san diego short sale agents: I received this email.....looking for feedback
- 07/28/09 06:57 PM
Hey Sara! The reality these days is that the rules are changing every day. It is extremely important for investors to stay on top of the news and know what the real impact of the headlines is. There was some really big news in the short sale world recently, so I wanted to take this chance to explain its impact and how I am dealing with it in my business. Bank of America, which also now owns Countrywide, quietly added a clause to its short sale agreements recently that obligates homeowners to pay back the deficiency owed as … (4 comments)
san diego short sale agents: California Foreclosure Prevention Act (CFPA) in a nutshell!
- 06/26/09 05:47 PM
I know a few people have been asking for the nuts and bolts of the new CFPA. I have taken snippets from a couple different resources and have included them below for your convenience. Hope this helps! The California Foreclosure Prevention Act was enacted by the state Legislature, and signed by Governor Arnold Schwarzenegger on February 20, 2009 and put into effect today, June 15th, 2009.The Act, which amends the California Civil Code as it relates to residential mortgage loans,states it's goal of allowing "additional time for borrowers to work out loan modifications while providing an exemption for mortgage loan servicers … (1 comments)
san diego short sale agents: Short Sale Package Checklist
- 01/14/09 04:15 PM
For those of you doing "Short Sales" in your marketplace...Here is a Checklist of documents to send in to the lenders! I"m sure everybody knows this by now....a quick refresher should do!
□ Authorization to Release Information for all loans signed by borrowers □ All letters you have received from the lenders pertaining to foreclosure □ A copy of the Notice of Default □ The Hardship letter detailing your situation on why you are unable to pay the loan (please see sample attached in package) □ Financial Statement (attached) - completed and signed by all borrowers □ 2 most recent … (2 comments)
san diego short sale agents: 2 Main Advantages of a Short Sale
- 01/13/09 02:39 PM
One of the most common questions we get when working with homeowners is "What are the advantages of a Short Sale." For today's purposes, I just want to point out two main reasons, among the many advantages of considering a Short Sale instead of letting the property go into Foreclosure. Advantage #1. You have the opportunity to minimize the damage to your credit: Foreclosures can remain on your credit for up to seven years. On the other hand, a short sale will usually report as a "settled debt." This results in significantly less damage to your credit rating. A short sale … (5 comments)
san diego short sale agents: Short Sales Really DO Work!!
- 01/08/09 04:08 AM
In my experience with many San Diego Agents and Homeowner's, many are skeptical if short sales even work. I don't blame them. There are a very small percentage of companies in San Diego that are successfully closing short sales. Fortunately, we are one of the companies that ARE doing them correctly and successfully! I have addressed a brief description of why the banks really do want to Short Sale their properties instead of letting them go into foreclosure. Why does the short sale process work? Typically once a notice of default is assigned, the mortgage company will run different scenarios on … (5 comments)
san diego short sale agents: San Diego Short Sale Defined!
- 01/07/09 06:44 AM
What is a short sale? The term short sale is prevalent in today's market. However, it seems that many are still inexperienced as to what a short sale really entails. For educational purposes, we have included a brief definition of a Short Sale --- A "Short Sale" is a sale of real property in which the outstanding loan balances are greater than the amount that the property can be sold for. A short sale is typically done during the foreclosure process, after a Notice of Default" has been filed. A short sale will typically stop the Trustee Sale which terminates the foreclosure process. … (0 comments)
san diego short sale agents: Foreclosure Help for San Diego!!
- 09/29/08 04:32 PM
Dear San Diego Homeowner, It's a simple fact that today's real estate market is unlike any we have seen in the past. It is now more important than ever to work with seasoned professionals that know how to navigate today's treacherous waters. I want to invite you to take the step to put your financial future in your hands and exploring options beyond foreclosure. The intention of this letter is to inform you about the options you have as you are already in pre-foreclosure or may be heading towards a notice of default. Prestige Real Estate Services is a full service real … (10 comments)
Hey Sara! The reality these days is that the rules are changing every day. It is extremely important for investors to stay on top of the news and know what the real impact of the headlines is. There was some really big news in the short sale world recently, so I wanted to take this chance to explain its impact and how I am dealing with it in my business. ;)
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