Sunday, July 12, 2009

Santa Clarita Realtor, Experienced Short Sales Specialist Jennifer & Gary Ricco Keller Williams VIP Properties

As a Santa Clarita Realtor specializing in Short Sales, I spend a large amount of time on the phone negotiating with asset managers for clients my wife and I represent. This particular client's job requires a security clearance and a delinquency would cause him to loose his clearance and his job. I recently escalated this file to a Level 2 supervisor at Fannie Mae because OneWest Bank formally know as IndyMac negotiated a deal that all parties agreed to, but ultimately was denied. This file was negotiated after a OWB loss mitigator supervisor verified the current mortgage status was not an issue, due to the fact that there was Imminent Default pending.

During this conversation the supervisor at Fannie Mae stated they recently changed the guidelines, according to their MBA Trust Document Fannie Mae will not consider a short sale on homeowners with current mortgages, homeowners must be delinquent.

Here is wording from the MBS Trust Document:

2. Default Reasonably Foreseeable (Imminent Default)

Servicing Guide, Part I, Section 202: Servicer's Basic Duties and Responsibilities;
Expansion of Forbearance Term Part III, Section 102.04: Repayment Plans; Section 804.04: Temporary Forbearance; Part VII, Section 302: Special Forbearance; Section 303: Repayment Plan; Section 502.02: Modifying Conventional Mortgages; Announcement 07-03R2: Reissuance of the Instructions for the Fannie Mae Single-Family MBS Master Trust Agreement; and Announcement 08-07:

Effective immediately, a servicer may begin loss mitigation efforts for any mortgage loan when a payment default is reasonably foreseeable (imminent default) rather than waiting for an actual payment default. Accordingly, a servicer may agree to one or more appropriate and permitted loss mitigation alternatives (e.g., forbearance, a combination of forbearance and a repayment plan, and an Early Workout (discussed in the following section)), if the servicer has determined that a payment default is reasonably foreseeable, and a concession to the borrower in the payment terms is advisable. In determining whether a payment default is reasonably foreseeable, the servicer must evaluate the borrower's financial condition as well as the condition of and circumstances affecting the property securing the mortgage loan. The servicer also must document the basis on which it makes a determination that a payment default is reasonably foreseeable. This new rule allowing earlier intervention applies to all MBS mortgage loans and all whole loans held in Fannie Mae's portfolio.

Preforeclosure sales, acceptance of deeds-in-lieu of foreclosure, and short payoffs (accepting a payoff for less than the amount owed), will not be permitted loss mitigation alternatives for use with borrowers whose loans are current but are determined to be in imminent default.
Following is a list of examples of the types of factors the servicer may consider when evaluating whether or not a payment default is reasonably foreseeable. Factors for consideration include, but are not limited to:
 information received from the borrower (for example, changes in employment and other income sources, or family medical status);
 the payment history of the borrower(s) (as reported by a credit bureau) on other indebtedness;
 the loan-to-value (LTV) ratio of the mortgage loan when it was originated;
 an estimate of the current LTV ratio;
 whether the monthly debt service under the mortgage loan has recently changed or will soon change;
 the credit score of the borrower(s); and
 the occurrence of a natural disaster (such as a tornado, hurricane, or flood), terrorist attack or other catastrophe caused by either nature or a person other than the borrower that: - the servicer reasonably believes adversely affects the value or habitability of a mortgaged property; or - the servicer reasonably believes adversely affects the borrower's ability to make further payments or payment in full on the mortgage loan.

A default is reasonably foreseeable when the servicer is notified or otherwise becomes aware of an event or factors (including those listed above) that is or are expected to cause the borrower to be in default in the near future, generally within 90 days.

As you can see this document is confusing. The attorney I have partnered with is reviewing this case for legal intervention.

From the above scenario you can see it's critical to hire a Realtor that is experienced & equipped to handle these types of transactions. If your facing foreclosure, we are Santa Clarita Realtos who specialize in foreclosure avoidance. Our Free consultations educate clients on the options available to keep their home, or sell their home through a short sale. When facing foreclosure your goal is to minimize your financial loss and limit the damage to your credit history.



Short Sale Realtor Specializing in Santa Clarita, Jennifer & Gary Ricco Keller Williams VIP Properties 661.290.3837

Here is the number one question I'm asked by struggling homeowners facing foreclosure, "Is it better to do a short sale or go through foreclosure?"

Unfortunately most Realtors don't have the education or training to answer this question. But to sum it up quickly, You need a Realtor that can analyze your financial situation, show you solutions to minimize your financial loss and limit the damage to your credit history. This will shorten the time it will take to recover from the hardship and repair you credit history.

Today's Realtor needs to understands when to pursue a Loan Modification by utilizing the provisions in President Obama's Making Homes Affordable, "Streamline Modification Program." This program was enhanced by S. 896: Helping Families Save Their Homes Act of 2009. http://www.govtrack.us/congress/billtext.xpd?bill=s111-896

It's critical for clients to have a Realtor who is educated enough to review the proposed Loan Modification should you qualify for one. The client has to be able to determine through a cost benefits analysis, if the Loan Modification is the best solution to minimize their financial loss. In most cases a Loan Modification only delays a foreclosure. Without Principle Reductions, most loan modifications have the client owing more then they own now for a property that is not worth that much. Here is the Mortgage Bankers Association, latest National Delinquency Survey. http://www.mortgagebankers.org/NewsandMedia/PressCenter/68008.htm

As a Realtor Specializing in Short Sales and Foreclosure Avoidance, I provide my clients with the necessary information to make informed decisions in this volatile real estate market. In today's market it's critical to have a Realtor that can explain the benefits of doing a short sale VS a Foreclosure. The best solution should minimize your financial loss and limit the damage to your credit history. I educated my clients on how The Mortgage Forgiveness Debt Relief Act and Debt Cancellation works and can benefit you. http://www.irs.gov/individuals/article/0,,id=179414,00.html

One of the most important reasons I tell clients to consider all their options, especially short sales when trying to avoid foreclosure is, "Foreclosure is reported on all future Loan Applications, which will effect your interest rate, short sales are not." It's important to understand and be careful not to commit fraud by trying to obtain another home loan while defaulting on a mortgage. Line F, under Declarations asks if you are delinquent or in default on any Federal debt or any loan, including mortgages.

It is more important than ever before for home owners and buyers to work with a Certified Distressed Property Expert, especially with all the rapid changes that are constantly taking place in the mortgage and housing markets. For information on the Certified Distressed Property Expert designation follow this link. http://www.cdpenow.com/

Jennifer & Gary Ricco of Keller Williams VIP Properties strive to provide you with up to date information on how to avoid foreclosure. It's critical to select a Realtor who has the training & experience when facing foreclosure. Our goal is to minimize your loss severity and limit the damage to your credit history. For a free confidential consultation contact Jennifer & Gary Ricco at 661.290.3837. We provide assistance to homeowners in the Santa Clarita Valley, San Fernando Valley and Ventura County. Please visit our website at http://www.riccosellshomes.com/ Our Short Sale FAQ link is very informative.

Santa Clarita Realtor Saves Two More Homeowners From Foreclosure. Jennifer & Gary Ricco Keller Williams VIP Properties.

Homeowners dealing with foreclosure are faced with difficult decisions. Foreclosure is quite possibly the most devastating financial and emotional process a homeowner or family can go through. The reality is, it's not going to be painless, however many foreclosures should never happen. Homeowners have options and now they have somewhere to turn for solutions.

As Santa Clarita Realtor's specializing in short sales, Jennifer and I are here to educate homeowners why it's important to avoid foreclosure. Our objective is to minimize an individuals financial loss, while limiting the damage to their credit history. This is why it's critical to select and utilize a Realtor who has successfully helped homeowners avoid foreclosure in this market. Through extensive education and ongoing experience, Jennifer & I have dedicated our time and effort to understanding the issues distressed homeowners are dealing with. We understand and utilize a full range of solutions, which are dictated by the clients financial situation.

On April 16, 2009 Jennifer and I successfully negotiated and closed a short sale, preventing a foreclosure, on 25338 Joyce Place, Stevenson Ranch. Here's a photo of the property

Caring, diligent, aggressive, thoughtful are just some of the character traits that describe the dynamic duo of Jennifer & Gary Ricco. The short sale process was a long process that had its share of frustration and angst; however, Jennifer & Gary never gave an inch to the lender, worked constantly with the lender and other parties to ensure we received the best possible terms for the sale of our property. In addition, they walked us through the process, kept us up to date with the latest information, and remained positive throughout the entire process.

Jennifer & Gary worked out a great deal for us that allowed us to sell our property as well move on with our life at a new residence that Jennifer & Gary were instrumental in helping us to secure. We could not have closed the sale of our home with such agreeable terms and moved on successfully to our new residence without the tremendous efforts & skills of both Jennifer & Gary.

We sincerely thank you and will recommend you both to our friends, family & peers.

Daren F.

On May 22, 2009 Jennifer and I successfully negotiated and closed a short sale, preventing a foreclosure, on 26764 Pamela Drive, Canyon Country. Here's a photo of the property.

Over the last 20 years, I have experienced the purchase and sale of several homes, and have dealt with a variety of Realtors. By far, my experience with Gary and Jennifer Ricco has been the most satisfying of all. From the moment we met Gary and Jennifer, I was extremely impressed with their professionalism.

The sale of this house was a very difficult decision for my family and me, due to the tragic circumstances surrounding this resolution. When I called Jennifer to arrange the first meeting, she was empathetic, showed great compassion for my situation, and was strongly equipped with all sorts of relevant information.

Through the entire process they explained every procedure, had great strategy in place, and went above and beyond to promote the sale of the house. Additionally, for hours and days at a time, Gary relentlessly negotiated with the mortgage company in order to get the lengthy and tedious process sorted out. Fortunately and thanks to all their great efforts the house was sold!

My family and I will forever be grateful for their hard work and determination. Because of this wonderful support; we can now look forward to owning another home in the not so distant future.

Jeanette M.

If your struggling to make your mortgage payments due to a Job loss, medical condition, divorce or an adjustable rate mortgage or have been unable to make your mortgage payment, time is running out. Take this time to talk with Jennifer & Gary Ricco, Santa Clarita Realtor's Certified as Distressed Property Experts, our consultations are free, educational and confidential. We will analyze your financial situation and provide you with solutions that minimize your financial loss and limit the damage to your credit history. Don't loose your home to foreclosure without a fight. To set up an appointment call 661.290.3837