Distressed real estate has become a big business. Many people are looking to capitalize on people who are uneducated. Be careful when seeking help. If you are delinquent or behind on your mortgage, read this quick article before you do anything.
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Banks pulled one of the greatest magic tricks of all time. They made millions of Bank Owned REOs disappear. We all know that all great magicians make things re-appear afterwards. It seems that the banks are about to make the REOs re-appear now. 
The State of California is currently working on passing a Homeowner Bill of Rights. Monday 7/2/2012 the State Senate and Assembly took a big step towards getting this passed as a bill. “The Assembly, by a vote of 53 to 25, and Senate, 24 to 13, approved the Foreclosure Reduction Act”. This Act aims to help homeowners who are still struggling with homeownership. One of the most impactful things the act does is to limit the bank/lender options of foreclosure while they are exploring options such as principal reductions or loan modifications. 
The big banks have stopped foreclosing, thus pulling millions of REO homes off the market. Many of these delinquent homes are turning to short sales or REO Rental programs. In the first scenario, banks work a deal with the borrower to sell the home, short of the outstanding loan balance. In the second, banks take homes back and then rent them to the former borrower or another tenant. One of the things most folks neglected to consider was how the REO rental programs could and would be financed. This presents one of the largest hurdles. 
We’re pleased to announce that our new e-book California Real Estate: How To Pay Significantly Less Than Your Neighbors & Avoid Costly Mistakes is now available for download! We gave out a few copies over the weekend and have already gotten some positive feedback. Please let us know your thoughts. You can purchase 
A Short Sale or Short Pay is a type of real estate sale. It is not a foreclosure nor is it an REO. When a homeowner (borrower) is behind on their mortgage, sometimes the lender will allow the buyer to do a short sale. When you buy a short sale, you are buying it from the borrower, not the bank. However, the big catch is that you buy it SUBJECT TO THE BANK’S APPROVAL. 
The reasons you should work with a real estate broker are endless. Buying a home without representation is not in your best interest. When making such a sizable investment, you MUST work with a professional who is accountable for acting within your best interest. A real estate broker lives and breathes real estate every day and will provide the expertise you need. 
In California and across the country, homeowners are doing what’s called “strategic defaulting” on their homes. This means that even though they can afford their mortgage payment, the borrower is so underwater on their home that they intentionally stop making payments and ultimately give their home back to the bank. Does it make sense for folks in these situations to walk away? Another question some folks are asking… Is it morally wrong for borrowers who can afford to continue paying their mortgages to strategically default? 
Real Estate Owned (REO) properties are owned by a lender. REOs have been foreclosed on by the lender and are put onto the open market so the lender can recoup as much of their original loan as possible. 
A Short Sale is an alternative to a foreclosure or REO. A Short Sale is a process that owners and lenders can use to avoid foreclosure. When a homeowner is in default (behind on their mortgage payments), either the lender or the owner can contact the other and try to initiate a short sale. Contact us at 1-800-287-1808 today to get some help on short selling your home or if you have any other questions. |
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CONTACT US 1-800-287-1808 office | (310) 289-2339 fax | 225 E. Broadway #311 Glendale CA 91205 Scott Mehlman | DRE #: 01875873 | scott@capropertyfinder.com | (310) 430-6361 cell | Paul E. Drecksler | DRE #: 01908671 | paul@capropertyfinder.com | (828) 273-3031 cell SITEMAP Home | About | FAQs | Owners | MLS Search | Find A Home | Our Listings | Sell Your Home | Free Home Evaluation | Video Tours | Blog | Archives | Subscribe | Referrals | Contact | Login | Sign-Up © 2013 by CAPropertyFinder.com Protect Your Wordpress Blogs from Hackers, Spammers, and Brute Force Attacks 39 queries. 3.112 seconds. |
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