Palos Verdes Bank Owned Homes
The homes listed here are NOT on the multiple listing service, but you can be assured that at some point in the near future, they will be offered for sale by the respective lending institution. This site can help you get a head start on a Palos Verdes bank owned home. 
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5 Bedrooms (60 Crest Rd. E., Rolling Hills, CA)6 Bathrooms
7,021 Square feet
142877 Square foot lot
Bank took back on 1/52011 @ $,3,370,568
For more information, email gfotion @ emailtreo . com
4 Bedrooms
3 Bathrooms
3,233 Square feet
14,050 Square foot lot
Bank took back on 11/29/2010 @ $1,305,002
For more information, email gfotion @ emailtreo . com
4 Bedrooms
3 Bathrooms
1,922 Square feet
7,150 Square foot lot
Bank took back on 11/22/2010 $880,000
Last sold 5/7/2007 @ $1,115,000
For more information, email gfotion @ emailtreo . com
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Posted at 08:00AM Jan 06, 2011 by George Fotion in Real Estate | Comments[0]
Secret Way to Lower Mortgage Payments
Home owners can trim their monthly mortgage payments by “recasting” or “re-amortizing” their loan, without having to refinance and face hefty closing cost fees, experts say.
When recasting, the borrower pays off a lump sum of the loan’s principal and then resets monthly payments at the loan’s original interest rate and terms.
Here’s one scenario: $230,449 is left on a 30-year fixed rate loan for a $300,000 mortgage taken out at 7.93 percent in 1995. The borrower pays $20,000 toward the principal and asks the lender to reamortize their payments over the remaining 15 years of the loan. The monthly payment then drops by $52, from $2,187 to $2,135 per month. ($100,000 toward the lump sum would save $730 a month.)
Since borrowers are not asking for a new loan, they will not have to pay closing costs or submit to another credit check. (Note: “Recasting” is often used in the mortgage industry to refer to interest rate resets on adjustable-rate mortgages. In this case, the interest rate and loan term remain the same. )
“People don’t really know about it, but it’s become more common recently,” Alan Rosenbaum, founder and chief executive of the Guardhill Financial Corporation in New York, said about recasting.
Borrowers who just make extra payments toward the loan’s principal but do not ask the bank to recast the loan will keep monthly payments the same and just shorten the overall time it takes to pay off the loan. Recasting, on the other hand, reduces the principal but then, in turn, lowers monthly payments and interest over the life of the loan.
Some recent buyers may find recasting a good option, particularly when it makes little financial sense to refinance so soon after purchasing a home but are expecting a large sum of money. For example, buyers who expect to receive a tax refund or other substantial money after closing on their property, such as proceeds from the sale of another property or stocks, may want to look into recasting to lower monthly payments, says Edward Ades, the owner of Universal Mortgage in Brooklyn, N.Y.
Source: “A Little-Known Strategy for Cutting Mortgage Payments,” New York Times (Dec. 30, 2010)
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George Fotion DRE Lic # 785373
Posted at 03:35PM Jan 05, 2011 by George Fotion in Real Estate | Comments[0]
Upper Filiorum Hiking Trail Rancho Palos Verdes
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The City of Rancho Palos Verdes and the Palos Verdes Peninsula Land Conservancy, with support from the State Coastal Conservancy and contributions from over 700 supporters in the community, added the 191-acre Upper Filiorum property to the Palos Verdes Nature Preserve on December 31, 2009.
The acquisition resulted in over 900 contiguous acres of protected open space and a wildlife corridor linking the Three Sisters and the Portuguese Bend Reserves.The City Council adopted Preserve Trails Plan will need to be amended to include the Upper Filiorum trail routes and uses, and your input on the trail planning is requested. (click picture to see large view)
On Wednesday, September 8, 2010 a workshop will be held at Fred Hesse Community Room located at 29301 Hawthorne Boulevard in the City of Rancho Palos Verdes at 6:00 p.m. The purpose of this workshop is to receive public input on potential trail routes and uses at the newly acquired Upper Filiorum Reserve.Based on the public’s input at the September 8th workshop, a proposed Trails Plan for Upper Filiorum will be presented at a workshop on Wednesday, September 29, 2010 at Fred Hesse Community Room located at 29301 Hawthorne Boulevard in the City of Rancho Palos Verdes at 6:00 p.m.
The purpose of this workshop is to receive public comments on the proposed Trails Plan for Upper Filiorum.The Draft Trails Plan for Upper Filiorum will be presented to the City Council for review and approval at a future meeting.
Click here to view the public workshop flyer.
Click here to view the aerial map of Upper Filiorum.
Please note that a separate public workshop will be conducted to receive comments on trail routes and uses for the remaining Reserves. A notice will be released with specific information relating to the workshop in the near future.Inquiries should be directed to Lily Verdone with the PVPLC at lverdone@PVPLC-DOT-com or at 310-541-7613 or to Ara Mihranian with the City of Rancho Palos Verdes at aram@rpv-DOT-com or at 310-544-5228.
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Posted at 08:38PM Aug 18, 2010 by George Fotion in Real Estate | Comments[0]
