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What is a Deed In Lieu of Foreclosure?

29 Mar

What is a Deed in Lieu of Foreclosure –

A “Deed in Lieu of Foreclosure” is just another foreclosure alternative.  It is when a borrower is in foreclosure and

Bankers always win

Bankers always win...

decides to sign over the grant deed to the lender in exchange for cancelling the loan and halting foreclosure proceedings if they have been initiated.  While a Deed in Lieu of Foreclosure will generally look better on a credit report there are a few issues with them:

Issues with a Deed in Lieu of Foreclosure –

Lenders will not always agree to Deed in Lieu of Foreclosure, they do not want to own real estate, they want cash.  Another issue can be if there are any other liens on the property;  If a lender agrees to a Deed in Lieu of Foreclosure they will have to take care of any liens before they will be able to resell the property, and since a foreclosure typically wipes out most junior liens this can be an attractive route for them.    So why would a lender agree to Deed in Lieu of Foreclosure?  Foreclosure are expensive and usually the value of a property is substantially less at a foreclosure auction versus a more typical real estate transaction. (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.

Short Sale Success Story – Elk Grove

20 Jan

“Sometimes it is better to be lucky then good and I was lucky to have stumbled on to Peter and his team”
– Chris Daste, former owner of 9482 Lyndley Plaza, a satisfied short sale client –

Picture of Short Sale Property

Lyndley Plaza, Elk Grove

Please take a moment to listen to a Q&A session with one of Peter’s short sale clients where he describes why doing a short sale was the best option for him and his family and why Peter Parker was the absolute right agent to handle it.

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…)

Release of Lien vs. Release of Lien AND LIABILITY on a Short Sale

11 Jan

Head scratcher

Understanding the differences can be a real head scratcher!

When attempting a short sale you MUST always make sure that your Real Estate professional understands the difference between the short sale lender releasing the lien & LIABILITY and when all they do is release the lien.  Not only should your real estate professional understand the difference they should also be working towards having your debt COMPLETELY discharged and working towards this goal from day one! (more…)

How much will a short sale cost me?

10 Jan

Short Sale Help

Short Sales Help

That’s a question we hear from our clients all the time and unfortunately, like everything else related to foreclosures and short sales, there seems to a be a lot of conflicting information our there.  One of the biggest questions they have is “who pays the short sale closing costs?”….

In our experience when our clients do short sales they have ZERO out of pocket costs, their lender pays the short sale closing costs, releases them of ALL future liabilities related to the balance owed (deficiency) and they have NO tax liabilities.

Lets take those points one at a time shall we?  “ZERO out of pocket costs”….  Usually when you sell your home you would have all sorts of closing costs associated with the sale of your home, the same is true of a short sale…. (more…)

Another Short Sale Success

10 Jan

“…. you were very clear on how the process would work and your communication was impeccable….”

– Sean Shaghaghi, former owner of 2808 Crested Street, a satisfied short sale client –

Crested Street - property photo

Picture of 2808 Crested Street

Please take a moment to listen to a Q&A session with one of Peter’s short sale clients where he describes why doing a short sale was the best option for him and his family and why Peter Parker was the absolute right agent to handle it.

Q: Why did you choose a short sale versus just letting the property foreclose and walking away from it?

A: Listen to Sean’s answer (more…)

HAFA Guidelines Eased – Will it make a difference?

7 Jan

On December 28th the Treasury department released updated guidelines to it’s supremely under performing HAFA program, after the California Department of Real Estate sent a letter to the Treasury outlining the specific problems and suggested solution for the embattled program.

Below are the old HAFA guidelines with the changes marked in red: