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santa monica short sale: Have You Ever Wondered, "Why Would A Lender Agree To A Short Sale?", Santa Monica, CA Series 7 - 01/26/12 03:47 PM
As an agent I can tell you that houses sell better with someone living in them. Even if it’s not an entirely clean house. It has a warmth and personal feel to it. Vacant houses tend to have a cold empty feel to it. In terms of a business decision it’s better for the lender to work with a homeowner doing a short sale. See below for more info, Series 7, from CAR legal issues on short sales. Q 7. Why Would A Lender Agree To Accept A Short Sale? A Lenders may have ample incentive to negotiate a short sale … (0 comments)
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santa monica short sale: Open Today, 1/22, 1-4pm, 1144 10th St, N. of Wilshire, 2 + 2 Condo - 01/22/12 02:21 PM
North Of Wilshire, Santa Monica, Short Sale Scan me with your smartphone to bookmarkour mobile website at http://santamonica.realbird.com … (1 comments)
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santa monica short sale: I'm Considering A Short Sale On My Home In Santa Monica, CA. Can My Lender Sue Me? Series 6 - 01/18/12 07:15 PM
I'm Considering A Short Sale On My Home In Santa Monica, CA. Can My Lender Sue Me? Is a question that comes up from luxury homeowners considering a short sale. Please read further for information directly from the CAR legal series on short sales. Q 6. Can a lender avoid the "foreclosure process" and just sue the borrower on the note (i.e., treat it as an unsecured note)? A No. In the event of a borrower's default, the lender has two options--a judicial foreclosure or a trustee's sale foreclosure (either one is referred to as the "foreclosure process"). However, a lender … (0 comments)
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santa monica short sale: "Can A Lender Obtain A Deficiency Judgment Against A Defaulting Borrower Following Foreclosure?" Series 5 - 01/10/12 06:17 PM
One of the top questions Seller's ask when deciding to pursue a short sale. Will I be responsible for the unpaid balance, "deficiency" amount for my loan? See below for info on CA, anti-deficiency statues take from CAR legal services. Be informed, make the best decision you can with relevant information.
Q 5. Can a lender obtain a deficiency judgment against a defaulting borrower following foreclosure?
A It depends. California has "anti-deficiency statutes" that protect certain borrowers from deficiency judgments. A trustee's sale foreclosure does not involve the courts and does not permit the lender to go for a deficiency judgment. In order … (6 comments)
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santa monica short sale: Aurora Bank, Trouble Closing Short Sale Escrows This January, Hold On... - 01/09/12 07:59 PM
Aurora Bank, Trouble Closing Short Sale Escrows This January, Hold On...
This just in from our legal dept., we recently became aware of a problem with Aurora Bank transactions that we thought you should know about. Specifically, we have been informed that no deals involving an Aurora asset will close before January 24, 2012, at the earliest. Rather, Aurora has stated that every deal scheduled to close in January needed to be extended for a minimum of 15 days. In fact, although they are only requesting 15 days, Aurora presently has no specific closing time frame, and therefore does not … (162 comments)
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santa monica short sale: "Under what circumstances is the lender prohibited from going after the "deficiency balance" ?" CA Short Sale Q & A. Series 4. - 01/05/12 04:43 PM
"Under what circumstances is the lender prohibited from going after the "deficiency balance" ?" CA Short Sale Q & A. Series 4. Deficiency Balance is defined in a previous post.
Q 4. Under what circumstances is the lender prohibited from going after the "deficiency balance" as defined in Question 3 after a short sale?
With the passage of SB 458, effective July 15, 2011, after the short sale of a residential property of one-to-four units, the holder of any senior or junior deed of trust cannot pursue the borrower (seller) for any deficiency under the note. If the lender consents to the short … (6 comments)
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santa monica short sale: "What Is A Deficiency Judgment?" Short Sale Questions & Answers In CA. Series 3. - 01/04/12 08:11 PM
"What Is A Deficiency Judgment?" Short Sale Questions & Answers In CA. Series 3. Q 3. What is a deficiency judgment?A A deficiency judgment is a judgment obtained by the lender in court against the borrower for the difference between the unpaid balance of the secured debt and the amount produced by sale or the fair market value of the security, whichever is greater, in a judicial foreclosure. (Cal. Code Civ. Proc. § 726 (b).) A lender may obtain a deficiency judgment only with a judicial foreclosure. With a trustee's sale foreclosure, the lender cannot go after a deficiency judgment. With … (0 comments)
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santa monica short sale: Short Sale Questions & Answers In CA. Series 2. "What Are My Options With My Lender?" - 12/29/11 08:02 PM
"What are my options?" Is a common question most homeowners want to know when meeting with us. Listed below are the options lenders offer to their clients in trouble. But, a lot of these options depend on your current financial situation, potential future financial, and current loan guidelines.
(Best advice anyone can give if you are facing this type of situation is :Be informed, be in the know and seek help to support your situation.)
Lender's Options Upon Borrower's Default (Cont.)
Q 2. What other options may the lender consider … (4 comments)
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santa monica short sale: Short Sale Questions & Answers In CA. Series 1 - 12/27/11 05:01 PM
Short Sale Questions & Answers In CA. Series 1 is the beginning of typical Questions & Answers about short sales. They are basic questions every homeowner, buyer and Realtor would need to know. As you know short sales are anything but, short. They are simple yet, very complex. Please use these Q&A's as a basis for a beginning foundation of knowledge. We have been doing short sales since 2007. Our knowledge is layered due to the time and experience. There is a density we bring with each homeower or buyer we help to sucessfully complete a short sale. This information is … (2 comments)
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santa monica short sale: Homeowners Facing Foreclosure Should Know These Timelines. - 12/21/11 07:26 PM
I wanted to share an article from our California Association Of Realtor's also known as CAR. These are the foreclosure timelines from their legal department. Your lender can extend these timelines based on each homeowner's unique situation. The main points are highlighted in yellow. If you are close to a foreclosure but want to enjoy the holidays. Make sure you check in with your Realtor so they can assist you with interpreting your situation. Then, you and your family can relax and pick it up in the new year! Of course, use a certified short sale specialist that has references. For … (4 comments)
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Kim & Kristine Halverson Realtors® Santa Monica Real Estate, CA
Santa Monica,
CA
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Prudential CA Realty, Santa Monica Real Estate :)
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