Almost every day we get a question from a client who wants to know their options for getting a mortgage after experiencing a short sale or foreclosure. Below is a helpful chart that has the current guidelines for the waiting periods for homeowners that recently experienced a short sale, foreclosure, or deed-in-lieu. The guidelines change… Read More
Keep Your Home California – updated website
The www.KeepYourHomeCalifornia.org web site provided by CalHFA Mortgage Assistance Corporation has been redesigned to help home owners who may be struggling with mortgage payments find the information they need. The site now has four basic tabs, which now makes it easier for users to find information on their specific area of need. The "eligibility" section… Read More
Short Sales – Top 10 Myths Debunked
As we continue to help underwater homeowners in our community avoid foreclosure, we encounter all sorts of misinformation. If you are considering a short sale, don’t make the mistake of believing these myths: Myth #1: The homeowner must fall behind on mortgage payments in order to qualify for a short sale. Debunked: Years ago this may… Read More
Sadly, Foreclosures won’t be stopped for the Holidays
Despite what you might see in the media foreclosure procedures won’t actaully stop for the holidays. Instead lenders including Freddie Mac, Fannie Mae and Chase have said they won’t remove anybody from their homes between December 19 and January 2. The foreclosure proceedings themselves will continue but the sheriff won’t be serving any eviction notices…. Read More
Short Sales – Answers to Commonly Asked Legal Questions
Agents who handle short sales are fully aware of the legal issues that tend to pop up when it comes to short sale transactions – like tax issues and deficiency judgments, for example. We have received our fair share of these questions, and we know how frustrating it is for people to have to wade… Read More
Short Sale Law Against Deficiencies Expanded
A major victory for Tri-Valley and California home owners Friday when Governor Brown signed into law Senate Bill 458, aimed at helping those who may need to do a short sale. This new bill prohibits a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior… Read More
Short Sales – Open Letter from CAR
On Thursday, March 10, the California Association of Realtors is running an open letter in several newspapers statewide, addressing the numerous challenges we face associated with short sales. The open letter addresses the following topics: The benefits of doing a short sale rather than a foreclosure; the inconsistencies with short sale processes at banks; the… Read More
Short Sales – Fewer than three in five close
Have you wondered how likely it is than a short sale will close? The California Association of Realtors recently released the results of a statewide survey on short sales and the challenges REALTORS®, homeowners, and hopefully buyers face in working with lenders and servicers. The most frequent problems REALTORS® cited in working with lenders and… Read More
Short Sales – Anti-Deficiency Protection Almost There
We have great news for our Tri-Valley clients who have done a short sale or are in the process of doing short sale. Up until this bill, we had to negotiate with the lender to waive their right to pursue a deficiency judgment for no money out refinance loans (recourse loan), however with this new… Read More
Should you buy a Short Sale?
We’re often asked, “Should I buy a short sale?” The short answer first: YES! While you are pondering whether a short sale may be the way to go, they are being bought by less timid buyers who in some cases are saving significant money. Yes, short sales can be frustrating; however with the right advice… Read More
