Real Estate

For more information about this property, please contact First Team Real Estate at 866-938-5812.
View all our videos at http://www.youtube.com/FirstTeamProperties
Company website http://www.firstteam.com
MLS ID: S586459

BACK ON MARKET!!! Really cute 2 bedroom PLUS large loft. Private end unit location overlooking trees. Soaring ceilings and lots of windows fill the home with sunshine! Kitchen opens to Living/Dining area, complete with fireplace & 2nd balcony, creating a great area for entertaining. Inside laundry can accomaodate full size w/d. Large loft w/media niche could easily be converted to 3rd bedroom or used as office/den. Tons of storage space & newer paint. Located in top rated Tustin Ranch Schools. Steps to association amenities and walking distance to shopping, dining and theatres. Low Mello Roos and HOA fees! A charming 1st home or a great investment opportunity.

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Changes to the First-Time home buyers tax credit for 2008 and 2009! New changes that will help you save money on your home purchase! Buy your new home today! BradenYoakum.com

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For more information about this property, please contact First Team Real Estate at 866-938-5812.
View all our videos at http://www.youtube.com/FirstTeamProperties
Company website http://www.firstteam.com
MLS ID: P726558

This Beautiful Home is in a Prime Location. Walk to Beach, Newport Harbor, Balboa Peninsula, Shopping, and Restaurants. Some of the many features included 2 Master Bedrooms and 2.5 Baths PLUS MOST OF THE FURNITURE. Great floor plan has a spacious living room with fireplace, inside laundry, mirrored wardrobes, walk-in closet, vaulted ceilings, custom window coverings, Nice kitchen with Corian Counter tops and dining area overlooks lovely enclosed patio. This complex was totally renovated in 2009. There are new vinyl windows, sliding doors and new vinyl fencing around the sunny private outdoor patio is great for entertaining all beautifully appointed and thoughtfully designed. This home has a Peek-A-Boo view of the Ocean from the first and second floor. HOA has pool and spa with outside shower and bathrooms all within very close walking distance from the rear patio. Quiet small Seawind Complex with great community Pool and SPA.

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First Time Home Buyers use FHA Mortgage and Seller Paid Closing Costs to Buy Real Estate Now. Best Market Conditions for Foreclosures and Short Sales in Decades. Go To http://RealEstateMarketingThisWeek.com

Part 6 (Excerpt)

How many lives have to be wrecked by the mortgage companies loss mitigation departments?

I always tell people when I was dealing with them, with their bankruptcy situation or foreclosures or whatever especially when someone would call me and they would say, I want to file a chapter 13 to save my house and I would say, You dont even think about doing that without an attorney and I would give them an attorneys name and it would work out for them because I think the numbers were like 95% of all chapter 13s filed by the home owner themselves failed.

And I think that is the kind of numbers were going to see in loan modifications, we saw numbers the other day that came out from the government saying that over 50% of the loan modifications are failing. I would suspect that 95% of those were not negotiated by an attorney.

Youre absolutely right, the other thing is people think theyre getting a loan modification because their lender told them that but theyre going to increase their payment over the next X number of months to make up for the back payments. That is not a loan modification by my standards, that is called a forbearance agreement and the majority of people who have failed its because they were put into a plan that was designed to fail.

For gods sakes if your lender is going to increase your mortgage payment by 50% how on earth are you going to pay it when you couldnt pay it when it was right? To me its just mind boggling, theyre out of their minds in these loss mitigation departments. They’re not looking out for you, theyre mitigating the loss for the banks, you need someone who is going to fight for you. And that is what we do.

Well those guys are employed by the bank and they have a vested interest in seeing the bank do well. And they have huge, huge, huge, hundreds of millions and billions in losses that they need to make up. Its kind of a no-brainer, plus, you can’t discount the psychological element in this. If youre in a stressful situation and youre emotionally tied to what if, what if, what is this going to look like in six months? You cannot objectively negotiate your own case with the lender it’s just not psychologically feasible to consider that. Even if you have the time and could figure it out.

And one thing, to take it back to a personal level, there were many times when I was working with people who were in foreclosure and got the phone call the night before the foreclosure sale. They would ask me, can you help me?, and I would say yes, here is what you want to do. You want to go down to the bankruptcy court first thing tomorrow morning and file a chapter 13 by yourself. Now I am not saying go through the chapter 13 by yourself, because I would give them the attorneys number, but they have to be there in line by nine oclock to get it filed and then go get an attorney to work with.

But why did they end up in that situation? In many cases they would tell me that they have been working to get what they called a loan modification, more accurately a forbearance agreement, that is what they were working on with their lender, they would send in all the paperwork that the lender asked for and they would call the lender back after 30 days. And the lender would say, oh well we lost it and so they would get it all together again, and they would send it in and it would be another 30 days, oh well we lost it. Or this, or that, or they would ask for more paperwork and eventually what it came down to is a couple of days before the actual foreclosure sale date the lender would call up and say No, we decided to not do your forbearance agreement for you. And then they’re calling me looking for help. Now if you were working with an attorney, I guarantee that lender is not going to lose your paperwork.

So I have this young lady of 50 years old call me today her husband had just passed away two months ago. Sad, sad situation, very difficult to talk with her because it just felt so horrible this was just unexpected. I probably should not say the name of the servicer, but she’s dealing with someone who would be considered a subprime lender, their loss mitigation department is in India. India doesn’t really have the same rules and guidelines, there is a huge language barrier between her and the person she is talking to try with to save her home.

Duration : 0:6:36

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For more information about this property, please contact First Team Real Estate at 866-938-5812.
View all our videos at http://www.youtube.com/FirstTeamProperties
Company website http://www.firstteam.com
MLS ID: S592006

APPROVED!APPROVED! APPROVED! Fantastic price for the largest floor plan in Presidio! 4 bedroom & 2.5 Baths! Beautiful private backyard with patio and water fountain, Wood floors. Spacious master suite with tiered ceiling, walk-in closet and ceiling fans. Gourmet kitchen with beautiful granite, Viking stove top, gorgeous oversize stainless sink, upgraded faucet, plenty of storage ! Short walk to association pool and spa. Fantastic school system; local elementary school is a Blue Ribbon School and middle school is California Distinguished. Perfect home in a great neighborhood. Beautiful parks nearby.

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For more information about this property, please contact First Team Real Estate at 866-938-5812.
View all our videos at http://www.youtube.com/FirstTeamProperties
Company website http://www.firstteam.com
MLS ID: S601213

Once you live on the water, you’ll never live anywhere else! CUSTOM Lake Front home with *PRIVATE BOAT DOCK and LAKE VIEWS* from living room, dining, kitchen, breakfast nook and master bedroom! Completely rebuilt from the ground up approximately two years ago. Quality construction throughout! Dual master bedrooms, one of which is on the first level. Extensive use of stone inside and out. Travertine floors. Custom kitchen with wood cabinets, granite counter tops, stainless steel kitchen appliances and plenty of cabinet space. Upstairs loft with built-in desk. Truly one-of-a-kind. Also, membership to Lake Forest Sun and Sail Club which includes pool, spa and clubhouse!

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Home Loan Modifications Negotiated by Licensed Attorneys. Real Estate & Mortgage Laws and Guidelines are Complex. Beware of the Banks Loss Mitigation Department. Go To http://RealEstateMarketingThisWeek.com

Part 6 (Excerpt)

Fannie Mae is proposing to give you a 50 year loan with an adjustable rate

The next one is that your loan to value on your house has to be at least 90% of the property value. So in other words everyone under 90% gets foreclosed on? Right, if you only owe 80% of what your home is worth, they can foreclose on you, take your house and they dont lose as much money.

Back when I was working with Fannie Mae selling repos almost 20 years ago now, they always gave us the figure that they lost 20% of the homes value every time they had to foreclose. So they have plenty of room to sell your house if you only owe 80% on it. So if you owe, lets just throw out some numbers here, lets say your house is worth $100,000 and you owe $80,000 on it, well they are going to lose a little bit but they are going to make it back when they sell your house for $100,000.

Yes, they would just as soon kick you out and keep their money. Yes, exactly I am not necessarily going to say that Fannie Mae is going to kick you out of your house, however the reason why they have this guideline is very simple, they are not going to lose money on you if they have to foreclose on you when you are under 90%. They certainly are not going to lose very much money.

If you have subordinate loans it may be left outstanding and will not be considered in the LTV, so lets just give an example here, your house is worth $300,000 and you have a $300,000 1st mortgage and you happen to have a $50,000 second mortgage. They will re-modify your 1st mortgage but leave the 2nd mortgage in place. So people get to stay underwater, or upside down.

Well certainly you would be in that case and it just does not sit right. The best thing I certainly would like to see them do if nothing else in a situation like that is combine it all into one loan at a much lower interest rate. Because you know that 2nd mortgage is probably going to have a high interest rate. So it would just be so much better.

We need verification of income that makes sense. Here is one I dont get, 38% as far as your debt to income ratio. That seems kind of high to me. What do you think Michael?

Well I think that people who have gotten themselves into trouble and they need to do something like a loan modification then 38% is probably on the high side. People need relief, but they need relief that is going to last a long time. Even though this is essentially a trial-period loan modification this particular guideline of 38% really does not set well with me, I personally think it needs to be lower. People need a break; people need to be able to stay in their house.

Well what I was looking at is your average family; I always think probably pays about 30% of their gross income towards taxes, payroll, and things like that, so right off the bat Uncle Sammy takes 30%. Well now that Fannie Mae and Freddie Mac are owned by the government Uncle Sammy is going to get another 38% out of your paycheck which is a total of 68%, that doesnt leave a whole lot of money does it? Especially if you have a car payment, or you have kids to feed, maybe who go to daycare while you go off to work, assuming you still have a job. The unemployment rate is pretty high.

Well in order to qualify for this you do have to have income so you do have to have a job. So moving on to the next one because we are getting a little short on time, what they are going to do is take all of your back interest, escrow advances, costs, fees, everything they are going to add it to the loan amount and have you pay it back over as much as 50 years, if they need to stretch it out that long. Theyre going to give you a 50 year mortgage? I looked at that and thought, why dont you make it interest only because you are never going to pay the thing off anyway.

Lowest acceptable rate that they’ll have is 3%. The real kicker, if they get you a rate of 3% it will be an adjustable rate because it’s below today’s market rate. Your rate will actually increase starting five years from now at 1% per year until it gets up to the market rate. So not only are they getting a 50 year loan that you will never pay off, theyre giving you an adjustable-rate loan on top of it. If they give you 3% today it will begin to adjust up in the five years until it reaches today’s market rate. I think today’s market rate is about 6%, so you may get 3% for a couple years but eventually they go back up to 6%…

Duration : 0:6:35

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For more information about this property, please contact First Team Real Estate at 866-938-5812.
View all our videos at http://www.youtube.com/FirstTeamProperties
Company website http://www.firstteam.com
MLS ID: S602169

Mountain, City Light & Pool views from this beautiful plan (B). European cabinetry, rich cherry wood floors, floor-to-ceiling windows, marble & granite baths, stainless steel appliances and custom lighting throughout. The ultimate in sophisticated urban living, the Marquee at Park Place. 24-hour Concierge, barbeque area, billiards room, meeting room, 24-Hour closed-circuit camera building surveillance. Extensive outdoor landscaping and lobby entrance. Pool, spa, fitness center and men’s and women’s change rooms.

Duration : 0:7:33

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For more information about this property, please contact First Team Real Estate at 866-938-5812.
View all our videos at http://www.youtube.com/FirstTeamProperties
Company website http://www.firstteam.com
MLS ID: P725230

***Single story three bedroom home***Open kitchen with convenient breakfast bar**Kitchen overlooks the dining area and family room***Fireplace in family room***Two bathrooms with newer sinks and counters***Front living room with a vaulted ceiling***Spacious master suite with private dressing area***Concrete tile roof***Two car garage and spacious driveway***Close to Yorba Regional Park***

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Enjoy the largest 2-bedroom unit, nearly 1000 sq. ft., in this very pretty garden-apartment complex.

Its got a sparkling new kitchen and bath, hardwood floors, new double-paned windows, living room built-ins, in-wall A/C and ample closets.

The handy basement affords plentiful storage and a bright laundry room.

From this central Montclair Center location, youll be able to appreciate the full extent of downtown life dozens of restaurants, art museum, library, cafes and boutiques on scenic Church St., Whole Foods Supermarket, and the fabulous new Wellmont Theater live-event schedule thats just blocks away.

Theres garage parking available at $30 per month in the development and on-site outdoor parking is free.

Maintenance on this unit includes heat and water. Best of all, youll have your choice of convenient bus or train transportation to Manhattan or Newark!Its a wonderful choice whether youre looking for your first place or downsizing from a larger home!

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