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

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

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.

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

_______________________________________________________________

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

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.

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.

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?)

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.

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.

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

That is the one question we are asked every single day.  Homeowners are confused with their options (or in some cases, their lack of options), and are unsure of what to do, and where to turn.  Most homeowners don’t realize it is simply too complex a question to be able to answer with a yes or no.  On many online forums however, it is exactly what I see many real estate agents do.  When the question is asked “Should I do a short sale? Or should I foreclose?” … many agents chime in with the advice “Do a short sale, its the best thing for your credit.”  “Do a short sale, it is better than a foreclosure.”  “Do a short sale, its the right answer.” 

First, let me tell you.. if you ask that question (short sale vs foreclosure) and one of the above answers is the first thing they say – run!  Run away.  The fact is there is no one answer, no one size fits all answer that is.  It is too complex. 

If you asked me that question… I’d likely answer “it depends.”   My second part of the response would be to advise an attorney and/or CPA.  There are too many variables to be able to answer that question with yes or no.  Fact is, sometimes a foreclosure is best for some people with certain situations.  In some cases, a short sale opens you to liability you may not have had otherwise.  There are cases that there was an entire strategy that could’ve protected you, but you didn’t know about because you did not consult with an attorney.

I can guarantee you that there will be many confused and shocked people this year.  These will be the people who did a short sale during 2008 and thought they were “done.”  But when you get your 1099 , what will you do – you know you can’t ignore that right?  Or worse, what happens if you DON’T get a 1099 (especially on a second loan or equity line of credit)…. ?  Have you received your collections or lawsuit notice yet?  It may be coming.  To add insult to injury, many don’t know that the state is not doing the same tax relief as the federal government.  You may have a state tax liability.  As mentioned above, on some loans, you may owe the deficiency balance.  On some, you may have turned the entire debt (on your first and second loans) to a collectable balance.  How’s that for shocking?

So, as you can see… if anyone says a short sale is automatically the right answer for you without a) telling you it depends and gets more information about your situation and b) insisting you talk with an attorney and/or CPA immediately… you may find yourself in trouble you never expected.

Seek counsel with professionals experienced in short sales.  That is another post.  How do you know if the REALTOR you are interviewing is REALLY knowledgeable in short sales?  There are many agents doing short sales, that in my opinion, have no business doing them.  I’ll tell you in another post some warning signs, and what to ask when interviewing agents to sell your home if a short sale is determined to be your best option.  First of all, do they have references of satisfied short sale clients?  How about testimonials from fellow realtors who worked with them in a short sale transaction?

Call the Contra Costa Short Sale Specialists

Catherine Myers & Terry Osburn
Alain Pinel Realtors
http://contracostashortsales.wordpress.com

http://www.DiabloValley.net

925-683-2125

We serve clients wishing to sell their homes in Walnut Creek, Pleasant Hill, Martinez, Lafayette, Orinda, Moraga, Alamo, Danville, San Ramon, Dublin, Pleasanton, Livermore, Concord, Clayton, Bay Point, Pittsburg, Antioch, Oakley, Brentwood and Discovery Bay.   If you are out of our immediate area, it’s likely we can provide you to a reputable short sale agent in your area.  A reputable agent will be one to have resources for you – homeowner help information, attorney and CPA contact information.  Have you exhausted all efforts to save your home?  That should be priority number 1 – and we can provide you some local resources of homeowner preservation (non profit) groups who can help you explore your options with your lender: loan modifications, etc.