Archive for the 'Short Sales' Category

West Sacramento Certified HAFA Specialist Answers HAFA Questions

Certified HAFA Specialist Designation
Certified HAFA Specialists Are Trained To Close Your HAFA Short Sale in West Sacramento
Certified HAFA Specialist Forth Hoyt Explains HAFA Benefits
Certified HAFA Specialist Specializing in West Sacramento

What are the HAFA Benefits? Can I Do A HAFA Short Sale?

West Sacramento has become a Short Sale Hotbed… HAFA is making Short Sales Easier!

West Sacramento HAFA Certified Short Sale Specialist and Expert HAFA Short Sale Negotiator Forth Hoyt Explains The Benefits Of HAFA.

A moving, evolving and improving system; HAFA is definitely getting better and better, moving towards becoming the solution it was supposed to be when it was first rolled out.

You see, the HAFA Government Short Sale Program was created in the wake of a Failing HAMP loan modification program that is only providing less than 50% of its applicants with any type of successful modification.

…and of those 40ish% of homeowners that are successful, less than 3% receive any type of principle reduction to their loan -so less than 1 in 100 loan modification applicants get what they need as far as a long term, sustainable solution…

So you can see why the government had to step in and attempt to set up a program that would streamline and systematize the very hard to manage and difficult Short Sale Process.

HAFA is a last-ditch effort to keep homeowners out of foreclosure, after failing a loan modification attempt.

Designed by the Administration and funded by the Treasury, The HAFA Program, which took effect April 5, 2010, provides servicer, seller and Investor( whoever actually owns the note) benefits

When HAFA was first introduced, these servicer, seller and lien holder incentives were touted as being designed to simplify and streamline the use of short sales and deeds-in-lieu of foreclosure. A great deal of hoopla and fanfare over the new program made it sound like the HAFA program was going to be the short sale Garden of Eden.

What a joke-

I personally was talking sellers out of using HAFA because I had several terrible experiences with the program and thought it was not only a waste of time, but nearly guaranteed that the homeowners wold end up with a foreclosure on their credit-

However, in the last several months there have been major changes to the HAFA program and the way it is being administered and currently I have three HAFA short sales that are moving along nicely and look forward to an approved HAFA short sale in just a few days.

What in the World Is HAFA?

What do I need to do to be considered for HAFA? How do I find out if I can do HAFA?
Contact you bank(‘s) or servicer(‘s) immediately and ask if you qualify and/or if your investor(‘s) is/are participating in HAFA.They will tell you that homeowners must be evaluated for HAFA within 30 calendar days of the following:

What Other Government Programs Do You Qualify For? CHECK YOUR ELIGIBILITY NOW!

Are you in,West Sacramento, Folsom, Granite Bay, El Dorado Hills, Natomas, Roseville, Elk Grove, Mather, Lincoln, Rocklin, or any other Sacramento area? We really are here to help!

More Questions About your Situation? Talk To A Certified West Sacramento Foreclosure Prevention Expert and HAFA Specialist Today!

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

Or Find if you qualify for your 1st or 2nd Lien Modification Program (2MP) harp


Authored by Forth Hoyt | Discussion: No Comments »

Another successfully negotiated a short sale for this home in Fair Oaks!

Fair Oaks Short Sale

Fair Oaks Short Sale Agent Negotiates Another Successfull Fair Oaks Short Sale

As a Fair Oaks Short Sale Agent, when I meet with a new client, they often feel helpless and overwhelmed by the bills that just keep coming in. It’s very rewarding to help them get clear on their options during our first meeting together.

Many walk away from our appointment relieved they now know what they can expect and have a plan to prevent a foreclosure.

This short sale in Fair Oaks was a tough one!  This home was in need of repairs, so we needed a buyer who could pay cash or use hard money to finance this home. Short Sales That Require Repairs are never easy, and although every short sale has their hurdles… we were able to maneuver around the repair issues by finding a buyer with the right financing for this Fair Oaks Short Sale.

There is nothing better than helping a client out of a stressful situation.  Most of my clients come to me when they have exhausted all their options and many feel stressed out and frustrated.

My job is to help my clients get out from under their mortgage they can no longer afford.

I have put together a great short sale information website that will tell you more about the option of short sale and how it can prevent a foreclosure.  It’s a great resource! www.WereHereToHelp.org !

We have helped many families in Fair Oaks short sale their home. We can help you too!  Give us a call and let’s get started!

By the way…

What is the HAMP/ HAFA Program? What about the Second Lien Modification Program (2MP) Or Home Affordable Refinance Program (HARP)

CHECK YOUR ELIGIBILITY

Forth Hoyt, Sacramento Certified Short Sale Agent And Expert Short Sale Negotiator Explains The Many New Government Anti Foreclosure, Government Loan Modification And Government Short Sale Programs

There are a number of government anti foreclosure programs available to provide you with solutions. These government programs have been getting a lot of attention lately.  Especially the HAFA government short sale program. See which homeowner options program below matches your situation best, and then take the survey to see if you are eligible for government programs.

Check HAMP program eligibility. Check HAFA program eligibility, and HAMP eligibility guidelines.

CHECK ELIGIBILITY NOW

Take action, find out more about your options and learn if you are eligible. If your situation is urgent, or you have further questions, feel free to Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

The newest Anti Foreclosure and Short Sale programs that the government has rolled out recently:

Home Affordable Foreclosure Alternatives (HAFA)

Home Affordable Modification Program (HAMP)

Home Affordable Refinance Program (HARP)

Second Lien Modification Program (2MP)

More Questions?

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

Or

Find if you qualify for your 1st or 2nd Lien Modification Program (2MP) harp

Authored by Forth Hoyt | Discussion: No Comments »

El Dorado Hills Short Sales And Folsom Short Sales Not Closing. Why?

El Dorado Hills And Folsom Short Sale Information

El Dorado Hills And Folsom Short Sale Information

El Dorado Hills Short Sale Agent and Certified Short Sale Specialist Reports:

El Dorado Hills and Folsom, only minutes apart and with so many similarities in many ways also have have short sale markets that are similarly failing…  why is that?

El Dorado Hills Active Short Sale numbers have actually gone down over the last 14 months, but just because they are going pending so quickly!  Monthly new listings has doubled, the number  going pending (short sale approved by lender) has almost tripled.  Why then, has the number of homes successfully selling (successfully closing escrow) actually gone down from year ago levels? Successful Short Sales in El Dorado Hills are actually lagging! Just like Folsom Short Sales, Short Sales in El Dorado Hills are not closing escrow…

Find out Why:

Short Sale Agent in Folsom Reports Why Short Sale Escrows In Folsom May Be Failing


El Dorado Hills Short Sale Numbers for the past 14 months:

Date 12/09 1/10 2/10 3/10 4/10 5/10 6/10 7/10 8/10 9/10 10/10 11/10 12/10 1/11 2/11
For Sale 84 68 74 57 65 62 74 90 80 85 75 60 75 68 67
New Listing 16 28 31 29 36 29 29 34 31 36 23 23 16 36 32
Sold 14 19 12 12 16 12 23 12 11 17 12 19 23 12 10
Pended 17 23 13 20 21 10 14 9 26 14 19 13 8 36 44
Months of Inventory based on Closed Sales 6.0 3.6 6.2 4.8 4.1 5.2 3.2 7.5 7.3 5.0 6.3 3.2 3.3 5.7 6.7

Folsom Short Sales are now nearly 30% of all closed sales! Successful Shot sales are now the norm in Folsom. The graph below ith the Folsom Short Sale Numbers show the amount of active short sales has more than doubled.  Look at the number of Folsom’s pended short sales; those going pending are short sales that have been approved by the bank and the buyer can start their inspection period… Successful Sort Sales in Folsom have remained stable while pending and active short sales are surging!

Folsom Short Sale Numbers, for the past 14 months:

Date 12/09 1/10 2/10 3/10 4/10 5/10 6/10 7/10 8/10 9/10 10/10 11/10 12/10 1/11 2/11
For Sale 31 39 43 45 52 65 56 61 76 75 77 78 74 78 67
New Listing 21 21 21 33 26 29 29 23 41 23 25 24 23 36 31
Sold 15 12 12 16 6 19 14 8 12 12 11 7 16 11 15
Pended 17 13 12 15 15 9 20 16 19 18 14 12 12 30 54
Months of

Inventory based on Closed Sales

2.1 3.3 3.6 2.8 8.7 3.4 4.0 7.6 6.3 6.3 7.0 11.1 4.6 7.1 4.5

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 »

Forth Hoyt’s Resume

FH_Logo_Alternate_Color_Print

Simple, Straightforward Real Estate…

 

 

Forth Hoyt CRS

CDPE, IMSD, Certified HAFA Specialist, SFR, SRES, e-PRO,

PFC, RDCPro, A-REO, Master’s Club Life Member

Sacramento Dave Ramsey Endorsed Local Provider

Certified Mortgage Resolution Specialist
Certified Home Retention Specialist
Certified Pre-Foreclosure Specialist
Certified Short Sale Specialist

 

California Real Estate License #01319540

[email protected]

Objective:

To assist you and your family with your real estate needs.  To enable a quick, professional, efficient, hassle free transaction.

Designations

 

Summary of Qualifications


Brief History

-2005-present

Keller Williams, Folsom, Ca. (KW is the second largest brokerage in our area.)

Team Leader; The Hoyt Group.  2013 top 3% in production for office.

-2003-2005

RE/MAX Gold, Granite Bay (RE/MAX Gold is third largest brokerage in our area)

Lead Listing Specialist with Team Conway. Team Conway was the #1 Agent Team with RE/MAX Gold in 2003, 2004 with my assistance- I listed and sold up to 42 listings annually, as a team we did over 250  transactions annually consistently #1 or #2 agent team; RE/MAX Gold.

-2001-2002

RE/MAX Gold, Granite Bay

Obtained my real estate agents license in 2001 and began working as lead generator and marketing consultant/coordinator for the Ric Chen. The 2002 yr. #1 listing agent; RE/MAX Gold.

Real Estate and Related Education

Forth Hoyt has become one of the Sacramento area’s premier real estate agents, and a Sacramento short sale and pre-foreclosure specialist. Through his devotion to learning, his work ethic and tenacity and fifteen years of Sacramento area Real Estate Experience and hundreds of transactions, Forth has the knowledge and background to provide you with a winning real estate experience!

CRS, CDPE, IMSD,Certified HAFA Specialist, SFR, SRES, e-PRO,

PFC, RDCPro, A-REO,  Master’s Club Life Member

Dave Ramsey Endorsed Local Provider

Certified Mortgage Resolution Specialist

Certified Home Retention Specialist

Certified Pre-Foreclosure Specialist

Certified Pre-Foreclosure Specialist

Short Sale And Foreclosure Resource Designation

Forth Hoyt Logo

SFR_cmyk.jpg picture by justthegrownups The National Association of Realtors

Only Short Sales and Foreclosure Resource Program

Authored by Forth Hoyt | Discussion: 2 Comments »

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 »

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 »

« Previous Entries





Copyright © 2007 Sacramento Real Estate Talk     Agent Login     Design by Real Estate Tomato     Powered by Tomato Blogs

Disclaimer: The information contained on this website is deemed reliable but not guaranteed in any way. This information is not to be taken as legal advice

Phone Number: 916-248-7777 / DRE: 01319540