Sat, February 20th, 2010
A Morsel of Housing Help for California… And an Idea
The Feds finally acknowledged, somewhat, that the housing problem in this country goes much deeper than banks and insurers, and threw a bone this week toward homeowners in the hardest-hit states, including California. (There are five states designated to receive funds.)
Time will tell exactly how much California receives from the allocated funds, or in what manner the funds can be used as approved by the feds. The amount of TARP funds allocated to the homeowners (and perhaps would-be homeowners as well)? $1.5 billion. Total. Not $1.5 billion per desperate state. $1.5 billion for everyone, including our state, which could swallow that paltry amount in minutes with its needs.
There clearly is not enough money allocated in this proposed program to truly repair the loss of equity many homeowners have suffered in their property in relation to their loans on the property. Perhaps some assistance to the banks in approving short sales? Oh, I forgot, they already subsidize the banks by compensating many of them for losses on property.
I would suggest attempting to use funds to draw down principals on loans for homeowners in a short refinance (principal reduction). If this works on a small scale, then a larger version, perhaps with real money, could be implemented next year. Just an idea.
Yes, the Obama camp acknowledged the problem. Just not that it’s a big problem.
Posted by Nick Yonano at 05:52
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Labels: Mortgage Default, foreclosures, housing, housing market, property value, real estate, short sale
Fri, February 5th, 2010
Short Sale Seminars in El Dorado Hills
We just had another short sale seminar at Old Republic Title in El Dorado Hills, sponsored by Intero Realtors of El Dorado Hills. Paul Norton and Jody Durkett did a great job of facilitating. We had a wonderful credit specialist as well as a title officer, an Certified Public Accountant (Sam Hoppe, one of the best around), and yes, me.
If you missed it, and live in the El Dorado Hills, Cameron Park, or Folsom areas, or even nearby areas such as Sacramento or Placerville, let myself or Jody Durkett know so that we can make sure you are informed of our next seminar.
Posted by Nick Yonano at 04:51
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Labels: Mortgage Default, el dorado hills, folsom, foreclosures, housing, real estate, short sale
Mon, July 27th, 2009
Short Sale Seminar in El Dorado Hills
For those in the Folsom. Placerville, and El Dorado Hills area, who are interested in learning more about short sales, there will be two seminars held in El Dorado Hills at the Town Center, at Old Republic Title. The seminars are on Wednesday evening from 6:30 to 8:30 p.m., and Saturday morning from 9:30 to 11:30 a.m.
I will be speaking at the seminars as part of an expert panel. Other experts include a C.P.A., a credit specialist, title officers, and real estate agents, all with short sale experience. For more information, contact Jody at Intero in El Dorado Hills.
Posted by Nick Yonano at 01:18
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Labels: el dorado hills, folsom, real estate, short sale
Wed, June 10th, 2009
An El Dorado Hills Broker Who Knows His Short Sales
With the next wave of foreclosures coming upon us, it’s important to know who out there is qualified to help with a short sale. Even if you aren’t contemplating this well-utilized option, you probably know someone who is, or should. And it’s great to have names available in case your family member or friend is in need.
One Realtor which I highly recommend when it comes to getting your short sale handled properly, is Paul Norton. Paul is an Intero broker who is well-versed in the latest real estate practices, including short sales and similar transactions. He is an El Dorado Hills resident and also serves the Folsom, Cameron Park, and nearby communities.
Posted by Nick Yonano at 05:38
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Labels: Mortgage Default, Realtor, el dorado hills, folsom, foreclosures, housing market, short sale
Fri, October 3rd, 2008
Short Sales or Foreclosures, and Deeds In Lieu: Which is Best or Worst for My Credit Score?
I was discussing this crazy market the other day with a friend of mine who runs a very solid mortgage firm. His name is Andrew Vierra, and his business is WealthWise Mortgage Planning. He asked me a simple question that I think many people are asking. In fact I hear it more and more these days: What’s worse for your credit, a short sale, a foreclosure, or a deed in lieu of foreclosure? The short answer is a foreclosure. But a deed in lieu of foreclosure can have much the same effect. And a short sale, while it may negatively affect your score, it’s not considered to be nearly as bad. Here’s an article from a good site that helps describe this as well.
Everyone’s situation is different. Some cannot wait for a short sale to possibly occur. Some don’t have the resources to wait it our or to bring in a broker. Others can, and give this option a shot, hoping that they don’t regret the long and tedious process. Others, frustrated by the whole situation, just stop making payments and let the upside-down property go. Your best bet: talk with your agent. Get his or her best advice. Or talk to your mortgage broker or attorney. They see it all day long and may give you a fresh look at your options.
Posted by Nick Yonano at 09:32
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Labels: Mortgage Default, broker, foreclosures, housing market, short sale
Thu, September 11th, 2008
Sacramento Bee tells a Short Sale Story
Today’s Sac Bee has an interesting article on the difficulties with short sales. It’s like many real estate agents and brokers are sitting there reading this and saying, yeh it has been tough to deal with banks, what’s new?!?. But it sounds like more and more lenders are willing to work with homeowners to avoid additional foreclosures. The next step for some of these folks is to figure out how to streamline the bidding process by cutting out some of the steps in getting an offer approved. Instead of 60 -90 days, it should only take 2-4 days to get an offer and counter through their systems.
Posted by Nick Yonano at 09:13
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Labels: Uncategorized, foreclosures, real estate, real estate agent, short sale
Mon, July 7th, 2008
Short Sales Become the Norm
The future is here, at least when it comes to the newest type of a real estate opportunity. The short sale, a description used for the sale of a home (by a lender and the homeowner together) prior to an expected foreclosure, often for less than the amount of the existing note secured by the home, has gone from being a frightening novelty to many real estate agents, to just another characteristic of a listing. Yes, many agents deal with the complexity much as they would deal with a buyer with less than perfect credentials. They either deal with it and find a way to make a deal happen. Or they make the choice to avoid them altogether. There’s nothing wrong with either strategy. I can’t blame some agents for passing on these types of listings. But like ‘em or not, short sale listings will be around for a long time. If you’ve decided that your practice should include short sale listings, don’t be afraid to ask and learn. You can never know too much about the process of a short sale transaction.
Posted by Nick Yonano at 04:31
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Labels: Uncategorized, foreclosures, short sale
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