Tracy’s LA Real Estate

A client of mine just sent me an official-looking letter from Title Concepts Plus advising them of the need to file a homestead exemption to protect their recently purchased home from creditors.

What is a declaration of homestead? According to the San Diego County Public Law Library,
A homestead declaration is a written statement, made under penalty of perjury that claims a particular “dwelling” (for example, a house, condominium, boat, mobilehome, etc.) as the owner’s principal place of residence. This guide uses the word “home” to signify a person’s principal residence.
When a homestead declaration is (1) signed by a homeowner, (2) notarized, and (3) “recorded,” it helps to protect the home against loss to creditors.
A properly prepared and recorded homestead declaration immunizes the home (and the land on which it is situated) from many (but not all) legal enforcement measures. For example, if a homeowner files a petition in bankruptcy, it may be possible, because of a homestead declaration, to retain the home, or at least a portion of the equity in the property, instead of losing it to creditors.
What Title Concepts Plus says they will do for the $47.95 fee they want is to send you the blank forms you need, plus they will send you a completed application for a Declaration of Homestead. You can get these forms yourself for free from the Los Angeles County Clerk’s office or from their website: http://www.lavote.net/GENERAL/Form_Downloads.cfm
Title Concepts Plus isn’t doing anything necessarily illegal, it’s just misleading. If you want to pay a company $47.95 for a few sheets of paper that you can get yourself for free, there is nothing wrong with that. But imagine, about 7,000 residential properties sold in Los Angeles County in December, 2009. If you sent out the offer to that many people every month and had a 1% return, that would be about $3000, not including postage and paper costs. Not a bad little sideline. Check out this link to find the truth about homestead exemptions in California:
http://www.dca.ca.gov/publications/legal_guides/h-1.shtml
One fact noted in the above article is that a company cannot charge you more than $25 to file the Declaration for you, and that includes recording fees. But if you look at the paperwork sent by this company, they don’t offer to file or to record the document, just to send it to you. I wonder if you sent the check in to them whether you would even receive the documents back.
This website is very helpful about many legal issues and they charge less for more help:
http://www.1stoplegalforms.com/FormLs/FL_0101.asp?Page_ID=1&source=google&kw=homestead
Should you file a Declaration of Homestead? You automatically have a homestead exemption without filing anything, but a recorded Declaration of Homestead does give you some additional protection if you are likely to have an involuntary judgment recorded against you, like for nonpayment of medical bills or if you file for bankruptcy. But if you are in that kind of financial trouble, you will probably consult an attorney anyway who can advise you accurately about your particular situation. A Homestead Declaration does not absolve you of the responsibility to pay “voluntary liens” such as your mortgage and taxes, or even mechanics liens. It doesn’t save you from being obligated to pay your credit card bills, either.
There are a number of official appearing letters homeowners have received in the last few years from companies who claim they will do your Decline in Property Valuation applications or send you a copy of your Grant Deed for fees ranging from $25 to $189. This is a waste of your money! Please feel free to call or email me whenever you receive offers like these and I will be happy to check them out for you.

Posted via email from tracyslarealestate’s posterous

Here is the first in a series of fun/interesting/useful things to do as you begin the year on a healthy note:
Have you wanted to explore the surrounding foothills here in Northeast LA/Altadena/Glendale, but you don’t know where to go? Want a guide? These hikes are free, but you should join or at least make a donation to the Arroyos & Foothills Conservancy (formerly Altadena Foothills Conservancy) and support their good work – http://www.altadenafoothills.org.

Here’s the notice:
Dear Friends of the Arroyos & Foothills Conservancy:
HAPPY NEW YEAR! What better way to start off the New Year than with guided hikes on our newly acquired historic Rubio Canyon parcel. Please join us for one or more of the following hikes. RSVPS ARE REQUIRED. SPACE IS LIMITED.
Saturday, January 16th: Hike the historic trails of Rubio Canyon with guide/interpreter Paul Ayers. See our new acquisition up close and personal with commentary by one of the foothills’ leading trail experts.
Saturday, January 23th: Hike through AFC’s Rubio Canyon parcel to the waterfalls with guide/interpreter Paul Ayers. Paul will point out important highlights of the parcel on the way to and from the Rubio Canyon waterfalls.
Saturday, February 13th (President’s Day Weekend): Hike AFC’s Rubio Canyon parcel with Altadena writer/historian Michele Zack. Learn about the history of the Mt. Lowe Railway and related cultural facts to understand why AFC’s acquisition of this parcel is so vital to preserving Altadena’s heritage.
All hikes start at 9am and finish by noon. Wear comfortable walking shoes and sunscreen. Bring water. Rain or snow cancels. All hikes are moderate in difficulty with sections of narrow uphill and downhill trailways.
YOU WILL BE NOTIFIED OF TRAILHEAD GATHERING LOCATION UPON YOUR RSVP.
We hope to see you on the trails with us!
Contact for RSVP: Meredith McKenzie
Administrative & Development Coordinator
Cell: 323-230-9749 Email: arroyolover@gmail.com
Note from Tracy: My husband and I joined a hike led by Paul Ayers a number of years ago when he gave a tour of the devastation from the landslide in the Rubio Canyon waterfall area. He is extremely knowledgeable about the terrain and history there but also very interesting and fun. We look forward to seeing how it all looks now as I’ve heard that recent rains have washed away the debris. I hope to see you on one of the hikes!

Homeowners, get the straight story on your property tax situation directly from the source: the Los Angeles County Assessor’s office. Here is the link to the Property Tax Portal: http://lacountypropertytax.com/portal/default.aspx . From this website, you can click onto all kinds of helpful information including:
• Property Tax Relief for Owners of Fire Damaged Properties.
• Information on Decline-in-Value Reassessments
• Has My Property Been Reviewed for a Decline-in-Value?
• Property Tax Postponement Program Suspension Statement
Your property automatically qualified for a 2009 decline-in-value review under either one of the following conditions:
The property is a single-family home or condominium purchased between July 01, 2003 (2000 in some areas based on economic conditions) and June 30, 2008.
The property is subject to annual review of a temporary decline-in-value reassessment granted for the prior assessment year (2008).
Owners of properties other than single-family or condominium (residential-income and commercial/industrial for example) may file a Decline-in-Value Reassessment Application on or before December 31, 2009.
If you need help (for free) finding sales to support your lower value, I’m happy to help. But there are a couple of dates you must be aware of:
1. You only have until December 31, 2009, to file for the 2008/2009 tax year. If you miss that deadline, you can file for a reassessment as of January 1, 2010. You cannot file for that date until after April 1, 2010, and the value will be based on sales between about January 1 and no later than March 31, 2010.
2. The value we are filing for now is based on the approximate value as of January 1, 2009. The Assessor’s office is looking at sales no later than March 31, 2009.
Timesaving Tip:  You can also file the Decline-in-Value application and not fill in the sales information. The Assessor’s office will still consider your application. Also, if you have been reassessed and you disagree with their number, you have missed the deadline to file. But you can file for the next tax year.
Thoroughly confused? Well, this is the government. The property tax system is intricate. The good news is that even if you miss the deadline, there is always next year. Hopefully, that will be the last of the price declines, but stay tuned.

Did you know that the City of Los Angeles has the highest recycling rate of the 30 largest cities in the United States? Who knew? And we can recycle a large number of items now that we couldn’t before, including all plastics numbered 1 through 7 (but clean, they must be clean) plus plastic bags.

I researched the facts after we had a debate while cleaning up after a meeting about whether lids need to be on or off the bottles that go to the recycler. Well, the Department of Sanitation doesn’t seem to care. They state that they recycle plastic bottles and lids and don’t mention whether they must be together or not.

 And did you know you can recycle Styrofoam as well? Again, it must be clean—no food-laden, oily, greasy boxes, please, and no shipping peanuts. Rules, rules, rules. Check it out at http://www.lacity.org/san/solid_resources/recycling/what_is_recyclable.htm.

Here is your chance to clean out all those old computers, monitors, TVs, any electronic waste, and for free! It’s local, too, right in front of the Carrow’s Restaurant on York Blvd. in Highland Park, this Saturday, August 1, 9 am-4 pm. Tell your friends! Print out this flyer and post it! Be green and forward it to everyone you know.
http://www.historichighlandpark.org/modules/agendax/?op=view&cid=11&id=1441

Do you have a mortgage with Chase Bank, Wamu, or EMC? Are you having trouble making your mortgage payment? Chase is opening a Homeownership Center in Glendale at 400 N. Brand Blvd., Suite 120, phone (818) 548-2280. The center will be open from 11 a.m. to 8 p.m. Monday through Friday and 9 a.m. to 1 p.m. Saturday.

“We created these local Homeownership Centers as a place for our borrowers to sit down and discuss their situation face-to-face with trained loan advisors in these challenging times,” said David Schneider, head of mortgage servicing at Chase. “They are part of a wide-ranging initiative to help families stay in their homes whenever possible.”

“During these tough economic times, it is the responsibility of leaders in government and the private sector to do everything within their power to help residents and get homeowners back on-track,” said Los Angeles Mayor Antonio Villaraigosa. “I can only hope that banks and lenders of every stripe follow (Chase’s) suit and offer services to protect our residents.”

This Center will offer:

- Trained advisors. To assist customers whose circumstances have changed and are no longer able to make their scheduled monthly payment, who want to avoid foreclosure and stay in their home. The trained advisors will evaluate their finances, review possible workout options and answer any questions.

- Scheduled appointments. To reduce wait time, customers are encouraged to set up an appointment in advance. They should bring documentation, including recent W-2s and tax forms, recent pay stubs and bank statements and monthly expense documentation. Also, they should bring any information, such as a hardship letter, that will help explain their current financial challenges.

- A track record of helping. Since 2007, Chase has helped prevent 330,000 foreclosures of Chase, WaMu and EMC loans, primarily by reducing interest rates, extending the term of the loans and providing principal deferral. In late 2008, Chase announced initiatives designed to help a total of more than 650,000 families, and expects to modify more than $110 billion of home loans.

Customers who would like to receive more information can call 1-866-550-5705. For the complete article, check out http://rismedia.com/2009-02-13/chase-opens-four-homeownership-centers-in-los-angeles-orange-and-san-bernardino-counties/.

Here’s my 2 cents: loan modifications start with your lender, not with some company who charges you a fee. Be very careful if you are solicitated by someone other than your own lender to change the terms of your loan. If it sounds too good to be true, it is. There are a lot of people out there who are preying on the unfortunate.

If you are not in financial trouble but you are upset because you don’t think it’s fair that you should pay more for your house than the guy that just bought the ratty foreclosure down the street, these counselors are not going to help you. But you also should watch out for the scammers, because they will appeal to your sense of unfairness and you are likely to have more money to lose than the desperate people about to lose their homes.

From a community member who loved our $1/clothing item sale at  The Neighborhood Green Fair last weekend: 

You may be interested in this opportunity in East LA ; This is a long-time organization was founded by Methodist Episcopal Church. The industrial department of Plaza Community Center became the Goodwill Industries of Southern California in 1919. Their website lists also needs for their
Esperanza Drug and Alcohol Treatment Program
Child Development Program
Family Services
Youth Services
http://www.plazacs.org

Plaza Community Services is collecting thousands of clothing items to help the thousands who have lost their homes and jobs over the last two years. On Valentine’s Day, Saturday February 14th from 9 a.m. to noon, the clothes you give will be given FREE to hundreds of families throughout East Los Angeles and neighboring communities. Remember, the clothes will be distributed for FREE!

During this time of Change, we all want to know how to help. Here are three ways:

1. Forward this post with the flyer below to those that need the assistance.

freeclothingflyer

2. If you have clothing to donate, deliver it to 4108 City Terrace Drive on Thursday, February 12th and Friday, February 13-From 9am-5pm.

Please only bring clean items on their hanger. E-mail cmercado@plazacs.org  or call (323) 267-9749 and ask for Cecilia.

3. You can donate directly to Plaza Community Services to assist us with our newest effort to assist those most in need. Any donation will do and will be helpful!

While this recession is affecting us all, we can all do more. E-mail me directly at gbuelna@plazacs.org if you have any questions. Have a great day!

Thank you!
Gabriel Buelna
Executive Director

What should we have organized and ready in case something happens to us? When Iku Kiriyama’s husband passed away, she knows now that she could have been much better prepared.
Her advice to us included:
Make sure every medical provider you see has the whole story on your health. Whether you go to an HMO or a private medical group, you often will see different doctors and specialists and you shouldn’t assume they will all be equally well-acquainted with your history.
If you have hospice care, ask for counseling and information right away. Your hospice caregiver has vital information that can ease this last time you have. There are other options than hospice, like in-home care, that you might consider as well.
If you or someone you love has been diagnosed with a fatal disease, of course you want to be positive and keep searching for a cure, but take the time to enjoy each other’s company before it is too late.
Iku actually uses a cardboard box for her important papers. She keeps it near her front door on a cart. When she travels, she takes the box to a friend’s house, in case of a fire or other disaster. She emphasizes that the information must be kept current. If you put a box together and then store it away, it won’t have what you need when you need it.
What information should go in the box?
• Names and contact information for all of your professionals: estate lawyer, tax professional, financial advisor, Realtor (ahem, that would be me, right?), trust attorney, personal banker, doctor, dentist, etc.
• Current statements for all of your asset accounts.
• Current list of every service provider you use, including utilities. Think about it. Your survivors need to be able to stop services and avoid running up unnecessary debt.
• Think about “Who would know where this is?” about anything you own. Here’s a good one, how about a set of keys to your vehicles? And the key to your safe deposit box?
• Important documents you should have: marriage & birth certificates, will & trust documents, ownership papers for autos, boats, other expensive items and of course your house, Medicare, Social Security, insurance of all kinds including long term care, medical bills and copay receipts. Note: if you’ve paid off your house loan, be sure you have the letter of reconveyance of the deed of trust. It is one document that can be difficult to replace, especially these days with lenders going out of business.
• Make a list of your wishes concerning funeral arrangements, if you want flowers or donations made to your favorite charity.
• Besides keeping the original documents all together in a safe place, you need a hard copy, plus you could use a computer copy. Iku has a flash drive of all the documents she needs. You could use a CD, or you could keep it online, but you need an index that gives the location of everything that isn’t physically in the box.
So what did Iku consider the most important preparation? She thinks it is simply to say, and keep on saying, what you want to say to those you care about.

If you don’t plan to be dancing in the streets all evening on Tuesday, January 20, you might want to go to the Eagle Rock Valley Historical Society meeting and learn about saving your wooden windows. Ed Sanchez of Window Restoration and Repair, Inc, will tell you how to avoid replacing your stuck, leaky windows. The meeting is at 7 pm at the Center for the Arts, Eagle Rock, at 2225 Colorado Blvd, 90041. The Eagle Rock Historical Society is a wonderful organization and deserves your support. They have a website: http://eaglerockhistory.org.

If I weren’t going to be celebrating the Presidential Inauguration, I would definitely be at the meeting. I’m hoping I can find someone who will take notes, or perhaps Mr. Sanchez will be able to do his presentation again somewhere.