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If you are Bank of America and you have 1000s of vacant homes that are literally rotting..becoming neighborhood hazards what do you do?

Tear them down.

If you don’t demo the unsold, unwanted properties the banks are on the hook for the property taxes, the property violations, crime, utilities…etc.

Expect more unsold properties to be demolished and the foreclosure rates continue to climb through 2012 into 2013.

Foreclosure Rescue Scams!

by Leticia & Associates

Beware of Foreclosure Rescue Scams

Foreclosure rescue and mortgage modification scams are a growing problem. Homeowners must protect themselves so they do not lose money—or their home.

Scammers make promises that they cannot keep, such as guarantees to “save” your home or lower your mortgage, oftentimes for a fee. Scammers may pretend that they have direct contact with your mortgage servicer when they do not.

The Federal government provides free resources to get you the help you need. Homeowners can call the Homeowner’s HOPE™ Hotline at 1-888-995-HOPE (4673) for information about the Making Home Affordable Program and to speak with a HUD-approved housing counselor

 Tips to Avoid Scams



1.  Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan. It is likely a foreclosure scam if you are being asked to pay money up front to negotiate a loan modification on your behalf if the company is not a law firm or a DRE approved Real Estate Broker.


2.  Scam artists often target homeowners who are struggling to meet their mortgage commitment or anxious to sell their homes. Recognize and avoid common scams.


3. Banks do not send Realtors to your home to list your home for sale. You own the home you pick the realtor.  The bank is not allowed to give information about your situation to the public including telling you what agent to use. That agent is a scam.


4.  Beware of people who pressure you to sign papers immediately, or who try to convince you that they can “save” your home if you sign or transfer over the deed to your house.


5.  It is likely a foreclosure scam if someone offering you a deal tells you that a real estate agent or title company is not required in the transaction. 


6.  Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.


7.  It is likely a foreclosure scam if someone says they can cancel your mortgage all together and stop foreclosure due to an error in your loan documents. 


8.  Finally, it is likely a foreclosure scam if the buyer tells you he will buy your house for the sum of the mortgages you owe and an additional amount of money which he will pay in cash. 


9.  It is likely a foreclosure scam if you are told that the buyer will be taking over the payments of the house


10.  Never make a mortgage payment to anyone other than your mortgage company without their approval.


12. Agents or investors that want you to sell your home directly to an investor without putting the home on the MLS.  Lenders want to see the home marketed to the public to obtain the highest and best offer.


13. Banks do not send Realtors to your home to list your home for sale. You own the home you pick the realtor.  The bank is not allowed to give information about your situation to the public including telling you what agent to use. That agent is a scam.


 If you believe you have been the victim of mortgage fraud, contact the Attorney General’s office in your state of residence.


Home Affordable Foreclosure ALternatives Program

by Leticia & Associates


Treasury Department releases new Home Affordable Foreclosure Alternatives Program (HAFA)


On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP).

HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure used to avoid foreclosure on a loan eligible for modification under the HAMP program.

 Loan Servicers participating in HAMP are also required to comply with HAFA.

HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.

HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure. HAFA:


  • Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
  • Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
  • Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
  • Uses standard processes, documents, and timeframes/deadlines.
  • Provides financial incentives: $3,000 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).
  • Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.


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Contact Information

Photo of Leticia & Associates Real Estate
Leticia & Associates
Keller Williams Vision
15325 Fairfield Ranch Rd Ste 100
Chino Hills CA 91709-8834
(909) 731-8187
(909) 731-8187 cell/text

We can assist buyers, sellers, investors, first time home buyers, relocations, and is a certified short sale specialist in todays real estate market. We provide real estate services in Chino Chino Hills and the surrounding communities of Corona, Diamond Bar, Fontana, Ontario, Rancho Cucamonga, and Upland, Yorba Linda, Brea, La Habra. 

This website created and maintained by
Kim Hughes - Real Estate Virtual Assistant

CA BRE No. 01885348