What Happens When You Walk Away From Your Home? (Click HERE for the full article)

This article was posted on the front page of Yahoo News today and it’s another perfect example of how much misinformation there is in the market place.  We see daily different articles, websites, etc. that are giving people the incorrect information regarding real estate, short sales and foreclosure.… Read the rest

If you have a home loan with Wachovia and are considering a short sale, reach out to us today to learn about Wachovia’s “Fast Track” short sale program.  The program was created by Wachovia to assist homeowners that have loans with World Savings, World FSB, Golden West Financial and of course Wachovia.  This new program has been streamlined to enable fast and easy processing of the short sale. 

This program was introduced statewide in 2010, yet very few Realtors® are aware of it.  The program was started by Wells Fargo after they aquired both Wachovia and World Savings bank.  They determined that it makes more sense financially for everybody involved to create a streamlined program to facilitate market value sales on loans that were issued by Wachovia, World Savings, and Golden West.  These loans were acquired at a discount, so they can afford to write these loans off of their books.… Read the rest

Senate Bill 458 – SB458 | Senate Bill 931 – SB931 | Short Sales Waiving Deficiency Rights and Forgiving Balances

Governor Jerry Brown signed into law Senate Bill 458 (SB458) on July 15th, 2011. This bill expands the anti-deficiency protection to all second lien residential mortgages on 1-4 unit properties. The bill prevents second mortgage holders from pursuing a borrower after the closing of a short sale for the remaining balance on a loan.… Read the rest

Tax Consequences On A Short Sale or Foreclosure

 ** We are not tax experts. The information and examples provided below are for informational purposes ONLY. It will serve in a starting point to further investigate how a short sale or foreclosure may effect your taxes. We HIGHLY RECOMMEND that you consult a CPA and tax adviser regarding your tax obligations BEFORE you consider a short sale, deed-in-lieu-of-foreclosure or foreclosure.… Read the rest

Bank of America Short Sale Letters – Deficiency vs. Non-Deficiency

If you are considering a short sale, or in the process of completing a short sale with Bank of America, you need to be aware of the two variations of the short sale approval letter they use. Not understanding the letter or having someone negotiate the short sale that doesn’t understand how to negotiate with Bank of America could potentially cost you thousands (or hundreds of thousands depending on your loan amount).… Read the rest

Senate Bill 931 (SB 931) pertaining to California Short Sale Deficiencies was signed by the Governor on September 30th. Beginning January 1st, 2011 any first mortgages that accept a short sale will not be able to obtain a deficiency judgment against a seller after the completion of a short sale.  If a lender provides written consent to a short sale on a first mortgage, they lender must accept the sales proceeds as full payment and discharge the remaining balance due on the loan.  The new law will apply to all first mortgage loans secured by one to four residential units, including purchase money, hard money and refinanced loans.   The new law does not prevent the lender from seeking damages for fraud or waste by the borrower.… Read the rest