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A Sacramento Loan Mod Horror Story with Bank of America

3 Aug

“In the long run it [the loan mod] was garbage…and a complete waste of time….”

-John & Tanesha Chuma

 

Listen to some of my clients candidly discuss their experience trying to get their loan modified by Bank of America.

What is the Making Home Affordable Program?

23 Mar

The “Making Home Affordable” program is really a group of programs put out by the Departments of Treasury &

Questions about Making Home Affordable

Questions about Making Home Affordable

Housing and Urban Development.  These  programs have been designed to help homeowners who are having trouble paying their mortgage.  I’ll go over 2 of the more interesting of the programs encompassed within the Making Home Affordable suite of programs.

Home Affordable Modification Program (HAMP)

HAMP aims to help those homeowners having a tough time making their mortgage payments by lowering your mortgage payment to 31% of your gross income.  One thing to remember is that in order to qualify for HAMP you must not be unemployed.  Some of the other criteria   for qualifying are below:You occupy the house as your primary residence. (more…)

Where is the Real Estate Market Headed? Short Sale or Loan Mod?

10 Mar

Where is the market headed?

Which often leads to: Are we at the bottom?  Will homevalues start increasing?

These are not just common questions I hear everyday, they are VERY important questions to anyone who owns or is planning on owning real estate in the next decade.

While many folks out there keep guessing, I’ve found it much more productive to actually look at the facts and take educated action.

Key indicators help us identify when the market ‘might’ begin to recover:  Consumer spending, consumer debt levels, Government intervention (which has ‘propped up’ our falling Real EstateMarket), standard Real Estate Cycles and Stock Market trends all play a major role in our current economic woes and the length of this real estate down turn.

Historically, when home values decline, they go downsteadily for about 5 years.  This down turn, on a national level, started about mid 2006 which, based on this trend, would put us at the ‘bottom’ around 2011 or 2012. (more…)

5 Reasons to Short Sale NOW Instead of Waiting

3 Feb

Take action

It is time to take action!

I should really have this post written by a neutral third party because many of you reading this will think….

“What else would a Realtor advise?  Doing short sales is how you get paid….”

I can certainly understand that frame of mind, but read on to understand why NOW is the time to short sale your property if you are upside down in equity and are having trouble paying your mortgage.
(more…)

How much time do I need to stop my foreclosure?

18 Jan

Hourglass in Bank

Do I have enough time to stop my foreclosure?

In a perfect world we would prefer 30+ days before a trustee sale to give us enough time to list the house, get an offer and submit the short sale package to the bank in order to give the lender enough time to postpone the trustee sale.

Unfortunately we rarely live in this perfect world.

We have, in the past, managed to get a trustee sale postponed with a 2 weeks notice.   Back in November 2010 we received a panicked call from a prospective client who owned a property in Elk Grove, he had received a “Notice of Trustee Sale” while he was out of town (more…)