Is there a Possiblity of Saving Your Home?

I am pleased to announce that after careful consideration, I will be offering a new service Mortgage Review for my clients. Throughout the past year, I have been asked by our valuable clients on what is the best move with their mortgage and have been happy to provide directions.

With the current market conditions the number of short sales and foreclosures have increased and this makes me sad when I see most would like to keep their home, but feel there are no options. So in response I have decided to include as one of my services the option of Loan Modification and have aligned my self with a company who has great success in just that. Our goal is to save your home! If you currently have negative equity, worried about your loan being reset, see trouble on the horizon and would like to KEEP YOUR HOME, then we may be able to help.

As always my goal and service pledge is to understand your long and short term goals and help you achieve them. I am not just a Real Estate Agent, rather a Realtor who's business structure is geared towards all your Real Estate needs.

Please do not hesitate to contact me with any questions

Warm regards,

Kelly

The OC Foreclosure Difference

Deciphering the difference between Delinquencies vs. Notice of Defaults vs. Foreclosures:

Delinquencies cover any missed payment – even if it is just one month, it gets reported as a delinquency.

• The delinquency rate on sub-prime loans is running 13.77%, which is up 13.44% from the previous year.
• The delinquency rate on prime loans is only 2.57% Combining the two rates with the loan volume gives you a delinquency rate for all loans 4.84%. The record low is 4%
  California’s delinquency rate is 3.25%

Notices of Defaults (NODs) are filed when lenders’ loans have been delinquent for a specific period of time. These loans begin the foreclosure process.

• Only 3.23% of all sub-prime loans entered the foreclosure process, with most of the defaults occurring on loans from Jan.2005 to Feb.2006.
• 1.28% of all prime loans have entered the foreclosure process.
• In Calif., the 1st qtr. of 2007 saw 47,000 NOD’s filed by lenders. Calif. has 8.2 million homes and condo’s w/5.6 million mortgages. Therefore, in the 1st qtr. of this year, only 0.008% of all mortgages entered the foreclosure process for the quarter.

Foreclosures occur when the buyer has been unsuccessful in curing the debt and either a lender or an investor has acquired the property.

• For sub-prime loans, 68% of the buyers are able to prevent the foreclosure by either refinancing the property or successfully selling it.
• For prime loans, the foreclosure rate is 0.86%.
• Last year, the U.S. saw a combined foreclosure rate of only 1.09%
• During 2006, Calif. Saw a foreclosure rate of only 1.17%
• Last year in the OC, 5680 defaults resulted in 697 foreclosures. This means only 12.2% of the defaulting homeowners actually went to foreclosure. Wouldn’t it be nice to hear 87.8% were successful in resolving this debt?

The reason behind foreclosures: (this is the area where the true focus should be)
#1 reason the occurred was due to fraud.
#2 reason was unethical lending
#3 loss of job
#4 medical reasons

I loved the way Gary Watts displayed the current state of the market recently as noted above. It does show yes there has been some changes but if you look at the big picture you will have clear understanding of the overall market.

Want to learn more about the Orange County Real Estate Market? Make sure to join Kelly at the Century 21 Superstars Home Buying Seminar in October. Click here for more details

The above information is provided as an opinion information is deemed reliable but not guarenteed.