Real Estate Information

5 super smart ways to save your self from Debt Settlement Scams in California

The recent economic meltdown has devoured the financial life of millions across the globe. Along with the recession, depression, slump, downturn, economic reset has put thousands of Californians knee deep into debts. If you are one of them, then you must be frantically looking for a solution to get out of debt. You might come across many debt settlement California companies promoting their services by claiming to cut your debt into half or declaring to free you from the clutches of debt. However, remember all of them are not genuine; some of them are nothing but scam artists who are looking for some ways to make quick bucks by promising to solve personal financial problems. These conmen often take advantage of your helpless situation by pretending to be compassionate professionals and make their way to profits. Being in outstanding debts often your thought process gets paralyzed and desperation overrides good judgment and common sense. As an invariable result you succumb to the situation and fall into these scam traps. Weigh and consider the points given below before hiring any debt settlement company.

• There are plenty of legitimate debt settlement companies are out there who are very trustworthy and good at what they do. To hire such reliable debt settlement company do a thorough research first. Look into their service background and profile closely. Read the feedback and testimonials they have received from their previous clients.

• Find out whether the company is accredited with BBB (Better Business Bureau) or not. To search for reviews and complaints on the company take online help and use personal referrals from trusted family members, friends or associates. If required meet the staff personally at their corporate business office and see whether you can trust them with your finances.

• You may be more likely to be successful to settle your debts if you hire a professional lawyer or a group of lawyers who can offer you legal advice and can handle your paperwork and negotiations with greater proficiency. In addition, a debt settlement law firm is well versed with bankruptcy law and therefore can guide you to file bankruptcy if needed. Having a law degree does not assure legitimacy, but a California lawyer must be a member in good standing with the State Bar of California to practice law. It is always safe to hire lawyers as they always have the fear of losing the bar card in case they are found guilty of unethical behavior.

• The fees of your debt settlement company can cost you a fortune. Shop around and compare charges offered by different companies. Don’t forget to provide the attorney with sufficient information regarding your case to avail a realistic cost estimate. Make sure your debt settlement lawyer’s fees must not put you into further debt.

• Most lawyers or debt settlement agencies settle the debt with 30 to 40 % reduction in the total balance amount, if your settlement agency claims for more, do not believe them blindly. If their promises appear too good to be true, verify whether they are capable of providing the services they trumpet about or not.

The FTC has decided to take strict action against the scammers who have slammed the debt relief market. Once these companies are banned then you can avail help of an authentic debt relief firm quite easily and can secure your financial future. Stay alert and follow the above mentioned points to save your self from debt settlement scams.

Sometimes, as homeowners, there is a need to access funds from the equity in your home to be able to cover an emergency expense or even to remodel your home or make much needed repairs. This is called a home equity loan.  What people don’t always realize is there are some tax benefits to doing.

There are two basic types of home equity loans.  One type is a traditional loan where you borrow the whole amount of the loan, then pay it back with specified monthly payments over a specified term.  The second type is a Home Equity Line of Credit (HELOC) where you obtain a fixed line of credit based on the equity of your house.   Typically with this type of loan you only pay interest on the amount that you borrow, and your monthly payments may vary also.

The interest is deducible up to the purchase price of the house plus any improvements.  Many people mistakenly think that all real estate related interest is deductible.  Several years ago the held true but tax reform has since been passed. However, for most people the tax deductions are still substantial, but you may want to consult a tax professional to determine how much you can deduct in your specific case.

Even if the interest is not deductible, you may save enough with the lower interest rates charged on a home equity loan that it will be beneficial to pay off higher interest rate loans or credit cards with this money.

Be sure to do the math and be responsible when making this decision on a home equity loan. Homeowners often find themselves in trouble when they borrow against the equity in their home and when the housing values declined they owed more than the house was worth.

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A multi-cultural drum concert will be held February 27^th from 2pm to 4pm to help local children organizations and community oriented service projects.  This is being hosted by the Diamond Bar Breakfast Lions Club. The cost is $10 for adults and $8 for children. This is being held at Diamond Bar High School Theater at 21400 E. Pathfinder Road in Diamond Bar.

There you will see performances by Diamond Bar High School Percussion Ensemble, S.W. Lion Dance Troupe, Big Bamboo Steel Band and Kishin Daiko.

For more information contact Wanda Tanaka at 909-861-0142

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Every lender will have slightly different policies or rules about who qualifies for a short sale. Below are some typical requirements that need to be met to qualify for a short sale.

•The Home's Market Value Has Dropped. 
Comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. Prepayment penalties can be included in this balance.

•The Mortgage is in or Near Default Status.
Today's lenders now understand that many factors contribute to a potential default,especially in today's market. They are willing to look at options to avoid any future losses. 

• There Are No Assets. The seller will need to prove that they have no assets that can be used to pay the lender the difference. Lenders typically ask for financial statements, income tax returns and other financial documents to support the sellers claim.

•The Seller Qualifies For A Hardship.
The seller must submit a letter of hardship that explains why they cannot pay the difference due upon sale. Typically this letter will include why they has or will stop making the monthly payments.

It is important to keep in mind what constitutes a hardship. Below are some typical situations that are typically considered hardships.

1.Unemployment
2.Divorce
3.Medical emergency / sudden illness
4.Bankruptcy
5.Death

If these requirements are met, most lenders will agree to a short sale. With a short sale, both sellers and lenders do not stand to gain any profit from this transaction and most short sales are completed during the pre-foreclosure stage in order for the lender to avoid incurring further foreclosure costs.

Although most homeowners have liability insurance, many of them do not understand what their responsibilities are as a homeowner.  Owning a home means you are responsible for any injury that happens on your property.  Homeowners should be aware that includes even things you have absolutely no control over.

 A few examples where the homeowner can be liable are:

• If someone slips on your doorstep and is injured
• If a tree on your property falls and damages anything of the neighbors’
• If your pet bites a visitor to your home

Even if someone happens to be trespassing on your property and injure themselves, that trespasser actually has legal recourse!  The law states that once the owner is aware that there is a trespasser present on their property or can reasonably anticipate that a trespasser may be present, then they have to exercise ordinary care in order to avoid injury to the trespasser.

It is important for homeowners to be aware of where their liability responsibility is and to make sure they have adequate insurance to cover any damages. For many people, the coverage included with their regular homeowners policy is enough. But in some situations, you may want more.

Some common reasons to get more coverage include:

• You own a swimming pool
• You own a dog, especially if you own an aggressive breed of dogs, this will raise your homeowners premiums.
• You frequently host social events. If you have parties often, the likelihood of someone getting hurt goes way up-especially if you’re serving alcohol at your parties.

Read your home owner’s policy carefully. If you have any questions ask your insurance agent right away. You want to make sure you do not need to add a separate rider to provide all the liability coverage necessary for your individual situation.

Do you know what your liability insurance covers?

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Get out this Saturday, February 19^th check out the Farmer’s Market in Corona!

The Corona Certified Farmers Market brings the best of fresh, locally-grown produce to the Corona community. With 20 certified growers you are sure to find the best deals on farm-fresh fruits and vegetables year-round.

Make time to do little extra shopping down the specialty aisle or grab lunch, snacks or dinner to go from one of the many delicious food vendors!

Here you will find the best in fresh local produce. Opening every Saturday from 8:30AM to 12:30PM at the Main Street Market Place, at the corner of Main and Rincon in Corona!

Do you know what fruits and veggies are in season now?

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Whether you are getting organized for the New Year or if you are preparing to sell your home or moving into a new one, there are various reasons why you might need to look into storage options. Whatever your situation may be, there are different options that may work for you, read more below to find one that will work best for you.

Self Storage Facilities

This one of the most popular options and consist of mini-storage units where a monthly charge is incurred. Most facilities have a variety of units in different sizes to accommodate your storage needs. Depending on the facility, access can be granted at specific times but some do have 24 hour access. Find a self storage facility near you. Location is usually one of the prime factors for selecting a facility, as you want to make sure it is close enough for you to be able to access your items. Visit this site to find one near you!

Container Storage

This type of storage is usually best for long-term, portable storage. Many people refer to this type of storage as Pods. These storage bins are delivered to your home where you pack them and then they can be picked up to be stored at a storage center, and once you move to your new home, delivered at your doorstep for your convenience.  This can be a time and money saving solution because you only have to pack once, you don’t have to move your items to the storage facility and then again to your final destination.

Moving/Storage Facilities

Many moving companies offer storage as an extra option to their moving services. This can be very convenient as they simply load up your possessions, take them back to their facility and store them for you rather than dropping them off at your new home. Then, when you're ready, they load them back up again and deliver them.

Whatever decision you make it is always a good idea to tour the facility before signing any contract in addition to asking important questions such as security and if the facility is insured. It is important to do your research, just like choosing a moving company, you want to be sure your things are in safe hands.

Foreclosures are on the rise and lenders everywhere are looking for options to keep the borrower from losing their homes. The most popular option is a short sale. short sales have grown in the last two years and are expected to grow even more in the future.

The downside to short sales is that they are very labor intensive. Many sales are not closed because of this.  Another problem is that servicers are unable to contact homeowners who are on the brink of losing everything and engage them with a loan modification or a short sale.

short sales are now expected to move more smoothly with the introduction of automation. Technology plays a major part in this software program with an electronic execution of the short sale approval letter and request for the approval of the short sale documents.  This technology allows everyone to be on the same page and is more efficient.

ELK software has released the automated software short sales Commander Version 3.0. This software will allow homeowners, buyers’ agents and others involved in the short sale access to the files.  “Communication with agents and sellers is a significant part of running an efficient and profitable short sale business,” said Erik Lovell, president of ELK Software.  Erik also noted that this new version will give their users more time so they can build their short sale business without having to call or email their clients.

The short sale process still needs help in order to run without road blocks, but this new technology will help assist all parties involved so that the process is quick and smooth closing.

short sales can be complicated, what questions about the process do you have?

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Are you looking for some family fun ideas this weekend? The Gingerbread Man is playing at the Lewis Family Playhouse at Victoria Garden Cultural Center in Rancho Cucamonga Saturday, February 12 at 1:00PM.  This is a delightful play for the younger people, written by David Wood. Mr. Wood also wrote the  adaptations for the popular Main Street Theatre productions of The BFG and James and the Giant Peach.

Meet the Gingerbread Man, newly baked this morning, as he helps Herr Von Cuckoo regain his voice with the help of Mr. Salt, Miss Pepper and the “Old Bag” who lives in the tea pot on the top shelf! Join us for this charming story of friendship that will enchant even the youngest members of the audience. Recommended for ages four and up.

 For more information and to purchase tickets, visit their website by clicking here.

Have you ever seen a live play before? It is a true experience and younger children will be amazed!

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In this challenging market home sellers want to make sure they are doing everything they can to sell their their home quickly and for top dollar. However many sellers make common mistakes without realizing it. Below are a list of some common mistakes that sellers make, and how to avoid them!

 1. Don't Over Price Your Home.  Everyone wants to sell their home for the most they can but one of the worst mistakes a seller can make is overpricing their home. If the home is priced too high, buyers won't look at it, especially in a competitive market. On the other hand, if it is priced too low, sellers worry that they won't make enough profit. Work with your agent to find the right price based on comparable sales, but other factors to consider include market movement, demand, the home's location and its condition.

2. Selling A Home In Poor Condition.  To get top dollar for your home you need to make sure you are doing everything you can to make your home in optimal condition.  Doing repairs before putting your home on the market can boost chances of quickly selling. If potential buyers see things that are in need of maintenance, they tend to wonder what else is wrong. In addition to repairs, staging your home is also a great idea. By adding new paint or furniture you can entice buyers into seeing all the positives your home has to offer.

3. Don't Be Present During Showings. While many homeowners feel that they need to be present for open houses or for showings to answer questions for potential buyer, it will actually do more harm than good.  Buyers tend to feel uncomfortable with the home buyer following them around. You want to make the potential buyer feel at ease and spend time looking at your home's features and benefits. Let your agent take over in showing the home and answering any any questions for you!

4. Act Fast With Offers. When you do get an offer on your home, make sure you act quickly. By not acting on offers you can loose on the sale quickly. Things can change quickly in the mind of a prospective buyer especially in a buyers market. A buyer's motivation level decreases with time and they might find something they like better so it is best to strongly consider the offer and act in a timely manner.