100k to $150k! Three ways to get your list:

(1) 24 Hr Recorded Info, Call 1-866-227-1254 Ext. 8881

(2) Email your Name, Address, Best Phone number to list@ivforeclosures.com

(3) Text BANKREO to 41411 (must be abe to receive wireless text messages)

Looking for Foreclosure HELP - Click Here!

Note: Trustee Sale Auctions are held at the Imperial County Courthouse, 939 Main Street, El Centro, CA at 2:00pm or 3:00pm. Check with the court clerk for exact date & time. Loan Amount is listed for reference only and sourced from the Notice of Trustee Sale. All details are subject to change without notice. BOOKMARK this site! Tell others about these listings, email it to your friends! *List is updated approximately every 10-14 business days.

** Last updated November 14, 2008 **

Text 4CLOSURE to 41411 to receive other listings!

Note: The notices listed above are sourced from public records which may not be accurate. * Text message rates may apply, check with your wireless phone provider to determine text message plan.

If the auction date has past, these homes will more than likely end up as an REO or Bank Owned properties, ask me for details or click the link here to find REO and Bank Owned homes available for sale now.

Reference and additional tags:
Imperial County foreclosure, El Centro foreclosure, Brawley foreclosure, Calexico foreclosure, Imperial foreclosure, Calipatria foreclosure, Westmorland foreclosure, Salton City foreclosure, Heber foreclosure, Holtville foreclosure

Imperial County homes for sale, El Centro homes for sale, Brawley homes for sale,Calexico homes for sale,Imperial homes for sale,Calipatria homes for sale,Westmorland homes for sale,Salton City homes for sale,Heber homes for sale,Holtville homes for sale

Imperial County real estate,El Centro real estate, Brawley real estate, Calexico real estate, Imperial real estate, Calipatria real estate, Westmorland real estate, Salton City real estate, Heber real estate, Holtville real estate

Brawley homes for sale. Real estate in Brawley California. Brawley real estate.

If you're a homeowner in Brawley California 92227 and you're thinking about selling your home you should know the following Brawley real estate market facts before making your move, however if you're a home buyer then this information should excite you into knowing you have choices when it comes to buying a home in Brawley.

There are currently 79 residential homes listed for sale in Brawley California according to local listing services of this date.  This total does not include new homes for sale by builders and it does not include FSBO or For Sale By Owners.  It does not include mobile or manufactured homes for sale in parks and it does not include multi-family, commercial, or land listings.

These 79 listings carry an average listing price of $178,882 with 1,519 sq ft and have been on the market an average of 107 days.

Out of the 79 listings there are at least 16 listed as condo's with sales prices ranging from $150,950 for 1,250 sq ft 3 bedroom and 1.5 baths to a larger 4 bedroom with 2 bathroom unit at $199,000.

There are at least 23 homes listed for sale with priced below $150,000 and 13 of them are homes under $120,000, meaning there are more affordable homes in Brawley than ever before.

There are 18 homes listed for sale with a sales price over $200,000, there are 5 listings are over $300,000, and there is 1 listing over $500,000.

As a potential home buyer you may be interested in what has SOLD during the past 30 days in Brawley, so here are some of the sales that have taken place since August 22, 2008:

• 696 N Eastern Ave, 3/1, 928 sq ft for $35,000, a "handy-man special" with a large lot.
• 651 Gilmour St, 3/1, 1332 sq ft for $112,000, a bank owned home, with pool/spa needing TLC.
• 320 Adler St, 3/2, 1300 sq ft for $118,000, a bank owned property with lots of potential.
• 1060 Pine Ct, 4/2, 1485 sq ft for $160,000, a bank owned home with a great floor plan.
• 751 River Dr, 4/3, 2104 sq ft for $181,000, a bank owned home that will definitely not last.
• 1050 Pine Ct, 4/3, 1680 sq ft for $199,600, a bank owned home that is priced to move.

Financing for homes in Brawley CA are still available up to 100% (zero down) with low fixed rates in the 6%'s. These loans are fixed rate and do not have teaser or adjustable rates.  Qualifying for these home loan rates depends on several factors, therefore it's important to speak to a qualified loan officer for specific advice regarding your situation. 

Depending on your needs, qualifications, and credit history you CAN be a homeowner this year and have a monthly fixed rate mortgage payment similar to rent but as a homeowner you receive all types of incentives from the Government regarding savings on taxes. 

Ask me how you can find your dream home today and save thousands over rent in the long run.

Note: In plain English I do my best to guide you throughout the home buying process.  I am licensed in the State of California as a REALOTOR(r) and have many years of experience in the mortgage and finance industry, however I am not an lawyer or a tax advisor, therefore you should seek counsel from those who are lawyers if you have legal questions or ask tax related questions from a CPA or qualifed tax preparer.  Thank you. 

Foreclosures in Imperial County: July 2008 a New High Record Month
By Frederic A Din

In my entry from three months ago  the number of Notice of Trustee Sale and Notice of Default both listed as Foreclosures set a record during the month of April 2008.  You can read that post here: http://activerain.com/blogsview/494587/Imperial-County-Foreclosures-Hit 

Imperial County logged the largest amounts notices in both stages of foreclosure activity to date.  According to data analyzed and reviwed from the Imperial County Recorders Office, Notice of Default filings or NODs were up just over 6% from June and up over 100% from the same time last year, July 2007.  NOD filings were at their second highest level in a single month with 255 filings, while the record of 268 NOD filings took place in April 2008.

Notice of Defaults are the first official step in the foreclosure process and are usually sent to home loan borrowers after three or four monthly payments have been missed.  "Typically lenders will send a letter of intent during the first few months of missed payments, while missing more than three payments will cause the Notice of Default to be sent and recorded with the county recorders office", according to a delinquency associate at a large servicing company, America's Servicing Company.  He spoke specifically of California based foreclosures and did not mention any laws or legal advice regarding any other state. 

If the lender hasn't heard from the borrower or payment arrangements have not been made, the next step is to offically sell the home at auction, which is held at the county court house in Imperial County. 

After the time frame has passed on the NOD, usually within 30-60 days, a Notice of Trustee's Sale or NOTS will be recorded and will give notice to the public that the property will be sold to recover money for the bank.  The lender has to publically give notice at least 3 weeks before the sale date and the notice has to be published as a legal advertisement in a publication in the county where the property resides, such as the Imperial Valley Press, Holtville Tribune or Calexico Chronical. 

Notice of Trustee's Sale activity rose nearly 3% from the month of June but was up over 400% from the same time last year in July.  The trend this year has been a steady increase in foreclosure activity over the last few years as more adjustable rate mortgages increase payments to an amount that is no longer affordable and as home values decline making it almost impossible for the borrower to refinance their way out of trouble.  Loan modifications to stabilize monthly payments and short-sale methods of liquidating property seem to be increasing as banks and lenders look to remedies to slow down the amount of real estate owned property they accumulate. 

July showed a total of 212 Notice of Trustee Sale filings for the month which is a record of filings in a single month this year.  The total number of foreclosures in all stages totaled 467 filings, which includes both NODs and NOTS for the month of July.  More than likely 90% or more of all 212 NOTS filed will end up on the books of lenders as an REO or BankOwned property. 

"REO properties are a non-performing asset that weigh heavily on the bank/lenders balance sheets", said Frederic Din speaking of his former collection/loss mitigation days when he held foreclosures on the books for Government Agencies FCU.  "...there was always pressure from Sr. Management to perform by selling these REO assets quickly and for the least amount of cost to ultimately reduce the expense of carrying the asset and having to worry about safey and vandalism concerns, which errodes property values". 

The US Government is trying to make remedies to homeowners available through several new initiatives including FHA-Secure and improved loss mitigations techniques such as loan modifications and forebarences. 

According to the data reviewed at publication time, mortgages that were taken out in 2006 which are being foreclosed upon in July account for just over 60% of all foreclosure activity.  This fact alone mirrors the study conducted by the Consumer Federation of America indicating that Imperial County home loan borrowers took out more subprime and piggyback loans in 2006 than any other county reviewed in the study.  You can view the story here: http://blog.homeloans.cc/2008/04/27/poorest-california-county-ranks-highest-for-subprime-lending.aspx

"We clearly have people with limited income capabilities being put into subprime adjustable rate mortgages and other piggyback loans that were beyond their means to begin with, however many just bought too much house since they were told they could and they dream of Homeownership.  The difference is they were led into loan programs that would ultimatley crush their dreams when the teaser periods of their adjustable rate mortgages increased 1% to 3% and went from "interest only" to fully amortized (principal and interest), thats quite a payment shock and most people simply can't afford to keep it up for too long thereafter", said Frederic A Din.

To give you an idea of what housing payments are deemded affordable using a conservative 40% debt ratio, which means the total of all monthly credit obligations such as car payments, credit cards, personal loans, non-deferred student loans, and the mortgage payment divided by gross income should not be much over 40%, I am including a graphic showing examples of house payments and sales prices using an average rate of 6.25%.



The rise in foreclosures is a normal course of action given the loose lending guidelines that were so prevelant during the years of 2005 and 2006 as demand for mortgage debt swept through the industry like wildfire.  From the credit rating agencies who provided their A+ grades, to wall street investors who packaged up the loans into the securities purchased by school districts, municipalities and foriegn countries, to the lender who enticed loan officers with generous commissions to the borrower who wanted their dream home now, were all a perfect storm when subprime lending and piggyback loans hit their apex. 

These two years for the Imperial Valley also showed a significant number of transactions completed in both terms of purchase mortgages and refinance activity, both with real estate values at the peak.  According to sales data collected and reviwed, the real estate market peaked in price during late 2005 and carried throughout the first quarter of 2006, with some moderate slow down into the second quarter.   

Mortgage loan statistics obtained for this article showed that Imperial County recorded over 4,200 purchase mortgage and refinance transactions during the years 2005 and 2006. 

Foreclosure activity two years later indicates that a large percentage of loans from 2005 weren't able to be refinanced into a lower rate or payment and subsequently the owner lost their home.  A slight increase amount in foreclosure activity is set to take place in 2008 as loans from 2005 those 3/27 loans and 2006 those with 2/28 will begin to adjust upward into higher payments and less favorable terms. 

Also on the horizon this year will be those LOW rate 5/1 ARMs from the market bottom in 2003 that will begin to reset this year.  Most of these home loan borrowers were "A Plus Paper", however when your monthly payment increases 25% to 35%, many of these payments will also become unaffordable.

If you find yourself in trouble and need foreclosure assistance, please visit my Foreclosure Help site which is found at www.homeloans.cc/fchelp.html or contact me for more information.  There are remedies and changes taking place in the industry to help those who want to keep their homes and those who are able to afford the payments. 

I am able to offer my clients a variety of home loan solutions to help their needs from government loans, such as FHA and VA, to conventional loans, to consolidation loans. 

We are here to help those whose credit isn't perfect, we have relationships with paralegals and attorneys who will help you boost your credit score 25 to 50 points or more within 30 days.  These paralegals will also work with you to clean up your credit report to increase your credit score within 90 days to ensure you qualify for the best financing available to you.  Credit repair plans are affordable with monthly payments plans starting as low as $1.30 a day.  Most clients are able to improve their credit score in less than six months, while some show a dramatic improvement within 90 days 

Let me know how I can help you or those you know. 

Thank you, Frederic

"...SOLD to the highest bidder for $95,000...subject to seller confirmation and approval...", shouted the auctioneer as he slowed the pace of talking way down from a whirlwind bid which started at $79,000 for one of The Cottages at Springfield homes. These homes were previously valued new about 18 months ago for nearly $205,000 and now they are being sold for a little less than half.

In July I posted an entry about the REDC auction and made some predictions as to the sales prices. How did I do? You can reference my entry by clicking here: http://activerain.com/blogsview/602928/Expo-to-House-Hundred

As with most auctions, Saturday's 100 house blowout of builder inventory from Pacific Century Homes was no exception to reserve pricing. The bank sets the price they need to reach in order to sell the home, very similar to auctions on Ebay where you place a reserve or minimum price you'll accept in order to part with your item of value.

The auction advertised a 100+ homes for sale this weekend however they were going to test the waters with 40 homes to see how buyers would react, and react they did. The Casa de Manana building located on the South end of the Imperial Valley Expo was originally set up to seat 200 people, according to fairgrounds manager Charlie. "(They) originally had me set up for 450 people, but later to me to take down 250 chairs...we didn't have 450 chairs and had to find them, then the day of the auction they asked me to put the remining 250 back up", he said.

Charlie was speaking of REDC, the Real Estate Disposition Corporation who's high energy, enthuastic and exciting sales and marketing methods have allowed them to sell more than $2 Billion dollars worth of real estate through auctions across the United States. Established in 1990 and based in Irvine, California, REDC is a large nationally recognized leader of selling real estate assets through auction and has three divisions to take care of the needs of builders, lenders, and corporate clients.

William Michaelis, a business development consultant with REDC said "this is our first time to Imperial Valley selling homes in this manner and the turn out looks favorable". "We'll start with 40 homes first and see how it goes, then we'll auction more...", he continued.

I showed up to the auction about 1:30pm expecting the auctioneers to have already blown through about 30 homes, however much to my surprise they were only on Sequence #5. The room looked full and from my estimates there was about350 or more people present engaging in bidding and the excitement the comes from the auction staff who are all dress in black tuxedos, running back and forth, yelling and clapping with each successful "Sold to the highest bidder" phrase the auctioneer shouted.

From what I could tell, REDC had a total of 6 auction sequences, which included the initial 40 lots of homes and then groups or sequences of 15 homes thereafter. I stayed through sequence B which ended at lot 60 and I picked up an information sheet for sequence C which had lots 61 through 74 listed.

I didn't start tracking high bid prices until lot #17, however I did note that lot #3, a 6 bedroom, 3 bathroom home in the Amberwood subdivision of Hearthstone sold for $230,000 for a home boasting 2,358 square feet and had an opening bid of $159,000, however this home lists a previous value of $469,089 according to REDCs auction sequence list.

An 1,819 square foot home at Heber Meadows, lot #9 featuring 4 bedrooms and 2 baths was sold to the highest bidder for $130,000 and had an opening bid of $109,000, however this home lists a previous value of $267,416 according to REDCs auction sequence list.

Early bidders of The Cottages at Springfield, starting at lot #21 were bidding up prices to $120,000 for the 1,334 square foot model which had opening bids of $89,000 and were previously valued at $215,755 a short time before, however most of The Cottages with starting bids of $79,000 were sold for under $100,000, most of them selling at $95,000 subject to seller confirmation and approval.

One notable deal was lot #15, a Somerset at Hearthstone home with 2,358 square feet, 6 bedroom, 3 bathroom home was sold for $140,000 and was previously valued to $351,450.

As time passed by, would be high bidders were wisked away by auction staff dressed in white shirts and black pants, as they were led to a semi-private area to complete or confirm their financing. Occasionally the auctioneer would announce a "2nd Chance" auction on a home previously sold to a high bidder, indicating the previous high bidder was not able to obtain the necessary financing to close the transaction in a manner and time consistent with REDC rules.

About an hour later about half-way through a hundred homes, the crowd considerably had thinned out. I observed and noticed several investors who were there early and had purchased some of the homes in the previous sequences. There were license plates from California, Arizona, and Mexico at the IV Expo attending the auction as these low selling prices drew attention from the surrounding areas.

Are auction prices better than foreclosure prices? Is a buyer or investor better off buying a home at auction versus using the services of a real estate agent to negotiate and protect their interest in the purchase of a home considered to be "under valued"? Someone I talked to that day said yes..."we can get a good deal at the auction of this type because the homes are new, we are buying a new home...and when you use a real estate agent, they show you used houses". She asked not to be idenified other than Margaret and she was waiting for homes in the Heber Meadows area to come back on the auction. According to the auction sequence sheets, some homes were listed as "occupied" and the majority were listed as "vacant", however it does not mean some of these homes were at one time occupied by either tenants or homeowners.

Did you buy a home at the REDC auction this past weekend, or have you purchased a home at any auction? I would like to know your story, your experience, if you won the bid and got the home, or if you won the bid and then were rejected.

I look forward to reading your comments and stories. If I can be of any assistance whether you're buying a home, or selling one and want to use the "Auction Method", please let me know, I am here to help you review your options.

Frederic

Other sales stats:
Lot #17 sold for $155,000, a 4/2 with 1,819 sq ft in Calexico on F Herrera St
Lot #18 sold for $155,000, a 4/2 with 1,819 sq ft in Calexico on F Herrera St
Lot #19 sold for $135,000, a 4/2 with 1,693 sq ft in Calexico on El Berro
Lot #20 sold for $135,000, a 4/2 with 1,693 sq ft in Calexico on H Najera Ave
Lot #21 sold for $125,000, a 3/2 with 1,333 sq ft in Imperial on Coyotes Ct
Lot #22 sold for $110,000, a 3/2 with 1,333 sq ft in Imperial on Coyotes Ct
Lot #23 sold for $95,000, a 3/2 with 1,333 sq ft in Imperial on Santa Rosa Dr
Lot #24 sold for $105,000, a 3/2 with 1,333 sq ft in Imperial on Santa Rosa Dr
Lot #29 sold for $95,000, a 3/2 with 1,134 sq ft in Imperial on Morongo Dr
Lot #39 sold for $160,000, a 4/3 with 1,582 sq ft in Calexico on Victoria Dr
Lot #40 sold for $155,000, a 3/2 with 1,400 sq ft in Calexico on Meadow Dr
Lot #44 sold for $220,000, a 6/3 with 2,021 sq ft in Calexico on F Torres St
Lot #50 sold for $170,000, a 6/3 with 2,358 sq ft in Calexico on F Herrera St
Lot #55 sold for $95,000 a 3/2 with 1,333 sq ft in Imperial on Morongo Dr

I have more sales prices on my log sheets from the auction that day, but this should give you an idea of what the prices were, thanks for reading. Don't forget to comment and leave me your auction story.

Imperial County Foreclosure Sale List 08/08/2008

** Writers note: The past two weeks indicate another large amount of Notice of Trustee Sales filings since the time I began tracking the data in Imperial County. Previous records pale in comparison to the amount of foreclosures taking place during this time. The following list contains postings within a two week period representing the majority of all public record sources reviewed. **

These homes are the future Bank Owned and REO properties during the next 60-90 days.

FREE Real Estate & Mortgage Information for Imperial County, CA

List of Bank Owned (REO) homes for sale $100k to $150k! Three ways to get your list:

1) 24 Hr Recorded Info, Call 1-866-227-1254 Ext. 8882
2) Email your Name, Address, Best Phone number to list@ivforeclosures.com
3) Text BANKREO to 41411 (must be abe to receive text messages)

Looking for Foreclosure HELP - Click Here!

Note: Trustee Sale Auctions are held at the Imperial County Courthouse, 939 Main Street, El Centro, CA at 2:00pm or 3:00pm. Check with the court clerk for exact date & time. Loan Amount is listed for reference only and sourced from the Notice of Trustee Sale. All details are subject to change without notice. BOOKMARK this site! Tell others about these listings, email it to your friends! *List is updated approximately every 10-14 business days.

** Last updated August 8, 2008 **

Text 4CLOSURE to 41411 to receive other listings!

Text 4CLOSURE to 41411 to receive other listings!

Note: The notices listed above are sourced from public records which may not be accurate. * Text message rates may apply, check with your wireless phone provider to determine text message plan.

Reference and additional tags:
Imperial County foreclosure, El Centro foreclosure, Brawley foreclosure, Calexico foreclosure, Imperial foreclosure, Calipatria foreclosure, Westmorland foreclosure, Salton City foreclosure, Heber foreclosure, Holtville foreclosure

Imperial County homes for sale, El Centro homes for sale, Brawley homes for sale,Calexico homes for sale,Imperial homes for sale,Calipatria homes for sale,Westmorland homes for sale,Salton City homes for sale,Heber homes for sale,Holtville homes for sale

Imperial County real estate,El Centro real estate, Brawley real estate, Calexico real estate, Imperial real estate, Calipatria real estate, Westmorland real estate, Salton City real estate, Heber real estate, Holtville real estate

Imperial County Foreclosure Sale List 07/25/2008

** Writers note: The past two weeks indicate another large amount of Notice of Trustee Sales filings since the time I began tracking the data in Imperial County.  Previous records pale in comparison to the amount of foreclosures taking place during this time.  The following list contains postings within a two week period representing the majority of all public record sources reviewed.  **  

These homes are the future Bank Owned and REO properties during the next 60-90 days. 

FREE Real Estate & Mortgage Information for Imperial County, CA

List of Bank Owned (REO) homes for sale $100k to $150k!   Three ways to get your list:

1) 24 Hr Recorded Info, Call 1-866-227-1254 Ext. 8889
2) Email your Name, Address, Best Phone number to list@ivforeclosures.com
3) Text BANKREO to 41411 (must be abe to receive text messages) 

Looking for Foreclosure HELP - Click Here!

Note: Trustee Sale Auctions are held at the Imperial County Courthouse, 939 Main Street, El Centro, CA at 2:00pm or 3:00pm. Check with the court clerk for exact date & time. Loan Amount is listed for reference only and sourced from the Notice of Trustee Sale. All details are subject to change without notice. BOOKMARK this site!   Tell others about these listings, email it to your friends!           *List is updated approximately every 10-14 business days.

* Last updated July 25, 2008 *

Text 4CLOSURE to 41411 to receive other listings!

Note: The notices listed above are sourced from public records which may not be accurate. * Text message rates may apply, check with your wireless phone provider to determine text message plan.

Reference and additional tags:
Imperial County foreclosure, El Centro foreclosure, Brawley foreclosure, Calexico foreclosure, Imperial foreclosure, Calipatria foreclosure, Westmorland foreclosure, Salton City foreclosure, Heber foreclosure, Holtville foreclosure

Imperial County homes for sale, El Centro homes for sale, Brawley homes for sale,Calexico homes for sale,Imperial homes for sale,Calipatria homes for sale,Westmorland homes for sale,Salton City homes for sale,Heber homes for sale,Holtville homes for sale

Imperial County real estate,El Centro real estate, Brawley real estate, Calexico real estate, Imperial real estate, Calipatria real estate, Westmorland real estate, Salton City real estate, Heber real estate, Holtville real estate

Imperial County Foreclosure Sale List 07/11/2008

** Writers note: The past two weeks indicate another large amount of Notice of Trustee Sales filings since the time I began tracking the data in Imperial County.  Previous records pale in comparison to the amount of foreclosures taking place during this time.  The following list contains about 70 postings within a two week period representing 95% of all public record sources reviewed.  **  

These homes are the future Bank Owned and REO properties during the next 90-120 days. 

FREE Real Estate & Mortgage Information for Imperial County, CA

List of Bank Owned (REO) homes
24 Hr Recorded Info, Call 1-866-227-1254 Ext. 8887

Looking for Foreclosure HELP - Click Here!

Note: Trustee Sale notices are listed below and are sourced from public records which may not be accurate. Auctions are held at the Imperial County Courthouse, 939 Main Street, El Centro, CA at 2:00pm or 3:00pm. Check with the court clerk for exact date & time. Loan Amount is listed for reference only and sourced from the Notice of Trustee Sale. All details are subject to change without notice. BOOKMARK this site!   Tell others about these listings, email it to your friends!           *List is updated approximately every 10-14 business days.

* Last updated July 11, 2008 *

List of Bank Owned (REO) homes
24 Hr Recorded Info, Call 1-866-227-1254 Ext. 8887

Reference and additional tags:
Imperial County foreclosure, El Centro foreclosure, Brawley foreclosure, Calexico foreclosure, Imperial foreclosure, Calipatria foreclosure, Westmorland foreclosure, Salton City foreclosure, Heber foreclosure, Holtville foreclosure

Imperial County homes for sale, El Centro homes for sale, Brawley homes for sale,Calexico homes for sale,Imperial homes for sale,Calipatria homes for sale,Westmorland homes for sale,Salton City homes for sale,Heber homes for sale,Holtville homes for sale

Imperial County real estate,El Centro real estate, Brawley real estate, Calexico real estate, Imperial real estate, Calipatria real estate, Westmorland real estate, Salton City real estate, Heber real estate, Holtville real estate

Heat Wave Rages as Foreclosures Burn through Imperial County in Southern California

Imperial County, CA - Triple-digit temperatures blast through as the heat wave continues to melt homeowners throughout California as they continue to get pummeled with record number foreclosure notices. Southern California areas such as Inland Empire and the Lower Desert regions seemed to be amongst those hit hard by the intense foreclosure heat.

Stemming from loose underwriting standards, a hunger to satisfy Wall Street investor demand, and buyers not wanting to miss out on speculative double digit appreciation the peak market cycles that made 2005 a boom in the headlines are today's bust times of 2008.

In Imperial County California, the most south-eastern county in the State and often referred to as a bedroom community of San Diego, recently experienced another recording setting month in foreclosures, according to residential housing specialist Frederic A Din who provides this report.  Imperial County California is made up of several cities and small towns which include, Brawley, El Centro, Calexico, Calipatria, Heber, Holtville, Imperial, Westmorland, Niland, Seeley, Salton City and surrounding areas.

"Home prices are down as much as 40% since the market peak of 2005 and 2006 making homes more affordable to home buyers in today's market", said Frederic.  "Foreclosures are happening to different people due to a variety of reasons however the buyer of today will be in a tremendous position for long term sustained homeownership."  

Imperial County "borrowed" many of its home buyers from the future who are now defaulting today as they took advantage of artificially low mortgage payments gambling on continued appreciation to bail them out before their adjustable rate mortgage sky rockets.  As such many of these present future home buyers did not verify their income, which hinders their ability to continue making monthly mortgage payments.

"Unfortunately without continued appreciation and increased equity these ‘from the future' borrowers were unprepared for the $400 to $600/monthly payment jumps they felt as their loan adjusted upward." 

While monetary indexes attached to adjustable rate mortgages are relatively low from years past, these explosive and often predatory loans sent interest rates surging from 6.00% to 9.00% during the first adjustment, often times with additional increases of 1.00% within the next six months.  Moreover many of these loans had early payoff penalties attached to them making the task of refinancing impossible adding a double-whammy to homeowners already caught in the mercury of foreclosure heat wave.

The heat wave of foreclosures coupled with rising gas prices, increased food costs, and more expensive electricity during the summertime in Imperial County, makes the average household budget tighter to manage in an ever uncertain time.  Many people from San Diego purchased homes in Imperial County while commuting due to the high cost of homeownership in San Diego, have altogether abandoned the practice due to the high cost of fuel, wear and tear on their vehicle and long hours traveling.

Notice of Default or NODs, the first step in formal foreclosure proceedings increased a total of 6.29% in the second quarter ending June 30, 2008 over the first quarter of the year.  A total of 747 notices were filed according to records reviewed from the County Recorders office, while a total of 700 notices were filed as of March 31, 2008.

Notice of Defaults increased a total of 136.43% from the same period last year ending June 30, 2007 based on a total of 612 notices filed compared to 1,447 notices filed this year to date.  This is another record setting pace of the foreclosure heat wave to strike the region.

Notice of Trustee Sale or NOTS, the next step in the formal foreclosure proceedings increased a total of 35.66% in the second quarter ending June 30, 2008 over the first quarter of the year.  A total of 544 notices were filed according to records reviewed from the County Recorders office, while a total of 350 notices were filed as of March 31, 2008

Notice of Trustee Sales increased a total of 229.89% from the same period last year ending June 30, 2007 based on a total of 271 notices filed compared to 894 noticed filed this year to date. 

All notices from 2007 totaled 706 which are dwarfed by the filings in the first two quarters of 2008 with a 21.04% increase so far this year.  Based on these preliminary numbers, Notice of Trustee Sale notices are expected to more than double by year-end to about 1,500. 

What Steps Can be Taken to Cool the Foreclosure Heat Wave?

There are steps homeowners can take to help offset and curb foreclosures from affecting their family.  These steps are easy to implement but not for the fainthearted.
Note: the following steps are not specific legal advice and results vary which cannot be guaranteed.

It is recommended that you review your budget carefully and document your spending habits using a special notebook or computer spreadsheet to keep a log of income and expenses.  Once your budget is fine tuned, ensure minimal use of credit cards or other debt. It's best to not use any new credit cards or apply for other debt at this time.  Use the newspaper to find specials at the grocery store and lump shopping trips together to avoid using additional gasoline.  Cut out monthly subscriptions that are not completely necessary at this time.  Curb the use of services you could do yourself such as lawn care, household cleaning, dry cleaning, or others to cut down. 

By focusing on the important items within your family and lifestyle you should be able to weather the housing storm and protect your largest and greatest asset.

However if after reviewing these items you determine it would be best to get out from under the liability of the mortgage, consider a short sale type of home sale with a professional who can help. Short sales are a special situation package submitted to your lender(s) indicating you are not in a position to pay the mortgage(s) and you must sell the home in order to continue meeting your other expenses but realize the home is not worth the amount owed to payoff the loans. 

This is where your budget review from earlier will come into play as you prepare your short sale budget and the hardship letter you'll provide to those assisting you in selling your home.  The lenders loss mitigation department will review your documents and short sale package to ensure you have a viable case.  In the end, the lenders does not want to own the home, they want to curb their loss early and through a short sale they are often able to accomplish this goal and you are able to salvage your credit history without a foreclosure blemish on your record.

Although a short sale can seem complicated and tedious it is the best overall solution to protect your credit history and future home buying power. 

If you have any questions, please do not hesitate to contact me for additional information, guidance or assistance.