Archive for the 'Foreclosures in the news' Category
Certified Short Sale Negotiator Explains Deed Of Trust VS Mortgage
[caption id="attachment_5521" align="aligncenter" width="571" caption="California Deed Of Trust California Deed Of Trust State - Explanation"][/caption] As a Sacramento Short Sale Expert and Certified Short Sale Negotiator, I have grown to love this Real Estate market and running a successful Short Sale Business. One of the most enjoyable things about my business is working with and teaching homeowners and home buyers on the market and the housing economy. I'm constantly educating sellers and buyers how California's Deed of Trust works: Deed Of Trust VS Mortgage; Mortgage vs. Deed of Trust: There are two basic documents that can be used to establish the security for the loan: a mortgage or deed of trust. Most states require a mortgage but in California, we use a deed...
New Anti Recourse Law SB 458 Extends Anti-Recourse Protections of SB 931 to Second Mortgages
Will I have To Pay My Lenders Back After A Short Sale? What Is The Short Sale Deficiency Law In California? Can My Second Lender Come After Me After A Short Sale In California? I Need To Do A Short Sale, What Are My Options? What Is The Newest Law Regarding Short Sales In California? What Happens To Second Mortgage on a Short Sale? What Is The Newest Law Regarding Short Sales In California? Report: Solving Your Mortgage Crisis Just Got Easier Here's a Video explaining California's new law from "The Short Sale Genius!" Forth Hoyt, Sacramento Certified Short Sale Specialist and Expert Short Sale Negotiator reports that California Law Now Stops Short Sale Recourse on second mortgages- Including All Claimants- Mortgage Insurance...
California’s Anti Deficiency Law For Short Sales Will Stop Banks From Recourse
[caption id="attachment_3829" align="aligncenter" width="300" caption="California's Newest Short Sale Anti Deficiency Law Goes Into Effect Jan 1, 2011"][/caption] Sacramento Short Sale Specialist and Certified Short Sale Negotiator Forth Hoyt reports on California's new short sale anti deficiency law for short sellers, and how it will change short sale recourse in California. How will it change Recource on California Short Sales? SB 931, recently enacted legislation governing “short sales,” goes into effect Jan 1, 2011, The Legislation applies to any note secured by a first deed of trust or first mortgage for a dwelling of not more than four units. SB931 protects Homeowners as well as Investors, as it is not...
Sacramento Homes In Foreclosure Tops 10%
According to Sacramento Bizjournal and Corelogic; Sacramento homes in foreclosure and those repossessed by banks both increased for the month of August, although Sacramento area mortgage delinquencies fell for the month. Corelogic tracks all homes (that have a mortgage) in the four-county region of Sacramento and recently said that 10.47 percent of Sacramento area homes headed to foreclosure (and are 90 days delinquent or more). That includes the 3.21 percent that are in the foreclosure process and 1.04 percent that went back to the bank during August. The foreclosure and repossession numbers were both up from July.
SB931 Signed Into Law; California Homeowners Get Deficiency Protection After Short Sale!
SB 931 signed into law. New Civil Code Section 580e will stop deficiency judgments on short sales in California Deficiency for short sales in California are illegal on first mortgages! No Deficiency after short sale Sacramento Certified Short Sale Specialist and Expert Sacramento area Short Sale Negotiator Forth Hoyt Reports: New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For? California Gov. Arnold Schwarzenegger signed senate bill SB931 into law Oct. 1. The new short sale law prohibits mortgage holders from pursuing deficiencies after a short sale has been accepted. The law covers all first mortgages, and applies whether or not the property has been refinanced. Before S.B. 931, many distressed homeowners who sold their homes for less than the owed amount...
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...
Strategic Walk Away, Short Sale or Foreclosure in Sacramento.
[caption id="" align="alignnone" width="269" caption="Strategic Short Sale Strategic default And Strategic Foreclosure Are On the Rise"][/caption] HAFA , HAMP, HARP, 2MP... Government Programs … Check Your Eligibility Now. How Many Sacramento Homeowners Are Contemplating "Strategic Default" or "Strategic Foreclosure"? Lenders and Servicers May Start Paying Homeowners To Stay Put! Let us help you with this decision! Ask about our Loan Mod, Short Sale Analyzer! We can can quicklycalculate how long it will take to "GET BACK TO ZERO". Get HAFA and HAMP help in Sacramento At Forth Hoyt's Sacramento Short Sale Center! Last fall, Loan Value Group L.L.C.of Rumson, N.J., rolled out a program that it will offer to lenders and mortgage servicers that will help identify borrowers who are most likely to engage in what’s come...
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...
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