Archive for the 'Foreclosure News' Category

Short Sales On El Dorado Hills Luxury Homes

Beauutiful El Dorado Hills Home

Beautiful El Dorado Hills Home

El Dorado Hills Certified  Short Sale Specialist and Expert Short Sale Negotiator Forth Hoyt Explains to Luxury Home Owners Thinking Of  a Short Sale that in many ways, Higher Priced Short Sales are easier to negotiate than their counterparts…

The Luxury Short Sale is many times the easiest short sale to negotiate- well maintained properties that need no repairs, sophisticated, well informed buyers and educated sellers who have done their homework and know how the game is played all make for a much easier transaction.

Investigating a Short Sale on your  on your Upside Down Luxury Priced El Dorado Hills Home?

Contact us Today At Forth Hoyt’s Sacramento Short Sale Center


Once your El Dorado Hills Short Sale Specialist Agent has determined whether or not your situation fits a short sale and that the banks will likely approve your hardship, I will  put your short sale in Sacramento on the market and go to work on compiling a KILLER SHORT SALE FILE.

What documents go in a short sale package? El Dorado Hills Certified  Short Sale Specialist and Certified Short Sale Negotiator Forth Hoyt talks about the benefits of putting together a “killer” short sale file.

A well organized, complete, well thought out, strategically orchestrated, professional looking short sale package (the Killer Short Sale File) allows the bank or servicers short sale negotiator to have everything they need to to begin the process of negotiating your short sale with the investor (the owner of your note). Organized, concise, indexed and complete, a killer short sale file sets your file apart from the norm and makes the negotiators job easy- So your short sale file stays at the top of the stack and gets the most attention because your short sale is the easiest to work!

What is the first element of a great package? Your Hardship Letter; What is a Hardship Letter? The Short Sale Hardhip Letter Sets The Stage

Looking for a Great Short Sale Agent In El Dorado Hills?

More questions about your particular situation? Contact us today at Forth Hoyt’s Sacramento Short Sale Center or call 916-316-3810

Authored by Forth Hoyt | Discussion: No Comments »

New Chase Short Sale Outreach Program Helps homeowners and Investors Alike!

Chase Outreach Program Targets Both Homeowners and Investors

Sacramento real estate investor Finds Sacramento Area Short Sale Specialist And Certified Short Sale Negotiator to help her participate in the new Chase Short Sale Outreach Program.

Got a call off my Sacramento Short Sale Center Website from a Sacramento investor yesterday about eleven o’clock.  She was frantic, as she had talked with another Sacramento Short Sale Agent who had promised to meet with her on Sunday and preview her triplex and take her listing. She needed it done quickly because she had been  communication with Chase and they had offered her their new CHASE SHORT SALE OUTREACH PROGRAM.  The other agent had flaked and was not answering his phone, (I hope nothing bad happened) so she had asked the short sale negotiator at the outreach program what to do- the negotiator said to Google  Sacramento certified short sale agent and my sites came up several times on the first page.  The investor explained that the Trustee Sale (or Foreclosure Sale) was in almost exactly twenty four hours and she needed to list the property so she could get the listing paperwork turned in to the Chase outreach department and they could extend the sale-

Well, long story short; my sign went up today, the foreclosure sale was postponed and I preview the property and meet the tenants tomorrow.  Another listing and another upcoming Sacramento short sale closing!

Authored by Forth Hoyt | Discussion: 1 Comment »

To Sign or Not To Sign: Short sale agreement with lender when they reserve the right to pursue deficiency?

Deficiency Judgements on First Mortgages in California- Not any more?

Deficiency Judgments on First Mortgages in California- Not any more?

Sacramento Certified Short Sale Specialist explains the brand new California anti-recourse Short Sale  law:

Do you sign a short sale approval letter that reserves the right to pursue a deficiency.

As a Sacramento Short Sale Specialist and Certified Short Sale Expert I get questions all the time from other agents.  Other short sale agents here in my office,  other Sacramento area short sale agents, and even (sometimes most frequently) agents from other California Short Sale Markets who find my Sacramento Short Sale Center websites  and contact me with their short sale questions.

One of the most frequently asked questions I hear is “I have successfully negotiated this short sale file but, what do I do; the  short sale agreement letter from the lender contains language where the investor/servicer  is reserving the right to pursue a deficiency judgment on the balance …do I have my clients sign it?”

First of all, I am a short sale Realtor Although I have taken hundreds of hours of training and I’m Certified many times over,  I know the ins-and-outs of successfully negotiating a short sale,  but I am not an attorney and I make sure everyone I talk to knows that-

But I do know there are new  California laws that stop banks from pursuing deficiency judgments on first mortgages.  There have always been (since the 30’s) laws stopping deficiency on purchase money loans on homeowner occupied units, but there was danger for income properties and refinanced loans where there was money taken out… before 580e; as I understand, there was valid law giving the lenders power to file for  a deficiency judgment for the amount the lender wrote off in a short sale.

Here’s what I  know about California SB931 and California Civil Code Section 580e:

Read  More on California Short Sale Anti Deficiency Law SB931.

Questions on your particular situation? Is your second mortgage non-recourse too? Contact us Today At Forth Hoyt’s Sacramento Short Sale Center
If you area homeowner faced with the decision of whether or not to sign the lender consent agreement in a Short Sale or lender short sale approval letter, be sure to get competent legal advice first from a real estate attorney. No matter what. even if you feel like you are getting great information from your lender, from the internet, from other sources- definitely spend the couple hundred dollars and talk to a real estate attorney!

You can also read  the full law here:  California SB931 and Civil Code 580e

New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

In closing, always obtain legal and tax advice before making a decision between a short sale or a foreclosure.

Authored by Forth Hoyt | Discussion: 1 Comment »

Dealing with Realtors After Foreclosure

Cash for Keys

Cash for Keys

Who are these real estate agents and why are they bothering me?

Got this great article from Tenants Together

The owner after foreclosure, usually a bank, will often hire a real estate agent to market the property.

These agents generally try to get all tenants out of the property as quickly is possible. Remember, their goal is to get you out.

I don’t get it. Why do they want this property vacant?

Banks and agents claim that it is easier for them to sell the property if it is vacant. It doesn’t make much sense. Vacant properties attract vandals, contribute to neighborhood blight, and bring down property values. Plus the owner is giving up rental income by throwing out tenants.

The California Association of Realtors has opposed recent legislative efforts to protect tenants after foreclosure. It may not make sense, but unfortunately, that’s their position.

A real estate agent is pressuring me to move. What should I do?

If someone is telling you to move out but doesn’t serve a written notice, you don’t have to do anything.

Tell the real estate agent (or other bank representative) to put any communications about your tenancy in writing.

To be safe, inform the bank and its representatives in writing that you are a tenant, so they don’t move forward with an eviction claiming they didn’t know a tenant lived at the property.

The real estate agent is lying to me about my rights. What are my options?

Stop talking to the agent. Demand all communication in writing.

Contact a tenant organization or legal aid to learn about your rights from a reliable source.

File a complaint with the Department of Real Estate against any real estate agent that lies to you about your rights. The agent could lose his or her license for this.

The agent keeps talking about “cash for keys”. What does this mean?

These are agreements that banks/agents want you to sign in which you give up your rights as a tenant in exchange for money. In the typical agreement, the tenant is paid money to agree to move out sooner than required by law.

You are under no obligation to accept these “cash for keys” offers.

If you want to work out a deal in which you move, negotiate the terms of the agreement to your satisfaction.

Get help before signing any agreement. There may be legal consequence and you need to know what you are getting into.

Are there any special things to keep in mind when negotiating cash for keys agreements?

Carefully balance whether you are better off accepting a deal or staying in your home as long as possible.

Do everything in writing and keep copies.

Make sure that the person signing any agreement for the owner is an authorized representative for the owner.

Get as much of the money up front as you can, and the rest when you turn over the keys.

Consider adding a provision requiring the bank to return your deposit on the same day you turn over the keys.

I had an agreement, but now the agent won’t honor it.

Unfortunately, many tenants report that agents and banks do not comply with their end of the deal. Some tenants move out in reliance on a deal, but then are left with nothing. Tenants who are stiffed can sue, but it may take months to get the money.

Always insist on getting some of the money up front, and the rest at the time you turn over your keys, to avoid problems.

Call Tenants Together for more information. Our Tenant Foreclosure Hotline is 415.495.8012. If you need legal assistance, please contact your local legal aid office.

Authored by Forth Hoyt | Discussion: 1 Comment »

How Will The Market Respond When California’s New Anti Deficiency Law Goes Into Effect?

California's Newest Short Sale Anti Deficiency Law Will Save Many Homeowners From Deficiency Judgments

California's Newest Short Sale Anti Deficiency Law Will Save Many Homeowners From Deficiency Judgments

Sacramento Short Sale Specialist and Certified Short Sale Negotiator Forth Hoyt reports on California’s newest anti deficiency law for short sellers

SB 931, recently enacted legislation governing “short sales,” goes into effect Jan 1, 2011,  The Legislation applies to any note secured by a first deed of trust or first mortgage for a dwelling of not more than four units. SB931 protects Homeowners as well as Investors, as it is not limited to consumer transactions, nor limited to homeowner occupied dwellings.

…it specifically states that it doesn’t matter if the first note or mortgage was refinanced or not, can be for any amount, and is not limited to owner-occupied dwellings.

So SB931 and California Code of Civil Procedure 580e will give Sacramento Short Sellers exactly the same protection to first deeds of trust and first mortgages.

When this happens, Short Sales in Sacramento will surely increase- no more will homeowners and investors be told by their attorneys to “just let it go back to the bank”.  You see, in the past, if a loan was not “purchase money” the law stated that in a short sale, the bank had the right to pursue a deficiency judgement for the amount the bank lost: the amount between the short sale and the amount owed.  If the home went to foreclosure, there was no such risk…

Questions on your particular situation?

Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

Questions on Why to Short Sale?

Short Sale VS. Foreclosure …Tough Decisions Facing Sacramento Area Homeowners Today

Need information on the newest government anti foreclosure programs?

New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

Authored by Forth Hoyt | Discussion: No Comments »

SB931 New California Short Sale Law Stops Banks In Their Tracks On First Mortgages

Short Sales Now Exempt From Anti Deficiency

Short Sales Now Exempt From Anti Deficiency

Stops Deficiency Judgments On All First Mortgages After Short Sale

California SB931, signed October 1, 2010 stops lenders from pursuing deficiency judgments on all first mortgages after short sales in California.

Questions about your particular situation? Contact us Today At Forth Hoyt’s Sacramento Short Sale Center.

In layman’s terms; this new California short sale law means the bank can’t come after you on the amount they were shorted after they agree to a short sale and issue a Short Sale Approval Letter.

New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

Check out the official Full Text from Around The Capital:

SB 931 (Ducheny)
Mortgages: deficiency judgments.

LEGISLATIVE COUNSEL’S DIGEST

SB 931, as amended, Ducheny.

Mortgages: deficiency judgments. Existing law authorizes an action for a deficiency judgment for the balance due upon an obligation for the payment of which a deed of trust or mortgage with power of sale upon real property or any interest therein was given as security, as specified. Existing law prohibits a deficiency judgment in any case in which the real property or an estate for years therein has been sold by the mortgagee or trustee under power of sale contained in the mortgage or deed of trust.

This bill would prohibit a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the trustor or mortgagor sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage. The bill would provide that written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the remaining amount of the indebtedness on the first deed of trust or first mortgage. The bill would specify that those provisions would not limit the ability of the holder of the first deed of trust or first mortgage to seek damages and use existing rights and remedies against the trustor or mortgagor or any 3rd party for fraud or waste if the trustor or mortgagor commits either fraud with respect to the sale of, or waste with respect to, the real property that secures that deed of trust or mortgage. The bill would make these provisions inapplicable if the trustor or mortgagor is a corporation or political subdivision of the state.

Even If Refinanced; Even If Cash Out! No More Deficiency Judgments After A Short Sale in California On First Mortgages! Whether Refinanced Or Not!

Authored by Forth Hoyt | Discussion: 1 Comment »

Short Seller’s Newest Anti Deficiency Protection for Sacramento Short Sellers With SB 931

California may have a new anti deficiency law protecting struggling homeowners

California May Have a New Anti Deficiency Law Protecting Struggling Homeowners

Sacramento area Short Sale Specialist and Sacramento Area Certified Short Sale Agent Forth Hoyt Reports on:

The Little Bill That Could-


Will the newest California anti deficiency bill become law? The Newest Short Sale Protection law for struggling  homeowners will surely affect the Sacramento short sale market…

Sacramento Short Sales will surely increase if the little bill that could is signed into law- Short sellers will be glad to hear bout this newest California anti-deficiency bill that is specifically written to protect short sellers from recourse – why are we just hearing about this?  Nearly silently, this newest foreclosure protection bill in  California, Senate Bill 931 passed completely unopposed last week and is headed for Governor Schwarzenegger to sign into law. All eyes had been on Senate Bill   1178, which stops lenders from pursuing homeowners who have refinanced and later defaulted, so the hoopla over SB 931 was overlooked. Lawyers sometimes tell potential short sale sellers that a foreclosure or a bankruptcy offers better protection for the homeowner than a short sale.

New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

Just the first couple lines from the SB 931 Assembly Hearing: June 7, 2010

ASSEMBLY COMMITTEE ON BANKING AND FINANCE
Mike Eng, Chair
SB 931 (Ducheny) – As Amended: June 1, 2010
SENATE VOTE: 31-0
SUBJECT: Mortgages: deficiency judgments
SUMMARY: Provides that in the case of a short sale on residential real property, the holder of the first mortgage or deed of trust shall fully discharge any remaining borrower’s indebtedness following the sale when the sale has been agreed to in writing. Additionally, that nothing shall limit the ability of the holder of the first deed of trust or first mortgage to seek damages, or use existing rights or remedies in those cases where the homeowner has committed fraud or waste in connection with the sale of the real property.

If signed, this newest California Short Sale Recourse Law  will have a huge impact on  our Sacramento area short sale inventory, as many more struggling  homeowners may use a short sale as a way to get out of their upside down home, if there is  no lender recourse for the amount the bank is short…

More info on New Deficiency Protection For Sacramento Short Sales; SB 931 Protects All First Mortgages.

Need information on you particular situation? Contact us Today At Forth Hoyt’s Sacramento Short Sale Center.

Authored by Forth Hoyt | Discussion: 2 Comments »

Notice Of Defaults In Sacramento Are Backing Up, But Still Being Postponed

Foreclosure Notices In Sacramento Continue At Alrming Rates

Foreclosure Notices In Sacramento Continue At Alarming Rates

Foreclosure Sales, or Trustee Sales in Sacramento, the actual Trustee action or   Sacramento county trustee sale at 720 9TH ST  downtown Sacramento, held nearly every business day are still being postponed at record rates, but so are Notices of default Filings in Sacramento County.

ho long can they continue to file the default, file the notice of sale and then just postpone? Well, if they postpone for over a year, they will have to re-file the Notice of Default, as I understand

“Despite a tsunami of mortgage delinquencies we continue to see no signs of a foreclosure wave” says Sean O’Toole, Founder and CEO of ForeclosureRadar.com. “Lenders and government intervention continue to delay foreclosures despite their continued failure to find a long term solution to unsustainable negative equity.”

See Foreclosureradar’s Foreclosure Report at Wereheretohelp.org

Authored by Forth Hoyt | Discussion: 1 Comment »

El Dorado Hills and El Dorado County Approved Short Sales Continue To Surge

El Dorado Hills County Approved And Pended along With Closed Short Sales

El Dorado County Approved And Pended Along With Closed Short Sales

Looking For Short Sale Information in El Dorado County?

Need Short Sale Market Stats or Short Sale Market Information For El Dorado Hills? Sacramento Area Multi-Certified Short Sale Specialist Forth Hoyt Shares Short Sale Market Facts for El Dorado County and El Dorado Hills

The Short Sale is becoming a more viable foreclosure option in El Dorado Hills and El Dorado County.  Short Sales are going pending and approved in El Dorado County much much more successfully than in the past. See the graph above and the chart below that illustrate that short sales are going pending and approved much more that in the past.

1 month 1 year
May 10 June 10 % Change June 09 June 10 % Change
For Sale 187 203 8.6% 227 203 -10.6%
Sold 40 46 15% 21 46 119%
Pended 59 98 66.1% 48 98 104.2%

With the short sale being approved, going pending, and actually closing escrow in El Dorado County so much more frequently and consistently, I wondered how they were doing as a foreclosure option in El Dorado Hills? So lets take a look at El Dorado hills short sale information

But first:

The Chart Below shows that El Dorado Hills has an inventory of Active Short Sales that is barely more than 1/4 of the active short sales in El Dorado County, yet Pended and Approved Short Sales and Closed Short Sales that is nearly half of the entire El Dorado County Short Sale Inventory for these categories!

El Dorado Hills Short Sale Market Stats for 6/09 to 6/10

El Dorado Hills Short Sale Market Stats for 6/09 to 6/10

With so much talk about short sales as an option to foreclosure, and with many new Government short sale Programs it’s nice to see they are actually closing and getting short sale approval on more and more short sales.

When you look at the year over year numbers, you can really see that short sales in El Dorado Hills are definitely trending upward and being successfully used as an anti-foreclosure tool in El Dorado Hills

The Chart above and graph below show that, not surprisingly,nearly half of the pended short sales in El Dorado County were short sales that were approved and went pending in El Dorado Hills.

1 month 1 year
May 10 June 10 % Change June 09 June 10 % Change
For Sale 55 68 23.6% 79 68 -13.9%
Sold 12 20 66.7% 5 20 300%
Pended 19 46 142.1% 18 46 155.6%

With so much talk about  giving homeowners foreclosure options, stopping foreclosure and working homeowners to avoid losing their homes, (except for a principle reduction loan modification that makes sense!) you might think that the foreclosure filings such as notice of default and notice of trustee sales in El Dorado Hills And El Dorado County would both be down. NOT THE CASE!  Foreclosure filings for both El Dorado Hills and El Dorado County are both way up, yet the postponement of the El Dorado County Trustee Sale (at the courthouse steps) have just continued…


Authored by Forth Hoyt | Discussion: No Comments »

Foreclosure Numbers Surge – Five Year Record

Foreclosures surge- more bank owned properties coming!

Foreclosures surge- more bank owned properties coming!

NATIONAL FORECLOSURES SURGE

Well, I wonder what this will mean to our home prices that seem to have stabilized?  Now, these are national statistics on foreclosures, but foreclosureradar.com has expressed exactly the same trends here in California and the Sacramento area too…

According to news.Yahoo:

LOS ANGELES – A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.

RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said.

“We’re right now on pace to see more than 1 million bank repossessions this year,” said Rick Sharga, a RealtyTrac senior vice president.

Foreclosures began to ease last year as banks came under pressure from the Obama administration to modify home loans for troubled borrowers. In addition, some states enacted foreclosure moratoriums in hopes of giving homeowners behind in payments time to catch up. And in many cases, banks have had trouble coping with how to handle the glut of problem loans.

These factors have helped slow the pace of foreclosures, but now that trend appears to be reversing.

“We’re finally seeing the banks start to process the inventory that has been in foreclosure, but delayed in processing,” Sharga said. “We expect the pace to accelerate as the year goes on.”

In all, more than 900,000 households, or one in every 138 homes, received a foreclosure-related notice, RealtyTrac said. The firm based in Irvine, Calif., tracks notices for defaults, scheduled home auctions and home repossessions.

Homeowners continue to fall behind on payments because they’ve lost their job or seen their mortgage payment rise due to an interest-rate reset. Many are unable to refinance because they now owe more on their loan than their home is worth.

The Obama administration’s $75 billion foreclosure prevention program has only been able to help a small fraction of troubled homeowners.

About 231,000 homeowners have completed loan modifications as part of the Obama administration’s flagship foreclosure prevention program through March. That’s about 21 percent of the 1.2 million borrowers who began the program over the past year.

But another 158,000 homeowners who signed up have dropped out — either because they didn’t make payments or failed to return the necessary documents. That’s up from about 90,000 just a month earlier.

Last month, the administration expanded the program, launching a plan to reduce the amount some troubled borrowers owe on their home loans and give jobless homeowners a temporary break. But the details of those programs are expected to take months to work out.

The states with the highest foreclosure rates in the first quarter were Nevada, Arizona, Florida and California, with Nevada leading the pack, RealtyTrac said.

Rising home prices and speculation fueled a wave of home construction there during the housing boom. But now the state, particularly around the Las Vegas metropolitan area, is saddled with a glut of unsold homes.

Still, the number of homes in Nevada that received a foreclosure filing dropped 16 percent from the first quarter last year.

All told, one in every 33 homes in Nevada was facing foreclosure, more than four times the national average, RealtyTrac said.

Foreclosure filings rose on an annual and quarterly basis in Arizona, however.

One in every 49 homes there received a foreclosure-related notice during the quarter.

Florida, meanwhile, posted the third-highest foreclosure rate with one out of every 57 properties receiving a foreclosure filing.

California accounted for the biggest slice overall of homes facing foreclosure — roughly 23 percent of the nation’s total. One in every 62 properties received a foreclosure filing in the first quarter.

Authored by Forth Hoyt | Discussion: No Comments »

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