Category Archives: Foreclosure

Boomerang Buyers-Default,Deed-in-Lieu,Loan Mod,Short-Sale, Foreclosure, or BK’s?

If you’ve had any of the adverse credit events mentioned above then you need to re-check your eligibility for obtaining a home loan. This chart below is a great guide:



Perhaps you did a BK to stop a foreclosure. If it’s been officially resolved then check the chart below as you might be able to now SELL that home and move down OR up. Continue reading Boomerang Buyers-Default,Deed-in-Lieu,Loan Mod,Short-Sale, Foreclosure, or BK’s?

Boomerage Buyers? It just got HARDER for you!

Fannie Mae is changing the waiting period requirements for borrowers who have had a previous deed-in-lieu of foreclosure or pre-foreclosure sale (aka “Short Sale”) from the current two year wait, with a 20% down payment, to a four-year waiting period regardless of the down payment percentage; though a two-year waiting period will be permitted if the event was due to extenuating circumstances (must be able to document the reason: job loss, medical reasons, divorce, etc.)

This is a major upset for those who thought they could get BACK into the market. However, “hard money” (see our post from ARC Financing below) will allow you to purchase if you have significant down payment. Of course the rates going to be hard but if you want and can get into this market for a year or two and then refinance out go for it!

New guideline takes effect August 16, 2014. If you did NOT make this cut-off then you’ll need to wait until you have the four year period under your belt. This alert was sent us from friend, Bob Finn, Mortgage Advisor.–NMLS: 294794-Direct: (707) 836-9264 or   




  1. Mobile: (707) 331-3563
  2. 26 Years of Mortgage Lending Experience
  3. Mortgage Advisor

Want to Buy a Home but past “Short-Sale” or Foreclosure is keeping you out? Help is HERE!

Join Allison and I was we interview Jon Maddux of and their unique web site dedicated to helping the “Boomerang” buyer, or the buyer who recently went through a “Short-Sale” or “foreclosure” own a home again.

Had a recent Foreclosure or "Short-Sale"? You just MIGHT be able to buy again!
Had a recent Foreclosure or “Short-Sale”? You just MIGHT be able to buy again!

The folks who brought you “Walking Away from Debt” which advocated “Short-Selling” or letting your home go to Foreclosure, are now attempting to alert the 10,000,000 or so “ex-homeowners” of programs available to these families to once again realize the American Dream. Or as they say,  Homeownership Is Within Reach!

Questions for John: PH: 619.704.8917 Fax: 877.815.1060

Co-founder / Sr. Mortgage Banker 

491 2nd Street, Suite 102, Encinitas, CA 92024




Nationwide Home Values Map 2008 vs. 2013-The big TANK and the big REBOOT!

The “New York Fed”  has this great series of maps showing the housing surge, decline and THEN surging redeux. Interesting aside is the map for 2011 which shows strengthening home values only to have them disappear by 2012. June 2013 resembles CLOSELY the height of the market. Here we go again? Tune in to the Real Estate Hour and find out the real information behind these maps!

Great maps showing how BAD it got and how GOOD it has become in the real estate market nationwide.
Great maps showing how BAD it got and how GOOD it has become in the real estate market nationwide.


What a Big SWING–from -20% to +20% all in 5 years. Yes–one heckuva roller coaster ride. Are we done? Will we keep on accelerating our ascent? Remember, the fuel of the last boom/bust market was “DUMB” money where if you could fog a mirror–“Boy, have we got a loan for you!”. That has been replaced with a full PHYSCIAL checkup (Financially speaking) to get anywhere NEAR a loan approval. “Pendulum swings like a pendulum do”


All Categories of “Foreclosures” down EXCEPT the actual FORECLOSURES category-flat but NOT down!

Sonoma County, California–Note that the “Pre-foreclosure” market place, those 90 days late or “in-default” has fallen dramatically, almost 70% from the previous year, same is true of the “Auction” properties with a BIGGER decline of over 75%. However, the actual “Foreclosed” upon homes is NOT that dramatic year over year, 45% decline but note the “month” it is actually dead EVEN over last year. Hmmmmmmm?

Foreclosures quickly becoming a thing of the past here in Sonoma County, California

Sonoma County, California–June of 2013 has seen the ever accelerating decline of the “distressed” real estate market place. The new “Equity” Seller, or what we affectionately now call-“move arounders” because they go up, laterally and down with a new purchase, are NOW the dominate player in our real estate market. The “dark” days of the foreclosure frenzy are behind. A market of 60% “Distressed” homes (Bank Foreclosures–REO and Short-sales) has now shrunk to a paltry 17% of all sales per month in Sonoma County. Equity sellers are a sign of a healthy real estate market. However, with this increase come pricing which is a tad higher than what the market will bear. Hence Days on the Market, though at a super low, is starting to inch up as is the existing inventory. All in all a very healthy and welcomed change in the marketplace. Here’s a look at the latest Foreclosure Activity:

Sonoma County Real Estate Market Update–First 6 months Review!

The “Wine Country” real estate market has many “micro” areas from the blistering hot demand and sales town of Sonoma with its idyllic town square, to the SW area of Santa Rosa which is seeing price recovery slower than any area in Sonoma County. I’ve taken the first six months of this year and compared it to last years first six months. The spreadsheet below demonstrates what’s going on.  We broke up the Sonoma County real estate market into categories or “types” of sales. These are the usual “food-groups” from our Multiple Listing Service (MLS). Across the TOP of the sheet it show “All” which means the entire Sonoma County Real Estate market: Single family homes, Condos and Ranches/Farms. I’ve then broken them out to “Current Monthly” numbers (June). So the REO category shows the “Actives”, “Continue to show” (CTS), “Pending” and then the “Sold” is for the ENTIRE  first six months.  I also broke out the June  “Solds” category which shows total  sales of 529. You can follow this category and note the sales where MORE last year for the first 6 months and also for the Month of June. Median price shot up from $332,000 last year to $420,000 this year or 21%. Not bad. What’s striking is the REO and SS (Real Estate owned and Short-Sales) columns which show substantial declines in the distressed marketplace. This is GOOD news! Many who where under water two years ago are now “land-lubbers”. Note that “Cash” sales are identical for both years at 31% of ALL sales. What does all this mean? Cash buyers are still strong and a detriment to the first time homebuyer who maybe a VET or FHA buyer with a small down payment. More equity sellers (real homeowners and sellers) indicates folks are on the move as there is big demand and little supply pushing median up. Plunging “Distressed” homes indicate stabilizing of the default homeowner OR banks just working with folks longer with loan mods, longer default times and short-sale approvals.


Victim of Foreclosure? Mortgages serviced by Goldman Sachs and Morgan Stanley ANOTHER settlement is coming! 96,000 of YOU!


Fed: 96K Foreclosure Review Checks to Be Sent to Underpaid Borrowers

About 96,000 borrowers who received a check under the foreclosure review settlement should expect a second payment since their checks were for a lesser amount than what they should have received, the Federal Reserve announced in a statement.

The second round of payments to make up for the difference is only for eligible borrowers who had their mortgage serviced by former subsidiaries of Goldman Sachs and Morgan Stanley.Rust Consulting, the paying agent, stated the supplemental checks are scheduled to be sent around May 17 and will include a letter explaining the reason for the additional check.

In a release, Rust Consulting said “a clerical error” led to the lesser amount. The original payments were sent May 3 to over 217,000 recipients.

The Fed became aware of the issue Tuesday and directed Rust Consulting to send out supplemental payments as soon as possible, according to a statement.

The error is not the first issue check recipients have encountered. In April, regulators revealed early recipients had issues with cashing their checks due to insufficient funds.

More information on the foreclosure settlement can be found by visiting the Fed’s website.

Borrowers with questions regarding their payment can contact Rust Consulting 1-888-952-9105.

The settlement was first reached in January 2013 between federal regulators and 13 mortgage servicers. The agreement replaces the Independent Foreclosure Review first required as part of consent orders issued by regulators.




Contact: Mike Kelly                                                                                    FOR IMMEDIATE  RELEASE

Tel. 707-322-8503




Converges on Sacramento with 2500 other Realtors  speaking to Legislator’s  on private property rights on May 1st, 2013



  Allison Norman, Realtor and one of the North Bay Association of Realtor’s up and coming leaders, attended the annual Legislative Day in order to press the issues of private property rights of real estate homeowner’s.  Norman, Realtor at Keller Williams Realty, was chosen for her civic involvement and commitment to the Realtor code of ethics and her many homeowner clients.  This annual event put on by the California Association of Realtors (CAR) featured a greeting by Governor Jerry Brown. Governor Brown stated when he was first Governor in 1975 he was committed to getting out the “old boy” network. Now he states, “There’s no substitute for Experience”.  The Governor stated he is on track to lower the debt of the state and renovate an aging school system.

  Norman Noted that many Bill’s introduced yearly by legislators with “point-of-sale” requirements force homeowner’s to add additional fees to the cost of Selling or buying a home. Such “point-of-sale” requirements can add $100’s of dollars to Seller’s already reeling from 6 years of decreasing home prices and shrinking home equity. The CAR has successfully fought these bills over the years saving the consumer $1,000’s of dollars in each transaction.

  One of the main issues currently in Sacramento of major concern to Norman is the “Debt Relief” extension NOT yet ratified by the legislators. On the national level the “Debt-Relief” extension was extended by Congress to the end of 2013. However California has YET to extend this valuable aid for “underwater” homeowners facing serious tax consequences when selling their home for LESS than what is owed. The difference between the sales price and loan amount, usually a negative number, is considered “Debt Relief” and is treated as ordinary income. Norman noted that a homeowner selling a home for $300,000 with a $400,000 loan would have “debt-relief” of $100,000. In California this would be subject to income tax as ordinary INCOME for the year 2013.

  Norman will be attending CAR meetings through the week. She is available for comments on her experiences at the meetings. Allison Norman, a Realtor exclusively in Sonoma County for 8 years, works with relocating home buyers and International clients.


If you would like more information on this topic or to schedule an interview with Allison Norman, please call her direct at 707-799-3617 or

Sonoma County, Ca FORECLOSURE REPORT–January 2013 Cancellations leading the pack, REO market going, going, gone?

Here in Sonoma County, California, “The Wine Country with the Coast”, the last report from (January ’13), shows the impact of the “Homeowner’s Bill of Rights” and the huge national settlement set by the 49 attorneys general–


Cancellations–where the bank stalls the foreclosure process are NOW leading the pack over the  bank “Foreclosing” on a house (down -60% over last year!) and “Sold to a 3rd Party where the bank sells at the courtsteps (down -32% over last year but PLUS 40% for the month!!). You can see in January that the “Cancellations far outnumber the “REO” and “Sold to 3rd party” by substantial amounts. The numbers for the month of January are:

Cancellations or foreclosure stalled and put off:  164

Foreclosed homes where the bank has proceeded with the foreclosure process: 46

“Sold to a 3rd party” or where the bank sold at the courtsteps: 38.


As you can see the REO market is on the wane with modificatioins (Cancellations) seeming to be hitting stride as predicted by the Attorneys General  historic settlement–NO MORE FORECLOSING! Short-Sales or loan modifications!