Initial steps of Short Sale - Default Period 2007-09-15 23:32:31 What is Foreclosure? By now, the words is pretty common but do you really understand what is it and how it works? The next few posts will try to lay it out as simply as possible.Best defined: "Foreclosure is the procedure for enforcing a lender rights once the obligation secured by a Deed of Trust is in Default
"Initial Steps: Default Period
(Default period California law requires 90 days)A: The Note, Deed of Trust and Information on the default are forwarded to Country Records Research.B: The notice of default and other necessary documents are prepared for your signature.C: The notice of default is then recorded and the foreclosure time line begins.D: A Trustee Sale Guarantee (TSG) is ordered from a title company.E: The required 10 day and one month legal mailings are sent to the borrower and the junior lien holders.F: If the loan has not been reinstated or paid off within the three-month default period, the lender then authorizes the next Read more:Short
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Sellers: Do it Before...... 2007-09-12 19:30:29 Before or After listing? Here are few reasons why a seller should get an home inspection BEFORE listing the home. (Part 1) STRONG!Alhough it is usually the case that buyer will obtain a home inspection report before the close. Even if the seller has obtained an inpsection, buyers will get their own. Here are some tips for a seller to consider if in doubt if a Home Inspection will help to be done by the seller prior to listing the property:Strong: By having the inspection before you list your home and start showing it to anyone is to avoid the possible situation of the seller having to negotiate repairs several days into the escrow -- especially if it puts the seller in a weak point of negotiation. Not so bad if the market is a seller's market and there are multiple offers on the property. Once the seller accepts the offer and come to find out the repairs estimates are high --- the seller is now in a weaker position.Strong:By having the inspection Read more:Sellers
Short Sale: the CYA... form - finally here! 2007-09-12 12:23:05 Hey California!..... we've a new form that is probably in this day and time one of the most valuable CYA forms that CAR could come up with. Yeah! Short
Sale Listing Addendum This form covers the following and it requires the Seller's signature: In summary, it statesShort Sale Listing: In short it is stating that the seller has been informed that the amount that is still owed on the loan and any additional liens (IRS) specifically, as well as commissions and other cost of sale may exceed the current market value of the property.... it explains what the seller should expect from the buyer and it list the other options that are not limited to but may be more appropriate for seller (negotiating a modification of existing loans/liens, refinancing, bankruptcy
Got Easement? Check it out before you buy! Buyers Beware! 2007-09-11 13:01:20 Buyers are you out looking for a home with a large yard, where you can put a pool and other cool stuff such as a deck and a cement patio? Because you've got plans! Can you see yourself with this great landscaping in the backyard? Do you think all the front yard is yours? Is there another dwelling in the back that someone else is living in? Do you want to put up a walled fence around your property with no one else having access? WAIT.....STOP! dreaming and ask....... is there an Easement on the property? QUESTION: What is an easement and how do you find out if there is an easement on the property you are interested in? If your home is a new construction you can ask the builder.However, by going to the City Planning Office you can look up what the easements are on your property and what are the rules.Title can supply a preliminary title report will or should contain information about easements on the propertyYou Read more:Buyers
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What the HOA............. do you mean? 2007-09-11 09:18:13 Home Owner's Associations and the impact on a buyer.-- What are some of the HOA rules you just can't live with?-- Do you read the HOA before you purchase the home?-- What is it like to live where someone tell you - you have broken a rule on your own property?-- What are some of the things you like about the HOA?-- Or do you care?Well, after talking to people that are looking for a home where there are HOAs here are some of the responses I received:1. What's with the rule: All cars must be parked in a garage - you will be in violation if you park in your own driveway in a single family residence!When I did my research on the whys of this rule - the answer: Garages are not to be used as storage area. My first opinion was: This is going overboard on policing the neighborhood!2. 2. No street parking allowed - Eventhough the streets are city owned. I just wonder if you are fined by the HOA or by
Let's remember 2007-09-09 18:12:43 FLY THE FLAG Campaign - September 11, 2007!We have a little less than one week and counting to get the word out all across this great land and into every community in the United States of America. Do your part, by passing this on to everyone that you know. THE PROGRAM:On Tuesday, September 11th, 2007, an American flag should be displayed outside every home, apartment, office, and store in the United States. Every individual should make it their duty to display an American flag on this sixth anniversary of our country's worst tragedy.We do this honor of those who lost their lives on 9/11, their families, friends and loved ones who continue to endure the pain, and those who today are fighting at home and abroad to preserve our cherished freedoms.In the days, weeks and months following 9/11, our country was bathed in American flags as citizens mourned the incredible losses and stood shoulder-to-shoulder against terrorism. Sa
Get up dust yourself off and get out there! 2007-09-06 03:57:09 First time home buyers - Remember the words of our President: "Homeownership lies at the heart of the American Dream", now is the time to start that search for your dream home! Been turned down back when the market was up and you could not qualify for any of the great programs because the price limits were too low for the programs that you applied for? Well guess what? Remember when you tried to purchase a condo or home and did not qualify for any of the great programs (down payments, low or no interest loans, etc.) because they had a limit on the value of the property--- and there were no properties available at that value during that time? Well, get up, dust yourself off and get back out there -- don't miss this opportunity.Here are at least 10 good reasons to get started on your search for your dream home: These are valid reasons for you to get back out there and start your search again - now right now - while the search is in your favor: The market
Get it upfront and keep the wheels rolling....... 2007-09-06 01:02:40 Statement of Information/Statement of Fact: This form is very important to the escrow process. It is a good idea to get this form filled out when you get the listing. When you send in the signed purchase agreement, include this form - so that your escrow officer will have it and will not need to call you to get the information during escrow. Not having this information on hand can slow up the escrow process. Although the escrow officer will order a preliminary report, some liens will not show up on this report but the escrow officer will get it and it will have the same name as your seller. Not all liens are owned by the seller -neccessarily, because so many people have the same name.What is this information used for? This information to match up lien information that your escrow officer may receive on your seller (or other person with same name as your seller). This form ask for the seller's an
Fly the Flag Campaign: In Memory of 9/11 2007-09-05 11:46:04 FLY THE FLAG Campaign
- September 11, 2007!We have a little less than one week and counting to get the word out all across this great land and into every community in the United States of America. Do your part, by passing this on to everyone that you know. THE PROGRAM:On Tuesday, September 11th, 2007, an American flag should be displayed outside every home, apartment, office, and store in the United States. Every individual should make it their duty to display an American flag on this sixth anniversary of our country's worst tragedy.We do this honor of those who lost their lives on 9/11, their families, friends and loved ones who continue to endure the pain, and those who today are fighting at home and abroad to preserve our cherished freedoms.In the days, weeks and months following 9/11, our country was bathed in American flags as citizens mourned the incredible losses and stood shoulder-to-shoulder against terrorism. Sa Read more:Memory
The list that is - Not allowable to buyers 2007-09-02 12:37:56 Ran into a situation where the buyer of one of my short sale properties is getting a CALHFA loan. Wait for the celebration, lets discuss one of the problems I ran into. When buyer is getting a CALHFA loan, among the many rules, there is also a rule regarding "Charges not allowable to Buyer".First note: Under no circumstances is an CALHFA borrower to receive a credit from the seller, broker, or any other party involved in this transaction (unless credit was disclosed to CALHFA on the application for laon approval). Any such credit will reduce the maximum allowable loan amount to the borrower. Situation: My listing is the list price, plus a credit back to the buyer - problem #1!Second note: Escrow cannot charge the borrower any fee, that are not pre-approved by CALHFA first. Situation: My seller doe not have any money to pay these fees that the buyer cannot pay on a CALHFA loan!! Now what?This is a list of the -Borrower MAY NOT BE CHARGE in
Lien on me!??? 2007-09-02 02:48:22 Whereas this situation applies in regular sales as well as short sales. Your seller has a child support lien against him and the property! This is bad but it is equally as worst when they "forgot to tell you " about it!I think pretty much all states have serious issues with "deadbeats". The Department of Child Support Services will record a lien and it is very common all over. But what do you do when the seller is trying to sell their home and they owe some HUGH amount of child support. With a short sale there are no proceeds to go to the seller, but does the child support laws care?And what can you do as the agent that is trying to get the sale closed?Get signed written authorization from the seller giving you authorization to speak with the child support case worker (you will need the case number, phone number of the worker, your seller's social security number and the amount that he feels he owe)Send that letter to title and
Short Sale: Ducks in a row! 2007-09-02 00:38:09 Short
sale tips Once you contact the lender for information on their short sale requirements. And you receive the (faxed) package from them - DO NOT interpret the informational letter and package that they send to you as approval of your request. Don't even take it that they will approve a short sale just based on the fact that they sent you what you requested. This is just the beginning of the process!Sit down and go over all the paperwork with the seller(s) and make sure that they fill it all out. Advise them to be truthful with their answers and review the paperwork before sending it back to the lender.Get your Duck in a row and then present the package in a way that the lender understands exactly what you are saying and sending them. This is the time for your written communication skills to shine, because they will not be holding very many telephone conversations with you! Get your facts together and present them to the lender Read more:Ducks
Short Sale: Dear Mr. Lender...... Very truly yours, 2007-09-02 00:08:28 This is a SAMPLE letter to send to lender in a short sale. Please note: It is important to send all the documents that the lender require to complete the short sale request package. In addition to what they ask for, please remember to send all the information that you feel will help the lender get a clear picture of the condition of the property so they will understand the offer. This will help them make a decision quicker in most cases and it will help in the approval process. DO NOT RELY ON BPO to give a true picture of the worth of the property. TO: Name of contact person for Loss Mitigation /Foreclosure / Short
Sale or Default Department (depending on how the lender handles foreclosures)FROM: Rosemary Brooks - Real Estate Agent for (SELLER(s)) (give phone, fax and email)RE: Loan #, name of seller(s), property address, social security number(s)Pursuant to our telephone conversation with reference to the above, enclosed Read more:Lender
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San Joaquin County - Major Employers 2007-09-28 15:45:05 Thinking of relocating to the San JoaquinCounty
? Below is a list of the major businesses in the San Joaquin County. In some instances, the company shown here may have its headquarters in the county, but the employees are actually located throughout the state. Employer NameLocationIndustryCALAVERAS GARAGEStockton AUTOMOBILE REPAIRING & SERVICE CORRECTIONS DEPTTracy STATE GOVT-CORRECTIONAL INSTITUTIONS COTTAGE BAKERY INCLodi BREAD/OTHER BAKERY PROD-EX COOKIES (MFR) DAMERON HOSPITALStockton HOSPITALS DEL MONTE CORPStockton CANNING (MANUFACTURERS) DEUEL VOCATIONAL INSTITUTIONTracy CITY GOVT-CORRECTIONAL INSTITUTIONS DIVISION OF JUVENILE JUSTICEStockton STATE GOVT-CORRECTIONAL INSTITUTIONS FOSTER CARE SVCStockton COUNTY GOVERNMENT-SOCIAL/HUMAN RESOURCES GENERAL MILLS INCLodi CEREALS (MANUFACTURERS) HEAD START CHILD DEVELOPMENTStockton CHILD CARE SERVICE KENYON PLASTERINGManteca PLASTERING CONTRACTORS LODI MEMORIAL HOSPITALLodi HOSPITALS LODI MEMORIAL HOSPITALLodi HOSPITALS M Read more:Major
Buyers: Exactly what is it saying or what's buzzing? 2007-09-27 13:13:25 Buyers
tips on reading and understanding a listing description (Part 1) My advice is to go and see the property with your own eyes. Ask questions and make sure that you understand and verify as much as you can about the properties that you are interested in possibly purchasing. It is not wrong or a bad idea to view the property a couple of times and take notes. This will help you get a true picture of the home.When reading the listing description, remember often time the agent have to abbreviate and use buzz words to get as best description out to the public as possible. I have provided a cheat sheet to help you understand what agents usually mean with the buzz words.A good Rule of Thumb: When reading a listing, pull it apart for descriptive words that are usually put there to either pull you in and/or is trying to cover up a weakness in the property. Be careful of hype words and exclamation points and bold print.When you read a listing descrip Read more:saying
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Sellers: The price is right (isn't it?) 2007-09-26 02:53:33 Sellers
and world... I can't fool you! We are in a soft market and there are just some things that we need to work on to "drop the denial" and come to grip with the fact that we have to work harder at preparing, listing, marketing, negotiating and accepting "what it be like".Before you stop reading and think that this is going to be a downer.... keep reading. This is an attempt to emphasis the fact that there is work to be done, but it can be done - to be able to smile and say "The Price is Right!" What is pricing all about in a buyer's market? Is your listing price
running your buyers away? Are you missing the point?The Price is Right?? or is it? Things you should do to price right: Know that pricing is about supply and demand - right now the MLS is proof that there is plenty supply by the number of listings that are sitting there collection DOM (days on market).Master the art and s
Part of the dream.... don't let it be destroyed! 2007-09-25 06:50:24 Well, we all know that Paul Newman is not HUD... Well, he was HUD in the movie. But this is about our US HUD. Will HUD destroy the Down Payment Assistent programs without waiting to see if our legistrator will turn down the bill (FHA Modernization bill)? HUD seems to feel it has that kind of power to just go ahead and not wait for the vote. At least this is the anticipation. The big question is: What will be HUD final rule on the down payment assistance (DPA) -- we know that HUD wants to eliminate all forms of "seller-funded" DPA programs. If HUD does make that final rule against the DPAs it will and should be challenged in order to protect homeownership opportunities for low-and-moderate-income (LMI) homebuyers and your ability to serve them. This annoucement is expected sometime this week.Its amazing how on one hand the President announce a "plan" that singles out a section of the foreclosure meltdown to help with the
Foreclosure "Last Minute" tips: Did you know? 2007-09-24 20:04:04 This is about options right up to the last day/hour of a foreclosure. Up to 5 business days prior to Trustee Sale, you can reinstateyour mortgage. It is your responsibility to get in touch with the lender and make those arrangements. Get everything in writing and make sure you understand what you are agreeing to.The first option is that you get enough funds together to catch up the loan by the 5 days prior to the Trustee Sale date deadline. Staying in touch with your lender is a good idea - keep the relationship open. The second option is that you get an offer to purchase your home and its prior to the Trustee sale date and this can be either through a short sale or a regular sale if you have the means or equity to afford a regular sale of your propertyDid you know?If you are in foreclosure and have received your Notice of Trustee Sale date - which is the date set for auction/sale of your property on the county steps -- you still have time to reinstate your loan.& Read more:Foreclosure
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Buyers: Opportunity calls! Got your bat? 2007-10-02 11:54:18 Come on buyers step up to bat! Mortgage rates slowly rising -- opportunity calls
: Mortgage rates are slowly rising, as predicted by analysts. As of October 1, the average rate for a 30-year fixed-rate mortgage was 6.42 percent with 0.5 points (fees), according to Freddie Mac, a major government-sponsored buyer of existing home mortgages. Last year at this time, the average rate was 6.31 percent. Here's the good part: Fortunately, rates are still at historically low levels, thus providing excellent financing options for today's home buyers - particularly those with good credit histories. Many are making strategic decisions to buy and finance a home now before rates climb higher. Also, they can now choose from many home offerings, and the owners are open to negotiation on price and terms. The Mother and Daughter Realty Team @ Evolve Realty Group 866-750-8282 Read more:Buyers
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Stockton, CA voted for road improvement.... and its happening! 2007-09-29 23:17:22 Stockton is constantly working to improve the road ways and make the traffic flow smooth and safe. Below is the project that is funded through Measure K-the voter-approved, half-cent transportation sales tax, state and federal sources, and development impact fees from the City of Stockton. Construction on the entire project is expected to take approximately two years.Primary improvements: Widen Route 99 to six through lanes (three in each direction) from the Ort J. Lofthus/Crosstown Freeway (Route 4) to Hammer Lane Make moderate improvements to the interchanges at Fremont Street (Route 26), Waterloo Road (Route 88), and Cherokee Road Reconstruct the Hammer Lane interchangeOther project features include the following:Sound walls at select locations Landscaping and public art Improved lighting, plus signalized ramp intersections at all interchanges Traffic operations systems, including changeable message signs, video cameras, and weather stations Permanent median safety barrierLong
Ways and Means is right on! 2007-09-29 22:11:50 Way to go - Ways and Means
Committee!Lets give props to the Ways and Means Committee for unanimously approved Bill (H.R. 3648), the Mortgage Forgiveness Debt Relief Act of 2007 that relieves foreclosed homeowners from income tax on debt forgiven by their lender. This problem gained major focus in response to some of the tax issues that have arisen as a result of problems in the subprime mortgage market. As it is now, the homeowners who lose their home and have forgiven debt by a lender may be subject to this as taxable income. Under current law, debt forgiven following mortgage foreclosure or renegotiation is considered income for tax purposes, resulting in tax liability for individuals and families.Some additional points:Now the bill is advanced to the next step.... if it does not die out ....this debt would be excluded from taxation on or after January 1, 2007. It will provide relief to those families by permanently excludi
Hints for Home Buyers! 2007-10-12 14:52:43 Homebuyers buy a "house" and immediately want to make it "their home". Here's a couple of tips to help in that process.1. Make a list of EVERYTHING you would like to change about the house to make it more appealing to the buyers. 2. Prioritize all of the items. Most important item on the top and least important on the bottom. Do not over whelm yourself with too many little small things to do, but the major curve appeals and 3. When you are ready to start on your list....FLIP IT OVER! ! ! Yes...that's right....flip it over and start from the bottom.. You will ALWAYS get the most important items done but inevitably you will learn to "live with" the items that aren't as important. As an example: When you start painting your house.....start at the back of the house....because you know that you will ALWAYS paint the front....Right??? the Mother Read more:Hints
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Bash it out in San Joaquin County - Trick or Treat! 2007-10-10 13:04:02 San JoaquinCounty
- Halloween Activities - Pumpkin Patch and all......A Maze 'n' Patch - Pumpkin Patch and corn mazeEight Mile and Lower Sacramento roads, Stockton, CA. Phone: 209-369-6011 Bogarin Farms - apples4351 E Armstrong, Lodi, CA. Phone: 209-369-0791. Fruits and U-pick apples, school trips Buon Giardino Produce - pumpkin patch16220 E Hwy 88, Lockeford, CA, 95237. Phone: (209) 727-3114 or (209) 759-3394. Directions: Hwy 88, one mile east of Lockeford on the right hand side between Lockeford and Clements. Open: 7 days a week from 9-6 May through October. Countryside Farms - strawberries6752 E Main, Stockton, CA. Phone: 209-943-1632. Fresh picked strawberries, planting station, play areas, animal petting areas, U-pick berries, vegetables, flowers, and hayrides Dell'Osso Farms - pumpkins, pumpkin patch- already gathered from the field, train rides, corn maze, haunted corn maze, straw or hay bale maze, child-sized haybale maze, corn cannon, Read more:Trick
Always have a Plan B ---- The "Perfect" solution. 2007-10-09 03:18:05 So what do you do when your broker first tells you the office is looking into downsizing (End of August) ... due to the cuts in sales.... then tells you later that not only are we "cutting back" but we are going "virtural office"(Mid September) and then later (about 3 weeks - October 7th) writes you an email in the middle of the night and let you sadly know that the company is closing its doors and you realize that this is not a 30 day notice and/or not a 2 week notice, its a right now this is how it is notice! What do you do?You are probably saying, Oh well they would not do it that quick... and I tell you YES they did! It was not just in the middle of the night === it was a Sunday night. It was not like our team didn't have open listings on the board... because we did! So I ask you what do you do? I know that life is not "Perfect
" but what can you do um? Well... you go to plan B and you move fast. T
2007 - Most FSBOs by cities 2007-10-06 23:41:47 My next target is For Sale by Owners. I am looking for tips on how to tackle these owners. Do you have any suggestions for me?Here are some facts about FSBOs. It looks like California is not falling in the top 10 catogories for FSBO - however, I know that there are a large number of owners that feel that they can sell their home just as quickly and for just as much money as a professional. What do you think?Have you had success with getting listings from FSBOs? What methods have you used? ForSaleByOwner identified these cities as the ones where it did the most business in 2007 and the year-over-year percentage increase in business:New York, N.Y. (12.7 percent) Chicago (5.1 percent) Washington, D.C. (3.2 percent) Miami (2.6 percent) Los Angeles (2.3 percent) Norfolk, Va. (2.1 percent) Atlanta (2.0 percent) Salt Lake City (1.8 percent) Dallas (1.7 percent) Tampa, Fla. (1.6 percent)In these 10 cities, ForSaleByOwner.com says business declined the most compared to t
Foreclosure assistance sites 2007-10-06 23:31:31 If you have customers or friends who need counsel about foreclosure, send them to this Federal Reserve web site: http://www.federalreserveeducation.org/pfed/foreclosure/index.cfm#top If you are having difficulty making your mortgage payment, one of the most important things you can do is seek assistance. The following resources provide information and links to agencies and organizations that may be able to help you. Federal Agencies Federal Reserve SystemPutting Your Home on the Loan Line Is Risky Business Department of Housing & Urban DevelopmentTips for Avoiding Foreclosure
How to Avoid Foreclosure HUD-Approved Housing Counseling Agencies Federal Housing AdministrationYou Can Avoid Foreclosure and Keep Your Home Federal Trade CommissionCredit Repair: Self Help May Be BestCredit & LoansMortgage Payments Sending You Reeling? Here's What to Do Federally-affiliated Organizations NeighborWorks Center for Forecl
Big margin.. 386 to 27.....Right on HOUSE of Reps! 2007-10-06 23:24:58 Lets take our hats off to The U.S. House of Representatives The US House of Representatives just voted on Thursday to get rid of a tax burden for home owners who have had a loan forgiven or foreclosed on their home because they were unable to make their mortgage payments. The Mortgage Cancellation Tax Relief Act, H.R. 3648, passed by a vote of 386 to 27. NAR has supported elimination of this tax since the early 1990s. Similar legislation is making its way through the Senate. OK Senate its your turn! NOW: The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. This disclosure applies whether it is a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement that relieves the borrower of the obligation to pay some portion of their debt. If the property is sold at foreclosure or is sold for less than was borrowed, that difference is considered income a Read more:Right
Is Smaller better? 2007-10-06 22:42:40 Smaller homes coming Smaller, trendy homes is the hot plan for today's new houses. The super-sized homes that were gaining popularity in recent years are losing their appeal in today's market, while smaller floor plans are in. That seems to be the consumer's response to high prices and tougher mortgage financing requirements. Builders are keying-in to current market trends and consumer demands by planning smaller, lower priced units, according to Kermit Baker, chief economist for the American Institute of Architects.For the past 30 years or so, prosperity and a demand for space to accommodate home theaters, offices, gyms and large kitchens has pushed up the average size of newly constructed single-family homes by nearly 45 percent, as the size of the average family has declined.Last year, the median size of a newly completed single-family home reached 2,248 spare feet, up from 1,560 square feet in 1974, according to the U.S. Census Bureau. The expansion continued into the f Read more:better
Foreclosure: What are you telling your clients? 2007-10-24 13:38:36 I have spoken to people that are not having much luck with contacting their lender in an effort to work out a payment plan in order to help them get back on track. They call their bank as soon as they miss a payment and try to put together a forbearance agreement, loan modification, or other repayment plan. They are running into a great deal of double talk, slow walk, and hold ons -- then to be told.... send in all this information and we will review it and get back to you. Homeowners who rely on only this option to save their homes must often wait weeks or months for the bank to review their application, finding out at the last minute that they have been turned down and are now facing the sale of their homes at the foreclosure auction. The foreclosure process still goes on as scheduled (90 days + 21 days then auction). Some if not most are finding out at the last minute that they are being denied and find auction right around the corner. While a Read more:Foreclosure
Solute to Breast Cancer Awareness Month 2007-10-24 12:33:39 I wanted to take this time to pay personal tribute to this month of BreastCancerAwareness
. I tried to get my pink ribbon on my photo but was not successful at getting that and I did not want this month to pass without me showing my support for this great cause. As many of you know but I am going to share them again: Here are Five things to tell your friends about breast cancer:All women can get breast cancer - even those with no family historyThe two most important factors for breast cancer are being a woman and getting olderWomen have a high chance of surviving breast cancer if diagnosed early, when the cancer is small and has not spreadReduce your changes of developing breast cancer by engaging in regular physical activity, maintaining a healthy weight, and liiting alcohol intakeGet a mammogram every year starting at age 40. If you notice any breast changes, tell your doctor immediately.If you want to help contact: Reach to Recovery Program in your area, visi Read more:Month
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