Perla Part II

I have spent the last 2 weeks on the phone with the bank. Yesterday I received the notice that the bank granted Perla a Modification through HAMP and that she will receive a package from FedEX within 40 days. She is to review the offer and sign off on it and send it in. This is VERY good news!

I was able to talk with the bank because Perla signed an authorization Release to talk on her behalf concerning her loans. They did not discuss the terms but were happy to give me names and ref numbers incase FedEx “loses” the package. However, I was ready to list as a shortsale and had a hardship packag eready if she were to be denied again. This was her third attempt. I will keep you posted on Perla.

Equator is booming!!!!

Tuesday, July 6th, 2010, 5:30 pm

Equator, a software provider for the default servicing industry, has launched Professional (PRO) Short Sale and PRO HAFA modules to automate the offer management workflow for smaller firms operating in the REO industry.

The software is part of Equator’s PRO Workstation application. Equator said the technology extends the efficiencies enjoyed by larger institutions to loan servicers, outsourcers and credit unions.

The company began modifying its software for smaller firms in the spring. It launched its short sale application for the mid-tier REO market in March. A short sale application for larger lenders launched in November 2009.

The new short sale and HAFA software enables real-time communication between lenders, real estate agents and borrowers, the company said.

“Short sales will continue to increase this year, particularly with Home Affordable Foreclosure Alternatives (HAFA) becoming a large percentage of their overall volume,” Chris Saitta, Equator CEO, said in a news release.

“We are pleased to provide outsourcing servicers, financial institutions and credit unions with a new approach to address short sale and deed-in-lieu transactions. PRO Short Sale and PRO HAFA provide greater responsiveness, communication and fulfillment without sacrificing compliance.”

PRO Short Sale allows buyers and agents to negotiate terms more quickly, Equator said. PRO HAFA automates every aspect of a short sale or deed-in-lieu transaction based upon the guidelines set forth by the U.S. Treasury. It incorporates government forms and timelines, ensuring compliance and scalability, the company said.

Equator said the new software will enable its clients to effectively meet regulatory demands and prepare for increasing short sale volume.

Los Angeles-based Equator’s REO, Short Sale and Loss Mitigation platforms have processed more than $120bn in transactions.

Newer Modifications Less Likely to Re-Default: Barclays

DSNEWS NO COPYRIGHT INFRINGEMENT INTENDED
06/21/2010 By: Carrie Bay

While loans restructured under the federal government’s Home Affordable Modification Program (HAMP) have been highly criticized for their propensity to re-default, the analysts at Barclays Capital say newlymodified mortgages stand a better chance of staying current. The research firm says the evolution of the government-based mod program is leading to “measurable” improvements in loan performance.

Fitch Ratings recently said that it expects 55 to 75 percent of HAMP-modified borrowers to re-default, as DSNews.com reported last week. But Barclays says “[W]e find that re-default rates on newer modification cohorts are improving every quarter.”

The analysts at Barclays cite three main reasons why they believe newer modifications will be more successful in averting re-defaults.

First, they note that HAMP mandates a three-month trial period. As a result, they say, only stronger borrowers who have provided sufficient documentation may receive permanent modification. Failed trials, Barclays says, are not reflected in the re-default data since they are not yet considered true modifications, and therefore nonperformers are weeded out earlier in the process.

Secondly, Barclays has found that newer modifications include higher share of rate reduction in combination with debt forgiveness. The company’s researchers says these newer modifications result in “meaningful reductions” in monthly principal and interest payments, reducing borrowers’ debt burden and leading to fewer re-defaults.

And thirdly, Barclays says “as the pool of HAMP-eligible deeply delinquent borrowers gets exhausted, we expect more modifications to be performed on newly delinquent borrowers.” The company says these are borrowers who have already managed to keep paying through times of severe economic distress and turned delinquent only recently.
“We believe that these are inherently better quality borrows who have a higher propensity to pay once modified,” Barclays said.

Based on the research firm’s analysis, foreclosure stock peaked in March, totaling 3.8 percent of all mortgage borrowers. Barclays’ estimate of the national delinquency pipeline suggests that foreclosure stock fell by 2.6 percent in April, from 2 million to 1.95 million. The company points out that this decline was the first since 2005, and follows a decrease in the 90-plus day delinquency bucket the previous month.

“For the past year, current-to-delinquent roll rates have steadily improved,” Barclays said in its report. “But foreclosure stock has kept rising, due to programs that delayed homes from going into REO, such as HAMP. Now the tide seems to be shifting.”

Newer data suggests that foreclosure-to-REO roll rates are ticking up while delinquency rates have peaked, Barclays says, signaling that servicers’ efforts have caught up to market conditions and they’re making progress working through the foreclosure backlog.

But at the end of that liquidation chain, Barclays says “REO stock has a long way to go.” The company doesn’t expect the REO inventory to peak until August 2011, at 545,000 homes.

In April, Barclays says, REO stock hit 526,000 properties, primarily due to an increase in GSE REOs. Meanwhile, the company estimates that homes are moving from foreclosure to REO at a rate of 4.4 percent per month. This implies a 23-month timeline between foreclosure and REO, which unlikely to fall substantially in the near term, Barclays says.

The research firm notes that servicers are keenly cognizant of not jeopardizing the housing recovery with additional supply. Barclays also points out that distressed have begun to make up a smaller percentage of overall home sales.

The company estimates that distressed sales were 23 percent of April’s home sales – 122,000 of 521,000. This was a 6 percent decline from March’s distressed share of 29 percent. Of April’s distressed sales, Barclays estimates that 83,000 were REO and 29,000 were short sales. The research and analytics firm expects the pace of distressed liquidations to hover near 130,000 a month over the next two years.

Home for Sale Near Cerritos College

PRESS RELEASE

FOR IMMEDIATE RELEASE

For more info
please contact:
Mark Anthony Ruiz
562-246-5200

Local Cerritos Agent Specializes in Pre-Foreclosure Solutions

Cerritos, CA – 06/10/2010 – Local real estate agent, Mark Anthony Ruiz of CENTURY 21 ASTRO today completed their Pre-Foreclosure Specialist Certification, or PSC, training and announced their intent to become a resource for Cerritos area homeowners in distress. This groundbreaking certification is the first homeowner-centric designation specifically aimed at avoiding foreclosure and completing a short sale. A short sale is when a lender agrees to take a loss on a particular property loan, allowing the homeowner and borrower a dignified way out and getting a new homeowner into the house, as opposed to foreclosing on the property and having it sit vacant for months.

“I obtained this certification with the community in mind,” Ruiz said. “When faced with a possible foreclosure, I’ve seen too many homeowners make poor choices, even walking away from their homes without so much as attempting to contact their lender or real estate agent. These people had no idea about the options available to them.”

“I want to help the people of Cerritos make informed decisions about what to do when in foreclosure or behind on one’s mortgage.”

Mark Anthony Ruiz of CENTURY 21 ASTRO is the latest certified agent with PartnerFirst’s PSC designation, which is sweeping the country and making real estate agents everywhere a vital resource to their community and homeowners.

Son Nguyen, co-founder and COO of PartnerFirst, based in Corona, California, said that too many homeowners in foreclosure or behind on their mortgage payments are moving forward without assistance of any kind.

“PSC Certified Agents are helping distressed homeowners understand that there are alternatives to foreclosure,” Nguyen said. “Mark Anthony Ruiz has been trained to help homeowners avoid foreclosure with a full host of options, advanced training, and a homeowner-first method that will make hima vital resource to their community.”

The PSC designation provides real-estate professionals with the latest in cutting-edge training on everything regarding short sales, including the most up-to-date information on government legislation such as HAMP and HAFA as well as advanced negotiating and marketing techniques. PSCs are quickly becoming an important fixture in any community where foreclosure is looming over homeowners.

Please visit www.PartnersFirst.org

Take a name and an ID number, Perla’s story part 1…

I met with Perla today…

She is a homeowner in trouble! Three months after a diagnosis of colon cancer she lost her beloved husband. After the devestating loss of her husband, Perla faced another challenge that may as well have been as tough as the diagnosis of cancer. Perla was losing her home. Like many homeowners that are in trouble, Perla decided to consult a law firm to help her modify her home loan. Last June she paid 4,000 dollars to a law firm to help. The very same law firm who said they could stop the predatory lender aka the bank quickly turned into a predator themselves.

When I sat down with Perla as part of a community outreach program to help her communicate with the Loss Mitigation dept. It was apparent the lawfirm was not working in her best interest. We found out that the law firm had indeed faxed the paperwork (hardship package) to the appropriate department. However, IT WAS MOSTLY BLANK!

After two hours of communication between Perla, the Loss Mitigatgion department and myself, we were able to negotiatie an extension so Perla could the package sent to her home address and get some time to fax to the 800 number. I will keep this blog updated with Perla and her story.

If you are having problems with your home loan or feeling that the process is never ending, there are outreach programs that can help troubled homeowners navigate the waters. There are now rules and regulations that now protect homeowners.

April 5th has come and past…Will HAFA be the one program that works?

So April 5th was the date that “guidelines” were to be set for HAFA (Home Affordable Foreclosure Alternatives). HAMP (Home Affordable Modification Programs) failed so this brilliant plan is supposed to help families keep their homes.

Jennifer Harmon from Managing REO wrote….

Can the government’s Home Affordable Modification Program be salvaged or should a new program be instituted?

Rep. Jackie Speier, D-Calif., suggested that the government “scrap” the HAMP program and grant all at-risk borrowers the right to rent their homes.

The House Oversight and Government Reform Committee member urged the banks to create such a rental program with an option to buy.

“We should take the money we have set aside for this (HAMP) program and subsidize the banks if necessary to keep borrowers in their homes,” she said at a hearing.

The California Democrat told the story of a homeowner who entered the HAMP program and made all the monthly trial payments on time.

But he never received a permanent modification and now his house is being sold on April 7. “That is a travesty,” Speier said.

There are 835,000 people in the HAMP payment trials and they should be dealt with equitability, according to Gene Dodaro, acting comptroller general at the Government Accountability Office.

“They entered into this program in good faith. They need to have an appeal process if they are running into difficulty,” Dodaro testified.

Treasury assistant secretary Herbert Allison told the committee that his agency is dealing with this issue. He made it clear that servicers cannot start the foreclosure process while a decision on a permanent modification is pending.

“For HAMP to reach its true potential, implementation must continue to be improved, servicers must recommit to a better borrower experience and outcome and program enhancements must continue,” Allison testified.

The Troubled Asset Relief Program special inspector general Neil Barofsky told the committee members that there has to be a re-evaluation of HAMP.

“Treasury has to look at why these problems are occurring. Do something as simple as setting goals and measuring performance,” Barofsky said.

Treasury has been successful signing up more than 110 servicers to participate in the HAMP program. But HAMP has been plagued by certain errors, Barofsky said. “Servicers have complained to us about constant changes in program guidance.”

California Parks and Recreation Society

The CPRS is a non profit professional and public interest organization that was founded in 1946. It boasts more than 4,000 members. Some its members are college students who are recreation majors. Some members are recreation professsionals and commissioners, while are others are The main theme this year was “Parks make life better”. This year the training conference was held inn Palm Springs, CA on March 9-12, 2010. While the City of Cerritos receved an award of exellence…

The City of Burlingame had two professionals I was impressed with. Kevin and Andrew had great ideas and shared some of their thoughts with me. Check out the video

So practice what you preach because life is a marathon and OUR kids are watching.

Thanks for reading my blog
Mark Anthony Ruiz
Parks and Recreation Commissioner
City of Cerritos, CA

Kick off is set for February 3rd!!!

When I first started volunteering at the Cerritos/Artesia Relay For Life…the scabs were still raw. My wife was just given her five year badge. She fought extra-skeletal ostesarcoma in 2000 and Dr. Sant P. Chawla said she was cured. He said “Go live your life”

That meant that we had to give back. You see, I truly believe that someone somewhere volunteered and donated their time and money so that a new drug could be used to save my wife’s life. Alisa Montero was in charge of team recruitment back then and she came by my office and told me about The American Cancer Society and all the great things that they did.

So, I started out as captain of a little team that raised over 5,000 dollars for the city of Cerritos in 2005. Two years ago I walked 24 straight hours for our team. Today, I am Co-Chair of our City’s Relay.

I will be kicking off our Relay on February 3, 2010 at the Cerritos Library. This will be a time to introduce all the plans we have to ensure success. Our website is www.relayForLife.org/CerritosCa and has alot of information on this event. You can also email Gabriel Santos at gsantos.cerritosrelay@gmail.com for more info.

If you are interested in forming a team and getting involved in our Relay please email me at MarkAnthony@CENTURY21.com or come join us on Feb. 3rd!

Working in ARTESIA on Black Friday

12227 186th St in ARTESIA Four bedroom 2 bath charming single story.

Open house this weekend on this completely turnkey house

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