How to Choose a Short Sale Agent
January 10, 2012
There are many nuances to a short sale transaction and every short sale is unique. Therefore the short sale agent you choose can make or break the deal, so choose wisely. When researching for a short sale agent, experience is very important. Research your local market and see who has the other local short sale listings. If you have access to the MLS find out which agents have closed the most short sales. Meet with the perspective agents and make sure you are comfortable with them and don’t be afraid to ask for referrals.  Pat Holkesvig and Homes-In-NorCal.com has successfully negotiated numerous Manteca short sales, Lodi short sales, Tracy short sales, Lathrop short sales and Stockton short sales. When you choose Homes-In-NorCal.com to represent you in a short sale transaction, you can have peace of mind knowing you have chosen an expert short sale team who:
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will protect your interests
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knows the local market
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uses online technology to market your home effectively
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is familiar with the paperwork, negotiations and complexity involved
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is familiar with several lenders and their specific short sale process
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will negotiate with the lender(s)
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will stay on top of things throughout the process
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knows how to expedite your transaction
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uses online tools and resources for transaction efficiency and convenience
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is capable of sorting out any problems on a timely basis
Homes-In-NorCal.com is the San Joaquin Central Valley’s short sale specialist! Call Pat Holkesvig at 209-471-6516 or send an email to info@homes-in-stockton.com
Who Owns My Mortgage and Why Do I Need To Know?
January 1, 2012
Don’t be afraid to ask the customer service representative for your mortgage servicer who owns your mortgage. The owner, who is often referred to as the investor, might be different from the servicing company or bank that collects and processes your payments. Lenders often sell off the servicing rights, too. So it is very common for the owner and the servicer to be different entities. Many people don’t realize, if you have an issue concerning the terms of your note and mortgage you may need to contact the owner, and not the servicer. The owner has the final approval of any loan modifications or short sales approval terms. This can pose a huge problem because so many people have no idea who this man behind the curtain is controlling their fate. Two of the most common mortgage holders are Freddie Mac and Fannie Mae, however there are many more. If you are not sure who owns your mortgage there are a few links that can help you. You can start by checking to see if Freddie Mac or Fannie Mae own your mortgage. If neither Freddie or Fannie owns your mortgage, you can try searching the MERS servicer ID database for other investors. If you are still unable to determine who owns your loan, send a written request for the investor’s contact information to your mortgage servicer.  Â
Are Banks Dumping Short Sales For Less Lucrative Foreclosures?
September 11, 2011
Are banks purposely rejecting short sales in favor of less profitable foreclosures? Maybe so, but why? Some say it may be for reasons such as avoiding fraud or favorable accounting rules allowing banks to foreclose on a home without having to write down a loss until that home is sold as opposed marking the loss on short sales upon approval. However, if this is the case and the bank knows they have no intention of approving a short sale, why do they not only allow but encourage the seller to go through months of the process?
Each month  that a seller is delinquent further contributes to the decline of that seller’s credit. Banks require homeowners to be delinquent and they must be rejected for a modification prior to entering the short sale process. Then, banks take many months to process short sales, propose extremely high counter offers or frequently claim to lose documents that have already been submitted. The customer service workers often say they are poorly trained and can rarely answer any inquiries regarding short sale status. Upon receiving denial letters banks will not provide precise reasons or numbers. Sellers and buyers are left wondering how and why the home foreclosed.
Does any of this sound familiar to you? Are you a buyer or seller who has been through a similar scenario? If so, make your voice heard. The attached New York Times article is looking for your short sale stories.
Stockton short sales coming together!
September 8, 2011
We specialize in pre-foreclosure short sales in Stockton in San Joaquin County and are finally finding that the banks willing to cooperate. We have established relationships with banks and mortgage servicers to process short sales. They cooperate with us because we save them money and get the done. Sellers list with us because short sales can provide credit, tax and deficiency repayment benefits.  Here’s how it works:
· We assist the seller in gathering financial information to support their hardship.
· We contact the banks and or mortgage servicers on behalf of our clients.
· We find a buyer and submit the supporting sale documentation to the bank.
· We coordinate with the title company, attorneys, mortgage insurance companies, public trustees, etc. for the approval of the short sale.
California Shadow Inventory Impacting Foreclosure Process
March 22, 2011
HousingWire reported in Shadow inventory rocked by foreclosure snafu that California has about 228,000 homes in shadow inventory. The NAR estimates it would take 11 months to move this much inventory. Â Further stating that this inventory has caused the foreclosure process to take 157% longer in the last three years.
Over a Quarter of All 2010 Home Sales Were Foreclosures
February 25, 2011
According to RealtyTrac 26% of all home sales last year were foreclosures. In the Stockton area 72% of sales were bank or government held and 50% were REOs. Short sales accounted for  22% of all Stockton homes sold last year. Leaving 28% that were not bank or government related sales. For more information on the Stockton real estate market, feel free to contact Pat Holkesvig & Your Home Team experts at 209.471.6516 or complete our Contact Us form.
Stockton Renters to Receive Landlord Foreclosure Notice
February 24, 2011
Over a thousand Stockton renters will receive notice this week that their landlord may be facing foreclosure. Almost half of Stockton’s foreclosures are rental properties. All renters should know their rights and not let banks and real estate agents push them into moving out until they have exercised those rights. According to Federal law a minimum 90 days notice is necessary before renters can be forced to move out of a foreclosed rental property. Renters with a lease may continue living in a foreclosed property until the lease expires unless the new owner intends to live in it. In order to check if your rental is possibly in foreclosure call the Tenants Together hotline at 888-495-8020. If you are interested in the Stockton foreclosure market, feel free to contact Pat Holkesvig & Your Home Team experts at 209.471.6516 or complete our Contact Us form.
Man Sentenced for Stockton Flipping Scheme
February 16, 2011
Iftikhar Ahmad received a 21-month prison sentence and was ordered by U.S. District Judge William B. Schubb to pay restitution of $382,750 and spend three years under supervision upon his release from prison. Ahmad bought up Stockton foreclosures often paying cash, then sold those same homes to fake buyers using false identities. The subprime loans were processed automatically without checking the applicant’s facts and that allowed little or nothing to be put down which allowed for the frequency of the flipping fraud scheme. These types of fraud schemes are very prevalent and are harmful to the neighborhoods of the targeted properties, only causing longer vacancies and neglect. Better education among the public and stiffer prosecution is the answer. If you have questions about local Stockton homes for sale feel free to contact Pat Holkesvig & Your Home Team experts at 209.471.6516 or complete our Contact Us form.
Stockton 2nd in California for January Foreclosure Filings
February 11, 2011
RealtyTrac’s list of metro markets with the highest foreclosure rates from December to January, was full of California cities holding 7 of the top 10 spots. The cities included Modesto (2), Stockton (3), Riverside-San Bernardino-Ontario (4), Â Vallejo-Fairfield (6), Â Bakersfield (7), Â Merced (9) and Sacramento-Arden-Arcade-Roseville (10). The monthly increase in California was only 2% however the state holds the record for the highest number of foreclosures filed at 67,072. The Stockton January foreclosure rate was 1 out of every 114 homes received a foreclosure filing.
What Are Foreclosure Consultants?
January 29, 2011
Foreclosure consultants are any company or person that claim they can assist a borrower with loan modification services in order to save their home from foreclosure. Although there are some legitimate foreclosure consultants, there are many fraudulent companies who claim that they can help you save your home. In California, there is a high level of fraudulent activity in this area. Be advised it is illegal for attorneys, real estate brokers or anyone else to charge an advance fee for loan modification services. Loan modification firms are obligated to inform potential clients that they can get the same services for free from nonprofit mortgage counselors. Nor can a loan modification servicer receive payment until they have fulfilled all duties contractually agreed to with the borrower. Never work with any company demanding payment up front, requesting that you transfer the title to your home, telling you not to make payments on your loan, or instructing you to pay someone other than your lender or loan servicer. Before you choose to work with anyone to assist you with the loan modification process, contact your lender or loan servicer yourself.
