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Mortgage Fraud-Distressed Home Owners

Thursday, July 19, 2012
by Carol or Jim Chamberlain

Mortgage fraud reports have increased nationwide from more than 6,900 in 2003 to more than 93,500 in 2011, according to the Federal Bureau of Investigation (FBI). And the nonprofit Homeownership Preservation Foundation reported the number of mortgage foreclosure scams has shot up 60 percent so far in 2012.

In response to the growing fraud, the CALIFORNIA ASSOCIATION OF REALTORS® is educating homeowners and warning consumers they are at risk of being scammed by third parties, such as those that promise loan modifications for an up-front fee, which is illegal.

Many so-called foreclosure rescue companies or foreclosure assistance firms review foreclosure notices in newspapers, the Internet, and public files to identify potential victims, according to the Federal Trade Commission (FTC). They then ask for money up-front and claim they can help homeowners save their home. Some are bold enough to offer a money-back guarantee. However, the scammers simply take the homeowners’ money, often leaving them in worse circumstances than before.

Consumers should NEVER pay money up-front for services promised. Instead, get a referral to a free HUD-approved housing counselor to advise on loan modifications, short sales, and other alternatives for avoiding foreclosure by calling (888) 995-HOPE. http://www.995hope.org/.

Homeowners who have a home loan with one of the participating lenders or servicers should visit their home loan assistance site:

• Ally/GMAC: 800-766-4622
• Bank of America: 877-488-7814
• Citi: 866-272-4749
• JPMorgan Chase: 866-372-6901
• Wells Fargo: 800-288-3212

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Orange County Distressed Inventory Dropping

Monday, March 26, 2012
by Carol or Jim Chamberlain

According to research conducted by Steve Thomas at Reports On Housing, the active inventory for Orange County homes is falling dramatically for both standard sales and distressed properties.

Typically, homes come on the market faster than they go into escrow; thus, the active inventory increases, but that hasn’t been the case in 2012. The current active listing inventory shed 226 homes in the past two weeks and now totals 7,597, which is 3,081 fewer than last year. The media hasn’t quite caught up to reporting on all of the activity; so, for the most part, homeowners have been shielded from the fact that the market is extremely hot.

The decrease in the availability of distressed homes is a particularly big surprise to many homebuyers who have been reading for months about foreclosure properties and short sales, but as Thomas points out, “The distressed inventory continues to drop like a rock.”

With less inventory and increased demand, the expected market time for Orange County has dropped to a mere 2.1 months. That is the lowest level in 78 months, back in August 2005. This is completely unprecedented for this time of year.

So far in 2012, Orange County’s active distressed inventory, both short sales and foreclosures, has dropped by 644 homes, or 20%, in just six weeks. Currently, distressed inventory represents 33% of the active inventory, and foreclosures are the hottest segment of the current market.

Just about every buyer wants to purchase a foreclosure, yet there are only 489 in all of Orange County, just 6% of the total inventory. In the past two weeks, the foreclosure inventory dropped by 57 homes and now totals 489, the lowest level since May 2010. With so few homes on the market, short sales are being swept up almost as fast as they hit the market.

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Carol and Jim
Preferred Home Brokers
3230 E Imperial Hwy, Ste 125
Brea CA 92821
714-726-3144
714-726-3144
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Carol & Jim Chamberlain 714-726-3166 or 714-726-3144                  "Yes, We Can Be In Two Places At Once!"                                              BRE Lic Numbers: 00912962, 01015143