Real Estate Information Archive

Potentially Lower Your Property Taxes

For those of you that want have the county do an assesment review of your property taxes because of declines in property values, we are providing the links to print the assesment evaluation document for Orange County and Los Angeles County. 

It's very simple and the instructions are on the page on how to properly fill out the document.

Click on the link below to be directed to the PDF for the Orange County property assesment review.

Orange County

Click on the link below to be directed to the PDF for the Los Angeles County property assesment review.

Los Angeles (Click on "Application for Decline in Value Reassessment").

Are You Nervous About Your Investments?

Are You Sick Of Seeing Your Retirement Dwindle Down To Nothing?

             With such an overwhelming number of investment options, one of the most important decisions you can make is to seek the assistance of a trusted, qualified wealth consultant.  

We are excited to be able to add to our services, we now offer a full suite of financial services.  

• Rollovers
• Acces to Investments
• Life Insurance
• Retirement Planning
• Annuities
• College Plans

Let us help you with all your investment needs.  Whether you are a newly-wed who is just starting out, a successful business owner, a single mom, or a retiree from age 65-85 we can help create a custom financial strategy that is built for you. 

Contact me directly at (562) 746-3811 or Chris.Gonzales@LPL.com.

Sincerely,

Chris Gonzales

CA Insurance Lic# 0G38640
LPL Wealth Consultant

Direct: 562-746-3811

Office: 818-689-0876

Securities offered through LPL Financial, Member FINRA/SIPC

$8,000 Tax Credit For Home Buyers

Are you currently looking to buy in Downey, Lakewood, Huntington Beach, or anywhere in South East Los Angeles, or North Orange counties???   Well the $8,000 tax credit for first-time home buyers should entice some first-time home buyers to “jump-in” and buy a home.  There has never been, and we're not sure if there ever will be another time when you will actually get payed to buy a home.  Not only do you get this $8,000 tax credit, but if you buy in this real estate market, you are buying homes at a discount because prices are EXTREMELY low right now.

FOR EXAMPLE:
Huntington Beach-You can buy a 3 Bed 2 Bath home in Huntington Beach for close to $400,000 when that same home 2 years ago was going for a least $750,000.

Downey-You can buy a 3 Bed 2 Bath home in the city of Downey for close to $300,000 when that same home was going for $600,000 2 years ago. 

Here are some of the details of the tax credit.  Please don't miss out on this great opportunity!!!

• Available only to first-time home buyers
• The tax credit is not a loan and does not require repayment*

  *If the home is sold within 3-years, the $8,000 tax credit must be re-paid

• The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
• Home purchase must be for a primary residence
• The credit is available on home purchases between January 1, 2009 and December 1, 2009
• If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
• The credit is not eligible if the seller is a relative of the buyer

Earlier today, President Obama unveiled the Homeowner Affordability and Stability Plan, which will offer assistance to as many as 9 million homeowners, while attempting to prevent the destructive impact of foreclosures on families and communities.

The plan contains three main components, and only applies to primary residences. The loans referenced in the plan cannot exceed Freddie Mac/Fannie Mae conforming loan limits.  I’ve outlined the plan in greater detail below.

The first component is directed toward homeowners suffering from falling housing prices who still have equity in their homes, but no longer have the 20 percent equity needed to refinance.  Under the plan, homeowners who have conforming loans owned or guaranteed by Freddie Mac and Fannie Mae will be allowed to refinance their homes, even if they do not have 20 percent equity left in the house. The U.S. Treasury Dept. estimates that about 5 million homeowners will be helped by this portion of the program.

The second component, known as the Homeowner Stability Initiative, is designed to assist homeowners who are “underwater” on their mortgages. The $75 billion initiative will bring together lenders, servicers, and the government so that all stakeholders share in the cost of the modification.  Primary mortgages would be reduced to monthly payments that do not exceed a 38 percent debt-to-income ratio, with the costs of doing so borne by the lender. The government and lender then would split the costs of further reducing the monthly payments until they were at a 31 percent debt-to income ratio. An important aspect of the initiative is that homeowners do not have to be delinquent to participate.

The Homeowner Stability Initiative also will create incentives for servicers, mortgage holders, and homeowners. Servicers would receive an up-front fee of $1,000 for every eligible modification meeting the initiative’s guidelines. Guidelines are scheduled to be released by March 4. Mortgage holders will receive an incentive payment of $1,500, and servicers $500, for modifications made on loans that are current but at risk of imminent default.

The final aspect of the Homeowner Stability Initiative is creating clear and consistent guidelines for loan modifications. The Obama Administration plans to work with federal agencies, banking and credit union regulators, and the private sector in order to develop loan modification guidelines that can be implemented across the entire mortgage market. While adoption of the guidelines will be voluntary for the private sector, all financial institutions receiving Financial Stability Plan assistance going forward will be required to implement the loan modification guidelines.

The government estimates that between 3 and 4 million homeowners will benefit from the Homeowner Stability Initiative component of the plan.

The third component of The Homeowner Affordability and Stability Plan is supporting low mortgage rates by strengthening Fannie Mae and Freddie Mac.  The Treasury Dept. plans to increase their Preferred Stock Purchase Agreements with both Fannie Mae and Freddie Mac from its current $100 billion in both entities to $200 billion in each. The Treasury Dept. also will continue to purchase Fannie Mae and Freddie Mac mortgage-back securities in order to help promote stability and liquidity in the marketplace.  Additionally, the Treasury Dept. will increase Fannie Mae and Freddie Mac’s portfolios by $50 billion, for a total of $900 billion. The Obama Administration will work with Fannie Mae and Freddie Mac to support state housing finance agencies in serving home buyers, such as CalHFA. Funding for this will not come from TARP money but from the Housing and Economic Recovery Act.

While some of the details still are being developed, such as the modification guidelines, the Obama Administration plans on using programs and funding already allocated for The Homeowner Affordability and Stability Plan and will need little legislative approval for programs under the plan.

We’ll keep you updated on the Homeowner Affordability and Stability Plan as more details and information become available to us.

Sincerely,

Maria Palacios & Assoc.
Mother & Son Team

Member FINRA/SIPC

We are so excited to be able to add to the list of services that we can provide to our clients as real estate professionals.  Chris Gonzales is now a Licensed Financial Advisor and now does full service financial planning.  This designation and ability enables us to give our clients the full service that they deserve, helping them begin to build their wealth, providing them with Life Insurance to protect their families,  and helping them grow the assets that they currently have more effectively, paving the way to a secure retirement. 

Don't think that you have to be a millionaire to begin saving and investing for your future.  Many programs need very little to get started.  The sooner you begin the more you'll have available to you in the end.  Let us show you the new services that we have to offer established to help investors meet all their financial goals through a wide range of financial services. 

We now offer the services of:

- 401k Rollovers
- Openning a retirement account (Many options:401K, Annuities or IRA for retirement savings, etc)
- Life Insurance (Universal Life, Whole Life, Term-Life)
- Mutual Fund Investing (Agressive Funds, as well as Conservative)

For any questions you may have you can contact Chris directly and (888) 746-3811.  He will be able to answer any questions you may have about any of the above programs.   

It's the time of year when we're thinking about making things better - ourselves, our famililes, our homes, and our budgets.  As you're making your resolutions, consider these 10 tips:

1.  Before you buy, ask yourself these questions: Do I need this? Do I need something new right now? Does is have too much packaging?  What will I do with this when I no longer need it?

2.  Stop making "wish lists."  Whether you make them online, write them on a scrap of paper, or keep them in your head, wish lists keep you thinking about what you want but don't have. 

3.  Start your excercise, weight loss, or other self-imporvement program on borrowed or shared equipment.  If you stick with the program or hobby, you can purchase your own supplies and equipment later, if you need them. 

4.  Precycle.  You do this by shopping for groceries and other products with recycling in mind.  Know what you can recylce and choose products packaged in those materials.  Better yet, try to buy items with no packageing whenever possible.  For example, if you need a bunch of bannas or two apples, you don't need a plastic produce bag. 

5.  Commit to recycle-content products.  Succesful recycling programsdepend on having manufacturers us your recyclables.  If you need a new fleece vest or jacket, look for fleece made from recycled soft-drink bottles.  Did the dog ruin your carpet?  Select recycled-content carpet.

6.  Take an inventory at home. Do you have supplies for a hobby that you never started?  Now would be a good time to begin.  Do you have books on your shelf that you never read?  Don't buy a new book; read one you already own.  The same goes for movies; have you watched all the DVD's you have at home?  if not, start now . 

7.  Find your library card.  The library is a great resource for no-cost entertainment.  Look for books, magazines, CD's, movies, and more period.

8.  Scan your pantry shelves for food that your family won't eat.  We all have canned and boxed goods that we purchased but never get around to eating.  Check the "use by," or,"Best by" dates and donate unexpired items to a local food pantry or other non profit organization. 

9.  Give more of your time and talent.  If you're feeling that you can't afford to donate as much of your money to your favorite causes, commit more of your time and energy. 

10.  Start thinking now about planting a garden this year.  A garden can be a relaxing hobby and also a good source of food for your family.  Even if you just have a small patio, consider planting tomatoes or peppers, which can grow in a pot.

A well maintained home or buesiness is a positive value which should be encouraged.  Keep Downey Beautiful has a yearly Beautification Awards Program for the purpose of "recognizing and enoutaging beautification efforts."  The awards program is divided into four categories which are:  Home, Business, Multi Family, and Home Improvement. 

The following criteria apply to all categories

-Pride exhibited in the property
-Excellence in exterior property upkeep and maintenance
- Creativeness in the exterior of the property, in relation to the surrounding neighborhood
- Positive neighborhood impact

Nominations will be accepted between Jan 1 and April 1.  For additional information, please call Keep Downey Beautiful at 562-904-7159.

In this real estate market you need someone working for you that knows how to negotiate with your bank in your best interest.  A Short Sale can be a very long, stressful and complex process.  Maria and her team have a special designation, recognized by banks across the nation of being Certified Distressed Property Experts.  Maria has been helping people negotiate settlements on their homes, saving them from foreclosure and saving their credit ever since this real estate market took a turn for the worse for home owners. 

Experts say that this market is going to stay the way it is for at least another 2 years and buyers will be seeing more and more short sales when they search for homes on-line.  Currently almost every house on the market is a short sale and many home owners are having to make very tough decisions with their homes.  They have to decide on whether or not they want to keep making payments on a home that they paid twice the value than it is worth in today's market, or face the consequences of giving their home up. 

If you are contemplating on doing a short sale on your home or if you have any questions on how the process works, please speak to us before you make a decision.  It is extremely important that you work with someone that knows how to negotiate with your bank on your behalf.  Don't make the mistake of hiring a part time agent, or a family member that does real estate on the side just because you may already know them.  We have come across many sellers that regretted making a decision to work with a friend or family member that doesn't really know how to handle this real estate market.  They were upset mostly about all the time that was waisted, by nothing being done properly to effectively sell their home.  

Hire a professional that knows the "In's and outs" of this business.  We understand that many people are hurting out there and it is our desire to help people stuck in these difficult circumstances, to get out as smoothly and as easy as possible. 

Please feel free to contact Maria anytime with any questions. (877) 883-1003