Yesterday Congress finally reached a settlement in the fiscal cliff negotiations. The good news is that the Mortgage Forgiveness Debt Relief Act has been extended through 2013. This means that the exemption from taxation for mortgage debt that is forgiven when homeowners negotiate a short sale, loan modification (including any principal reduction) or foreclosure will […]
Posts Categorized: Short Sales
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation Expiring in December 2012 Extension Expected
There was been much speculation regarding the extension of the tax relief for Central Valley distressed homeowners beyond the December 31st expiration date. Everything I read indicates that an extension is expected but given the turmoil in D.C. no one knows for sure. I discussed the situation with my accountant and he pointed out that […]
Are Banks Dumping Short Sales For Less Lucrative Foreclosures?
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 […]
Home Sales Up in US but Down in CA – Lenders Partially to Blame
National home sales were up 10% this September according to the National Association of Realtors. Some factors contributing to this growth are low mortgage rates and high affordability, home prices are averaging 22% less of where they were five years ago. Affordability has been influenced by the weakness in home buying activity. September’s home sales […]
Foreclosures – Suspended or Expedited? Depends on Who You Ask
On October 7, 2010, Barack Obama rejected the Interstate Recognition of Notarizations Act, which would require courts to accept documents that have been notarized in another state. Many are calling for a moratorium on foreclosures, stating banks have reclaimed homes on fraudulent documentation. Just last week, Bank of America, JPMorgan Chase and GMAC announced they […]
New California Short Sale Deficiency Law
As of January 1, 2011, the first position lender will not be permitted to obtain a deficiency judgment against the seller after a short sale. The short sale approval letter and acceptance of the funds will constitute payment in full and discharge of the deficiency. However, these new changes will not apply to refinanced loans. […]
Understanding Deficiency Clauses
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 […]
California DRE Reports Increased Mortgage Fraud
Download now or preview on posterous 09 13 10.pdf (17 KB) The California Department of Real Estate and the Department of Financial Institutions are warning about increased reports of short-sale mortgage fraud activity. Some of the fraud related activity includes short-sale negotiators requiring buyers to pay their fee, fees being paid outside of escrow and […]
Legal Chart Quick Reference for California Deficiency Judgments
Download now or preview on posterous California Deficiency Judgements.pdf (55 KB) The attached document provides a quick reference to assist distressed sellers in determining if a lender would have the right to collect on a deficiency resulting from foreclosure in the State of California. It is intended only for reference. I recommend strongly that a […]
Lathrop, CA, Lathrop Home for Sale & Lathrop Real Estate, 15928 Covered Bridge Way, Lathrop, CA 95330.
Download now or watch on posterous 15928 Covered Bridge Way_ Lathrop_CA_ 95330.mp4 (8875 KB) 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 […]
Could This Be The End of Short Sales?
Download now or preview on posterous 08 11 10.pdf (71 KB) Keep your eyes on the news August 17th when the Treasury will be holding a hearing regarding the future plans for Fannie Mae and Freddie Mac. It is rumored that the Obama administration is about to order the government-controlled lenders to forgive a portion […]
The Impact of HR 5872 & 5891 on the Stockton Real Estate Market
Download now or preview on posterous 08 10 10.pdf (9 KB) HR 5872, which passed the House of Representatives last week, increases FHA’s commitment authority for its multifamily insurance programs by $5 billion for the remainder of the fiscal year. While HR 5891, which passed the House of Representatives July 30, will permit FHA to […]
A Glimmer of Hope
Download now or preview on posterous 08 03 10.pdf (23 KB) According to a recent report on CNBC, Stockton’s luck may be changing. More properties that would have previously been lost to foreclosure are instead becoming short sales. According to the report, San Joaquin County foreclosures have fallen from 85 to 68 percent and defaults […]
GREAT Stockton Short Sale Homes for Sale in the 95219 Zip Code
The following Stockton Short Sales are available in the 95219 zip code. Call 209-471-6516 for a private showing and visit Homes-In-Stockton.com for details! Address List Price 3219 Mill Springs Dr Stockton, CA 95219 $ 105,000 3602 Stone River Cir Stockton, CA 95219 $ 120,000 7023 Germanna Ct Stockton, CA 95219 $ 125,000 3283 Amberfield Cir […]
Lodi, CA, Short Sale, Lodi Home for Sale & Lodi Real Estate, 927 Comanche Way, Lodi, CA, 95240
Download now or watch on posterous 927 Comanche Way_Lodi_ CA_95240.mp4 (4991 KB) For information on this and all the Lodi homes for sale visit www.Homes-In-Stockton.com! Great 3 bedroom, 2 bath Short Sale home located in Lodi. Well cared for home features dual pane windows, large backyard, covered patio and 2-car garage. Perfect starter home or […]
Sellers Waiting in the Wings Could Pose A Problem
Download now or preview on posterous 07 29 10.pdf (43 KB) 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 […]
HAMP & HAFA Foreclosure Alternatives for Central Valley Homeowners
If you are pursuing a short sale, you should have already inquired about the government’s Home Affordable Modification Program and/or the Home Affordable Foreclosure Alternatives options. If you haven’t done so already and would like to find out if you are eligible, you should contact your lender and inquire directly. You can also learn about […]
Lenders and Homeowners Dancing the Default Limbo
Download now or preview on posterous 07 26 10.pdf (233 KB) About 4.5 % of mortgages in the greater San Francisco Bay area are at least 3 months behind in mortgage payments and not yet in foreclosure. This default limbo is different from other real estate crashes because previously there were fewer troubled loans which […]
Equator Launches New PRO Short Sale Software
Download now or preview on posterous Equator Introduces Short Sale and HAFA Software.pdf (20 KB) Equator launched a new short sale and HAFA software for communication between lenders, real estate agents and borrowers. Intended for smaller firms, PRO Short Sale allows buyers and agents to negotiate terms quickly by automating every aspect of a short […]
Stockton Real Estate Negative Equity Continues to be a Problem
Attached are 2 articles from CoreLogic. The first article ranks Stockton #2 after Las Vegas for negative home equity. The 2nd estimates that the hardest hit areas will not see positive equity until after 2020. I am afraid it is going to be a long and bumpy ride for the Stockton market. If you are […]
Short Sale Agent Closes Manteca Short Sales!
Pat Holkesvig is a top producing short sale listing agent. She successfully negotiates Manteca short sales and understands the Manteca short sale process inside and out. She can explain the short sale process from missing payments, to receiving a Notice of Default to notification of an auction. Her short sale services are cost-free to Manteca […]
Stockton Homes for Sale & Stockton Real Estate, 10951 Honeysuckle Way Stockton CA 95209
Download now or watch on posterous 10951 HONEYSUCKLE Way_Stockton_CA_95209.mp4 (9710 KB) For information on this and all the Stockton homes for sale visit www.Homes-In-Stockton.com! ……NOT A SHORT SALE OR REO….Beautiful 2 story home,with 4 bedrooms and 2 1/2 bathrooms,with 2140 sq ft of living space with a loft.A 2 car garage.Nothing to do but move […]
Agressive Lathrop Short Sale Agent!
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 […]
Lodi Short Sales
Pat Holkesvig specializes in processing Lodi short sales. The following are the Short Sales currently on the market in Lodi. Click here to view all the homes for sale in Lodi. Address Status Desc 1001 Edgewood Dr Lodi, CA 95240-0519 Active Lodi Short Sale 1013 Dartmoor Cir Lodi, CA 95240-6607 Active Lodi Short Sale 1021 […]
Walk Away and You Will Pay
Download now or preview on posterous 06 29 10 Fannie Mae.pdf (20 KB) Fannie Mae may ban barrowers who walk away from their homes from obtaining new mortgages for seven years from the date of the their foreclosure. This action is specifically designed to stop those people who use ‘strategic default’ tactics. This practice of […]