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deficiency judgment: Which is more work -- a divorce or a short sale? - 02/12/12 11:09 AM
If I am to alienate anybody with my blog this morning, let's start out with a joke I heard. OK, a conservative, a moderate and a liberal walk into the bar. The bartender says Hello, Mitt.
Now we move to lawyers. First, let me say that many, many of my clients are lawyers. I'm not really sure why but I imagine it's because I tend to think first, act second. I don't go around clicking on every "like" button I see. But maybe it's because I like lawyers that I have so many as clients. Or, perhaps we have too many … (11 comments)
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deficiency judgment: The Bigger Issue With SB 458 and Short Sales in California - 07/23/11 10:27 AM
All of this talk about SB 458 and how it affects a short sale in California is short-sighted. That's because nobody seems to be paying attention to the bigger issue at hand. All of the attention has been focused on the release of liability for the seller. Like Dorothy in the Wizard of Oz, I hate to say, clicking those heels together to go home, the seller has always had the ability to get a release of liability and to avoid a deficiency judgment after closing.
It's called hiring a competent Sacramento short sale agent and / or getting a lawyer.
… (10 comments)
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deficiency judgment: Wait Until Your Colon Stops Working or Fannie Mae Asks for Cable Bills - 06/02/11 11:03 AM
My colon has stopped working. Not THAT colon. The colon on my keyboard, and the semi-colon ain't working so hot, either. I've removed the key, pulled out all the cat hair, vacuumed all around it, and the darn key just sticks. I don't want to replace the keyboard again because I have painstakingly applied large-print keyboard stickers on every single key.
Do you know what it's like to live day after day without a colon key? It's awful. It means no smiley faces for me. Even though I routinely type the parenthesis backwards and make it a frowny face by mistake. … (13 comments)
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deficiency judgment: About Lawyers and Short Sales and a Condo in Rancho Cordova for $52,000 - 04/16/11 10:52 AM
Some of my clients hire lawyers to negotiate their short sales in Sacramento. Do you need a lawyer for a short sale? Sometimes. Well, you should always get legal advice no matter what but some situations call for legal representation on the negotiation side. For example, there are certain situations in which a seller might have assets to protect or require a waiver against a deficiency judgment. Some releases of personal liability can be difficult to obtain without legal assistance.
But if a client calls and asks me, I'll always give the straight scoop. I can tell by asking a few … (6 comments)
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deficiency judgment: How to Get a Release of Personal Liability From Chase Bank for a Sacramento Short Sale - 03/05/11 11:14 AM
Before I jump right into talking about a short sale, let me give a little plug and share a tip with my readers, especially my older readers. You know, I wish somebody would publish a book for women about all the crap that can go wrong when you get older; so I could prepare for the inevitable in advance. It's not like I have a mother around to ask; I am an orphan.
The first thing to go is vision. I noticed this about 15 years ago, just before my 45th birthday. All of a sudden, the print on the back … (23 comments)
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deficiency judgment: The 3 Basic Faces of a Bank of America Short Sale - 03/01/11 11:15 AM
Bank of America short sales tend to dominate the bulk of my short sales in Sacramento. It would not astonish me to discover that Bank of America holds a mortgage on 3 out of every 4 underwater homes in the country. Especially since B of A picked up all those Countrywide subprime mortgages. My first Bank of America short sale was in 2006, so I guess I've been working with B of A now for about 6 years.
This qualifies me to say that if you are a Sacramento short sale agent, you had better become proficient at understanding how Bank … (4 comments)
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deficiency judgment: PNC Tells Another Short Sale Seller to Go Pound Sand - 01/28/11 10:15 AM
If I am going to lose a short sale to foreclosure in Sacramento, odds are that short sale is probably with PNC Bank. I'll tell you why. Out of my last bunch of short sales with PNC, only one of them closed. Those are really lousy odds. Whereas my odds with a Bank of America short sale are much higher. I'm not 100% sure because I haven't checked, but my off-the-head guess would be I lose maybe 1 out of every 25 Bank of America short sales. My success ratio at getting to the approval stage with my Sacramento short sales … (6 comments)
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deficiency judgment: A Caveat Emptor About the HAFA Short Sale Program - 11/29/10 10:52 AM
Reading Mike Watson's blog this morning gave me the inspiration for mine. That's one of the great things about belonging to an online group like this -- apart from the fact that if AR would have me as a member, maybe I shouldn't belong -- but I get great ideas from other writers. In one of my Sacramento short sales last week, the seller asked her lawyer if she could apply for the HAFA short sale program. That's because there are many benefits to the HAFA short sale program such as:
No deficiency judgments $3,000 relocation allowance Foreclosure process stopped No … (8 comments)
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deficiency judgment: The Truth About Short Sales and Purchase Money Loans - 10/15/10 11:01 AM
You know what makes me feel warm and fuzzy all over? More than a cat crawling under the bed covers at 5 AM and purring? When a prospective client calls, and I look up the loan in the tax rolls to discover this potential short sale involves a purchase money loan. Because purchase money loans in California are non-recourse. But a purchase money loan doesn't mean it's free sailing for the seller. Not many short sale agents realize that, nor do their sellers.
I handle all sorts of Sacramento short sales. From Lincoln to Galt. From purchase money to hard money. … (4 comments)
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deficiency judgment: Breaking News: Anti-Deficiency Protection for Short Sales Signed Into Law In California - 10/06/10 09:51 AM
If a seller in Sacramento, -- or anywhere in California for that matter -- ever needed a good reason to do a short sale over a foreclosure, the fact that SB 931 was signed into law by Governor Schwarzenegger on Sept. 30th should be reason enough. First lenders can no longer go after a short sale seller of one to four units. Of course, the protection against a deficiency judgment is only for a first trust deed, but it no longer matters whether that first loan was purchase money (non-recourse) or hard money (recourse). It does not apply to subsequent or … (13 comments)
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deficiency judgment: Breaking News: SB 931 Bans Deficiency on California First Mortgages After a Short Sale - 08/23/10 10:26 AM
In the most exciting news since Pop Cap introduced Peggle, it's possible that California short sale sellers with a first mortgage may no longer have to worry about a deficiency judgment after a short sale. I've been following SB 931 with great interest and discovered it just passed the Senate on Thursday unopposed. It's already cleared the Assembly.
California sellers who are granted a short sale by a lender holding a first mortgage will now be exempt from a deficiency judgment, even if that first mortgage was a hard money loan, providing that Governor Schwarzenegger signs it. And why wouldn't he? … (15 comments)
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deficiency judgment: Short Sales, Turnip Trucks and a Pretty Elk Grove Short Sale With a Pool - 08/18/10 10:05 AM
A potential short sale seller called me this week to ask if I wanted to list a Roseville condo as a short sale. She explained that has hired a third-party negotiator who has assured her that Bank of America will release her from liability regarding her two hard money loans. Of course, I know the likelihood of this happening is right up there with pigs flying.
When I asked her what her course of action would be if she wasn't released from liability but instead faced the possibility of a deficiency judgment, she changed the tone of her voice. "We'll go … (9 comments)
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deficiency judgment: Taking That Sacramento Short Sale to the Finish Line is a Wild Ride - 06/15/10 09:39 AM
The first rule any Sacramento short sale agent should understand is there are no rules in this business. There are ethics and regulations by which we are governed, but the short sales themselves are a whole different animal. You can never guarantee the outcome of a short sale. The only thing you can really do is grab that horse by the mane, hop on and ride it back to the barn without falling off.
If the horse goes left and you're leaning right, you might have a problem. You've gotta go with the flow. What happens when you get to the … (11 comments)
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deficiency judgment: Hard Money Loans Can Result in Liability for Sacramento Short Sale Sellers - 06/08/10 10:09 AM
If you're thinking about doing a short sale in Sacramento, the second thing you may want to consider is whether your loans are hard money or purchase money. The first thing, of course, is whether you qualify for a short sale, which means, in part, that you have a hardship of some sort. Sellers who do not have a hardship might qualify for a short sale but the lender is likely to negotiate some kind of payback.
Senate Bill 1178, which passed the Senate and is now in the Assembly, will prohibit banks from pursuing sellers after a foreclosure or a … (5 comments)
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deficiency judgment: Here is a Short Sale Commission Check For You - 05/15/10 10:16 AM
In case you are thinking that every Sacramento short sale agent is making a killing in this real estate market, let me assure you that we're not all drinking champagne and driving around in a Jaguar. Well, not at the same time anyway. Drinking and driving is against the law in California.
I received a commission check this week for $321. Yet, I also received the agent ranking stats that Lyon Real Estate put out for April. Somehow, out of some 1,000 agents, my performance ranked in April at #8 in the company. I don't know how that happened, especially when … (21 comments)
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deficiency judgment: Is Your Sacramento Short Sale Agent a Short Sale Expert? - 04/02/10 09:09 AM
When Sacramento buyer's agents ask me how I know that I'll get short sale approval, the answer is easy. The odds are I will. And those are high odds, probably in the 90 percentiles. I might be biased, but I believe I'm an above average Sacramento short sale agent. It's hard to look at your own performance objectively, but I would never identify myself as a short sale expert nor proclaim to be the top short sale agent in Sacramento -- even though national and local media might hang that tag of short sale expert on me -- for a variety … (6 comments)
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deficiency judgment: Banks May Demand Seller Contributions to Approve Sacramento Short Sales - 01/26/10 09:03 AM
Among the many twists and turns a short sale can take during its relatively incessant and torturous life is the often anomalous ending. It ain't over until the fat lady sings. Trying to second-guess the bank's investor guidelines is a crap shoot, but I try to prepare my Sacramento short sale sellers for the unexpected that could materialize upon approval.
I'm finding that second lenders are demanding more of the net proceeds. They don't care who pays them -- the seller, the buyer, the agents. I suppose some figure that their position was 20% of the equation in the first place. … (9 comments)
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deficiency judgment: In This Countrywide Short Sale, It Could Be Much Worse Than It Is - 11/19/09 09:33 AM
I don't have any problem with multi-tasking except when facing certain types of death-related circumstances. While some people can't walk and chew gum at the same time, I routinely multi-task. It's often the only way to get things done during the day.
For example, I might be brushing my teeth while talking on my cell. It's easy. You can do it, too. You just move the Jawbone off your chin so it doesn't transmit the sound of robust brushing and talk with your mouth full of toothpaste. So what if some toothpaste dribbles down your shirt? It's a small price to … (5 comments)
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deficiency judgment: Should a Lawyer or an Agent Negotiate Your Sacramento Short Sale? - 07/20/09 09:44 AM
Lawyers practice law and real estate agents practice real estate. The line between the two should never be blurred. When clients are looking for a Sacramento short sale agent, they call me. But when they ask for legal advice, I refer them to lawyers.
See, I am basically a happy go-lucky type of person. If I practiced law, I would be an unhappy person because that's not my specialty. My expertise is selling Sacramento short sales and saving homeowners from foreclosure.
In my personal life, I can be sort of a goofball. My husband and I were standing in line yesterday … (34 comments)
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deficiency judgment: Short Sale Approval from CitiMortgage Delights This Sacramento Short Sale Agent - 06/20/09 09:06 AM
I imagine the short sale approval letter I received yesterday from CitiMortgage delights my Sacramento short sale sellers as much as it does their agent. Because an agent's job isn't over when the short sale approval letter arrives. Sometimes, those approval letters contain conditions that require more negotiation on the agent's part.
We might negotiate a work-out plan, similar, in some ways, to a loan modification. For example, the short sale seller might agree to repay a small portion of the debt in cash or by executing a non-interest bearing, unsecured promissory note, among other options.
However, here is the type … (5 comments)
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Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, East Sac, Lyon RE
Sacramento,
CA
More about me…
Top 1% at Lyon Real Estate #00697006
Address: 2801 J Street, Sacramento, CA, 95816
Office Phone: (916) 233-6759
Cell Phone: (916) 233-6759
Email Me
Broker-Associate at Lyon Real Estate, midtown Sacramento. Selling since 1974. Home Buying Columnist at About.com. Sacramento short sale agent.
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