foreclosure: Understanding Strategic Default - 06/19/14 01:58 PM
While the short sale game has been around for some time, there are still a number of sellers that are considering selling their home as a short sale—perhaps because the are irritated because they are upside down on their mortgage or perhaps because they need to sell right now.
Many of these sellers are current on their mortgage payments. Some people are under the impression that you cannot do a short sale if you are current on your mortgage. The truth is that sometimes you can, and sometimes you cannot.
What most lien holders are looking for is imminent default. … (3 comments)

foreclosure: What Is a Zombie Foreclosure? - 08/28/13 05:57 AM
What Is a Zombie Foreclosure? You get a call from a one of your past clients or maybe even a friend or relative. He (or she) has seen a house that’s vacant, and the caller wants to purchase this home. It’s the home of his dreams and he has to have it. But, it is vacant and he doesn’t know what to do.
As a professional real estate agent, you see a golden opportunity. Aaah. Here’s my next listing, you think. And, you already have the buyer ready to go. All you have to do is look up the property … (6 comments)

foreclosure: Losing a Home to Foreclosure - 07/12/12 01:41 PM
Dear Melissa:
I am writing because I have a foreclosure date scheduled on my home, and I have not made payments on my mortgage for almost a year. Some people tell me that I can call the bank and delay or postpone the foreclosure. Other people tell me that I should do a short sale so that I can stay in my home even longer. I do not have money to move. I want to stay in my home as long as possible, and I am not sure about my options. Please advise.
–Befuddled in Temecula
Dear Befuddled in Temecula:

foreclosure: Spring Break – Short Sale Recap for You - 04/12/11 02:26 AM
If memory serves, Spring Break is generally a time to go crazy and party like partying is going out of style—but maybe that’s just for college kids.
For the rest of us, it’s a great time to recap where you are at with your real estate business. The first quarter of 2011 is now complete. Multiply your closings in the first quarter by four and you will see what 2011 is gonna look like a few months ahead of December.
In evaluating the Short Sale Expeditor® website, it seems that agents are still dying for high-quality information and support in … (0 comments)

foreclosure: Happy Birthday, HAFA – Treasury Releases Latest Figures - 04/04/11 02:22 AM
The Treasury just put out a new report with the latest HAFA and HAMP statistics through February 2011. Personally, I find all of the statistics in these reports extremely interesting for a few different reasons.
For one, HAMP (the Government’s loan modification program) has such a low success rate. To me, all failed modifications are future short sales, (and everyone knows that I love short sales). Second, I constantly hear about HAFA certification programs. Heck, I’m HAFA certified myself. But, what does it mean? Is the certification really worth the cost of the program? Are enough borrowers participating in this … (4 comments)

foreclosure: Eeek. My Home Is Going to Auction Next Week. What Can I Do? - 12/30/10 01:09 PM
The question about what a borrower can do in order to avoid foreclosure is one that people ask me all the time—maybe even twice daily. Lucky for many of us, tomorrow, (New Year's Eve), there are no foreclosures as city and county public offices in many areas are closed. Many borrowers contact me when they are just a day or two away from foreclosure. And, before you read any further, please be aware that if you want to avoid foreclosure, it is very risky to wait until the foreclosure date is looming to address your options.
The most common type … (7 comments)

foreclosure: Foreclosure Sales, the Latest Short Sale Trend? - 08/31/10 02:45 PM
Foreclosure Sales. Are they the latest short sale trend? They sure seem to be.
If you read my blog with any regularity whatsoever, then you may recall a post around a month ago in which I reported that the latest short sale trend, in my opinion, is the foreclosure sale. How did I arrive at this conclusion?
The answer is quite simple. Good old-fashioned hard work. You see, my office (Short Sale Expeditor®) negotiates short sales for Realtors® throughout California. At the beginning of August, we witnessed a significant increase in the number of foreclosure sales that were scheduled for … (4 comments)

foreclosure: Musings on "Walking Away" and Strategic Default in America - 05/11/10 02:29 PM
Like many other real estate aficionados, I also watched the 60 minutes program that aired on Sunday, May 9, 2010 about walking away or strategic default.  The program discusses the way in which many homeowners feel that strategically defaulting on their mortgages is of benefit to them.  It was an interesting feature, and has quite a long stream of comments on the 60 minutes website.
Watch CBS News Videos Online Personally I was struck by one couple who lives in a home in Arizona and had purchased that home for $400,000. Sadly, their home is now worth approximately $85,000. It's hard … (7 comments)

foreclosure: How To Improve Your Credit Score After Short Sale or Foreclosure - 01/21/10 03:35 AM
My colleague (and fellow short sale aficionado), Wendy Rulnick, from Florida wrote this fabulous blog post that details some great tips for improving your credit score after foreclosure. Read the blog for some tips and tools:

Are you one of the many Americans recently affected by financial woes?  Have you missed payments, racked up your charge card, gone through a short sale, foreclosure or bankruptcy?  As a result, your credit score has probably dropped, maybe substantially.  If so, there is a great resource that may help you rebuild your credit.
MyFico.Com is a website recommended by my … (1 comments)

foreclosure: Foreclosure Sales in San Diego County Being Canceled in Record Numbers - 12/21/09 07:42 AM
According to ForeclosureRadar, a Northern California-based data company that monitors California's distressed property market, Trustee's Sales (also known as foreclosure sales) are being canceled in record numbers.
For those of you who work the short sale market, this comes a no big shock. It is fairly simple to get a foreclosure or Trustee's Sale postponed if you have the determination, the tenacity, the time, and a lot of patience.
Roger Showley, a staff writer for the San Diego Union Tribune summarizes the statistics with regard to the percentage of sales being postponed and cancelled. It's interesting stuff. You may want to … (5 comments)

foreclosure: Preventing Foreclosure - 10/11/09 09:37 AM
Here are some great tips from my colleague, Danny Frank in Pearland, Texas!
There's no question about it: nationwide foreclosures are up, particularly in Nevada, California, Arizona, Michigan, Florida and Colorado. Although we can be grateful that the Lone Star State is not currently near the top of this list, there are Texans facing foreclosure.
No one buys a home with the intention of falling behind on payments and facing foreclosure proceedings, yet it happens. Even when the nationwide picture is much rosier than it is today, some homeowners find themselves in this unenviable position. Here are a few … (0 comments)

foreclosure: Looking to Buy a Foreclosure? - 10/09/09 06:53 AM
If you are a buyer who is looking to buy a foreclosure (a bank-owned property-also called an REO) in Escondido, San Marcos, San Diego County and beyond, you may want to think again.

In many parts of the United States, particularly in San Diego County, buying a foreclosure is en vogue. Buyers flock to these properties because they are allegedly a "great deal." But, are they?
While each and every foreclosed property listing is different, the majority of foreclosure listings in San Diego County are listed below market value, and receive anywhere from 10-30 offers in the first 5 days!

foreclosure: Don't Want to Work Foreclosures or Short Sales? Well . . . - 08/26/09 01:47 PM
Don't Want to Work Foreclosures or Short Sales? Well . . . you had better start rethinking your game plan.
Disclaimer: I know that many agents are doing quite well in certain areas of the United States and Canada, despite the recession and problems with the current economic climate. However, for those agents who are having trouble putting lots of deals into their pipeline, check out this chart:

This chart shows the sub-prime Option Arm resets in billions of dollars that are coming our way. I've seen lots of statistics about percentages of individuals having trouble making payments on their loan … (4 comments)

foreclosure: What's Coming Our Way? More Short Sales, More REOs? - 08/10/09 11:46 AM
No matter where you look, no matter what you read, you hear that more is coming our way. But, more of what?
I went to a meeting last week where everyone was speaking about the fact that asset management companies are holding back the properties that have already been foreclosed--waiting until the prices rise before listing those properties for sale. Then, just one day later, I went to another meeting where folks said that this just was not true--that the banks need their money, so they unleash those properties once they got into the bank's portfolio.
So, where are all of … (4 comments)

foreclosure: Buying Foreclosure Data - 07/19/09 07:55 AM
Our office recently purchased a year long membership to realtytrac. We looked into some other sites before going this route. The agents in the office wanted to have access to the latest information on properties entering foreclosure also known as properties with Notices of Default. The goal would be to touch base with these folks--especially those who are not listed yet--and see if our office could help them through this rough patch.
In the state of California, we used to receive free information like this from our local title companies. However, since January 1, 2009, (when SB133 became effective), they are … (3 comments)

foreclosure: "Foreclosure-speak" - 07/03/09 06:33 AM
There's an interesting article in California Real Estate this month entitled "Foreclosure-speak" and written by Marcia Geffner. If you are new to the foreclosure and pre-foreclosure scene, Geffner uses broad strokes in order to ease you into this new and fairly challenging real estate market.
Since short sales and bank-owned proprieties are likely to be fairly ample for the next few years in most states, this tips and tools may help some real estate agents muddle through these tough times and embrace the present state of things.

Broker, Realtor®
Save time . . . outsource annoying administrative tasks.All the commission … (1 comments)

foreclosure: Foreclosure Laws: State-by-State - 05/05/09 09:30 AM
There are probably several places in the world wide web where you could find information about the different time frames for each state in the union. Personally, I have found the Foreclosure Forum to be very helpful. If you follow my link, you will see a list of the foreclosure time frames state-by-state.
Although the laws are currently changing almost everyday of the week, the California foreclosure time frame is as follows:
Lender can record a Notice of Default after 3 months of missed payments Lender can record a Notice of Trustee's Sale (Notice of Auction) 90 days after the Notice … (2 comments)

Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) Ambassador large

Melissa Zavala

Broker, Escondido Real Estate, San Diego County

Escondido, CA

More about me…

Broadpoint Properties

Address: 220 West Second Avenue, Escondido, CA, 92025

Office: (760) 839-3838

Fax: (760) 839-3279

Email Me




RSS 2.0 Feed for this blog