Tag Archives: Short Sale

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?

Sonoma County Home Affordability….How Much Home Can You Afford…now, versus 2006

June 2 , 2013; Santa Rosa, Ca.

The change in the Sonoma County Real Estate Market was upwards of 60% in some areas of the county, from the height of the market in 2006, to the bottom in 2009.  But, in some Sonoma County cities homes have managed to hold their value amazingly well.  On today’s show we’ll tell you which areas, and why…..

And, We’ll talk about how much home you can afford now…

Tune in to The Real Estate Hour for this, and more local real estate news, every Sunday morning from 9-10am on 1350AM KSRO or streaming live at www.KSRO.com





The Forgotton Entrance – Is your Front Door Welcoming?

Sunday, May 26, 2013 – Sonoma County, Ca.

Creating a welcoming front entrance can add to your home’s curb appeal, desirability and value.  Your front door is the first impression your visitors (and potential buyers) get of your home. Make sure it’s a good one.

Your front entrance should be;

Welcoming; Your guest begin developing an opinion of your home as soon as they pull up to the curb.

Obvious ; Don’t make guests wonder which entrance they should approach

Light; Not just the front door, but also the path leading them there.

Safe; High fences and tall bushes can become a hiding place behind which to lurk. Make sure your guests feel safe at your front door.

Start at the curb. look at your entrance.  Walk the path your guests will use several times and think about the experience.  Is it Welcoming, Obvious, light and Safe? If not, make some changes.


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.


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


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.

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

What’s So Special About Foreclosure Radar?? …and Who Spilled All the M&M’s ?

 The standard market analysis is simply an estimate of value, of current competitive listings and recent Solds but what it lacks is critical, as it  is one of the most important elements….THE FUTURE. When should you put your home on the market?? If you knew that a seller was getting ready to put a home on the market at a price that might drastically reduce the value of your home, would you wait….or would you try to beat that home to the market? In this case, timing is everything! Hence WHY we use Foreclosure Radar to read the future!

(Above, Santa Rosa,Calfifornia as of February 2011–The “P”‘s are Pre-foreclosure with Notice of Defaults filed,  “A”‘s stand for Auction or a “sales date by the lender” has been set, “B”s stand for “Bank Owned” or after foreclosure) Continue reading What’s So Special About Foreclosure Radar?? …and Who Spilled All the M&M’s ?

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??