New Listing!

Ondulando Beauty

4 bedroom, 3 bath in Ventura hillside neighborhood offers quiet location and many upgrades. Remodeled baths, hardwood floors, dual pane windows and a resort-like backyard to relax in. For more info on this and other Ventura homes for sale, visit my web site at http://www.lynnkenton.com/

New Listing!

New Fraud Alert

Many homeowners may not know it, but once you've gotten a loan for your home purchase, that mortgage seldom stays with the same lender. (This is a normal procedure.) As you might expect, a new type of fraud is being played off of this.

In this new scam, someone claiming to be the new owner or servicer of the mortgage mails a letter to the homeowner and instructs the homeowner to now send their payments to a new address.

To avoid falling victim to this type of fraud, the Attorney General's Office is advising homeowners who receive a letter like this to contact the current mortgage servicer (not the number in the letter) to verify that the information in the letter is correct.

Homebuyers Workshop

The National Homebuyers Fund has just released grant funds (up to 3% of the purchase price) to be used for down payments. This isn't a loan and does not have to be repaid. With interest rates and property values at record lows, combined with a program like this, it makes the timing pretty sweet if you're thinking about buying a home right now.

With that in mind, Guild Mortgage and Ventura Property Shoppe will be hosting a Home Buyers Workshop. Information on this new program will be provided as well as the "ins and outs" of making an offer on a short pay or foreclosure (bank owned) home.

Since buying or selling a home is no doubt one of the most important investments one can make, it makes sense to have as much information as possible. James & Lisa Sherman attended a previous workshop and said "The real estate class that Lynn, Karen, and Linda taught was exceptionally helpful in getting my wife and I ready to buy a home. Their expertise and experience, in addition to their gregariousness, eased us into making the decision to finally buy our first home. Every step in the process was made clear and understandable with their guidance. I recommend their services to anyone looking for a home in Ventura County."

This is a free service to the community. The workshops will be held on the first Tuesday of the next three months at 711 Daily Drive, Suite 105, Camarillo, CA 93030.

February 1st, 6:30 PM
March 1st 6:30 PM
April 5th 6:30 PM

To reserve a seat contact Lynn Kenton @ 805-901-5444 or Linda Hall @ 805-208-8951

New Homebuyer Grant Program ( free $$$$)

This morning I heard about a new grant program through National Homebuyer’s Fund, Inc. designed to assist homebuyers in California. I’ve confirmed it with my trusted lender contacts. It could translate into around $12,000 give or take...

Here are the “nuts & bolts”:

*It’s used with a 30 year fixed rate loan.

*Can be used with conventional, FHA or VA loans.

*Can be up to 3% of the purchase price.

*The proceeds can be used for down payment &/or closing costs.

*There can be no cash back to the borrower from the Grant Fund proceeds.

*It must be for a primary residence.

*Maximum income for borrower in Ventura County is $104,040 per year.

*You do not need to be a first time home buyer.

*Minimum credit score of 620.

This is a great program- tell anyone you know about it. It’s a limited fund and will no doubt run dry in the next few months. This is a real deal and an opportunity to take advantage of. Contact me for more details!

Foreclosure Scams Are Abundant

Beware if it seems too good to be true…

The US Government Accountability Office (GAO) issued a report in July 2010 that states: "The current foreclosure crisis has provided persons who may perpetrate mortgage foreclosure rescue and loan modification schemes with unprecedented opportunities to profit from homeowners desperate to save their homes.”

The report states that there are two main types of foreclosure rescue and loan modification scams: advance-fee loan modification schemes and sales-leaseback schemes. Advance-fee schemes are the most prevalent. With an advance-fee scheme, the victim gets charged a fee in advance to supposedly negotiate a deal with your mortgage lender. Sometimes they will offer a money-back guarantee. Typically the result is that they take your money (the average being around $3,000), provide little or no service, and then decline to return the fee.

In a sales-leaseback scheme, the scammer convinces you to turn over your deed to them by offering to take over your payments while allowing you to pay rent while you get your affairs in order. They agree to sell the property back to you once your finances improve. This of course never happens. Frequently they’ll even take out another loan on the home or sell it out from under you.

The Federal Trade Commission tells us of a new angle on the advance-fee scam that came to light this year, a "forensic mortgage loan audit." The scammer claims they will find regulatory violations in your mortgage that will assist in avoiding foreclosure or even canceling your loan. There's no proof that anyone has ever modified their loan in this manner.

The FTC has issued some warning signs that at-risk homeowners should beware of when looking for foreclosure help. You should avoid any business that:

• guarantees to stop the foreclosure process – no matter what your circumstances

• instructs you not to contact your lender, lawyer, or credit or housing counselor

• collects a fee before providing you with any services

• accepts payment only by cashier’s check or wire transfer

• encourages you to lease your home so you can buy it back over time

• tells you to make your mortgage payments directly to it, rather than your lender

• tells you to transfer your property deed or title to it

• offers to buy your house for cash at a fixed price that is not set by the housing
market at the time of sale

• offers to fill out paperwork for you

• pressures you to sign paperwork you haven’t had a chance to read thoroughly that you don’t understand.

As always, if you have questions or concerns on these issues, don’t hesitate to contact me. I’m happy to help.

California Housing Inching Toward a Comeback?

Nationally, the housing market is in a hesitant mode. But there is an inkling of constancy starting to surface.

Property values are rising in several areas of the state. The last nine months have experienced increases of 10.4% year-over-year as of July, putting the state's median price at $315,000 – almost two times the median of $183,000 nationally.

Coastal cities are showing even better gains.

The largest gain of any U.S. city in the past year was in San Francisco, rising
14.3%. The median price there is currently over $607,000. San Diego has seen an increase of 11.2% (median price: $389,000) and L. A. had a 9.2% leap (median price: $345,000). Florida, Arizona and Nevada remain in a struggle.

Locally in Ventura County real estate, the current median price for residential sales is up to $385,000 for the last twelve months over the previous twelve month median of $365,000.

Leslie Appleton-Young, California Association of Realtors' chief economist, feels our strength is related to the speed at which prices “went down so far and so quick”. “That left a lot of people here saying, 'Wow, affordable California housing.'"

The deluge of foreclosures accompanying the mortgage meltdown stalled a rapid home price recovery. Real estate in California had out-priced itself so much that many buyers were willing to over extend themselves with exotic loan programs for fear of not ever getting into a home.

While we’re all waiting to see how the foreclosure moratorium (or absence thereof) will affect the market, California is still one of the world’s 10 biggest economies, bolstered by tourism, aerospace, finance, agriculture, software and more. The recovery of these industries will drive the demand for housing.

Plus, the California economy is picking up, albeit slowly. Even in a recession, it has remained one of the world's 10 largest economies, mainly because it is driven by every major industry -- aerospace, tech, software, finance, agriculture, tourism. So as more of those industries recover and employment picks up, demand for housing will jump.

California is seen as a trend setter so any glimmers of hope are potentially a catalyst for better times across the coast. For home sellers in other states, what's happening in California is encouraging. Trends often begin on the coast, so they're hoping the recovery will roll eastward.