Imperial Valley REO

Are We Back at Year 2000 Housing Prices in the Imperial Valley?

Recently Frederic Din, REALTOR® and “Your Imperial Valley Housing Specialist” reviewed that average and median housing sale prices were down 25.7% in 2009 from 2008 housing sale prices for the areas of Brawley 92227, Calexico 92231, Calipatria 92233, El Centro 92243, Heber 92249, Holtville 92250, Imperial 92251, Seeley 92273, Westmorland 92281, and other surrounding areas. You can search homes for sale by clicking on the city links above for the areas you want to buy.

These stark facts indicate further decline in median housing sales prices in 2010 even though real estate inventory seems to be dropping. There are concerns in the industry, both locally and nationally of shadow inventory (homes foreclosed but not yet on the market for sale), negative equity (owing more on your mortgage the value of your home), and the ability to move loan modifications forward will all have an impact on further housing sales price declines.

“The good news is for homes buyers, whether you’re a first timer, wanting to trade-up, or an investor, current home prices in Imperial County are certainly attractive”, says Frederic.

What makes this year particularly more attractive than the possibility of year 2000 sales prices is low rate fixed term mortgage financing. Home loan rates are often seen in the upper 4% range, while average mortgages rates are hovering around 5.25% for a 30 year FHA mortgage with as little as ½% down.

Contrast these rates to the year 2000 where they were about 3% higher in the 8% range for those with excellent credit histories. FHA loans were available at the same rates however FHA loan limits were stuck just around $100,000, while median prices were slightly higher than that at the time.

“All this means is 2010 is going to be very attractive to buyers due to excellent deals with low home prices and low fixed rate mortgage financing, leading to a more stable and affordable housing market which is on the way to recovery here in the Imperial County”, says Frederic Din.

Another factor that makes 2010 a better home buying year than 2000 is the types of properties on the market that were simply not available 10 years ago. “Scores of homes were built during a period of years from 2003-2007 which were simply not around in the year 2000, these homes include some very nice entry level floor plans and some elegant luxury type housing products there weren’t around then”, says Frederic.

So just how more affordable are homes in today’s low fixed rate mortgage market? For example, in the year 2000 a home with a loan amount of $130,000 at 8% for 30 years with taxes and insurance would be about $1104.00 per month, while today a home with a loan amount of $130,000 at 5% for 30 years with taxes and insurance would be under $850.00 per month, a difference of $250.00 per month.

Let me put this in perspective, for the same monthly payment you were able buy a home in year 2000, in today’s low rate market, with the same monthly payment you could obtain a home loan of $170,000, meaning a newer home and larger home of your choice. Remember, these interest rates are examples and can vary depending on your situation, please consult with your loan officer or ask me for a recommendation to help you get started on making 2010 your year to be a homeowner.

Although high unemployment typically dominates the news regarding Imperial County, the El Centro, California MSA is the statistical area to watch, currently at 29.2%. Jobs which unemployment runs the highest is within the unskilled labor markets, are low wage and often times entry level positions. There is growth in the higher skilled and trained positions which provide higher paying jobs will continue to offer those moving to the Imperial Valley for industries such as renewal energy, geothermal, business, law enforcement, education and government positions just to name a few.

What do jobs and unemployment have to do with the housing market and home sales prices? Frederic Din says “Everything!” A vibrant jobs market bolsters, grows, and sustains the housing market and home value appreciation in a very big way”, Frederic continues. “Plainly put, a lack of jobs causes real estate values to become depressed and decline.”

While the Imperial Valley is far from a full economic recovery at this time, great strides are being made to promote the Valley, encourage investment, and move this great area forward faster. Green technologies, renewable energy here in the Imperial Valley are the forefront of being a highly desirable and sought after industry locally as new geothermal, solar energy farms, and wind farm projects are slated on city council meetings on a regular basis.

Growth in the renewable energy sector certainly looks promising and will bring a much needed economic and employment boost to the Imperial Valley jobs market as well the housing market will benefit greatly from these advancements, which ultimately has an effect on housing sales prices rising.

If you’re new to the Imperial County area or are considering moving here due to a job transfer or relocation to any city in the Valley such as Brawley, Calexico, Calipatria, El Centro, Heber, Holtville, Imperial, or surrounding areas, contact Frederic Din, Imperial Valley MLS Board of REALTOR® as Your Imperial Valley Housing Specialist to help you find the right home at the right price.

Feel free to call my cell phone 619-241-4415 or email me fred@ivforeclosures.com at any time to discuss your home buying needs. I look forward to meeting you and helping you buy your home in the Imperial Valley and call it home.

Bank Owned, California short sale, Foreclosure, Home buying, Home selling

Flood of Foreclosures in the Forecast

Less than 1/4th of recent bank owned or REO properties taken back by banks over the last 60 days have been integrated into the local housing market according to research conducted by REALTOR® Frederic Din.

“I researched over 150 newly acquired bank owned properties from October 1st through December 4th, 2009 and found only thirty-seven properties listed in the Imperial Valley Multiple Listing Service (MLS) out of properties researched throughout the county”.

While Frederic’s research of “shadow inventory” in the Imperial Valley is ongoing, he states there are definite trends leading to a growing level of vacant bank owned properties, foreclosed upon by the bank and not listed on the market for sale which could lead to a flood of foreclosures in Imperial County.

“Some banks and servicing companies will sell their foreclosure inventory via websites utilizing a bidding process and ultimately sold to the highest bidder subject to terms and conditions”.

“These properties may never be integrated into the MLS or counted as part of our local inventory through local real estate services; however bank owned homes definitely affect our housing market both in terms of property values within the neighborhood and their condition”.

Other banks and servicing companies, such as Fannie Mae and Freddie Mac assign bank owned properties to real estate brokers and real estate agencies for disposition. These properties typicaly make it into the MLS service since they use local agents to list and sell their inventory. Services such as HomePath and HomeSteps allow buyers to review properties for sale and obtain lender financing directly through the investor as an additional incentive.

While most bank owned property sellers require a loan pre-approval letter along with an offer, properties owned by Wells Fargo or Bank of America / Countrywide require prospective buyers get pre-approved from their own institution in order for an offer to be considered, although the buyer is not obligated to use bank financing, however banks often times provide free credit reports and appraisals as an incentive for keeping the financing transaction “in-house” so to speak.

Inventory levels have dropped in recent months to early decade levels causing fence sitting home buyers to hop off and make a decision to start looking at homes now, especially since the First Time Home Buyer Incentive will expire in mid-2010. To search homes already on the market click here http://ivforeclosures.com

“It’s important for home buyers to review their credit history and mortgage approval options before shopping for homes, since all bank owned property sellers require a pre-approval to be submitted with the offer”, says Frederic.

Bank owned property sellers want to make sure buyers are qualified to purchase the home in question, therefore the pre-approval is a precautionary measure taken by the seller to ensure the transaction will close and not waste time.

“Time and money are of the essence” says, Frederic, “these banks want these homes off their books in the least amount of time for the most money and having to bring a home back into the market diminishes both their time and money”.

If you’re interested in knowing which homes will be part of the foreclosures forecast, contact Frederic Din by calling 619-241-4415 or email your request to info@ivforeclosures.com and make sure you let him know you saw the article regarding the Flood of Foreclosures on this blog.

Do you have questions or comments, please make sure you let me know in the box below. Thank you.

Partial list of bank owned homes not listed for sale as of December 4, 2009

Imperial
•2815 Powell Ct Imperial CA 92251
•2733 Ironwood Rd Imperial CA 92251
•1108 E 2nd St Imperial CA 92251

El Centro
•1318 Jacaranda Dr El Centro CA 92243
•353 Jackrabbit Dr El Centro CA 92243
•1842 Wake Ave El Centro CA 92243

Calexico
•1281 Topaz Ct Calexico CA 92231
•1173 Zapata St Calexico CA 92231
•1201 Fiesta Ave Calexico CA 92231

Heber
•59 W Black Horse Heber CA 92249
•16 W Steer Ct Heber CA 92249
•46 W 2nd St Heber CA 92249

Brawley
•734 Milano Ct Brawley CA 92227
•824 Hickory Ct Brawley CA 92227
•836 David St Brawley CA 92227

Data is deemed accurate but cannot be guaranteed

Flood of Foreclosures in the Forecast © 2009 Frederic Din, all rights reserved.

Bank Owned, Foreclosure, Home buying, REO

804 Hickory Ct Brawley CA 92227 Video Virtual Tour

Frederic Din, REALTOR(r) with EXiT Stepping Stone Realty is proud to present the following great property for sale and encourages you to review the video virtual tour of the home. Thank you.

Located on a quiet cul-de-sac, this beautiful two story McMillin Sycamore Plan featuring 5 bedrooms, 2 1/2 bathrooms, two car garage and a super family room and open kitchen style floor plan means lots of space for your family gatherings, as well as a formal living and dining room is the perfect home for you.

Front exterior video view is found here

First floor video view is found here…

The 1/2 bath is conveniently located downstairs, and all bedrooms, as well as the laundry area are located on the second floor which includes a computer niche and other built-in cabinets for storage, books, and more.

Second floor video view is found here…

In the back yard, a grassy area, a stamped concrete entertaining deck and a cool pool are sure to be a source of fun and enjoyment for years to come.

Back yard / pool exterior view is found here…

Competitively priced this great home is subject to short sale approval and is being handled by professional short sale negotiators.  Make your offer on this fantastic home today before its gone.

Contact me to schedule your private showing of this wonderful home to make this home yours while taking advantage of the $8,000 First time home buyers tax credit. 

Ask me about low down payment financing of 0% for qualified buyers, as well as 3.5% down payment for FHA financing and more.

Call 1-619-241-4415 or email info@ivforeclosures.com and reference the address 804 Hickory Ct Brawley CA 92227

Thank you for your interest in this great home, 804 Hickory Ct Brawley CA 92227

California short sale, Home buying, Short Sale 804 Hickory Ct Brawley CA 92227, Brawley homes for sale, Brawley short sale

Find and Buy Foreclosure Deals in Imperial Valley CA

First time home buyers, trade-up buyers, investors and bargain hunters are able to easily search and find Foreclosure deals to buy in Imperial Valley. 

Home buyers can search properties in three foreclosure categories, PreForeclosure, Auction (Trustee Sale), and Bank Owned homes. The search is similar to popular home searches found on www.RealtyTrac.com, realestate.yahoo.com, realestate.google.com, www.foreclosures.com. This search shows you all of the foreclosures that are happening right now. “These properties are at various stages of the foreclosure process”, says Frederic Din, “they include Notice of Default also known as preforeclosures, Auction also known as Trustee Sale, and Bank owned foreclosures which are properties taken back by the lender.”

“I’m giving home buyers another choice when it comes to searching the internet for their dream home”, Frederic Din a REALTOR(r) with EXIT Stepping Stone Realty is offering his clients a value added foreclosure and bank owned property search on his websites and blogs.

“It’s simple, enter a city or zip code in the search area below and select from one of three foreclosure categories to find and buy your foreclosure deals in Imperial Valley CA”, says Frederic.

Search from areas within Imperial Valley such as Calexico 92231, Brawley 92227, El Centro 92243, Calipatria 92233, Westmorland 92281, Imperial 92251, Heber 92249, Holtville 92250 and other cities throughout the area.

If you find this search tool to be valuable in helping you find your dream home or bargain deal, contact Frederic and let him represent you as your buyers agent in the home purchase transaction. 

Take a few moments to leave your comments on how you used the search to find your dream home. 

Frederic Din, CA DRE License #01274420

This search is not affiliated with the foreclosure listing services mentioned above, RealtyTrac, Yahoo, Google, and ForeclosureS.com are registered trademarks of their respective companies and ImperialValleyREO.com has no affiliation with these companies.

Bank Owned, California Foreclosure, Distressed property, Foreclosure, Home buying, REO, Real Estate

Local Press Confirms What I’ve Said All Along

As a REALTOR® in Imperial County, CA I provide value opinions for a variety of private and professional clients and track housing prices for neighborhoods and areas throughout Imperial County. 

The article confirms what I’ve said all along, “it’s a great time to buy a home in Imperial County, CA”.  In the article Ms. Varin quoted various statistics from the popular consumer real estate website http://www.zillow.com/profile/IVhomes/ as a source for housing prices.
Zillow maintains their “Zestimate® is accurate “…depending on the home data received…in your area”.  Zestimate® home data is pulled from public record data and “is public because it’s the consumers right to have access to information about … their home” value. 

The “Value Range” associated with the Zestimate® provides a low and high range for value associated with the property.In short, the median home prices that Zillow provides are based upon their Zestimate® and Value Range as described above. 

In September 2008, the median housing price for Imperial County was $165,000, which is 26.67% less than the September 2009 median housing price of $121,000.  The median house price for October 2009 is $120,000, a negligible price difference. Median sales prices from April through August 2009 remained only slightly higher than September.While housing prices have noticeably dropped during the last few years, there are certain areas and neighborhoods in the County which are experiencing slight value increases and stabilization.
 

Coupled with the extended Home Buyer Tax Credit of $8,000 for first time buyer will assist those making the move through mid-2010 is expected to bolster home sales.  In addition to extending the first time buyer tax credit, a new $6500 tax credit for existing home owners was introduced.

If you’re in the market to buy a home, talk to me, Your Imperial Valley Housing Specialist about your favorite neighborhood, this way I can help you find the right home at the best price in the market today.

Contact Frederic Din, REALTOR(r) at 619-241-4415 or email fred@ivforeclosures.com

Bank Owned, California short sale, Foreclosure, Home buying, REO, Real Estate, Short Sale

Home Buyer Tax Credit Extended Until 2010

Although the Senate has agreed to the Home Buyer Tax Credit extension it has yet to be voted on and made official. 

The discussion surrounds the home buyer tax credit which provides first time home buyers with an $8,000 home buying incentive to take action onw, however talks about a providing a tax credit for existing home owners is also part of the talks. 

According to an entry on The Wall Street Journal Blogs the tax credit works something like this:

* Single tax filers who make under $125,000 and joint-filers who earn less than $225,000 are eligible provided the home they purchase cost less than $800,000. 

* First time buyers who fit the above criteria will be eligible to receive the $8,000 credit and the Senate is wroking to incorporate a provision for existing home owners their own tax credti of up to $6,500 provided they’ve lived in their current home for at least 60 months or 5 years.

The Home Buyer Tax Credit extension, if approved by the Senate, will extend the tax credit until April 30, 2010 giving those under contract to complete their transaction up to 60 days later or by June 30, 2010 when the program is set to expire. 

All of the homes in the Imperial Valley qualify for the Home Buyer Tax Credit, except for one home with a price tag above the $800,000 limit. 

1010 Kramer Rd, El Centro CA 92243 "Listing courtesy Duflock & Associates"

Just around 243 homes are currently on the market and only one with a price tag of $995,000 is available for sale in El Centro.

Homes are available from El Centro to Brawley, Imperial to Calexico, and Heber to Holtville, as well as other areas within Imperial County. 

If you’d like to take advantage of the $8,000 Home Buyer Tax Credit when it gets extended next week, contact me at your convenience to discuss the tax credit further and more importantly to find the home you’re looking for. 

Frederic Din, REALTOR(r)
“Your Imperial Valley Housing Specialist”
Office: 760-344-5363
Cell: 619-241-4415
Email: info at ivforeclosures.com (info@ivforeclosures.com)

Foreclosure, Home buying, REO, Real Estate First time buyer, First time home buyer, Home buyer tax credit

The Role of the BPO Real Estate Agent

I was going to call this article “Don’t Shoot the Shooter”, since people seem to get defensive when I’m on their street taking pictures of houses for comparables and BPO reports.  It seems as if they have the right to tell me not to take pictures of their house or even the neighborhood.  Why not, I’m on public property, right?

Maybe I will start writing a series of short articles of my BPO and REO property inspection encounters.  People for the most part are cooperative and understanding, however once in awhile there’s a special and unique individual that stands out from the crowd.  I will do my best to protect their identity and the housing area I’m talking about, but the stories are simply incredible and must be told, but now its time to explain just what a BPO real estate agent does.  Thanks for reading.

It’s a Wednesday afternoon and you’re watching TV after a long day at work when you notice a vehicle parked in front of your home with the engine running idle. You decide to investigate further and notice the driver is taking a picture of your home, what comes to mind?

You’ve just encountered “a shooter” someone who has been contracted by a third party company to take pictures of your home and report as to the condition and provide an opinion of value regarding your home.

Introducing the BPO real estate agent.  The acronym BPO stands for Brokers Price Opinion, they are an abbreviated valuation report are used by banks, lenders, mortgage companies, servicing agents and third parties to quickly and efficiently determine the market value of their asset (your home), which if you have a note or mortgage on your home, it is their right to do so.  The servicing agents and third parties may also use a report called a CMA, a Comparative Market Analysis, which is which very common in the real estate world.

What does a BPO agent look for and do while at your property?  First you must understand there are two basic types of BPO reports.  One is called the “drive-by”, which is an exterior only type of report where the agent has to make many assumptions regarding the property condition since it may affect value.  I am a BPO real estate agent located in Imperial Valley or Imperial County, California, and I perform many BPOs in El Centro, Brawley, Calipatria, Calexico, Imperial, Heber, Holtville, Westmorland, and other surrounding cities monthly for variety of national clients, so allow me to explain the BPO process to you in basic terms. 

Typically a BPO real estate agent will take three to five pictures of your home for a drive-by or exterior BPO, although they may only use one picture for the final report, it all depends on the client.  Most obvious, its important for the agent to take an unobstructed full frontal view picture of the home, this will help the agent determine the type of elevation (look) of the property and allow to compare to other similar homes in the area.  Next a side view picture is taken to determine if there are any patio covers, guest houses or other buildings on the property in the rear yard that may affect value. 

The agent will more than likely take a picture of the house numbers to verify the address of the property as well a street view picture is taken from in front of the home looking down the street which gives a snapshot of what the neighborhood looks like.  Some agents will also take a picture of the street sign corner for location orientation, opposite street view picture, a snapshot of the other side of the home, or even the rear yard if an alley way or rear or side street abuts the home, a picture may even be taken across the street if there is a view or amenity that could affect value either positively or negatively. 

Most BPO reports require the use of MLS (multiple listing service) listing and sold comparables to arrive at an opinion of value.  Remember a BPO is not an appraisal. A BPO is an opinion of value range of a specific property at a specific point in time and are used internally by the bank for their purpose.  Most banks and lenders who request these reports from third parties want to know if the home they’ve lent hundred of thousands of dollars on is still there or in good condition.

BPO reports are used for internal purposes of the bank or lender requesting them.  Some have to do with “servicing requirements” which the word servicing means the bank or lending company who sends you the monthly mortgage statement and who you send your payment to, the ones who collect your money.

Generally banks and lenders will act as their own servicing agent, collecting payments, generating mortgage statements and providing analysis of your property taxes and insurance, called an “escrow account” (not to be confused with an escrow transaction involving the purchase, sale, or refinance of a property), however often times a servicing agent is acting on behalf of the bank or lender, which in turn they collect a fee for managing a portfolio of mortgages, which includes sending out the statement and the payment collection process. 

As listed on your Note (the mortgage loan) and your Deed of Trust (in trust deed states the deed is your “pink slip” to the home, so to speak), the lender has a right to check on their collateral and to perform reasonable inspections of the property, most lenders do this with a drive-by or exterior BPO report. 

What types of reasons a bank or lender may request a drive-by BPO?  There are numerous reasons why a bank or lender may request a BPO, they may include, a transferring of your mortgage in or out of the portfolio (group of loans), your loan got sold to another lender and the buying lender wants to know what their collateral is worth, it could be for mortgage insurance (PMI) reasons, perhaps the homeowner is seeking a loan modification of their mortgage terms to lower payments and/or interest rate, maybe the bank is making a decision on a short sale or bank owned REO property status.  The homeowner could be past due or delinquent on their payments and the bank wants to determine how much of a potential loss they’re facing.  A BPO can be used for preventive and factual purposes regarding determining value.

Sometimes it becomes necessary for the BPO real estate agent to go inside the home and perform what is called an “interior inspection”.  These types of reports are for the same purposes as the drive-by, with the exception there are photos taken of each room and any damage or deferred maintenance issues that may affect the value of the property.  Either way the BPO is an opinion of market value and often times include a value range of what a home would sell for in as little as 30 days, to regular sale marketing cycle time frames of 60, 90 and 120 day prices ranges. 

The interior BPO is generally requested by a bank or lender when the property is in the process of being sold or transferred, such as by a short sale, or when the property becomes bank owned such as an REO status (real estate owned), or maybe even for a loan modification.  The interior BPO provides more detail regarding condition of the home, as opposed to just viewing the home from the exterior or outside.  More details about the homes condition, such as flooring, walls, systems, damage to the structure, etc go into each BPO report, while additional pictures are taken to give the bank or lender a better idea of what their collateral looks like and what condition the home is in.  Condition affects value and the banks need to know this before they make a decision on what the sales price is going to be with regard to a short sale or bank owned listing in order to sell the property in a realistic time frame without giving the home away (going too low) or having the home sit on the market too long (going too high).  . 

In conclusion the BPO real agent serves a vital position to the real estate community to both homeowners and banks/lenders by being the eyes and ears of the banks and lenders, they ultimately own these homes, so they can make intelligent unbiased decisions on how best to price their property to sell in the current market environment within a specific time frame. 

So the next time you see someone sitting in front of your home or driving by and taking pictures, know they are doing it for your benefit if you’re requesting a loan modification to lower your payment or interest rate, or if you are selling your home, a BPO real estate agent will be sent over to take pictures. 

Ultimately the BPO real estate agent is working to help you accomplish a goal, which may be to lower your monthly mortgage payment and interest rate, or to help you get out from under a high payment mortgage or upside down loan, either way the BPO real estate agent is on your side and is there to help you, so please don’t shoot the shooter. 

Since I am a BPO real estate agent feel free to ask me for assistance.  I can help you help with your mortgage payments and if think you may lose your home to foreclosure, please contact me to talk about how you can walk-away from your home without messing up your credit.  I will be happy to go over the process of getting out from under your upside down house and eliminate your mortgage payment while protecting your credit report and credit history long term. 

Call Frederic Din, Your Imperial County Housing Specialist at 1-619-241-4415 or email me by sending me a message to info at ivforeclosures.com  or by leaving a comment on this blog post.

Bank Owned, REO, Short Sale BPO, Broker price opinon, CMA, market analysis, REO

What if property values increase, are you sharing your equity with someone else, like your mortgage lender?

YOU ARE if you refinanced using one of the Home Affordable Products. Read your NOTE and DEED of TRUST carefully, but this post isn’t about the Home Affordable REFINANCE product.

We’re talking about something else, you sell your home, payoff your existing mortgage(s) and make a profit, typically called “cashing in” on your equity (refinances are considered cashing-out on equity).

Are you going to cut a check to your mortgage company saying “Thanks for lending me $300,000…I paid you off, plus some interest and I made a profit of $50,000 so I’m sharing some of my profit with you of $10,000 as a thank you…” Does this sound absurd?

What if you take out a $5,000 advertisement in any type of media (ie. TV, magazine, radio) for your business to generate sales calls, but NOT one sale comes as a result of your ad…do you go to the media company and refuse to pay them because you didn’t get any sales? Did the media company do their job and run your ad as specificed, they’ve done their job, right? They should get paid for their services, right?

What if property values decrease, you sell your home for less than what you owe, you sell short utilizing a short sale as values have decreased and your mortgage lender takes a loss. You suffered from a financial hardship, such as a decrease in income, your hours at work are cut, or you lose your job, perhaps you are injured and cannot work. All are legitimate reasons you would need to sell your home since the payments will be difficult to make due to the change in your financial status, are you with me so far?

What if property values decrease but your monthly payment is affordable and you’re gainfully employed and make a good chunk of change, but you decide to buy the home across the street for about 1/2 of what you paid for your fully upgraded dream home about three years ago using interest only loans and HELOCs for 100% financing. You buy the home across the street for $215,000 and you remember paying $422,000 for your “brand new” tricked out home just a few years ago, but you have no intention on keeping up with the mortgage payments once you move into your less expensive, half-price home across the street.

Why do you feel you’re entitled to simply walk-away from your obligations on the home you bought three years “just because” the value on your dream home with all of the upgrades has decreased during one of many economic cycles?

Home values increase and decrease over time with changes the market, just as stocks and bonds do, just as any other item of value, even the dollar moves up and down and is valued at more or less than other currencies around the world at different times.

If you buy stocks for $50,000 and they go down to $25,000, do sell in a panic? NO you should buying more at a lower price NOT selling your stocks off…but thats what people are doing over and over when it comes to their home. I mean, just a few years ago you eagerly pushed your financial documents and paperwork in anticipation of buying your dream home or was it keeping up with the Jones down the street?

Who knows…but the fact is just a few years ago your were excited to buy this killer NEW home with all of the luxuries and amenities the “good life” has to offer, however something clicks…your neighbor walks-away and says, “my home is not worth it anymore so I am not going to pay my mortgage …”, last time I checked the NOTE (your mortgage), the document you signed under penalty of perjury does not have a “…if property values increase I will make my mortgage payments but if my home is worth less than what I am owe…I am not paying anything anymore…” clause in them.

The Short Sale in Imperial Valley Real Estate is an important tool to use if you have a suffered a hardship and cannot keep up with your mortgage payments. The Short Sale will protect your credit for years to come and help you avoid FORECLOSURE. While a homeowner often times becomes past due on their mortgage payments, its the late payments which do damage credit history on a temporary basis, however once the home is sold, the late payments stop as the mortgage debt is paid off, the account is closed. Your late payments get older and less important to your overall credit history, while a FORECLOSURE is a public record document which keeps its importance for years to come.

A FORECLOSURE is a public record which has long lasting effects on your credit history and will be reported for 10 years. While public records are most impactful to your credit score in the early years of having them on your credit report, but the fact remains that the FORECLOSURE, like a BANKRUPTCY will be on your credit history for 10 years…everytime you apply for credit, a car loan, a mortgage, personal loans, perhaps even employment and/or insurance, you will be asked about the foreclosure on your credit history.

WHY?? The credit grantor wants to know what type of credit you’ve defaulted on to determine what kind of risk you are.

If you’re looking to WALK AWAY From Your House Without F’ing Up Your Credit, give me a call to discuss the details how a short sale will work for your situation, you’ll be glad you did.

Call or write today 1-619-241-4415 reaches me anywhere, any time and you can emailed me info@ivforeclosures.com or you can post your comment here and let me know your thoughts.

Do you agree that people have a credit obligation to pay for their mortgage since they signed a mortgage (note) regardless if home values go up or down? What are your thoughts? Do you know people who walked away and let their house get “F’ed On” (foreclosed on)? Are you thinking about letting your house go? STOP and call me first to discuss your options before you make a mistake with long lasting consequences.

I cover the Imperial Valley cities of Brawley, El Centro, Imperial, Heber, Calexico and surrounding areas.

California Foreclosure, California short sale, Foreclosure alternatives, Foreclosure solutions, Real Estate, Short Sale Imperial Valley, Real Estate, Short Sale

News leader CNBC lists El Centro CA as Number 11 in its story “U.S. Cities With The Most Underwater Mortgages” out of 163 of the largest US cities according to Zillow.com Home Values Index, however Imperial Valley REALTOR(R) Frederic Din says “…we’re number one when it comes to mortgages underwater below sea level.”

South on Imperial Ave in El Centro CA 92243

For individual homeowners, being “underwater” on a mortgage – when a home is worth less than outstanding debt, or has “negative equity” – is one of the worst positions to be in, short of foreclosure.

Perhaps producer Paul Toscano didn’t realize just how underwater El Centro CA is. Not only in terms of the number of mortgages with negative equity but El Centro is the largest city in the United States entirely below sea level, coming in at approximately 50 feet below sea level.

Six months or so ago, Forbes.com ranked El Centro CA as Number 5 on the list “Where U.S. Homeowners Are Losing Value Fastest”

According the article, Zillow states the following information regarding the El Centro, CA MSA (MSA is short for metropolitan statistical area) of which El Centro received its designation earlier in the decade as an MSA by combining cities within the county to provide an aggregate representation of the entire county.

Zillow.com’s findings are:
11. El Centro, CA

Homes with negative equity: 41.2%

Of Homes Sold in Last 12 Months:
Foreclosure transactions: 47.7%
Shore sale transactions: 4.7%

Zillow Home Value Index: $153,214
Year-over-year change: -21.9%

Last time market was at current levels: Q1 2004
Change from market peak: -42.9%

You can see more real estate related information as well as videos regarding the Imperial Valley real estate market including monthly MLS sales, pending sales indexes, median sales prices, and average days on market and more by clicking on the Monthly Real Estate Sales Report updated monthly by the 20th of the month and covers information from the previous month.

Your comments and questions are important to me. If your mortgage is underwater and you WANT OUT, I can show you how to “walk away” and get a FRESH Start while protecting your credit history and avoiding foreclosure. Contact me at 1-619-241-4415 or 1-760-344-5363 for immediate assistance. Thank you.

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