Archive for the 'California Foreclosure Law' Category
California Deficiency Judgments on Sacramento Area Bank America Short Sales
[caption id="attachment_3376" align="aligncenter" width="300" caption="Bank Of America's Deficiency Language in Short Sale Approvals"][/caption] Forth Hoyt's Sacramento Short Sale Center Presents More Information on Short Sale Deficiency in California. Homeowners in Folsom, El Dorado Hills and the entire Sacramento metro area are looking for foreclosure options, answers, choices and ways to save their credit and stop foreclosure. 08/23/10 LEGAL ALERT! READ ABOUT New Deficiency Protection For Sacramento Short Sales and Bank of America short sale deficiency letters Just got a call from a nice agent in Danville. She called me off my website; the Sacramento Short Sale Center at wereheretohelp.org... she was doing Google searches for information on California deficiency law as it relates to short sales and foreclosures in California,and came across my...
New Anti-Deficiency Law In California Would Help Homeowners Who Do A Short Sale
[caption id="attachment_3119" align="aligncenter" width="300" caption="New California Anti Deficiency Law Would Help Sacramento Short Sale Homeowners"][/caption] Many times, as a troubled homeowner is looking for options and gathering information, they go to the internet to find short sale information for Sacramento. I frequently get emails that ask how often deficiency judgments are pursued in California, and how California deficiency law affects short sales. Homeowners are always troubled to find that California Deficiency Law Currently allows banks to pursue deficiency judgments for the amount they are shorted in a short sale. New California Anti Deficiency Law Would Help Thousands Of Californians: SB1178 Would Stop Deficiency Judgments For Refinanced Homes In California. Up To The Amount Of Original Purchase Loan, This Amount Would Be Non-Recourse in...
Short Sale Fraud on the Rise, California Department of Real Estate Warns
[caption id="attachment_2847" align="aligncenter" width="300" caption="Short Sale Flipping, or "flopping": The Newest Housing Fraud Trend"][/caption] A new term: "Short Sale Flopping" is on the rise. It's actually been around for years, I have been getting emails from investor guru's about it since 2006 I think... Investors, Agents, and valuation shysters are talking servicers, banks and mortgage finance companies into selling properties for much less than market value and then re-selling for a quick profit. Besides being a slime-ball way to make a quick buck; It is really helping to screw up our market, and isn't our market messed up enough? We certainly don't need extra-low comparable sales that could be used in Broker Price Opinions and appraisals to move the market even...
California Deficiency Judgment Chart- Avoid Deficiency Judgement in California
[caption id="attachment_2769" align="aligncenter" width="282" caption="Deficiency Judgments From Short Sales With Full Recourse Loans"][/caption] Deficiency Judgments in California have become a hot topic for short sellers. HOW TO AVOID California Deficiency Judgment: Are your Loans Full recourse? Find out! Search More California Foreclosure Law Here Or Contact us Today At Forth Hoyt’s Sacramento Short Sale Center This legal chart is intended to provide a quick and easy guide to determine when a borrower may be liable for a deficiency judgment. There are other factors and conditions which may change the result (such as fraud by the borrower and bad faith waste). For more details see the legal article, Deficiency Judgments and California Law. Find out the rules on deficiency...
No Short Sale Taxes! Mortgage Debt Relief Extended To California Distressed Homeowners
[caption id="" align="alignnone" width="340" caption="Foreclosure, Short Sale and Loan Mod Tax Relief Given "][/caption] Sacramento Short Sale Specialist And Certified Short Sale Expert Reports California Mortgage Debt Relief Act Signed. Gov. Schwarzenegger signs new California law providing a tax break to homeowners who's debt was forgiven through a foreclosure, short sale, or loan modification. We knew he was going to sign it, when they finally got it to him. It's about time! This new bill puts California pretty much in compliance with the Federal Mortgage Debt Relief Act of 2007 that pres. Bush signed Dec. 27, 2007. And allows that there is no mortgage debt tax in California. So finally it is clear that for...
Governor Calls For California Short Sale And Loan Mod Tax Relief
[caption id="attachment_1981" align="aligncenter" width="300" caption="New California Legislation Would Stop Short Sale, Loan Mod And Foreclosure Tax"][/caption] Schwarzenegger: "Send Me A Short Sale Tax And Loan Modification Tax Bill" Just Last Week He Vetoed A Bill That Would Have Made Short Sale And Loan Mod Debt Relief Non- Taxable. Because the bill was vetoed by Gov. Arnold Schwarzenegger, California homeowners who sell short will have to pay taxes on forgiven mortgage debt. He had said he would veto it but they sent it to him anyway, he vetoed the bill because it contained a provision on tax refunds for the state’s largest businesses. He is now calling on lawmakers to introduce new Legislature and send him a bill to provide tax forgiveness on any mortgage...
More And More Homeowners Sue Lenders To Stay In Home
In the last five years, the number of foreclosure lawsuits filed in federal court in California has ballooned —Just like the exploding adjustable-rate mortgages that drove the foreclosure storm — from only 29 statewide in 2005 to nearly 1,400 last year. And these are only the lawsuits filed in federal courts; many such lawsuits also are filed in state courts, which don't track the numbers or the outcomes. So what are these homeowners suing for? For not working with sellers to modify loans, for not allowing short sales, for not extending foreclosure sale dates like they promised, and for not honoring agreements afforded under the Treasury’s new Home Affordable Modification Program (HAMP). Even if a lawsuit doesn't ultimately succeed, it can sometimes significantly delay the...
California Foreclosure Timelines And California Short Sale Timelines
[caption id="attachment_3434" align="aligncenter" width="300" caption="Foreclosure And Short Sale Time Lines"][/caption] Stressed Sacramento Homeowners Looking for Options Ask; What Is The Actual California Foreclosure Processing Time? Sacramento Short Sale Specialist Forth Hoyt Reports: Sacramento Short Sale Information and Short Sale Training For Sacramento Area Homeowners. Understanding Short Sales Means Understanding Foreclosure Time Lines In California. What is the time to foreclose in California? Foreclosure– how do you mean that? Most of the time, Foreclosure means one of a couple of things; one is a process, as in “my Brother is in foreclosure”, or second, it can be an actual event: “that 4600 square foot home went for $243,000 at the foreclosure sale the other day…” You see, foreclosure as a process means...
Sacramento Foreclosure Options Specialist Education…Foreclosure Time-Lines in California
Sacramento Certified Pre-Foreclosure Specialist Report: Foreclosure– how do you mean that? Sacramento Foreclosure Advice: Understanding Foreclosure and Foreclosure Options As a Sacramento area Short Sale Specialist and Certified Pre-Foreclosure Specialist I spend a large prtion of my day visiting with area homeowners with questions. I love being a source of inforation and also enjoy the opportunity to meet great pwople and help them understand thir options, understand the process and systems they find themselves in and also understand what decisions they may need to make and the ramifications of those decisions. One of the most frequent questions I get s about the foreclosure proces, as in "could you explain foreclosure"? Foreclosure: a process and an event… The word Foreclosure means one of a couple of things; most of...
California’s Latest Foreclosure Moratorium May Not Make Much Difference…
Will the latest Foreclosure Moratorium make much of a difference in the long run? Will it give more options to Sacramento Area Homeowners? With another highly publicized foreclosure moratorium starting here in California on June 15th; many buyers, sellers, and real estate professionals have wondered how big the impact will be on the housing inventory here in the Sacramento area. It seems the impact has already been felt and dealt with. Lenders and loan services that already have a comprehensive loan modification program in place are exempt from the law. So most banks, lenders and servicing companies, even if they did not have one in place originally, have put one in place since the law was written in February when The California Foreclosure...
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