Real Estate & Home Loans Blog

Imperial County Foreclosure Sale List as of 11/14/2008

Frederic — 2008-11-17T05:30:00Z

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 <---->

* Must have AdobeAcrobt Reader to view forms
** Both forms are required for complimentary evaluation, all information is private & confidential **

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 **

Street Address	City, State, Zip	Sale Date
1293 Vine St	El Centro, CA 92243	Nov 10, 2008
1072 Vine St	El Centro, CA 92243	Nov 7, 2008
854 W Hamilton Ave	El Centro, CA 92243	Nov 7, 2008
1857 Santa Rosa Rd	El Centro, CA 92243	Nov 10, 2008
1026 S 7th St	El Centro, CA 92243	Nov 10, 2008
1121 Walnut St	Brawley, CA 92227	Nov 10, 2008
2321 Montecito Ct	Imperial, CA 92251	Nov 10, 2008
225 Cozumel Dr	Imperial, CA 92251	Nov 12, 2008
1984 Bell Ct	Salton City, CA 92275	Nov 12, 2008
412 Silverado Tr	Imperial, CA 92251	Nov 12, 2008
302 N J St	Imperial, CA 92251	Nov 13, 2008
1344 Persimmon Ave	Salton City, CA 92275	Nov 12, 2008
758 Milano Ct	Brawley, CA 92227	Nov 12, 2008
1805 Southwind Dr	El Centro, CA 92243	Nov 12, 2008
1174 N Maple Ave	Heber, CA 92249	Nov 12, 2008
1534 Wake Ave	El Centro, CA 92243	Nov 12, 2008
2962 Ross Ave	El Centro, CA 92243	Nov 13, 2008
2493 Shore Isle	Salton City, CA 92275	Nov 13, 2008
1220 A Cota St	Calexico, CA 92231	Nov 14, 2008
690 N 5th St	Brawley, CA 92227	Nov 17, 2008
1757 Smoketree Dr	El Centro, CA 92243	Nov 17, 2008
2684 Jadetree St	Imperial, CA 92251	Nov 17, 2008
803 Meadowview Ave	El Centro, CA 92243	Nov 17, 2008
1224 N Stampede	Heber, CA 92249	Nov 18, 2008
2437 Stapleton Ct	Imperial, CA 92251	Nov 18, 2008
2974 Lisbon Ave	Salton City, CA 92275	Nov 18, 2008
135 W C St	Brawley, CA 92227	Nov 18, 2008
956 Skyview Ave	El Centro, CA 92243	Nov 18, 2008
1298 Gillette Rd	El Centro, CA 92243	Nov 26, 2008
416 S 14th St	Brawley, CA 92227	Nov 21, 2008
298 Jackrabbit Dr	El Centro, CA 92243	Nov 19, 2008
1335 Bourbon St	Salton City, CA 92275	Dec 3, 2008
1723 Barbara Worth Rd	El Centro, CA 92243	Nov 20, 2008
2107 Sunrise Dr	Salton City, CA 92275	Nov 21, 2008
58 E Niki St	Heber, CA 92249	Nov 20, 2008
681 Dulles Ct	Imperial, CA 92251	Nov 20, 2008
1345 Hanson Ave	Salton City, CA 92275	Nov 20, 2008
2309 Montecito Ct	Imperial, CA 92251	Nov 21, 2008
609 Wisteria Ct	Imperial, CA 92251	Nov 20, 2008
2490 Hamilton Ave	El Centro, CA 92243	Nov 20, 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

Short Sale Q & A for Home Sellers

Frederic — 2008-09-22T17:11:00Z

Short Sale Q & A for Home Sellers

Selling a property as a short sale can be complicated and carry a multitude of ramifications to consider.

This entry will attempt to answer some common and frequently asked questions regarding Short Sales. This information was gathered from various sources, including our own experience within the industry.

What is a short sale?
A short sale is a process in which a homeowner sells their home for less than what they owe on the outstanding mortgage or mortgages. This process requires specific documentation that is gathered early in the process and is presented to the lenders in an attempt to convince them to discount the mortgage balance in order to allow a sale of the home to occur. If the sale is approved by the lender, they will take a loss on the mortgage. This process, if approved, will allow the homeowner to get out from under the mortgage and not have to repay the difference from what was owed to what the sales price was. As well, this process stops the foreclosure action and acts as satisfaction for the mortgage balance.
What are the steps the bank takes to decide what the sales price on the home should be?
Each bank has different criteria they review to decide on the selling price of the home with regard to a short sale.
Which types of situations benefit most from using a short sale?
Short sales are known as sales in pre-foreclosure, meaning they have some type of default or possibility of default looming over them. Typically a homeowner who is in default is at least 3 months or more past due on their mortgage payment and more than likely the foreclosure process has already been started, however more lenders are carefully considering mortgages that are only behind a few months as prospects for short sales without fully being in foreclosures as a means of helping to avoid further losses.

Aside from the past due factor which must be present, the homeowner will more than likely have no equity in their home. This means the total amount owed to payoff the mortgages is more than the home price need for it to be sold.

The homeowner who is past due must have some demonstrated hardship involving their finances which has caused their delinquency. Typically the reasons for hardship will vary, however proof must be rendered before the hardship will be considered by the bank.
How does a homeowner benefit from a short sale?
The homeowner is more than likely suffering from a financial hardship and the opportunity to get out from under a burdensome monthly mortgage payment is a huge benefit for the homeowner. Once the short sale is approved and underway, the foreclosure process stops which also removes any anxiety the homeowner may have been feeling, which will offer them a sort of fresh start.

From a credit reporting perspective, a short sale will more than likely be listed on the homeowners credit history as a "paid settled" account, along with the late payments from being past due on the mortgage, however these blemishes are considered to be the lesser of the bad when considering a full blown foreclosure on your credit report will be reported as a public record event up to 10 years, just the same as a bankruptcy filing which causes huge damage to your credit report.
Are short sale remedies offered to me as an investor homeowner?
They certainly are, however remember in order to complete a successful short sale a hardship has to be demonstrated. As an investor you may have other considerations or implications to consider, therefore it is recommended that you seek advice regarding tax consequences from your tax adviser or CPA.
Are certain loan types considered over others with regard to short sale?
Maybe, however there may be other implications which may pose a risk such as a deficiency judgment, or lawsuit on loan or mortgage contract, which differ from a judicial foreclosure.

If you have questions, please contact me to discuss your specific situation.
I'm facing foreclosure, is a short sale the right solution for me?
Every situation and circumstance is different and therefore requires to be looked at individually. Here are some important factors related to short sales:
* Your property is in default (past due) or foreclosure (several months past due)
* You have evidence of a documented financial hardship
* You have little or no equity in the property, more than likely you have negative equity
* Your homes value has dropped below the amount you owe on your mortgages
I have a FHA, VA, or other government back loan, does this matter?
Every loan type has different characteristics the banks look at, therefore a short sale may still be possible.
Are there other options besides a short sale I could look into?
Yes, there are many different options to consider aside from a short sale, such as:
* Bringing your loan current, paying all past due payments up to date, also known as curing your delinquency
* If you feel your hardship was only a temporary setback, you could try a loan modification which changes the terms of your existing loan(s). Note: I work with skilled negotiators who will guarantee a modification result or your money back, ask me for details
* If you have equity, you could refinance your mortgage with another lender
* If you have equity, you could try to sell your home through a normal means
* You could try to have you lender take the deed to your home, which is known as a "deed in lieu of foreclosure", however you must be aware that taking this action will cause your credit report to reflect a foreclosure just the same as if you lost your home to foreclosure
* You could file for Bankruptcy, however you should know that simply filing bankruptcy does not stop the foreclosure action, it merely delays action taken
You keep talking about a financial hardship, why do you discuss this so often?
The reason I keep coming back to a financial hardship is because the lenders will not agree to allow you to sell your home for less than what is owed without having a good reason. Quite simply, a good reason is proving that you're in a financial bind and cannot come out of it quickly enough to bring your mortgage payments current and you will more than likely not continue to keep making payments either.

Lenders want to lose the least amount of money when considering a foreclosure and it has been said that lenders expect to lose up to 40% of the amount of the mortgage if the go through the foreclosure process, therefore if they can see someone willing to buy your home for less than what is owed but they will gain more than if they continue with the foreclosure sale, then you have a strong chance at getting your short sale approved.

Please exercise caution if you are attempting to use a short sale as a means of dumping a poor investment, or if you have simply lost value in your home and want out, but are employed and have assets (savings, investments, etc), you will more than like be unable to successfully short sale your home. If you are current on your mortgage payments, it is nearly impossible to short sale your home. Lenders need to see that you cannot pay your mortgage before they will agree to allowing you to do a short sale.
After the short sale is completed, who owns the home?
Just like a regular home sale, the buyer of the home is the owner. The loans are paid and satisfied, the previous owner moves out and the new owner moves in.
How does a short sale affect my past due property taxes?
Similar to a normal sale, property taxes are the responsibility of the homeowner up until the close of escrow, then the new owner takes responsibility of them. If your property taxes have not been paid, this fact will affect the negotiations of the short sale since the lender will ultimately have to pay those off to transfer title to the new owner. This fact will affect the outcome of negotiations between the bank and buyer, please let me know if you're behind in your property taxes in any way.
What areas do you cover and list short sale homes?
I work locally in the Imperial County area of Southern California, however depending on the circumstances I will review requests for listings outside of Imperial County. I network and work with other agents who are experienced in short sales in California and will refer you to another real estate broker who can best serve your needs.
What types of properties do you work with on short sales?
My focus is on residential properties, such as single family homes, duplexes and apartments up to four units, however I currently do not handle any commercial properties.
How do things change if my home is already listed on the MLS but its not selling, can I do a short sale?
Absolutely. Lenders may actually want the home listed to show proof that a reduction or discount is required in order to sell the home before approving a short sale.
My home is very well taken care of, the short sale price seems very low, why?
Most often homeowners who are facing the possibility of selling through a short sale are attached to their homes emotionally. You must keep a few things in perspective, such as a home seller can never receive any money through a short sale. The price of a home is of little concern and the goal is to sell the home and remove the burden of the mortgage from the homeowner who is facing a hardship.

There are a few possible concerns for a home seller, such as possible tax consequences, since a large discount provides a larger amount of mortgage relief and the possibility of a great tax liability.

The key point is to ensure the lender will accept the sale price and agree to the short sale in a fashion that will sell the home. Discounts of 25% to 30% or more from current market value are not uncommon. These facts happen for a variety of reasons, such as a) home sellers are in denial about how far the market has turned down and are uneducated regarding declining property values, b) lenders do not like the foreclosure process, perhaps even more than homeowners since lenders know a foreclosure process can take up to twelve months go from start to finish. Lenders have tremendous expenses from attorney costs, publication costs, lost interest, money tied up in the home, past due property taxes, inspection costs, maintenance costs, vandalism threats, etc.

All of these expenses come before the bank tries to sell the home as a bank owned or REO property and pay a sales commission to sell it. A short sale is a way to avoid some or most of these costs. Let's say a lender calculates their cost of taking possession of the home or eviction at $50,000 for a home, then by doing a short sale and only spending $35,000 or $40,000 the lender is better off approving a short sale than going to foreclosure.
With a short sale, who pays the real estate sales commission?
Typically commissions are paid for from the funds the buyer places in escrow but since there is no equity in the home, the lender ends up paying the entire real estate sales commission.
Are there any guarantees a short sale will work?
No, there are no guarantees a short sale will work. A complete and thorough short sale package must be provided to your lenders(s) before they will even consider a short sale. Banks and lenders need to be convinced of the property value as well, which may make it more difficult.

Lastly, even when all of the paperwork requested is submitted in the perfect order, all complete, it may take weeks or even months before the lenders gives a reply only to deny the request for a short sale. At this stage, your purchase contract is no longer valid and the short sale listing continues on the market.
How long does a short sale take to go through?
As discussed previously a short sale may take several weeks to a few months to complete. The process if very involved and complication and its important to exercise patience, if you have the time to sell, however if you're facing eviction from your property and expect a short sale to help you, you've simply waited too long and nothing can be done. Please do not wait until the last minute to get help.
One of the forms I have to sign is a borrowers authorization, why is this required?
This form, the borrowers authorization, gives us permission to the lender to discuss your loan with them. This form is required by every party who will be discussing your loan with your lender, as it gives permission to talk about your transaction.
Someone told me that I will owe taxes after a short sale, tell me if this true or not?
You could owe taxes, however it's not that simple as there are many factors involved. A few examples are, is the property an investment or your primary residence? Did you purchase the home with a purchase money loan or did you refinance it recently? If you're an investor or if your recently refinanced the home, are you technically insolvent? These questions get deep quickly and depending on your actual case, you will need answers from a qualified tax professional or CPA.

Here are some rather simplified descriptions of the questions above:
When a lender writes off part of a mortgage (takes a loss on the loan), the discount or difference is similar to "cash paid to the owner", even though you saw no cash at all, but in the eyes of the IRS its the same as if you received cash. This mortgage relief is reported to the IRS on form 1099C.

Even if you receive a 1099C form and declare it as income on your taxes, there is a chance you will owe very little if any taxes on the money. Why? Simply because the IRS has a rule about being technically insolvent, which says if you owe more (liabilities) than you are worth (assets), you're insolvent. Since this happens at the time you did a short sale, your liabilities are greater than your assets, you are insolvent and you don't have to count the 1099C income. You can learn more about 1099C forms at the IRS website, http://www.irs.gov

Late last year, President Bush signed into law a bill called the "Homeowners Debt Forgiveness Act", which spells out certain requirements that homeowners can take to not be taxed on mortgage relief.

Make sure you seek advice from a CPA or a qualified tax preparer.
I'm not in foreclosure yet, but I am behind in my payments, can a short sale work for me?
Yes, more and more lenders are open to homeowners who are past due on the mortgage but not yet in foreclosure as a remedy, as long as the hardship requirements are met. The vast majority of lenders are choosing a short sale over taking foreclosure action due to the expenses involved with foreclosure. Lenders also know that as more time passes, the less their home is worth which causes the loss to increase.
My home is in disrepair since I was in the middle of remodel, will a short sale work for me?
Certainly, however this may complicate matters since the bank will have to compensate a much lower price to factor in the repairs. The important piece to accomplishing this is to show the lender's appraiser all of the repairs that need to be done. If your home fits this description, please contact me for additional specific guidance.
I have a little equity in home, perhaps 10% or a bit more, is a short sale still a viable option for me?
More than likely not, since you have some equity and a regular sale will be in order.
I own the property with other parties who do not want to do a short sale, can I still do one?
No, since all parties on the title must agree to the short sale contract it is necessary for all parties to be in agreement, there are no exceptions.
There are other types of liens on my home, such as Tax liens, Mechanics liens, IRS liens and Judgments on my home, can a short sale work for me?
Yes, a short sale can work but having additional liens only complicates matters further. You must be sure to completely list all liens that are outstanding, then each lienhold will have to be negotiated individually. Short sales with these types of liens will take a much longer time to complete.
I cannot afford the mortgage on a property that I inherited, can a short sale help me?
Yes, there are other resources available that discuss these matters. Ask me for a report for California property owners regarding Proposition 13 Preservation of the Base Year.
I have multiple loans on my home, including my first and two 2nds, can I do a short sale?
Yes, each mortgage or home equity loan or line of credit must be negotiated individually. If you're past due, its important to know which loan has filed or will file the foreclosure first, if more than one mortgage has filed.

I hope this detailed yet basic overview will help answer some questions if you're considering selling your home through a short sale. If you have additional questions, please feel free to contact me at your convenience regarding your specific situation. Thank you.

Note: The intent of this article is to provide a general discussion format only and should not be considered legal advice. By using this information, you agree that it does not create an attorney-client relationship.

If you rely or use this information, you do so at your own risk, since any liability that might arise is expressly disclaimed. As I mentioned in the beginning, this blog does not provide legal, accounting or tax advice, is not to be acted on as such, it may not be current, and is subject to change without notice.

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

Frederic — 2008-09-22T16:28:00Z

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

Frederic — 2008-08-11T23:55:00Z

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

IV Expo Hosts REDC Hundred Home Auction in Imperial County, CA

Frederic — 2008-08-09T20:11:00Z

"...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

Frederic — 2008-08-09T06:59:00Z

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)

Text 4CLOSURE to 41411 to receive other listings!

Street Address	City, State, Zip	Sale Date
1370 Beachclub Dr	Salton City, CA 92275	Aug 11, 2008
1160 N Harmony Way	Heber, CA 92249	Aug 11, 2008
1209 Hinojosa St	Calexico, CA 92231	Aug 11, 2008
998 Skyview St	El Centro, CA 92243	Aug 11, 2008
1344 Malat Ave	Salton City, CA 92275	Aug 11, 2008
1117 Mesquite Ave	Brawley, CA 92227	Aug 12, 2008
680 Kitty Hawk	Imperial, CA 92251	Aug 12, 2008
944 Driftwood Dr	El Centro, CA 92243	Aug 12, 2008
565 Ocotillo Dr	El Centro, CA 92243	Aug 13, 2008
1453 Carpenter Ave	Salton City, CA 92275	Aug 13, 2008
575 El Centro Ave	El Centro, CA 92243	Aug 13, 2008
30 E Lettuce St	Heber, CA 92249	Aug 13, 2008
505 N 13th St	Brawley, CA 92227	Aug 13, 2008
2788 Bach Ave	Salton City, CA 92275	Aug 13, 2008
1553 Ross Ave	El Centro, CA 92243	Aug 13, 2008
981 Flammang Ave	Brawley, CA 92227	Aug 14, 2008
1008 Rose Ave	El Centro, CA 92243	Aug 15, 2008
2296 Shore Gem	Salton City, CA 92275	Aug 15, 2008
1179 Chestnut Ave	Brawley, CA 92227	Aug 15, 2008
2014 Low Rd	El Centro, CA 92243	Aug 15, 2008
1270 Nile Ave	Salton City, CA 92275	Aug 18, 2008
108 W 13th St	Imperial, CA 92251	Aug 18, 2008
512 N C St	Imperial, CA 92251	Aug 18, 2008
1866 Barbara Way	El Centro, CA 92243	Aug 18, 2008
661 Flammang Ave	Brawley, CA 92227	Aug 18, 2008
1225 Black Sea Ave	Salton City, CA 92275	Aug 18, 2008
1251 Driftwood Dr	El Centro, CA 92243	Aug 18, 2008
1102 Skyview Ave	El Centro, CA 92243	Aug 18, 2008
149 Sunnyside Ct	Heber, CA 92249	Aug 19, 2008
262 Quail Run Dr	El Centro, CA 92243	Aug 19, 2008
359 Hamilton Ave	El Centro, CA 92243	Aug 19, 2008
3699 Blossom Way	El Centro, CA 92243	Aug 19, 2008
898 Skyview Ave	El Centro, CA 92243	Aug 19, 2008
2760 Treadwell Blvd	Salton City, CA 92275	Aug 19, 2008
949 L Porter Ct	Calexico, CA 92231	Aug 19, 2008
1231 China Sea Ave	Salton City, CA 92275	Aug 19, 2008
981 Jones St	Brawley, CA 92227	Aug 19, 2008
10 Steer Ct	Heber, CA 92249	Aug 19, 2008
2668 Hamilton Ave	El Centro, CA 92243	Aug 19, 2008
737 Sunset	Salton City, CA 92275	Aug 19, 2008
1950 Barbara Worth Rd	El Centro, CA 92243	Aug 19, 2008
572 Larkspur Ln	Imperial, CA 92251	Aug 19, 2008
1714 Desert Gardens Dr	El Centro, CA 92243	Aug 20, 2008
1954 Clinton Ave	Calexico, CA 92231	Aug 20, 2008
596 Weaver Rd	Brawley, CA 92227	Aug 20, 2008
1229 Sandalwood Dr	El Centro, CA 92243	Aug 20, 2008
2136 I Yturralde	Calexico, CA 92231	Aug 20, 2008
1646 Ocotillo Dr	El Centro, CA 92243	Aug 21, 2008
1225 Arctic Ave	Salton City, CA 92275	Aug 21, 2008
2805 Nile Ave	Salton City, CA 92275	Aug 21, 2008
3703 Blossom Way	El Centro, CA 92243	Aug 21, 2008
1517 Vine St	El Centro, CA 92243	Aug 20, 2008
1122 Mesquite Ave	Brawley, CA 92227	Aug 21, 2008
208 Driftwood Pl	Brawley, CA 92227	Aug 21, 2008
2481 Elm Ave	El Centro, CA 92243	Aug 21, 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 07/25/2008

Frederic — 2008-07-27T14:03:00Z

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)

Text 4CLOSURE to 41411 to receive other listings!

Street Address	City, State, Zip	Sale Date	Loan Amt $
1156 Bloomfield	Heber, CA 92249	July 28, 2008	$ 240,169.33
181 Marina Ct	Imperial, CA 92251	July 28, 2008	$ 211,944.06
1163 Chestnut Ave	Brawley, CA 92227	July 29, 2008	$ 256,339.10
36 W Robin St	Heber, CA 92249	July 29, 2008	$ 267,817.88
464 Smoketree Dr	El Centro, CA 92243	July 29, 2008	$ 177,212.29
1021 Walnut Ct	Brawley, CA 92227	July 29, 2008	$ 222,761.25
1162 Bloomfield	Heber, CA 92249	July 29, 2008	$ 213,671.52
1957 Sunset Ave	Salton City, CA 92275	July 30, 2008	$ 188,174.21
2428 Shore Jewel	Salton City, CA 92275	July 29, 2008	$ 137,200.01
2345 Shore Jewel	Salton City, CA 92275	July 29, 2008	$ 185,081.50
1225 Sargo Ave	Salton City, CA 92275	July 30, 2008	$ 162,820.75
1987 Sunset Ave	Salton City, CA 92275	July 30, 2008	$ 183,949.11
281 Cancun Dr	Imperial, CA 92251	July 29, 2008	$ 372,373.52
1090 D St	Brawley, CA 92227	July 31, 2008	$ 211,075.25
46 W Sparrow	Heber, CA 92249	July 31, 2008	$ 248,328.62
2300 Montecito	Imperial, CA 92251	July 30, 2008	$ 206,117.61
2774 Treadwell	Salton City, CA 92275	July 31, 2008	$ 186,899.06
43 W 2nd St	Heber, CA 92249	July 30, 2008	$ 249,380.39
1002 Rose Ave	El Centro, CA 92243	July 30, 2008	$ 184,134.84