Los Angeles Homes For Sale

Sometimes it seems like the only people who live in California are celebrities, or politicians, or celebrity politicians and being able to afford a home in California is extremely difficult. But this is not true! We were able to find some great California homes for sale that won’t cost you millions of dollars.

(Note: These monthly mortgage payment figures are based on a 30-year fixed loan, using the current California mortgage rate, with a 20% down payment. Estimated taxes and insurance are not included. Also, this post was written late yesterday, so rates may have changed).

Monthly mortgage of $1,000-$2,000/month:

For $1,490 a month, you can buy this 4-bedroom, 3-bathroom house, with private guest room, in Camarillo, CA. (below)

> See more Camarillo, CA real estate
> See more Camarillo, CA home values

For $1,828 a month, you could land this condo in West Los Angeles, CA. (below)

> See more West Los Angeles, CA real estate
> See more West Los Angeles, CA home values

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Monthly mortgage of $2,000-$3,000/month:

If $2,342 a month sounds good to you, check out this lovely stucco house in the Mount Washington neighborhood of Los Angeles, CA. (below):

> See more Mount Washington, CA real estate
> See more Mount Washington, CA home values

This sunny Mediterranean-style home is $2,679 a month in Santa Monica, CA: (below): Oh look! An open house this weekend!

> See more Santa Monica, CA real estate
> See more Santa Monica, CA home values

*****

Monthly mortgage of $3,000-$4,000/month:

This home, with a lush garden, will run you $3,098 a month in beautiful Redwood City, CA: (below): Ooh, another open house!

> See more Redwood City, CA real estate
> See more Redwood City, CA home values

For $3,410 a month, you can purchase this lovely home (with barbecue patio!) in Laguna Niguel, CA.

> See more Laguna Niguel, CA real estate
> See more Laguna Niguel, CA home values

Frankly here in Beverly Hills and the Westside of Los Angeles you can only get a 2 bedroom condo or a small home that is a fixer. You have to pay the price to enjoy the Westside. However properties have come down in value 20% to 40% so there are opportunities today that have not been around for many years. Take advantage of them.

What Can You Buy in California with a Mortgage of $1,000-$4,000 a Month? Beverly Hills Real Estate – Los Angeles Homes For Sale – http://www.ChristopheChoo.com

Bank of America steps up foreclosure prevention efforts

By Les Christie, staff writerJanuary 26, 2010: 6:23 PM ET

NEW YORK (CNNMoney.com) — One roadblock slowing President Obama’s foreclosure prevention program seems to be clearing away. Bank of America, the nation’s largest mortgage lender, said Tuesday that it was the first lender to agree to lower or eliminate payments on second mortgages.

This federal initiative, called the Second Lien Modification Program, pays incentives to second mortgage holders to work closely with first mortgage holders under the Home Affordable Modification Program.

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First mortgage holders have been reluctant to lower payments when there was a second lien involved because they did not want to take on losses while leaving payments on the second mortgages intact.

The lack of an agreement with second lien holders “has been a major impediment to getting successful modifications done,” said John Taylor, CEO of the National Community Reinvestment Coalition, a group whose members include foreclosure prevention counselors.

Without alteration to the terms of second mortgages, first mortgage holders often have to lower their payments even more to hit the HAMP target requiring that borrowers’ total mortgage payments represent no more than 31% of their pre-tax income.

“For many homeowners facing severe financial difficulty, decreasing the payment on the first mortgage without a reduction in the payment on the second lien may not produce an affordable combined mortgage payment,” said Barbara Desoer, president of Bank of America (BAC, Fortune 500) Home Loans.

The second lien plan has been in the works since last spring, shortly after HAMP was initiated, but implementing it proved difficult.

HAMP itself has been a disappointment. Originally designed to help as many as 4 million borrowers obtain mortgage workouts, it had produced fewer than 70,000 permanent modifications as of Dec. 31. Another 800,000 or so homeowners were in a trial-modification phase.

The Treasury Department hopes the second lien program will make a big difference. It’s estimated that as many as half of at-risk mortgages are burdened with second liens.

Signing on Bank of America was an important first step because it is the nation’s top mortgage lender with 14 million loans outstanding, including 3 million second loans.

The lender said it has all systems in place to begin implementing the program as soon as the final program policies and guidelines are released by federal regulatory agencies. That is expected to happen soon.

More banks are expected to sign on to the program very quickly, according to a Treasury spokeswoman.

“They need a lot more of the major banks to sign up,” Taylor said. 

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450,000 at risk in foreclosure prevention program

States urge action on foreclosures

Get help before you fall behind on FHA mortgages

First Published: January 26, 2010: 5:30 PM ET

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I am so glad Bank of America is finally doing something to help all of the distressed homeowners out there. We have distressed owners here in Beverly Hills and the Luxury Real Estate Markets here in Los Angeles too.

Boost for Obama’s foreclosure prevention program –
Beverly Hills Real Estate – Los Angeles Homes For Sale – http://www.ChristopheChoo.com

John Goodman’s Former Los Angeles Abode: Celebrity Real Estate – Beverly Hills Real Estate – Los Angeles Homes For Sale – http://www.ChristopheChoo.com

Real Estate Appraiser Sentenced to Three Years in Prison in Mortgage Fraud Scheme That Led to $46 Million in Losses

LOS ANGELES—A former state-licensed real estate appraiser was sentenced today to three years in federal prison and ordered to pay more than $46 million in restitution for her role in a massive mortgage fraud scheme that caused tens of millions of dollars in losses to federally insured banks.

Lila Rizk, 43, of Rancho Santa Margarita, received the three-year prison term after her conviction last summer on conspiracy, bank fraud and numerous loan fraud charges.

Rizk was sentenced by United States District Judge Dean D. Pregerson, who warned that other professional real estate appraisers should know that if they inflate appraisals and lie about the value of homes, “there is an overwhelming likelihood that they will be caught and go to prison.”

The evidence presented at Rizk’s trial last summer showed that she was part of a wide-ranging and sophisticated scheme that obtained inflated mortgage loans on homes in some of California’s most expensive neighborhoods, including Beverly Hills, Bel Air, Holmby Hills, Malibu, Carmel, Mill Valley, Pebble Beach, and La Jolla. Members of the conspiracy sent false documentation, including bogus purchase contracts and appraisals, to the victim banks to deceive them into unwittingly funding mortgage loans that were hundreds of thousands of dollars more than the homes actually cost. Lehman Brothers Bank alone was deceived into funding more than 80 such inflated loans from 2000 into 2003, resulting in tens of millions of dollars in losses.

The evidence presented at trial showed that Rizk profited by collecting hundreds of thousands of dollars in fees for providing inflated appraisals in the scheme. Her appraisals typically valued the homes three times higher than what the homes really cost. In order to supposedly justify these inflated values, Rizk used “comps,” or comparable homes, that were far bigger, more luxurious, and in better neighborhoods than the homes she appraised. Once she had inflated a few dozen homes, she then used those homes as “comps” to supposedly justify inflated prices for homes later in the scheme.

Ten other real estate professionals have been convicted of federal charges related to the scheme. They are:

• Scheme leader Charles Elliott Fitzgerald, a developer formerly of Newbury Park and Beverly Hills, who previously was sentenced to 14 years in prison;
• Mark Alan Abrams, of Los Angeles, a mortgage broker who along with Fitzgerald orchestrated the scheme, who is scheduled to be sentenced on April 12;
• Nicole LaViolette, of Palm Springs, a loan processor, who is scheduled to be sentenced on June 14;
• Jamieson Matykowski, of Laguna Niguel, who found houses for the scheme, is scheduled to be sentenced on March 29;
• Timothy Holland, of Santa Ana, an escrow officer, who is scheduled to be sentenced on July 19;
• Richard Maize, of Beverly Hills, a mortgage banker, who is scheduled to be sentenced on June 28;
• Thomas R. Schiff, of Brentwood, a mortgage banker, who was previously sentenced to 6 months in prison;
• L. Scott Robinson, of Dana Point, an appraiser, who is scheduled to be sentenced on April 2;
• Kyle Grasso, formerly of Santa Monica, a real estate agent, who is scheduled to be sentenced on February 19; and
• Joseph Babajian, of Los Angeles, a real estate agent, who is scheduled to be sentenced on February 22.

This case is the result of an investigation by the Federal Bureau of Investigation and IRS-Criminal Investigation.

Press Releases | Los Angeles Home

Too bad this guy just didn’t do the right thing, now he is paying the price. When I first started in Real Estate with Jon Douglas Company, the finest company in the industry, our president and owner Jack Douglas had a motto: “Do the right thing” I never forgot that. I have lost many deals over the years for not wanting to get in involved in shady or what I felt were inappropriate tactics. Having been in Real Estate now for over 20+ years, I am happy to say, I have a stellar reputation and knock on wood have never been sued by a client. I protect my clients like they were my family. Hope your Real Esate Brokers does the same.

F.B.I. – The Los Angeles Division: Department of Justice Press Release, Beverly Hills Appraiser Sentenced. Beverly Hills Real Estate – Los Angeles Homes For Sale – http://www.ChristopheChoo.com

The following was released today by the City of Beverly Hills:

            When:      Saturday and Sunday, May 15th & 16th, 2010, from  10 a.m. to 6 p.m.  Artist Deadline: February 18, 2010    Where:     Beverly Gardens along Santa Monica Boulevard,  from Rodeo to Rexford Drive  (this is the event location, not the mailing address)    Contact:   Karen Fitch McLean, Art Show Coordinator  City of Beverly Hills Community Services Department  Greystone Park and Mansion  501 Doheny Road  Beverly Hills, CA  90210  310.285.6836 or 310.285.6830    kmclean@beverlyhills.orgThis e-mail address is being protected from spam bots, you need JavaScript enabled to view it      Website:   http://www.beverlyhills.org/artshow    Visit us on Facebook    Art,  Atmosphere,  And yes, Affluence...    How can a fine artist go wrong?    

The City of Beverly Hills is seeking artists for the Spring 2010 Affaire In The Gardens Art Show, in the following categories:

Painting, Sculpture, Photography, Drawing and Printmaking, Ceramics and Glass, Digital Art, and Mixed Media

The show has taken place for over thirty-six years along four blocks of historic Beverly Gardens Parkway, between Rodeo and Rexford Drives, in the center of Beverly Hills. Artists from around the nation exhibit alongside local Los Angeles talent. Approximately 40,000 visitors attend throughout the weekend, and Southern California art dealers regularly drop by to seek out new art and artists. Celebrities are often spotted as well, strolling through the gardens and striking art bargains.

The City is especially seeking artists who take on the subject of air, whether it is the sky, our atmosphere, air pollution, etc.

This free, drop-in event includes an outdoor dining quarter, a wine garden, live jazz, classical and contemporary music, and many art demonstrations. A number of Beverly Hills restaurants provide the food options. However, the emphasis is on the finest art available in an outdoor fair setting.

Call or email for an artist application.

I you are an artist and want to be in one of the biggest art shows in Southern California, sign up.

The City of Beverly Hills Call For Entries: The Beverly Hills Affaire In The Gardens Art Show – Beverly Hills Real Estate – Los Angeles Homes For Sale – http://www.ChristopheChoo.com