Today, Embassy Suites in Palm Desert is the location for a two-day foreclosure seminar (was held yesterday too) that the bank is putting on for it’s customers to discuss home loan modifications and other foreclosure alternatives. 10,846 BofA customers in a 175 mile radius of Palm Desert were invited, all 60 days or more behind on their mortgage payments.
Maybe Bank of America is finally putting its proverbial money where its mouth is and started truly reaching out to thousands of homeowners who are behind on their mortgages and facing foreclosure.
Many of those attending from the Coachella Valley are getting information on loan refinancing that could significantly reduce their monthly payments and principal so that they could stay in their homes. After all, Riverside County has the highest foreclosure rate in the state of California. There are knowledgable mortgage specialists, underwriters, HUD counselors and other experts ready and waiting to provide assistance.
Bank of America is providing one-on-one counseling service to its homeowner customers who are facing possible foreclosure or who want to explore other loan mods, etc. The event is free today from 8am to 8pm at Embassy Suites Palm Desert, 700 Highway 111. You can register by calling 855-201-7426 or go to bankofamerica.com/homeownerevent
If you are interested in exploring the possibility of Short Saling your home, please consider contacting Palm Springs Valley’s Short Sale Expert – Kimberley Joy Kelly. She has extensive knowledge,experience and Success in Short Sales and will be happy to give a free consultation. Call her at 760-285-3578.
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Even though the number of foreclosure filings dropped last month in California, a real estate tracking firm has reported that Riverside County had the highest foreclosure rate in the state. Countywide, 1 in every 208 households was found to be in some stage of foreclosure – REOs, auction sale notices or mortgage default notices – for a total of 3,850.
Even so, the number of filings was still 12% lower than in March – an approx. 28% less than the foreclosure rate in Riverside a year ago. Nationally, there was a 5% decline in April when compared to March… and 14% less than a year ago. The tracking firm found that this is the lowest foreclosure rate recorded since July of 2007, before the bubble burst.
Last month, California ranked second in the nation in number of foreclosures – with 39,008 filings. This was 14% less than the number in March and 30% lower than last year – when 1 in 351 homes were in default in the state.
The highest foreclosure rate nationwide last month was in Nevada, with 1 in 300 homes in default. California was second, with Florida right behind it with 1 in 364. Number 4 was Arizona with 1 in 377 and follow that with Georgia at Number 5 with 1 in 398 homes in foreclosure.
Looks like we’re not out of the the foreclosure woods yet . . . could this rise in the foreclosure rate be from banks and mortgage lenders processing the foreclosures faster and more efficiently??
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Just Listed !!! Check out this new Short Sale Listing in
fabulous Bermuda Dunes Country Club! A little TLC is needed on this home, particularly the outdoor living areas, pool & spa and landscaping.
It’s a great home located on a great street, with 4 bd/3 ba on a large lot with a circular driveway. The backyard is south-facing and has a covered back porch and large pool with spa. The Kitchen had a $35,000 remodel about 3 years ago (per Seller) and includes a custom pantry, Bosch dishwasher and gas cooktop, KitchenAid dual ovens (all stainless).
One of the 3 full bathrooms has been completely remodeled in this home. The floors are 18×18″ ceramic tile set on the diagonal and all bedrooms and the great room are carpeted.
The Master bedroom has two walk in closets . . . and a Sauna !!! The 4th bedroom has a large built-in desk which could easily be converted back to bedroom space.
Bermuda Dunes Country Club offers an exceptional quality of life and some of the finest golf in California. It has hosted the PGA tour event, The Bob Hope Classic, for 49 years and has been home to celebrities such as Clark Gable and Arnold Palmer. The club is surrounded by gorgeous views of the San Jacinto Mountains, rolling fairways, fresh water lakes and luscious desert landscaping. . . and the homes are built around 27 scenic holes of classic style golf. The community is comprised of 17 Home Owners Associations and The Dunes Residence Club, a boutique style Residents Club for golfers – and offers the perfect desert lifestyle.
This home is a steal,
offered at $240,000. Trying to get a COOP Short Sale out of this one – that’s where Bank of America does a co-operative Short Sale listing and once it’s pre-approved, we can Close It within 45 days !!!
Just another Short Sale opportunity presented by the
Palm Springs Valley Short Sale Closer, Kimberley Joy Kelly…
I list, work and CLOSE my short sales, and I’ll CLOSE this one too!
I sell houses. There..I’ve said it. Sometimes when I tell people this, they look at me knowingly and I can just imagine that they are equating my job with that of a used car salesman or woman. There ARE those Realtors..but I am not one of them. I am a Realist and I have been very uneasy over the past several seasons saying anything at all like “we are recovering!”
Watching the La Quinta market recover
Even I, however, am beginning to think that we will be looking in our rear view mirrors and saying, “2011..that was the bottom.” It does appear that the housing market is stabilizing..all over California according to this article from the LA Times today.. In my own area of the Palm Springs Valley, I am experiencing this upswing daily. The Low End-say $250,000 and under is incuring multiple offers on nearly every home. If a Buyer is trying to purchase with an FHA loan, they will be offering way over List Price and even then, the odds are low they’ll be chosen. Cash & Conventional Loans kick FHA to the bottom of the pile for Sellers.
Even Investors are seeing the market changes. They can no longer make their numbers work..why? Because there aren’t any obscenely under priced homes for sale! The middle tier..$500,000-$850,000 is settling too. Great views and locations are being snapped up. The Luxury Market is still in flux and those Buyers are still pretty fickle..believing they can get a better price if they just wait.
La Quinta and the Palm Springs Valley in general is on the upswing..
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How lucky are we here in La Quinta and the Palm Springs Valley to have a world class resort venue like the La Quinta Resort & Club literally in our own backyard? Living in La Quinta Cove like I do, making a trek down Eisenhower to the spectacular La Quinta Resort & Club takes . . . say, maybe 5 minutes? Once you turn off Eisenhower onto the stately tree-lined entrance, you feel like you’re in another world. This iconic, historic hotel is always abuzz with people and activity – living the good life of ease and amenities. It feels like a vacation just being there on those beautiful grounds and taking in this elevated lifestyle offered to visitors from all over the world.
Congratulations to the La Quinta Resort & Club and PGA West for recently earning top honors among Hilton’s hotel chains worldwide as Luxury Resort of the Year. What an honor !!! La Quinta Resort is part of the Waldorf Astoria Hotel chain and was judged among 300 hotels and resorts. In addition, Gary Sims, managing director for the resort, also was recognized as general manager of the year.
The executive director of sales, Rick Blackburn, said this about the resort’s recent honor – “This is a tremendous honor for us. It truly reflects the increasing quality of our resort and its many services and amenities, as well as the vision of our management, dedication of our staff and overall commitment to providing our guests with exceptional levels of service.”
If you haven’t been to the La Quinta Resort lately, treat yourself to a gourmet dinner prepared by Award-winning chef Jimmy Schmidt at Morgans in the Desert . . . or a fine cigar and a haircut at Havana . . . or some long-overdue pampering at the spa. Even for us locals, there is much to experience here.
Take a Staycation today . . . at our very own La Quinta Resort & Club !!!
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Homeowners in La Quinta and across California will be getting help soon, as approx. half of the $410 million coming to the state from the overall settlement with the nation’s five biggest banks (due to accusations that they improperly or fraudently foreclosed on homewoners) has flowed into its coffers.
State Atty. General Kamala D. Harris disclosed on Friday that this money will be put into funding the state’s housing counselors and legal service agencies that help struggling homeowners. She also plans to spend the rest of the money on reaching out to and educating homeowners stuck in the hardest-hit parts of the state, on further investigations and oversight of the settlement funds and on helping borrowers who aren’t able to stay in their homes.
Over half a million California households are currently in the foreclosure pipeline. State authorities say they realize the importance of getting funding into those communities where they are needed and assisting the homeowners who were most affected by the crisis.
Community organizers have voiced that the money needs to go towards helping homeowners and not to help lower the state’s budget deficit, as has happened in other states. They state that the settlement was intending for homeowners who are dealing with the foreclosure crisis. Many housing counseling agencies across the country are struggling as the demand for their services has gone up. This financial boost could be the shot in the arm that is needed to bring homeowners back into good stead in California.
My question is, what about all the homeowners who have already lost their homes, how does this help them? Couldn’t anything be done to help them to get back into home ownership again? I know people in La Quinta and elsewhere… I’m sure you do too… who were caught in the timing of this foreclosure crisis such that they lost their homes, are now having to rent and have ruined credit. What is being done to help them to get back into the home ownership saddle, so to speak???
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Yes, you heard it straight !!! California is continuing to push to prevent foreclosures. . . and Fannie Mae and Freddie Mac borrowers may see their mortgages shrink through principal reduction.
A significant change is being made by state officials to the Keep Your Home California program. They are dropping a requirement that banks match taxpayers’ funds when homeowners receive mortgage reductions through the program. Previously, the program was facing lackluster participation and lender resistance, but now that the requirement that banks provide matching funds, well . . . let’s just say that now the banks are more willing to participate. Hmmmm . . ..
Hopefully, increased participation by Fannie Mae and Freddie Mac will provide a major boost to the Keep Your Home California program. Fannie Mae and Freddie Mac own about 62% of outstanding mortgages in California, but neither institution has elected to participate in principal reduction due to concerns about adding additional costs to taxpayers.
Fannie Mae and Freddie Mac were seized by the Feds in 2008 when bordering on bankruptcy – we, the taxpayers, have provided $188 billion to keep them afloat. These two institutions last year made it their policy to participate in state-run principal reduction programs such as Keep Your Home California – as long as they or the mortgage companies that work for them didn’t have to contribute funds.
Housing advocates have argued that reducing mortgages of underwater borrowers would boost the housing market by giving incentive to homeowners to keep paying off their loans – And would reduce foreclosures by lowering the monthly payments for underwater homeowners, giving them hope that one day they would again have equity in their homes.
Other requirements of financial institutions will be to make other modifications to loans such as reducing the interest rate or changing the terms of the loan. The changes to the Keep Your Home California program will roll out in early June . . . so Hang In There, underwater borrowers . . . sounds like help is on the way !!!
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If you’ve never heard of this little secret in La Quinta – a small guard-gated enclave of custom luxury homes directly across from Rancho La Quinta Country Club . . . well, you have now! The next time you happen to be driving on Avenue 50 between Washington and Jefferson Streets, be sure you make it a point to check out the beautiful entrance to The Estancias at Rancho La Quinta. These great luxury homes are built on half acre or larger lots – quite unusual here in our valley – and afford a definite sense of spaciousness for their fortunate residents.
The Estancias does not have its own golf course . . . BUT, residents do have the convenience of being just a quick golf cart drive away from all of the amenities offered at Rancho La Quinta Country Club. Along with the estate sized lots and magnificent mountain views, these 49 special homes at The Estancias at Rancho La Quinta offer just about everything one needs for the perfect desert lifestyle.
If we’ve piqued your curiosity and you’d like to visit The Estancias at Rancho La Quinta and tour the incredible homes for sale there, feel free to contact Kim Kelly to arrange your private tour.
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Interesting that La Quinta could actually have been 37 years old this year if it had been incorporated on the first try in 1975. Voters overwhelmingly rejected incorporation that year by a 2 to 1 margin, fearing higher property taxes.
Six years later in 1982, a group of area residents led by Fred Wolff tried again for incorporation . . . and this time cityhood was voted in. Fred Wolff would go on to become La Quinta’s first mayor. The incorporation process wasn’t easy – it required that a petition be signed by 25% of registered voters and that a feasibility study by approved by Riverside County Local Agency Formation Commission before being place on the ballot.
On the day the board was to vote on the incorporation of La Quinta, they were also considering a petition by the city of Indian Wells to annex the commercial area alng Washington St. and Hwy. 111. Indian Wells was attempting to secure the four corners at that intersection to try to keep commercialization out of their city.
The incorporation organizers took two busloads of people down to Riverside for a face-to-face meeting with Indian Wells’ attorneys and the people spoke out to support their stance. The LAFCO board also heard testimony from the Indian Wells contingency and from the commercial businesses at the four corners who did not initially support La Quinta becoming its own city.
The LAFCO board then voted – unanimously in favor of placing the measure on the ballot. Still, there were protestations from certain groups, but voters approved the measure to incorporate in a 3 to 1 vote.
Now the fastest growing city in the Coachella Valley, La Quinta is home to more than 37,000 residents and runs with a city budget of more than $40 million. The La Quinta of today plays host to world class events such as the BNP Parabis Tennis Open and the Humana Challenge (once the Bob Hope Classic). The La Quinta Arts Festival held every spring is considered one of the best of its kind in the country. Hollywood famous have made their homes here, such as Merv Griffin and Frank Capra.
La Quinta residents live here in the Gem of the Desert, as it’s known, for a reason . . . and they will tell you, they live here because it’s friendly, it’s about family and it’s beautiful and affordable. Nuff said.
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81-375 National Dr. short sale
Seller just accepted an offer on 81-375 National Dr., La Quinta, CA. Now the work begins in ernest for your Short Sale Listing Agent.
1. Seller receives list of required documents including financial docs, hardship letter and lender specific documents..all of which they already have a list of. Now it’s time to gather them up!
2. Buyer’s Agent receives copies of relevent docs.
3. Lenders packages are put together (two loans here..two packages)
4. Lenders packages are scrutinized and then submitted. One is online, one is via dinasour fax.
5. Follow ups are scheduled and relentlessly held to..
Remember that the Listing Agent in a Short Sale is your key to success. Both for the Short Sale seller as well as the new Short Sale buyer. We need to be organized, tenacious, and of the “never say die” mentality.
And the ride begins!
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