Get your Free Credit Report

 

I cannot stress enough the importance of reviewing your current credit history before thinking of purchasing a home and finding derogatory information which may disqualify your purchase or be placed in a higher interest rate. Request your free annual credit report from Experian,  Equifax and Trans Union.

 

https://www.annualcreditreport.com

 

Fight identity theft by monitoring and reviewing your credit report. You may request your free credit report online, Free credit reports requested online are viewable immediately upon authentication of identity

HOME BUYER’S FAIR

 

 

 

Free admission and seminars at the Los Angeles convention center April 12-13 2008 hours of 9 a.m. to 6 p.m. topics of interest include how to buy a home, how to monitor and fix your credit, how to avoid mortgage fraud, how to buy a home in foreclosure, how to invest in real estate, understanding the home inspection process, first- time home buyer assistance programs. This is a great forum for any one with concerns about the buying process. A first time buyer or first time investor may avoid future pitfalls by obtaining some helpful information.

Mortgage Debt

Is paying down my mortgage debt a good idea?

Strategy 1. Not every case is the same. If your money is in a savings account with low interest earnings and are close to retirement then paying off your mortgage would give you the flexibility to have extra dollars in those retirement years. This strategy is good for people looking for limiting their risk from swinging interest rates on their mortgage and can more effectively predict retirement costs.

Strategy 2. If you maintain steady earnings and are not planning to retire soon, you may want to keep your debt as long as possible for their tax benefits. You then can invest your money into more lucrative gaining investment vehicles. Approaching the retirement stage you may consider strategy 1.

Behind My Mortgage Payment

If you do find yourself falling behind on your mortgage take action by calling your lender or a credit counselor. Some lenders have allowed for a freeze in the adjustment of the variable rate, but again making the initial contact is the first step. The best case is that the lender will work with you and give you the relief. Most lenders would prefer dealing with you than having to put the property in foreclosure. For a non-profit HUD approved counselor contact Hope Now at 1.888.995.HOPE. (4673) or www.995hope.0rg

If there is no other solution than to sell the home, than you must consider that today’s market value will not be what you would of expected in the last year.  Not all areas are created equal, you should contact a Realtor for a price opinion or call an appraiser to find the current value.  If you can settle with the price, list it for sale and be prepared for competition with lender owned and fixer homes currently on the market. You may want to consider renting your home until favorable conditions for selling come along. 

got equity?

It is a long term commitment when it comes to owning a property.

 Yes, prices go up and down. But you must remember the history of real estate,

the longer you stay in it, the better the return.

By: wespeakrealestate

What is Proposition 8?

Thanks to you California Voter’s Proposition 8 was passed in 1978: A constitutional amendment that allows a temporary reduction in assessed value when a property suffers a “decline-in-value.” (To read the law associated with Proposition eight, Revenue and Taxation Code, Section 51- at     www.boetaxes.ca.gov/property

It is when the current market value of your property is less than the current assessed value.

Help is here.

The Los Angeles County Assessors is applying Proposition eight for property owner whom purchased their home between July 1, 2005 and June 30, 2007. They will look at sales of comparable properties that sold near the lien date of January 1, 2008.

You must file a claim form for a Decline-in-Value Reassessment Application (Prop. eight) with the Assessor between January 1 and December 31 for the fiscal year beginning on July 1. If December 31 falls on a Saturday, Sunday or legal holiday, an application is valid if either files or mail and postmarked by the next business day. For questions and forms please write the following information:

The assessor office Online:  www.assessor.lacounty.gov
Email: helpdesk@assessor.lacounty.gov
Phone Call: (213) 974-3211

Office will complete this review by June 1, 2008 and will modify in writing those property owners who qualify for the reduction.

If the sale date is not with in the dates noted or is other than a single home or condominium, it will not be included in the review. But if you believe the assessed vale of the property shown on the 2007-08 tax bill is more than the fair market value as of the 1st of January 2008, you may file an application at the time through the 31st of December 2008.

Not goodbye, just see you soon.

 So you are moving. Well try the following suggestions for a little peace of mind.    

• Provide the post office with your forwarding address two to four weeks ahead of the move.
• Notify your credit card companies, magazine subscriptions, and bank of your change of address.
• Create a list of friends, relatives, and business colleagues who need to be notified about your move.
• Arrange to disconnect utilities and have them connected at your new home.
• Cancel the newspaper, or change the address so it will arrive at your new home.
• Check insurance coverage for the items you’re moving. Usually movers only cover what they pack.
• Clean out appliances and prepare them for moving, if applicable.
• Note the weight of the goods you’ll have moved, since long-distance moves are usually billed according to  weight. Watch for movers that use excessive padding to add weight.
• Check with your condo or co-op about any restrictions on using the elevator or particular exits for moving.
• Have a “first open” box with the things you’ll need most, such as toilet paper, soap, trash bags, scissors, hammer, screwdriver, pencils and paper, cups and plates, water, snacks, and toothpaste.
  
  Plus, if you’re moving out of town, be sure to:
  
• Get copies of medical and dental records and prescriptions for your family and your pets.
• Get copies of children’s school records for transfer.
• Ask friends for introductions to anyone they know in your new neighborhood.
• Consider special car needs for pets when traveling.
• Let a friend or relative know your route.
• Empty your safety deposit box.
• Put plants in boxes with holes for air circulation if you’re moving in cold weather.

Embrace change, Change is good.

No, No, No! Do Not Sell My Personal Information

Don’t sell my information.   Tired of unsolicited sales, pitches?  You can, “0pt Out” Having your credit checked is an important and necessary step in the home buying process.  It is also beneficial in helping to safeguard your credit rating and protecting against any inaccuracies which may be used against you in securing credit. However, those checking their credit should be aware of a potential downside.  Their inquiry with the credit bureaus Equifax, Trans Union, Experian and Innovis) could result in that information being sold by these credit bureaus to mortgage, insurance and other companies resulting in a flood of unsolicited fiancé offers, etc.   Mortgage companies are consistently ask by their clients why they are receiving unsolicited mailings.  This is the result in part, of their data being sold by the credit bureaus—Mortgage companies do not ever sell their client’s data to mailing houses or others. 

How does this happen?

 Under the Fair Credit Reporting Act (FCRA), the consumers credit reporting companies are permitted to include these names on lists used by creditors or insurers to make the unsolicited “firm offer of credit” or insurance . The benefits of this structure are that consumers can be provided with product choices, learn about offers that my not be available to the general public, or receive information so they can “comparison shop.”  What ends up frequently happening is a barrage of unsolicited mailings.    The good news is that the FCRA also provides the right to “Opt-Out” which prevents Consumer Credit Reporting Companies from providing your credit file information for firm offers of credit. 

What Can I do?

 The consumer credit reporting industries has provided a way to “Opt-Out” pm “firm offer of credit” and removes your name from these lists.  You can contact them by phone at 888  567-8688 or online at www.optoutprescreen.com  via this means consumers can opt out for either a 5 year period or permanently (requires a printed form submission which can be obtained from the web site).  Opting out will not impact a borrower’s ability to secure credit or insurance. By opting out, you can help to reduce the amount of unsolicited mailing you receive substantially.  If you are interest in protecting your privacy, “opt out” TODAY. 

An save some trees while you are at it.   “Keep it Green” 

What Can I Do To Improve My Credit

Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:

1.  Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2.  Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.

3.  Don’t charge your credit cards to the maximum limit.

4.  Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5.  Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.

6.  Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.

7.  Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8.  Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

Foreclosure and the time-line.

  By:  www.wespeakrealestate.com 

Who is Who?

Trustor = Borrower

Beneficiary = The Lender/Bank

Trustee = Title Company

What is a FORECLOSURE-   Procedure in which pledge is sold to pay a debt.  In California, there are three steps in the foreclosure of a Trust Deed. A 90-say notification of default; time during which the trustor may reinstate by paying the delinquent payments. 

A 21– day publication.  If the trustor has not reinstated within 90 day period, the beneficiary must publish the time, place and date of the sale and wait 21 days.  During this publication period, the trustor may reinstate by paying the entire balance due.

 Trustee’s sale.  The sale is conducted by the beneficiary but in the name of the trustee who has the title.  The successful bidder at the sale receives a trustee’s deed.     

Timeline:

The Homeowner Is not making payments

January     February    March   

 A 90-day NOTICE OF   DEFAULT Is sent to the Homeowner to Bring the loan Current.

 April       May     June    ( 90 Day Period)

 A 21-day NOTICE OF SALE Is sent to the Homeowner. 

July 1    thru    July 21  (Auction home is sold)

Please be advised every case is different and time-line may vary.