A Million Dollar Tweet and a Can of Soup

Amazing Story -- Hi Toni, First of all, I wanted to thank you very much for the support of our Radio Show as well as our LACSS List Assist Negotiation Program. We are extremely grateful for everyone's comments and emails. Now...I had to share this story with you. A couple days ago, we were brought in to help a homeowner that had a foreclosure set in less than 24 hours with Bank of America. He had a construction loan and ran out of funds before the home was completed. The loan amount is well over $1,000,000. Although we knew it would be a full team effort, we told them we would do whatever we could to help. We reached out to our contacts and unfortunately couldn't contact any of them because it was almost the end of the business day. For the past few months, we have also been making a strong effort to build our relationships with Bank of America Social Media Support. In case you didn't know, Bank of America is on Twitter and has a team dedicated to helping agents and consumers via Twitter. (I know...I didn't believe it at first either.) Well...we sent a tweet to Bank of America (I never thought I would say that)...and received a call pretty quickly. We have a contact in that department that helps us pretty often, and they looked into it and helped get the sale postponed so we could be reviewed for a short sale. It is amazing how technology has advanced. Someone owes over $1,000,000 on their loan and has a foreclosure for the next morning, and we send a Tweet on an Iphone and all of the sudden the foreclosure is postponed.........crazy. I am now calling that the Million Dollar Tweet. :) Now...what about the can of soup? This Friday 4/27/12 from 11:00-12:30, Jason will be teaching at KW Santa Monica. The class is : Mastering the Language of Short Sales - Scripts and Dialogues SPACE IS LIMITED. REGISTER AT: www.TeachMeShortSales.com Please bring at least 1 canned good to support KW Red Day. We will have bins for your canned goods when you arrive. We hope you can make it! Once again...register at www.TeachMeShortSales.com Thank you and have a great weekend!

Feds Force Recompense from Robo-signers

Federal officials announced this week that they have reached a $25 billion settlement with the five largest mortgage servicers in the country for “loan servicing and foreclosure abuses.” The breakdown is as follows: Ally Financial ($207M), Bank of America ($175.5M), Citigroup ($22M), JPMorgan Chase ($275M), and Wells Fargo ($87M).

Robo-signing refers to the practice of bank employees signing mass amounts of foreclosure documents without verifying the information. There are numerous accounts of these instances. Beth Ann Cottrell, a manager at JP Morgan Chase, stated in a court deposition that she and a team of 8 others signed upwards of 18,000 documents a month without personal review, many of which were foreclosures or critical affidavits of indebtedness. In another instance, Erica Johnson-Seck, an employee of OneWest Bank, estimated she signed about 750 foreclosure-related documents a week, spending about 30 seconds on each one.

Oftentimes, the people who signed these documents were not even properly authorized to do so, resulting in homes that were fraudulently foreclosed on.

Once these practices were brought to light, four major banks, J.P. Morgan Chase, Ally Financial/GMAC, Bank of America and Wells Fargo halted foreclosure actions in 23 states (BOA halted foreclosures in all 50) because some of its employees “might have improperly prepared the necessary documents.”

Now they are paying the price for their actions.

Federal officials announced this week that they have reached a $25 billion settlement with the five largest mortgage servicers in the country. The breakdown is as follows: Ally Financial ($207M), Bank of America ($175.5M), Citigroup ($22M), JPMorgan Chase ($275M), and Wells Fargo ($87M).

The $25 billion will be distributed in two ways: $20 billion is designated for financial relief to borrowers, and $5 billion in cash will go directly to federal and state government agencies.

Have I Been Robo-signed?

Robo-signing is usually difficult to trace. It requires analyzing a paper trail of signatures in order to determine whether or not the signatory has legal authority. But as the courts filter through these documents, even more complex issues have begun to arise.

As Carlin Phillips, a wrongful foreclosure attorney explains, recently there have been instances of homeowners that were foreclosed on receiving notices from the bank giving them their house back. These notices of rescindence, or wrongful foreclosure, come up to a year after the homeowner has moved out, and in many cases cause more harm than good.

These homes, which have been sitting empty for months, often fall victim to vandalism, illegal activity, and disrepair. The homeowner is then abruptly saddled with the damaged property and forced to pay taxes on it.

Hopes are that new standards and regulations will prevent cases like this from happening again. President Obama recently announced the Home Owner’s Bill of Rights, a set of standards that call for increased communication between banks and homeowners, the discontinuation of dual-tracking (when a home is foreclosed on while the owner is in the process of negotiating a loan modification or bankruptcy), and proper documentation procedures for foreclosures.

Call Toni Real Estate Show - Starting Feb 4, 2012

I really need your help please. I have some amazing news to share with you.

I recently encountered an incredible, once-in-a-lifetime opportunity to represent my community, my industry, and all of the good, hard working people in America. The Real Estate Radio Network and I have reached an agreement that I will be representing their Nationally syndicated brand as the new Host of the Call Toni Real Estate Show.

I will co-host the show with Jason Jerzewski, Director of Business Development and Marketing for Toni Patillo & Associates, LA City Short Sales, and LA City Probate.


The show will air every Saturday on Clear Channel’s Radio Network KTLK AM 1150 from 3pm to 4pm PST, and our first show is scheduled to air on February 4, 2012.

How long we are on the radio will be up to you....

Let me explain. Radio is dependent upon ratings, just like television. However, radio is much harder to track. In order to reach the station's quota, we've been asked to build a fan base of at least 1,000 fans within our first 30 days. In order to achieve that number we're asking that you please become a "Fan of the Show" by clicking HERE, and also share the page with as many friends as you can.

We have always had a passion for educating the public, helping people save money, and achieve the dream of home ownership. We are dedicated to bringing true value to the show every week.

The goal of the “Call Toni Real Estate Show” is to challenge, empower, inspire and educate people to take their lives to a higher more meaningful, purposeful level and provide a balanced view of the current real estate and financial market by offering solutions to improve the quality of our listener’s lives.

Each week, we will have Real Estate and Financial experts share new and fresh ideas with our listeners. If you know of someone that you think would be a great guest, please let us know.

We are extremely excited and grateful for the opportunity, and we hope you will join us on facebook
CLICK HERE FOR THE FAN PAGE

Thank you for your help!

Foreclosure Starts Decline on West Coast

West coast states saw a decline in foreclosure starts in December, according to ForeclosureRadar. In fact four of the five states tracked by ForeclosureRadar’s monthly survey saw double-digit declines.

The exception was Oregon, where foreclosure starts rose by 5 percent.

Foreclosure sales in the West coast states were mixed but “down far less than we expected given lender announcements of holiday moratoriums,” ForeclosureRadar reported.

Foreclosure sales rose in California and Washington and fell in Oregon, Nevada, and Arizona.

Foreclosure timelines declined overall, which was “surprising,” according to California-based ForeclosureRadar.

The greatest drop in foreclosure timeline was seen in California, where the time to foreclose is now 250 days, a 16.9 percent drop from November.

After a 3.2 percent decline, Nevada’s 331 day foreclosure timeline was the greatest, while Washington’s 104-day timeline was the lowest. Washington also posted the lowest rate of change for the month – a 0.9 percent increase.

Arizona’s timeline also increased in December, rising to 145 days after a 2.1 percent increase.

With a 30.6 percent drop, California posted the greatest decline in foreclosure starts in December. Arizona followed with a 24.2 percent decline.

ForeclosureRadar reported a 45.8 percent rise in foreclosure cancellations in December, which it attributes to the closing of a trustee sale location in Norwalk.

Affecting foreclosures in Nevada, which declined 14 percent in December, is a new law requiring lenders to file an additional affidavit.

“Nevada’s new foreclosure rules appear on track to bring a near complete halt to foreclosures in that state.” stated Sean O’Toole, Founder and CEO of ForeclosureRadar.




Source: DSNEWS

How to get a HAMP Loan Modification

After watching this, join our free webinar on the 7 biggest mistakes homeowners make when attempting a loan modification:

Click HERE

California and Nevada AGs Announce Mortgage Investigation Alliance

Attorneys General Kamala Harris of California and Catherine Cortez Masto of Nevada have entered into a joint investigation alliance targeting both mortgage servicers and perpetrators of mortgage-related fraud.

The AGs say the initiative is designed to assist homeowners who have been harmed by misconduct and fraud in the mortgage industry.

The alliance will link the California and Nevada attorney general offices’ civil and criminal enforcement teams in order to speed up investigations of wrongdoing in the two states, which have experienced similar foreclosure and mortgage fraud crises.

“The mortgage crisis is a man-made disaster that has taken a heavy toll on the country, but it saved its worst for California and Nevada,” Harris said. She described the mortgage crisis as “a law enforcement matter,” adding

that she and Masto will pursue prosecution to hold those responsible accountable.

The partnership forged between Harris and Masto illustrates the deep rifts that have developed within the attorney general camp in recent months over robo-signing settlement negotiations.

What started out as a united front of lead counsels from all 50 states has splintered as talks between the AGs and servicers has dragged on for over a year.

Massachusetts Attorney General Martha Coakley filed her own individual lawsuit against the five servicers taking part in the negotiations last week.

The California-Nevada mortgage investigation alliance is the product of weeks of discussion between Attorneys General Harris and Masto to ascertain “the most effective and efficient means of achieving justice” for their respective states, the two said in a joint statement. Tuesday’s announcement formalizes an agreement reached between the two officials last week.

By most measures, California and Nevada have been the states hardest hit by the nation’s foreclosure crisis. The attorneys general note that the crisis in their states are similar because both employ a non-judicial foreclosure system in which a bank can foreclose on a borrower’s home without court oversight.

“The collective result has created a rich opportunity for predators, leading both states to make mortgage-related law enforcement action a top priority,” according to Harris and Masto.


If you know of anyone facing foreclosure please send them to www.CallToni.com or call our office at 310-482-2034.

Source: DSNEWS

4 Keys To Saving For Your Future Home

In this video, we will explore some things to consider when you're getting ready to save for your next home purchase.

CALL US TODAY AT 310-482-2035 or Email Toni@ToniPatillo.com

Mutifamily Properties for the First Time??

If you’re getting ready to purchase your first home, you may want to consider the advantages of leveraging your money through the use of a multifamily property. This can be especially appealing to young families just getting started out or busy couples/singles on the go. So let’s review some of the top benefits of multifamily investing:
First, by purchasing a 3 or 4+ unit within a desirable area, you will immediately start reaping the benefits of home ownership and collecting strong investment income. By finding reliable tenants, you will be able to cover up to a half or more of your mortgage payments.

And you will be consistently paying down principle and building up great equity. When the time comes to upgrade to a different property, the consistent income from you multi-unit home will help to cover a portion of your new mortgage, plus you will already be on the path to building your investment portfolio.
Additionally, instead of driving across town to keep up with maintenance and tenant issues, you will essentially be your own on property manager. This makes it infinitely easier when trying to collect rent or conduct showings, and you don’t need to pay another party to keep up with your home.

Next, in today’s market, cash flow is of the utmost importance. Nothing is worse for a new investor then when the property goes vacant for months. With a multifamily unit, you can alleviate the fear of being stuck with the full amount of mortgage payments, because typically your home should be at least 50% occupied.
Finally, you will be learning the ins and outs to one of the most effective investment strategies available. Purchasing your first multi unit will teach you all about how to buy, repair homes, market your property to tenants, collect rent, and how to invest your income into future properties.

Therefore, it is worth considering a multifamily home for your first purchase. Before choosing an area to live in and searching for a property that fits your needs, it will be to your advantage to consult an experienced Realtor within you local area that can give you professional guidance.

Contact us today to start learning more about the opportunities available to you and to discover where you can make a wise investment for your financial future! 310-482-2035 or Toni@tonipatillo.com

Weird Video Makes You Think??

How many money trees are you walking by without noticing?

Thinking of Selling Your Home FSBO??

If you’re looking to sell your home in the near future, you may feel inclined to list it as a For Sale By Owner (FSBO) before working with a Realtor. For many, this is considered one good way to cut back on costs and possibly earn a little more profit on the sale.
However, there are certain aspects you may want to consider before going down this path. Statistically, over 80% of FSBO’s end up being listed with a Realtor at some point. Therefore, it pays to take the time to fully assess whether or not this is the right plan of action for you.

Properly Marketing Your Property

First of all, listing a home for sale can be a very time consuming and difficult process. Unfortunately, this typically is not as easy as posting a sign in the yard and setting up a classified ad in the local newspaper. There is certainly a lot more than meets the eye.
For instance, many FSBO websites will tout that you can obtain a wide exposure to buyers nationally, but this pales in comparison to the results that you can expect from big named sites like Realtor.com, which only agents can post to.
Next, your agent will have a lot of expertise with implementing online real estate marketing strategies that will gain you a ton of locally targeted searches. And in fact, nearly 90% of all searches for real estate related inquiries start online.
Realtors will also have a strong network of both agents and buyers that they work with on a regular basis. This is a business where it pays to network. More contacts equals greater exposure.

Asking Price & Showings

For starters, a lot of FSBO’s will start at the wrong asking price. This is by far one of the most important factors that goes into marketing your home, so you want to do this properly off the bat. But, without being fully invested in your local market and understanding the current trends, it can be difficult to price the home accurately.
As alluded to in section one, selling a home can be a lot of work. Most individuals these days have to juggle a full time job, family obligations, recreational activities, household chores, etc. Where do you find the time for fully investing into the sale as well?
When the opportunity would arise for interested parties to view your property, you would need to schedule individual showings, open houses, inspectors, appraisers, etc., while also trying to stage and maintain your property’s appearance. Miss out on a good opportunity for matching schedules and you can quickly lose interest.

Negotiations & Contracts

If you get to the point where you negotiate with a buyer, it is much more difficult to handle this aspect without a qualified agent. Selling your home can be a very emotional undertaking, so it is easier to set unrealistic expectations, or to even concede on more than necessary when you don’t have a 3rd party buffer.
During most real estate transactions, both the buyer and seller will typically have a set of concessions and contingencies. For a majority of buyers, they will expect to have some type of a financing, inspection and/or termite contingency.
This is set up for their protection, in order to complete their due diligence on the home before moving forward to closing. If other issues are found, this may even been grounds for further negotiation or eventually walking away from the deal.
Or you will be expected to lower the price, fix the issue or offer a concession on something else in order to alleviate the problem. Likewise, you want to ensure that the buyer is not overstepping their boundaries or that you are pressured into giving away more than is reasonable.
In summary, it’s worth taking the time to carefully consider these 3 areas before making any final decisions. If you still decide to take the FSBO route, we sincerely wish you great success. Also, please feel free to share our information with a friend and to bookmark our page for future reference as well!


Call us today at 310-482-2035 or email Toni@tonipatillo.com