New resource for consumers looking for short sale and foreclosure information.

Check it out: http://www.shortsalescalifornia.org/

I wrote a couple of months ago about a new website http://www.keepyourhomecalifornia.org/ and wanted to just revisit this and be sure the word is still out there that for some, there is help to save your homes.

I’ve received calls from two homeowners this week looking to short sell their homes, but it’s unfortunate as both desperately have tried everything to save them.  They have jobs, they’ve applied for loan modifications, they’ve attended seminars and consulted with non profit HUD counselors.  For some, without a meaningful principle reduction, a loan modification is just delaying the ultimate reality that it will be years before they can ever get out from under being “short” and the reality that if they have to short sell in 3, 5 or even 10 years, they may not have the protections currently offered to short selling borrowers now i.e. Mortgage Debt Forgiveness, income tax/cancelled debt income tax.

No one knows the future, but in some areas where prices have dropped 50% or more from their height, just when can people think about being able to even break even?  It’s mind boggling.

So here are 4 programs available through the “Keep Your Home California” program website:

Unemployment Mortgage Assistance Program (UMA) – Intended to assist homeowners who have experienced involuntary job loss. UMA will provide temporary financial assistance in the form of a mortgage payment subsidy of varying size and term to unemployed homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems. These funds can provide up to six months of benefits with a monthly benefit of up to $3,000 or 100% of the existing total monthly mortgage, whichever is less.

Mortgage Reinstatement Assistance Program (MRAP) – Intended to assist homeowners who have fallen behind on their mortgage payments due to a temporary change in a household circumstance. MRAP will provide limited financial assistance in the form of funds to reinstate mortgage loans that are in arrears in order to prevent potential foreclosures. These funds can provide benefits of up to $15,000 per household.

Principal Reduction Program (PRP) – Intended to assist homeowners at risk of default because of an economic hardship coupled with a severe decline in the home’s value. PRP will provide capital to reduce outstanding principal balances of qualifying borrowers with negative equity. Principal balances will be reduced in an effort to prevent avoidable foreclosures and promote sustainable homeownership. The principal reduction program will most likely be a prelude to loan modification. (Servicers that contribute through matching funds increase the benefit for homeowners).

Transition Assistance Program (TAP) – Intended to promote community stabilization by providing homeowners with relocation assistance when it is determined that they can no longer afford their home. TAP will be used in conjunction with a servicer-approved short sale or deed-in-lieu of foreclosure program in order to help homeowners transition into stable and affordable housing. Homeowners will be responsible to occupy and maintain the property until the home is sold or returned to the servicer as negotiated. Funds will be available on a one-time only basis.

Concord, CA  foreclosure activity

It is really unbelievable how bad the foreclosure activity is getting.  If you thought things were getting better, I think you will find 2011 to be just as bad, or worse than the bottom we hit back in 2009. 

Currently there are almost 1100 homes in Concord heading toward foreclosure with either a Notice of Default or a Notice of Trustee Sale. Over 500 properties in Concord have the Trustee Sale notices which means a foreclosure auction date has been set.

Now, it is true that these trustee sale dates can be postponed (usually), and at times they’ve already been postponed several times but calling a realtor for help with a short sale after the notice has been taped to your door, may be too late.

 

Now in Clayton, comparatively it’s almost as bad. Over 80 homes are on the foreclosure track, and 40+/- have their foreclosure auction (trustee sale) dates set.  This really shows we’re still a market very much in flux. 

We have to remember, that the temporary “decrease” in foreclosure filings the news raved about last month were mostly a result of the STOPS on foreclosures many banks instituted due to the scrutiny over their foreclosure practices.  California, was largely unaffected by the so called “robo signing” problems, as most of the issues were in “deficiency states.”  Did you know that in California, if a bank forecloses upon a home using the commonly seen “trustee sale” technique, they have exhausted all efforts against you?  Their only action was to take the property back.  In other states, they use a process akin to a “judicial foreclosure” and CAN both take your property AND sue you for the deficiency.

California has many protections for homeowners in default.  Later, I will provide more information about each of the protections available.  If a short sale is inevitable for you, now is the best time – with state protections on income tax and deficiency – now is the time you have help.  These laws (specifically) the tax laws may change in the coming years.

Are you a home buyer looking for homes for sale in Contra Costa?

Feel free to use my FREE home search tools.  Search all homes in the MLS, search with the criteria important to you. It’s easy, and free.

And, no obligation – feel free for the VIP home search and you’ll get full access, and can sign up for daily emails of homes that meet your needs.
Visit :  Walnut Creek, Concord, Clayton – Contra Costa Homes for Sale – I serve all Central, Eastern and Southern Contra Costa areas and can help you in some areas of Alameda too.  Visit Diablo Valley real estate at www.DiabloValley.net.

 

Catherine Myers
Windermere Bay Area Properties
DRE 01337828
Real Estate search online free
Walnut Creek, CA

Bank of America has announced new processing guidelines and ways to streamline the short sale process.  Ask me how you can get into this innovative new short sale program with Bank of America if you have a B of A loan in default, or at risk of default.

We can get you qualified for the right kind of short sale.  There are three options of short sale with B of A:

1.  Traditional short sale

2.  Cooperative short sale (NEW)

3.  HAFA short sale

In a webinar today, Bank of America’s short sale senior executive let us know that there may be ways to streamline the process and not even have to submit the mountains of financials that used to be required.  Bank of America is also acknowledging now (finally!) that there are different kinds of hardships.  Sometimes it’s not financial – have you been transferred for a job?  Family change?  They will look at it on a case by case basis.  Do you have a traditional hardship?  Yup.  How about doing a short sales with your payments current?  Yes – it’s possible.

In the new cooperative short sale with Bank of America, we can now contact B of A at the time we list the home for sale, and even before a buyer comes in.  Bank of America can then review the file, the homeowner, and order the valuation (appraisal) right up front.  Then when an offer is received we can (theoretically) have a short sale approval within a couple of weeks.

Remember, a HAFA short sale does go through a different process and requires different paperwork up front.  B of A is now reviewing all sellers for HAFA up front and will enter you into that program if you qualify.

Interestingly, this B of A executive said that they DO NOT like working with third parties.  She noted, third party negotiators can sometimes be a trigger for fraud and may add a layer of review.  They also say there is no advantage a third party would have.  Agents can do these short sales, and B of A is working to make the process as streamlined as possible.  They will most likely NOT approve any additional third party fees – so beware of WHO has to pay for that third party to negotiate the short sale.  By the way, are they negotiating for you?  Or are they just “processing?”  Just something you NEED to know.

Both HAFA and Cooperative short sales can result in a moving incentive; 3000.00 and 2500.00 respectfully.

B of A likes the homes to go from homeowner to homeowner – they don’t want REO’s, they don’t want to take the properties back as a foreclosure.  They want to work with homeowners to avoid foreclosure – and the #1 priority would be to try to keep the homeowner in their home if possible.  Contact B of A as soon as you think default is imminent.  Do not delay, there may be help for you.

So let’s be pro-active on your Bank of America short sale.  Do you have a B of A loan?  Need to look into a short sale?  Call me now, as I’ve said above, Bank of America is making it easier – we can contact the bank now and get the process started even before the house is on the market, even before we have an offer.  This is good news.

Remember homeowners, Bank of America has a terrific resource center to see if a short sale is right for them:

Bank of America Short Sale Resource Center

One point the B of A executive noted when asked about the difference between a short sale and foreclosure is that (beyond the credit and future impact) is that a short sale is something that is done cooperatively, with you retaining control of closing dates, moving, and the process in general.  A foreclosure is something that is done TO you, where you lose much control of when and how things happen.  So take control, if a short sale IS your option, call me now.

If you need to call Bank of America, call their Loss Mitigation (liquidations) phone number for customer service:  1-866-880-1232.  The reps at this number can help you get started down the right road.  Also remember, all short sale work, documentation and communication is done online through their Equator system.  So be sure to engage your realtor in the process early to be sure all the documentation is uploaded appropriately.

Catherine Myers
Broker Assoc
DRE Lic 01337828

Windermere Bay Area Properties
Walnut Creek, CA
Concord, CA
Clayton, CA
Pleasant Hill, CA
Martinez, CA

Serving Contra Costa and Alameda counties – helping homeowners seeking information about short sales, and the options right for them.  Attorney, and tax professional resources available.

Call a realtor in Walnut Creek – 925-683-2125 (Catherine Myers)

A new website has been launched this past week by Fannie Mae as a way to educate homeowners on their options if they are facing s foreclosure of their home, or hardship resulting in missed payments, delinquent payments or inability to sell and cover the loan.

http://www.knowyouroptions.com/

The website features some interactivity including a video, tons of information, the Fannie Mae loan look up tool and printable contact logs and worksheets.

There are options explained to stay in your home (loan modification, refinancing, forbearance, etc) and options to leave your home (short sale, deed in lieu), plus information about scams to watch out for, resources and ways to take action.

Take a look at at this new resource.

In Contra Costa county I can help you resources to HUD approved counselors, mortgage professionals, attorneys or tax professionals. I am located in Walnut Creek and serve almost the entire central and eastern areas of Contra Costa including some areas of Alameda.

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

Your Contra Costa short sale option professional and resource center.

Check out the latest foreclosure statistics, courtesy of Foreclosure Radar.  The following page offers a ton of information related to foreclosure statistics, top foreclosure zip codes in Contra Costa, trends, filings, and all kinds of interesting information about what kinds of homes are foreclosing (i.e. number of bedrooms, price, loan balances and more).  There is also a chart showing the process of foreclosure in California.

Check it out.  If you wish to avoid foreclosure, please find a HUD counselor, you’ll find links to help to save your home here on this site, or contact me for resources.  Always consult a real estate/foreclosure and/or tax attorney or CPA before making the decision of foreclosure vs. short sale.  Each has their own benefits and risks to a borrower.  Know your rights, and know the possible consequences of any outcome.

Contra Costa County Foreclosures, bank owned, short sales

Also, don’t forget my post from yesterday regarding California’s new plan to help the unemployed bridge gap during a  period of involuntary unemployment.  Hopefully such a program can help many avoid foreclosure. If you check the CalHFA website you’ll see they have tabs across the top with program information, eligibility (including a questionnaire) and FAQ’s about the “Keep Your Home California” plans.  www.KeepYourHomeCalifornia.org or see my post yesterday here on this short sale site:  Mortgage Help for Unemployed Californians

Have you found yourself unemployed? If you want to save your home, want to avoid a short sale, a foreclosure or any other solution that results in the loss of your house, California has a new program that may be able to help you.

CalHFA (California Housing Finance Agency) has started up a program to aid the unemployed in California.

You can read a local article here:

CalHFA mortgage aid program for jobless begins

From the article:

“On Monday, more than two months behind schedule, the California Housing Finance Agency will begin taking applications for a federally funded program that will give some unemployed homeowners up to $18,000 each over six months to pay their mortgage.

To qualify, homeowners must meet income and other restrictions and their loan servicer must participate in the program. As of Friday, only three servicers had signed up, but CalHFA expects to have up to 10 by the end of this week.”

Check out more available through CalHFA within their “Keep your home California” programs.

See out if they can help you: Keep your Home California by CalHFA

This is an excellent use of federal funds to help our neighbors here in California to KEEP THEIR HOMES.  I’ve long said , that keeping people in their homes should be the first priority of our government, and not bailing out more billion dollar corporations (banks).  Thank you CalHFA.  I certainly hope this program will help many, and I hope it can help you!

Catherine Myers
Broker Assoc
Windermere Bay Area Properties
Walnut Creek, CA

http://www.DiabloValley.net

Contra Costa homes for sale, real estate, short sales, foreclosures.  Serving Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez, Lafayette, Orinda, Antioch, Pittsburg, Brentwood, Bay Point, Alamo, Danville, San Ramon, Dublin and surrounding Contra Costa and Alameda areas.

Free telephone consults for local short sales, referrals to real estate, short sale, tax, bankruptcy attorneys and/or CPAs.

Our local Michael Finney, consumer advocate at Channel 7 KGO had a report on tonight about tenant rights in foreclosure.

So what are your rights if the home, condo or apartment is foreclosed?  What if you have a lease?  How much notice can they give you to move?  Do they have to honor the lease?

All these questions were answered in his report tonight.  You can view it here:

Strong new protections help renters in foreclosed homes

There are also a bunch of links that can take you to various other resources to get more information if you find the home you’re living in is going to be, or is, foreclosed.

 

So I received this from someone who couldn’t resist inquiring about a rental unit we knew was for sale NOT for rent. This is all so ridiculous, it is hard for me to believe that people would fall for these scams, yet, I guess they do or the scammers wouldn’t keep doing it. Not entirely sure what they would do with this information other than just luring you into thinking you were “picked” and then you’d send your (presumably) certified funds and never get the keys.  I hope if this saves just one person, it’s worth it.  I’m leaving his name and phone numbers that he listed below all in this text so if anyone google searches to see if he or the number or information is legit, they’ll find it is NOT LEGIT and IS A SCAM. This happens to be a listing for a condo for rent, on a condo I have for sale – it is a short sale, and yes I advertised it “for sale” a couple of weeks ago in craigslist.  In the future I will not list addresses on any ads I post on craigslist.  Short of never using craigslist again, I believe that is the best thing to hope to prevent the misuse of my listings.

Thought you all might like to see what it looks like when you respond re: a rental unit on craigslist listed by a criminal:

Thanks for the email. My name is John Nelson the owner of the 2Bedroom Condo you are making inquiry of, I’ve had so many responses so far, however it is still available but I do have one person who is ahead of you. I’ll rent it to whoever puts down the deposit .  Rent includes water and garbage. My company sent me overseas and will probably be between Africa, India and the UK for another year or so. The last tenants I had just moved out and my family and friends all live on the east coast so I don’t have anyone available to show the place but I can send you pictures of the inside but will have to ship you the keys and papers.

Here is the Condo address: [address redacted] , Walnut Creek CA 94596   ..Ready for immediate move-in!You can drive down there to take a look at it…i will be willing to rent my Condo out for the maximum of 5 years and below.I personally had wanted to sell the Condo earlier on.But after long time deliberation between me and my wife Elizabeth we finally agreed on renting out the Condo, because it was initially to be sold. But I really want you to take good care of the Condo, as if it were your own Condo.

I would want to know how soon you would want to move in, as I will be taking a 1 or 2-month upfront payment which mean the first and last months you will be staying in the Condo including some utilities (Water, Internet and Garbage). I am asking for $1588 For 2 month upfront payment Or $794 for 1 month upfront payment and I believe we should be able to help ourselves. including utilities because I want you to take a very good care of the Condo while I am away.

i will like you to go ahead and fill out the rent application form so that will can proceed further and discuss on how to get the  the keys and papers sent to you via Dhl or ups e.t.c, also are you ready to rent it now or when?.So here is the Rent Application Form Below..

=========  RENT APPLICATION FORM ============

PRIVATE & CONFIDENTIAL  Also,Pls answer these questions below: 1)Your Full Name______________________________________ 2)Present Address(where you reside now) & Phone Number______________________________ 3)How old are you _____________________________ 4)Are you married ______________________________ _____ 5)How many people will be living in the Condo___________________________ 6)Do you have a pet _________________________________________ 7)Do you have a car __________________________________________ 8)Occupation _________________________________________________ 9)How long are you willing to stay _________________________________________ 10)When do you intend to move in _________________________________________ 11)1 month Or 2 month deposit needed ______________________________________ 12) Pictures of all the Occupant that will stay in my Condo______________________________________ Pet allows. I will use the information above to prepare the rental agreement , rent receipts and other documents. Make sure the correct information is type.Do reply with your both cell & House number i am going to call you if your application form has been accepted or call me after filling the rental application form. A package containing the housing documents, property address with full description. Including the direction to the place and keys will be ship to you once you both agreed with the term and condition. Call me once you fill out the application form.Here is my contact number: +2348081138250 or 0112348081138250….i will be expecting your call to know how serious you are in renting my Condo Thanks & God Bless