•  Few people enter the house-hunting process without the help of a San Diego Real Estate agent and for good reason! A Realtor can provide valuable guidance from the search through negotiations, inspections and closing. With access to the computerized Multiple Listings Service (MLS), your agent can view all listings daily to give you a chance to view new home listings as they become available.

•  Your agent will also have vital information regarding a specific neighborhood’s property value trend, demographics, quality of schools, and future residential, commercial and road construction. An experienced agent will have a good feel for a home’s true market value.  

• If you don’t have a Realtor, we will be happy to refer you to a highly experienced agent who specializes in the area you are seeking to purchase a home.

• Once you have found an agent you are comfortable with, your house hunting should proceed smoothly. A good real estate agent can quickly eliminate listings that do not meet your criteria, saving you time to look at more homes that do meet your specifications!

 Please feel free to contact Carlos Directly if you have any questions. He is a local Realtor that focuses on San Diego Real Estate.

 Carlos Aguilar            800-332-1687               Real Estate Information in San Diego  

Foreclosures On The Rise

Owning a home is the foundation of the American Dream, but for many it has become a nightmare.

The real estate boom in the last 11 years was unprecedented with the housing markets growth; banks put creative mortgage products on the street, often adjustable-rate loan interest deals that, if used well, would turn the key to home ownership for many who thought the dream impossible just a few years earlier.

But for those who got caught in that rising-rate trap, and the subprime “teaser” interest rates started to rise a few years ago caught many unprepared, and the number of foreclosures has skyrocketed across the country this year.

According to March 13 figures released by the Mortgage Bankers Association, a national organization based in Washington, D.C., mortgage delinquencies on one- to four-unit residential properties rose to 4.95 percent for the fourth quarter of 2006, the highest since first-quarter 2004. The rate for foreclosures—meaning that the lender takes back the home—jumped to 1.19 percent, up from 1.05 in the third quarter.

Those figures make it clear that the housing boom has cooled.

The crunch may force many to take drastic action to save their homes. A simple refinance may be difficult to pull off for someone in foreclosure, since the banks are now being more selective about whom they lend money to.

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Few things are as devastating as losing your home. Sadly, it’s not always inevitable. In many cases the foreclosure could have been avoided with some outside help.

You are in a unique position to advise your clients in financial matters. If you know that a client is on the path toward foreclosure, take the time to show them how it can be avoided. First, remind them of some of the hidden difficulties that will arise if foreclosure occurs.

1st, Finding a new home. Don’t let your clients believe that it will be better to let the foreclosure happen, because after they lose their home, they will still need to find a new place to live. All too often, the price they will need to pay in rent will be almost as high if not higher than their current mortgage payment. Remember: The owner of the property needs to make his mortgage payment, too, so he’s going to charge a rental payment that’s higher than his mortgage costs.

2md, Deficiency judgment. It’s not uncommon that the sale of the home is insufficient to cover the remainder of the mortgage. When the property has been damaged, or market values have dropped, the owner may end up with a bill in the tens of thousands for the difference.

Despite what many people think, most lending institutions are not anxious to foreclose. It’s a last-ditch effort to recover their money and minimize their losses, and it’s an incredible hassle. Most lenders would rather avoid it, if possible. There are multiple sources for help that your client should be aware of, and most lenders will be happy to hear that their clients are going to try to keep their home rather than just await a foreclosure.

3rd, Housing Counseling Agency. The US Department of Housing and Urban Development maintains a list of HUD-approved counseling agencies. Have your client call (800) 569-4287 to find the agency nearest them.

4th, FHA-Insurance fund. FHA borrowers may qualify to have HUD make a one-time payment to bring their mortgage current. See www.hud.gov/foreclosure for more information on the requirements to qualify.

5th, Different mortgage program. Have them talk to a loan officer about the possibility of refinancing their mortgage to a more affordable program.

6th, Special Forbearance. Many borrowers can qualify for a new payment structure if they’ve had an increase in their cost-of-living, such as unexpected medical expenses, or a decrease in wages. This payment structure will allow the owner to repay the lender in a given time frame.

If you or someone you know would like to discuss the foreclosure process in more detail please contact Carlos today.

Carlos Aguilar

800-332-1687

San Diego Real Estate Specialists!
www.teamaguilar.com

Article Source: http://EzineArticles.com/?expert=Carlos_Aguilar

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Alex has built a great database of San Diego Real Estate Agents and been able to bring value to these relationships by being much more then a typical loan officer. Alex has spent a lot of time going through coaching and 1 on 1 training for the mortgage business and as a result of what he has learned he spends a lot of his time using that information with his realtors. Real Estate training has been very easy for Alex Aguilar because the way you market yourself and build relationships in the mortgage business is very similar in real estate.

Real estate training is just another added benefit that Alex brings to his agents and he really enjoys meeting with his real estate agents on a monthly or quarterly basis to complete a 3 page quarterly review that has the agents define their goals for the next 90 days and gives them a breakdown of how they will accomplish these. The important thing to note is that Alex not only puts these goals and plans in writing with his Realtors but he gives them details, ideas and suggestions on how to accomplish these goals.

If you are a real estate agent that is really interested in taking their loan officer relationship to a whole new level please call Alex today because his Real Estate training could really help bring you the results you deserve.

Alex

www.AlexAguilar.com

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