Contra Costa Short Sales » foreclosure

Foreclosure Information for California and Contra Costa

Catherine Myers — Mon, 02 Nov 2009 18:24:35 +0000

Here is a site that provides some good information for borrowers in distress. This site provides information on foreclosure timelines in California and provides links to resources. Foreclosure in California

There is also information here for renters / tenants in foreclosure situations. Do you know your rights as a renter? What happens to your lease in a foreclosure as a tenant? How much notice must the bank rep give you following the foreclosure?

Avoiding Foreclosure

Tenants in Foreclosure and Eviction information

California – Contra Costa Foreclosure Timelines – Q & A from Housing and Economic Rights Advocates (HERA)

Foreclosure HELP links for borrowers in Contra Costa, Alameda and other California counties

Wachovia offers exceptional short sale program in the Bay Area

Catherine Myers — Thu, 15 Oct 2009 19:28:02 +0000

If you are in the San Francisco East Bay Area, need to do a short sale, and have a Wachovia loan (including old World Savings loans including minimum payment, pick a payment, negative amortization loans) you are in a pretty good position.

If you are in Contra Costa or Alameda Counties, and need to do a short sale on a loan with Wachovia, call the Contra Costa Short Sale Solution. We have direct contacts with Wachovia that will allow us to get your home marketed effectively, short sale submitted and approved within a week or two (yes, unbelievable, but true).

When we list your home for sale, we are immediately in contact with our Wachovia rep. They will order a valuation (desktop appraisal) on your property right away (even before we get an offer). That way, when an offer is submitted they are ready to approve quickly – very quickly. In fact, right now, Wachovia is not even requiring seller financials or supporting documentation. They are assuming you have a hardship if you are asking for a short sale. Certain other conditions may apply, but if things go well, Wachovia will approve your short sale quickly (week or two) making your home very attractive to buyers vs. other short sales that can take months. And get this, they are even offering a seller money incentive to help you with moving expenses for homes listed now.

If you are a seller, in distress, and need to do a short sale after you’ve exhausted all other efforts to save your home, call to get your short sale process started right away. Don’t delay, this program, and these conditions are subject to change at any time. Remember Wachovia is now owned by Wells Fargo, and Wells Fargo short sale program doesn’t work like this at all. It may be just a matter of time before things change. So if you need to move by the end of the year, the time is now.

Call Contra Costa Short Sales, Catherine Myers, Alain Pinel Realtors at 925-683-2125.

http://contracostashortsales.wordpress.com

http://www.DiabloValley.net

We serve Contra Costa and Alameda Counties and want to help you with resources to save your home first. We have referrals to HUD approved counseling agencies, news of loan modification events, and a resource list of local attorneys and financial experts. We want you to avoid foreclosure if it’s right for you. We want to help you first, explore all your options to save your home if you can. When you can’t , you need experience with a short sale. Not all agents have the experience necessary to complete a successful short sale and in fact, may not provide all the information you need to make this important decision. Tax, legal and recourse implications apply and you must understand your options.

Catherine Myers
925-683-2125
Contact ME
Contra Costa and Alameda County Short Sales

Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez, Pacheco, Lafayette, Orinda, Moraga, Pittsburg, Bay Boint, Antioch, Brentwood, Oakley, Discovery Bay, San Ramon, Danville, Alamo, Dublin, Pleasanton, Livermore.

We work short sales as necessary with all major lenders: Wells Fargo, Wachovia, Bank of America, Countrywide (BAC), Chase, WaMu, Redwood Credit Union, CitiMortgage, CitiFinancial and more..

Fannie Mae & Freddie Mac Loan Look Up Tool Available

Catherine Myers — Sun, 04 Oct 2009 04:49:59 +0000

Fannie Mae and Freddie Mac, through the www.MakingHomeAffordable.gov website, have both enabled borrowers to now see if their loan is owned by either Fannie Mae or Freddie Mac. This may be important to distressed homeowners as there may be speciality programs, refinance options and government help for home loans owned by Fannie or Freddie.

From the website:

“If your mortgage loan is owned by Fannie Mae or Freddie Mac, you may be eligible for a Home Affordable Refinance to take advantage of lower interest rates. Only loans owned or guaranteed by Fannie Mae or Freddie Mac are eligible. Your mortgage company can tell you who owns your loan, or you can contact Fannie Mae and Freddie Mac directly by clicking on the links below and completing the forms for each company.”

Is your loan owned by Fannie Mae? http://loanlookup.fanniemae.com/loanlookup/
You can also contact Fannie Mae at 1-800-7FANNIE

How about Freddie Mac? www.freddiemac.com/mymortgage
You can contact Freddie Mac at 1-800-FREDDIE

This website www.MakingHomeAffordable.gov provides a HUGE amount of important information for ailing homeowners. At the site you can find a homeownership retention counselor, HUD certified housing counselors and get directed to those in your community who can help. They even have a listing of upcoming homeowner help and loan modification workshops in your area.

You can also call Homeowner’s HOPE Hotline at 888-995-HOPE.

Don’t delay. Do something today.

Catherine Myers, REALTOR
Alain Pinel Realtors
Walnut Creek, CA
Serving Contra Costa and Alameda Counties (San Francisco’s East Bay Area)

925-683-2125
www.DiabloValley.net

Concord, Clayton, Pleasant Hill, Martinez, Walnut Creek, Lafayette, Orinda, Moraga, Danville and Alamo.

Dozens and dozens of short sales completed with most of the major national lenders and including many local banks and credit unions too. Call to get information, a free consultation and insight from an experienced short sale professional who knows YOUR local market. Free resources to local legal and financial consultants to help you make the right decision.

Don’t expect much from this new Short Sale Moratorium

Catherine Myers — Tue, 16 Jun 2009 21:10:37 +0000

Unfortunately this “new” law to forestall foreclosures won’t have much effect on most borrowers in distress. This law has a HUGE loophole to exempt lenders with a satisfactory loan modification process in place. So all a lender has to do is prove they have a plan in place to help homeowners, and voila, they are exempt. Now what their plan is, and what the reality is may be two different things, we know that.

Sadly, there isn’t much help to be found in all these “laws” to stop foreclosure. If you’ve lost your job, lost the ability to repay, have gone thru a divorce, income catastrophe, or have to move for your job – do you really want your foreclosure delayed?

Of course there are choices and alternatives to foreclosure i.e. short sale, deed in lieu (haven’t met anyone yet to successfully do this) – but if you’ve decided to walk away, isn’t it best to let it go, cut your losses? Or do you want another 90 days of late payments and the feeling of drowning in debt and collections calls?

If you want to explore a short sale, call me . Even for consideration for a deed in lieu, one very real requirement typically is the attempt to sell it yourself. In our market, you will have no problems finding a buyer at the right price. Most “distressed” properties (i.e. REO, bank owned, short sales) are getting multiple offers.

For more information on the new foreclosure moratorium, the full law, and complicated wording check out:

Assembly Bill ABX 2 7

New California Foreclosure Moratorium goes into effect June 15, 2009

Catherine Myers — Mon, 15 Jun 2009 06:29:30 +0000

For homeowners facing foreclosure in Contra Costa County, Alameda County and across California, may get a little relief – again. From the Associated Press:

California imposes 90-day foreclosure moratorium
The Associated Press

SACRAMENTO, Calif.—California is imposing a 90-day moratorium on housing foreclosures under a new law that takes effect Monday.

The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.

But supporters acknowledge the California Foreclosure Prevention Act won’t stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.

The bill passed in February is similar to the Obama administration’s Making Home Affordable Program that began in March.

Both encourages lenders to cut interest rates or rewrite loans to affordable levels.”

See More at the SacBee article: New Foreclosure Rules to Start Monday.

You’ll see that this new law and “attempt” to help ailing homeowners leaves a lot of holes, and many lenders may find themselves exempt from complying. Remember, seek the services of a non-profit homeowner advocacy group to get help. For example:

www.naca.com

www.dontborrowtrouble.com

www.acornhousing.org

www.makinghomeaffordable.gov

As a last resort, for short sale help in Contra Costa and Alameda County, contact Catherine Myers, Alain Pinel Realtors in Walnut Creek. 925-683-2125. Serving Concord, Clayton, Walnut Creek, Pleasant Hill, Martinez, Danville, Alamo, San Ramon, Dublin, Livermore, Pleasanton, Lafayette, Orinda, Moraga, Clyde, Pittsburg, Bay Point and other areas in the San Ramon and Diablo Valley.

Short Sale Federal Guidelines and Homeowner mortgage help resources

Catherine Myers — Fri, 15 May 2009 20:25:59 +0000

Are you in Contra Costa and thinking of a short sale? Have you heard there are some new guidelines regarding short sales, foreclosure avoidance and a deed in lieu? We’re cautiously optimistic that the new Obama guidelines will help to streamline the short sale process. Have you seen the latest? Some of this will be a wait and see how the lenders and servicers deal with this, as we already know, nothing happens quickly in this arena, but we have been begging for help for homeowners who wish to avoid foreclosure – let’s see how this works in practical terms.

Uniform Process for Short Sales Will Help Struggling Homeowners > Press Release

WASHINGTON, May 14, 2009

Help is on the way for many homeowners who are facing foreclosure, thanks to new details under the Making Home Affordable Program announced today by the U.S. Treasury and the U.S. Department of Housing and Urban Development.

The Making Home Affordable Program is designed to help homeowners obtain modifications to their loan so they can afford to stay in their home. Where a modification is not possible, new incentives encourage the “quick private sale or voluntary transfer of property, which will save homeowners money and protect their financial future,” according to U.S. Treasury Secretary Timothy Geithner. The National Association of Realtors® expects that a uniform process for handling short sales and financial incentives will facilitate this process. View a summary of the incentives and process (PDF)

“NAR is pleased that the government is stepping in to help prevent foreclosures by streamlining the short-sale and deeds-in-lieu process,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “NAR has been calling for uniform short sales procedures and other initiatives that will help today’s homeowners in challenging economy.”

Short sales occur when a bank agrees to let homeowners who have fallen behind on their mortgage to sell their home for less than they owe on their mortgage. Visit www.treasury.gov for detailed information on the program changes.

“Many families are finding themselves with a mortgage that is higher than their current home value, and they are struggling,” said McMillan. “As Secretary Geithner noted, and as NAR has been advocating for many months, stemming the foreclosure crisis and stabilizing the housing market are critical to our economic recovery.”

“We have heard from Realtors® that the extensive delay in the short sale process had caused many buyers to go elsewhere and have left many would-be sellers with no option but foreclosure. We are all pleased that the government has stepped in to help homeowners and those wishing to buy a home,” McMillan said.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

_______________________________________________________________

Obama Administration Announces

Financial Incentives and Uniform Process for Short Sales

Responding to the call of the National Association of REALTORS®, the Obama Administration has announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who do not qualify to have their loans modified on a permanent basis under the Making Home Affordable Program, the servicer may consider a short sale or, if that is not successful, a deed-in-lieu of foreclosure (DIL).

Borrowers (Homeowners). Borrowers qualify under the FAP if they meet minimum eligibility requirements for the Home Affordable Modification program but don’t qualify for a modification or do not successfully complete the three month trial period. Before proceeding with a foreclosure, servicers must determine if a short sale is appropriate.
Incentives. Incentives include: (1) $1,000 for servicers for successful completion of a short sale or DIL; (2) $1,500 for borrowers to help with relocation expenses; and (3) up to $1,000 toward the cost of paying junior lien holders to release their liens (one dollar from the government for every $2 paid by the investors to the second lien holders).
Standardized Documents. The program will include streamlined and standardized documents, including a Short Sale Agreement and an Offer Acceptance Letter. The goal is to minimize complexity and increase use of the short sale option.
Property Valuation by Appraisal or BPO. Servicers will independently establish both property value and minimum acceptable net return, in accordance with investor requirements. The price may be determined based on an appraisal or one or more broker price opinions (BPOs), issued no more than 120 days before the date of the short sale agreement.
Timeline. Servicers must give borrows at least 90 days to market and sell the property, or up to one year, depending on market conditions. Property must be listed with a licensed real estate professional with experience in the neighborhood. No foreclosure may take place during the marketing period (at least 90 days) specified in the Short Sale Agreement.
Commissions. The Short Sale Agreement must specify the reasonable and customary real estate commissions and costs that may be deducted from the sales price. The servicer must agree not to negotiate a lower commission after an offer has been received.
No Borrower Fees. Servicers may not charge fees to borrowers for participating in the FAP.
Program Expiration. The program is in effect through 2012.
DIL Option. Servicers have the option to require the borrower to agree to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time allowed in the Short Sale Agreement (plus any extensions).

_______________________________________________________________

Also, have you checked to see if you are eligible for mortgage help?
http://www.makinghomeaffordable.gov

Need urgent help?
Contact the Homeowner’s HOPE™ Hotline:
(888) 995-HOPE

To read more about Obama’s plan for our economy and housing:
http://www.financialstability.gov/

___________________________________________________________

Do you want to try to avoid foreclosure? Try to save your home? Do a short sale in Contra Costa?
If you need a free consultation regarding your mortgage and foreclosure avoidance options, call the local loss mitigation team of Contra Costa Short Sales and Contra Costa Real Estate . Catherine Myers at Alain Pinel Realtors can be reached by phone at 925-683-2125 or by email. We will help you explore all options available to help you save your home FIRST! Then, if you’ve exhausted home save efforts, we’ll helpl you look into home sale and foreclosure avoidance options. A short sale should be your last resort if you want to save your home. Experienced counsel in selling and buying short sales and foreclosures. Referrals to experienced attorney and CPA’s available. Call for your consultation today.

Located in Walnut Creek, CA – Contra Costa
Also serving:
Walnut Creek
Pleasant Hill
Pleasanton (Alameda County)
Dublin (Alameda County)
San Ramon
Danville
Alamo
Livermore (Alameda County)
Martinez
Pacheco
Lafayette
Orinda
Moraga
Concord
Clayton
Bay Point
Pittsburg
Antioch
Oakley
Brentwood
Discovery Bay
Clyde

Short Sales – a last resort…

Catherine Myers — Thu, 09 Apr 2009 01:07:38 +0000

With so many real estate agents out there getting trained, certified and ‘designated’ as experts in short sales, its no wonder so many recommend that a short sale is the best way out of your situation. Be very wary. Do not go to a short sale as a first resort – in fact, other than foreclosure itself, it really should be your last resort. Don’t get lulled into thinking you will not have any liability. You may. Your personal liability and your tax liablility are also, two very different things – separate from each other. The “training” many agents receive is simply too broad to apply to every situation. I can tell you that learning to submit a package and how to work with the bank is the EASY part. Understanding the client’s risk and potential of recourse and tax liability is much more important. As Realtors, we can’t advise on most of these matters – and you MUST see an attorney and/or CPA before considering a short sale. If a Realtor you’re working with has not advised you of this, they are not doing their job and you may be at great risk of a huge surprise later.

If you have other large consumer debt besides your house, don’t think you’ll just file bankruptcy later if the bank or tax man comes for you. You need to talk to an attorney before you sell your house. You may not have the bankruptcy advantages you think you will if you no longer have your mortgage debt. Bankruptcy is not as easy or clean it used to be. You may not even qualify at all. Don’t make that mistake.

Do you think that just because the lender issued a 1099c that means they cancelled the debt and you are free of any liability? It may not be true.

Do you think that a short sale is always the best way? And always better than foreclosure. Wrong. Its is NOT always the best way, and in fact, in some cases a foreclosure may have protected you from very specific consequences. You must see an attorney immediately when considering a short sale.

These are only a few of the reasons why. You may leave some very important remedies available to you if you skip this vital step. This is not the time to save $300.00. Face it, many who have not paid their mortgages in months, probably have $300 to spend in order to save themselves from huge financial mistakes that may effect them for years to come. Don’t let it be you.

If this is the last step, then you may be asking what is the first? First, see if you can keep your home! Talk to your lender, and/or talk to one of the non profit HUD counseling agencies. No reputable agency will ever ask you for money! No money up front – ever – to anyone. Do not fall prey to traps. There are no easy ways out of these situations, don’t expect a kick fix. Here are two agencies you can start with:

www.hopenow.com
Support and Guidance for Homeowners
888-995- HOPE (hope hotline)

www.naca.com
Non-profit advocacy. HUD certified counseling agency.
(this is one agency that Countrywide will refer you to before they start on a short sale)

Side Note: if you call to start a short sale with Countrywide, they now say they are required to give you a HUD HELP number: 800-569-4287 . This number is a HUD referral agency and can help you find a certified HUD housing counseling agency nearest you by entering your zip code.

Catherine Myers, REALTOR
Contra Costa , Alameda
Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez

Short Sales as a last resort, avoid foreclosure, w/ homeowner help resource, loan modification contacts -we want you to keep your home! DO you need to sell your home now? Contact us for information.

Experience with all the major banks including Countrywide, Bank of America, Wells Fargo, GMAC, EMC, Chase, WaMu, Wachovia, Saxon, Indymac, CitiMortgage, CitiFinancial and more including local banks and credit unions.

Government site to see if you may be eligible for help – loan modification or refinance

Catherine Myers — Tue, 24 Mar 2009 17:16:06 +0000

Check out the government site “Making Home Affordable” and take a self assessment to see if you may be one of the 7 to 9 million homeowners eligible for help from your lender.

Get the help you need, find a HUD approved housing counselor, contact info for your mortgage servicer, eligibility questions, foreclosure rescue scam information and more.

Check out: Making Home Affordable

Catherine Myers, REALTOR
Alain Pinel Realtors
925-683-2125
Contra Costa and Alameda County Real Estate and Homes for Sale

Foreclosure, REO and short sale homes for sale in:

Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez, Lafayette, Orinda, Moraga, Alamo, Danville, Bay Point, Pittsburg, Antioch, Brentwood, Oakley, Discovery Bay, San Ramon, Dublin, Livermore, Pleasanton and more.

Recap of some important short sale information

Catherine Myers — Fri, 20 Mar 2009 01:22:16 +0000

Over the last 18 months I’ve written several articles geared at providing the homeowner facing foreclosure sound information and critical questions to consider when thinking of a short sale. I’ve recapped below for some important posts you may want to review:

Short Sale Checklist (what you will need to gather)

Can A Short Sale Hurt You? (its not always the right answer for all)

Mortgage Debt Relief Act (can it help you?)

Should you do a short sale? (sometimes your CPA and attorney need to assist in this decision)

Short Sales – You NEED a professional’s help

Before you do a short sale … (have you exhausted all options for a loan modication or other options?)

Wachovia: maybe the best short sale process ever?

Catherine Myers — Wed, 18 Mar 2009 22:50:54 +0000

Today I met with the local short sale team for Wachovia. And wow, THIS is what a bank needs to do. They’ve thought it out. How do they best meet the needs of their borrowers in distress, while at the same time as they lessen the loss for the bank? Well, they start by taking it local. We have our own Wachovia short sale team here in the Bay Area. I now have direct numbers for them! That means, when I list a Wachovia, World Savings or Golden West short sale, I can call up my short sale manager and get the process started immediately. They will actually schedule a face to face sit down interview with me and our mutual client (the homeowners). They can pre-qualify the hardship.

Once we get an offer… how’s a 1 week approval sound? Nice huh? Close in 30 days after that? Yes, it can happen.

If you have a Wachovia, Golden West or World Savings loan in danger of foreclosure, please see me about the prospects of a short sale. I think for once in my life, I can say with certainty, THIS BANK wants to avoid foreclosure. They want to help you, as a homeowner, to preserve your credit and future home buying possibilities as much as possible. They want to lessen their loss by helping you secure a short sale now, vs. a costly foreclosure months from now (when surely the property value has declined even further).

You need experience on your side. Use a listing agent who knows the Wachovia system, and knows how to package the short sale to get this quick approval process started. Be ready to get your home sold in a predictable fashion. We’ve all heard the horror stories about short sales, but Wachovia has set out to change that.

Call me to start the process.

Catherine Myers, REALTOR
Alain Pinel Realtors
925-683-2125

Serving Contra Costa County and some areas of Alameda County i.e. Walnut Creek, Danville, Concord, Clayton, Pleasant Hill, Martinez, Lafayette, Orinda, Moraga, Antioch, Brentwood, Pittsburg, Bay Point, San Ramon, Alamo, Dublin, Pleasanton, Livermore and surrounding areas. I’ve closed dozens of short sales and have the experience you need to get the deal done. Also, referrals to attorney and CPA’s available.