News

** The foregoing lists represents the results obtained for some of the Law Offices' clients. These results are highly dependent on the facts of each client's financial situation, including the amount owed by the client, the client's prior loan modification attempts, the market value of the property, the individual practices of each client's lender and other factors that are the subject of loan analysis before application. They are not indicative of the results that may be obtained for any particular client and they are not representative of what result may be obtained for any particular client, nor what result may be obtained for any particular lender.

  • Good news for our client in Riverside. She had a hardship because of a job loss due to medical issues. Through our work with her lender, Bank of America, we were able to convert her interest only loan, with monthly payments of $6,072, to a loan including principle and interest, with payments of $4,295, a savings of $3,142 per month, or 42%.
  • Congratulations to Mr. and Mrs. W of El Cajon. Mr. W is self employed, and contacted us about his second lien with Bank of America. We were able to reduce the monthly payment from $2,887 to $1,014, a savings of $1,773 per month, or 36%. Also, we were able to bring the interest rate on the loan down, from 7% to 4%.
  • Congratulations to Mr. O. of San Diego.  He is semi-retired, and had a loss of income because of a decrease in work.  We worked with his lender, Carrington, and achieved a 26% reduction in his payments, of $616.00 per month.  We were also able to reduce the interest rate he pays, from 5% to 3.5% for the first five years, then 3.625% for the remaining life of the loan.
  • Good news for Mr. and Mrs. F. of Vista.  Mr. F. is self-employed, and had a loss of income in his business.  We worked with his lender, Ocwen, and were able to reduce his house payments from $1,865.00 per month to $1,242.00 per month, a savings of $622.00 per month, or 33%.
  • Congratulations to Mr. and Mrs. P. of El Cajon.  Through our work with their lender, Ocwen, we were able to achieve a 30% savings for them, or $758.00 per month.  We were also able to obtain deferment of their payments of $33,000.00, because they were over 90 days late.  The terms of the resolution call for a 3.375% interest rate for the life of their loan.
  • Great news for Mr. R. of Fallbrook.  His interest rate was to reset, and he is retired from the military.  We worked with his lender, Bayview, and achieved a 36% savings for him, or $889.00 per month.  His house payments went from $2,456.00 per month to $1,566.00 per month.  Also, the loan is now fixed at 2.75% for the life of the loan.
  • Good news for Mr. E. of Chula Vista.  He came to us because of a loss of income, and a job loss, in November, 2015.  We worked with his lender, Bayview (formally Bank of America), and by March, 2016 were able to avoid foreclosure -- he was 23 months delinquent.  We were also to save him 11% per month on his house payments.
  • According to the San Diego Union Tribune newspaper, in an article of June 22, 2016, the median home price in San Diego is now $490,000.00, an increase of 6.8% from a year ago. The article indicates that the county has not yet reached its pre-recession peak of $517,000.00, in a November, 2005, but it is getting close. Also, the number of houses sold from May to May, 2015-2016, was 3,816, compared to 3,694, for the year before.
  • Good news for Ms. L. of Anaheim.  She is self-employed in the escrow area, and had a reduction of income because of decreased work.  We worked with her lender, Chase, and were able to obtain a savings for her of 41%, with her monthly payments going from $3,187.00 per month to $1,866.00 per month, a savings of $1,321.00 per month. 
  • Congratulations to Ms. G., of Carmel Valley, San Diego.  Because of a decrease in her income, in self-employment, she faced economic hardship and was three months delinquent in her loan.  Through our work with her lender, PNC, we were able to reduce the payments on her second mortgage from $992.00 to $329.00, a savings of $663.00 per month, or 67%.
  • According to San Diego Union-Tribune newspaper, June 1, 2016, rising county home prices outpaced the national average. Nationally, prices rose 5.2% in the 12 months ending March, 2016. San Diego's median home prices increased 6.2% over the same period. Economists indicate the home prices will continue to rise because of improved labor markets and employment rates, as well as low mortgage rates and limited home supply.
  • Through our work for Mr. W. of San Diego, we achieved a decrease of his monthly payments from $4,267.00 per month to $3,202.00 per month, a savings of $1,064.00 per month, or 25%.
  • Congratulations to Mr. and Mrs. G. of Chula Vista.  They had reduced income because of decreased work hours.  Through our work with their lender, Caliber Home Loans, we were able to decrease their house payment by 19%, from $2,364.00 per month to $1,916.00 per month. 
  • According to the San Diego Union-Tribune newspaper, of May 31, 2016, San Diego is the "8th hottest" market in the United States, as measured by how quickly houses sell once they are listed for sale. The median listing time in San Diego is 37 days. A lack of homes for sale, coupled with job growth and low interest rate, has pushed home prices up 6.4% in the last 12 months.
  • Good news for Mr. and Mrs. D., of Corona, CA.  They had a curtailment of income because of illness and decreased work, and also were facing a reset date for their mortgage payments.  Moreover, they were 20 months delinquent on their loan.  We were able to negotiate an interest rate of 3.5% for the life of their loan, save them 27% per month on their payments, and obtain deferment of over $68,700.00 in monies owed.
  • Congratulations to Ms. M. of Del Mar.  She was exposed to a significant increase in her monthly house payment, because her interest rate was to reset.  Through our work with her lender, Wells Fargo, we were able to negotiate a decrease of 19% for her monthly house payments, from $4,998.00 per month to $4,061.00 per month.  Also, we were able to defer $51,700.00 of delinquent payments. 
  • Congratulations to Mr. and Mrs. H. of San Diego.  They suffered an economic hardship due to the husband's curtailment of income.  Through our office's work with their lender, Ocwen, we were able to obtain a loan modification, saving them $792.00 per month.  Their monthly payment decreased from $3,069.00 to $2,278.00, a savings of 26%.
  • A recent article in the San Diego Union Tribune (November 25, 2015) indicates that San Diego home prices crept up 6.6%, year over year, exceeding the national average of 4.9%.
  • Good news for Ms. S. of Winchester, California.  She has a bit of an economic loss through her work as a nurse.  We were able to accomplish a loan modification with her lender, Bayview, whereby she will save $840.00 per month, which is a 28% savings.  Her monthly payment decreased from $2,948.00 to $2,109.00.  Also, we were able to obtain a deferment of $72,474.00.
  • Recent news, in the San Diego Union Tribune (November 12, 2015) indicates that home ownership in San Diego is at its lowest level since 1967. There are now 43 million renters renting households in the county, the most in its history. Also, the median home price in San Diego is now $489,000.00, making it a toss up for millenials whether to buy or rent a house in America's finest city.
  • Congratulations to Ms. V. of Murrieta.  She had a loss of income in her retail cosmetic sales business.  Through our work with her lender, Bank of America, we were able to accomplish a 36% savings per month, of $758.00, from $2,110.00 per month to $1,352.00 per month.
  • According to the San Diego Union Tribune (October 28, 2015) home prices in the county had a very small increase, of .3%, which mirrored the national average. Year over year, San Diego home prices were up 6%, compared to an increase of 10.7% in San Francisco and 6.2% in Los Angeles.
  • Good news for Ms. D. of Escondido.  Her loan with SLS was to reset, and it would have increased her monthly payments by $2,000.00.  We were able to obtain a long term structured settlement for her, so that her previous monthly payment of $1,146.00 was reduced to $500.00 per month, and 0% interest!  She is saving $646.00 per month, or 56% of the previous payment.
  • Good news for Mr. M. of Escondido.  He is self-employed as an engineer, and had a reduction in income because of decreased business.  We worked with his lender, Chase, to obtain a loan modification, and succeeded.  His monthly payment went from $4,749.00 to $3,104.00, a savings of $1,378.00 per month, or 31%.  The new loan starts at 2%, for the first five years, goes to 3% in year six, and then goes to 3.75%, for the remaining life of the loan.
  • According to the San Diego Union Tribune newspaper (September 30, 2015), home prices in San Diego increased by 0.8% in July, and 5.4% for the full year, which is the nation's highest monthly gain.
  • The results of our loan modification for Ms. T. of Escondido were some of the best we have seen.  She worked as a programmer, and had a curtailment of income.  Through our work with her lender, Nationstar, her house payments decreased by $1,150.00, a savings of 42%.  The payments decreased from $2,759.00 to $1,610.00.  Just as importantly, her loan was to reset from an interest only loan, so that the payments were to go to $6,086.00 per month.  The house payments begin at 2%, and in year 7, cap at 3.5%.
  • The results for Mr. B. of San Diego were good news.  Because of an illness by his spouse and decreased work at his employment, he had economic hardship.  We worked with his lender, Chase, and were able to reduce his house payments from $5,112.00 to $3,520.00, a savings of $1,592.00 per month, or 31%.
  • Good news for Mr. J. of Escondido.  He is retired and has a fixed income.  We were able to decrease his house payment with Wells Fargo by 24%, saving him $870.00 per month.  His house payment went from $3,598.00 to $2,727.00.
  • Ms. L. of Canyon Country, California, has good news, through our work.  Her income as a dentist was down because of general economic conditions.  Through our work with her lender, Bank of America, we were able to save her $1,263.00 a month, a savings of 34%.  Her previous payment was $3,765.00; it is now $2,502.00.  The terms of the loan modification indicate an interest rate of 4% for the life of the loan, that being 21.5 years.
  • In an article dated September 10, 2015, in the Union Tribune newspaper, the confidence of residents in San Diego County in the local housing market has declined. Optimism of renters in San Diego went from 7th place last year to 12th place this year, nationwide, in terms of people that expect to buy a house in the next year. Also, 69% of homeowners in the county believe their homes will be worth less next year than this year.
  • We are pleased to have obtained an excellent loan modification for Mr. and Mrs. A. of Oceanside.  Their income was reduced because of a reduction of work hours at their employer.  Through our work with their lender, PennyMac, they are now saving $869.00 per month, or 25% of their payments.  The payment decreased from $3,520.00 per month to $2,651.00.  Also, the interest rate on their loan, on a 40 year loan, will be 3.25% for its entirety.
  • Excellent results were had for Mr. and Mrs. L. of San Diego.  Mr. L. is retired from the military, and now works as an optometrist.  His income is down 50% due to a business downturn.  Through our work with his lender, Chase, we were able to reduce his house payments from $4,097.00 per month to $3,121.00, a savings of $976.00 per month, or 24%.  His lender also forgave $99,000.00 in unpaid back payments.  Finally, the terms of the new loan modification are that it will have an interest rate of 2% for five years, and will cap at year 7 at 3.625%.
  • An article in the Union Tribune newspaper (August 26, 2015) shows that housing prices in San Diego mirror the housing price trends across the nation. Same house sales were up 4.5% nationally and 4.6% across the county, year-to-year, as of June, 2015.
  • Good news for Mr. and Mrs. E. of Encinitas.  Through our work, their previous monthly payment of $5,500.00 was reduced by 45%, saving them $2,491.00 a month.  Also, their loan with Nationstar starts at 2%, for five years, and after year 7, caps at 3.875%.  Finally, through our work, Nationstar deferred back payments, or the amount they were in arrears, of $132,000.00.
  • According to USA Today newspaper (July 23, 2015) home sales in the country have reached their highest level since 2007. In June, 2015, sales increased 3.2%, and economists indicate that this year's spring buying season was the strongest since the economic downturn eight years ago. Across the country, the median sales price of a previously owned home was $237,000.00, 6.5% above the price one year before.
  • According to USA Today (May 28, 2015) home prices across the country are up 4.6% on an annual basis, for the 20 largest cities in the country (including San Diego). Home prices increased more than expected because of the limited supply of houses for sale. The report indicates that home prices have year-over-year gains for 35 consecutive months across the country, the median sales price was $297,000.00.
  • According to the San Diego Union-Tribune newspaper (May 27, 2015) the strong housing demand is fueling a steady growth in home prices. In March, the resale figure for single family homes increased by almost 5%. Over the past seven months, the pace of increase has been between 4.6% and 5%. Although that is much less than the 20% increase seen in 2013, economists feel that the pace is strong relative to historical norms.
  • Congratulations to Ms. P. of San Diego.  Her overtime hours were cut at her job, causing financial hardship.  Through our work with her lender, ASC and Wells Fargo, we were able to reduce her house payments from $3,072.00 per month to $2,029.00, a savings of $1,043.00 a month, or 34%.
  • Congratulations to Ms. E. of Spring Valley.  She had a decrease in income from her work, as a teacher.  We worked with her lender, SPS, and were able to obtain a savings to her of 38% per month, or $870.00. Her monthly payment decreased from $2,320.00 to $1,550.00.  Also, she has a new interest rate, of 2% for the first five years, which will cap out at 3.875%.
  • According to the Union Tribune newspaper (May 20, 2015) the sparse inventory of houses has fueled the seller's market over the last few months. Home sales in San Diego County surpassed 4,000.00 in April, for the first time in two years. The median price increased in April, 2015 to $455,000.00.
  • Congratulations to Mr. and Mrs. S of San Diego.  Through our work with their lender, first Bank of America then Ocwen, we were able to obtain a savings for them of $1,434.00 a month, with their house payment going from $3,334.00 a month to $1,900.00 a month.  This was a 43% savings.
  • According to the Union Tribune newspaper (December 31, 2014) the rate of home price appreciation has declined to more than a two year low in San Diego County. Home prices increased 4.7% in October, 2013, which is the slowest annual increase in more than a year. One factor is the decrease in the number of foreclosure resales, and the county's housing market shifted back to more affordable levels. These factors will, according to the article, lead to a more stable market.
  • Good news for Mr. P., of San Diego.  He had a curtailment of income at his job, because his overtime hours were cut.  Through our work with Wells Fargo, his lender, we were able to decrease his house payment by $1,042.00 a month, a 34% savings.  The interest rate for the new loan will be 2% for five years, and it will cap at 4% after seven years.
  • Congratulations to Ms. C. of San Diego.  Becauase of a divorce she had a significant reduction in income.  Through our work with her lender, Ocwen, we were able to obtain a 42% decrease in her monthly mortgage payment, from $2,478.00 per month to $1,432.00 per month, saving her $1,046.00 per month.  Also, the new loan has a 2% interest rate for the first five years, and caps at no more than 4% after year seven.  We were also able to get principal reduction for her, in the amount of $197,000.00.
  • According to the Union Tribune newspaper (December 16, 2014), home prices in San Diego County fell to the lowest rate since June, 2012. In November, 2014, the median price for a home in the county was $430,000.00, up 3.6% from a year before. That is the slowest annual gain since June, 2012. Also, foreclosure resales now make up only 3.6% of all transactions.
  • According to the Union Tribune newspaper (October 29, 2014) price gains have been slowing in San Diego after the summer peak-buying season. Although prices increased by 6.2% from August, 2013 to August, 2014, they were down from the appreciation seen in 2013 of 21.5%.
  • According to USA Today (October 22, 2014) home sales have hit their highest level in 2014. The selling pace in September, 2014 was 2.5% higher than August's selling pace, but 1.7% below the pace from one year before. The median price for all homes of all types -- including single family homes, town homes, condominiums and co-ops, was $210,000.00, 5.6% higher than a year before, country wide. Also, average US mortgage rates remained near their all time low. Lenders' average rate on a fixed 30 year mortgage fell to 3.9%, below the 4% rate for the first time since June, 2013.
  • According to the Union Tribune newspaper (October 21, 2014) foreclosures in San Diego are now at an eight year low. Last month there were only 121 foreclosures, the fewest since there were 109 in June, 2006. The consensus among realtors is that this is consistent with a very strong real estate market. Foreclosures peaked in July, 2008, at 2,004 that month.
  • Good news for Mr. A.of Escondido.  He is retired, but he and his wife are having health problems and increased medical bills.  Through our work with his lender, Nationstar, we were able to achieve a loan modification for him, despite the fact that he was 87 months in arrears.  The loan modification we obtained included principal reduction of $386,000.00, and reduction of his house payment by 26%, from $4,300.00 per month to $3,170.00 per month.
  • According to the Union Tribune newspaper (October 1, 2014) house prices are rising, but much slower than before. From July, 2013 to July, 2014, home prices in San Diego rose 8.3%. The pace has been slowing since August, 2013, when foreclosure resales pushed annual appreciation to 21.5%.
  • Congratulations to Ms. C. of Chula Vista.  She had a decrease in income due a divorce and also because of plumbing problems in her home.  Through our work with her lender, Ocwen, we were able to reduce her house payment by $1,047.00 per month, a savings of 42%.  Her house payment decreased from $2,477.00 per month to $1,431.00 per month.
  • Good news for Mr. and Mrs. T. of Chula Vista.  They operate a home for the elderly, and had a significant decrease in income because of lost patients.  We worked with their lender, Ocwen, and were able to get their monthly payment reduced by 48%, from $5,787.00 per month to $3,024.00 per month, a savings of $2,760.00 every month!
  • According to USA Today (August 15, 2014) mortgage rates are at their low for 2014. The average rate for a 30 year loan dipped to 4.12%, and the average for a 15 year mortgage fell to 3.24%.
  • According to the Union Tribune newspaper (August 14, 2014) home appreciation has slowed down quite a bit. The median price for a house in San Diego County, in July, was $445,000.00, which is 6.6% higher than the median price from a year before. By comparison, home prices in July, 2013 were up 22% compared to a year before.
  • According to USA Today (August 13, 2014) the housing market has become tighter, and prices nationwide have only ticked up 4.4% compared to a year ago. However, San Diego ranks as one of the five most expensive markets in the country, with a median home price of $504,000.00.
  • Congratulations to Ms. J. of Coronado.  She was having difficulties making payments for her rental unit there.  Through our work with her lender, Ocwen, we were able to reduce her monthly payments from $3,896.00 per month to $2,836.00 per month, a savings of $1,178.00 per month, or 26% of the mortgage payment.
  • Congratulations to Mr. and Mrs. T. of Carlsbad.  They had decreased income because of disability and illness.  Although they were 17 months delinquent on their house payments, through our work with their lender, Bank of America, we were able to decrease their house payments from $2,973.00 per month to $2,478.00, a savings of almost $500.00 per month, or 17% of their payment.  Also, their loan modification is at a fixed term for 30 years, at 3.875%.
  • According to an article in USA Today (July 30, 2014) the average home prices in the 20 largest cities across the United States were increased by 9.3% in May, compared to a year ago -- the smallest annual gain in more than a year. The article also says that it is good for the market, because it helps make homes more affordable and pulls in more buyers.
  • Congratulations to Mr. and Mrs. T. of El Cajon.  They are retired military, and have an economic hardship because of decreased income.  We worked with their lender, Green Tree, to reduce their house payments from $2,579.00 per month to $1,960.00 per month, a savings of $619.00 per month, or 24%.
  • According to USA Today newspaper (July 25, 2014) sales of new single family homes in America fell 8.1% in June. Also, for existing homes, sales rose 2.6% in June, but are trailing last year's numbers by over 5%.
  • An article in USA Today (July 23, 2014) states that existing home sales increased in June, for the third straight month. Nationwide, sales rose 2.6%, to an annually adjusted rate of 5 million. Also, the homes for sale inventory grew by 2.2%, to 2.3 million nationwide. That is a 5.5 months supply. Realtors consider a six month supply to be a balance market.
  • According to the Union Tribune newspaper (June 25, 2014) home prices are rising at a much slower pace as the housing market stablizes. Although house prices increased from April, 2013 to April, 2014 by 15.3%, from March to April of this year house prices only increased 0.8%, one of the slowest rates in the Nation. Moreover, San Diego joins San Francisco and Los Angeles as the only markets to see a 3% slow down in annual appreciation over the last few months.
  • Congratulations to Mr. A. of Indio. He works in computers/IT, and had problems renting a house for quite a while because of decreased rents and other problems. Through our work, we were able to decrease his house payments from $1,754.00 a month to $1,256.00 a month, a savings of $500.00, or 40%.
  • According to USA Today (June 25, 2014) there is quite a bit of good news lately for the housing market. New home sales jumped 18.6% in May, 2014. That is the sharpest increase since 1992. Also, existing home sales rose 4.9% last month, the strongest monthly gain in three years.
  • According to USA Today (June 24, 2014) existing home sales are up for a second straight month in May, up 4.9% since April. The monthly percentage gain was the highest since August, 2011. Market economists believe that the long-awaited spring bounce in home sales has finally happened.
  • Congratulations to Mr. and Mrs. C. of Chula Vista. They had decreased income because of unexpected family problems. Through our work with their lender, Ocwen, we were able to decrease their house payments by 42%, from $2,477.64 to $1,431.18. Also, their lender agreed to defer over $196,000.00 in monies owed, again through our work.
  • According to the Union Tribune newspaper (June 12, 2014) home prices have leveled off across the county. Although the median price for homes sold in the county is now $440,000.00, a seven year high, we are now seeing the lowest year-over-year appreciation since August, 2012. By historical standards, inventory of homes for sale is still low, now being 7,000 active listings, below since March, 2012.
  • According to the Union Tribune newspaper (May 28, 2014) San Diego home prices are growing, but much slower than before. The year over year increase in county home values was 19% in March, compared to 20% in February. San Diego's annual appreciation is the third highest of the 20 largest cities in the U.S. The report also indicates that San Diego County's median home price was $427,000.00 in March, and $435,000.00 in April.
  • Good news to Mr. and Mrs. E. of National City.  Mr. E. is retired military, and had a 50% loss of income due to retirement.  Through our work with their lender, Ocwen, we were able to reduce their housepayment from $2,519.00 per month to $1,683.00 per month, a savings of $836.00 per month, or 33%.  Also, Ocwen deferred payments that were overdue, of $157,600.00.
  • According to USA Today newspaper (May 27, 2014) home equity loans are climbing, along with house prices. Credit lines originated by lenders rose 20% in the last one year, to 92.5 billion, the fastest growing pace since 2011. Fueling the increase are average home prices that in February were 23% more than 12 months before, for the 20 largest cities in the US.
  • Congratulations to Mr. and Mrs. L. of San Diego.  Both of them are retired, and have reduced income because of their retirement.  Through our work with their lender, NYCB Mortgage, we were able to reduce their house payment from $2,476.00 per month to $1,070.00 per month, a savings of $1,070.00 per month, or 57%.  Their lender also deferred $102,000.00 in principal, and gave them a 2% loan.
  • According to USA Today (May 12, 2014) the housing recovery has slowed considerably. It is estimated that existing home sales will fall in 2014, by about 200,000 to 4.9 million. Economists cite higher home prices and higher mortgage rates, as well as still-tight lending standards, as the reason for this.
  • Good news for Mr. N. of Escondido.  He is retired, and had economic hardship because of a divorce.  Through our work with his lender, Bank of America, we were able to obtain a principal reduction for him in the amount of $51,000.00.  Also, we were able to reduce his house payment from $1,997.00 per month to $1,600.00 per month, a savings of $397.00, or 20% of his payment.
  • Congratulations to Mr. and Mrs. E. of National City.  Mr. E. is retired military, and Mrs. E. has an industrial job.  Their income was down 50% because of economic hardship.  Although Mr. and Mrs. E. were delinquent by over $108,000.00 when they came to us, we were able to get them a loan modification that reduced their monthly payment from $2,519.00 to $1,683.00, a savings of $836.00 per month, or 33% of their monthly payment.
  • According to USA Today (May 1, 2014) home sales have plunged recently. From February to March, the rate of new home sales fell 14.5%, across the country, from 450,000 to 384,000. The factors influencing the decrease include adverse weather in the east (although sales on the west coast fell 16.7%); mortgage rates have risen to 4.27%, compared to 3.47% one year ago; the median price increased 13%, across the country, to $290,000.00.
  • Good news to Mr. and Mrs. S. of Carlsbad.  They have had economic hardship because their income is commission based, in the recruiter business.  Through our work with their lender, originally Bank of America and then Bayview, we were able to decrease their monthly payment from $3,663.00 to $3,080.00, a savings of $1,303.00 per month, or 30% of their house payment.  Also, their new loan starts at 2% for five years, and caps out at 4.25%.
  • According to USA Today (April 28, 2014) 17% of all homes in the United States are "seriously underwater," in terms of owing more on their house than it is worth. Particularly, the article indicates that 9.1 million homes owe at least 25% more on their homes than the market value of their homes. While this is an improvement from 2012, when 29% of all homes were "seriously underwater," the ongoing situation contributes to the lack luster housing market for the last few months. The article also indicates that more than 9 million homeowners owe an average of 68% more than their home is worth.
  • According to the Union Tribune newspaper (April 30, 2014), San Diego County led the country in price appreciation for homes in February. The increase from January to February was more than 1%, the highest in the country. A main reason for that is a fundamental housing shortage in San Diego County.
  • According to USA Today (April 30, 2014), the housing recovery has been stalling over the last few months. The reasons for that include higher mortgage rates, a low inventory of houses for sale, and home prices that have risen more than 20% over the last two years.
  • We have good news for Mr. and Mrs. L. of San Diego.  They are retired military, and now work in the optometry business.  We worked with their lender, Nationstar, to decrease their monthly payments from $1,934.00 to $1,429.00 per month, a savings of $505.00 per month, or 26% of their house payments.
  • Congratulations to Mr. S. of Jamul; he is self employed in the business of office buildings.  Our office worked with his lender, Nationstar (originally Countrywide), and despite the fact that he was 65 months delinquent on his loan, we were able to obtain a loan modification that decreased his payments from $2,111.00 per month to $1,334.00, a savings of $777.00 a month, equalling 37% of his mortgage payment.
  • According to MortgageNewsDaily.com (April 2, 2014) the rate of loan modifications throughout the country has stayed steady, although the rate for short sales has decreased considerably. With regard to short sales, there was a decrease of about 25% in the fourth quarter of 2013, compared to the third quarter. For loan modifications, there were over 100,000 completed in the fourth quarter of 2013. Since 2008, there have been 3.1 million loan modifications, of which 1.6 million received permanent loan modifications and another 900,000 received some other form of home retention assistance.
  • Good news for Mr. and Mrs. T., of El Cajon.  Mr. T. is retired from the U.S. Navy.  His wife is a nurse.  They have had economic problems because of a decrease in work hours.  Through the work of our firm with their lender, Green Tree, we were able to reduce their monthly payments from $2,579.00 per month to $1,960.00, a savings of $619.00, or 24% of their monthly payments.
  • According to the Union Tribune newspaper (April 16, 2014), home sales are off to a very slow start this year. In March, 2014, there were a total of 3,057 homes sold in San Diego County, at a median price of $427,000.00. That is a 20% drop in sales in March, 2013. Generally, housing sales activity picks up in the month of March, and grows stronger toward the summer. One factor causing the slow start is that the inventory of homes for sale remains quite thin.
  • Congratulations to Mr. and Mrs. G. of Bonita.  Mr. G. is a retired police officer, and Mrs. G. is self-employed.  They had a decrease in income because of the economy.  Through our work with their lender, Wells Fargo, we were able to decrese their monthly payment from $5,500.00 to $3,135.00, a savings of $2,365.00 per month, or a 44% savings.  Also, their lender deferred the amount of $16,020.00, the amount that Mr. and Mrs. G. were in arrears on their monthly payments.
  • The foreclosure rate in San Diego County continues to drop.  According to the Union Tribune newspaper (March 18, 2014) foreclosures have decreased by 44%, compared to one year ago.  The number of foreclosures in February, 2014 were the lowest since February, 2006.  According to the article, foreclosures happen when there is no equity, and in San Diego, equity is appreciating at a considerable pace -- 14.2% this month, compared to a year ago.
    The number of Default Notices also fell in February, 2014, to the lowest level since 2005.  In February, Default Notices peaked at almost 3,500, in 2009.
  • According to USA Today newspaper (March 17, 2014) the salary needed to buy the average house in San Diego is $81,570.00. The article lists the median home price at $476,790.00. The numbers are higher than Los Angeles, but lower than San Francisco.
  • According to the Union Tribune newspaper (March 13, 2014) the housing market in San Diego picked up a little in February, but not enough to reverse a trend of declining sales and lower appreciation. The median price in February was $410,000.00, up from $405,000.00 in January, 2014 and 14.2% above the $360,000.00 median price one year before. The article indicates that San Diego appears to be returning to its historical appreciation of 3%.
  • Great news for Mr. A. of Oakland.  Mr. A. is in the computer business, and had a reduction in income because of relocation and because he went back to school.  Through our work with his lender, Seterus, we reduced his house payment by 16%, saving him $788.00 per month.  Also, he obtained a 4% loan, for 40 years.
  • Good news for Mr. B. of Escondido.  He works in the real estate industry and suffered large reductions in income and was 69 months delinquent on his house payments.  Through our work with his lender, Countrywide (and later Bank of America) we were able to decrease his monthly house payment from $3,221.00 to $2,720.00, a 17% reduction.  Also, his lender forgave or gave a principal reduction to him, in the amount of $308,000.00!
  • As reflected in an article in the Union Tribune newspaper (February 27, 2014), the San Diego housing market slowed in the second half of 2013, but ended the year with some of the nation's best price appreciation. The 18% increase during the year was San Diego's best price appreciation since 2004, when values rose 26.6%.
  • Mr. and Mrs. T. of Carlsbad. They came to us 17 months delinquent on their house payments, owing more than $51,000.00. Through our work with Bank of America, we were able to obtain a loan modification that reduced their monthly payment from $2,973.00 to $2,478.00, a savings of $495.00 per month, or 17% of the house payment.
  • In an article in USA Today (February 26, 2014), it is reported that houses are getting bigger. The average median size of a new home built in 2008 was 2,266 square feet; in 2012, it was almost 2,400 square feet.
  • Congratulations to Mr. and Mrs. J. of San Diego. They suffered financial hardship when Mrs. J. lost her job, which amounted to 50% of the family's income. We worked with their lender, Ocwen, and were able to reduce their payment from $891.00 per month to $486.00, a savings of 55%. Also, their new loan is at 2%, for 20 years.
  • According to the San Diego Union newspaper (February 26, 2014), San Diego ranked fifth in the country, in housing growth, in 2013. The price appreciation in San Diego for the year was reported at 18.0%.
  • Good news for Mr. and Mrs. R. of Escondido.  They are self-employed in their own business, and have had economic hardship because of a decrease in business.  Through our efforts with their lender, Ocwen, we were able to obtain principal reduction for them of $203,500.00.  Also, $65,500.00 was deferred.  Finally, their loan payment decreased from $2,898.00 to $2,466.00, a savings of over 15% per month.
  • According to the Union Tribune newspaper (January 22, 2014), foreclosures and default notices in San Diego County in 2013 dropped to their lowest levels since 2006. In 2013, there were 6,300 default notices, of which 2,400 properties were repossessed. Because home values continue to increase, it decreases the number that go into default or that are foreclosed upon.

    • Congratulations to Mr. P. of San Diego. He is self-employed in the printing business, and had economic hardship because of a decrease in income. Through our work with his lender, first IndyMac and then Ocwen, we were able to reduce his monthly house payment from $3,705.00 to $2,737.00, a savings of 26%, or $968.00 per month. Also, the loan is now set at 4.25% for 20 years.

    According to the Union Tribune newspaper (January 29, 2014) house prices in the last quarter of 2013 were flat, but were still up 18.7% for the calendar year. The article indicates that the market is leveling off. The experts quoted in the article forecast that house prices will increase about 3.5% in the next 12 months.

  • Congratulations to Mr. M. of Valley Center, California.  He suffered economic hardship because of disability.  Through our work with his lender, Nationstar, his monthly house payment decreased by 19%, from $3,770.00 per month to $3,411.00 per month.  The terms of his loan modification call for 2% payments for five years, 3% payments for another two years, and a capped rate of 4% for the remaining term of the loan.
  • According to the Union Tribune newspaper (January 5, 2014), new home sales across America jumped by 25.4%, to a seasonally adjusted annual rate of 440,000.00. This is the largest monthly percentage increase since May, 2008.
  • We were hired by Mr. and Mrs. F. of Las Vegas, Nevada.  They are school district employees who have a reduced income because of reduced work hours.  Through our work with Bayview Loan Servicing, their house payment was reduced from $1,322.00 per month to $675.00 per month, a savings of $647.00 per month, or 49%.  Also, Mr. and Mrs. F. had been 10 months delinquent in their payments, and owed over $14,000.00 in arrears.  The terms of the loan modification allowed for deferred payment of $57,448.00 of the principal amount owed.
  • According to the Union Tribune newspaper (January 4, 2014), county foreclosures and defaults have decreased to an eight year low at the end of 2013. It is expected that there will be between 150 and 200 foreclosures each month in the coming months, as the economy improves and house prices rise. In November, the median price for a house in San Diego was $415,000.00, up by about $2,500.00 from three months before.
  • Through our work for Mr. J. of San Diego, his loan with Bank of America was modified from a payment of $7,610.00 per month to a payment of $5,020.00 per month, a savings of 34%, or $2,590.00 per month.  The terms of the modification include payments at 3.375% for over five years, and capping at 4.375% thereafter.
  • According to the Union Tribune newspaper (January 1, 2014), house prices were up in the last quarter of 2012, but at a much slower pace than before. Home prices increased only 0.3% during the last three months of 2012. In the 12 months before that, the increase was 20.9%. Factors involved in the slow down include fewer distressed sales, a slow down in demand at the end of the year, and a slight increase in interest rates. The expectation is that single digit annual price gains will be in place in the coming year, and interest rates are also expected to increase slightly.
  • Congratulations to Mr. and Mrs. J. of San Diego.  Through our work, their loan with Ocwen was modified, so that they received a principal reduction of $15,400.00.  Also, their monthly house payment decreased from $890.00 per month to $486.00 per month, a savings of 55%.  Their loan modification calls for a 2% loan, for 20 years.
  • According to US Today (December 4, 2013) home prices arose nationwide only 0.2% in October, compared to a year ago. Overall, prices throughout the country were up 12.5%, year to year. California was one of the highest states, appreciation wise, at 22.4%. Most economists expect home prices to appreciate at a much slower rate next year.
  • Good news to Mr. B., of Escondido.  He works in the real estate industry, and had a large reduction in income because of the downturn in the economy.  Through our work, we were able to reduce his mortgage payment with Countrywide (which was taken over by Bank of America) from $3,221.00 to $2,720.00 per month, a reduction of 17%.  Also, we were able to obtain a principal reduction for him of $308,000.00.
  • According to the Union Tribune newspaper (November 14, 2013) the rapidly recovering housing market has led to a problem for new home developers: an inability to get the product on the market quickly enough. The expectation is that about 15,000 households will be added per year in San Diego County, for the next three years. Meanwhile, median home prices in October, 2013 were $412,750.00, up 18% from a year ago.
  • Congratulations to Mr. and Mrs. J., of San Diego.  After Mrs. J. lost her job, the couple's income decreased by 50%.  Through our work with their lender, Ocwen, their house payment went from $890.00 per month to $486.00 per month, a savings of 55%.  We were also able to obtain a 2% loan for them, for 20 years.
  • According to the Union Tribune newspaper (November 12, 2013), fewer U.S. homeowners are falling behind on their mortgage payments. They have been helped by rising home values, low interest rates and stable job gains. Now, the national late-payment rate on home loans is at 4.09%, a five year low.
  • Good news for Mr. A. of Diamond Bar, California.  He works as a registered nurse, and has had economic hardship because of decreased work hours.  Through our work with his lender, American Servicing Company, his monthly payment was decreased by 35%, or $1,323.00, from $3,729.00 to $2,406.00.  The terms of his loan modification include an interest rate at 3.1% for his first five years, and 4.1% thereafter.
  • According to USA Today (October 21, 2013), 18% of the single family homes nationwide were rentals last year, up from 15% in 2006. The increased tenants in the rental market reflects the housing boom and bust imposed by the recession. According to the article, thousands of homeowners lost their homes to foreclosure and were forced to become renters, while others have delayed home ownership.
  • Good news for Mr. and Mrs. F. of Las Vegas, Nevada.  They had economic hardship involving reduction of income because of decreased work hours in their work for the school district.  Through our work, with their lender Bayview Loan Servicing, we were able to obtain a loan modification that decreased their monthly payments from $1,323.00 per month to $675.00 per month, a savings of $647.00 per month, or 49% of their payment.
  • According to the Union Tribune newspaper (October 17, 2013) the median price of a home in San Diego now is $422,000.00. Over the past 12 months, the county's median price has risen 20.6%. According to the article, San Diego's housing market is in a long-term recovery mode.
  • Congratulations to Mr. J. of San Diego.  He is self-employed as a flooring contractor, and had decreased work because of the economic downturn.  We were able to negotiate a loan modification through his lender, Bank of America, that decreased his payments from $7,610.00 per month to $5,020.00 per month, a savings of $2,590.00, or 34% of his payment.  Also, when Mr. J. came to us, he was three months delinquent, and owed almost $24,000.00.  We were able to have that deferred to the back-end of the loan.
  • Good news for Mr. B. of Poway.  He is self-employed.  Through our work with his lender, American Servicing Company, his monthly payment decreased from $4,770.00 per month to $3,370.00 per month, a savings of 29%, or $1,399.00 per month.

  • Congratulations to Mr. and Mrs. C. of Carmel Valley, California. He is self-employed, and his income was down because of decreased business. They were 33 months past due on their house payments, and owed about $250,000.00 in arears. Through our work, their loan was modified with Bank of America, such that their house payment decreased from $5,489.00 per month to $4,087.00, a savings of $1,401.00/month, or 26%. Also, we were able to avoid a foreclosure, which was set 15 days after their first appointment with us.
  • According to the Union Tribune newspaper (September 13, 2013), home prices and home sales slipped a bit in August, compared to the previous month, in San Diego County. Sales were down 9.5%, and the median price decreased from $418,000.00 to $415,000.00. Still, that number is an increase of 20.2% from a year ago.
  • Good news for Ely E. of Escondido. Ely is self employed in the bakery business, and because of the down turn in the economy and decreased business, he sought loan modification. When he came to us, he was 26 months delinquent, and owed $65,000.00 in back payments. Through our work, we were able to have the bank defer $95,646.00 so that it would be due at the tail end of the loan, rather than now. We also were able to obtain loan modification that starts at 2% per year, for five years, and caps at 3.5%. His monthly payment was reduced from $3,005.00 to $1,980.00, a savings of $1,025.62 per month, or 34%.
  • According to an article in USA Today (March 28, 2013), the federal government has announced a new home loan modification program to help more struggling homeowners. The improvements in the program include requiring no documentation of income or financial hardship. On average, the expectation is that monthly payments will be reduced by 30% in order to be eligible for the new program, a homeowner must be between three months and 24 months delinquent on their loan. Also, the amount they owe on their mortgage must be at least 80% of their home value. The article indicates that throughout America, one in five homeowners owe more than their home is worth.
  • According to the Union Tribune newspaper (May 9, 2013), flipping houses in San Diego is making a profitable comeback. The article indicates that 31% of the homes sold in the first quarter of this year were bought for investment or for vacation homebuyers. The article also indicates, that those that flip houses, the average purchase is $300,000.00, the average flipped price is $385,000.00, a gross profit of 29%.
  • As indicated in an article in USA Today (August 22, 2013), existing home sales rose 6.5% in July, reaching their highest level in four years. The sales rate was up 17% from the same time last year. The article also indicates that interest rates on a 30 year mortgage have risen by a full percentage point since a month ago, which means for a buyer of a median priced home, who puts 20% down, the monthly payment increases by about $100.00.
  • According to USA Today (August 19, 2013), housing is becoming less affordable in a number of major markets, including San Diego. The problem, as the article explains, is that incomes have not been increasing, but housing prices and interest rates have been increasing. For five of six major areas in California, including San Diego, prices are 21% higher now than they were a year ago.
  • According to the Union Tribune Newspaper (August 21, 2013), default declined in San Diego County by 21%, from June to July, 2013. From July, 2012 to July, 2013, foreclosures are down 68%. Factors that are affecting this include government mortgage aid programs, increased equity, and mortgage refinancing.
  • According to USA Today newspaper (August 13, 2013), the average repossessed home in California fetched 85% of the unpaid loan balance this year, compared to 64% a year ago.
  • According to the Union Tribune Newspaper (July 31, 2013), San Diego home prices have reached a five year high. They rose 17% from a year ago.
  • According to the Union Tribune Newspaper (July 24, 2013) defaults in San Diego County on home loans are at their lowest level since 2006. Also, foreclosures totaled 1,490 for the first half of the year, which is the lowest since 2006 as well. This is due, according to the article, in part to the fact that home prices have now risen to 5 1/2 year high.
  • Good news for Mr. and Mrs. F. of Escondido.  The husband's work as a structural engineer was reduced because of economic hardship.  Through our work with Chase, we were able to reduce their monthly payment from $4,482.00 to $3,104.00, a savings of $1,377.00 per month, or 31%.

  • Congratulations to Mr. and Mrs. B. of Murrieta.  Their loan is with Bank of America.  Their loan payment before our work was $1,546.00 per month, and after our work, $989.00 per month, a savings of $798.00 per month, or 44%.

  • According to the Union Tribune Newspaper (July 10, 2013) a continuing trend exists for foreclosures in California, nationwide, although California continues to be one of the leaders in home repossessions.  Nationwide, foreclosures dropped 47% from one year to the next, although foreclosures in the San Diego area totaled almost 5,000 for the last year, ranking it twelfth nationwide in foreclosures.

  • Good news for Mr. C. of Oceanside.  His work as a mechanic was decreased because of the economy.  Through our work, we obtained a loan modification with his lender, SLS, so that his payments went from  $2,048.00 per month to $1,695.00, a savings of 31%.  Also, he was delinquent eight months, and we were able to have the monies owed for that deferred to the tail end of the loan.

  • Congratulations to Mr. F. of Escondido.  His work, as a structural engineer, decreased because of the economy.  Through our work with his lender, Chase, we were able to decrease his monthly payments by $1,377.00 per month, a 31% per month savings.  The terms of his loan modification include an interest rate at 2% for the first five years, and 3.5% for the duration of the loan.  Also, we were able to avoid foreclosure for him, although he was eight months delinquent with regard to his house payments.

  • According to the Union Tribune newspaper (June 26, 2013) home prices in San Diego are up 15% from a year ago, and 4% from one month ago.  The gains bring back home values to the same as they were in June, 2008.

  • According to USA Today (June 12, 2013) this is the first time in over 3 years that there are less than 10 million people in the United States with loans that are "underwater" -- that is, that owe more on a house than it is worth.  Nationwide, 9.7 million people, or 19.8% of homeowners with a mortgage, now owe more on their houses than they are worth.  Across the country, home prices increased 12.1% in April, compared to a year ago.

  • Congratulations to Mr. and Mrs. C. of Los Angeles.  They are in the film and moving making industry, and suffered hardship because of mandatory furlough days at work.  Through our efforts, we were able to obtain the loan modification that decreased their loan payments from over $2,900.00/month to about $1,100.00/month, a 62% per month savings.

  • According to the Union Tribune newspaper (June 12, 2013), home prices hit two year highs in San Diego last month.  The median price for a home sold last month was $406,000.00, a 2% increase from a month before and a 21% increase from a year ago.  Also, there is increased demand for homes.  In May, 2013 there were a total of 4,236 homes sold, the highest tally since June, 2006.

  • According to the Union Tribune (May 29, 2013), home prices in San Diego hit a five year last month. Prices in March, 2013 are up 12% from the same time a year ago. There are also a growing number of buyers bidding for a tight supply of homes, which drives housing prices higher.

  • Congratulations to Mr. and Mrs. V.H. of Rancho Penasquitos.  They suffered financial hardship because of reduced work hours.  Through our work, we were able to reduce their monthly payment on their loan, with Wells Fargo, saving them $1,440.00 per month, which is about 40% of their payment.  Also, they were four months behind on their payments, and we were able to obtain forgiveness for them of principal in the amount of $84,800.00.

  • According to the Union Tribune newspaper (May 15, 2013), home prices in San Diego County hit a five year high last month.  The median price is up 21% from one year ago.  It now stands at $400,000.00.  The all-time peak was in November, 2005, at $517,000.00.

  • According to USA Today (May 6, 2013), home prices in many parts of the country are hitting new highs.  Unfortunately, for the cities that had the highest increases, up to 2006, they are still between 25% and 58% below their highs at that time.  Also, unfortunately, San Diego fits into this statistic.

  • As indicated in an article in the Union Tribune, of March 2, 2013, it is happening that mortgage giant Fannie Mae is overpricing homes in California, causing a number of short sale deals to fall apart and pushing the homeowners toward foreclosure. According to the article, Fannie Mae is starting the short sale process by pricing homes at between 20% and 40% above neighboring comparable sales, which it makes it difficult to go forward with the short sale process for many homeowners.

  • An article in USA Today (March 1, 2013), a foreclosure settlement between the U.S. Government and 13 banks will spread $3.6 billion dollars in cash among millions of buyers beginning in April, 2013. There is also $5.7 billion dollars available in mortgage relief, that may favor borrowers with the biggest unpaid loan balances.

    For the first settlement, the cash will be split among 4.2 million borrowers who were in foreclosure between 2009 and 2010, and a loan serviced by one of the 13 banks involved.

    For the second amount, those same companies expect to meet their $5.7 billion dollar mortgage relief obligation by modifying loans.

  • According to San Diego Union Tribune (February 27, 2013), San Diego home prices are up 9%, compared to a year ago. This is the highest increase for any given month since July, 2010. According to local real estate tracker DataQuick, the median price for a San Diego home sold in January was $350,000.00, nearly 15% higher than a year ago. However, the county is still about 32% below the peak of $517,000.00 set in November, 2005.

  • According to USA Today (February 27, 2013) the supply of existing homes for sale has fallen for seven straight months, hitting an eight year low in January, 2013. As indicated by the National Association of Realtors, it is now a seller's market. Unfortunately, the return to a good inventory level could take years, because many homeowners cannot sell, because they have no equity, or still owe more than their house is worth.

  • As indicated in an article in USA Today (February 19, 2013), states with a faster foreclosure process are seeing sharper increases in home prices, as compared to states where foreclosures take longer. In California, which allows non-judicial foreclosure, increases in home values were within the top seven states in the country. Overall, real estate values increased 5.4% in the states that allowed non-judicial foreclosure, compared to 3.2% in the states that required judicial foreclosure.

  • According to San Diego Union Tribune (February 18, 2013), the housing market in San Diego is considerably less distressed than a year ago. Mortgage defaults in San Diego County are at their lowest level in seven years, and foreclosures are at a six year low. The article indicates that Notices of Default, the first step in the foreclosure process, saw a 65% drop in December, compared to a year ago, and there was a 78% drop in Notices of Foreclosure.

  • According to Time Magazine (February 18, 2013), the housing the market is showing signs of sustained growth. According to a study for the 20 largest U.S. cities, house values increased 5.5% during calendar year 2012. For San Diego, house values increased 8% during that time period.

  • According to the San Diego Union Tribune (February 14, 2013), San Diego County house prices took their "usual winter break," and slipped 4.4% from December, 2012 to January, 2013. The median price at the end of January is $350,000.00. Also, the number of sales dropped dramatically, by 28% from December to January. For the previous year, however, the article indicates that prices were up 20% in calendar year 2012. Finally, absentee buyers - that is, those buying vacation homes or as an investment - represented a record 31% of all homes sold.

  • According to USA Today (January 31, 2013), homes for sale are in short supply, and prices are up. The article indicates home prices in November were 7.4% higher on average than a year before. Data also indicates that for the 19 major markets in the west, including San Diego, new listings are down 30% the first two weeks of January, 2013, compared to a year earlier.

  • According to the Union Tribune newspaper (January 24, 2013) the foreclosure level in San Diego County was at its lowest in six years, in 2012.  In December, 2012 there were 18% less foreclosures than in the month before, and half the number from December, 2011.  The drop in bank repossessions, according to the article, is due to increasing home values, government involvement with major banks giving borrowers alternatives to foreclosure, and an improving economy.

  • Congratulations to Mr. and Mrs. C, of Oceanside.  Through our work, their loan with Chase was modified.  The modification included $110,000.00 in principal reduction, and also, a decrease of over 25% in their monthly house payment, from $1,650.00 to $1,205.00 per month.

  • According to USA Today (January 23, 2013) both home sales and home prices are being driven higher, both by lower interest rates and job growth.  Home prices across the country increase by 7.4% compared to a year ago.  Also, for the preceding month, 24% of the homes sold were sold through foreclosures or short sales, compared to 32% of all sales a year ago.

  • According to the Wall Street Journal (January 17, 2013) 1.8 million properties were foreclosed on in the United States, in 2012.  That was down 2.7% from 2011, and down 36% from 2010.  California ranked sixth among all states, in terms of having the highest percentage of foreclosures.  The article notes, that from mid-2007 until mid-2012, home prices in California fell by 41%.  Coupled with the state's 9.8% unemployment rate, the effect was to cause many homeowners to be unable to afford their mortgage.

  • An article on January 8, 2013, in USA Today, it is reported that a settlement was reached between federal banking regulators and 10 mortgage servicers, for $3.3 billion dollars.  Thereby, approximately 3.8 million borrowers, that were involved in foreclosure cases in 2009 or 2010, that were handled by one of the 10 servicers, will be notified of their eligibility for compensation.

  • As reported in the San Diego Union newspaper (January 1, 2013) the Homeowner's Bill of Rights goes into effect today.  The legislation forces lenders to do several things, including: (a) No longer going forward with the foreclosure process while a borrower is in loan modification; (b) disallows robo-signing, the process of approving foreclosure documents without appropriate review; (c) assigns one point of contact to the borrower trying to get loan modification, to attempt to avoid having the lender give them the run around.

  • According to the San Diego Union Tribune (December 27, 2012) San Diego County is one of the top U.S. metropolitan areas for home price gains throughout 2012.  This is partly due to mortgage rates having plummeted, to their lowest levels in 41 years.  A 30 year mortgage is now at an all time low of 3.31%.  Also, high investor demand helped the 2012 market.

  • Congratulations to Mr. and Mrs. A of Chula Vista.  We were able to obtain a loan modification for them with their lender, Chase Mortgage, that starts at 2.5% for the first five years and caps at 3% for the next 25 years.  Their monthly house payment decreased by 28% for the first five years, and by 24% for the remainder of the term.  The savings are between $800.00 and $900.00 per month.

  • According to the San Diego Union (December 19, 2012) the number of defaults for home mortgages in the county continue to decline.  The article reports that the number of defaults in San Diego dipped to a six year low in November, constituting a 50% drop from the same month a year ago.  Real estate experts explain that the number of houses in distress have declined because of the increase in short sales.  Nationwide, the number of foreclosure filings decreased 19% in November, compared to one year ago.

  • Congratulations to Mr. P, he lives in San Diego.  He came to us with a rental property in foreclosure, and we were able to obtain a loan modification for him, that included principal reduction of $369,000.00, and a decrease in his monthly payment from $3,871.00 to $2,310.00, a savings of 40% per month.

  • According to USA Today (December 5, 2012) least expensive homes are making a much quicker comeback, in terms of real estate sales.  Nationwide, the least expensive homes have seen prices rise 10%, versus 7.6% for more expensive homes.  In San Diego, least expensive homes increased in value by 4% in the third quarter of 2012, whereas the more expensive homes increased only 2.4%.  According to economists, the reason for this is that less expensive homes make for a better investment for real estate investors.

  • Good news for Mr. and Mrs. V of Chula Vista.  They had previously received a loan modification from their lender, Chase Mortgage, in 2009.  The interest rate was scheduled to reset in the next few months and it would become too high for them to handle. 
    Through our work, we were able to decrease their monthly payment by $1,461.00, a savings of 35%.  We also obtained a principal reduction for them, for forgiveness of their debt, in the amount of $126,000.00.

  • According to USA Today (November 15, 2012) lenders are attempting to comply with their requirements as quickly as possible, with regard to the $25 billion dollar settlement reached between the five major mortgage servicers and the federal government.  Both Chase and Bank of America are 1-2 years ahead of schedule, in terms of providing principal reduction, forgiving mortgages and liens, and approving short sales.  The average benefit provided by Bank of America to approximately 30,000 homeowners is $150,000.00.  For Chase, it has forgiven an average of $97,000.00 on first liens for 30,000 homeowners.

  • Congratulations to Mr. and Mrs. P of San Diego.  They own several investment properties, and as a result of the economic downturn they have severe economic hardship.  For their loan with Bank of America, for one of their investment properties, we were able to achieve principal reduction of $370,000.00 -- from $574,000.00 to $274,000.00.  Their monthly payment decreased from $3,870.00 to $1,561.00.

  • According to the San Diego Union Tribune (October 28, 2012) the program instituted with the major lenders, to wipe out second mortgages as a part of a short sale, is being held up because of slowness by the lenders, and particularly Bank of America, in releasing the lien for the second mortgage.  This development is part of a $25 billion dollar settlement between 49 states (including California) and five major lenders/banks entered into six months ago.  Thereby, the lenders are to forgive and release second loan mortgages as part of a deal that settled accusations of long-running mortgage abuse.

  • According to the San Diego Reader Digest (October 24, 2012) two thirds of property owners that sell their property by way of short-sale experience difficulty closing the transaction. Although the article indicates that short-sales are a better option than foreclosure, continuing progress needs to be made on the part of lenders to make the process go smoother.
    In the same article, 15% of the sales of real estate in San Diego County in the last month were categorized as "distressed," down from 25% a year ago. San Diego's proportion of distressed sales was the lowest in the state.

  • According to the San Diego Union Tribune (October 13, 2012), San Diego home prices are now at a four year high. The median price for all homes sold in San Diego County is now $350,000.00, up 11% from the same month a year ago. Also the number of homes being sold increased by 12%, from the same time last year. Record low mortgage rates and a boost in consumer confidence are the reasons for the increases.

  • Mr. and Mrs. G. of Oceanside, self-employed in real estate and also for the Department of Defense.  For their loan with Bank of America, we were able to obtain principal reduction of over $299,000.00, from $773,000.00 to $474,000.00.  We also obtained a decrease in their monthly house payments of over $883.00, a savings of 23%.

  • Congratulations to Mr. and Mrs. E. of Chula Vista.  Mrs. E works as a realtor, and her income has been reduced drastically because of adverse changes in the real estate market.  For their loan with Bank of America, we were able to obtain principal reduction of $178,000.00, and we were also able to decrease their monthly house payment by $1,611.00, a reduction of about 33%.

  • According to USA Today (October 11, 2012) fewer homes are going back to banks.  The number of foreclosures, nationwide, decreased 16%, from the same time last year.  At the same time, home prices have increased by 4.6% from a year ago.  The analysis provided by USA Today indicates that the improving economy is the reason for both of these statistics.  Also, there are more short sales -- California saw a 39% year-over-year increase in short sales.

  • We are able to provide good news to Mr. and Mrs. F. of Fallbrook.  They own their own party supply store, and their business and income has been down because of the economy.  For their loan with Wells Fargo, we were able to obtain principal reduction of $243,000.00, decreasing the amount they owed from $598,000.00 to $355,000.00.  Also, we were able to decrease their monthly payments, by $990.00 per month, a savings of about 35% per month.
  • Through the work of our law office, Mr. and Mrs. B of Temecula Valley were able to save their home.  Mr. B works in construction, as a welder, and he suffered hardship because of decreased income.  They previously had an interest only, negative ARM loan.  Also, they were 11 months delinquent on their mortgage payment when they came to us for assistance.  Through our work, we were able to obtain a loan modification for Mr. and Mrs. B that saved them over $850.00 per month, a decrease in 29% of their monthly house payment.
  • According to USA Today (September 20, 2012) existing home sales in August, 2012 were the strongest since May, 2010. The number of sales increased by 7.8%. Also, housing prices have fallen so much that the ratio of home prices to income is now near what it was from 1985 to 2000. Finally, the national median existing home price was $187,400.00 in August, 2012, up 9.5% from one year before.
  • Congratulations to Ms. E, a realtor in Vista.  Through our work, we were able to obtain principal reduction for her (forgiveness of debt) of $137,000.00, as well as deferral of an additional $120,000.00 of principal to the end of her loan term, with no interest on it.  Her monthly payments decreased by $1,224.00 per month, a savings of 34% per month.
  • According to the Union Tribune (September 9, 2012), selling your house by way of short sale causes your FICO score to plummet, sometimes by 150 points or more. This, in turn, complicates a seller's credit capability for years and makes additional borrowing, for such things as a new mortgage or a home loan, tougher and more expensive.
  • Mr. and Mrs. P of University City, came to us for assistance with their home loan.  Mr. P is a retired military veteran, now working in a second career.  His wife had taken off work to help raise and care for their two young children.  Through our work, their mortgage with SunTrust was modified, such that there was $42,500.00 in deferred principal, and a decrease in their monthly payment from over $3,300.00 to about $1,560.00, a decrease of 47% per month.
  • According to an article in the San Diego Union, dated August 25, 2012, homeowners whose homes were in the foreclosure process in 2009 and 2010 can request an independent audit if they were potentially wronged in a foreclosure review. The deadline for eligible borrowers to request the free foreclosure review has been extended to the end of 2012. To learn more, borrowers should call (888) 952-9105. To qualify, you must have been in the foreclosure process between January 1, 2009 and December 31, 2010.
  • According to USA Today (August 24, 2012) rates on fixed rate mortgages rose for the fourth consecutive week, but still remains slightly above record lows. Their confidence is also at its highest level since 2007. In the past 12 months, sales of homes have jumped more than 10%.
  • According to a cover story on USA Today (August 24, 2012) 24% of the homes sold in July were distressed homes, including foreclosures or those sold by short sale. Also, about half of homeowners under the age of 40 owe more on their homes than they are worth, which is keeping cheaper homes off the market.
  • Good news for Mr. J, of Orange County, California. He owns a property in Las Vegas, financed through Bank of America. He came to us for help in January, 2012. In July, 2012 we were able to obtain a loan modification for him, which included principal reduction of $285,000.00, and a reduction in his house payments from $1,886.00 to $1,168.00, a savings of 38%.
  • In an article in the San Diego Union (August 24, 2012), it is reported that more than one third of local borrowers - 34% -- owe more on their homes than they are worth. San Diego ranks fourteenth in that category, nationwide. The locations with lower negative-equity rates than San Diego include Las Vegas (68%), Atlanta (54%), and Phoenix (51%).
  • Congratulations to Mr. and Mrs. Q of Del Mar, California. They had a second mortgage with Citi Mortgage, for which we obtained principal reduction from $174,000.00 to $90,000.00. Also, their monthly payments decreased from $1,248.00 to $678.00, a savings of about 46% per month.
  • According to USA Today (August 21, 2012) the decade from 2000-2009 was the hardest on middle class Americans since World War II. The article indicates that one in six in the middle class have trouble making their rent or mortgage payment, and 85% indicated it is harder to maintain a middle class lifestyle than it was 10 years ago.
  • According to the Union Tribune (July 24, 2012), there are less foreclosures going forward in San Diego County because more people are using short sales instead. The number of foreclosures in San Diego County has decreased over 25% in the second quarter of 2012, compared to the first quarter of 2012. However, the number of homes sold by way of short sale in San Diego County in June, 2012 was up approximately 20% of the homes that were resold that month.
  • A new feature has been added to the Making Home Affordable Program. It is called HAMP Tier 2, and it became effective June 1, 2012. A new guideline for Tier 2 expand the qualifications and deadlines to be eligible for loan modification under the Home Affordable Modification Program, and provide other relief as well, including for the unemployed, broader opportunities also include non-owner occupied properties.
  • According to the Union Tribune, there were 1,436 mortgage defaults in June, 2012, up 7.2% from May, 2012, and up 6.1% from June, 2011. Also, foreclosures increased 2.5%, from May to June, 2012, but they were down 54% compared to June, 2011.
  • According to Data Quick Analysis, most of the home loans that are entering default now are from loans entered into between 2005 and 2007.
  • According to USA Today, existing home sales slipped 1.5% from April to May, to a seasonally adjusted annual rate of 4.55 million. That is 10% above last year's pace.
  • According to USA Today, (June 22, 2012) the average rate for a 30 year loan fell to a record 3.66%. The average for a 15 year mortgage fell to 2.95%.
  • According to USA Today (June 12, 2012) the average U.S. household lost almost 40% of its wealth between 2007 and 2010. Middle class families took the biggest hit because much of their wealth is tied with the equity in their homes.
  • According to the Federal Reserve (as reported in USA Today) household net worth peaked at 66 trillion dollars before the recession in December, 2007. It dropped to 54 trillion dollars by late 2008.
  • According to USA Today (May, 2012), it appears that foreclosures will rise following the recent $25,000,000.00 foreclosure settlement agreement between mortgage servicers and the United States and state governments. Further, the number of foreclosed homes for sale is not likely to overwhelm markets, because of increased efforts to modify home loans and allow short sales.
  • According to the National Association of Realtors (USA Today, May, 2012) distressed home sales were down to 28% of April's total, as compared to 37% from the year before. It is estimated that distressed homes sell at a discount between 14% and 21% as compared to non-distressed sales.
  • In Southern California, there are 41% fewer homes for sale as of April, 2012, compared to one year ago, according to ReportsOnHousing.com.
  • Congratulations to Mr. and Mrs. G. of San Marcos, California. Their home mortgage with Wells Fargo was reduced by 36% through the work of our law office.
  • As of March, 2012, the United States had approximately 2.4 million homes for sale. That is down 22% from the year before and 40% from the peak and mid of 2007, according to the National Association of Realtors.
  • The National Consumer Law Center has released a new report on mortgage foreclosure mediation. It indicates that mediation is an inexpensive solution that could save billions of dollars, as well as allow many troubled homeowners to keep their homes. In California alone, foreclosures have cost more than $500,000,000.00 (National Consumer Law Center report, February, 2012; UTSanDiego.com, February 16, 2012).
  • Good news for Mr. and Mrs. Samson of Imperial Beach, California. Their monthly payment to Bank of America was reduced by 39% through our loan modification application, and also, they were given a principal reduction of $213,000.00.
  • The US Government and the Attorney Generals for 49 states (including California) have reached an agreement on the $25 billion dollar settlement with the country's five largest loan servicers, for improper handling of foreclosures. The settlement resulted from 15 months of intense negotiation and appears to be the largest Federal-State joint settlement in history.
  • Congratulations to Mr. and Mrs. A. of San Marcos, California. Through our work with Chase Mortgage, they obtained a principal reduction of $250,000.00 and also a decrease in their monthly payment from $3,500.00 to $2,300.00.
  • Because of a continuing high level of foreclosures, the City Council in Los Angeles is considering adoption of a mortgage foreclosure mediation process.
  • Great news for Mr. and Mrs. A. of Vista, California. Their savings for their mortgage with Bank of America is 41%, going from $2,326.00 per month to $1,374.00 per month.
  • The Federal Government has expanded its program for foreclosure prevention, as of January 27, 2012. According to President Obama, the administration has expanded eligibility for the HAMP Program, to include borrowers with higher debt loads. The Obama administration has also tripled the incentives that it pays banks to reduce principals on loans. Third, the administration has offered incentives to both Fannie Mae and Freddie Mac – previously, the government had only offered incentives to private lenders and banks. Finally, the government’s programs were extended to December, 2013 – before, all of the programs were set to expire at the end of 2012.
  • Congratulations to Lilly A. of Encinitas. Through our efforts, she obtained a $100,000.00 principal reduction for her loan with Chase, and also, her monthly payments were decreased by $1,500.00.
  • Congratulations to Randy M. of Murrieta, CA. Their loan, with Bank of America, was successfully modified by our office such that the house payment went from $2,300.00 per month to $1,586.00, a savings of 31%.
  • Good news! Mr. and Mrs. M. of San Diego, CA, successfully got a loan modification through Bank of America, whereby their payments went from $2,460.00 per month to $1,505.00 per month, a savings of almost 39%!
  • According to an article in USA Today, dated November 30, 2011, economists predict that same high rate of foreclosure will continue for at least a couple more years. Statistically, 12.6% of home loans were delinquent nationwide at the end of the third quarter, 2011. Further, at the same time, 28% of existing home sales involved houses that either had been foreclosed or that were being sold through a short sale. Finally, statistics show that 22% of homeowners with a mortgage in America owe more on the home than it is worth. Another 5%-6% of homeowners in America have less than 5% equity in their homes.
  • Congratulations to Noemi M., of San Diego, CA. We successfully modified her loan with AHMS which resulted in a 65% savings - her house payment went from $2,064.00 per month to $716.00 per month.
  • Congratulations to Edward H., of San Diego, CA. His loan with Litton Loans Servicing, was reduced 24% through our work from $2,614.00 to $1,991.00.
  • According to a recent National Index by Zillow, home prices are expected to bottom out sometime in 2012, but then remain relatively flat for three or four years. According to the survey, the biggest factor likely to affect prices is the pace at which lenders push homes through the foreclosure process. For the third quarter of 2011, home prices nationwide were down 4% from the same period last year.
  • Good news for Ms. Beth Y., of San Marcos, CA. Through our work, her loan with Chase resulted in a savings of over 24% per month, from $3,360.00/month to $2,542.00/month.

The Law Office of Michael E. Ripley focuses on loan modifications and serves clients throughout Southern California, including the East County and North County areas in San Diego, California, which includes: the cities of San Diego, Del Mar, La Jolla, Carmel Valley, Chula Vista, El Cajon, Carlsbad, Oceanside and San Diego County.