Contra Costa Short Sales » catherine myers

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.

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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).

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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/

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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

NEW listings in Walnut Creek – Condos galore

Catherine Myers — Sat, 31 Jan 2009 20:44:41 +0000

Here is your opportunity, something for everyone. If you’re a buyer, and you want to know more about the process of buying a short sale, please call. Just as it is vital for a seller to have an experienced short sale agent, it is equally important for a buyer to FULLY understand the short sale process to avoid frustrating while waiting for an offer to be reviewed by the seller’s bank. Your buyers agent should know enough about the process to be able to discern if the listing agent knows what he or she is doing . If the listing agent has never done a short sale, your chance of success goes down. There’s no reason to skip short sales, they are excellent opportunities, you just have to know what to expect.

1655 No. California Blvd, #321, Walnut Creek – THE MERCER building. Like brand new 1 bedroom, 1.5 bath gorgeous 3rd floor condo overlooking serene park like common area. Teak floors, granite counters, SubZero refrig, Viking gas range – all the upgrades! $395,000 ( a steal!)

932 So. Villa Way, Walnut Creek – The Villas. Excellent location off Olympic, easy access to downtown, commute, shopping and everything Walnut Creek has to offer. 1 bedroom, 1 bath, soaring ceilings, top floor penthouse style, end unit, shared wall on one side only. Hill views. Balcony. Light and bright. Ready to move in! $285,000.

2592 Oak Road, #256, Walnut Creek – Ashford Court. WOW, near BART, Iron Horse Trail, gym, new transit centre and more. 2 bedroom, 2.5 bath 2 story unit. 2 balconies. Fireplace. 1 car garage. Crisp and clean ready to move in! New price for Super Bowl weekend! $365,000 OPEN SUNDAY 2-4

Call for access to these or any other condos on the market in Walnut Creek and Contra Costa in general!

Catherine Myers, REALTOR
http://www.DiabloValley.net
Alain Pinel Realtors
925-683-2125

Serving Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez, Alamo, Danville, San Ramon, Pleasanton, Dublin, Lafayette, Orinda, Moraga, Benicia, Pittsburg, Bay Point, Antioch, Brentwood, Oakley and Discovery Bay. We have contacts thru-out Contra Costa and if we don’t service the area, we’ll refer you to an experienced agent who can. We also service some areas of Alameda County. Call for a referral statewide, nationwide.

The TOP TEN reasons why to seek professional help . . .

Catherine Myers — Thu, 24 Apr 2008 20:24:41 +0000

. . . on the decision to foreclose or short sale that is. You must seek counsel of an experienced real estate professional, a qualified tax professional and/or an attorney before making any decisions as to whether to foreclose or attempt a short sale. Both can have pros, cons, consequences and benefits. Believe it or not, sometimes foreclosure is the right answer. Often a short sale is the best solution as it enables you to negotiate up front with the lender for any future recourse.

Logistics - there are distinct differences as to how your occupancy of your home will be handled. In a short sale, you will have to move when the home is sold. In a foreclosure you may be able to stay months before the sheriff comes knocking on your door during the final steps of an eviction. Do you know when you’ll have to move? What is your strategy to secure housing if your credit will be destroyed?
Paperwork - in a foreclosure, folks just walk away. In a short sale, there is a lot of paperwork involved. Do you know what you need to to assemble in order to ask a lender to accept a short sale?
Hardship - did you know that there are many reasons people are in the situations they’re in now with their mortgages? Does it qualify YOU for a short sale?
Scams - did you know that scammers are good at what they do? Did you know that smart people are signing over the deeds to their homes without realizing it does not relieve them from the obligations they have with the bank?
Assets - do you own other assets besides the home you’re in trouble with? Is there a way to protect your other assets (other homes, boats, cars, etc) in either a foreclosure or a short sale?
Retirement – most homeowners also have money in their retirement accounts. Can you still do a short sale with monies in retirement accounts?
Privacy – did you know that once a Notice of Default is filed, it is public record? Did you know the Notices of Trustee sales are public notices too? How can you avoid it getting to that point and maintain privacy in your financial matters?
Taxes – did you know that just walking away (foreclosure) may not alleviate your tax liability? Did you know that only some homeowners will feel the effects of the Mortgage Debt Relief Act of 2007? Can you qualify for Federal tax relief? What about the State?
Recourse – did you know that only your purchase money loan(s) is considered a “non-recourse” loan in California? Did you know a “recourse” loan means that the lender can file for a judgement against you if you do not pay your obligation? Will you be protected against recourse and monetary judgements if you foreclose, or do a short sale? Are your loans recourse or non-recourse? Is there a reason to let one of your loans foreclose (i.e. your second) and not the other? (YES there is!)
Fraud – did you do a “N-I-N-J-A” loan (No Income, No Job, No Assets), or an all stated income loan with little/no documentation? Did you fib? At all? Did you bolster your income or assets to get the house? Did you know that is fraud? And that there is a window of opportunity for the bank to go after you whether you foreclose or short sale if they suspect fraud? Are you protecting yourself? What is YOUR best course of action?

Oh oops, one more:

11. Bankruptcy – sometimes, for some people, bankruptcy is a solution. Have you talked to an attorney about the benefits and consequences of filing for Bankruptcy protection?

Realize that for all of these top ten eleven reasons above there may be ten others SPECIFIC to your situation. NEVER is ignoring the problem the right answer. The consequences of either a short sale or foreclosure can be significant and can haunt you for years.

If you need the answers to these, or other questions, call the professional short sale team of Catherine Myers and Terry Osburn of Alain Pinel Realtors in Walnut Creek. Call 925-683-2125 or 925-381-9944. Or CONTACT US by navigating to our contact page on our site here (see above).

Serving Contra Costa County, and some areas of Alameda and Solano County.

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

Contra Costa Supervisors ask for Foreclosure Moratorium

Catherine Myers — Wed, 16 Jan 2008 12:27:08 +0000

First, in an effort to provide you as much information as you may need, we discovered that Contra Costa County has developed a foreclosure information page with links and resources for families facing foreclosure: Check out this foreclosure and resource information page HERE . This same page is available in SPANISH here.

Ok, on with the news of the day 1/16/08.

From the Contra Costa Times, Contra Costa County Supervisors are asking sub-prime mortgage lenders to hold off on foreclosures for six months. The supervisors (Bonilla and Gioia) proposed the VOLUNTARY measure in hopes that lenders will develop long term solutions with homeowners, so that they can remain in their homes.

From the article:

“Alameda and Contra Costa are among the 25 hardest-hit counties in the nation when it comes to foreclosures, according to a November report by the Center for Responsible Lending. Among the most-affected East Bay cities are Antioch, San Pablo, Pittsburg, Brentwood, Oakley and Oakland. “

Click here to see this article

While this ‘voluntary’ resolution is a “nice” gesture, only time will tell if there is any long term impact or cooperation from any lenders. We see constantly folks facing short sale that could stay in their homes if only the lender would modify their payment, or keep the payment the same. Most lenders we’re seeing are NOT making those loan modifications, or if they do, they are for very short term which still leaves the homeowners in precarious situations financially. It seems therefore, that even if the lenders make a short term solution, the homeowner will still be in the same situation when the reprieve ends, so it may be delaying the inevitable. We’ll keep watch though. So, stay tuned….

From the Board of Supervisors Meeting Agenda for January 15th, 2008:

D.4 CONSIDER adopting Resolution No. 2008/47 calling on subprime mortgage lenders and servicers for properties in Contra Costa County to voluntarily agree to a three-month moratorium on foreclosures. (Supervisors Gioia and Bonilla) (All Districts)