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Get the BEST Service in Retirement Planning!

by Southern Californias Top Producing Mother & Son Te

LPL Financial Ranked # 2 in J.D. Power and Associates 2009 U.S. Full Service Investor Satisfaction Study; Receives Highest Score Among All Study Participants in Financial Advisor Satisfaction


-          Financial Advisor Satisfaction Deemed Most Important of All Factors Measured in Study This Year –


-          Results Demonstrate Client Commitment of LPL Financial Advisors -


Boston, MA – [date] – LPL Financial Corporation (“LPL Financial”), the nation’s largest independent broker-dealer, is proud to announce its number two ranking out of 14 leading financial services companies in the J.D. Power and Associates 2009 U.S. Full Service Investor Satisfaction Study.  The J.D. Power and Associates U.S. Full Service Investor Satisfaction Study measures investor satisfaction with full service investment firms across the country, and is released on an annual basis by J.D. Power and Associates, a global marketing and information company that represents the voice of the customer.


LPL Financial also announced its receipt of the highest scores among all the study’s participants in the area of Financial Advisor Satisfaction.  Financial advisor satisfaction was the most important of six factors on which investor satisfaction was measured, including, in order of importance:  Financial advisor, convenience, investment performance, account offerings, account statements and fees. 


Additionally, LPL Financial achieved scores ranging from “Among the Best” to “Better than Most” – the two highest scores possible – across all of the categories of the study, as shown in the Power Circle ratings on


Bill Dwyer, president of National Sales and Marketing at LPL Financial, said, “We are delighted with the receipt of the highest scores of all study participants in the area of Financial Advisor Satisfaction, deemed the most important of all factors measured this year by this critical industry study of investor satisfaction.  It is particularly noteworthy that this recognition comes at a time when high-quality, comprehensive support from independent financial advisors is in greater demand by the investing public than ever before.  As such, this positive distinction is entirely due to the efforts of the independent financial advisors we serve, and we congratulate them. 


“In our view, the study results demonstrate the outstanding work of our advisors on behalf of their clients, and serve as a testament to the ongoing strong commitment LPL Financial advisors have to providing unbiased, conflict-free financial advice and solutions to households across their local communities.  We salute the efforts of LPL Financial advisors throughout the country, and we are proud to be partnered closely with them.”


About LPL Financial

LPL Financial is one of the nation’s leading financial services companies and largest independent broker/dealer (based on total revenues as reported in Financial Planning magazine, June 1996-2009). Headquartered in Boston, Charlotte, and San Diego, LPL Financial and its affiliates offer industry-leading technology, training, service, and unbiased research to 12,294

financial advisors, 780 financial institutions, and over 4,000 institutional clearing and technology subscribers. As of year-end 2008, LPL Financial had $233.9 billion in brokerage and advisory assets and revenues of $3.1 billion. LPL Financial and its approximately 2,450 employees serve financial advisors through Independent Advisor Services, supporting financial advisors at all career stages; Institution Services, focusing on the needs of advisors and program managers in banks and credit unions; and Custom Clearing Services, working with broker/dealers at leading financial services companies. For additional information about LPL Financial, visit

Government Helping with Modifications-"Making Home Affordable Program"

by Southern Californias Top Producing Mother & Son Te

Below is an article we found on the US Dept of Treasury that gives some progress on the program that the government is trying to implement to help homeowners stay in their home. 


August 4, 2009

Making Home Affordable Program on Pace to Offer Help to Millions of Homeowners
Public Release of Data Provides Transparency on Servicer Performance

WASHINGTON – Today, the Obama Administration released its first monthly Servicer Performance Report detailing the progress to date of the Making Home Affordable (MHA) loan modification program.  The purpose of the report is to document the number of struggling homeowners already helped under the program, provide information on servicer performance and expand transparency around the initiative.

On February 18, the Obama Administration announced its comprehensive plan to stabilize the U.S. housing market.  Two weeks later on March 4, the Administration published detailed program guidelines and authorized servicers to begin modifications immediately.  MHA provides $75 billion for sustainable mortgage modifications through the Home Affordable Modification Program (HAMP). 

MHA has made rapid progress in a few short months.  Servicers covering more than 85 percent of loans in the country are already modifying loans under the program. More than 400,000 modification offers have been extended and more than 230,000 trial modifications have begun.  This pace of modifications puts the program on track to offer assistance to up to 3 to 4 million homeowners over the next three years, our target on February 18.  

Today's report discloses performance on a servicer-by-servicer basis in order to increase transparency for participating institutions.  The data show that servicer performance has been uneven.  The Administration has asked servicers to ramp up implementation to a cumulative 500,000 trial modifications started by November 1, 2009. This would more than double in three months the number of trial modifications started in the first five months of the program.    

The Administration is taking additional steps to improve performance.  On July 9, Treasury Secretary Tim Geithner and Housing and Urban Development Secretary Shaun Donovan wrote the CEOs of participating servicers calling upon them to redouble their efforts to increase staffing, improve borrower response times and streamline the application process.  Senior Administration officials discussed the importance of these steps in a face-to-face meeting with servicer executives on July 28.  The Administration will develop more exacting metrics to measure the quality of borrower experience, such as average borrower wait time for inbound inquiries, completeness and accuracy of information provided applicants, and response time for completed applications.  As an additional protection for borrowers, the Administration has asked the program compliance agent, Freddie Mac, to develop a "second look" process to audit MHA modification applications that have been declined on an ongoing basis.

Making Home Affordable

MHA On Pace to Offer Help to Millions of Homeowners

1.      Program On Pace to Help up to 3-4 Million Homeowners Over the Next Three Years

  • More Than 230,000 Trial Modifications Started
  • More Than 85 Percent of Mortgage Market Covered by Participating Servicers

2.      Performance Metrics Aimed at Improving Consistency of Servicer Performance

  • Description of Metrics Used to Measure Servicer Performance
  • Servicer Performance Metrics Show Uneven Progress in Implementation
  • Target of 500,000 Cumulative Trial Modifications Started by November 1, 2009

3.      Public Report Increases MHA Program Transparency


1.      Program On Pace to Help up to 3-4 Million Homeowners Over the Next Three Years


  • More Than 230,000 Trial Modifications Started

No program has previously attempted to modify so many mortgages at such affordable terms for borrowers.  The Administration is seeing real results – modifications that provide long-term solutions for borrowers.

o    In 2008, 42 percent of modifications by the largest servicers lowered monthly payments.  Under the MHA modification program, 100 percent of borrowers starting trial modifications have had their payments reduced.

  • More Than 85 Percent of Mortgage Market Covered by Participating Servicers

o Thirty-eight servicers have signed Servicer Participation Agreements (SPAs) to participate in the program.  These 38 servicers service many types of loans, including Fannie Mae and Freddie Mac loans, private label loans and loans in portfolio.

o Approximately 2300 servicers that service Fannie Mae and Freddie Mac loans are automatically participating in HAMP. 

2.      Performance Metrics Aimed at Improving Consistency of Servicer Performance

  • Description of Metrics Used to Measure Servicer Performance

The Administration has established a servicer-by-servicer performance metric to enhance overall program performance.

      • The report includes the absolute number of trial modifications begun by each servicer. 
      • The report also includes a simple performance metric which measures each servicer's performance relative to an estimate of the servicer's HAMP eligible loans.
        • The performance metric used in the report is trial modification starts as a share of estimated HAMP eligible loans. 
        • Many loans are eligible for HAMP that are not included in the estimated HAMP eligible loans in the public report, including current borrowers in imminent default.
        • This measure of estimated HAMP eligible loans was developed solely to provide a common denominator across which to compare performance of servicers. 


    • Servicer Performance Metrics Show Uneven Progress in Implementation

The metric measuring comparative servicer performance shows uneven ramp-up, and substantial variation in the pace of modifications.  To improve performance, the Administration has asked servicers to commit to starting 500,000 trial modifications by November 1, 2009 and to establishing exacting metrics to monitor servicer specific program performance.

3.      Public Report Increases HAMP Program Transparency

Today's report will provide transparency into program results on a servicer specific basis. 

    • Reports Will Be Issued on a Monthly Basis

The Administration expects to issue reports detailing the progress of modifications under the HAMP program each month. This report will be updated to include additional metrics and results as the program progresses and more data becomes available.

Can a bank pursue a Deficiency Judgment on a Short Sale

by Southern Californias Top Producing Mother & Son Te

We just returned from a very special real estate conference that we attend every year as part of our continuing education in real estate.  One of the sessions really caught our attention because it was on short sales and how the bank may be able to pursue deficiency judgments against home owners that are in the unfortunate circumstance of losing their homes. 

 Our primary market area comprises of Downey, Whittier, Pico Rivera, South Gate, and a few other cities bordering these areas.  There are many homeowners in these areas that have pursued modifications on their homes to lower their payments and stay in their homes but the majority of the time the offer that the bank proposes to the homeowner is still significantly higher than what the homeowner is able to pay.  It’s at that point that sellers have 2 options.  They can either go into foreclosure, or they can contact an experienced realtor to sell their property in what is called a short sale. 

The short sale is always the better alternative to going into foreclosure because it can save the owners credit rating.  Rather than have a foreclosure on your credit rating for the next 7-10 years, the short sale saves the owner from having that on their credit rating. 

Now the other MAJOR benefit of a short sale, especially here in California is that the homeowner’s lender is unable to pursue a deficiency judgment against the home owner.  California is 1 of 6 states that prevents banks from pursuing these deficiency judgments against the home owners.  This is HUGE for homeowners here in California because that means that a bank CANNOT come after the homeowner in the future demanding payment on the portion of the loss that the bank took. 

We recently closed a short sale in Pico Rivera.  The house sold for $261,000 and the owner owed over $400,000 on the loan.  The bank took a loss of $139,000.  If we were in another state that allowed for banks to pursue a deficiency judgment than the seller could POTENTIALLY/THEORETICALLY be liable to the bank for the deficiency.

We hope this helps you in understanding what short sales and deficiency judgments are.   Once again, California is 1 of 6 states that does not allow banks to pursue these judgments against homeowners which is a HUGE plus for homeowners struggling to keep their homes because it will allow them to bounce back a lot sooner.

If you know of anyone that is in need of our assistance, please send them our way.  We’ll make sure that they are well informed about the process and do our very best to help them through this difficult time. 


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Photo of The Mother & Son Team - Maria Palacios & Chris Gon Real Estate
The Mother & Son Team - Maria Palacios & Chris Gon
Berkshire Hathaway HomeServices, California Properties
16911 Bellflower Blvd
Bellflower CA 90706
(877) 883-1003
Fax: 562-381-9113