Category: Short Sale and Foreclosure
I’m often asked “What’s the typical short sale process?” To fully understand the short shale process one must first understand what it means when a homeowner elects to short sale their home. What is a Short Sale? A short sale is a home that is being sold for less than what the homeowner owes the [...]
I’m often contacted and asked if Palm Springs Homeowners Can Be Assessed HOA Fees After Foreclosure. The short answer is yes, but it’s best to check with an attorney on such matters. The economy is still in the dumps. In most communities around Palm Springs, 20% or more of the residents are facing some sort [...]
Freddie Mac Offers Relief for Palm Springs Short Sale owners wishing to keep their homes! Are you upside down in your home? Have an adjustable rate mortgage that is not paying down the balance? Do you have a dreaded Freddie Mac loan??? If you are a homeowner in that position – then I have great news for [...]
Most sellers of Palm Springs short sales are in financial distress and more than likely will not pay for any requests for repairs resulting from the home inspection. With that information if mind, should you still pay to have a professional home inspection? Definitely YES, even though the seller may not have funds to make repairs, you need [...]
As of December 1, 2011, Bank of America made changes to the short sale process that will reduce the time needed to complete a short sale. “ When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the [...]
There has been a lot in the news lately about Palm Springs Short Sales and Loan Modifications. As more and more homeowners find themselves in the position to either short sale their Palm Springs home or attempt a loan modification, I thought I would share with you some of the things to be on the [...]
This beautifully maintained 3,000 plan at Rancho Las Palmas Country Club in Rancho Mirage has recently seen a major price reduction from $575,000 to $499,00 and is now being offered as a short sale subject to lenders approval. The home is far and above the best on the market compared to other 3,000 plans offered [...]
Every homeowner should know their states foreclosure laws and these three things before attempting a short sale, unfortunately there aren’t short sale laws, only federal short sale guidelines that banks can choose to follow or not. Laws Are Local States either have recourse loans or non-recourse loans. A recourse loan allows the bank to demand a [...]
Bank of America’s earnings power is expected to strengthen this year, as losses on loans ease and the national economy gradually recovers. But the foreclosure practices of Bank of America and other large mortgage servicers remain under investigation by all 50 state attorneys general, and that controversy is likely to continue to overshadow positive news [...]
An extended halt of foreclosure proceedings could put additional pressure on an already strained housing market as federal and state officials press banks for answers on possible problems with mortgage paperwork. The issue has snowballed during past two weeks as four banks — Bank of America, JP Morgan Chase, Ally Financial’s GMAC mortgage division and [...]
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Average Home Prices Slip in Coachella Valley
I’ve been reading a lot of information lately about our current market conditions from other REALTORS® who are claiming an increase is sales price and number of homes sold. I would scratch my head and ask where they were getting their numbers. Turns out their numbers are coming from national statistics. Real estate sales are [...]
Mortgage Debt Tax Relief Program Ending Soon
The Mortgage Debt Relief Act of 2007 the IRS would not come after you for your taxable amount if you had an upside-down unpaid principle as a result of loan modification, short sale or foreclosure depending on your tax bracket, let’s say you were $100,000 short on your mortgage you could be responsible for as [...]
Is your REALTOR® connected? No, I don’t mean in the MobWives fashion, if that’s what you thought, you’re watching too much reality TV. As an active Palm Springs REALTOR® I believe it’s important to take advantage of the technology available to today’s real estate professional. Everything that required an agent to go back to the [...]
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