Moving Away And Upsidedown… Can I Short Sell My El Dorado Hills Home?
August 15th, 2011 Categories: 1
Can I Short Sell My El Dorado Hills Home?
As a Certified Short Sale Specialist and a Realtor who focuses on Folsom, El Dorado Hills, and the surrounding communities of Orangevale, Fair Oaks, Granite Bay, Mather, Rocklin, Roseville, Sacramento, Carmichael and even Natomas, Elk Grove and West Sacramento, I am constantly being asked about the qualifications for a short sale.
How Do I Find Out If I Can I Short Sell My El Dorado Hills Home?”
What if I have to move away from El Dorado Hills and I’m upside down?
- Who can I ask about a short sale possibility in El Dorado Hills?
How do I find out if short sale is even possible for me in El Dorado Hills?
Is there someone in who can tell me if I can short sell my El Dorado Hills Home?
There is so much misunderstanding when it comes to how the banks decide who has a hardship for a short sale and who does not…
What constitutes a hardship for a short sale?
There can be many reasons for a bank to consider your situation and approve you for a short sale in El dorado Hills; many different scenarios would be grounds to let you short sell the house, but it all boils down to a financial problem…
A quick snapshot of your situation is outlined in your hardship letter. A great hardship letter is the cover letter for your short sale file: What is a Hardship Letter? The Short Sale Hardship Letter Sets The Stage. It quickly tells your story to the bank servicer and investor and all who is involved with your transaction.
The hardship may show up in different scenarios and there are several different reasons for a hardship, but it all boils down to the fact that you cannot continue to pay your mortgage. You are either behind or going to be behind sometime in the future.
Does your situation include a move for work reasons? A drop in income or an increase in expenses? Are you looking at retirement and a reduction of income? Did your life plan include selling your property to help fund your retirement? Do you need to downsize? Do you have children that have developed special needs or sre there family health issues that have come up unexpectedly?
There are many, many different scenarios where a short sale is a perfect solution. However there are also many new issues regarding short sales that homeowners need to consider when making a decision to do a short sale; Here are a few:
New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?
Can My Second Loan Sue Me? Whats The New Law In California Regarding Short Sales?
Questions on your particular situation? Would you like to see if you can Short Sale on your El Dorado Hills home?
Contact us Today At Forth Hoyt’s Sacramento Short Sale Center.
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EL Dorado Hills Short Sale Information and Reports
July 30th, 2011 Categories: 1
- El Dorado Hills Short Sales Are A Better Choice
Are Short Sales in El Dorado Hills Increasing? Yes, and here’s why:
El Dorado Hills Expert Short Sale Negotiator and Certified Short Sale Specialist Forth Hoyt Reports on Short Sales in El Dorado Hills
I had two different El Dorado Hills homeowners not yet in Foreclosure call me recently to talk about their situation and ask “can we qualify for a short sale in El Dorado Hills?”
Both homeowners occupied their homes as their primary place of residence, both had faced a substantial decline in household income, both were looking at retirement in a few years and upside down by a long way!
Both homeowners asked “are we candidates for a short sale? Can We Even Qualify For A Short Sale?”
In both instances I answered “absolutely, you have definitely got a documentable and substantial hardship for a short sale; as long as you are committed and will be responsive and reasonable with the bank , servicer and investor’s frequent requests for updated documentation and proof of your situation.”
These are the types of people who absolutely fit in the “short sale sweet spot”, they are highly qualified for a short sale; people who are struggling now to make payments, who are foregoing home maintenance, putting off home repairs, falling behind on other debts… and are looking at an even lower monthly income at retirement in the next few years.
It seems that even those who have never lost a job, but their spouse has, or have seen reduced over-time, or a failed home-based business, or spouses that are no longer working part time are finding their credit cards reaching their limits. And definitely no longer enjoying home appreciation that can no longer be tapped periodically to pay credit cards or upgrade automobiles…
More and more of the El Dorado Hills prospects for a short sale that I talk to are still current but have reached the end of their rope… and many of them made substantial down payments and were counting of home equity for their retirement and are having a hard time facing the fact that they have to let their home go.
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California’s New Short Sale Law Stops Recourse on Second Mortgages
July 29th, 2011 Categories: 1
Non Recourse Laws for Short Sale Junior Mortgages
Can a second loan collect after short sale? Do Junior Loans or Second Mortgages have collection rights?
Not any more! but what will the newest California short sale law do to the actual short sale negotiation process? Will the short sale process in California be effected by the newest short sale law SB458?
As a Sacramento Professional Short Sale Negotiator and Sacramento Short Sale Specialist, I spend a large part of my day on the phone with first and first and second mortgages, servicers and investors, negotiating short sales for my clients here in the Sacramento area.I find myself constantly helping to train the people I am negotiating with, sending them information and explaining how short sales work in Sacramento.
From an email from California Association of Realtors on July 15, 2011: “Effective immediately for transactions closing escrow from this day forward, both senior and junior lien-holders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.”
The bill would also prohibit the holder of a note from requiring the trustor, mortgagor, or maker of
the note to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.
Contact us today at Forth Hoyt’s Sacramento Short Sale Center 916-316-3810
Or find out here about New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?
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Short Sales On El Dorado Hills Luxury Homes
July 26th, 2011 Categories: Foreclosure News
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
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Another Wells Fargo Short Sale In Natomas Closed!
July 15th, 2011 Categories: 1
Another Natomas Condo Short Sale!
Natomas Condo Short Sale With Wells Fargo
As a Sacramento Short Sale Specialist, I get calls all the time from homeowners in Natomas who are upside down. Because many Natomas Builders used Wells Fargo to finance their new construction homes during the building boom, Wells Fargo is many times their bank. Wells Fargo has recently implemented many brand new short sale systems and procedures that will surely help Natomas Short Sales.
Wells Fargo short sales are becoming easier and easier to close. They have become one of me and my team’s favorite lenders to work with.
As a Natomas Area Certified Short Sale Team, we specialize in Short Sales. We stay abreast of the many changes and “moving targets” of lenders through our many certified short sale designations and certifications from banks and lenders, hours of education classes, Keller Williams Short Sale Specialist Groups and collaboration through nation-wide Short Sale Specialist forums .
Questions on your particular situation? Contact us today at Forth Hoyt’s Sacramento Short Sale Center.
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Another successfully negotiated a short sale for this home in Fair Oaks!
July 4th, 2011 Categories: Short Sales
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)
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.
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
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El Dorado Hills Short Sales And Folsom Short Sales Not Closing. Why?
April 3rd, 2011 Categories: Sacramento Real Estate Trends, Short Sales
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 | 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 |
…
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New Chase Short Sale Outreach Program Helps homeowners and Investors Alike!
March 1st, 2011 Categories: Default News, Foreclosure News, National Real Estate Trends, Short Sales
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!
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To Sign or Not To Sign: Short sale agreement with lender when they reserve the right to pursue deficiency?
February 14th, 2011 Categories: Foreclosure News, Real Estate News, Sacramento Real Estate Trends, Short Sales
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.
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Dealing with Realtors After Foreclosure
January 27th, 2011 Categories: Foreclosure News, National Real Estate Trends
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.
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