One of the most common questions that I get today from potential buyers is, "I had to short sale my house a couple years ago so when can I buy again?" or "I had to let my house go into foreclosure a few years ago, when do you think I can buy again?" The simple answer is "it depends". It depends on several things, was it a short sale of foreclosure?, were you in default? and what type of loan will you be getting on your next purchase. Below are some guidelines to use but I … (2 comments)
short sales: Roseville CA-California Homeowner Bill of Rights into law
- 07/12/12 05:18 AM
California Governor Jerry Brown signed into law today the Homeowner Bill of Rights to help struggling Californians keep their homes. This law aims to avoid foreclosure where possible to help stabilize California's housing market and prevent the other negative effects of foreclosures on families, communities, and the economy. The new law will generally prohibit lenders from engaging in dual tracking, require a single point of contact for borrowers seeking foreclosure prevention alternatives, provide borrowers with certain safeguards during the foreclosure process, and provide borrowers with the right to sue lenders for material violations of this law. Short Sale and Foreclosure Information. … (0 comments)
California has laws that regulate whether a lender would have recourse against a borrower if they were not paid in full. The most well known of these concern foreclosure. Code of Civil Procedure (CCP) Sec 580b bars recourse on purchase money loans for personal residence and CCP 580d bars recourse after a Trustee Sale foreclosure. On July 15, 2011, California passed SB458 which became CCP 580e and which bars recourse after a short sale of a 1-4 unit dwelling. But the question has come up whether there can still be any recourse despite these laws. The answer is yes although actual … (0 comments)
short sales: Roseville CA-New B of A Short Sale Information
- 05/15/12 06:56 AM
Short Sale Relocation Assistance Program: Clients could receive $2,500 to $30,000 in relocation assistance. Bank of America is excited to announce that for a limited time, they are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property. If you have questions on Short Sales feel free to CLICK HERE for more information.
I have been serving client’s needs since 1982 and have helped many clients through their … (2 comments)
According to the Sacramento Association of Realtors, there presently is a 6 week supply of homes on the market. That is down 20% from January. A normal market would be a three month supply. The predictable result is shorter sale times and multiple offers. The economic laws of supply and demand tell us that this competition should push prices up but it's not happening. The other result is that, with so little purchase opportunities available, demand for rental housing has increased and rent is at an all-time high.
So what's going on? It appears to be … (0 comments)
In a Cooperative Short Sale, you list the property for sale at fair market value. If the property is sold, the proceeds from the sale are used to pay off the mortgage debt, even if the proceeds are less than the amount owed on the mortgage. By working with Bank of America and a real estate professional to successfully complete a Cooperative Short Sale, we can help you avoid some of the negative aspects of a foreclosure.
B of A started this program to cut down on the time frame … (1 comments)
Senators Lisa Murkowski (R-Alaska), Scott Brown (R-Massachusetts), and Sherrod Brown (D-Ohio) proposed the bill addressing the issue of short sales timelines on February 17. A short sale is a real estate transaction where the homeowner sells the property for less than the unpaid balance with the lender’s approval. “There are neighborhoods across the country full of empty homes and underwater owners that have legitimate offers, but unresponsive banks,” said Murkowski. “What we have here … (0 comments)
short sales: California to Receive $18 Billion in Mortgage Settlement
- 02/13/12 07:41 AM
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®. On February 9, Attorney General Kamala D. Harris announced that California secured up to $18 billion for its distressed homeowners as part of a $25 billion national multistate settlement with the country's five largest loan servicers. More than $12 billion will be used to offer short sales or write down loans over the next three years for about 250,000 underwater homeowners in California, according to the attorney general. Relief will go to areas hardest hit by the foreclosure crisis within the first year of the settlement. Although the actual settlement has … (0 comments)
short sales: Report Reveals Number of Foreclosures Down From Last Year
- 02/09/12 03:50 AM
By: Esther Cho A foreclosure report released by CoreLogic Wednesday revealed that the number of homes in foreclosure is decreasing nationwide. The report included monthly data on foreclosures, foreclosure inventory, and 90-plus delinquency rates.
Completed foreclosures for 2011 totaled 830,000, compared to 1.1 million in 2010. The December 2011 completed foreclosures figure was also down to 55,000, compared to 67,000 in December 2010. Nationally, the number of loans in the foreclosure inventory decreased 8.4 percent in December 2011, compared to December 2010, which is a decline of about 130,000 properties. Data from the report revealed 1.4 million homes, or … (0 comments)
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