Understanding Foreclosures

It is an unfortunate commentary, but when economic activity declines and housing activity decreases, more real property enters the foreclosure process. High interest rates and creative financing arrangements are also contributing factors.

When prices are rapidly accelerating during a real estate “bonanza”, many people go to any lengths available to get into the market through investments in vacation homes, rental housing and trading up to more expensive properties. In some cases, this results in the taking on of high interest rate payments and second, third and even fourth deeds of trust. Many buyers anticipate that interest rates will drop and home prices will continue to escalate. It is possible that neither will occur and borrowers may be faced with large balloon payments becoming due. When payments cannot be met, the foreclosure process looms on the horizon.

In the foreclosure process, one thing should be kept in mind: as a general rule, a lender would rather receive payments than receive a home due to a foreclosure. Lenders are not in the business of selling real estate and will often try to accommodate property owners who are having payment problems. The best plan is to contact the lender before payment problems arise. If monthly payments are too hefty, it may be that a lender will be able to make some alternative payment arrangements until the owner’s financial situation improves.

Let’s say, however, that a property owner has missed payments and has not made any alternate arrangements with the lender. In this case, the lender may decide to begin the foreclosure process. Under such circumstances, the lender, whether a bank, savings and loan or private party, will request that the trustee, often a title company, file a notice of default with the county recorder’s office. A copy of the notice is mailed to the property owner.

If the default is due to a balloon payment not being made when due, the lender can require full payment on the entire outstanding loan as the only way to cure the default. If the default is not cured, the lender may direct the trustee to sell the property at a public sale.

In cases of a public sale, a notice of sale must be published in a local newspaper and posted in a public place, usually the courthouse, for three consecutive weeks. Once the notice of sale has been recorded, the property owner has until 5 days prior to the published sale date to bring the loan current. If the owner cures the default by making up the payments, the deed of trust will be reinstated and regular monthly payments will continue as before.

After this time, it may still be possible for the property owner to work out a postponement on the sale with the lender. However, if no postponement is reached, the property goes on the block. At the sale, buyers must pay the amount of their bid in cash, cashier’s check or other instrument acceptable to the trustee.

A lender may “credit bid” up to the amount of the obligation being foreclosed upon. With the recent attention given to foreclosure, there also has been corresponding interest in buying foreclosed properties. However, caveat emptor: buyer beware. Foreclosed properties are very likely to be burdened with overdue taxes, liens and clouded titles. A buyer should do his homework and ask a local title company for information concerning these outstanding liens and encumbrances. Title insurance may or may not be available following a foreclosure sale and various exceptions may be included in any title insurance policy issued to a buyer of a foreclosed property.

Your local title company will be happy to provide additional information.

Design Trends: Kitchen Backsplash

Updating your kitchen backsplash is a good way to revive the space and give it a fresh look. Especially if you have a tract home, this is a good way to make your kitchen stand out on resale. For the best results, don’t DIY unless you really know what you’re doing. Always work with a professional: we’d be happy to recommend some. And if you’re planning to sell your home in the future, don’t get too crazy with the tile design. It may turn off some buyers who can’t look past the tiles in the kitchen or who don’t want to invest the money to change it.

All images via our Pinterest

Recipe: Zucchini Noodle with Avocado Pesto & Shrimp

Ingredients

• 5-6 medium zucchini (2¼-2½ pounds total), trimmed
• ¾ teaspoon salt, divided
• 1 ripe avocado
• 1 cup packed fresh basil leaves
• ¼ cup unsalted shelled pistachios
• 2 tablespoons lemon juice
• ¼ teaspoon ground pepper
• ¼ cup extra-virgin olive oil plus 2 tablespoons, divided
• 3 cloves garlic, minced
• 1 pound raw shrimp (21-25 count), peeled and deveined, tails left on if desired
• 1-2 teaspoons Old Bay seasoning

Directions

1. Using a spiral vegetable slicer or a vegetable peeler, cut zucchini lengthwise into long, thin strands or strips. Stop when you reach the seeds in the middle (seeds make the noodles fall apart). Place the zucchini “noodles” in a colander and toss with ½ teaspoon salt. Let drain for 15 to 30 minutes, then gently squeeze to remove any excess water.
2. Meanwhile, combine avocado, basil, pistachios, lemon juice, pepper and the remaining ¼ teaspoon salt in a food processor. Pulse until finely chopped. Add ¼ cup oil and process until smooth.
3. Heat 1 tablespoon oil in a large skillet over medium-high heat. Add garlic and cook, stirring, for 30 seconds. Add shrimp and sprinkle with Old Bay; cook, stirring occasionally, until the shrimp is almost cooked through, 3 to 4 minutes. Transfer to a large bowl.
4. Add the remaining 1 tablespoon oil to the pan. Add the drained zucchini noodles and gently toss until hot, about 3 minutes. Transfer to the bowl, add the pesto and gently toss to combine.

Nutrition Facts:

Per serving: 446 calories; 33 g fat(5 g sat); 7 g fiber; 16 g carbohydrates; 26 g protein; 112 mcg folate; 159 mg cholesterol; 7 g sugars; 0 g added sugars; 1,144 IU vitamin A; 55 mg vitamin C; 141 mg calcium; 2 mg iron; 713 mg sodium; 1,271 mg potassium

 

Click HERE for more information about the recipe.

Coastal Premier Properties Welcomes Shahpar Ostovar

If you would like to join Coastal Premier Properties, click here.

Coastal Premier Properties is pleased to welcome Shahpar Ostovar! Shahpar will be working out of our Carmel Valley office.

Bio: 

Shahpar (Shapar) Ostovar lived several years in Italy, while raising her two young boys and working for ‘Food & Agriculture of the United Nations (F.A.O.)’. During those years, she became familiar with many different cultures and ethnics which became her richness in dealing with her life and better understanding the importance of values of different cultures and mentalities. Shahpar speaks five languages and her friends call her “The Internationally Spirited”.

Shahpar’s people-oriented personality was the driving force to choose Real Estate career. Her goal for each client is to help them achieve their goals in regards to buying or selling a house. With more than 14 years of real estate experience, she offers a comprehensive, personalized and results-oriented real estate service to assist her clients buying or selling homes. She is a member of National Association of Realtors (NAR), California Association of Realtors (C.A.R.) as well as San Diego Association of Realtors (SDAR).

Click here to contact Shahpar! For more about Coastal Premier Properties, visit our website!

Recipe: Stuffed Tilapia Rolls

Ingredients

• 4 (4 to 5) ounce fresh or frozen tilapia fillets
• ¼ cup water
• 2 cloves garlic, minced
• 2 cups fresh baby spinach
• 1 egg white, lightly beaten
• ¾ cup crumbled goat cheese (3 ounces)
• ½ cup soft bread crumbs
• 2 tablespoons pine nuts, toasted
• 2 tablespoons plain fat-free Greek yogurt
• 1½ teaspoons finely shredded lemon peel
• 1 teaspoon paprika
• ½ cup dry white wine

Directions

1. Thaw fish, if frozen. Preheat oven to 400°F. Rinse the fish; pat dry with paper towels. Set aside.
2. Bring the water and garlic to boiling in a large skillet. Add spinach; reduce heat to medium. Cook, covered, 2 to 3 minutes or until the spinach is wilted. Cool slightly; squeeze out excess liquid.
3. For stuffing, combine egg white, goat cheese, bread crumbs, pine nuts, yogurt, and lemon peel in a medium bowl. Stir in the cooked spinach.
4. Arrange the fish, skinned sides down, on a work surface; sprinkle with paprika. Turn the fish skinned sides up. For each fish roll, spoon about ¼ cup of the stuffing onto a short end of the fillet. Roll up each fillet to encase the stuffing; secure with a wooden toothpick if necessary. Place the fish rolls, seam sides down, in a 2-quart shallow baking dish.
5. Pour wine into the bottom of baking dish. Bake, covered, 20 to 25 minutes or until the fish flakes easily when tested with a fork. To serve, spoon cooking liquid over the fish.

Nutrition Facts:

Per serving: 270 calories; 11 g fat(5 g sat); 1 g fiber; 6 g carbohydrates; 31 g protein; 38 mcg folate; 73 mg cholesterol; 1 g sugars; 2,423 IU vitamin A; 10 mg vitamin C; 129 mg calcium; 3 mg iron; 229 mg sodium; 460 mg potassium

 

Click HERE for more information about the recipe.

Coastal Premier Properties Welcomes Robin Repola

If you would like to join Coastal Premier Properties, click here.

Coastal Premier Properties is pleased to welcome Robin Repola! Robin will be working out of our Carmel Valley office.

Bio: 

Robin Repola is a San Diego native who grew up in the Carmel Valley and Cardiff by the Sea areas of North County San Diego. After graduating from Santa Fe Christian High School in Solana Beach, she continued her education at TCU in Texas, where she graduated with her B.A.  Life took her to Colorado after graduation, where she began her career as a Realtor®. Robin has made it her priority as a full-time real estate agent to provide a level of service to her clients that they will never forget. She is a member of the North San Diego County Association of Realtors and holds herself to a high standard. Robin brings her real estate experience back home to San Diego where she has a strong community connection and great knowledge of the various neighborhoods. Robin works diligently to make your home transaction a simple and stress free process. Her clients rave about her positive attitude, excellent customer service, skilled communication, and her dedication to treating her clients as family. Please give Robin a call to help you with all your real estate needs

Why she came back to CPP: 

It was a no brainer for me to come back to Coastal Premier. I was evaluating what I wanted in a Brokerage and it came down to support, opportunity, great systems, and reputation. Coastal Premier has all of those things and more. I knew it was time to return to the CPP family if I wanted to grow my business and be the best Realtor® possible. Coastal Premier has built such a wonderful name for itself and I am so excited to be a part of this group once again!

Click here to contact Robin! For more about Coastal Premier Properties, visit our website!

Where to Explore When you Move to San Diego

Laid-back, hip, and perpetually sunny, San Diego is a slice of beachy paradise—and a hotbed of wonderful culture, worldly cuisine, shopping, and nightlife. Apart from well-known attractions like the famed San Diego Zoo and the iconic Balboa Park, there are numerous art galleries, quirky-cool museums, and high-end eateries to discover. If you’ve just taken a leap and moved to the area, check out these top places to explore in San Diego!

Arts & Culture

San Diego is a city in which the arts, in all their forms, are widely beloved. From well-established museums to small-scale galleries, these are the top arts & culture experiences to have when you visit San Diego:

Visit world-class art museums.

San Diego Museum of Art

Though Balboa Park is touristy, the San Diego Museum of Art and the Timken Museum of Art are must-see destinations for serious art lovers. The former attraction houses masterworks by Rembrandt and Jacques-Louis David, and the latter has works by dozens of popular American painters, from Georgia O’Keefe to Stuart Davis. Fight the crowds or go on a weekday; both museums are well worth it. Either way, you’ll avoid San Diego traffic, as Balboa Park is a highly walkable area. Park your car in a convenient lot and leave it for the day!

See Chicano murals.

In the neighborhood of Barrio Logan, you’ll find Chicano Park, which features the biggest collection of Chicano murals in the world (there are over 80 paintings on seven acres), as well as several art galleries and shops. Head here in the daytime to be able to appreciate the true vibrancy and beauty of the murals.

Stroll around an artsy neighborhood.

In North Park, art loving-travelers can experience an abundance of cool street art, in addition to galleries and studios, performance art spaces, and under-the-radar concert venues.

Dining & Drinks

Historically influenced by Mexican cuisine, the food scene in San Diego is thriving and growing all the time. The city is now home to a variety of farm-to-table restaurants, top French and Italian eateries, and some of the best fresh seafood in the country. And the drinking scene is diverse, as well. Take your pick from upscale oceanfront cocktail bars, neighborhood watering holes, and over 150 craft breweries.

Little Italy in San Diego

Little Italy in San Diego

The best place to get an all-around feel for the local food & drink scene is the lively, cool Little Italy neighborhood, where you’ll find a plethora of awesome eateries, cool coffee shops, wine bars, craft brew pubs, and more. Stroll through the buzzing Mercato Farmers’ Market on a Saturday to sample fresh-baked bread, locally-made jams, farm-fresh produce, and other artisanal foods from over 175 farmers and vendors. This is the city’s biggest downtown market, and it’s definitely a local fave spot.

Also in Little Italy, James Coffee Co. is the perfect spot to enjoy handcrafted roasted coffee blends, Bottlecraft Beer Shop & Tasting Room has excellent local brews, and Craft & Commerce has tasty small plates (think grilled oysters, charred eggplant dip, and marinated olives) and craft cocktails. Even a drive down the main drag, India Street, is a great way to explore the area.

Here are three other can’t-miss San Diego food & drink experiences:

Check out a hip food market

At Liberty Public Market, a 25,000-square-foot public market in Point Loma’s Liberty Station, visitors can peruse a dazzling array of food and goods from 30 local chefs and artisans—there’s also live music every week, and a dog-friendly market patio every Sunday.

Sample the best tacos in the city. 

Best Tacos in San Diego

Craving tacos? Look no further than El Paisa Mexican Grill, easily one of the most beloved taquerias in the city—they make their own tortillas here, and you can pretty much get any type of taco you want.

Dine at a five-star French hotspot.

And for those who want to splurge on a decadent five-star meal during their trip? Make a reservation for Addison, a critically acclaimed Grand Del Mar resort with incredible dishes like langoustines with caviar and parsley and mussels with green curry, as well as a killer wine list.

The Outdoors

It’s near-impossible to go to San Diego and not spend some time at the beach—not only is the weather here perma-beautiful, but the city boasts over 70 miles of scenic coastline punctuated by pristine beaches, rugged cliffs, and gorgeous blue-green bays. Take a drive out to one of the many beaches. Although you can’t really go wrong with any of the beaches here, there are a few standout spots to check out:

La Jolla Cove

La Jolla Cove is the place to be if you want to try your hand at snorkeling or scuba diving—this tiny gem of a beach has crystal-clear waters and exciting marine life, like the bright orange Garibaldi fish.

Ocean Beach feels like 70s-era hippie California, with its barefoot surfers, funky beach communities, and collection of novelty and vintage shops. Head here if you’re into bohemian vibes, oceanfront live music, and boho-chic boutiques.

At Mission Beach, you’ll find over two miles of oceanfront boardwalk, tons of surf shops, and an old-school amusement park right on the water. In other words, it’s pretty much impossible to get bored at this bustling, action-packed beach.

Finally, although Coronado Beach is a bit touristy, it’s well worth a visit—with the postcard-perfect Hotel del Coronado, sparkling white sand, and the city skyline in the background, it’s the quintessential San Diego beach.

All in all, San Diego is chock-full of exciting culture, cuisine, and nightlife—and, not to mention, some of the most stunning beaches in the country. Whether you’re looking for the ideal romantic getaway, a great place to spend the weekend with friends, or the perfect family-friendly destination, San Diego has a little something for everyone.

Where Does the Money Come From for Mortgage Loans?

In the olden days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds lying around and considered you a good credit risk, they would lend you the money from their own funds.

It doesn’t generally work like that anymore. Most of the money for home loans comes from three major institutions:

• Fannie Mae (FNMA – Federal National Mortgage Association)
• Freddie Mac (FHLMC – Federal Home Loan Mortgage Corporation)
• Ginnie Mae (GNMA – Government National Mortgage Association)

This is how it works:

You talk to practically any lender and apply for a loan. They do all the processing and verifications and finally, you own the house with a home loan and regular mortgage payments. You might be making payments to the company who originated your loan, or your loan might have been transferred to another institution. The institution where you mail your payments is called the servicer, but most likely they do not own your loan. They are simply servicing your loan for the institution that does own it.

What happens behind the scenes is that your loan got packaged into a pool with a lot of other loans and sold off to one of the three institutions listed above. The servicer of your loan gets a monthly fee from the investor for servicing your loan. This fee is usually only 3/8ths of a percent or so, but the amount adds up. There are companies that service over a billion dollars of home loans and it is a tidy income.

At the same time, whichever institution packaged your loan into the pool for Fannie Mae, Freddie Mac, or Ginnie Mae, has received additional funds with which to make more loans to other borrowers. This is the cycle that allows institutions to lend you money.

What Freddie Mac, Ginnie Mae, and Fannie Mae may do after they purchase the pools is break them down into smaller increments of $1,000 or so, called mortgage-backed securities. They sell these mortgage-backed securities to individuals or institutions on Wall Street. If you have a 401K or mutual fund, you may even own some. Perhaps you have heard of Ginnie Mae bonds? Those are securities backed by the mortgages on FHA and VA loans.

These bonds are not ownership in your loan specifically, but a piece of ownership in the entire pool of loans, of which your loan is only one among many. By selling the bonds, Ginnie Mae, Freddie Mac, and Fannie Mae obtain new funds to buy new pools so lenders can get more money to lend to new borrowers.

And that is how the cycle works.

So when you make your payment, the servicer gets to keep their tiny part and the majority is passed on to the investor. Then the investor passes on the majority of it to the individual or institutional investor in the mortgage backed securities.

From time to time your loan may be transferred from the company where you have been making your payment to another company. They aren’t selling your loan again, just the right to service your loan.

There are exceptions.

Loans above $333,700 do not conform to Fannie Mae and Freddie Mac guidelines, which is why they are called non-conforming loans, or “jumbo” loans. These loans are packaged into different pools and sold to different investors, not Freddie Mac or Fannie Mae. Then  they are securitized and for the most part, sold as mortgage backed securities as well.

This buying and selling of mortgages and mortgage-backed securities is called mortgage banking, and it is the backbone of the mortgage business.

Recipe: Slow-Cooker Chicken Cacciatore with Polenta

Ingredients

• 2 teaspoons extra-virgin olive oil
• 2 cups chopped red bell peppers
• 2 cups chopped yellow onion
• 8 ounces cremini mushrooms, halved
• ½ teaspoon kosher salt, divided
• 3 tablespoons all-purpose flour
• 1 tablespoon tomato paste
• 3 tablespoons minced garlic
• ¼ cup chopped fresh oregano
• ½ teaspoon crushed red pepper
• ½ cup red wine
• 4 pounds bone-in, skinless chicken thighs, trimmed
• 1 (28 ounce) can fire-roasted diced tomatoes
• 1 cup unsalted chicken broth
• ¼ cup drained capers
• ¼ cup pitted Kalamata olives
• 3 cups water
• 1⅓ cups uncooked instant polenta
• ¼ cup grated Parmesan cheese
• ¼ cup torn fresh basil

Directions

1. Heat oil in a large skillet over medium-high heat. Add bell peppers, onion, mushrooms and ¼ teaspoon salt; cook, stirring often, until beginning to brown, about 8 minutes. Add flour, tomato paste, garlic, oregano and crushed red pepper; cook, stirring constantly, until fragrant, about 1 minute. Stir in wine; cook, stirring and scraping up any browned bits, for 30 seconds.
2. Transfer the mixture to a 6-quart slow cooker. Stir in chicken, tomatoes, broth and capers. Cover and cook on Low for 8 hours.
3. Transfer the chicken to a clean cutting board; let cool for 5 minutes. Remove bones and return the meat to the slow cooker. Stir in olives and the remaining ¼ teaspoon salt. Cover to keep warm.
4. Meanwhile, bring water to a boil in a medium saucepan over medium-high heat. Whisk in polenta; cook, stirring often, until thickened, about 3 minutes. Remove from heat and stir in Parmesan. Serve the chicken and sauce over the polenta, topped with basil.

Nutrition Facts:

448 calories; 14 g fat(4 g sat); 5 g fiber; 39 g carbohydrates; 38 g protein; 49 mcg folate; 175 mg cholesterol; 7 g sugars; 0 g added sugars; 1,802 IU vitamin A; 70 mg vitamin C; 89 mg calcium; 3 mg iron; 666 mg sodium; 708 mg potassium

 

Click HERE for more information about the recipe.

Design Trends: Pantone’s Color of the Year – Living Coral

Welcome to 2019! We are starting this year off bright and we wouldn’t want it any other way. Pantone released its color of the year and its a welcoming living coral! There are a variety of ways to incorporate this hue throughout your home and we’ve picked out a few that definitely stand out to us! Check out these spaces for more inspiration!

All images pulled via our Pinterest