san diego short sale: Are you a short sale loss mitigator or loss maximizer - think about it - 05/30/08 03:03 AM
A few short months ago I started seeing some short sale practioners calling themselves loss mitigators.
Then I started getting calls from the loan brokers who wanted to do "loss mitigation". I heard this phrase so often I realized someone must have been selling them loss mitigation seminars.
I have to … (10 comments)
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san diego short sale: short sale San Diego - Loan Forgivness - New IRS Form for cancellation of debt - 02/13/08 10:50 AM
Short sale and Loan forgiveness are tricky but easier right now. The IRS has a new form - 982. Which seems to lay it out a little better. But be careful - you still have to be concerned about capital gains, and the California Franchise tax board.
Debt reduced in a mortgage … (0 comments)
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san diego short sale: short sale san diego, san diego short sale law - faq - 01/29/08 01:00 PM
San diego short sale questions and questions about California foreclosure law.
Questions How do I determine whether or not my loans are “recourse” or “non-recourse”? I checked my CA Residential Purchase Agreement as well as all my other paperwork provided at closing, but was unable to find a definitive statement as … (2 comments)
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san diego short sale: San diego short sale, short sales san diego - 01/26/08 02:01 PM
San Diego short sale
Some people still ask what is a short sale? In November I answered that question on a KPS television special about the housing crisis in San Diego. My segment discussed all the options for a home owner. Other segments discussed some of the problems created for … (0 comments)
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san diego short sale: San Diego short sale, California Association or Realtors - Short sale addendum - 01/23/08 02:30 PM
The California Association of Realtors short sale addendum poses some interesting questions for San Diego Realtors and California Realtors.
I thought I might address a few of those issues in a series of real estate posts.
Today we will discuss the first line.
While this may seem elementary - I thought I should … (0 comments)
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san diego short sale: San Diego short sales vs Deed in lieu of foreclosure - 11/30/07 04:58 PM
California Short sale vs deed in lieu or foreclosure which is the better pre-foreclosure option.
today we will look at non recourse loans.
If we hold credit concerns aside - a short sale could be an expensive mistake for many California homeowners. Particularly ones with non recourse loans.
It exposes homeowners to unnecessary … (26 comments)
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san diego short sale: San Diego Short Sale - Notice of Default - 11/25/07 03:14 PM
As I mentioned in one of my previous posts some short selling owners are getting offers which are rejected by the lender. Very few buyers are willing to buy a short sale listing for market value. Some lenders are willing to negotiate deeds in lieu of foreclosure. But, what if your … (3 comments)
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san diego short sale: San Diego Short Sale and foreclosure law and Realtor fees - 10/29/07 09:27 AM
Question from a Realtor in one of the comments to a previous blog about a warning from the California association of Realtors to Realtor's assisting in the purchase of short sale and foreclosure properties.
Q:I'm curious what would happen if the buyer wants to buy the home as a 2nd home? … (4 comments)
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san diego short sale: short sale vs foreclosure - 10/16/07 08:10 AM
Here is a question I was sent via my active rain email. I thought I would post it for two reasons. The first one being to show all the hard core "pay you loan back" that some people attempt to pay them back and hit difficult spots and two it is … (0 comments)
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san diego short sale: Short sales - tax implications and ethical duties - 10/02/07 09:38 AM
I believe over time this blog is taking the mystery out of short sales.
So what is a short sale? For my analytical purposes I just see it as one of the pre-foreclosure options a seller should consider. It is really just like a short payoff with a the funding for that … (7 comments)
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san diego short sale: Short sale strategy - The goals of a short sale for a san diego homeowner - 09/17/07 09:41 AM
Short sale and pre-foreclosure strategy. What might your objectives be and how should you accomplish those goals?
For most upside down homeowners the threshold question is - keep the home or let it go. Lately the large majority are saying let it go. Many homeowner in San Diego and Florida are … (6 comments)
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san diego short sale: short sale san diego - california foreclosure case law - 09/10/07 08:00 PM
This is a follow up to previous posts about short sales, a Heloc and a potential deficiency judgment for a sold out junior. I told one of the Realtor - some attorneys believe the 9th circuit may have muddied up the analysis of junior liens. The case is Prestige Ltd. v … (2 comments)
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san diego short sale: Short Sale negotiating strategy - truth in lending violation - 09/07/07 08:14 PM
If your lender is not cooperating in your negotiations. You have tried deed in lieu and short sale, it is time to get tough.
Here is one way to get tough. Make the bank prove that they complied with this:
http://www.fdic.gov/regulations/laws/rules/6500-1400.html
This is the federal truth in lending disclosure requirements. Regulation z. … (6 comments)
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san diego short sale: California Real Estate Law - Is a home equity loan non recourse - 09/06/07 01:16 AM
Here is a great question I got the other day from an on the ball Realtor. I have told him I am going to research the case law to pin this question. I already have my basic answer but if Indymac were coming after me I would not feel too comfortable … (29 comments)
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san diego short sale: Should a San Diego homeowner refinance - 09/02/07 02:13 AM
A San Diego homeowner asked me if she should refinance her property in Carlsbad. It is a good question. In an up market it seems like a simple question every mortgage broker would answer yes - why not if you can lower your payments or take some cash out without … (2 comments)
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san diego short sale: Short sale Negotiation - is providing the listing price of the real estate a mistake? - 08/04/07 02:36 PM
If you are representing a property owner in a short sale negotiation with the lender and a lender asked you for the fair market value of the property - how will you respond.
Two mornings ago, I got a call from the lenders foreclosure department three months after sending a short … (13 comments)
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san diego short sale: Are Realtors Practicing Law without a license Part (2) - 07/29/07 07:45 PM
Today I read an activerain blog by a San Diego Realtor. He suggested the following items should be part of the short sale package:
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Hardship letter from the Homeowner Completed Financial Statements Documents proving the Hardship IRS tax Returns for 2 years Income statements or pay stubs for past 2 months. 4 months … (13 comments)
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san diego short sale: 2006 vintage loans - can the foreclosures be stopped. - 06/29/07 04:34 PM
In an article from Reuters on June 26, 2007 - I saw the following quote. I was struck by the wording for multiple reasons.
"We continue to see migration from 60-plus-day to 90-plus-day delinquencies within the 2006 vintage, suggesting that homeowners who experience early delinquencies are finding it increasingly difficult … (0 comments)
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