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Jennifer Ricco e-PRO,WCR,QSC, Retired LAPD's Blog

By Jennifer Ricco | Agent in Santa Clarita, CA

Looking to Make a Fresh Start in 2012? Is Your Mortgage Weighing You Down? You Have Options!

Did You Know That:

Mortgage delinquencies stabilized in the third quarter, though new foreclosures jumped 21.1% from last quarter according to the Office of the Comptroller of the Currency.

Foreclosures in process made up about 4.1%, or 1.3 million loans, of the overall mortgage portfolio measured by the OCC. That's up 0.5% from the second quarter and 7.6% from a year earlier.

First-lien mortgages current and performing changed little in the third quarter, down 0.1 percentage points to 88% of all loans in the OCC portfolio. Those loans made up about 87.5% of the portfolio a year ago.

Modifications declined 8.5% from the second quarter to about 138,000. That includes a 23% drop in mods through the Home Affordable Modification Program.

Third-quarter modifications reduced monthly principal and interest payments by 24.4%, or $382. HAMP mods cut payments by 35.1%, or $567.

The OCC report includes about 62%, or 32.4 million, of all first-lien mortgages in the U.S. worth $5.6 trillion in outstanding balances.

Have you exhausted all of your options trying to save your home from foreclosure? As you can see from the information above lenders are starting to ramp up their foreclosure process. Many homeowners have figured out how to extended their stay by applying for a loan modification, filing bankruptcy paperwork to stall the bank with no intent on proceeding with a bankruptcy and/or piece mealing information to the bank 'trying' to qualify for a short sale which buys more time. All these options are designed to help struggling homeowners when done correctly however there are many now taking advantage of this system to buy themselves 'free time' not realizing what long term damage they are really causing their financial future. Someday that homeowner will need to use their credit again perhaps in an emergency when they need it the most.  With a 50% -75% increase in HAFA transactions each month you may be able to participate in the program. Now is the time to make the right choice for a stable future EDUCATION is key! We can help you find the key to financial stability through education and a greater understanding of your alternatives. Are you missing payments, have you received a notice of default or notice of trustee sale? Banks are now stepping up their foreclosure process don't sit idle and wait for your lender to make a decision about your financial future. Gary and I are all about home retention; in some cases this can be accomplished with others we show our clients the alternatives, all available pre foreclosure options. Confused about what options are available to you? You need to understand what all the implications are, do not make a decision about your financial future until you have sat down with professionals who have a proven track record. Make sure you explore all of your options before you do not have any left to choose from.

If all other options have failed and you need to consider a short sale here are the biggest concerns we hear from distressed homeowners; how am I going to pay for the Realtors commissions and all my closing costs?? The answer is, Your Lender is assuming all of those costs, you will not pay for the Realtors commissions or the closing costs associated with your short sale transaction. If a homeowner qualifies for the HAFA program and it's successfully negotiated, YOUR  lender will also pay is up to $3000.00 for moving expenses. There are many reasons why it is so very important to sit down with a well educated real estate team who can explain all of these options and many more!

To request your FREE copy of this report click this link:

Mortgage Payments Weighing You Down?

For past reports click below.

Click on the report you wish to request or go to: www.SoCalPreForeclosureSpecialists.com click on the resources tab then simply choose the report and it will be emailed to you promptly. This is for homeowners only please.

*Source: Housingwire.com OCC: New foreclosures climb 21.1% in third quarter written by Andrew Scoggin 12/22/2011

Jennifer & Gary Ricco Retired Police Officers
Advanced CDPE & PSC
Keller Williams VIP Properties
'Quality Consulting Through Continuous Improvement' 
Serving the Greater Los Angeles and Ventura Counties
License numbers 01461940, 01803395
Jennifer was awarded the LA Daily News Readers Favorite Realtor Choice for 2010 & 2011

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