San Jose Short Sale

San Jose California Bank of America Equator
Short Sale Process and Realtor

The Bank of America Equator short sale platform has been designed to better assist all parties involved in a short sale transaction. It’s no secret that short sales have the tendency to take some time to complete. With the Equator process, short sales are being done via a computer. There are great advantages to the Bank of America Equator short sale process, such as:

Status tracking

24/7 access to the short sale system

Direct communication with the short sale negotiator

Documents are uploaded directly to Equator instead of faxing

Streamlined approval process

Historical view of offers and counter offers

There are other banks that use the Equator program, but it is bank of America that uses it in a unique way. Bank of America’s Equator short sale process is most endearing to the buyer. In the first step of the process, usually the San Jose short sale specialist will receive a request for the first five digits of the buyer’s social security number as well as other personal information such as birth date, address, and phone number and of course, loan information.

This process allows parties to upload documents from the computer directly to the bank. There is a list of tasks that will need to be handled such as a 3^rd party authorization which will allow your San Jose Equator short sale Realtor to work on your behalf. Once that is completed, the next part is called the offer worksheet, which is like your HUD 1. These particular figures will give the bank a better understanding of their net on the short sale. Following the HUD 1 will be uploading the MLS sheet, purchase contract, HUD 1, property photo and MLS number. This can be done within the first 5 days.

After completing the first few steps, a Broker Price Opinion will be ordered and brought in. During this time, taking advantage of uploading documents like pay stubs, bank statements, tax returns, hardship letter, and a financial worksheet could be favorable. An offer may typically be approved within 27, however depending on the lender, timing may vary.

When you seek out a San Jose Equator specialist, be sure you are also researching their experience by asking for credentials and interviewing one on one. The agent you choose to represent you should be a hands down choice. Our agents understand the importance of completing your short sale successfully, while offering no cost assistance to you in your Bank of America Equator short sale process. Contact us today and let’s get your short sale completed!

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Do you need a California short sale Realtor to offer FREE short sale services? Our San Jose area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the California Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a California short sale! Our services are 100% FREE for you!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

San Jose California Short Sale Specialists

Have you been considering your options to Stop California Foreclosure? If you are struggling to make payment on your home and are looking for an alternative, while there are several workout options among these is a short sale. A short sale has proven to be the most successful alternative to foreclosure that has a permanent result.

A San Jose CA short sale first begins when a lender permits the homeowner to sell their property at a lower amount than what is remaining on the balance. Both lender and borrower will agree to the transaction because it allows them to avoid the costly foreclosure process which does benefit the lender as well.

San Jose California Short Sale Facts:

• This whole process is free to homeowners. Your lender will pay all of the closing costs and San Jose CA short sale specialist Realtor fees.
• These short sale specialists have experience and know how to manipulate the system while speaking on your behalf. This will create a perfect set up for success.
• Though a short sale will still affect a negative damage to your credit, it is easier to recover from than it would be from foreclosure.
• It is imperative to start the short sale right away.  The quicker your home sells, the less the payments on the home will be missed. And what truly affects your credit score is the missed payments it would be the best choice to keeping your credit loss at minimum.
• In addition to the short sale costing nothing to you, California is a non-recourse state. This means borrowers are all forgiven of the deficiency.
• With HAFA there is $3,000.00 cash to borrowers towards relocation assistance as well as many other benefits.

So hurry now and get your Short Sale Specialist on the phone to start your process. There is no time to waste in saving your home! 1-877-737-4903

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Short sale your San Jose real estate with an expert Realtor’s help. This is to stop San Jose California foreclosure on your home before it’s too late. This service is FREE short sale help to all San Jose CA homeowners in financial hardships. Our short sale specialists work all of California.

Copyright First Coast Realty Associates 2011

San Jose California Short Sale Question and Answers

• What is a California Short Sale?

A short sale is when a lender is willing to accept a lower amount when selling a home in order to avoid a possible foreclosure auction or bankruptcy. Foreclosure can cost a pretty penny and banks would rather make money then pay money, so therefore most lenders will typically agree to a short sale.

• What are the qualifications for a San Jose, Ca short sale?

Usually, your main qualification for a California short sale would be some kind of financial hardship which would be loss of a job, loss of income, relocation, illness or death of family member, divorce, etc.

• What proof will my lender need for my hardship?

Your lender will need you to put together what is called a short sale package. In this package will be financial documents such as bank statements, W-2’s, Pay Stubs, etc. You will also need to enclose a hardship letter which will describe how you got into your current situation and what you have tried to get out of it. Use this time in your letter to be completely honest, and don’t hold back.

• How much will a short sale cost me?

A short sale will cost you nothing. Your lender will pay all closing costs and commission for the California short sale specialist. You have already been through enough, so take this time to save your money and prepare for your next move.

• How can I find the right San Jose short sale specialist for my short sale?

When choosing the right short sale expert, you want to make sure you do a thorough screening. You can choose the internet, word of mouth or even newspapers. Do not be fooled by Realtors who claim to have done a short sale, for it could have been the only short sale they have done. If you are looking for a successful completion to your short sale, then contact the Short Sale Specialist Network. Our San Jose Short Sale Realtors have massive experience in short sales and the proof to back it up. There is no reason to have your short sale rejected because of a Realtor who has no idea what they are doing, save your time and contact us now!

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Our Specialists offer FREE short sale expert services to San Jose homeowners in hardship. Get in touch with our network of specialists right away and see if you qualify for a short sale! Searching for a San Jose CA Distressed Property Expert Certified in short sales to offer free Broker short sale services? Our San Jose area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the California Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

Short Sale Broker Price Opinion

A fair and balanced BPO will be the key to a successful short sale. As the proceeds from your home must be able to satisfy your lenders and bank, and not just you, it is important to get a broker price opinion that is about the fair market price. Otherwise, an unfair price on your property might take longer to sell, leaving you in debt for much longer. Remember, a short sale broker price opinion is significantly different than an appraisal in that a broker and lender will put a value in the house. An appraisal, while costing significantly more, may include more details of the house, creating a more complete and fair market price in turn. Banks and real estate companies will typically create a BPO in order to assess the most profit out of a piece of property.

Whether or not your lenders and banks have other motives for insisting on a BPO, you should probably try to get the most out of one regardless. Here is how a typical short sale BPO is done, step-by-step:

1. A meeting is scheduled with a broker in order to perform the valuation. Your lender will sometimes decide if an actual, trained property appraiser will come by, or just a real estate broker who will put a value on a house just by looking around.
2. Homeowners will prepare their homes before the broker comes by to perform a valuation. Most homeowners may not be aware that more than the condition of the house affects its value; local crime statistics, potential fire hazards, and other factors can determine the value of a property, too.
3. When the date comes, the broker will arrive at your property. He or she may not be aware of the situation of your home and debts. A homeowner is encouraged to explain his or her hardships, mounting debts and other information in order to get a better evaluation.
4. After the valuation process, the BPO may be sent straight to your bank before you get a response for a short sale. A homeowner is encouraged to contact the bank after they receive a BPO in order to assess if the actual sale of the home will be enough to cover a short sale.
5. If homeowners have the funds to spare, then an actual appraisal can be done by a separate contractor. This is to ensure that if a lender makes a counter offer, a homeowner has reliable and accurate information to support it..

The actual process may vary depending on your lenders, real estate agencies, banks and other parties involved.

What Your Banks and Brokers Might Be Up To

Since the broker who comes by to evaluate your house is hired by a bank, then chances are he may not care all that much about what you have to say. Banks and lenders can be more focused on making a profit most times, so helping you out with your financial conundrums might come as more of an afterthought.

• Ensure that the broker who enters your home has contact with a trusted listing agent. A listing agent should know more about appraisal than the broker at all times, because the agent will know more about the property and surrounding area than the broker.
• Be aware of the limitations that your broker may put on your agent, too. Some BPO’s require that an agent can or can’t use certain kinds of adjustments, comp prices, and other factors, which create limitations on the final short sale BPO estimate. If this is the case, then the final estimate may come out significantly higher than what a potential buyer may be willing to pay for a piece of property in your area.
• A lot of banks are typically looking around at more than one piece of property in your area, and not just yours. When taking up short sales, a bank may come up with a BPO that considers all the properties on your block, not giving a single care to losing money on a single home.

How to Work the Short Sale BPO to Your Favor

There are a few things you can do to try and tip the scales in your favor, however. A short sale BPO will turn out better if a homeowner takes pro-active steps while involved in the process:

• Some homeowners will try to counter the BPO by making their homes appear as distressed as possible, inside and out. This is done under the assumption that a home will end up valued much higher on a BPO than it should.
• Don’t be too eager or pushy to the BPO agent who visits your house. While the broker who performs the valuation process is more likely to do his job as quick as possible, he might actually care about what a homeowner has to say in some cases.
• Hiring an appraiser of your own to counter a BPO can also help you get a fair market price. Your goal is to make sure a potential      buyer will give you the funds you need to buy your house at an acceptable short sale payoff.

Having a San Jose CA short sale specialist with you from beginning to end will help to insure that your short sale runs smoothly and ends successfully. Our specialists know how to get the job done and acquire all the necessary skills, knowledge and experience to carry a short sale to completion. Contact us now and let us help you through your San Jose California short sale at no cost!

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Do you need a California short sale Realtor to offer FREE short sale services? Our San Jose area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the California Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

Recovering From a San Jose Short Sale:

Questions on How to Get Back On Your Feet

It is understandable that some homeowners may not feel positive about recovering from a California short sale.  This is primarily based on the combination of depression and frustration that they are currently feeling.  After all, they did just lose a home and with not very clear prospects on how the future will look for them.  At this point, homeowners need to keep a positive perspective in order to allow themselves to see clearly.  

For the most part, homeowners will not find it difficult to deal with the short sale as long as they know how to go about getting on the road to recovery.  There are a number of adjustments that need to be done and goals should be set to ensure that the type of financial condition they are currently having will never be repeated.  Considering the huge number of homeowners facing financial distress, concerns on how to recover from a short sale should be given ample focus.

1. How soon can you become a homeowner again?

Generally speaking, homeowners who are dealing with past credit issues because of financial constraints should be able to have a new home in about three years on the average.  This would of course vary depending on the type of loan they want to avail as well as the lender they are considering.  It is important to note that every lender has its own underwriting guidelines on how and when to accept.  For government insured loans, 620 FICO is usually the starting point.

When recovering from a short sale, the clock does not actually start from the moment it is transferred to a new owner.  For some homeowners who have miraculously kept up with payments, despite being in an upside-down condition, theoretically, they can apply for a new mortgage right after the short sale process has been concluded.  A lot of these by part would be theoretical because it is hard to assume how underwriters will evaluate the individual conditions of homeowners including their risk factors.

It is also important to consider the mood of the lender bank when contemplating how fast you can get a new home for your family.  Basically, the three years timeframe is a good measuring stick. 

2. What are the credit effects of short sales in San Jose California?

Waiting endlessly for a listed property to be sold in such a volatile market can be nerve wrecking for any homeowner.  When considering the credit implications of short sale, it is vital to note that 120 days of non-payment when in short sale mode will have an impact on your FICO score equivalent to a foreclosure.  With this in mind, you need to consider that short sale transactions on the average take anywhere from 6 to 13 months.

This means that the longer the short sale transaction takes to close, the worse your credit score becomes.  This is an important thing to consider when contemplating on recovering from a San Jose short sale.  More recent negative impacts on your credit score have more substantial effects compared to older ones.  In essence, your credit score will only begin the recovery process once the late payments cease and the property is sold.

The role of the experienced short sale specialist becomes vital at this point because of the negotiation for the short fall owed to the bank.  Some banks may require promissory notes or seller participation.  In case debt balance is forgiven, you must be aware that the IRS considers this as an income, which means that it is taxable.  You need an experienced short sale agent to give you the best advice to be able to recover faster.

3. How to deal with Fannie Mae guidelines?

In a short sale transaction, Fannie Mae normally allows for the funding of a home purchase within three years.  This is of course based on a couple of hardship factors.  In case you filed for bankruptcy, the waiting time may be extended by at least a year or probably more.  At the same time, you should expect to receive higher interest rates and a more stringent evaluation of your loan application.

When you consider recovering from a short sale, you must be aware that securing a conventional loan may be challenging.  This waiting time is similar to that of a deed-in-lieu with the main difference being that with short sale transactions, you remain the holder of the title until a new buyer comes along.  Therefore, the moment you hand over the keys to the new owner, you are on your way to recovery.

4. What are the effects of FHA, VA, and USDA guidelines?

With government lenders, recovering from a short sale normally takes a shorter time with the homeowner having the possibility of purchasing a new home within 2 to 3 years.  This is of course provided that there is a solid credit recovery story to back it up.  In some instances the waiting period can even be shortened based on some exceptions like disability for example.

When it comes to individual banks, each has their own set of rules by which they can accept the terms of credit score, which inevitably affects the recovery time of the homeowner.    Basically, two years becomes a reasonable time to be in recovery provided that the factors go in your favor.  Some homeowners that benefit from shortened recovery periods may be offered Lease to Purchase Option.

The possibility is based on the practice of some private sellers who are less concerned about the credit standing of the homeowner, but want to generate income from the lease until such time that the property can be fully purchased.  This recovery strategy can work both ways, which is why it is important to consult with a lawyer before signing any contract.

Starting to rebuild your credit as well as attempting to have a new home can be as easy or as difficult as you make it.  Essentially, the road to recovery begins with a strategy that you must follow from day one until you have made it back on your feet.  These questions can serve as your guide to recovering from a short sale. An experienced short sale specialist will be able to coach you on what to expect after the conclusion of the short sale, so find the right San Jose short sale specialist for you and start your recovery process as soon as possible!

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Do you need a California short sale Realtor to offer FREE short sale services? Our San Jose area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the California Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a California short sale! Our services are 100% FREE for you!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

Some Borrowers Recieved More than $100,000 Principal Reduction

Before the Senate Banking Committee, Department of Housing and Urban Development Secretary Shaun Donovan stated that some families who are living in the most deeply underwater states like California and Nevada are getting principal reductions surpassing $100,000 from the mortgage servicing settlement.

 “It’s not a huge number (of people who received reductions) at this point — it’s in the thousands — but hundreds of thousands are now getting these letters, not just from BofA, but from all five banks,” Donovan said before the committee.

This report follows after Bank of America mailed out letters to more than 200,000 homeowners for potential principal reduction under the robo signing settlement. In the last quarter of 2011, Nevada mortgage borrower’s loan to value ratio was at 114% which is the highest in the nation, according to CoreLogic. 

However, California’s LTV ratio was at 71% in the fourth quarter, while 30% mortgage properties in the state were underwater. “We are very encouraged by the pace with which implementation is moving on those servicing standard,” Donovan said. “What’s critical here is not just the amount of the principal reduction, but that it gets the family to a sustainable level and keeps them in their home long term,” Donovan said.

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Are you a distressed San Jose CA homeowner? Do you need an experienced short sale specialist who is familiar with the Equator short sale process to assist you in your San Jose California short sale? Our agents are educated in the Bank of America short sale platform and offer no cost assistance to you in your California short sale. Contact one of our Equator short sale Realtors today!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

First Quarter Shows Drop in Foreclosures and Mortgage Delinquency Rates

According to a report which was released on Tuesday by CoreLogic, The high amount of loan modifications, short sales and aid supplied through the national mortgage servicing settlement may have decreased the amount of foreclosures and delinquencies which were recorded in the first quarter. In the beginning of 2012, the nation had 198,000 completed foreclosures, which was compared to 232,000 in the first quarter of 2011.

The Santa Ana California based real estate analytics firm said there were 69,000 finished foreclosures in March, when compared to 85,000 back in March of 2011 and 66,000 in February. Since March 2012, an estimated 1.4 million of all homes with a mortgage were in the national foreclosure inventory.

“The overall delinquency level was unchanged in March, remaining at its lowest point since July 2009,” said Mark Fleming, chief economist for CoreLogic. “Nonjudicial foreclosure markets like Nevada, Arizona and California are experiencing significant improvements in their shares of delinquent borrowers. Some judicial foreclosure states are also improving, like Florida, but not to the extent of nonjudicial markets.”

The amount of homeowners who are 90 days or more behind on mortgage payments declined to 7% in March from 7.5% a year before and remained unchanged from 7% in February of 2012. “Compared to a year ago, the number of completed foreclosures has slowed,” said Anand Nallathambi, chief executive officer of CoreLogic. “Since the foreclosure inventory is also coming down, this suggests that loan modifications, short sales (and) deeds-in-lieu are increasingly being used as an alternative to foreclosures to clear distressed assets in our communities. This is what was envisioned with the recent national foreclosure settlement, and can often be a better outcome for both borrowers and investors.”

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Are you a distressed San Jose CA homeowner? Do you need an experienced short sale specialist who is familiar with the Equator short sale process to assist you in your San Jose California short sale? Our agents are educated in the Bank of America short sale platform and offer no cost assistance to you in your California short sale. Contact one of our Equator short sale Realtors today!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

New Home Sales Drop

Far less Americans purchased new homes in March when compared to February, making it difficult to stay optimistic that the housing market may see a material turnaround this year.

 However, numbers are improved from a year ago. The Commerce Department recorded 328,000 new single family home sales in March, which is down 7.1% from the revised February estimate of 353,000 home sales.

The 7.1% home value drop is lower than the 1.6% decrease in new home sales seen in February and the 5.4% decline recorded back in January. However, it is up 7.5% from March of 2011, making it likely to be an improvement from the year before.

The median sales price of new homes sold in the month of March reached $234,500, with the average sales price in limbo at $291,000 according to the Commerce Department. By the conclusion of March, the seasonally adjusted estimate of new homes up for sale reached 144,000 which equal a 5.3 month supply at the current rate.

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Are you a distressed San Jose CA homeowner? Do you need an experienced short sale specialist who is familiar with the Equator short sale process to assist you in your San Jose California short sale? Our agents are educated in the Bank of America short sale platform and offer no cost assistance to you in your California short sale. Contact one of our Equator short sale Realtors today!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

Seven Foreclosure Bills Passed In California

Seven bills reconstructing some foreclosure rules passed committees in the California state legislature this past week. The bills were announced back in February and one set of bills prolongs protection to tenants which will give those 90 days before eviction after the foreclosure sale of the property.

Another bill increases penalties to banks that fail to maintain blighted homes. Servicers will also be required to produce documentation to the homeowner establishing the right to foreclosure before filing, under other passed bills.

Evidence of ownership and chain of title must be shown to the homeowner. There are two other bills that charge servicers a $25 fee for every notice of default recorded. The proceeds will help fund investigations for California AG Kamala Harris. Another part of legislation passed by committee allows Harris to convene a grand jury to investigate crimes of financial reasoning in different jurisdictions. 

 “All Californians have been impacted by the toll the mortgage and foreclosure process has taken on our neighborhoods,” Harris said. “Our California Homeowner Bill of Rights will provide relief for homeowners, tenants and communities. I thank the authors and supporters of these important bills.”

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Are you a San Jose CA homeowner who might be facing foreclosure? Do you need an experienced short sale specialist who is familiar with the Equator short sale process to assist you in your San Jose California short sale? Our agents are educated in the Bank of America short sale platform and offer no cost assistance to you in your California short sale. Contact one of our Equator short sale Realtors today!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

Fannie Mae and Freddie Mac “For Rent” Signs to Be Kept Out of California

Fannie Mae and Freddie Mac’s “for rent” signs are being asked to be kept out of California’s state borders by nineteen members of the state’s congressional delegation. Led by Congressman Gary Miller, the bunch sent a letter to Edward DeMarco, acting director of the Federal Housing Finance Agency, asking him to exclude homes in California from the pilot program of the REO Initiative, which aims to sell off REOs owned by the GSEs and HUD in bulk to institutional investors who will turn the properties into rental homes.

The California congressmen believe the impact of the program would only further depress California’s housing market while also increasing costs for taxpayers. Of the 2,490 Fannie Mae owned REOs that are up for sale as part of the pilot program, more than 600 are located in Los Angeles and Riverside counties, stated the California Association of Realtors. The Association issued a statement applauding the state lawmakers for voicing their opposition to the REO to rental push.

Purchasers in most of California’s markets are seeing multiple offers, including for distressed and properties in foreclosure. According to data by C.A.R., sales of bank owned homes are closing in an average of less than 60 days. “We commend the California congressional delegation’s letter to Mr. DeMarco,” said LeFrancis Arnold, C.A.R. president.

“They clearly understand that this program may be a viable solution in states where there is a large inventory of unsold foreclosures. However, carrying out this plan in California would potentially further delay a housing recovery and, ultimately, result in greater losses for the taxpayer.”  “We are concerned that including California counties in this initiative is in direct conflict with your duty as conservator to preserve and conserve the company’s assets,” their letter stated.  “This means that such a program will increase losses to the taxpayer and GSEs,” the letter concludes.

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Do you need a California short sale Realtor to offer FREE short sale services? Our San Jose area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the California Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a California short sale! Our services are 100% FREE for you!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

Los Angeles and Other Parts of California Have Hit Hard Recession

A harsh recession that hit Los Angeles and other parts of the United States just four years ago is likely ties to a deep fallout in the housing market, Federal Reserve Board Governor Sarah Bloom-Raskin said in her speech on Thursday.

While Raskin was speaking at the Federal Reserve Bank of San Francisco Business and Community Leaders Luncheon in Los Angeles, she acknowledged other areas in California that were profoundly stirred by a deep contraction in housing that has not been witnessed since the Great Depression. “Here in Los Angeles, the recent recession was even deeper than for the nation as a whole,” Raskin said.

“The unemployment rate, which was about the same as the national average prior to the recession, rose to a peak of nearly 13%. Moreover, the number of jobs in Los Angeles fell by a cumulative 9%, nearly half again as much as the decrease in national employment.”  “Not only have the enormous loss of housing wealth, heavy debt burdens and tight credit conditions restrained household spending, but the accompanying wave of mortgage defaults has also had considerable repercussions for homeowners, lenders, communities and the pace of this economic recovery,” Raskin said.

 “Home equity was a large share of the total assets of low- and moderate-income families prior to the recession, so the drop in housing wealth has hit many families particularly hard. Because wealth is one of the key factors that households consider when deciding how much to spend, the drop in housing wealth is expected to reduce household expenditures — the so-called wealth effect,” Raskin said.

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Do you need a California short sale Realtor to offer FREE short sale services? Our San Jose area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the California Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a California short sale! Our services are 100% FREE for you!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

Affordable Housing in California

A lawmaker in California has belief in the state being able to combat a lack of affordable housing by passing a bill that may set funds aside for the financing and development of affordable housing. The California Senate Bill 1220, or the Housing Opportunity Trust Fund Act of 2012, proposes the idea of a funding that would raise revenue by putting a $75 fee on all real estate instruments recorded at the county level.

Proceeds from the fee would then be sent to the Department of Housing and Community Development to be deposited in the trust to assist with finance affordable housing initiatives across the state of California. Sen. Mark DeSaulnier suggested the bill, adding in the press statement back in March that a lack of affordable housing around areas containing jobs is impending the state’s economic growth.

 However, Mark Calabria, whom is the director or financial regulation studies at the Cato Institute, sees California’s affordable housing problems in a different light. Calabria thinks the state’s housing market struggles with affordability because “they have too much housing in the wrong places” and not near enough housing in the Coastal areas that are overwhelmed with people. 

 “It’s really a supply constraint,” Calabria said. “I think the thinking that a trust fund will fix everything is wrong. They should look at trying to deregulate their land markets. In a relatively competitive market, you could build affordable housing without massive subsidies,” he added. The legistation proposes affordable housing development would be a benefit for the states construction industry, which lost nearly 700,000 jobs in the recession, according to the proposed bill. The bill claims “restoration of a healthy construction sector will significantly reduce the state’s unemployment rate.”

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Do you need a California short sale Realtor to offer FREE short sale services? Our San Jose area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the California Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a California short sale! Our services are 100% FREE for you!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

Equity sales Up While Distressed Properties Fall

In February, California’s sales of distressed properties slowed down as equity sales picked up after a two month decline, said the California Association of Realtors.  “A lack of inventory in the bank-owned (REO) and short sale market was a contributing factor to the decline in share of distressed sales in February,” said C.A.R. President LeFrancis Arnold.

 “In fact, REO inventory declined 24 percent in February from the previous year, while short sale inventory dropped 17 percent during the same period.” In the report, distressed properties that were sold statewide fell to 48.9% in February, which is down from its January number of 50.1% and from 55.2% a year ago in February 2011.

When noticing the types of distressed properties that were sold statewide, short sales were down in the month of February at 23% when compared to 23.8% in January, however, it is still up from last February’s share of 22.9%. REO sales also made a small fall in February and stood at 25.2%, a decrease when compared to January’s 25.9% and down from the 31.9% that was reported last year in February.

After the notice of a two month decline, equity sales increased in February by making up 5.11% of home sales in February. Equity sales added up 49.9% and 44.8% of all sales in January 2012 and February 2011.  Pending home sales are forward looking indicators of future home sales activity and helps provide valuable information on the future direction of the housing market.

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Do you need a California short sale Realtor to offer FREE short sale services? Our San Jose area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the California Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a California short sale! Our services are 100% FREE for you!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012

An Investigation Into Foreclosure Depths

According to a release by the Department of Housing and Urban Development, a now settled mortgage servicing violations permeated every step of the foreclosure process and was monitored by top executives across the entire industry. Negotiations of a $25 billion settlement which was filed in court on Monday, was concluded between state and federal prosecuters that lasted more than a year. Investigators went through almost 400 defaulted Federal Housing Administrationloan files as well as interviewed employees at the five largest servicers such as Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial. In nearly every case, Inhouse notaries and employees claimed they signed hundreds of affidavits a day, and were pushed by their supervisors and executives to process even more.

When in review, each servicer tried to halt HUD OIG investigators from contacting those who prepared the affidavits or didn’t have the ability to provide any data requested. It was described as a “hindered review”. FHA claims sent by the servicer from October 1, 2008 through September 30, 2010 we studied. Over the years, the FHA paid $6 billion in just claims to servicers on defaulted mortgages which were handled by these firms in the 23 judicial states where the notoraized affidavits are required by the law.

Numberour affidavit signers at Wells Fargo told the investigators that they signed up to nearly 600 documents a day. At Ally Financial, a single employee signed 400 a day. Bank of America and Citigroup said they signed between 60 and 200 documents a day. JPMorgan Chase claimed to a production goal of 40 a day; however employees that were interviewed said they signed up 70 a day.

“For example, immediately before Wells Fargo hired an individual to be vice president of loan documentation, the person worked at a pizza restaurant and as a bank teller. Another had been a department store cashier and daycare worker, while another had worked on the production line in a factory,” according to the report. “In her testimony, one manager responded that her direct supervisor, a vice president, was aware and approved of the industry standard being followed,” according to the report. “She assumed her supervisor’s boss would have approved and been aware of the same.”

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of
where your home stands in today’s market, fill out the form below.

Do you need a California short sale Realtor to offer FREE short sale services? Our San Jose area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the California Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a California short sale! Our services are 100% FREE for you!

Our organization does not directly offer short sale or foreclosure rescue services in the state of California.

Copyright First Coast Realty Associates 2012