Kim Pape

Foreclosure activity in LA County plunges

Kim Pape — Wed, 24 Apr 2013 16:22:00 GMT

Foreclosure activity in L.A. County plunges

By Gregory J. Wilcox, Staff Writer LA Daily News

Posted:

DailyNews.com

Foreclosure activity plunged more than 60 percent across the region in the first quarter in response to rising home prices, a strengthening economy and a government assistance program that kicked in Jan. 1, a market tracker said Tuesday.

Mortgage defaults and foreclosures fell by large amounts across the state, said La Jolla-based DataQuick.

"Foreclosure starts were already trending much lower late last year because of rising home prices, a stronger labor market and the settlement agreement between the government and some lenders. But it appears last quarter's drop was especially sharp because of a package of new state foreclosure laws," DataQuick President John Walsh said in a statement.

The main one, California's "Homeowners Bill of Rights," includes a guarantee of a single point of contact for homeowners in the process of trying to keep a home and prevent a foreclosure while a loan modification is being negotiated.

Its impact is reflected in a sharp drop in foreclosure activity between last year's fourth quarter and the January though March period, DataQuick said.

DataQuick's report showed that:

Los Angeles County notices of default, the first step in the foreclosure process, plunged 65.2 percent in the first quarter to 3,985 from 11,443 a year ago. And they dropped 50.8 percent from 8,100 in last year's fourth quarter.

That's the lowest number since lenders issued 3,480 default notices in the fourth quarter of 2005.

Foreclosures in the county fell 53.1 percent to 2,217 properties from 4,723 a year earlier and they dropped 36.6 percent from 3,496 in last year's fourth quarter. Foreclosures sank to their lowest level since the tally of 1,702 in the first quarter of 2007.

In San Bernardino County notices of default fell 64.7 percent to 1,667 from 4,722 a year earlier and were down 47.3 percent from 3,165 in last year's fourth quarter. Defaults here are at the lowest level since 1,473 in the fourth quarter of 2005.

Foreclosures in the county dropped 49.8 percent to 1,363 from 2,713 and were down 32.7 percent from 2,025 in the fourth quarter. The first quarter's total is the lowest since 909 foreclosures in the first quarter of 2007.

In Riverside County defaults fell 67.4 percent to 1,807 from 5,542 a year earlier and there were down 53.5 percent from 3,887 in the fourth quarter. That was the lowest level since 1,607 notices were filed in the fourth quarter of 2005.

Foreclosures in the county dropped 58.1 percent to 1,379 from 3,291 a year earlier and they fell 42.5 percent from 2,400 in the fourth quarter. It's the lowest since they were 813 in the fourth quarter of 2006.

For all of California, defaults declined 67 percent for 18,567 from 56,258 a year earlier and dropped 51.4 percent from 38,212 in the prior quarter. Defaults are at the lowest level since 15,337 were recorded in fourth-quarter 2005.

Statewide foreclosures fell 55.1 percent to 13,591 in the first quarter from 30,261 a year ago and were down 35.7 percent from 21,127 in the fourth quarter. Foreclosures are at their lowest level since 11,032 in the first quarter of 2007.

DataQuick said that most of the loans going into default are still from the 2005-2007 period. The median origination quarter for defaulted loans is still third-quarter 2006.

That has been the case for more than three years, indicating that weak underwriting standards peaked then.

The pace of foreclosure activity might pick up a bit in coming months as lenders adjust to the new rules but the situation is much better now than a year ago, said DataQuick analyst Andrew LePage.

"It's certainly safe to say that the worst of it , as it relates to this housing cycle, is in the rear-view mirror. But there are still a lot of people in distress and uncertain how lenders will manage their backlog of distressed properties," he said.

greg.wilcox@dailynews.com

What are Mello-Roos Taxes in Santa Clarita?

Kim Pape — Mon, 27 Feb 2012 20:24:00 GMT

What, Where & How much are Mello-Roos taxes in Santa Clarita? And how do I avoid paying them?

These questions and others are prevalent when dealing with real estate in Santa Clarita. It invokes a negative connotation in regards to the communities that have a Mello-Roos tax and many homebuyers simply say they do not want to pay this additional tax when purchasing a home.

Let’s dissect the questions and see if we can get a better understanding of Mello-Roos in Santa Clarita.

What is a Mello-Roos Tax in Santa Clarita?

A Mello-Roos is a special assessment placed on many of the newer communities in Santa Clarita. It is assessed to the homeowners of the community as a repayment of the bond that was used to fund the framework of the community such as parks, schools & recreation centers. This is an additional tax on top of your property tax (Estimated at 1.25% of home value) as well as any HOA’s in the community,

There is always an ending date of the Mello-Roos tax. Whether 7, 10, 15, 30 years or longer, there is an end date for the Mello-Roos bond. Take Stevenson Ranch “The Arts” community for example, their bond term is ending in 3 years and then the homeowners there no longer pay the bond.

Where are Mello-Roos Taxes in Santa Clarita?

Mello-Roos are not designated to one particular area, but a lot of the newer construction in Santa Clarita have Mello-Roos attached. Each community is independent of one another so you could have one community with a $300 per month average assessed and the next block could be $0. Many of the newer Valencia areas such as West Hills or Tesoro De Valle have Mello-Roos, in fact Tesoro does not have a community without the tax assessment. Some of the new developments off of Plum Canyon in Saugus and Canyon Country and Newhall have the tax as well.

For a list of neighborhoods with the Mello-Roos assessment feel free to contact me for a list

How much are Mello-Roos Taxes in Santa Clarita?

They can vary from a low of $30 to over $400 depending on the area.

How do I avoid paying Mello-Roos Taxes in Santa Clarita?

The only way to avoid paying Mello-Roos taxes is to steer clear of known Mello-Roos communities. Many people will be surprised to know that the assessed tax may not be as high as thought. Take some time to look through the list and if you would like to see homes for sale in respective areas, you can search Santa Clarita homes by community or contact me with any questions.

Mortgage Relief Fraud: Will You Be the Next Victim?

Kim Pape — Tue, 26 Apr 2011 21:38:00 GMT

Not if I have anything to say about it!

The FBI reported a jump of 71% in mortgage relief fraudinvestigations from 2008-2009, and expects this number to have grown in 2010.

That’s why it’s my duty to educate homeowners in my communityon the cautions they need to take, and what the government has recently done toprotect you from unscrupulous individuals and companies who want to takeadvantage of their desperate situations.

What you need to watch out for if you are looking for mortgagerelief assistance:

1. Upfront fees—just don’t pay them! In fact, theyare now illegal!

2. A request to sign over your deed (this onlyspells trouble)

3. Lots of paperwork without the opportunity forreview

4. The claim of government-affiliation

These are just a few red flags you need to be wary of. I’vecreated a free report on the homepage of my website that details more of whatyou need to watch for.

If you are struggling with an unaffordable mortgage and arelooking for help, educate yourself. These scammers can be very shrewd and willsay almost anything to steal your money.

The Federal Trade Commission has required disclosures of anyoneoffering mortgage relief services. If you’d like to see an example, check outany of the pages of my website. If a company you are dealing with has notprovided these disclosures, please ask why they are not compliant, and proceedwith caution!

As a CDPE, you can trust that I have the tools to be in fullcompliance of FTC regulations, and will always work with your best interests atheart.

If you want viable alternatives to foreclosure, give me acall today. I’m always here to help!

Single Story For Sale in Stevenson Ranch

Kim Pape — Sun, 24 Apr 2011 06:00:00 GMT

Move in ready 3 bedroom house

• 1,854 sq. ft., 3 bath, 3 bdrm single story - $499,000 - New Regular Sale

Stevenson Ranch, Santa Clarita - Great Single Family Two Story 3 bedroom house with 3 baths. Very clean and in move in condition. Great Stevenson Ranch location close to shopping and access to freeway. Once you walk in the front door, you are welcomed into the Living Room with a open floor plan and beautiful wall painting giving you a even more open feel. Kitchen features Stainless Steel Appliances and opens into family room with fireplace and Hardwood floors. Backyard features privacy and relaxing patio with wood patio cover. Upstairs you will find 3 bedrooms and 2 full baths. This is a regular sale with no distress, Just move right on in.

Property information