Just Sold In Foothill Ranch - 7 Morella



Here are some of the benefits realized by my clients (the sellers) on this HAFA Short Sale transaction:

1. The lender could not require a cash contribution or promissory note from the sellers.

2. The lender approved the list price even before listing the house.

3. The lender forfeited the ability to pursue a deficiency judgment against the seller.  This is the greatest benefit for homeowners who are doing short sale under this program, so after the sale, they don’t have to worry about any deficiency judgment after selling the house.

4. The lender paid the allowable closing costs for the seller to close the transaction.

5. The lender may pay the subordinate liens not more than 6% of the unpaid principle balance of their loan to release the lien and full release of borrower liability (No more fear of deficiency judgment from the second lien holder either!)

6. My clients received $3,000 as relocation expenses at close of escrow.

7.The lender paid the commissions; so no out of pocket expenses from the seller.

Short sale is a complex transaction involving coordination and cooperation amongst all parties involved in this transaction. Work with an experienced short sale real estate agent (LIKE ME!) that has experience in closing short sale.

The Charleston Place subdivision offers four floor plans as follows:

• Plan 1 - 1,226 square feet, 2 bedrooms, 2.0 baths, 2 car attached garage
• Plan 2 - 1,373 square feet, 2 bedrooms, 2.5 baths, 2 car attached garage
• Plan 3 - 1,530 square feet, 3 bedrooms, 2.5 baths, 2 car attached garage
• Plan 4 - 1,626 square feet, 3 bedrooms, 2.5 baths, 2 car attached garage

View more Charleston Place Ladera Ranch townhomes for sale!

Rancho Santa Margarita Townhome For Lease - 2 Bedrooms 3 Baths

BEST TOWNHOUSE IN RSM, SIMPLY AMAZING! COMPLETELY REMODELED with new custom kitchen cabinets, new granite countertops, completely painted...you name it, just like a new home! Enjoy the breathtaking views from both floors & your yard. The patio opens to a green belt. Very sunny & bright. Fantastic floor plan with Two huge master bedrooms with attached bathrooms. Walking distance to the resort-like association pool & spa. The kids will love the private tot-lot! Upgraded Hardwood, Laminate, & Tile floors throughout. Direct access to garage. 

Another Bank of America Short Sale Success by IML Real Estate

When "Just Sold" equals relief! Homeowners considering a short sale who have their loan(s) with Bank of America often ask me what the short sale approval letter looks like and what provisions and requirements it will contain. Well here is another Bank of America short sale we recently completed:

Much to the relief of our client we closed escrow on this Bank of America Short Sale on October 20th, 2011.  Both the 1st mortgage and the 2nd mortgage were serviced by Bank of America.  Some important points regarding this short sale:

1. Deficiency Rights Waived:
1st Mortgage: "The owner of your mortgage note... waive their right to pursue collection of any deficiency following the completion of your short sale and your debt is considered settled." When SB 931 took effect in January of 2011 1st mortgage deficiency judgments were prohibited for short sales of all 1-4 unit homes regardless of whether the loan was purchase money or refinanced and regardless of whether the home was owner occupied or an investment property (rental). 

2nd Mortgage: Most imortantly on this successful short sale the deficiency rights of the 2nd mortgage were also waived; "Any deficiency balance will be waived...".  Although legislation passed in California in July of 2011 which eliminated a lender's right to pursue deficiency judgments on 2nd and 3rd mortgages it only pertained to loans which were A. secured on residential property, B. purchase money (the loan was utilized to purchase the home), and C. the property was occupied by the borrower.  In this particular transaction the property was a rental property and the loan was not original purchase money but rather from a refinance.  It was, therefore, vital that a short sale approval that waived the lender's deficiency rights was obtained.

2. NO Promissory Note Required   3. Over $160,000.00 Of Mortgage Debt Forgiven

Bank of America Short Sale Approval 1st Mortgage

Bank of America Short Sale Approval 2nd Mortgage

Ladera Ranch 5 Bedroom + Bonus Room Home - In Escrow! 2 Black Cherry Street

Ladera Ranch FHA Approved Condos & Townhomes

Ladera Ranch: There are nineteen  tracts of homes designated as condominiums in Ladera Ranch.  Of the nineteen neighborhoods of condos eight are FHA approved complexes as of September 27th, 2011.

An Ounce Of Prevention: If you are planning on using an FHA loan to finance a condo it is vital to know ahead of time (before you waste time and effort touring homes that are not eligible) which tracts/neighborhoods of condos are FHA approved. There is no exception to this FHA rule... the project/tract/neighborhood must be FHA approved.

Dave's 2-Cents: It is also prudent to check the expiration date of a project's FHA approval.  At present time fewer and fewer condo projects are eligible to retain FHA approval after the expiration date transpires.  You must have the FHA approval number on your loan prior to expiration date for the project.

Foothill Ranch Four Bedroom Home With Pool & Spa - Price Reduction!

‎2 Bed - 2 Bath Somerset Condo 1/2 Block From Beverly Hills - IN ESCROW!

This short sale is nearly complete and both mortgages have approved. Combined debt forgiven over $160,000.00.

Dave Gubler | IML Real Estate | dgubler@imlrealestate.com | 949.218.0952 117 S. Doheny #303, Los Angeles, CA Price Reduction On Approved Short Sale! Minutes from Beverly Hills. 2BR/2BA Condo   offered at $415,000 Year Built 1972 Sq Footage 1,052 Bedrooms 2 Bathrooms 2 full, 0 partial Floors 1 Parking 2 Lot Size 461 sqft HOA/Maint $280 per month DESCRIPTION Price Reduction On This Approved Short Sale! Somerset Condo - One block from the Four Seasons Hotel and 1/2 block from Beverly Hills City Limit. Granite counter tops and stainless steel appliances in kitchen. Security entrance and gated parking with 2 parking spaces and garage storage area. Near Cedars-Sinae Medical Center. World class shopping, restaurants, and Rodeo Drive are just minutes away in Beverly Hills. LOW HOA that includes water, trash, CAM & Earthquake insurance.   see additional photos
PROPERTY FEATURES - Hardwood floor - Tile floor   COMMUNITY FEATURES - Garage parking - Laundry on-site - Storage space(s)

Equal Opportunity Housing

Posted: Sep 29, 2011, 7:37am PDT

Aldenhouse Condos For Sale - Ladera Ranch

Aldenhouse is a tract of 80 condominiums in the Township Village of Ladera Ranch. Built by Greystone in 2001 these 2 to 3 bedroom homes range from 1,557 to 1,939 square feet in size.  2 car attached garages with direct entry access are standard.  Of the 18 tracts/neighborhoods of condominiums in Ladera Ranch Aldenhouse is one of only eight FHA approved condo tracts.  Chaparrel Elementry, Ladera Ranch Intermediate, & Tesoro High School.

Streets: Albany, Ballard, Bloomington, Daley, First, Granville, Norfolk, Post, State, Union
 

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Foothill Ranch FHA Approved Condos and Townhomes

Foothill Ranch: There are five neighborhoods, or tracts, of homes designated as condominiums in Foothill Ranch.  Of the five neighborhoods of condos, four are attached condos/townhomes (Salerno, Meadowview, Vineyards, and Tuscany).  The remaining tract, Brittany, is a neighborhood of detached condominiums. As of September 27th, 2011 Salerno is the only condo project that is FHA approved in Foothill Ranch.

An Ounce Of Prevention: If you are planning on using an FHA loan to finance a condo it is vital to know ahead of time (before you waste time and effort touring homes that are not eligible) which tracts/neighborhoods of condos are FHA approved. There is no exception to this FHA rule... the project/tract/neighborhood must be FHA approved.

Dave's Tip: It is also prudent to check the expiration date of a project's FHA approval.  At present time fewer and fewer condo projects are eligible to retain FHA approval after the expiration date transpires.  You must have the FHA approval number on your loan prior to expiration date for the project.
 

 FHA Approved Condos For Sale In Foothill Ranch