~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
Southern California Inland Empire real estate market trends and updates.
Realtor Tina Jan helps Southern California home buyers and sellers. Her market area is Beaumont, Banning, Cherry Valley, Yucaipa, Calimesa, San Jacinto, Hemet, Redlands, Loma Linda, Riverside, Moreno Valley, Fontana, Highland, Rancho Cucamonga, Upland, and other local Inland Empire cities.
Hey everyone, July 4th is just around the corner. It doesn't matter where you live in the Inland Empire, there is bound to be a July 4th celebration nearby. To help you out this year, here is a list of events that will be taking place on July 4th. Find the closest location to you (the cities are in alphabetical order), then click the city event link for more details!
Barstow Annual Fireworks Spectacular - 5k run at 7:00 am, Gates open at 5:00 pm, Fireworks at 9:00 pm. At the Robert Sessions Memorial Sportspark.
Beaumont - 4th of July Celebration to Feature Food, Fun, Games, and
Free Entertainment for All. Beginning at 5:00pm at Stewart Park, located on Maple Avenue between 9th Street and 11th Street
Big Bear 4th of July Fireworks- Fireworks begin between 8:45-9:15pm. Viewable from any of the public parks or the best spot, from a boat on the Lake. Big Bear Lake Village, The 7th annual Pine Knot Village Art Walk.
Chino Hills Old-Fashioned Fourth of July Picnic- Starts 10:30 am and goes till 3:00 pm. At the Big League Dreams Sports Park
Claremont 4th of July Celebration- Gates open 6:30 pm, show starts 9:00 pm. At the Pomona College Strehle Track
Corona 4th of July Events- Parade starts 10:00 am on Main Street, Festival starts 4:00 pm Santana Park, Fireworks start shortly after the formal program at 8:15 pm.
Crestline - Jamboree Days Festival in down town Crestline! Celebrating 103 Years of
Mountain Living!
Street Faire: 9:00 am - 6:00 pm
Parade Starts: 10:00 am
Live Music & Vendors!
For more information: 338-2706
Fontana - Red, White, and Cruise - At the AutoClub Speedway, begins at 2 pm and will feature live entertainment from country star Jimmy Wayne and American Idol Winner, Taylor Hicks. The event will also include live entertainment, Children’s Fun Zone, Patriotic Zone, Women’s Zone, Men’s Zone, Spectacular Fireworks Show and Parade, and a Car Cruise and Show.
Indio Fourth of July Festival- Riverside County Fairgrounds, more information call 760-391-4175
Lake Arrowhead Fireworks! July 4th starting at 9:00 pm. For more information please call:
The Arrowhead Lake Association: 337-2595
Palm Desert Concert and 4th of July Celebration- Festival starts at 7:30pm and Fireworks start at 9:00pm with synchronized music broadcast
Palm Springs Power of 4th of July- Gates open at 5:00 pm, Game starts at 6:05 pm, Fireworks at 9:15 pm. At the Palm Springs Stadium
Pomona Fairplex Kaboom- Monster Truck and Big Air Freestyle Motocross at 8:00 pm, Fireworks Spectacular at 9:15 pm.
Rancho Cucamonga Fireworks Celebration- Park opens at 5:00 pm, Enterainment at 6:00 pm, Fireworks at 9:00 pm. At the Rancho Cucamonga Epicenter
Redlands Community 4th of July Celebration - Picnic at 10:00 am, Enterainment at 11:00 am, Parade at 4:00 pm, Live show at 7:00 pm, Fireworks at approximatley 9:00 pm. At University of Redlands
Riverside 4th of July at Community College- Gates open 6:00 pm, Fireworks at 9:00 pm. At the Riverside Sports Complex. A Free, Family-oriented Event at White Park in Downtown Riverside Saturday, July 4th 7:00 PM –9:00 PM
Temecula 4th of July Parade and Fireworks Show- Old Town Temecula, 2:00-9:00 pm
San Jacinto Independence Day Celebration- Parade at 6:00 pm, Fireworks at 9:00 pm. At the Francisco Estudillo Hertiage Park.
Victorville Prepares for 4th of July Spectacular - Live entertainment includes performances from Polynesian dancers, Happy Havoc, and the Joe Campbell Band. The fireworks begin at 9 P.M., so come prepared for the show of the season!
FORECLOSURE vs. SHORT SALE
Homeowner (Borrower) Consequences
Issue | Foreclosure | Successful Short Sale |
Future Fannie Mae Loan (Primary Residence1) | A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period of 5 years. | A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage after only 2 years. |
Future Fannie Mae Loan (Non-Primary Residence2) | An investor who allows a property to go to foreclosure is ineligible for a Fannie Mae-backed investment mortgage for a period of7 years. | An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed investment mortgage after only 2 years. |
Future Loan with any Mortgage Company | On any future application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 form that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" | There is no similar declaration or question regarding a short sale. |
Credit Score | Score may be lowered anywhere from 250 to more than 300 points. Typically affects a credit score for over 3 years. | Only late payments show; and after sale, mortgage typically reported ‘paid as agreed', ‘paid as negotiated', or ‘settled'. This can lower the score as little as 50 points if all other payments are being made. A short sale's effect can be as brief as 12 to 18 months. |
Credit History | Foreclosure will remain as a public record permanently, and on a person's credit history for 10 years or more. | A short sale is not reported on a credit history. There is no specific reporting item for ‘short sale'. The loan is typically reported ‘paid in full, settled'. |
Security Clearance | Foreclosure is the most challenging issue against a security clearance (besides a felony conviction or serious misdemeanor). With a foreclosure on the record of a police officer, law enforcement, military servicemember, CIA employee, or any position requiring a security clearance, clearance will be revoked and position will be terminated (in almost all cases). | On its own, a short sale does not challenge most security clearances.3 |
Current Employment | Employers have the right and are actively checking the credit of all employees who are in sensitive positions. In many cases, a foreclosure is reason for immediatereassignment or termination. In some states, your real estate license (or other state licenses) may be revoked. | A short sale is not reported on a credit report and is therefore not a challenge to employment.4 |
Future Employment | Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. | A short sale is not reported on a credit report and is therefore not a challenge to future employment.5 |
Deficiency Judgment | In deficiency states, 100% of foreclosuresthe bank has the right to pursue a deficiency judgment. In non-deficiency states (such as CA), even after a foreclosure, a deficiency judgment may still be pursued by junior lienholders (2nd and 3rd trust deed holders); or by holders of non-recourse loans (such as a HELOC with a personal guarantee). | With a successful short sale negotiation, the lender can agree to give up the right to pursue a deficiency judgmentagainst the homeowner. |
Deficiency Judgment (amount) | In a foreclosure, the home will either sell at auction or the lender will take it back and sell it as an REO. This typically results in a lower sales price and longer sell-time in a declining market, which results in a higher possibledeficiency judgment (in those states that allow such). | In successful short sale, the home is sold at a higher price than an auction or REO sale, resulting in a lower deficiency. |
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1 Fannie Mae Announcement 08-16: Michael A. Quinn, Senior Vice President, Single-Family Risk Officer.
2 Fannie Mae Announcement 08-16: Michael A. Quinn, Senior Vice President, Single-Family Risk Officer.
3 Short sales are currently not explicitly reported on a credit report.
4 Short sales are currently not explicitly reported on a credit report.
5 Short sales are currently not explicitly reported on a credit report.
Data source compliments of Distressed Property Institute, http://www.cdpe.com/distressed-property-institute.html
NOTE: This is NOT a substitute for professional advice, home sellers should contact their real estate attorney, their CPA, and their financial/credit counselor before selecting an exit strategy.