|
|
-
I just read this article on Strategic Default from 5/13/2011: http://www.dsnews.com/articles/survey-more-underwater-homeowners-open-to-strategic-default-2011-05-13 Strategic default, really? Congress, as I am writing this blog, is thinking of the best way to stop strategic defaulters: deficiency judgments and lawsuits. Check out these articles: http://blogs.wsj.com/developments/2010/06/10/congress-may-bar-strategic-defaulters-from-fha-loans/ http://washingtonindependent.com/87547/house-bill-penalizes-strategic-defaulters And House bill HR 5070 Is a future law suit really worth walking away, especially if you can make your payments? Modify your loan or sell it, don't harm your future livelihood by walking away. So many homeowners need real help and cannot afford to make a mortgage payments let alone a water bill payment and the more fortunate are walking away and buying new homes. I’m having a real problem with this line of thinking. There are banks that are making an effort to help homeowners who are in distress. And the truly distressed are walking away because it’s the popular trend. The most popular choice is not the best choice. Strategic default IS a bad choice. FREE Avoiding Foreclosure for California Homeowners Conference Call Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com (605) 475-4000, Pin: 399922# FREE Workshop Avoiding Foreclosure for California Homeowners Saturday, June 4, 2011, 9 am PDT 3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552 Pre-register: Leona@LeonaTurner.com
|
-
Weston Ranch, Stockton - Announcing a price reduction on 1873 Erickson Circle, a single story. Now $200,000 - . Property information
|
-
-
Have you ever had a fresh apple from an apple tree? Imagine plucking your favorite apple from an apple orchard, rubbing it on your shirt and taking a bite. What will it taste like? I can think of sweet, juicy, crunchy among other adjectives. Now, what about a field of wildflowers filled with butterflies of various shapes, colors and sizes. Does a field of butterflies fill you will joy, happiness or wonder? What did you feel when you signed the papers for your first house? What adjectives come to mind? How about when you turned the key in the lock for the first time? Or when you slept in your new neighborhood and woke up the next morning? Maybe it wasn't apples and butterflies but it was a great feeling, wasn't it? It was a house you never thought you would have to let go of. The end of your financial story is not like "It's a Wonderful Life." George Bailey's story ends with a table full of money from all of his family and friends and all of his financial troubles were wisked away. Life has its challenges and ups and downs. The economy were in is not for the faint of heart. For some there is a cross roads and a choice has to be made, keep the house or sell the house. Wouldn't you do everything you could to protect your asset? In psychology, there is a condition of fight or flight. If you are faced with a difficult challenge our human nature says to fight or flee (flight). Many homeowner's have fled. Other have attempted to fight, through loan modification and when it failed they fled. One of two options will work, either a loan modification or short sale. Learn what your options are in this market. You can get through this and its not the end. Ask for the help. FREE Avoiding Foreclosure for California Homeowners Conference Call Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com (605) 475-4000, Pin: 399922# FREE Workshop Avoiding Foreclosure for California Homeowners Saturday, June 4, 2011, 9 am PDT 3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552 Pre-register: Leona@LeonaTurner.com
|
-
I honestly want to meet the family that has executed the "Greatest Loan Modification in the World." Their payments were reduced and the graduated payment increases are truly working for them. I'm a notary signing agent as well as a Realtor. A notary signing agent is a mobile notary that specializes in notarizing signatures on loan documents. Here are some things I found out about loan modifications: Repayment plans only work well if your financial set back is TEMPORARY because it requires you to have money, just not all of it. This option requires that you are back to the point where you can pay your mortgage and then some. Unfortunately, lenders will not automatically set up a program to bring deficient loans up-to-date. The homeowner must put the plan into motion and provide the lender with the documentation they require to analyze your financial situation. Although lenders do not want to foreclose, they do want to make sure whatever plan to bring accounts current is followed through on. Many borrowers who have applied for a loan modification were SURPRISED to find out that their mortgage payment actually increased with the new loan terms! How can this happen? Well, for borrowers who had interest only loans or negative amortization loans the result of converting those into fixed rate plans where principal and interest are included often resulted in a HIGHER monthly loan payment. A beneficial loan modification will offer a very low interest rate-perhaps as low as 2%-for at least 5 years and then GRADUALLY increase until the rate caps at about 4.875%. Also, the BEST case scenario is when the loan balance is actually reduced to reflect the homes current market value. Loan modification terms to WATCH OUT for include a temporary “repayment plan” or a balloon payment after a certain period of time. Let me know if the Home Affordable Modification Plan (HAMP) is working for anyone out there. FREE Avoiding Foreclosure for California Homeowners Conference Call Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com (605) 475-4000, Pin: 399922# FREE Workshop Avoiding Foreclosure for California Homeowners Saturday, June 4, 2011, 9 am PDT 3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552 Pre-register: Leona@LeonaTurner.com
|
-
I had a great call today from the flyers I placed yesterday. Question from a woman was not the payer of the mortgage but she is on the deed. She wanted to buy the house. The home is going to auction in July. Can she buy the house from her mother the actual note holder? Answer: No, no, no, a thousand times NO. Why? "Most" lenders will not allow a short sale to a family member; an arms-length transfer. The loan is with Chase and they are especially hard-nosed about arms length transfers. Secondly, being a deed holder on a house going to auction, will inhibit her credit for a few years even after they rectify the delinquent balance or sell the home.
|
-
In my daily market research, I consistently see many agents are dropping the ball regarding short sales. There are sellers, who in earnest, want to sell their home before the foreclosure date. Why did that listing expire? I actually saw a listing that expired and became an REO. What!?! Where are all the investors? Investors are coming in and flooding the market with money to buy homes. If you need an agent to SELL your home, don't hesitate to call me: Leona Greenlow-Turner DRE# 01390252, Leona@LeonaTurner.com. FREE Avoiding Foreclosure for California Homeowners Conference Call Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com (605) 475-4000, Pin: 399922# FREE Worship Avoiding Foreclosure for California Homeowners Saturday, June 4, 2011, 9 am PDT 3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552 Pre-register: Leona@LeonaTurner.com
|
-
I have such a long list of potential clients, I had to walk the neighborhood and start seeing people. There is only so much I can do by computer. For California, it was very hot. A little too hot to walk the neighborhood. I found homes that were in a 1 mile radius of my address. I specialize in short sales so I was primarily looking for distressed homeowners. I found a very nice lady returning from errands. She mentiioned that they were doing a loan modification and I said if there is a problem or it doesn't work out, please call me. The question continues to resurface of how I found out their home is going up for auction. The answer is simple, public record. The first thing I learned about California real estate is everything is in plain sight. I have a great video of me walking neighborhoods: http://youtu.be/2LYNiAHVjtg FREE Avoiding Foreclosure for California Homeowners Conference Call Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com (605) 475-4000, Pin: 399922# FREE Workshop Avoiding Foreclosure for California Homeowners Saturday, June 4, 2011, 9 am PDT 3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552 Pre-register: Leona@LeonaTurner.com
|
-
Avoiding Foreclosure for California Homeowners FREE Conference Call Every Thursday 12pm PDT Dial in (605) 475-4000 Pin: 399922# Ask questions about options for distressed homeowners in California. Tell a friend. FREE Avoiding Foreclosure Workshop Saturday, June 4, 2011 9 am PDT Location: 3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552 Bring financial inforation to be reviewd on site (bank statements, paystubs, tax returns etc,)
|
-
I was out with clients over the weekend and they were found from this lead generation company. They mentioned to me they were starting their search for investment property. In their car there was a business card from another agent. That sparked my curiosity and I asked if they had worked with other agents. They said yes and were not statisfied because the agent gave them a lot of properties they had no interest in. What the buyers wanted was a single story, 4 bedrooms, and a specific city in a set price range. The agent gave them 5 -6 bedrooms, way over priced and two stories. We have MLS services that allow us to narrow down specifically what the client wants down to minute detail. I even searched for homes that were vacant - another request by the client. I personally make it a practice to keep everything positive. But, how hard is it to give the client want they want?
|
-
The definition of a short sale in real world terms would be: The seller has arrived in a situation where there is no equity in the property when they decide to sell. I am using a lot of license when I say "decide" to sell. If the seller has lost a job, recently divorced, or any of the many issues that could plague a seller, there is the realization that this house payment is something they cannot afford at the current time. With that said, the seller may owe more on the property than the property is worth. For example, Mr. and Mrs. Seller bought a home for $400,000 and five years later they owe $500,000 with interest. They must sell and the real estate market has changed course. Instead of homes increasing in value in their area, home values have fallen. Now their home is worth $430,000. The lender obviously wants $500,000 but if Mr. and Mrs. Seller can manage to find a buyer for their home then the lender will agree to take a loss on what is owed to them. Lately the market has changed with the rise in interest rates, the foreclosure of homes that had adjustable rate mortgages and the reduction of jobs to off shore workers. These are all contributing factors to why Mr. and Mrs. Seller are in this position. Not inclusive of other personal circumstances they may be facing. If the lender agrees to take less then the buyers and realtors can continue their livelihood of buying and selling; economics at its finest, right? Well, is this the best idea for the client if the realtor doesn't know all the facts? Fact #1: What if the lender does not agree to the offer the buyers present for the short sale? For example, a buyer offers a lower price than the current short sale price. Fact #2: When the lender pushes back on the buyer's offer price, where does that leave our client that may not be able afford the increased counteroffer? Fact #3: Buyers have needs and timelines, too. The timing for a short sale escrow could be 45 days and beyond, what is the touch factor for the buyer? In other words, how many ways can you say "I am waiting for the lender to get back to me?" It is not about commission anymore it about what is best for the buyer (client) we service. Any thoughts?
|
-
Reduced!
• 1,104 sq. ft., 1 bath, 3 bdrm single story
-
MLS®
$545,000
- Settled Neighborhood
King Estates, Oakland
-
Well Maintained Property, New Carpet, Kitchen Counters, Remodeled Bathroom with New Tub & Shower Enclosure, Freshly Painted Interior& Exterior. Settled Neighborhood, Quiet Court, Near Schools and Quick Access to the Freeway.
Property information
|
|
|
|