VLOG This...Short Sale Myths...It's Not Too Late for Short Sale...Save Your Credit - 03/30/09 11:55 AM
Kris & Kim share their experience of a homeowner that was getting ready to lose their home to foreclosure. Save your credit from a foreclosure.  It will affect your credit negatively for up to 10 years. When you buy a new car, or apply for a credit card...you will feel the effects of your choice to foreclose versus a real estate short sale. If your in upside down in eauity, pre-foreclsoure, received a Notice of Default (NOD) or are looking at a Trustee Sale or Auction call Kris & kim today to talk out your options...877-391-2338 … (0 comments)

Real Estate Short Sale Myths Video Series #1 - 03/30/09 10:57 AM
Kris & Kim share their secrets of working hundreds of Real Estate Short Sales.  There process has proven to be one of the most successful in the country.  In this series of videos, you will learn what bank negotiators are looking for and as a home seller, what to expect. If your upside down in equity, pre-foreclosure or have a pending Trustee Sale...call now...877-391-2338. … (0 comments)

Loan Modifications…not an option for most homeowners in the Inland Empire and Orange County - 03/26/09 07:06 PM
Well, I guess by now most people that own a home in California have realized that the long awaited plan by President Obama to save our homes….is just not going to work…unless you are willing to continue living in a home that is most likely at least 50% upside down in value.
Also very likely that values are going to continue to decline for at least another year…plus+++
Here is where it gets crazy!  An FHA representative spoke recently about the 400,000 people that Hope for Homeowners was supposed to help…guess what?  One, 1 loan has been insured by the … (0 comments)

FHA States: “Hope for Homeowners” Helps…1 Borrower Since June 2008 - 03/25/09 05:37 PM
Well, I guess “No Hope for Homeowners” would be the appropriate response to the program developed by the Bush Administration to help Americans facing the loss of their homes from rising monthly payments and declining values.
In a report by CNN, Brian Sullivan FHA spokesman stated: “As it stands now, we’ve only gotten 752 applications and only one insured loan!”
To give perspective, congress set aside $300,000,000,000 (Billion) to cover up to 400,000 families for this failed program.
Where is this money going? Why not give a tax credit to the families it failed to help? Below is a link to … (2 comments)

Continued Declines In Home Values In San Bernardino County…Loan Modifications? - 03/23/09 07:12 PM
If your living in California and are a homeowner the odds are pretty high that your equity has decreased.  Riverside and San Bernardino County…( The Inland Empire ) is devastated with property values declining 50% and higher. The decline in home values are down right scary.
For many, a loan modification was or may be a solution to keeping the property.  For most of our clients that dream was shattered when President Obama rolled out the guidelines for qualification of a loan modification.
A home can not be “too upside down” in equity - “underwater” basically if you live in California … (0 comments)

Will I owe the IRS any taxes on the difference between what my mortgage is and what the short sale amount ends up to be? - 03/23/09 07:09 PM
The answer is maybe.
Under "The Mortgage Forgiveness Debt Relief Act of 2007," taxes that would be owed on monies un-recovered in a foreclosure or a short sale are "forgiven" if you fall into the parameters stated by the Internal Revenue Service.
The law was established by President Bush in an effort to give relief to tax payers that have lost their primary residence to foreclosure or sold their primary residence in a Real Estate Short Sale.
If the property you are selling or are losing to foreclosure is a 2nd, investment or vacation home, then you may not qualify. You … (0 comments)

Can a short sale be done while a property in in bankruptcy? - 03/23/09 01:54 PM
Yes.
A property may be sold while the owner is in bankruptcy.
I have first hand experience with similar scenarios and have successfully closed real estate short sale transactions while the owners were in the bankruptcy process.
The property will have to be removed from the bankruptcy process either by permission from the attorney representing the individual/s or by permission from the bankruptcy courts by the court appointed trustee.
Typically, depending on your state, utilize the services of an experienced Real Estate Short Sale Specialist who has successfully completed a minimum of 12 Short Sale transactions.  I use the number 12 … (0 comments)

Can second mortgage have ability to reject an offer for short sale? - 03/23/09 01:52 PM
The 2nd or other subordinate liens can certainly hold the Short Sale process up. This is also known as a "cloud on title."
Any entity with a lien against a property may "stay" any sale of a property until their terms have been satisfied and they agree to release their lien.
This is where you need the expertise of an experienced, short sale trained agent or broker. 85% of my short sales carry a 2nd lien. As a short sale specialist, this is where your true negotiation skills will be put to the test. Often times, the second will be satisfied … (0 comments)

Will I owe the IRS any taxes on the difference between what my mortgage is and what the short sale amount ends up to be? - 03/23/09 01:18 PM
The answer is maybe.
Under "The Mortgage Forgiveness Debt Relief Act of 2007," taxes that would be owed on monies un-recovered in a foreclosure or a short sale are "forgiven" if you fall into the parameters stated by the Internal Revenue Service.
The law was established by President Bush in an effort to give relief to tax payers that have lost their primary residence to foreclosure or sold their primary residence in a Real Estate Short Sale.
If the property you are selling or are losing to foreclosure is a 2nd, investment or vacation home, then you may not qualify. You … (0 comments)

Continued Declines In Home Values In San Bernardino County…Loan Modifications? - 03/18/09 11:55 AM
If your living in California and are a homeowner the odds are pretty high that your equity has decreased.  Riverside and San Bernardino County…( The Inland Empire ) is devastated with property values declining 50% and higher. The decline in home values are down right scary.
For many, a loan modification was or may be a solution to keeping the property.  For most of our clients that dream was shattered when President Obama rolled out the guidelines for qualification of a loan modification.
A home can not be “too upside down” in equity - “underwater” basically if you live in California … (0 comments)

Will I owe the IRS any taxes on the difference between what my mortgage is and what the short sale amount ends up to be? - 03/18/09 10:52 AM
The answer is maybe.
President GW Bush signed The Mortgage Debt Relief Act of 2007. The act may be utilized by a homeowner with financial hardship selling his/her primary residence under a Real Estate Short Sale. In essence, under this Act, the seller will not be penalized by taxation of the difference of the amount owed and the amount sold by the Internal Revenue Service.
This act is not automatic and will require the seller to complete IRS form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness. This form along with a Hardship Explanation (in some cases) will be … (0 comments)

Will I owe the IRS any taxes on the difference between what my mortgage is and what the short sale amount ends up to be? - 03/18/09 10:51 AM
The answer is maybe.
President GW Bush signed The Mortgage Debt Relief Act of 2007. The act may be utilized by a homeowner with financial hardship selling his/her primary residence under a Real Estate Short Sale. In essence, under this Act, the seller will not be penalized by taxation of the difference of the amount owed and the amount sold by the Internal Revenue Service.
This act is not automatic and will require the seller to complete IRS form 982 Reduction of Tax Attributes Due to Discharge of Indebtedness. This form along with a Hardship Explanation (in some cases) will be … (0 comments)

Can a short sale be done while a property in in bankruptcy? - 03/18/09 10:48 AM
Yes.
A property may be sold while the owner is in bankruptcy.
I have first hand experience with similar scenarios and have successfully closed real estate short sale transactions while the owners were in the bankruptcy process.
The property will have to be removed from the bankruptcy process either by permission from the attorney representing the individual/s or by permission from the bankruptcy courts by the court appointed trustee.
Typically, depending on your state, utilize the services of an experienced Real Estate Short Sale Specialist who has successfully completed a minimum of 12 Short Sale transactions.  I use the number 12 … (0 comments)

If you have a deficiency from a short sale are other properties you own at risk of having a lien placed on them for the deficiency? - 03/18/09 10:46 AM
The answer is yes, if your state recognizes the deficiency judgment as it pertains to a mortgage deficiency.
There are specific events that must occur prior to a deficiency judgement. 
The mortgage holder of the deficient mortgage must request a judgment from the courts in the county where the real property is located. You may or may not be notified when this occurs. The deficiency must be granted by a judge. The mortgage holder can now pursue this judgment and may attach any properties that are associated with the mortgagor/s. There are many ways to protect your other real property assets.
… (0 comments)

Could a short sale be done on property before a loan goes into foreclosure? - 03/18/09 10:44 AM
If the question is equating "foreclosure" to "Trustee Sale",  then the answer is yes.
By definition, a real property short sale takes place prior to trustee sale however it can also take place during the foreclosure process. In most states, once the foreclosure process has been completed, your opportunity for short sale has passed.
Once a short sale offer has been submitted to the mortgage company or bank, along with their specific documents requested and the offer is reasonable with market conditions, the foreclosure process or trustee sale will be halted.
The short sale approval process (offer is approved by the … (0 comments)

Q: How do I find an investor for my property? I do not want to go the foreclosure way but no longer want the house. - 03/18/09 10:29 AM
By your question, I would think that your best option is a Short Sale.  In a short sale, you/your real estate agent is asking the mortgage or lien holder to accept less than what is owed on the property.  There are a few ramifications such as:
A credit rating hit, however, in most cases, you will be able to repurchase a home withing 18 to 36 months. a foreclosure will stigmatize your credit for many years. as long as you properly manage your finances moving forward. There are potential tax ramifications, however with President Bush enacting "The Mortgage Relief Act of … (0 comments)

Q: Can I add a relative to the Deed as a joint owner? - 03/18/09 10:18 AM
The answer is yes.
In California, where I am a licensed Real Estate agent it is as simple and I always suggest the designated home owner working with a reliable escrow office.  You do not need a real estate agent for this process.
The escrow officer will add/remove persons or entities to/from a deed.  The escrow office will have this document recognized by your county recorder. Of course there is a fee and it is usually less than $100 and in most cases less than $50. As the owner of the property, you will have to supply proper identification as well … (0 comments)

Q: Can I add a relative to the Deed as a joint owner? - 03/18/09 10:10 AM
The answer is yes.
In California, where I am a licensed Real Estate agent it is as simple and I always suggest the designated home owner working with a reliable escrow office.  You do not need a real estate agent for this process.
The escrow officer will add/remove persons or entities to/from a deed.  The escrow office will have this document recognized by your county recorder. Of course there is a fee and it is usually less than $100 and in most cases less than $50. As the owner of the property, you will have to supply proper identification as well … (0 comments)

Q: Can I add a relative to the Deed as a joint owner? - 03/18/09 10:09 AM
The answer is yes.
In California, where I am a licensed Real Estate agent it is as simple and I always suggest the designated home owner working with a reliable escrow office.  You do not need a real estate agent for this process.
The escrow officer will add/remove persons or entities to/from a deed.  The escrow office will have this document recognized by your county recorder. Of course there is a fee and it is usually less than $100 and in most cases less than $50. As the owner of the property, you will have to supply proper identification as well … (0 comments)

Q: Can a mortgage lender (in California) refuse a mortgage payment after an NOD has been filed? Aren't they supposed to allow a cure of the default by accepting a payment? - 03/18/09 10:05 AM
In my experience, a mortgage holder can refuse the payment after the NOD has been filed if the amount being paid is not the full amount in arrears.  This amount is stated on the NOD filed and the property owner should have received a copy upon upon your mortgage company or loan servicing company filing the NOD with your counties recorders office.
In today's economy, if you wish to make a payment, contact your mortgage holder and attempt a "work-out" program.  In most cases the lien holder will want to work with you, however, they are under no obligation if the … (0 comments)

Q: How many payments do I have to miss before they foreclose on me? - 03/18/09 09:59 AM
We recieve many questions a day...we are sharing some and giving our response.
 
The answer is 1 payment. You are in "default" when you miss or fail make a payment by the date agreed. This date was established and agreed to when the deed was executed.
However, your mortgage company must follow the laws as they pertain to collection, Notice of Default, Trustee Sale and Foreclosure in your state.
Your states foreclosure process can be as short as 90 days and as long as 1 year.
In my state of California, the process is approxiimately 150 days.
30 days in … (0 comments)

California Homes in foreclosure Overvalued by More than $200,000.00 - 03/18/09 09:55 AM
In a recent release by Foreclosure Radar, the average California home in the deafault process had a mortgage value exceeding $200,000 of Current Market Value (CMV) for the month of February 2009.  A 189% increase in negative equity year over year.
Also released in this same report, there were 17,131 foreclosures in February '09.  An 11.9% increase over the previous month.
For more Information contact:
Kris & Kim Darney Platinum Real Estate 714-615-7605 … (0 comments)

Recent Report: On Average California Properties Over Valued by $200,000.00 - 03/13/09 01:43 PM
In a recent release by Foreclosure Radar, the average California home in the deafault process had a mortgage value exceeding $200,000 of Current Market Value (CMV) for the month of February 2009.  A 189% increase in negative equity year over year.
Also released in this same report, there were 17,131 foreclosures in February '09.  An 11.9% increase over the previous month.
For more Information contact:
Kris & Kim Darney Platinum Real Estate 714-615-7605 … (0 comments)

Mr. Obama Tried to Help...Just Too Much to Overcome - 03/06/09 04:21 PM
Mr. Obama has been given the daunting task of reviving the nations economy.  the main concerns on most Americans minds is that of the precipitous position of their mortgage and home values.In an effort to pacify his constituents, Mr. Obama rolled out the Home Affordable Modification Program March 4.The structure is sound...unfortunately the reality is unrealistic for many Americans.Why is it unrealistic?1. Your current homes value (Current Market Value / CMV) cannot exceed 105% of your primary (1st) mortgage.ex: A. Your homes value is $400,000.B. Your Mortgage amount cannot be higher than $420,000 or you will not qualify.
2. No reduction … (0 comments)

Mr. Obama Tried to Help...Just Too Much to Overcome - 03/06/09 03:51 PM
Mr. Obama has been given the daunting task of reviving the nations economy.  the main concerns on most Americans minds is that of the precipitous position of their mortgage and home values.In an effort to pacify his constituents, Mr. Obama rolled out the Home Affordable Modification Program March 4.The structure is sound...unfortunately the reality is unrealistic for many Americans.Why is it unrealistic?1. Your current homes value (Current Market Value / CMV) cannot exceed 105% of your primary (1st) mortgage.ex: A. Your homes value is $400,000.B. Your Mortgage amount cannot be higher than $420,000 or you will not qualify2. No reduction in … (0 comments)

Understand Mr. Obama's Making Homes Affordable - 03/04/09 08:21 PM
Mr. Obama has rolled out his new plan to help homeowners.
Check it out!
Direct Link to Mr. Obama’s Plan via The Department of The Treasury
Read the Q&A’s for a broad-stroke understanding.
More to come!
Kris 714-615-7605
… (0 comments)

Won’t Help Everyone.....President Obama’s Help For Homeowners - 03/04/09 06:10 PM
It’s here, we have all been waiting to find out what will be offered to help cure our bleeding housing market. President Obama’s plan is much stronger than I had anticipated. In summary, there are several components in place to help those families in a true financial hardship keep their homes.
For those of us living in areas like the Inland Empire…most of California, this plan does not address a solution dealing with the decline in our property and the fact that some of us are underwater by 50%! - Other than the statement made below by Mr. Baker ( co-director … (0 comments)