This is a recent release in our local paper about "yours truly!" What an honor!
Patti Phillips Honored for Excellent Service
Patti Phillips, a broker associate with Prudential California Realty’s Encinitas office, will be among a small percentage of agents in San Diego to be recognized as a “FIVE STAR: Best in Client Satisfaction Real Estate Agent” in San Diego Magazine’s March 2008 issue. The awards are a result of a survey by the magazine, in which researchers polled over 30,000 recent home buyers, readers, mortgage lenders and title companies to identify exceptional real estate agents in San Diego County.
Dedicated to serving her community as well as her clientele, Phillips served as president of the North San Diego County Women’s Council of Realtors in 2007. Her most rewarding experience with a client involved helping a widow who found the real estate transaction process overwhelming. “By working with repairmen, contractors, termite people, and cleaning crews, I was able to make the experience stress-free and easy for her,” said Phillips.
A 20-year veteran of the real estate business, Phillips has earned the prestigious Seniors Real Estate Specialist (SRES) designation, and is an International Fine Homes Specialist. Her strategy for success involves treating others how she would like to be treated, and analyzing each situation to figure out the course of action that is in her client’s best interest.
“Patti is constantly improving her knowledge of the industry, and striving to find ways to better serve her clients,” said Nelson White, manager of Prudential California Realty’s Encinitas office. “Her enthusiasm for self-improvement is one of the reasons she is one of the top producing agents in my office.”
Patti Phillips can be contacted through Prudential California Realty’s Encinitas office, at 1-800-680-9133, or via email at patti@pattiphillipsrealestate.com.
###
Thursday, March 27, 2008
Saturday, March 22, 2008
Free Credit Reports Are Your Right! Don't Pay for One!
Credit Reports Are Your Right!
Don’t Pay For One!
Did you know that by law you are entitled to one free credit report each year from each of the three big credit bureaus? Those are Equifax, Experian and TransUnion. They are more than happy to provide you with it, and there is a web-site that will order them for you free! Just be certain that you go to the right place- because if you don’t you will be charged!
The site that you want is Annualcredreport.com. There you can order free reports from all three bureaus. There is also a free number you can call to request your credit reports: 877-322-8228. Be careful when you order, because there are many others that SOUND the same, they will attract you with the promise of a free report, and then lure you into other services, many that will cost you money every month. Even the credit bureaus will try to sell you packages. These services can vary from Identity Theft reporting to credit monitoring, at costs from $9.95 to over $30.00 per month.
Are the services worth buying? Monitoring does alert you to unusual activity on your credit report, but if you don’t like paying a monthly fee, you can use free reports to do a periodic checkup. How? Rather than order all 3 reports at once, order a free report from a different agency each 4 months. This will help you to monitor any unusual activity. It is important that you look for anything on your credit which is not 100% correct- as well as possible identity theft.
After you place an order at Annualcreditreport.com, the credit bureau you specified will mail you the report, or you may be able to download it. Be certain to check it carefully- a 2004 study by U.S. Federation of State Public Interest Research Groups found 25% of reports contained serious errors. I know that in my own personal credit reports I have found numerous errors over the years.
You want to make certain your report is clean and stays clean so that if you want to obtain a mortgage or other loan you aren’t paying a higher interest rate because of erroneous items on your report. If you find ANYTHING incorrect, be certain to document it in a letter, send any supporting documentation and send a copy of the report with the error highlighted to the agency, requesting it be removed immediately. Keep a copy of everything you send in a file, just in case it doesn’t get handled or it reappears in future reports.
Don’t Pay For One!
Did you know that by law you are entitled to one free credit report each year from each of the three big credit bureaus? Those are Equifax, Experian and TransUnion. They are more than happy to provide you with it, and there is a web-site that will order them for you free! Just be certain that you go to the right place- because if you don’t you will be charged!
The site that you want is Annualcredreport.com. There you can order free reports from all three bureaus. There is also a free number you can call to request your credit reports: 877-322-8228. Be careful when you order, because there are many others that SOUND the same, they will attract you with the promise of a free report, and then lure you into other services, many that will cost you money every month. Even the credit bureaus will try to sell you packages. These services can vary from Identity Theft reporting to credit monitoring, at costs from $9.95 to over $30.00 per month.
Are the services worth buying? Monitoring does alert you to unusual activity on your credit report, but if you don’t like paying a monthly fee, you can use free reports to do a periodic checkup. How? Rather than order all 3 reports at once, order a free report from a different agency each 4 months. This will help you to monitor any unusual activity. It is important that you look for anything on your credit which is not 100% correct- as well as possible identity theft.
After you place an order at Annualcreditreport.com, the credit bureau you specified will mail you the report, or you may be able to download it. Be certain to check it carefully- a 2004 study by U.S. Federation of State Public Interest Research Groups found 25% of reports contained serious errors. I know that in my own personal credit reports I have found numerous errors over the years.
You want to make certain your report is clean and stays clean so that if you want to obtain a mortgage or other loan you aren’t paying a higher interest rate because of erroneous items on your report. If you find ANYTHING incorrect, be certain to document it in a letter, send any supporting documentation and send a copy of the report with the error highlighted to the agency, requesting it be removed immediately. Keep a copy of everything you send in a file, just in case it doesn’t get handled or it reappears in future reports.
Saturday, March 15, 2008
Is Your Home Safe From Burglers? Watch Out!
In our day and age we like to feel that we are safe. Our cars have alarms. We have nanny monitors to protect our children. You name it, we have it. But what if you found out that by simply buying a $2.00 item off of the internet any would-be burglar could simply open the locks on your home?
I was shocked to watch a video that a friend just sent me. You’ll want to watch this and do what you can to keep your home and family safe.
Since the video was forwarded to me, I can't post it on this blog. However, e-mail me and I will be happy to forward it on to you. What this video shows is an item called a "bump-key" which will fit into, and turn almost every common lock. I'll tell you, what I saw was frightening!
After I viewed the video I went on to You Tube, and there you will find videos that describe this disturbing practice, as well as dozens of videos that are telling would-be criminals how to make, purchase or find bump-keys that they can use. (I must say though, none of the You Tube videos are as top quality as the one that was forwarded to me.)
Since my job is helping people to fiachieve the American Dream, I certainly don't want to see people walking off with it's contents!
Let me know if you would like me to forward the lock bumping video, just put Lockbumping into the subject and I'll see you get it.
Meanwhile, stay safe!
I was shocked to watch a video that a friend just sent me. You’ll want to watch this and do what you can to keep your home and family safe.
Since the video was forwarded to me, I can't post it on this blog. However, e-mail me and I will be happy to forward it on to you. What this video shows is an item called a "bump-key" which will fit into, and turn almost every common lock. I'll tell you, what I saw was frightening!
After I viewed the video I went on to You Tube, and there you will find videos that describe this disturbing practice, as well as dozens of videos that are telling would-be criminals how to make, purchase or find bump-keys that they can use. (I must say though, none of the You Tube videos are as top quality as the one that was forwarded to me.)
Since my job is helping people to fiachieve the American Dream, I certainly don't want to see people walking off with it's contents!
Let me know if you would like me to forward the lock bumping video, just put Lockbumping into the subject and I'll see you get it.
Meanwhile, stay safe!
Sunday, March 9, 2008
Mortgage Debt Forgiven!
Mortgage Debt Forgiven
Thanks to legislation passed by congress, effective Jan 1, 2008, distressed homeowners will not be required to pay taxes on mortgage debt written off or forgiven as part of a bankruptcy, short sale, foreclosure, or renegotiation that involved the homeowner’s principal residence. Under the Mortgage Forgiveness Debt Relief Act of 2007, up to $2 million of indebtedness is shielded from taxes if the debt is the result of construction, acquisition and major improvement of the principal residence. (Use caution if you refinanced your home and drew money out. Ask a tax specialist whether you may be taxed in this circumstance.) The act applies to debt discharges from Jan. 1, 2007, through Dec. 31, 2009. (Found in California Real Estate magazine, Mar. 2008)
Thanks to legislation passed by congress, effective Jan 1, 2008, distressed homeowners will not be required to pay taxes on mortgage debt written off or forgiven as part of a bankruptcy, short sale, foreclosure, or renegotiation that involved the homeowner’s principal residence. Under the Mortgage Forgiveness Debt Relief Act of 2007, up to $2 million of indebtedness is shielded from taxes if the debt is the result of construction, acquisition and major improvement of the principal residence. (Use caution if you refinanced your home and drew money out. Ask a tax specialist whether you may be taxed in this circumstance.) The act applies to debt discharges from Jan. 1, 2007, through Dec. 31, 2009. (Found in California Real Estate magazine, Mar. 2008)
Friday, February 22, 2008
Major Lenders Put Freeze on Foreclosures
I just came across this article and thought it might be helpful to some of you regarding homes that may be in line for foreclosures. This could give hope to some homeowners who are in tough situations. I hope you find it useful. If you have any real estate questions, or I may be of help to you in any way, please don't hesitate to give me a call!
Major Lenders Put Freeze on Foreclosures
Banks will halt foreclosure proceedings to give lenders time to work out delinquency solutions. It's the latest attempt to tackle the housing crisis.
By Les Christie, CNNMoney.com staff writer
February 12 2008: 4:46 PM EST
NEW YORK (CNNMoney.com) -- Six of the nation's largest mortgage lenders, in a joint effort to cool the raging foreclosure crisis, have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments.
Under a program unveiled Tuesday, legal efforts to oust seriously delinquent borrowers from their homes will be postponed for 30 days while lenders and borrowers try to work out payment options.
The effort, known as Project Lifeline, will not be confined to borrowers with adjustable rate mortgages. So-called ARMs have recorded the highest rates of delinquencies, even as default for loans of all types have risen dramatically over the past couple of years.
"For many families, Project Lifeline will temporarily pause the foreclosure process long enough to find a way out. Loan modifications may follow," said Alphonso Jackson, Secretary of Housing and Urban Development. "This program is not only available to subprime borrowers but to people with any kind of home mortgage."
The banks so far participating in the program are Citigroup (C, Fortune 500), Countrywide (CFC, Fortune 500), Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Washington Mutual (WM, Fortune 500) and Wells Fargo (WFC, Fortune 500).
Project Lifeline was put together with the backing of Jackson, Treasury Secretary Henry Paulson and Faith Schwartz, director of Hope Now, the government-backed, foreclosure prevention coalition.
Paulson said the effort won't be a magic bullet.
"There'll be homeowners who still take no action, and some will still walk away," Paulson said. "But some borrowers facing immediate foreclosures may find solutions."
Throwing homeowners a lifeline
Under the program, homeowners 90 days or more behind in their mortgages will get a letter from their lenders asking them to call. Borrowers will be asked if they want to stay in their homes; if so, they will be offered financial counseling.
Loan modifications are not automatically granted. Borrowers will have to provide up-to-date information about their wages and debts. At that point, the lenders decide whether to pause the foreclosure process.
During the moratorium, foreclosure prevention specialists will determine if there's a good possibility that a loan modification will work. In other words, will a borrower be able to regain his footing and start paying his mortgage again?
Any loan modifications - such as lowering interest rates, balances or both - will be provisional. After homeowners make payments on time for three months, the changes to the terms of loans will become permanent.
For lenders, repossessing homes has become an increasingly unprofitable venture. As real estate markets have turned down, many at-risk mortgage borrowers are upside-down - meaning they owe more on their loan than their home is worth.
These days, lenders often lose money when they foreclose on and resell properties - an average of $50,000 per home. It's cheaper to work out a deal with defaulting borrowers.
Reaction: Applause and questions
The moratorium idea has been raised before.
"Many people have been calling for a moratorium on foreclosures," said John Taylor, chief executive of the National Community Reinvestment Coalition. "I look on it as a good thing."
Last April, civil rights groups, noting that minorities were bearing the worst impact of the foreclosure crisis, called for a six month halt in foreclosure proceedings. In May, the California Reinvestment Coalition, a community advocacy group, lobbied state legislatures for a similar, statewide plan. This past December, Sen. Hillary Clinton went on record supporting a 90-day halt.
Jim Rokakis, treasurer of Cuyahoga County in Ohio, which has been hard hit by foreclosures questioned the initiative.
"Does this mean you're going to do it again in 120 days?" he asked. Subprime resets will peak again in the spring and Hope Now's effort includes notification of resets 120 days in advance.
"If they really want to make an impact they will require mandatory counseling before foreclosure can be completed. If you can't do it, you can't foreclose," Rokakis said.
As the foreclosure crisis deepened - more than 2.2 million foreclosures were filed in 2007, according to RealtyTrac, an online marketer of foreclosure properties - government forces and industry players expanded the scope of prevention efforts.
Jackson, the HUD secretary, said that Project Lifeline is just one effort to tackle the mortgage crisis. He cited FHASecure, which is refinancing many adjustable rate mortgage borrowers into government insured fixed rate loans; a five-year rate freeze, brokered by the Treasury Department, for many subprime ARM borrowers; and the provisions of the economic stimulus package that increase cap limits for loans eligible for purchase by Freddie Mac and Fannie Mae.
"The sum total of these actions is a powerful correction to the downward spiral of the housing market," said Jackson.
Still, the nation's housing crisis is deep and unlikely to ease up soon.
"In terms of subprime, the worst is just beginning," said Treasury Secretary Paulson. "The loans resetting over the next couple of years - that vintage was done under the most lax underwriting standards."
Major Lenders Put Freeze on Foreclosures
Banks will halt foreclosure proceedings to give lenders time to work out delinquency solutions. It's the latest attempt to tackle the housing crisis.
By Les Christie, CNNMoney.com staff writer
February 12 2008: 4:46 PM EST
NEW YORK (CNNMoney.com) -- Six of the nation's largest mortgage lenders, in a joint effort to cool the raging foreclosure crisis, have agreed to temporarily stop foreclosure proceedings on homeowners who have fallen seriously behind in their house payments.
Under a program unveiled Tuesday, legal efforts to oust seriously delinquent borrowers from their homes will be postponed for 30 days while lenders and borrowers try to work out payment options.
The effort, known as Project Lifeline, will not be confined to borrowers with adjustable rate mortgages. So-called ARMs have recorded the highest rates of delinquencies, even as default for loans of all types have risen dramatically over the past couple of years.
"For many families, Project Lifeline will temporarily pause the foreclosure process long enough to find a way out. Loan modifications may follow," said Alphonso Jackson, Secretary of Housing and Urban Development. "This program is not only available to subprime borrowers but to people with any kind of home mortgage."
The banks so far participating in the program are Citigroup (C, Fortune 500), Countrywide (CFC, Fortune 500), Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Washington Mutual (WM, Fortune 500) and Wells Fargo (WFC, Fortune 500).
Project Lifeline was put together with the backing of Jackson, Treasury Secretary Henry Paulson and Faith Schwartz, director of Hope Now, the government-backed, foreclosure prevention coalition.
Paulson said the effort won't be a magic bullet.
"There'll be homeowners who still take no action, and some will still walk away," Paulson said. "But some borrowers facing immediate foreclosures may find solutions."
Throwing homeowners a lifeline
Under the program, homeowners 90 days or more behind in their mortgages will get a letter from their lenders asking them to call. Borrowers will be asked if they want to stay in their homes; if so, they will be offered financial counseling.
Loan modifications are not automatically granted. Borrowers will have to provide up-to-date information about their wages and debts. At that point, the lenders decide whether to pause the foreclosure process.
During the moratorium, foreclosure prevention specialists will determine if there's a good possibility that a loan modification will work. In other words, will a borrower be able to regain his footing and start paying his mortgage again?
Any loan modifications - such as lowering interest rates, balances or both - will be provisional. After homeowners make payments on time for three months, the changes to the terms of loans will become permanent.
For lenders, repossessing homes has become an increasingly unprofitable venture. As real estate markets have turned down, many at-risk mortgage borrowers are upside-down - meaning they owe more on their loan than their home is worth.
These days, lenders often lose money when they foreclose on and resell properties - an average of $50,000 per home. It's cheaper to work out a deal with defaulting borrowers.
Reaction: Applause and questions
The moratorium idea has been raised before.
"Many people have been calling for a moratorium on foreclosures," said John Taylor, chief executive of the National Community Reinvestment Coalition. "I look on it as a good thing."
Last April, civil rights groups, noting that minorities were bearing the worst impact of the foreclosure crisis, called for a six month halt in foreclosure proceedings. In May, the California Reinvestment Coalition, a community advocacy group, lobbied state legislatures for a similar, statewide plan. This past December, Sen. Hillary Clinton went on record supporting a 90-day halt.
Jim Rokakis, treasurer of Cuyahoga County in Ohio, which has been hard hit by foreclosures questioned the initiative.
"Does this mean you're going to do it again in 120 days?" he asked. Subprime resets will peak again in the spring and Hope Now's effort includes notification of resets 120 days in advance.
"If they really want to make an impact they will require mandatory counseling before foreclosure can be completed. If you can't do it, you can't foreclose," Rokakis said.
As the foreclosure crisis deepened - more than 2.2 million foreclosures were filed in 2007, according to RealtyTrac, an online marketer of foreclosure properties - government forces and industry players expanded the scope of prevention efforts.
Jackson, the HUD secretary, said that Project Lifeline is just one effort to tackle the mortgage crisis. He cited FHASecure, which is refinancing many adjustable rate mortgage borrowers into government insured fixed rate loans; a five-year rate freeze, brokered by the Treasury Department, for many subprime ARM borrowers; and the provisions of the economic stimulus package that increase cap limits for loans eligible for purchase by Freddie Mac and Fannie Mae.
"The sum total of these actions is a powerful correction to the downward spiral of the housing market," said Jackson.
Still, the nation's housing crisis is deep and unlikely to ease up soon.
"In terms of subprime, the worst is just beginning," said Treasury Secretary Paulson. "The loans resetting over the next couple of years - that vintage was done under the most lax underwriting standards."
Monday, January 28, 2008
Conforming Loan Limits To Go UP!
You may have heard that the conforming loan limits are going to be increased. This, along with low interest rates could make quite a difference in our market! If you have been "on the fence" about whether or not it is time to buy- get in the game!
Check out this link, telling about the conforming rate change:
http://biz.yahoo.com/ap/080124/economy_stimulus_housing.html?.v=2&.pf=lo
Meanwhile, I appreciate and welcome your comments, questions and suggestions!
Remember, I am, always-
Your Realtor for Life.......
Patti Phillips
Check out this link, telling about the conforming rate change:
http://biz.yahoo.com/ap/080124/economy_stimulus_housing.html?.v=2&.pf=lo
Meanwhile, I appreciate and welcome your comments, questions and suggestions!
Remember, I am, always-
Your Realtor for Life.......
Patti Phillips
Getting Your Home Sold in Today's Market
Do you wonder what it takes to get a home sold these days? Do you have friends who are thinking of selling, or might currently have their home on the market?
Check out this fantastic video from the Today Show’s Real Estate expert, Barbara Corcoran, sharing advice on the top 5 mistakes that sellers make in today’s market…Barbara was one of the top realtor's in Manhattan for many years before recently selling her business, The Corcoran Real Estate Group. She really is an expert who "knows her stuff."
The video is about 5 minutes long and if you have moment, I encourage you to take a look – she has some excellent tips on how to achieve your goals.
http://www.msnbc.msn.com/id/21134540/vp/22646065#22646065
I’d love to hear your comments – please reply or call me and let me know what you think!
Sincerely,
Patti Phillips
Check out this fantastic video from the Today Show’s Real Estate expert, Barbara Corcoran, sharing advice on the top 5 mistakes that sellers make in today’s market…Barbara was one of the top realtor's in Manhattan for many years before recently selling her business, The Corcoran Real Estate Group. She really is an expert who "knows her stuff."
The video is about 5 minutes long and if you have moment, I encourage you to take a look – she has some excellent tips on how to achieve your goals.
http://www.msnbc.msn.com/id/21134540/vp/22646065#22646065
I’d love to hear your comments – please reply or call me and let me know what you think!
Sincerely,
Patti Phillips
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