Posted by: Catherine | January 2, 2013

Short sale tax relief has been extended through 2013

Good news for those homeowners looking to do a short sale in the new year!  This may also impact those facing foreclosure or trialing a loan modification with a principal reduction that could result in the “forgiveness of debt.”

Congress passed the “fiscal cliff package” late yesterday with language that extends the Mortgage Forgiveness Debt Relief through 2013.  This is good for homeowners who are experiencing a hardship or for an other reason have to short sell their homes.  This is because without these protections homeowners might otherwise be taxed on the amount “forgiven” by the bank as it may be treated as income.  This gives home sellers, selling their primary homes, some relief in the new year.

Short sales will continue to drive many areas of Contra Costa and many have been waiting to sell their homes just wondering if these tax relief provisions would be extended. Many banks continue to push short sales as a more desirable option to foreclosure, so its believed will continue to see short sales rise in 2013.

For more information about the Mortgage Forgiveness Debt Relief Extended for 2013 just click on the link to read more including details about the package, links to the IRS and State tax relief information pages and more.

Keep in mind, this is just the IRS/Federal tax relief, and does not apply to the individual states. We have to wait still to see if California will follow suit as they did in 2010 to come in line with the Feds.

If you’re thinking of doing a short sale with your Contra Costa home in the New Year – call me for a free, confidential consultation.

Catherine Myers, Broker Associate
Prudential California Realty
DRE 01337828

Offices in Walnut Creek, Pleasant Hill and San Ramon
Concord, Clayton Resident since 1995!

Call: 925-683-2125

Or more information at Contra Costa homes for sale and more!  or Contra Costa Short Sales

Posted by: Catherine | December 16, 2012

Short sales will rise in Contra Costa

All signs point to rising short sales in 2013 as banks continue to find more ways to quell the tide of foreclosures.  Most banks have put foreclosures on hold through the holidays, so for many on the edge of foreclosure, this may be the time to engage your bank for another solution.  

Contact me for short sale options as you may be eligible for a short sale, even if you were told previously you were not.  Short sale guidelines for homeowners facing hardship are changing all the time. 

Check out Contra Costa short sales at DiabloValley.net for more information and for a free, no obligation consultation.

Catherine Myers, Broker Associate
DRE 01337828

Walnut Creek homes and short sale
Pleasant Hill homes and short sale

Search Contra Costa homes, short sales and more.

Originally posted on Contra Costa Short Sales, Catherine Myers:

Some good news in the HAFA short sale world.  HAFA was a program implemented to help homeowners “exit gracefully” after either a failed or declined loan modification, or for those that have circumstances necessitating a short sale.  The big incentive of a short sale for most in California is a 3,000 relocation incentive.  When it was first introduced, the other good news part of the program was the prevention of pursuit of any deficiency by your bank. Now our laws (SB931 and SB458) have prevented that anyway.

The new guidelines for HAFA short sales effective 6/1/12 are described in the HAMP directive 12-03. You can find a link to this directive at Contra Costa HAFA Short Sales.  

  • Investors can now qualify for a HAFA short sale.
  • If investor short sells, then the tenant may receive the $3,000 relocation incentive.
  • Second liens will be allow more money (up to $8,500)

View original 93 more words

Some good news in the HAFA short sale world.  HAFA was a program implemented to help homeowners “exit gracefully” after either a failed or declined loan modification, or for those that have circumstances necessitating a short sale.  The big incentive of a short sale for most in California is a 3,000 relocation incentive.  When it was first introduced, the other good news part of the program was the prevention of pursuit of any deficiency by your bank. Now our laws (SB931 and SB458) have prevented that anyway.

The new guidelines for HAFA short sales effective 6/1/12 are described in the HAMP directive 12-03. You can find a link to this directive at Contra Costa HAFA Short Sales.  

  • Investors can now qualify for a HAFA short sale.
  • If investor short sells, then the tenant may receive the $3,000 relocation incentive.
  • Second liens will be allow more money (up to $8,500)
  • Credit reporting is now a bit more predictable as outlined in the directive
  • Income ratios changed

Get all the Contra Costa Short sale news at http://www.DiabloValley.net.

You can also search homes for sale in Contra Costa and Walnut Creek area homes by clicking on the links.

Get Contra Costa housing market data at the links below:

Concord CA housing market

Walnut Creek housing market

Clayton housing market

and more . . . 

 

Contact Catherine Myers, Broker Associate for any real estate information you need for Contra Costa County!

DRE 01337828

925-683-2125

 

Posted by: Catherine | January 23, 2012

Walnut Creek homes, Contra Costa real estate

My main website Contra Costa Homes | Walnut Creek Homes has been all updated!  Lots of new information, a general real estate blog including more short sale information and new and innovative home search tools! Visit www.DiabloValley.net if you are looking for a home, looking for a realtor or just want market trend information for Walnut Creek and the surrounding Contra Costa areas.

Search Walnut Creek homes for sale

Get Walnut Creek short sale and Contra Costa short sale information

Need a contractor or an inspector in Walnut Creek, check out the all new Walnut Creek real estate service provider list

Search pre-foreclosures in Walnut Creek and Contra Costa areas

 

Home Preservation Workshops coming to the Bay Area, Central Valley and Sacramento areas.  Looking for Bay Area resources to avoid a short sale or foreclosure? Want to save your home? Is your loan with Wells Fargo or Wachovia?  New home preservation dates have been announced for our general area. Be sure to sign up by their deadline to assure yourself the opportunity to speak to a home retention specialist.mortgage workshop flyer

These workshops are specifically for those interesting in keeping their homes and looking for information, options and assistance.  Sometimes a short sale is the end result, but if you want to save your home, attending a workshop may be your first step.

Wells Fargo will be hosting a free Home Preservation Workshop in Stockton for Wells Fargo and Wachovia borrowers on January 18th and 19th. This event is geared towards Wells Fargo and Wachovia customers that are facing mortgage payment challenges, and looking for home retention options. It gives borrowers an opportunity to personally meet with a Wells Fargo representative to discuss modification options and get answers to their questions. We encourage borrowers to register for the event in advance at the phone # provided on the flyer; however we do accept walk-ins as well. 

Check out their link to register for their events directly:  Wells Fargo Home Preservation Workshops

Registration open now for Stockton:

Stockton Arena – Main Entrance
248 West Fremont Street
Stockton, CA 95203
January 18-19, 2012
1/18: 2PM- 8PM  1/19: 9AM – 7PM

Also, coming soon in Sacramento: February 2012, and for the San Francisco Bay Area, the next workshop will be in Oakland on March 8 and 9th – stay tuned for more information and registration.

At Contra Costa short sales we’ve worked on hundreds of successful short sales.  Wells Fargo and Wachovia short sales are pretty well streamlined and pretty straightforward.  Let me know if you are contemplating a short sale and have a Wells Fargo or Wachovia loan.  Ask about the HAFA program which could also provide you a $3,000 relocation incentive.

Contact:

Catherine Myers
Real Estate Broker
Windermere Bay Area Properties
Walnut Creek, CA

DRE 01337828

925-979-5001

Contra Costa short sales works on short sales in Walnut Creek, Concord, Clayton, Pleasant Hill, Danville, Alamo, San Ramon, Dublin, Pleasanton, Pittsburg, Antioch, Brentwood, Martinez, Lafayette, Orinda and surrounding cities.  Ask about foreclosure resources, attorney and CPA referrals.

Each bank has a their own list of short sale documents, ask me for your bank’s short sale checklist and bank specific short sale forms.  In addition, HAFA short sale information is available.

Posted by: Catherine | January 3, 2012

Wells Fargo will be hosti…

Wells Fargo will be hosting a free Home Preservation Workshop in Stockton for Wells Fargo and Wachovia borrowers on January 18th and 19th. This event is geared towards Wells Fargo and Wachovia customers that are facing mortgage payment challenges, and looking for home retention options. It gives borrowers an opportunity to personally meet with a Wells Fargo representative to discuss modification options and get answers to their questions. We encourage borrowers to register for the event in advance at the phone # provided on the flyer; however we do accept walk-ins as well. Please feel free to share this with anyone you think might benefit from this event.

Wells Fargo will also be hosting an event in Oakland; March 8-9.

Posted by: Catherine | November 9, 2011

Did your bank foreclose on your home?

Did you know there is a new Independent Foreclosure Review board that can review your foreclosure? Check out their website for a FAQ, and if your loan was serviced by, and then foreclosed upon by any of the following lenders between January 1, 2009 and December 31, 2010, check it out:

America’s Servicing Co.
Aurora Loan Services
Bank of America
Beneficial
Chase
Citibank
CitiFinancial
CitiMortgage
Countrywide
EMC
EverBank/EverHome Mortgage Company
GMAC Mortgage
HFC
HSBC
IndyMac Mortgage Services
MetLife Bank
National City Mortgage
PNC Mortgage
Sovereign Bank
SunTrust Mortgage
U.S. Bank
Wachovia Mortgage
Washington Mutual (WaMu)
Wells Fargo Bank, N.A.

We’ve had a few foreclosures happen in the middle of a bonafide short sale. We’ve had some denied for no good reason. We’ve had (and still continue to have) serious problems with valuation whereas the bank thinks the house is worth 10-30% more than it really is. It stings when you know better, the house forecloses, and then it eventually sells for 10-30% LESS than the offer you had on the table. It is absolutely shameful how these banks have handled many of these deals.

So anyway, if your house foreclosed in Contra Costa or Alameda, and you think it was done wrongfully so, go to http://independentforeclosurereview.com. Read the FAQ’s to see if you’re eligible for a review and then go for it. What do you have to lose? The bank may owe you money or damages for wrongfully foreclosing on your home.

I found out about this foreclosure review board by calling Aurora Bank about a current short sale I have going, and they had this as part of their welcome recording.

Call Catherine Myers for experienced short sale help in Contra Costa and Alameda Counties. Get Contra Costa real estate and home for sale information too. Free consultation for all short sales.

Located in Walnut Creek and Clayton, CA and serving the entire Central Contra Costa area including Pleasant Hill, Martinez, Concord, Clayton, Walnut Creek, Lafayette, Orinda, Alamo, Danville, San Ramon and surrounding areas.

A client, who lives in another state, was a little startled when I told him he had received a letter from the Contra Costa County Office of the District Attorney .  He asked me to open it.  I was so pleased to see that in the midst of dozens of other letters from realtors, attorneys and questionable parties, here was this “Foreclosure Advisory Letter.”

This letter apparently is now being sent to those who have a Notice of Default filed upon their properties, and is meant to provide a resource and a reminder that there may be schemers out there to take advantage.  It never ceases to amaze me, though I’m still saddened by, the sheer number of “schemes” that come to those who are in default on their mortgages. I was delighted that the DA’s office is looking to be proactive.

The letter says “You should expect many people are going to contact you to try to convince you to sell your home to them or that they can “rescue” you from foreclosure.  Often these people do not have your best interests in mind.”  Amen to that.  Amidst the stack of mail were postcards, letters, handwritten notes and more all offering “I can help,” “I want to buy your home,”  “call us to stop your foreclosure,” and “we can delay your sale and help you stay in your home longer.”

Also nice about this letter is it does provide information about and contact information for three local non-profit housing counseling agencies. I’ll list them below, but I’ve also had them listed on this site for years.

Pacific Community Services, Pittsburg 925-439-1056
Community Housing Development Corp, Richmond 925-412-9290
Housing Rights, Inc, Concord 866-469-0133

They also offer information about  civil attorney group specializing in real estate:

The Law Center 866-543-8017 or email thelawcenter@onebox.com.  You can also call the Bar Association referral line: 925-825-5700.

They also advise you that if you have sold your property to someone, or paid someone to rescue you (which I’ve talked about here on this blog several times), that you may be a victim of a crime. If you feel you have been a victim of a foreclosure rescue crime/scam call the DA office to request a complaint form 925-957-8604.

Contra Costa DA foreclosure advisory letter

Contra Costa Foreclosure Advisory

The letter is signed by Mark Peterson, District Attorney and Ken McCormick, Deputy District Attorney, Real Estate Fraud Unit.

If you want to read the full letter, you can access it here:  Contra Costa Foreclosure Advisory Letter

Posted by: Catherine | July 18, 2011

Contra Costa Short Sales just got some good news!

There was great disappointment when Governor Schwarzenegger vetoed SB 1178 last year.  1178 would have protected short sale sellers from continued liability on their deficiency following the settlement.  As we know, many junior lien holders would approve a short sale, and “release the lien” but not the liability on the debt.  Until now… SB 458 was quietly signed into law last week by Governor Brown.

Here is the news release for the California Association of Realtors:  http://www.car.org/newsstand/newsreleases/sb458/

This law picks up where SB931 leaves off.  Right now SB931 prevents lenders from pursuing a deficiency on a first mortgage following the successful completion of a short sale.  Now SB 458 closes the gap with second / junior lenders:

“SB 458 brings closure and certainty to the short sale process and ensures that once a lender has agreed to accept a short sale payment on a property, all lienholders – those in first position and in junior positions – will consider the outstanding balance as paid in full and the homeowner will not be held responsible for any additional payments on the property.”

Now, keep in mind, it may not prevent second lenders from requiring money (from the seller) to settle or approve a short sale.  Second lenders still have an option on recourse debt loans as far as I know (I’m not an attorney however, and you MUST seek advice from an experienced attorney in these matters).  A second lien, saying being owed 120,000 on  recourse debt (i.e. investor loan, home equity loan, home equity lines of credit, etc), could say no to any short sale, allow the first to foreclose and continue their pursuit of the seller after the foreclosure.  Certainly, I hope that is not the trend we start to see.  California has done a pretty good job of keeping in the forefront of consumer protection in these stressful times.  With SB931 and now SB458, short sale sellers have a little more peace of mind when they complete a short sale.

I have a short sale right now, that the seller was just about to settle with a second lender for 30,000 in order for them to release the lien, this law may have come at just the right time for them.  However, so far they are still demanding 10,000 to release the lien and approve the short sale… time will tell this week, if they change their mind altogether, or take a “we’ll take what we can get” approach and approve the deal thereby waiving their right to pursue deficiency per SB458.

Will this help in your short sale decisions in the future?

If you are interested in a short sale in Contra Costa, Alameda and some parts of Solano and San Francisco – give us a call right away!

Contra Costa Short Sales
925-683-2125
Catherine Myers, Broker Assoc
Windermere Bay Area Properties / Short Sales

San Francisco Bay Area, Contra Costa and Alameda Short Sales

Homes for Sale Contra Costa, Alameda County – Search

 

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