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Short Sales and Foreclosure Category
Keep Your Home California…Details here…
I read about this a week or so ago in relation to the “Keep Your Home California” program and then just caught this story in the UT so I thought I would share it…
Keep Your Home California is a program that was developed in collaboration with numerous community partners, foreclosure counselors, housing advocates and others directly involved in helping struggling homeowners.
Eighteen states, including California, have been designated as “hardest hit,” either because they are struggling with unemployment rates at or above the national average or steep home price declines greater than 20 percent since the housing market downturn. The Hardest Hit Fund® was created by President Obama to provide targeted aid to families in these states.
On June 23, 2010, California received approval to develop four unique foreclosure prevention proposals with Hardest Hit funding. California was ultimately awarded nearly $2 billion in funds to help at least 100,000 eligible California homeowners avoid preventable foreclosures. You can read about these different programs by clicking here…
You can check out the UT post here…
If you’re a struggling homeowner in California with a mortgage owned by either Fannie Mae or Freddie Mac, then you may have a shot at a home-loan reduction through this program. Here is the link to the UT article so you can check it out.
One thing the UT article did not point out is where a homeowner goes to find out if their loan is owned by Fannie Mae or Freddie Mac and so potentially eligible.
You can use these links to do that:
Click here to see if Fannie Mae owns your loan
Click here to see if Freddie Mac owns your loan
Now, from what I have read this sounds like a great program, but much like the others that have come out so far, the eligibility criteria is pretty restrictive. The first step is to educate yourself and then if it sounds right you need to find out if Freddie or Fannie own your loan. From there reach out to a certified counselor by calling into the program directly.
If the program is not right or you are not eligible and you think a Short Sale might be your next step please call me directly. You can also learn all about Short Sales by clicking here and checking out my other website, www.CaseyStopsForeclosure.com.
I hope that was helpful!
Thinking of selling your North County Home?
I earned my spot as the #1 overall agent AND the top listing agent at Coldwell Banker Vista Village for 2011 by listing more homes for sale than any other agent in my office.
My team of experienced professionals can help you whether in Carlsbad, Vista, Oceanside, San Marcos, Escondido, or elsewhere in North County. I have a very detailed, written marketing plan designed to drive more traffic to your home and get it SOLD quickly, and for top dollar with minimal stress and hassle.
Call me directly at 760-216-6604 or email me at Casey@CaseyCooke.com.
When we talk, I will explain the process in detail and answer any questions you may have.
Thank you for reading this, I hope I have been helpful!
Casey Cooke is a licensed Real Estate agent at Coldwell Banker in Vista Village and was the overall #1 agent for 2011
License#01845539
Phone (760)216-6604
Casey@CaseyCooke.com
Just Released-Nationwide Delinquency Rates…Not for the faint of heart…
February 2012: What are the Numbers?
• 6 million delinquent or in some stage of foreclosure
• 2.5 million likely HAMP/HAFA eligible 60+ day delinquent loans
• As of 2-29-2012, there are 974,000 active permanent HAMP modifications
• Total U.S. delinquency rate 8% (4 million)
• Unemployment rate nationwide 8.3% (nearly 13 million Americans unemployed) with California at 11%
• 5.3 million estimated “long-term unemployed”
• $1.4 trillion in loans will have come into adjustment between 2010 & 2011
• There has been a 50%-75% increase in HAFA transactions started over each prior month. Approximately 35,766 completed.
According to RealtyTrac these numbers may be increasing as well. Foreclosure starts have been trending down but over the recent past we are starting to see them pick up. This is due to a few reasons. First, the “Robosigning” scandal is now over so banks are able to move forward and foreclose on delinquent homeowners without nearly as much scrutiny. Second, the wave of modifications we saw when Obama took office are now failing in large numbers and there is a change in the approach. When Obama took office we saw short sales go down and loan mods go up. This plan has failed miserably and now thousands of these modifications are falling apart. When this happens the lenders are going to push them through the foreclosure pipeline. Many of these homeowners will be smart and attempt to avoid foreclosure by doing a short sale, but not all. Nationwide nearly 80% of all homeowners who lose their home to foreclosure never even try to do a short sale. This is staggering to me. I have seen short sales succeed in large numbers so I know they work. They are not perfect, but they are often much better than foreclosure.
*Source: Making Home Affordable Program Servicer Performance Report Thru February 2012 (as of 4-2-2012), Housing Scorecard www.financialstability.gov March 2012 (04-06-2012); U.S. Dept of Labor, Bureau of Labor Statistics February 2012 (04-2012).
Thinking of selling your North County Home? My team of experienced professionals can help you whether in Carlsbad, Vista, Oceanside, San Marcos, Escondido, or elsewhere in North County. We specialize is helping sellers sell their North County homes for top dollar with minimal stress and hassle. Call me directly at 760-216-6604 or email me at Casey@CaseyCooke.com.
When we talk, I will explain the process in detail and answer any questions you may have about the process.
Thank you for reading this, I hope I have been helpful!
Casey Cooke is a licensed Real Estate agent at Coldwell Banker in Vista Village and was the overall #1 agent for 2011
License#01845539
Phone (760)216-6604
Casey@CaseyCooke.com
Understanding opportunities in distressed properties-watch the video here
Understanding opportunities with distressed properties
Nationwide, 1 in 7 homeowners are behind on their mortgage. Many are severely delinquent and already in Foreclosure. The ongoing issues in the real estate market are causing difficulties for many, but opportunities for others. Banks are working hard to find ways to unload these properties to get them off their books, often at steep discount.
This creates opportunities for both buyers and sellers.
For homeowners in distress it means banks are becoming more motivated to work with homeowner to avoid Foreclosure by selling the home for it’s current fair market value. Many favorable changes to both Foreclosure and tax laws in California means an experienced Realtor can often sell these homes through a Short Sale. This helps the owner avoid a Foreclosure, and provides a fresh start for the seller, owing nothing to their previous lender and having no tax liability. Each situation is different, and we always recommend every homeowner should seek competent legal and tax advice before proceeding, but the reality is that this is a real solution and we have helped dozens already.
For buyers this means a tremendous opportunity is developing to purchase Real Estate at a tremendous historical discount. Interest rates are very low, prices are the softest they have been in years, and banks are highly motivated. This has created a “perfect storm” for savvy buyers to step in and earn a substantial profit.
This video will explain the foreclosure process and show you how you can purchase these distressed properties at a steep discount.
Also, please click to open the handouts in the Download section.
If you have any questions or want to discuss opportunities further, whether for buyers or sellers, please contact Casey Cooke directly.
Click Here to Watch the Short Video!
Thank you very much for reading my blog!
Here are some additional articles you may find useful:
- 10 Steps to Preparing for Your Home Purchase
- Homeowner Question: I’ve missed 3 payments, am I now in foreclosure?
- Homebuyer question: How long will it take me to buy a short sale?
Thinking about a Short Sale? I can help you Short Sale your home whether in Carlsbad, Vista, Oceanside, San Marcos, Escondido, or elsewhere in North County and never pay your bank another dime.
Send me an email at info@CaseyStopsForeclosure.com and we can set up a free consultation.
When we talk, I will explain the process in detail and answer any questions you may have about the process. Or, if you prefer, you can call me directly at 760-216-6604.
Casey Cooke is a licensed Real Estate agent at Coldwell Banker, License#01845539.
Phone (760)216-6604. info@CaseyStopsForeclosure.com
As ALWAYS. Casey Cooke and Coldwell Banker want you to know that defaulting on your mortgage, going into Foreclosure and doing a Short Sale or Loan Modification can have serious tax, legal, and credit consequences. We ALWAYS recommend you seek the advice of competent tax and legal counsel and consider all of your alternatives. We can help you, but we are not attorneys or tax professionals and therefore this should not be construed as tax or legal advice at any time!
Understanding Short Sales-Watch the Video Here
Short Sales Explained
As the foreclosure crisis unfolds, lenders all over the country are under pressure to address problem properties. As a result, some are turning to short sales. If you are a homeowner who owes more than their home is worth and is struggling to keep up, a short sale can be a great way to stop or prevent Foreclosure, wipe out the unpaid loan balance, and get on with your life. If you are a buyer looking for a great deal and have the ability to wait on the bank, a short sale can be a great option to purchase a home at a discount. Short Sales can truly be a win-win when done properly. This video will help you understand short sales and some of the opportunities they present.
Casey Cooke has been involved in dozens of short sales working both with buyers and representing sellers. Casey holds numerous credentials related to helping distressed homeowners including CDPE(Certified Distressed Property Expert), SFR(Short Sale and Foreclosure Resource), and he is a Certified HAFA Expert. Casey never charges the homeowner any fees at any time, whether assisting with a loan modification, completing a short sale, or just sitting down one on one and discussing options. Any fees charged will be approved by and paid by the lender and Casey never charges any fees in advance.
If you or someone you know needs help with a Short Sale it is important to reach out for help early. One in 7 homeowners across the US are delinquent on their loans right now and the majority of them will end up in Foreclosure. Sound advice and assistance is critical to avoiding the devastating long term effects of Foreclosure.
Multiple references are available upon request.
Click Here to Watch the Video on Short Sales
Here are some additional articles you may find useful:
- What are the tax consequences of a short sale or foreclosure?
- My house is in foreclosure, when will I have to move out?
- What is a Deed-in-Lieu of foreclosure? Is it better than a Short Sale or Foreclosure
Thank you very much for reading my blog, I hope I have been helpful.
Thinking about a Short Sale? I can help you Short Sale your home whether in Carlsbad, Vista, Oceanside, San Marcos, Escondido, or elsewhere in North County and never pay your bank another dime.
Send me an email at info@CaseyStopsForeclosure.com and we can set up a free consultation.
When we talk, I will explain the process in detail and answer any questions you may have about the process. Or, if you prefer, you can call me directly at 760-216-6604.
Casey Cooke is a licensed Real Estate agent at Coldwell Banker, License#01845539.
Phone (760)216-6604. info@CaseyStopsForeclosure.com
As ALWAYS. Casey Cooke and Coldwell Banker want you to know that defaulting on your mortgage, going into Foreclosure and doing a Short Sale or Loan Modification can have serious tax, legal, and credit consequences. We ALWAYS recommend you seek the advice of competent tax and legal counsel and consider all of your alternatives. We can help you, but we are not attorneys or tax professionals and therefore this should not be construed as tax or legal advice at any time!
Casey Cooke specializes in helping homeowners short sale their home and never pay the bank another dime. Vista Loan Modification Help. Vista Short Sales. Vista Short Sale Realtor. Vista Realtors. Vista Realty. Vista Realtor. Vista Home Values. Shadowridge Loan Modification Help. Shadowridge Short Sales. Shadowridge Short Sale Realtor. Shadowridge Realtors. Shadowridge Realty. Shadowridge Realtors. Shadowridge Home values.
Major Lenders Primed for more San Diego Short Sales in 2011
Major Lenders Ramp up to Handle more Short Sales in 2011
Short sales are a terrific option for homeowners struggling with unaffordable mortgage payments. In fact, lenders’ losses due to foreclosure are projected to increase at record rates in 2011, giving them more reason to pursue short sales.
SB 931… A quiet little bill with HUGE benefits for distressed borrowers
The reality is the lender’s do not want to own more homes, which makes repossession through Foreclosure undesirable. There are very few options to reduce principle balances for underwater San Diego homeowners, which is one of the main reasons loan modifications are failing in record numbers. Keeping a home that is worth $300,000 when you owe $550,000 is not a good financial plan regardless of how much you like the home. Short Sales are the only solution I know of that stops the Foreclosure and wipes out the excess debt for the homeowner.
Lenders are projected to incur losses as severe as 85 percent in foreclosure! Meaning, after deducting the expense of the foreclosure process on a $100,000 loan, they may only get back $15,000!
5 Strategies to consider when your home just isn’t selling fast enough…click here!
It’s common sense that lenders will be looking toward the short sale solution. Even though they are accepting less than is owed on the property, they lose far less than in a foreclosure sale.
In fact, in the San Diego area, Bank of America has predicted that it’s number of Short Sales and Foreclosures is going to go up by 5x in 2011 over what it did in 2010.
It may be a surprise to many that lenders actually want to work out a solution that benefits all parties. Oftentimes, the lender is seen as the villain in the situation. I’ve found that the lenders want to avoid foreclosure just as much as homeowners.
I have put together a free report that talks more about working with your lender, and details all the foreclosure alternatives available to you.
If you or someone you know is in this situation you need to email or call me today and I will send you a copy of this free report. As a highly experienced Realtor and expert on Distressed Properties, I can help you develop a plan to work with your lender and avoid foreclosure.
Thank you very much for reading my blog! I hope you found it helpful.
Here are a few additional articles you may find useful!
- What is HAFA and am I eligible?
- Attention Buyers-Are Short Sales a Real Deal in San Diego?
- Over one third says it is OK to walk away from your mortgage…
Remember, one of the keys to a successful transaction is educating yourself, so if you want yours to go smoothly, read read read! If you would rather just trust me instead that is fine as well, my advice is always in my clients best interest before my own.
Thinking of selling your North County Home? My team of experienced professionals can help you whether in Carlsbad, Vista, Oceanside, San Marcos, Escondido, or elsewhere in North County. We specialize is helping sellers sell their North County homes for top dollar with minimal stress and hassle. Call me directly at 760-216-6604 or email me at Casey@CaseyCooke.com.
When we talk, I will explain the process in detail and answer any questions you may have about the process.
Thank you for reading this, I hope I have been helpful!
Casey Cooke is a licensed Real Estate agent at Weichert Realtors ELITE, License#01845539.Phone (760)216-6604. Casey@CaseyCooke.com
As ALWAYS. Casey Cooke and Weichert Realtors ELITE want you to know that defaulting on your mortgage, going into Foreclosure and doing a Short Sale or Loan Modification can have serious tax, legal, and credit consequences. We ALWAYS recommend you seek the advice of competent tax and legal counsel and consider all of your alternatives. We can help you, but we are not attorneys or tax professionals and therefore this should not be construed as tax or legal advice at any time!
Casey Cooke specializes in helping homeowners sell their North County homes for top dollar with minimal stress and hassle. Vista realtor, vista real estate, vista home sales, sell my vista home, Shadowridge realtor, Shadowridge real estate, Shadowridge home sales, sell my Shadowridge home, Carlsbad realtor, Carlsbad real estate, Carlsbad home sales, sell my Carlsbad home.
Strategic Default on the rise: facts to consider before purposefully defaulting on your mortgage
More borrowers considering “strategic default”
Strategic default is on the rise across the US. Strategic default is when a homeowner capable of making the payments decides to walk away and leave the keys on the counter or stop paying and attempt to do a short sale. Many wealthy homeowners are deciding to just walk away from second homes or investment properties because they are worth less than what is owed on the mortgage, often times tens or hundreds of thousands less.
Everything you need to know about short sales to get you started…in 5 minutes or less
But dumping that poorly performing piece of property may not be as straight forward as it seems. Although it often can become a “financial decision” to walk away, it often is not as simple as dumping other assets such as stocks or bonds. Depending on where the home is and the type of loans used to purchase and hold it, the move could haunt you for years to come. Lingering effects can be devastated credit, taking 7-10 years to recover from, as well as the potential for the lender to come after you for the unpaid balance.
Strategic Default “on the rise”
In July, a study by researchers from the European University Institute, Northwestern University and the University of Chicago concluded that the strategic default trend was “large and rising” among homeowners with an equity shortfall of $100,000 or more. As of last March, it said, strategic defaults accounted for 35.6 percent of all foreclosures, compared with 23.6 percent a year earlier. In an area like San Diego where home values shot up into the stratosphere and then came down like an asteroid, it is not uncommon for homeowners to find themselves $100,000 or more underwater. I see it all the time. And it is not just high income earners. It is the single income military family that bought on a 100% VA loan at the height of the market. Or the dual income white blue collar family that stretched to get in before they were “priced out.”
HAMP Program Fails North County Homeowner’s Miserably
Either way, people are increasingly asking themselves, sure I may be able to keep it, but why would I? Sure I may be able to get the lender to “modify” my loan so the payments come down, but I am still $150,000 underwater, does that make any sense?
Key points to consider
Here are some key questions to ask yourself if you are in this situation.
- Is the home “owner occupied” or was it an investment “non-owner occupied” property? Owner occupied loans typically offer more options/solutions for borrowers in the case of default. Non-owner occupied, or investment loans have less flexibility and solutions available. Sure you can walk away and often times the lender has no further recourse, but this means foreclosure, which is a credit train wreck
- How many loans are on the home? Default can be much simpler if there is only one loan on the home. Especially if that loan is an owner occupied, purchase money mortgage. This situation offers the greatest flexibility and menu of solutions for borrowers.
- What type of loans are on the home? As mentioned above, if you have one loan and it is owner occupied purchase money this is the simplest situation to be in. If you have more that one, and they are not purcahse money, this can be challenging. I have a short sale right now where the second loan is a HELOC that the owner took out after they bought and that lender knows they would have recourse after a foreclosure so they are negotiating much harder for more money. This makes the situation much more challenging.
- Can you prove hardship? This is becoming a key question right now. I had a friend call me the other day that is WAY upside down on their home and wants to move out and get something bigger, even if they have to rent. Unfortunately they make plenty of money to maintain the home. This is a challenge because they cannot prove true “hardship”. Being $150,000 upside down on your home in a declining market is not a hardship. Being $150,000 upside down and having your salary cut in half or falling ill, or having a spouse laid off is a true hardship.
Will Bankruptcy help?
Filing Chapter 13 bankruptcy protection, in which the homeowner arranges to pay off debts at lowered amounts over a maximum of five years, is one way to get off the hook for second loan. You still have to qualify and you still have to make payments for 5 years, but after that you often can wash away the balance. Chapter 7 bankruptcy may be preferred in many cases, but it has become much more difficult to qualify for chapter 7 and many homeowners simply can’t do it.
Over one third say it is OK to walk away from your mortgage
Though not illegal, strategic defaults are controversial, because they are viewed in some circles as unethical. The practice is common among property developers.
For homeowners under water, experts say, it can make economic sense. It’s a business cash-flow decision, but the risk is that you’re rolling dice with your future credit and potentially leaving yourself open to future collection activities.
Here are a few additional articles you may find useful! Remember, one of the keys to a successful transaction is educating yourself, so if you want yours to go smoothly, read read read! If you would rather just trust me instead that is fine as well, my advice is always in my clients best interest before my own.
- HAMP and HAFA foreclosure prevention video- Put Yourself in the Driver’s Seat and Take Action!
- Facing Foreclosure? 5 Professionals you MUST have on your team.
- What is HAFA and am I eligible?
Thank you very much for reading my blog! I hope you found it helpful.
Thinking of selling your North County Home? My team of experienced professionals can help you whether in Carlsbad, Vista, Oceanside, San Marcos, Escondido, or elsewhere in North County. We specialize is helping sellers sell their North County homes for top dollar with minimal stress and hassle. Call me directly at 760-216-6604 or email me at Casey@CaseyCooke.com.
When we talk, I will explain the process in detail and answer any questions you may have about the process.
Thank you for reading this, I hope I have been helpful!
Casey Cooke is a licensed Real Estate agent at Weichert Realtors ELITE, License#01845539.
Phone (760)216-6604. Casey@CaseyCooke.com
As ALWAYS. Casey Cooke and Weichert Realtors ELITE want you to know that defaulting on your mortgage, going into Foreclosure and doing a Short Sale or Loan Modification can have serious tax, legal, and credit consequences. We ALWAYS recommend you seek the advice of competent tax and legal counsel and consider all of your alternatives. We can help you, but we are not attorneys or tax professionals and therefore this should not be construed as tax or legal advice at any time!
Casey Cooke specializes in helping homeowners sell their North County homes for top dollar with minimal stress and hassle. Vista realtor, vista real estate, vista home sales, sell my vista home, Shadowridge realtor, Shadowridge real estate, Shadowridge home sales, sell my Shadowridge home, Carlsbad realtor, Carlsbad real estate, Carlsbad home sales, sell my Carlsbad home.
Homeowner Question: I’ve missed 3 payments, am I now in foreclosure?
I’ve missed 3 payments, am I officially in foreclosure?
This is a very common question right now, when am I officially in foreclosure? The second part of that is, when will I have to move out?
How to talk to your lender when you need assistance
Part 1, Notice of Default Phase
The foreclosure process in California is broken into a couple of parts. The first part is called the NOD or Notice of Default phase. This part starts when the lender records and delivers to you a Notice of Default, or NOD, and it traditionally lasts about 90 days. Right now it has been stretched out a bit due to all the foreclosure moratoriums and additional legislature forcing lenders to take additional steps and actions before proceeding, but traditionally this phase is 90 days. Most of the cases I am seeing right now are about 120+ days for this phase.
During this phase you are free to bring the loan current if you have the funds, work out a plan with the lender to resolve it, sell it through a short sale(if you are upside down), or do nothing(almost always the worst, but one of the most common, courses of action).
Part 2, Notice of Trustee Sale Phase
If nothing is done to resolve the issue the lender will move on to the next phase, the Notice of Trustee’s Sale phase. Also called the Notice of Sale, or NOTS. This phase typically goes for about 21 days. Delays and postponements are very common at this phase as well. It is not uncommon for my team to get a Trustee’s Sale(TS) postponed several times. These postponements typically come in chunks of 30 days and are often done at the very last minute. The lenders wait so long and communication sometimes is so bad that I have had people go down to the auction and see if the trustee had the home listed for sale.
What is HAFA and am I eligible
During this phase again you are free to bring the loan current, work on a modification, work on a short sale, or again do nothing. I should point out though that when you get within 5 days of the sale the lender does not have to work with you any longer. At that point they can say no thank you to any money and proceed with the sale. I have never seen them do that, but they could. So if nothing is done, this phase culminates in the trustees sale, which is where you lose your home if nothing is done to stop it.
So, has it started or not?
So, to answer the question of whether this homeowner is in foreclosure or not, the answer is no, they are not. If you or someone you know has missed three payments the chances are they are still in pre-foreclosure. Pre-foreclosure is not a legal process but more a term we use to describe a seller that is delinquent by several months but the lender has not filed an NOD yet. Once the lender files an NOD that is when the foreclosure process has officially started and the clock begins to tick.
The #1 problem I see with short sales right now
How do you know if an NOD has been filed you ask? You will get several copies of it in the mail and it says in bold letters “NOTICE OF DEFAULT AND ELECTION TO SELL UNDER TERMS OF DEED OF TRUST” across the middle. It also has the stamp of the county recorders office in the top right showing that is has officially been recorded. In addition you may have copies posted on your front door. There are other things they have to do as well, but these are the most visible to you the homeowner.
Here are a few additional articles you may find useful! Remember, one of the keys to a successful transaction is educating yourself, so if you want yours to go smoothly, read read read! If you would rather just trust me instead that is fine as well, my advice is always in my clients best interest before my own.
- HUD Video- How you can avoid foreclosure scams
- HAMP and HAFA foreclosure prevention video- Put Yourself in the Driver’s Seat and Take Action!
- That’s it face! I am cutting my nose off!
Thank you very much for reading my blog! I hope you found it helpful.
Thinking of selling your North County Home? My team of experienced professionals can help you whether in Carlsbad, Vista, Oceanside, San Marcos, Escondido, or elsewhere in North County. We specialize is helping sellers sell their North County homes for top dollar with minimal stress and hassle. Call me directly at 760-216-6604 or email me at Casey@CaseyCooke.com.
When we talk, I will explain the process in detail and answer any questions you may have about the process.
Thank you for reading this, I hope I have been helpful!
Casey Cooke is a licensed Real Estate agent at Weichert Realtors ELITE, License#01845539.
Phone (760)216-6604. Casey@CaseyCooke.com
As ALWAYS. Casey Cooke and Weichert Realtors ELITE want you to know that defaulting on your mortgage, going into Foreclosure and doing a Short Sale or Loan Modification can have serious tax, legal, and credit consequences. We ALWAYS recommend you seek the advice of competent tax and legal counsel and consider all of your alternatives. We can help you, but we are not attorneys or tax professionals and therefore this should not be construed as tax or legal advice at any time!
Casey Cooke specializes in helping homeowners sell their North County homes for top dollar with minimal stress and hassle. Vista realtor, vista real estate, vista home sales, sell my vista home, Shadowridge realtor, Shadowridge real estate, Shadowridge home sales, sell my Shadowridge home, Carlsbad realtor, Carlsbad real estate, Carlsbad home sales, sell my Carlsbad home.
