Starting to think about a short sale?

Are you starting to think about a short sale? Thinking you need to get out from under your home? There are alternatives for you and we can help. Read more here.

Tags: bank owned, distressed, foreclosure, loan modification, short sale, underwater

Housing crisis: A sign that the worst is over

The mortgage delinquency picture is getting brighter, according to an industry report released Thursday, with falling delinquency rates indicating the housing crisis may be at the beginning of its end. A quarterly release from the Mortgage Bankers Association revealed that mortgage payment problems eased during the first three months of 2011 for every category of default. Read more here.

Tags: bank owned, foreclosures, lender owned, reo, short sale

Thinking about a short sale and what to do

What is a Short Sale?
A Short Sale occurs when the proceeds from the sale of a home do not fully pay off the existing loan(s) and the lender(s) accepts a discounted payoff to fully satisfy the loan. The existing lender usually always pays virtually all sales costs, including commissions, escrow and title fees and repair costs. You get your home sold, the loan(s) paid off and you avoid foreclosure. Read more here. If you need more information on whether a short sale is right for you, please contact us here.

Tags: bank owned, foreclosures, lender owned, reo, short sale

Wondering if now is the time to buy in Ladera?

Could now be the infamous time to buy a home in Ladera Ranch? Well, there hasn’t been much of a better time in quite a while. Interest rates are at ridiculously low levels going back to something like 1951. Seems insane to think that rates today are basically back to rates in 1951. Wouldn’t that alone be a perfect reason to take out a mortgage and buy a home?

As of October 1, 2010 pretty close to half the homes for sale in Ladera are short sales or foreclosures while the other half are regular sales. Short sales today are taking anywhere from 2-5 months to complete and are probably the most frustrating aspect to buying a home and trying to get a deal. The REO or bank owned home is still the best deal today but you better have all your paperwork and proof of funds to close very handy and updated. These homes are moving very fast as soon as they hit the market so have your tap dancing shoes on:-)

For more information on deals in Ladera, please contact me here or call me at 949-302-8100.

Tags: bank owned, foreclosures, lender owned, reo, short sale

Ladera Ranch is now Short Sale Ranch?

Is it me or is Ladera Ranch turning into Short Sale Ranch. My god, I haven’t seen this many short sales in a long time. As of 9/23/10 there are a total of 184 homes for sale in Ladera Ranch with HALF of them being short sales. That’s right, 94 homes are selling as short sales and who knows how many more are coming down the pipe? In case you have been living under a rock, a short sale is where a homeowner is selling their home for less than what they own on it. The lender for the homeowner makes the final decision if they will allow the homeowner (borrower) to sell and for what price. Homeowners in a short sale are allowed zero proceeds (money) from the sale of their home and all they are basically doing is avoiding a full blown foreclosure. I am guessing that this is just the tip of the iceberg here as many more people are just making their mortgage payments to save their credit. There is no shame in a short sale unless you really care what your neighbors think.

I received an email a few weeks ago from a client inquiring about a short sale. She was at the end of a ridiculous process to see if she could get a loan mod from Chase Bank. She seemed doubtful she would get it and was now thinking ahead to a short sale.

If any of you are in a similar position or just cannot afford to continue to make house payments just to save your credit, seriously consider a short sale as it will eventually stop the misery you are feeling and get you out from your financial obligation. You can turn around and rent the same home for way less then it would cost you monthly.

We have performed dozens and dozens of short sales and many times actually were able to get a small payout for the homeowner as a parting gift from the bank. We are your solution to this problem and can easily help you and many times get you some money to leave with. Check out more information on short sales here. You can always contact us here too.

Tags: bank owned, foreclosure, loan mod, reo, short sale

Potential short sales to bankruptcy?

People think that a bankruptcy will cleanse them of their debts. That is a myth. Here is why. Yes, it’s true, that a Chapter 7 Bankruptcy will release a debtor of all debts. The problem is that most of the bankruptcy laws were changed in 2005. This law makes it much harder to file a Chapter 7 bankruptcy.

Now the judges have to steer debtors towards a Chapter 13. What does a Chapter 13 bankruptcy mean? It means that a debtor will have to repay part (if not all) of their debts. In addition, the debtor has their finances managed by the bankruptcy trustee. And, the debtor has to pay that trustee!

If a person just stops paying their debts, then they can actually pay less money than they would with a Chapter 13 bankruptcy. Let’s face it. The people who handle bad debt are so disorganized. Yes, it’s very similar to how a “servicer” handles a third party loan. Most big companies don’t have the stomach to do the hard work of collecting money. That is why they farm that hard work out to a collection agency. What does the collection agency do? They just call the person over and over again. Read the rest of this entry »

Tags: bank owned, foreclosure, reo, short sale

Find your super hot deal in Ladera Ranch here

View all the bank owned and foreclosure homes here.

Tags: bank owned, hot deal, reo