Archive for the 'Foreclosure Information' Category
In these difficult times there is a very good chance that you are either in trouble with your mortgage or that you know someone who is. There are many ways to escape a troubled mortgage, and they all have distinctive downsides and upsides. In helping people, I found this guide which summarizes some of the implications. This is a “must read” primer, even if you think you are past the primer stage.
The Guide to credit after foreclosures, bankruptcy and short sales
CLICK on this link for a Detailed, printable PDF
This is a GREAT deal on a Sherman Oaks Home in Library Square!!!
3 bedroom – 2.5 Bath
2,250 Sqft House – 6,500 sqft Lot
Gazebo – Gourmet Kitchen – Art Gallery Entry
Gleaming California Contemporary Home for Sale In Prime Sherman Oaks
This Stunning Architectural Masterpiece Impresses from the vertical fence right into the 30’ art gallery entry back to the gourmet cooks kitchen and spectacular gazebo. Every corner has been finished to perfecting standards and styling to complete this showplace. Wide open spaces, high ceilings (16’), dark wood floors, Viking professional standard appliances, whole house audio, and a multitude of specialized lighting create the ambiance of class. All this nestled in a prime trendy Sherman Oaks Neighborhood walking distance to all that Ventura Boulevard has to offer. Mostly rebuilt in 2004 with all modern conveniences and systems.
For more information:
www.4508Vesper.com
This is a short sale listing. Be sure to ask us about the unique sales process this will go thru and the amazing opportunity it can be. Look at our article which outlines this process.
Existing single-family home sales thruout the San Fernando Valley increased 15.5 percent during June, according to the Southland Regional Association of Realtors. This marks the 12th month in a row that number of sales was higher than the prior year.
A total of 775 homes changed owners during June compared to 671 in June 2008 and 708 this May for a month-to-month increase of 9.5 percent.
Ana Maria Colon, president of the Southland Regional Association of Realtors and Jim Link, the Association’s chief executive officer, agreed that the market cannot fully recover until lenders accept that it is no longer a declining market and gradually release for sale whatever foreclosed properties they are holding onto. “With resale prices now firming up and many properties selling above list price, what we need now are more properties to sell and lenders who are willing to write loans,” Because there are so few listings on the market I cannot find anything for a bunch of my buyers,” Colon said. “Yet even if we found the perfect property, getting a loan is still extremely difficult.” Read the rest of this entry »
What is all the Fuss about Loan Modifications
Economic hard times have hit, and hit hard. That is not a news flash.
-home values have dropped drastically
-homeowners cannot sell for what they owe when hard times hit
-the terms of an adjustable, or reset mortgage are now so high that the owner cannot afford the payments
-economic problems (job loss, stock loss, etc) prevent the seller from making the payments as originally agreed.
-And many other scenarios
The most important factor is that the borrower wants to lower their interest rate, lower the principal balance owed, lock the rate in for an extended period.
The process is similar for all most lenders. A call is made to request a Loan Modification Package, you receive it and give information about your homes value, your financial status, a “hardship” letter and other pertinent information. You return the information to the bank. The bank then determines the value of your house. The bank then uses all this information to analyze your situation. Using this, as well as other factors and criteria such as the banks default rating etc, they then offer you a package of some kind. The package can be counter or adjusted but in most cases the bank will not make significant adjustments to their initial offer.
The bank can make adjustments to the original loan in any way that benefits the bank and the borrower. I have heard of very interesting and unusual arrangements. Everything is on the table, and this is where an expert negotiator who deals with this every day can be very beneficial. They know how to structure a deal that will be acceptable to the bank and beneficial to the borrower. But be careful in hiring such an expert. See my article on Loan Modifications – All the Rage for Distressed Homeowners.
It seems that every time I turn on the radio or television I get bombarded with advertisements touting another company who claims they can help homeowners who are behind on their payments or even those who just have a “bad” deal by current standards. One such commercial even has President Obama speaking about the stimulus bailout plan. To be sure, there are many homeowners who are in trouble on their home loan. And equally sure, is the fact that lenders do not make the process of Loan Modifications Easy! Therefore, there is a ripe market for these so-called Loan Modification Experts”. I can give many reasons why a reputable, knowledgeable, skilled negotiator should be used by many if not most homeowners seeking to modify their loans. But there are so many ways the unwary homeowner can go wrong in selecting the right person to represent them:
1) Only hire an expert who has come recommended by someone you know has personal experience with this person
2) Don’t pay all their fee up front, hold as large a portion back as you can negotiate with increasing payments along the way until completion
3) Don’t buy into the Guaranteed Results promise. These modifications are out of their hands. There are factors in every deal that are impossible to figure out unless you work for the bank. Nobody can guarantee results.
4) Many negotiators work for or alongside an attorney. This is a good ideas as most negotiations don’t require an attorney, many times the lender takes you more seriously if there is an esquire attached to you negotiation team
5) This is a team effort. Your negotiator needs to know 100% of the true situation and they need your cooperation. Also, keep track of the progress. The good outfits are handling many files right now. It is easy for your file to get buried. The more you can do to nicely be the squeaky wheel, the better success you will have.
6) Never, ever sign any paperwork that is not completely filled out or that you do not clearly understand. Ask questions, there are many ways you can be scammed out of your home and have far reaching damage done to your good name. If you don’t receive a good explanation, don’t sign, get a second opinion.
Like every other profession, the buyer needs to beware and watch out for themselves. Desparate times give rise to creative schemes. You do not want to fall into that trap.
Everyone wants the Deal of the Decade in Real Estate!
They want to buy a foreclosure also known as bank owned properties. As Howie Mandel would say, but did they make a great deal ????
Foreclosures are flying off the racks. There can be as many as 20 offers on each one and they often sell well above the asking price! But some short sighted buyers are missing out on short sales, which can be much better deals and often way below market value! You have to be patient with many of these transactions because some can take as long as 6 months to negotiate and close, but they are worth the wait!
And then there are the great deals that many buyers are missing out on! The homes that aren’t short sales or foreclosures, but instead just desperate sellers. These are the sellers that do not want to have their credit adversely affected, but are dangerously close to missing a payment or two. They market their home for a fast sale, knowing that they need to sell within 30 days or so in order to retain what little equity they may have left, and keep their credit scores higher. These can be some of the best deals out there!
Short Sales can be fantastic buys, but you have to be a patient buyer!
What is a short sale? First, an offer is presented to the seller as any normal transaction. The buyer and seller agree to terms, the amount being less than what the banks are owed and often well below market value. The offer is presented. hopefully by an experienced agent to the banks. It is important that the agent knows the required paperwork and procedures that are necessary in order for the banks to respond in a positive and timely matter! The agent, for days or weeks, continues to negotiate with the banks, works to convince them to reduce the amount they are owed and to negotiate all fees to be paid. Some of the fees that need to be negotiated are often unpaid taxes, title fees, escrow fees, etc. During this time the buyer works to obtain financing and proceeds with the normal inspections of the property. Finally upon acceptance by the banks, the buyer often will have a limited time in order to close the transaction, so they need to be ready!
This process is not an easy one for agents, therefore many choose not to get involved.
They only encourage their buyers towards “normal” transactions. I believe in the end results for my clients and I enjoy their referrals. I also love a good challenge!
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