Tag: california
Underwater Homeowners Get Much Needed Short Sale Relief – Redding CA
In an effort to conform California state law to a federal law at the end of Dec. 2012 which extended mortgage debt forgiveness, the CALIFORNIA ASSOCIATION OF REALTORS is sponsoring Senate Bill 30, so that struggling California homeowners on the brink of foreclosure can get much needed mortgage debt relief.
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Chase Short Sale Facts – Redding CA
Chase Short Sale Facts – Redding CA
Deficiencies judgements in the State of California on Chase First Lien Mortgages short sales real estate transactions are waived 100% of the time.
Chase bank is beginning to offering struggling homeowners up to $48,500 in moving incentive payments. This moving incentive is only being offered to Chase homeowners who are already behind on their payments and is determined by what portfolio the loan falls in.
There is no way for the Redding Short Sale team to determine which homeowners will qualify for these moving incentives.
The best advice the Redding Short Sale Team can give to struggling Chase homeowners is they should work with an experienced short sale real estate agent.
Contact us directly to learn about the short sale process.
Direct (530) 921-1063 Laura Reilly-Realtor
Time is of the essence. Chase short sale negotiators are not permitted to reveal the “Chase” Price Opinion for compliance reasons.
It takes about 2 weeks from the time the valuation is done before Chase has a property value. So the sooner your start the better.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Chase Short Sale Facts – Redding CA
Don’t know if I should Short Sell or Foreclose?-Redding CA-Short Sale
Don’t know if I should Short Sell or Foreclose?-Redding CA-Short Sale
A commonly asked question of the Redding Short Sale Team.
I have a First and a Second Mortgage with (fill in the blank) Bank(s).
Both loans were original purchase money.
“Original purchase money is a loan used to purchase the property only.”
I have researched & understand that (fill in the blank) Bank(s) cannot seek deficiency judgment since both loans were purchase money if I foreclose.
What if I short sell? Will (fill in the blank) Bank(s) be able to seek deficency if I short sell?
I don’t want to take any chances on that and I don’t want to have to go thru the entire short sale process only to find out that they are pursuing me for a deficiency, when I could have just foreclosed and avoided that mess.
As per California Civil Code. (CCP
Loan Mod Vs. Short Sale-Redding CA
Loan Mod Vs. Short sale-Redding CA
The Redding Short Sale Team often receives calls from homeowners that sound like this.
Short Sale Real Estate – Sellers Options in Redding CA
Short Sale Real Estate – Sellers Options in Redding CA
What is a Short Sale?
A struggling homeowner who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a real estate short sale.
A Short sale means the lender is accepting less than the total amount due.
For example: If the balanced owed on the mortgage is $100,000, but the property will only sale for $75,000 leaving a remaining balance of $25,000. The lender on the property agrees to accept the $75,000 and forgive the remaining $25,000.
Top 10 Seller Short Sale Questions Homeowners Asked in Redding CA..Answered.
1. If I pay mortgage insurance and default on my loan, wouldn’t that cover
the deficiency amount?
No. The mortgage insurance is not there for your protection, just the mortgage
lender
the deficiency amount?
lender
Banks allow more short sales-Foreclosure sales down in California-Redding CA
Banks allow more short sales-Foreclosure sales down in California-Redding CA
The number of homes sold in a short sale surpassed foreclosure sales in Shasta County during the first half of the year, more evidence mortgage lenders are avoiding lengthy and expensive foreclosures and trying to comply with the Nationwide Mortgage Settlement, experts state.
This data provided by the Irvine, Calif. based RealtyTrac, also notes a 21 percent decrease in the number of bank owned homes sold during the first half of 2012 from the same time in 2011.
Are these a Sign of Change?
The rise of short sale homes is good for homeowners trying to get out from their underwater mortgages or who are behind or may become behind in payments.
A short sale is a real estate transaction where the property the bank has liens on agrees to sell for less than what the homeowner owes on the mortgage before the foreclosure is complete.
A bank owned sale is conducted after the home is repossessed in a foreclosure proceeding. This is considered a traditional foreclosure.
Some of our homeowners who agree to a short sale are getting cash incentives from banks to participate in a short sale vs the cost of the foreclosure.
It is also generally considered less of a hit to the credit scores and is a much, much speedier process than in the early years of the housing crisis.
The federal government forced banks to make up for years of foreclosure related offenses. Theses lenders agreed to provide $25 billion in cash funds and mortgage relief to
Tax Concerns-Deficiency Judgments and Short Sales-Redding CA
Tax Concerns-Deficiency Judgments and Short Sales-Redding CA
What happens to a homeowner and taxes with a short sale.
In most short sale cases the mortgage holder may NOT be able seek a “deficiency” judgment against the seller to recover some or all of the debt.
However, in some jurisdictions and under certain circumstances a lender may be able to collect.
How this use to be for a short sale transaction was any unpaid mortgage debt has been regarded by the government as “gained” income.
In other words, if the seller owes $100,000 and pays back $75,000 then the missing $25,000 is seen as taxable income ; even if it was not physically received by the owner.
But there is HOPE…
Under the Mortgage Debt Relief Act of 2007 this IRS rule was changed. Unpaid mortgage debt (as much as $1 million in some cases)is NOT regarded as income and there for is not taxable.
The CATCH?
This ruling expires midnight on Dec 31. 2012.
The National Association of Realtors and California Association of Realtors along with other agents across the United States are lobbying hard to extend this well needed and deserved tax break.
This is one of many issues homeowners need to consider when thinking about a short sale.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Tax Concerns-Deficiency Judgments and Short Sales-Redding CA
Homeowners Bill of Rights-What this means for Short Sales-Redding CA
Homeowners Bill of Rights-What this means for Short Sales-Redding CA
The new California law, set to begin Jan. 1 21013 makes big promises to protect struggling home loan borrowers from aggressive foreclosure tactics used by many lien holders.
How will the Homeowners Bill of Rights protect struggling homeowners who are trying, in good faith, to renegotiate their mortgages or short sale their homes and stop banks from their aggressive practices?
Prohibiting
Bank Pays Moving Costs To Short Sale Sellers-Real Estate-Redding CA
Bank Pays Moving Costs To Short Sale Sellers-Real Estate-Redding CA
Bank of America publicly announced that it will pay their short sale home owners moving costs upon successful completion of the short sale of their home.
Many Redding, CA residents may qualify for these benefits, which Bank of America states will range from $2,500 to $30,000.
Bank of America regulations say that on order to be eligible for moving costs payments, short sale home sellers must have completed the sale prior to the end of this year, 2012.
Short sale home owners who are currently in the process of selling their homes, but have not yet completed the sale,
Short Sale Process Changing for Redding CA-Time to Stop Foreclosure-Question and Answers
Short Sale Process Changing for Redding CA-Time to Stop Foreclosure-Question and Answers
The short sale process in Redding, California and across the USA has been shifting. It appears that even if a large number of properties enter into the foreclosure process, fewer of these homes are actually being sold at the court house auction steps.
The belief is mortgage lenders such as Bank of America, Chase and Wells Fargo have become much more willing to work with struggling home owners to do a short sale.
This is a benefit to the home owners, community, neighborhood and the banks. It has literally taken years to get this process in a more favorable light.
A foreclosed home that has been repossessed by a bank typically will sit vacant for several months if not years now.
With a short sale the owners keep the home in livable condition. This is a great plus to the new buyer and the value of the property.
Many home owners are experiencing underwater values of homes that are worth less than the homeowner owes on it.
There are solutions and other options other than foreclosure. Call Direct today to get your questions answered. (530) 921-1063