Tag 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:

Homeowneraferadversecredit

 

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?

New Listing in NW Santa Rosa–Stately home seeking lovers of space!

VWN_3879-f1200 Halyard Drive, Santa Rosa: $560,000–Traditional home beckoning to new owners seeking 4 bedrooms and 3 full baths in a quiet NorthWest Santa Rosa neighborhood. Oversize lot with big side yard. Inside, new flooring in Entry Way and Kitchen. Living room will swallow up your big sectional and adjoining “formal” dining area will take a big dining room table, hutch and sideboard. See the virutal tour by clicking RIGHT HERE!

VWN_3885-f VWN_3896-f VWN_3899-f VWN_3914-f VWN_3907-f VWN_3929-f VWN_3938-f VWN_3943-f VWN_3964-f VWN_3969-f VWN_3973-f VWN_3978-f VWN_3957-f

 

Holiday Halt for Foreclosures, BUT, Is your loan owned by Fannie or Freddie?

In Sonoma County, Ca., most “bubble” loans (loans originated 2004-2007) were not sold to Fannie or Freddie. However, double check with the sites below to see if your loan is owned by Fannie and Freddie. If you are in foreclosure, you may have a holiday delay in the sale of your home.  The links below will help you figure it out.

http://www.fanniemae.com/loanlookup
http://www.freddiemac.com/mymortgage

Join us this Sunday, 2/12/12 as we unravel the latest mortgage relief effort…could THIS be the real game changer??

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Federal Government & Attorneys General reach landmark settlement with major banks

Roughly $25 billion in relief for distressed borrowers, states and federal government.

From the “NationalMortgageSettlement.com” website.

After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers:

The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government. It’s the largest multistate settlement since the Tobacco Settlement in 1998.

The agreement settles state and federal investigations finding that the country’s five largest loan servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct.  Both of these practices violate the law.  The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service.

  • About the Settlement: Learn about the settlement, who is affected and what claims may still be pursued against the banks. Find links to your state Attorney General’s Office to find state-specific information and contacts.
  • Help for Borrowers: Learn how to find out if your loan is affected by this settlement, the timeline for relief, how you will know if you are eligible. Find links to your state Attorney General’s Office to find state-specific information and contacts.
  • News: Read the national news release and find links to your state Attorney General’s Web site for state-specific news.
  • Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement.  You may visit the following websites to learn if your loan is owned by either Fannie Mae or Freddie Mac:

Here’s what the plan will do for homeowners in specific situations;

Mortgage underwater but current with payments. More than 10 million homeowners in the U.S. owe more on their mortgages than their houses are worth. The latest plan would enable people who have been making loan payments on time to save about $3,000 a year on their mortgage by refinancing with lower-interest loans guaranteed by the Federal Housing Administration.

Mortgage underwater and behind with payments. More than $12 billion to be set aside to reduce principal for homeowners who are behind on their payments and owe more than their houses are currently worth.

Victims of foreclosure fraud. The plan will provide payments of about $2,000 a piece to approximately 750,000 families that have been the victim of improper foreclosure practices. Most commonly—routine electronic notarization of documents being transferred from one financial institution to another as part of the foreclosure process–a practice known as robo-signing.

This will most likely apply to people who lost their homes between Jan. 1, 2008, and Dec. 31, 2011.

This week’s show; Attorney Daniela M Pavone on Land Use, Landlord/Tenant, Environmental and Contract Law, Sunday 11/20 1350AM KSRO 9-10AM

  • You’re a landlord with tenant issues…. a tenant in a home facing foreclosure, wondering what your rights are?
  • You have a real estate contract you just don’t understand… Private loan….TIC (tenant in common) terms to be drafted
  • You’re a property owner with a lot line dispute, a neighbor’s tree hanging precariously over your yard…a noisy dog…environmental issues..

Tune in to The Real Estate Hour on Sunday November 20, 2011 / 1350AM KSRO, Streaming live at www.KSRO.com. Call in number is 707-636-1350

The Law Office of Daniela M. Pavone is dedicated to providing personal and effective legal counseling to help individual and corporate clients throughout Sonoma, Mendocino, Lake and Marin Counties tackle their contract, land use, and environmental issues.

Daniela M. Pavone

642 5th Street
Santa Rosa, California 95404
Telephone: (707) 703-4338
Facsimile: (707) 735-5000
DPavone@PavoneLawOffice.com

Landlord/Tenant

I have represented both landlords and tenants in all stages of the landlord/tenant relationship.  I have extensive experience helping landlords to follow the strict eviction procedures to ensure that, should a tenant need to be evicted, it can be accomplished efficiently and legally.  I also have the necessary experience to protect a tenant whose landlord has attempted to initiate an eviction proceeding improperly. I know both sides well, so if your tenant has threatened his or her neighbors with violence or your landlord has cut off your utilities, I can help.

Land Use

I have worked with local government agencies to facilitate zoning changes, divisions of land, boundary line adjustments, and other approvals necessary for the ability of property owners to develop and utilize their property.  I am familiar with the procedures local and state government must follow in the approval or denial of a development permit and have sought redress from both when those procedures have not been followed and the rights of property owners, their neighbors, or other interested parties have not been protected.  If you think a development project was improperly approved or denied, or you would like some guidance in maneuvering through the local bureaucratic maze, do not hesitate to call or stop by.

Real Property

I have handled an array of real property disputes including those involving title, the location of boundary lines, access easements and water rights.

Animal Law

I have experience with an array of animal law issues including helping clients handle damage caused to the property of a neighbor by their animal, obtaining recovery for the death or serious injury to a farm animal by a neighbor’s dog, animal related noise complaints, and helping clients prepare for, and representing them at, vicious dog hearings.

Environmental Law

I am very familiar with the numerous regulations protecting natural resources, specifically the California Environmental Act (CEQA) and the National Environmental Policy Act (NEPA), having argued both in front of local government agencies, the Superior Court and the Court of Appeal.

General Civil Litigation

I have handled a broad range of general civil litigation including bringing and defending claims for breach of contract, fraud, breach of trust, breach of fiduciary duty, negligence, and damage to personal property.

Transactional

I have experience drafting sales and service contracts, buy-sell agreements, road maintenance agreements, residential and commerical leases, purchase agreements and covenants conditions and restrictions (CC&Rs).

So, What is a HAFA Approved Short Sale ???

Follow this link for an explanation from the National Association of Realtors website….and come see our listing at 3768 Hoen Ave, Santa Rosa,Ca…. coincidentally,an approved HAFA short sale. $262,650. 3/2 1276sqft. Open 11/06/2011 from 1-4pm.

When a HAFA (Home Affordible Foreclosure Alternative )short sale is advertised as APPROVED, it means the homeowner has already approached the bank, may have tried a HAMP loan mod, but was un-succesful, or did not qualify, and has received a HAFA agreement from the bank with the acceptable terms of the short sale agreement spelled out….including a move out agreement of up to $3000 at close of escrow, $6000 to settle any junior liens (junior lien holder(s) must also agree to the terms of the HAFA short sale, which includes accepting the proceeds from the sale of the house as the sole remedy to settle the seller’s debt)….and has approved the sale and settlement of the sellers lien at a pre-determined dollar amount.

This dollar amount is determined by a HAFA appraisal done by the lien holder (the bank) The price may be right on, or it may be high….at which point a lower offer can be accepted by the seller and submitted to the bank for approval. If an offer is accepted at the HAFA suggested price, an escrow can more forward quickly….a lower offer will take longer. But, either way, the fact that there is HAFA acceptance to begin with is a real boost to the process.

For more information about the HAFA program, follow the link above, shoot us an email at NoDumbQuestion@gmail.com, or give us a call 707-799-3617

Wells Fargo (Wachovia, World Savings) “Help for Home Owners”

This “Help for Home Owners” link is “buried” under a few layers of the Wells Fargo website. Despite that, Wells Fargo seems to be one of the easier banks to deal with these days.  Whether your loan was originally with World or Wachovia…or has always been with Wells Fargo, makes a big difference when discussing a loan Mod, or short sale.

Wachovia, which acquired World Savings , and then subsequently merged with Wells Fargo, consists of mostly “portfolio” loans, meaning they were kept “in house”. Those loans are much easier to negotiate, whether you are looking at a loan mod or a short sale. In fact, Wachovia has the most streamlined short sale process in the industry. Wells Fargo, on the other hand, like most big banks, sells off most of their loans to investors…so, when a loan mod or short sale is negotiated, the investor has to be located and agree to the loss. This is not to say it can’t be done, just a bit harder.  To talk about specifics, or for more questions, our email is NoDumbQuestion@gmail.com.

Was your home loan, now serviced by Wells Fargo, previously with World Savings…or Wachovia??

 If so, you are in the prime position for a Wachovia “streamlined” short sale.

Sam Bedros, our local Wachovia short sale negotiator, held a “Short Sale”  seminar at the North Bay Association of Realtors last week.  Here’s so what he had to say;  
All short sales, at any bank, must first go through the eligibility process for a HAFA (Housing Affordability Foreclosure Alternative) short sale. Once eligibility for HAFA is determined, a seller can decide if they are better off with a HAFA short sale of a Wachovia short sale. Some of the differences to consider are as follows;

  • Wachovia may offer you up to $5000 at close of escrow for moving expenses, etc… HAFA will pay the seller $3000 in move-out money.
  • HAFA will only pay a junior lien holder $6000.00 to settle the short sale, where-as Wachovia will pay up to 20% of the 2nd loan’s balance.
  • HAFA will postpone the foreclosure of a home for 180 days with an active listing (if not less than 10 days from the sale date) Wachovia will only postpone a foreclosure date upon receipt of an accepted offer, and a commitment letter from the buyer’s lender.

 

So, what makes Wachovia’s short sale process so successful?? Continue reading Was your home loan, now serviced by Wells Fargo, previously with World Savings…or Wachovia??

From Sunday’s show; More on Wells Fargo’s Agreement with the Attorney General

Beginning December 20, 2010 and running through June 30, 2013, at-risk Wachovia Pick -a-Payment customers in California may be eligible to earn principle forgiveness by making on-time mortgage payments. This is great news for those homeowners struggling , yet keeping up with their payments.  Eligible homeowners are previous World Savings or Wachovia customers, prior to Dec 31, 2008. 

For information contact; 1-888-565-1422