Lathrop, CA, Short Sale Lathrop Home for Sale & Lathrop Real Estate , 16990 Pecan Hollow Way, Lathrop, CA, 95330.
November 18, 2010
For information on this and all the Lathrop homes for sale visit www.Homes-In-Stockton.com!
Great Lathrop Short Sale in Mossdale Landing. Over 2500 sq. ft. of living space! Open floor plan. Downstairs bathroom and bedroom. Bonus loft area upstairs. Kitchen with Corian counters. Stamped concrete patio. Close to neighborhood park. Hurry will not last!
Understanding Deficiency Clauses
September 30, 2010
Recently a seller let an approved short sale go to foreclosure over a deficiency clause. This is a situation where everybody loses, the seller, the buyer, their agents, the servicers and the lenders all who spend their time and money to negotiate the approval. All wasted over two little sentences.
“BAC Home Loans Servicing, LP and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above. In addition, if this loan is covered by mortgage insurance, the mortgage insurance company may reserve the right to pursue the seller for the deficiency based on the terms of the mortgage insurance policy.”
Initially the servicer, Bank of America, claimed that if there was Mortgage Insurance (MI) or a second lien on a file they couldn’t remove a deficiency clause. However, there was no MI on the loan and the second lien holder was a different lender who had already accepted the terms of approval. The seller consulted an attorney who advised him that unless the deficiency clause was removed from the approval, that he should go ahead and let the property foreclose. This would protect the seller from owing the deficiency since California is a nonrecourse state. Hoping to salvage the deal, the seller offered to pay a promissory note in lieu of the deficiency clause. This should have been a reasonable offer to Bank of America considering that according to an article by Jason Opland on Aug. 17, 2010
Bank of America’s previous Senior Vice President of Credit Loss and Loss Mitigation, Mr. Jack Schakett, stated that if a borrower proves he can no longer pay the mortgage and has a few or no assets, Bank of America will waive it’s right to a deficiency judgment during the processing of the short sale deal. But, if a borrower can afford to pay or has assets, the bank will try to negotiate a set fee for the borrower to pay at closing. “We want to help customers who legitimately can’t afford to make payments, but we don’t want the one’s who have a bunch of money to just be able to walk away. These individuals will have to share some of our loss.” Mr. Schakett acknowledged that short sales in which the bank agrees to accept less for the home than the balance of the loan are less expensive to process than foreclosures, and thus they want to encourage more homeowners to pursue this course by making it clear they do not intend to pursue homeowners for deficiency judgments.
However Bank of America didn’t get to make that decision because Freddie Mac who held the note would not allow it. The negotiator responded saying the investor would not accept the promissory note and refused to remove the deficiency clause. They pointed out that the approval letter states the deficiency clause can be enforced “unless agreed otherwise or prohibited by law” and that California won’t allow it. This isn’t entirely true. The current statutes prohibiting deficiency judgments only pertain to foreclosures, not short sales. SB 931 which would prevent deficiencies on short sales, has not been signed into law by the governor. He has until September 30, 2010 to do so. Even then, we don’t know when the law will take effect, likely after January 1, 2011. This means if the seller had completed the short sale with the deficiency clause intact he would’ve been at risk of Bank of America coming after him for the deficiency until the statute of limitations had passed (about four years). Based on this information the seller decided to follow the advice of his attorney and let the property foreclose and be protected from the lender pursuing the deficiency judgment.
Posted via email from www.Homes-In-Stockton.com Posterous
Lathrop, CA, Lathrop Home for Sale & Lathrop Real Estate, 15928 Covered Bridge Way, Lathrop, CA 95330.
August 23, 2010
For information on this and all the Lathrop homes for sale visit www.Homes-In-Stockton.com!
Hurry this will not last long!!! A very beautiful home in the City of Lathrop, easy commute off of I-5, kitchen is upgraded with granite counters and stainless steel appliances, open room concept to family room with fireplace, and master bath has a jacuzzi tub. Just move in your furniture and ENJOY your new home.
Sellers Waiting in the Wings Could Pose A Problem
July 30, 2010
There are many homeowners who would like to sell but aren’t financially required to do so. Many of these people are waiting in the wings for the opportune moment to jump back into the housing market. In fact, Zillow.com reported about 7% of homeowners surveyed said they were very likely to put their home on the market this year if they believed the housing market was improving. In addition to this already existing group, the number of homes with equity has grown this year, from 52% last year to 63% this May. This could pose a problem since many of these sellers will have unrealistic views about how much their homes are worth which in turn could influence the housing market.
Posted via email from www.Homes-In-Stockton.com Posterous
Lathrop, CA, Short Sale Stockton Home for Sale & Stockton Real Estate, 17449 Pheasant Downs Rd, Lathrop, CA, 95330
July 23, 2010
For information on this and all the Lathrop homes for sale visit www.Homes-In-Stockton.com!
Great Short Sale in Lathrop! Cute 2 story home close to schools and shopping. Upstairs loft area. Separate Family Room! This home is move in ready and won’t last long!
Agressive Lathrop Short Sale Agent!
July 8, 2010
Pat Holkesvig has successfully closed more short sale transactions than any other area short sale listing agent. She aggressively negotiates Lathrop short sales and keeps her Lathrop short sale homeowners informed during the entire short sale process. If you would like to discuss engaging Pat Holkesvig to negotiate your Lathrop short sale or schedule an appointment to view of the following short sales currently on the market, please complete our Contact Form. Click here to search all the Lathrop homes for sale!
| 16216 Suzie Q Ln Lathrop, CA 95330-9536 | $ 80,000 | Active Short Sale Cont. |
| 15263 Avon St Lathrop, CA 95330-9612 | $ 80,000 | Active Short Sale Cont. |
| 14094 Southport St Lathrop, CA 95330-9047 | $ 105,000 | Active Short Sale Cont. |
| 15569 Warfield Rd Lathrop, CA 95330-9492 | $ 119,000 | Active Short Sale Cont. |
| 1231 E Louise Ave Lathrop, CA 95330-9610 | $ 120,000 | Active Short Sale Cont. |
| 373 Honey Pl Lathrop, CA 95330-9573 | $ 124,500 | Active Short Sale Cont. |
| 14746 Oakhills St Lathrop, CA 95330-9025 | $ 129,000 | Active Short Sale Cont. |
| 961 Englewood Way Lathrop, CA 95330-8915 | $ 129,900 | Active Short Sale Cont. |
| 241 Patricia Pl Lathrop, CA 95330-9463 | $ 130,000 | Active Short Sale |
| 214 Shadywood Ave Lathrop, CA 95330-9163 | $ 130,000 | Active Short Sale Cont. |
| 930 Pinecrest Ct Lathrop, CA 95330-9063 | $ 137,500 | Active Short Sale Cont. |
| 14098 Southport St Lathrop, CA 95330-9047 | $ 140,000 | Active Short Sale |
| 115 E J St Lathrop, CA 95361 | $ 140,000 | Active Short Sale |
| 760 Kilarney Ct Lathrop, CA 95330-8907 | $ 140,000 | Active Short Sale Cont. |
| 777 Sunflower Dr Lathrop, CA 95330-9626 | $ 145,000 | Active Short Sale Cont. |
| 119 Fleurette Ln Lathrop, CA 95330-9387 | $ 149,000 | Active Short Sale Cont. |
| 14080 Pinecrest St Lathrop, CA 95330-9064 | $ 149,900 | Active Short Sale |
| 13697 Autumnwood Ave Lathrop, CA 95330-9158 | $ 149,900 | Active Short Sale Cont. |
| 15075 Sunrise Ct Lathrop, CA 95330-9652 | $ 149,999 | Active Short Sale Cont. |
| 18570 S Manthey Rd Lathrop, CA 95330-9742 | $ 150,000 | Active Short Sale Cont. |
| 18570 S Manthey Rd Lathrop, CA 95330-9742 | $ 150,000 | Active Short Sale Cont. |
| 17386 Mill Stone Way Lathrop, CA 95330-9359 | $ 155,000 | Active Short Sale |
| 17364 Pheasant Downs Rd Lathrop, CA 95330-8817 | $ 160,000 | Active Short Sale Cont. |
| 331 Autumn Rain Dr Lathrop, CA 95330-9362 | $ 165,000 | Active Short Sale Cont. |
| 16629 Victorian Trl Lathrop, CA 95330-8836 | $ 168,000 | Active Short Sale |
| 633 Sunrise Pl Lathrop, CA 95330-9618 | $ 168,500 | Active Short Sale |
| 223 Calcite Ave Lathrop, CA 95330-8937 | $ 170,000 | Active Short Sale Cont. |
| 96 Travertine Ct Lathrop, CA 95330-8828 | $ 175,000 | Active Short Sale |
| 292 Thomsen Rd Lathrop, CA 95330-9507 | $ 179,900 | Active Short Sale Cont. |
| 955 Brookfield Ave Lathrop, CA 95330-8929 | $ 180,000 | Active Short Sale |
| 17351 Pheasant Downs Rd Lathrop, CA 95330-8817 | $ 180,000 | Active Short Sale |
| 306 Crescent Moon Dr Lathrop, CA 95330-8824 | $ 180,000 | Active Short Sale |
| 16618 Loganberry Way Lathrop, CA 95330-8860 | $ 180,000 | Active Short Sale Cont. |
| 17641 Red Barley Ct Lathrop, CA 95330-9369 | $ 180,000 | Active Short Sale Cont. |
| 854 Granite Ave Lathrop, CA 95330-9168 | $ 182,000 | Active Short Sale |
| 17003 Cobble Creek Way Lathrop, CA 95330-8858 | $ 183,000 | Active Short Sale |
| 950 Silver Ct Lathrop, CA 95330-9198 | $ 185,000 | Active Short Sale |
| 13427 Galena St Lathrop, CA 95330-8831 | $ 185,000 | Active Short Sale |
| 325 American Farms Ave Lathrop, CA 95330-8652 | $ 185,000 | Active Short Sale |
| 17791 Golden Spike Trl Lathrop, CA 95330-9373 | $ 185,000 | Active Short Sale |
| 16841 Shady Mill Way Lathrop, CA 95330-8886 | $ 186,900 | Active Short Sale |
| 13430 Baywood Way Lathrop, CA 95330-8917 | $ 187,000 | Active Short Sale Cont. |
| 825 Limestone Ave Lathrop, CA 95330-9170 | $ 190,000 | Active Short Sale Cont. |
| 13340 Talc St Lathrop, CA 95330-9212 | $ 190,000 | Active Short Sale Cont. |
| 13455 Brookwood Way Lathrop, CA 95330-8921 | $ 190,000 | Active Short Sale Cont. |
| 16833 Shady Mill Way Lathrop, CA 95330-8886 | $ 193,000 | Active Short Sale Cont. |
| 17350 Mill Stone Way Lathrop, CA 95330-9359 | $ 195,000 | Active Short Sale |
| 13643 Havenwood St Lathrop, CA 95330-9160 | $ 195,000 | Active Short Sale |
| 281 Olivine Ave Lathrop, CA 95330-8941 | $ 195,000 | Active Short Sale Cont. |
| 13452 Galena St Lathrop, CA 95330-8831 | $ 195,000 | Active Short Sale Cont. |
| 13425 Pipestone St Lathrop, CA 95330-8826 | $ 198,000 | Active Short Sale |
| 375 Rosebriar Pl Lathrop, CA 95330-8882 | $ 198,000 | Active Short Sale |
| 52 Argillite Ave Lathrop, CA 95330-8830 | $ 198,000 | Active Short Sale Cont. |
| 13441 Galena St Lathrop, CA 95330-8831 | $ 198,000 | Active Short Sale Cont. |
| 739 Claim Stake Ave Lathrop, CA 95330-8851 | $ 199,000 | Active Short Sale |
| 940 Silver Ct Lathrop, CA 95330-9198 | $ 199,888 | Active Short Sale Cont. |
| 599 Carnaby Rd Lathrop, CA 95330-8876 | $ 199,900 | Active Short Sale Cont. |
| 125 Hornfels Ave Lathrop, CA 95330-8951 | $ 199,900 | Active Short Sale Cont. |
| 13713 Bloom Way Lathrop, CA 95330-8537 | $ 199,900 | Active Short Sale Cont. |
| 37 O St Lathrop, CA 95330-8513 | $ 200,000 | Active Short Sale Cont. |
| 17098 Cobble Creek Way Lathrop, CA 95330-8858 | $ 200,000 | Active Short Sale Cont. |
| 1026 Dry Creek Pl Lathrop, CA 95330 | $ 200,000 | Active Short Sale Cont. |
| 37 O St Lathrop, CA 95330-8513 | $ 200,000 | Active Short Sale Cont. |
| 17098 Cobble Creek Way Lathrop, CA 95330-8858 | $ 200,000 | Active Short Sale Cont. |
| 1026 Dry Creek Pl Lathrop, CA 95330 | $ 200,000 | Active Short Sale Cont. |
| 17774 Daffodil Hill St Lathrop, CA 95330-8816 | $ 205,000 | Active Short Sale |
| 17763 Mckee Blvd Lathrop, CA 95330-9364 | $ 205,000 | Active Short Sale Cont. |
| 13278 Emerald Bay Ct Lathrop, CA 95330-8932 | $ 209,000 | Active Short Sale Cont. |
| 17035 Shady Mill Way Lathrop, CA 95330-8884 | $ 210,000 | Active Short Sale |
| 13393 Talc St Lathrop, CA 95330-9212 | $ 215,000 | Active Short Sale Cont. |
| 16592 Pilgrim Ct Lathrop, CA 95330-8976 | $ 220,000 | Active Short Sale Cont. |
| 366 Shadowberry Pl Lathrop, CA 95330-8889 | $ 229,900 | Active Short Sale |
| 17116 Golden Spike Trl Lathrop, CA 95330-8897 | $ 230,000 | Active Short Sale Cont. |
| 17970 Hidden Well Ln Lathrop, CA 95330-8996 | $ 249,900 | Active Short Sale |
| 17305 Evening Breeze Ln Lathrop, CA 95330-8662 | $ 250,000 | Active Short Sale |
| 16129 Sweetwater Ct Lathrop, CA 95330-8610 | $ 250,000 | Active Short Sale Cont. |
| 790 Green Lathrop, CA 95330 | $ 259,999 | Active Short Sale |
| 755 RED BARN Pl Lathrop, CA 95330-8975 | $ 280,000 | Active Short Sale Cont. |
| 739 Village Ave Lathrop, CA 95330-8639 | $ 285,000 | Active Short Sale |
| 517 New Well Ave Lathrop, CA 95330 | $ 289,000 | Active Short Sale Cont. |
