Man Sentenced for Stockton Flipping Scheme

Iftikhar Ahmad received a 21-month prison sentence and was ordered by U.S. District Judge William B. Schubb to pay restitution of $382,750 and spend three years under supervision upon his release from prison. Ahmad bought up Stockton foreclosures often paying cash, then sold those same homes to fake buyers using false identities. The subprime loans were processed automatically without checking the applicant’s facts and that allowed little or nothing to be put down which allowed for the frequency of the flipping fraud scheme. These types of fraud schemes are very prevalent and are harmful to the neighborhoods of the targeted properties, only causing longer vacancies and neglect. Better education among the public and stiffer prosecution is the answer. If you have questions about local Stockton homes for sale feel free to contact Pat Holkesvig & Your Home Team experts at 209.471.6516 or complete our Contact Us form.

Stockton 2nd in California for January Foreclosure Filings

RealtyTrac’s list of metro markets with the highest foreclosure rates from December to January, was full of California cities holding 7 of the top 10 spots. The cities included Modesto (2), Stockton (3), Riverside-San Bernardino-Ontario (4),  Vallejo-Fairfield (6),  Bakersfield (7),  Merced (9) and Sacramento-Arden-Arcade-Roseville (10). The monthly increase in California was only 2% however the state holds the record for the highest number of foreclosures filed at 67,072. The Stockton January foreclosure rate was 1 out of every 114 homes received a foreclosure filing.

Forbes Bayonets Stockton and Central Valley Real Estate

Each year Forbes magazine analyzes the 200 largest U.S. cities and ranks them into their ‘Top Miserable List’. This year, for the first time Forbes introduced housing as one of the criteria, in addition to the previous criteria which included unemployment, weather, taxes, traffic and violent crime. Stockton, in California’s Central Valley, was number one. Stockton was closely followed by the other California cities of Merced, Modesto and Sacramento. Stockton’s, recent real estate market decline of 58% and unemployment rates hovering around 14.3% were the primary contributing factors for the rating. Bob Deis, Stockton’s City Manager feels this analysis is unfair and misleading. He told Forbes “Stockton has issues that it needs to address, but an article like this is the equivalent of bayoneting the wounded,” “I find it unfair, and it does everybody a disservice. The people of Stockton are warm. The sense of community is fantastic. You have to come here and talk to leaders. The data is the data, but there is a richer story here.”

What Are Foreclosure Consultants?

Foreclosure consultants are any company or person that claim they can assist a borrower with loan modification services in order to save their home from foreclosure. Although there are some legitimate foreclosure consultants, there are many fraudulent companies who claim that they can help you save your home. In California, there is a high level of fraudulent activity in this area. Be advised it is illegal for attorneys, real estate brokers or anyone else to charge an advance fee for loan modification services. Loan modification firms are obligated to inform potential clients that they can get the same services for free from nonprofit mortgage counselors. Nor can a loan modification servicer receive payment until they have fulfilled all duties contractually agreed to with the borrower. Never work with any company demanding payment up front, requesting that you transfer the title to your home, telling you not to make payments on your loan, or instructing you to pay someone other than your lender or loan servicer. Before you choose to work with anyone to assist you with the loan modification process, contact your lender or loan servicer yourself.

Readers Rate Local Economy San Joaquin #2 Story of the Year

According to The Record readers, the local economy was the number two story of the year. One factor contributing to the overall economy was the housing market. San Joaquin county was number two in the nation for foreclosures in 2010 but housing prices remained relatively unchanged with an average home price of $181,000.

Short Sales Influence Home Sales In November

Home sales had an uptick in November partly due to an increase in short sales driving down home prices. This helped to influence a rise in sales up 9.2 % over October but still down 8.6% over November of last year. The median home price in San Joaquin is down 4.1% from last year. For more information about Central Valley housing trends, feel free to call Pat Holkesvig & Your Home Team at 209.471.6516 or complete our Contact Us form.

Mortgage Rates Up to 6 Month High

Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 3591 Quail Lakes Dr # 167, Stockton, CA, 95207

Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 9128 Chianti Cir, Stockton, CA, 95212.

Stockton, CA, Stockton Home for Sale & Stockton Real Estate, 3215 W Alpine Ave,Stockton, CA, 95204

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