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Ysolette Nicoson's Blog

By Ysolette Nicoson | Agent in Corona, CA
  • Foreclosure statistics

    Posted Under: Home Selling in Riverside, Foreclosure in Riverside  |  August 22, 2012 10:15 AM  |  109 views  |  No comments

    Isn’t it incredible what we are seeing in our economy and housing market today? How is it possible that we are in this crisis situation?

    In our history, it is proven that creative and lenient loan standards and the increased appreciation in home values at unprecedented rates combined to create our current housing market crisis.

    Some interesting statistics show that for Jan. 2012 there was 1 out of every 167 housing units foreclosed in Riverside County and that there was 1 out of every 317 housing units foreclosed in Orange County.

    Currently 6.3 million homeowners are 30 days or more behind in their mortgage payment. It’s far more common than you may have thought.

    Foreclosures don’t have to happen!!! The impact of foreclosure on credit and employment potential is far reaching.

    I can help answer questions on how best to proceed if you know anyone in this situation. It’s a free consultation and I’m here to help.

    As always, please call me if you have any questions that I can help you with at 951-255-3110.

  • Will we really see billions in relief?

    Posted Under: Market Conditions in California  |  August 22, 2012 10:04 AM  |  56 views  |  No comments

    A recent settlement was passed announcing a $26 billion foreclosure with five of the largest home lenders, of which 12 billion should be directed towards the state of California.

    Most of the relief will go to those who owe more on their homes than what they are currently worth with banks having incentives to provide relief within the next 3 years.

    There is also an allotment of 1.5 billion for homes foreclosed between Jan. 1, 2008 and Dec. 31, 2011, which breaks down to about $2000 each for homeowners who suffered foreclosure during that time.

    It would be great to see American Home Owners experience the relief of this decision, but will it really come to pass?

    Click here for the details: Billions in Relief

  • Do you have a pending foreclosure in Riverside County?

    Posted Under: Home Selling, Foreclosure, In My Neighborhood  |  August 18, 2011 10:46 AM  |  92 views  |  No comments

    The U.S. Treasury Department offers the Home Affordable Foreclosure Alternative (HAFA) to those who are 30 days delinquent or more and who have had a loan in place on January 1, 2009 or PRIOR to that. The program is intended to aide homeowners from negative credit affected by a foreclosure, by allowing the homeowner to short sale the property in cooperation with their first lien mortgage.

    Homeowners need to have applied first for the Homebuyer’s Affordable Mortgage Program (HAMP) – a loan modification program – which is designed to reduce delinquent homeowner’s payments.

    The HAFA program does not protect the homeowner from the loss of their property, but it enables them to avoid the foreclosure with assistance of $1500 in relocation costs and $1000 servicing bonus to the lender. The program has eligibility requirements which include a home loan balance of $729,750 or less and monthly payments that are 31% or more of gross income, and a property that is owned as the principal residence.

    I have recently completed an extensive class in short sale and foreclosures. If you are in need of more information in regards to the short sale process and other programs that may benefit you – please let me know. I’m here to help any way I can.

  • Why use a Certified Distressed Property Expert (CDPE)?

    Posted Under: Home Selling in Riverside County, Foreclosure in Riverside County, In My Neighborhood in Riverside County  |  July 30, 2011 9:00 PM  |  191 views  |  No comments

    Well – you would be silly not to!  A Certified Distressed Property Expert (CDPE) is a Real Estate Agent who has had extensive and specialized education in the current foreclosure crisis situation our nation faces today.  A CPDE can inform and guide you through either a short sale/foreclosure purchase or counsel you in a potential foreclosure position to share the options with you in regards to avoiding foreclosure, whether that be to refinance, lease or sell your home.

    Foreclosure and short sale properties can represent fifty percent of a market in some areas.  There are many reasons for the current foreclosure housing market.  Besides the obvious financial situations that may face any one at any time such as job loss, divorce, medical expenses, business failure, death or unforeseen relocation – there is the lending dilemma.

    The lending dilemma – which can also be referred to as the Subprime Lending Crisis – started in the early 2000′s.  At this time, there were more lenient lending practices.  A variety of loan programs were granted.  Some loans included ”no document” loans which did not require proof of income or “stated income” loans which did not verify either income or assets of a potential homeowner.  In addition, some “no income and no asset” loans were given based on a potential buyer’s credit score alone.  Even some buyers with good credit, were given loans with adjustable rate mortgages that allowed them to get into a more expensive home than they could otherwise afford.  This scenario would start with a low payment which would eventually increase because the interest rate would vary upward during a specified length of time – causing higher monthly payments or balloon at the end with a huge payoff demand.  These buyers found themselves in unaffordable homes and stressful situations.

    What is important to know as a homeowner today, is that there is help for you if you find you are in a situation where you can no longer afford to make your house payment.  There are many options available to you other than to have your home foreclosed.

    Foreclosure will stay with you in many ways.  It is possible that a job application may ask if you have ever foreclosed on a property or that it will come up on a credit check prior to hiring in an employment situation.  There are also long lasting credit score implications which can include reducing your scores by 50% or 300 points on average impeding your future credit availability.  Even military, law enforcement or security clearance personnel can risk jobs by enduring a foreclosure.

    The good news is – there are many options to explore.  Reach me today, so I can help you or anyone you may know who is at risk of foreclosure!  As a Certified Distressed Property Expert (CDPE) I can counsel with you in regards to your particular situation and help you weigh your options saving you, your credit or possibly your home.

  • Are you aware of the 15% tax credit available for homebuyers in Riverside County?

    Posted Under: General Area in Riverside, Home Buying in Riverside  |  July 26, 2011 3:57 PM  |  157 views  |  No comments

    Are you aware of the Mortgage Credit Certificate Program offered through the County of Riverside’s Economic Development Agency?

     There is currently a program in place that offers qualified Homebuyer’s to reduce their federal tax equal to a portion of the interest paid on their mortgage loans.  This effectively raises a buyer’s purchasing power by affording a higher monthly payment than they would otherwise afford due to the credit they could get back on their taxes.  Lenders on the approved list take this into consideration when buyers apply for their loan.  

    The borrower can claim a tax credit of 15% of the interest paid during that year.
     

    For more information, read the specifics here:  Mortgage Credit Certificate Program.  

 
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