Bank Of America Short Sales Approved, Without Recourse! SOLD!!

Short Sale, Distressed Properties, Alternatives To Foreclosure

We successfully negotiated and closed 2 short sales with Bank Of America. Our Seller was so excited to finish this right before the holidays and New Year. Also, the funny thing is that after closing. Our buyer admitted that he did not believe the short sale would get approved for him to purchase. He had other agents and friends that said it couldn’t be done. My response was it the glass half empty or half full? We worked really hard and quickly, it was approved in 6 weeks.

Short sales can be done successufully with a win-win for Seller and Buyer. If you need help or have questions pick up the phone and call. Find out what you need to know, 310-737-8173 Kristine.

Please have a Happy Holiday!

No Short Sale Deficiencies: Lender Cannot Pursue Deficiency Judgement

New California Law for 2011:

No Short Sale Deficiencies: Starting January 1, 2011, a seller’s first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower. Senate Bill 931.

To view the full text of the following bill, go to www.leginfo.ca.gov.

What You Need To Know About Deed In Lieu Of Foreclosure…

There are quite a few homeowners that are unfortunately mis-informed about deed-in-lieu of foreclosure. The deed-in-lieu of foreclosure means exactly how it sounds. The homeowner gives the deed to the bank just in time to save the crushing blow of a foreclosure. Right?, Wrong…and let me tell you why.

We are working with a very wealthy client that is in foreclosure on 2 of their high end homes. They decided to not do a foreclosure and called their bank. They offered to give them the deed to their homes. The bank would not accept the deeds. The homeowners were shocked and stunned. They couldn’t understand why the bank would not willingly take the deeds instead of going through the expensive foreclosure process.

The bank wanted the homeowners to find a buyer for their homes. In other words, Short Sale. The bank did not want any part of the debt on these 2 homes. The homeowner then contacted us to handle the short sale. They have successfully completed a short sale on their investment property. The other home is their primary residence which will be sold by the middle of next month.

Let me add more information to why banks are not taking deed-in-lieu. They want a deed free and clear of all liens. An example of what some common liens are, IRS for unpaid taxes, property taxes, unpaid HOA dues, and contractors lien. This is why they don’t do deed-in-lieu of foreclosure. They want a clear deed.

This is current information gained from a “HAFA” certification I went to last week. Doing my best to keep you informed with current bank information.

If you are reading this and know of someone that may need our help please send this to them, or call 310-737-8173 for a confiential call.

We help people move gracefully out of uncomfortable financial situations with their homes.

Kristine ūüôā

Is A Mortgage Modification For Me?

There are more and more homeowners of ALL income levels struggling to make their payments.

They are not able to sell their home without a significant loss.

For some people $10,000 is a lot of money to shell out to sell their home.

Others it’s $100,000. Quite a few homeowners would need somewhere betweeen $200,000-$500,000.

This year we are starting to notice it’s well over $500,000.

There are 3 options,

1. Short Sale, bank and homeowner settle the difference between what is owed. Most cases it’s $0 contribution from the Homeowner.

2. Mortgage Modification, the homeowner is qualified based on income, assets and debt. Few qualify. Few stick with the modified loan.

3. Foreclosure, homeowner walks away from the home. Bank reposses. This is costly for the bank. High credit and deliquency cost to homeowner are long term.

The solution is to take a few minutes, remove all distractions and have a conversation with yourself.

Ask yourself, “Is This Mortgage Working For Me? Is It Helping Me Leverage My Future? Is It Manageable?” Answering these few simple questions directly with your self and/or spouse can save a lot of time & money, & STRESS.

Also, spend time thinking about new ways to generate income. There are really good business people out there making money from just a computer out of their bedroom. Here is a link from someone who did just that, Click Here

He talks about starting a business based on something you already know…maybe it’s your¬†current experience with a¬†toxic mortgages? You want to educate and help other homeowners in your situation. Maybe you just want to move on from this and you have something else you know really well? This system will walk you step by step into your new info business.

Basically, we notice that homeowners facing these situations tend to focus on debt. It’s understandable but, not going to help. Check out a new way of doing business and making income with barely any overhead costs.¬† Use the answers from your questions about your mortgage to take action, move foward and add to your income.

North Of Wilshire, Santa Monica, Short Sale Of The Week…