Contra Costa Short Sales » contra costa

Lenders Halt Foreclosures and Evictions over the holidays

Catherine Myers — Fri, 18 Dec 2009 20:15:50 +0000

(source for text below C.A.R)

Fannie Mae, Freddie Mac and CitiMortgage have all announced a halt in foreclosures and evictions through January 3rd.
Fannie Mae and Freddie Mac will suspend foreclosure evictions from December 19, 2009 through January 3, 2010. To help struggling families over the holidays, both owner-occupants and tenants living in properties foreclosed upon by Fannie Mae will not be evicted. Freddie Mac’s suspension of evictions will be limited to properties up to four units.

In a similar move, Citigroup Inc. will suspend foreclosure sales and evictions for 30 days through January 17, 2010 for loans it owns. Citigroup’s foreclosure moratorium, however, does not extend to loans it services on behalf of other investors. Given these developments, other lenders may follow suit, so check with the lender if appropriate.

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..

Clayton, CA Housing, Homes for Sales and Real Estate Stats

Catherine Myers — Sat, 10 Oct 2009 19:32:54 +0000

Clayton, CA in the 94517 zip code is located in Contra Costa County. Nestled at the base of beautiful Mt. Diablo State Park this small city can transport you back in time. Small town feel, close knit community and an active and bustling (yet quaint) downtown combine with great schools (CA distinguished schools), priority to parks, recreation and entertainment to bring you the best in quality Bay Area living.

Voted as one of the Best Places to Live in 2009 by CNN/Money Magazine.

Ask me for the latest housing stats. If you like graphs and data, I’ve got info for you! Check out a Clayton market chart I can provide HERE. And, some more market data HERE. And call me for more information about Clayton, Concord or other surrounding areas if you’re interested in buying a home, selling your house or to just get more information to start your process.

Catherine Myers, REALTOR
Alain Pinel Realtors

www.DiabloValley.net
Contra Costa Real Estate, Clayton, Concord, Pleasant Hill, Walnut Creek and surrounding areas. Homes for sale, real estate advice, consultation and sales. Relocation, short sales, bank owned and REO information for sellers and buyers.

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

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.

New Wachovia Short Sale process

Catherine Myers — Wed, 18 Mar 2009 01:24:42 +0000

Wachovia is said to be unveiling a new streamline short sale program and even talks about possibly having agents contact them first for what may amount to be one of the closest things to an “approved” short sale we can get. Looking forward to hearing more about this program, and am gathering lots of information!

So, if you have a Wachovia home loan that is in danger of defaulting, please give me a call . Wachovia’s approval process is one of the fastest out there right now.

Catherine Myers, REALTOR
Alain Pinel Realtors

925-683-2125

Serving Contra Costa, Alameda and parts of Solano County. Helping people avoid foreclosure. Learn more about the short sale process.

Short Sale consultations available

Catherine Myers — Mon, 09 Mar 2009 06:20:21 +0000

Are you thinking you may have to do a short sale? Aren’t sure where to turn, or where to ask questions? We’re here to help.

Do you need to sell your home? Are you upside down on your mortage? Unable to afford your payments? Lost your job? Want to avoid a foreclosure? There are many reasons for a short sale, have you encountered a hardship? We know that a public seminar is not the right answer for everyone, so to that end, we invite you to take advantage of our free 1 hour consultations.

Complimentary consultations to see if a short sale is right for you.

Learn what a short sale is, and what it isn’t.
How can the right REALTOR help you?
What is the process and how long does it take?
How do we negotiate with your bank?
What do you need to do? What information is needed to start a short sale?
Get referrals to local legal, tax and financial professionals to help.

MUST email or call for your private 1 hour consultation.
Available Saturday, March 14th or Sunday, March 15th.

Email: catherine@diablovalley.net

Catherine Myers, REALTOR
www.DiabloValley.net
925-627-3027
925-683-2125
Alain Pinel Realtors
1646 No. California Blvd, Suite 101
Walnut Creek, CA 94596

Terry Osburn, Broker Associate
www.TerryOsburn.com
925-381-9944
Alain Pinel Realtors

Your Short Sale specialists in Contra Costa and some parts of Alameda and Solano Counties.

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.

“Meaningful” loan modifications from Wachovia on the horizon?

Catherine Myers — Tue, 27 Jan 2009 16:11:04 +0000

I’ve been hearing that Wachovia is giving customers a reprieve in their foreclosures and giving them a window of opportunity to work with them on modifying their loans. This period will go thru the end of February and may offer Wachovia customers in danger of foreclosure interest rate changes, extension of loan to 40 years and in some cases, per the report I heard, principal reduction. See the quotes below from the article in Forbes today.

“Wells Fargo said 478,000 Wachovia customers, with loans totaling about $120 billion, will have access to the program, though San Francisco-based Wells Fargo said it was unsure how many customers would take part.

The customers within this portfolio that are being referred to foreclosure or are in foreclosure will receive an extension until Feb. 28 so they can apply for the modification program.”

If you have a Wachovia loan, in danger of foreclosure, please call them immediately and see what you can work out.

“The modifications can include extending loan terms to 40 years, reducing interest rates, charging no interest on a portion of the principal for a set period of time or even permanently reducing the principal of loans in areas where housing prices have significantly declined.”

If you’ve had any success with a “meaningful” loan modification with Wachovia, will you please let us know?

Here is today’s article about this : Wells Fargo Expands Mortgage Modification Program