short sale: Have Short Sale Lien Holders Been Naughty or Nice This Year?
- 12/03/10 02:18 AM
Even Santa is surprised by the behavior of banks. As the end of the year approaches it would do us well to analyze the behavior of the banks. Short sale lien holders have caused many home owners and real estate agents both grief and joy throughout the year. Many REALTORs have made a living short selling homes here in the Central Valley, which in most cases beats a sharp stick in the eye. Modesto and Stockton have seen more than their share of the crisis. While Santa is saying Ho Ho Ho, many feel like their lien holder is saying Ha, Ha, Ha. … (0 comments)
short sale: Clearing the short sale fog
- 11/13/10 01:15 AM
Growing up in our valley, I loved fog! Because fog for us represents the changing of a season. It meant “red cups” are coming back to Starbucks, turkey will become a meal staple for a week and Christmas is around the corner. But a “foggy” or “gray” understanding of our real estate market can make for a great deal of anxiety.In our information age, there is definitely an abundance of information about our distressed markets and mortgages. The big problem is deciphering through all the “fog” and noise to make an educated clear decision about your situation. Today I wanted to … (0 comments)
short sale: Is now the time to sell?
- 08/22/10 11:38 PM
With all the news about interest rates and mansions selling for the price of shacks, many people are asking themselves, “Is now the time to sell our home?” The answer to that question depends heavily on your situation.
If you are a distressed home owner who may at some point in the future or currently is facing foreclosure, then the sooner you can get your home on the market, the sooner you can move on from your situation.
But if you didn’t take part in the real estate fiasco of the last five years, then now may be … (4 comments)
short sale: Should I invest in the Central Valley?
- 07/09/10 06:14 AM
Many people are now wondering if it is the right time to invest in our community. With very low property values, historically low interest rates and the volatility of the stock market, many savvy investors are starting to look in their own backyards for investments. But is investing in Manteca, Lathrop, Ripon or any community in our valley worth it? Abraham Lincoln once said, "Property is the fruit of labor...property is desirable...is a positive good in the world. That some should be rich shows that others may become rich, and hence is just encouragement to industry and enterprise. Let not him … (0 comments)
short sale: Report says loan modifications are experiencing large re-default numbers
- 07/05/10 07:50 AM
Fitch Ratings released a dismal report on the status of the government's Home Affordable Modification Program (HAMP). The report revealed what many of us have already feared and known, loans that were modified are re-defaulting. In what Fitch calls "conservative" estimates, the report states that within 12 months, 55 to 65 percent of the prime loans modified under HAMP guidelines will likely re-default. The numbers get staggeringly higher for modification on subprime and Alt-A loans with a re-default projection of 65 to 75 percent! The report also states, "Fitch continues to believe that, when properly done, modifications can benefit both homeowners … (1 comments)
short sale: California's Foreclosure Activity Drops Across the Board: Report
- 06/30/10 03:29 PM
DSNEWS.COMBY: CARRIE BAY Foreclosure activity in California is beginning to trend downward. The locally-based tracking firm ForeclosureRadar says its statistics dropped last month for every stage of the foreclosure process – with new defaults falling more than 17 percent. It’s the second straight month that the company has recorded across-the-board declines. Filings at each step of foreclosure – default, sale, repossession – also posted sharp drops from year-ago levels. While the numbers appear to paint a clear picture of improvement, ForeclosureRadar remains cautious in its analysis. “Given the staggering number of delinquent home loans, foreclosure activity should be rising not falling … (0 comments)
short sale: House of Representatives passes provision to stop "strategic default"
- 06/28/10 05:42 AM
On Thursday June 10, 2010, the Democratic controlled House of Representatives passed the Federal Housing Administration Reform Act of 2010 also known as H.R.5072. The bill mainly helps to replenish the funds FHA uses to insure mortgages against default. It accomplishes this by moving some of the upfront costs to spread them over the life of the mortgage and raising the premium cap by as much as 300%! FHA also estimates is will generate $300,000,000 a month in additional funds, but at a cost of $42 a month more to borrowers. The most intriguing part of the bill though came at … (5 comments)
short sale: Ever wondered why loan modifications don't work?
- 06/24/10 05:24 PM
When most people hear the phrase "loan modification" there are a multitude of images and emotions that flood the brain; skepticism, hope, desperation, lonely, gamble, fear and maybe even "yeah right"! Using a loan modification to avoid foreclosure has gotten a lot of bad press lately and maybe rightfully so. Look at the chart below:
The numbers just don't lie! But when I look at these numbers, I share the same serious questions that homeowners ask me all the time "Why don't they work?" and "What is the bank looking for? What is the secret formula?" So I went … (12 comments)
short sale: Denied for Federal Mortgage Aid, Homeowners Seek Alternatives
- 06/18/10 05:33 PM
By Stella M. HopkinsRISMEDIA, June 18, 2010--(MCT)--Allison Rinehart's best hope for saving her home isn't the massive federal effort to stem foreclosures.She's been denied, possibly in error, for that plan so she's banking on an alternative mortgage modification to keep her Charlotte townhouse."This is the only thing my daughter and I have," said Rinehart, who is 45. "I am a single parent, no child support, working as many jobs as I can take on."The taxpayer-funded Home Affordable Modification Program, or HAMP, is the centerpiece of the nation's foreclosure prevention effort. But it doesn't work for many people.For example, Bank of America … (2 comments)
short sale: California State Senate bill passes to help homeowners avoid foreclosure
- 06/10/10 04:21 AM
California State Senators Mark Leno and Tem Darrell Steinberg authored SB 1275 which will help prevent loan servicers from foreclosing on homeowners who have requested loan modifications until a decision has been made about the mod and the homeowner has been notified. As many of us have heard the horror stories, loan servicers have been initiating foreclosures on homeowners even when they have been actively trying to get a loan modification or even when they are in the middle of making payments on a trial loan modification. This bill also helps the homeowner to seek limited damages against the servicer if … (1 comments)
Communication is key - One of the biggest ways to make your short sale successful is to stay in constant communication with your Realtor and bank. So many short sales fail to help you avoid foreclosure because the homeowner does not convey important information to the Realtor from the bank! Some typical examples include Notice of Default, Notice of Trustee Sale and other various forms of communication to you the homeowner from the lien holder(s). Don't worry - One of the important things we learned during our short sale was … (1 comments)
"Cut the cord" - Simply put, before a short sale can even work you have to be mentally prepared and ready for what you are about to embark upon. The short sale process can be a lengthy one but it can also be fast. With so many variables in a short sale, the uncertainty can become very unnerving. My advice to anyone thinking about a short sale to avoid foreclosure is to … (2 comments)
short sale: Sharing my personal short sale story – Part 2
- 05/15/10 05:37 PM
Like I stated yesterday, I wanted to spend the next few days or so telling you my personal short sale story. Like everyone else, it all starts with a financial hardship. In our case it was a job loss. With the loss of income, we knew we needed to sell our home. Our problem was that we bought at the peek for $330,000 and now our house was worth only $260,000 realistically, but like most homeowners in denial we thought our home was still worth at least $300,000 so we tried to sell it ourselves. That was the first mistake … (0 comments)
short sale: Sharing my personal short sale story – Part 1
- 05/15/10 05:34 PM
Yesterday we celebrated our son’s first birthday! What does that have to do with short sales, loan modifications or real estate in general? Everything! It also marked over three years since our own personal short sale. Over the next few days rather than giving some more general news about short sales, I thought I would share with you my story to let you know one major thing that lot’s of Realtor’s fail to mention to their clients but they long to hear: “You’re not alone!” “I have actually been there!” “You will make it through, I did!” For a person who … (5 comments)
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Even Santa is surprised by the behavior of banks.
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