New Short Sale Scams – Beware of Who You Send Your Mortgage Payment To!

Short sale scams are still cropping up. One of the latest that has come to our attention “stop paying your mortgage to the bank and send it to us and we will modify your loan, and if we are not successful, then we will have your work with a real estate firm to implement a short sale”.

Please, please do not fall for this. No one and I mean NO ONE should be advising you to stop paying your mortgage. And above all do not send your payments to anyone but the lender who is servicing your loan. I thought we were past all of this nonsense and no one would be “stupid” enough to try and bamboozle people. But again, I am just so naive. Read the rest of this entry

San Ramon Valley Real Estate:Town Hall Gathering to Discuss Short Sales

Alamo Town Hall MeetingLast evening I attended a “town hall” meeting at the Woman’s Club in Alamo. The program was sponsored by Fidelity National Home Warranty with Shannon B. Jones, of the Shannon B Jones Law Group. as the special guest speaker. The purpose was to discuss some of the options available to home owners upside down on their mortgages and ramifications regarding short sales and foreclosures. The room was filled to the brim, and it would appear there is a great deal of confusion regarding the subject of a short sale.

Ms. Jones did not recommend a foreclosure over a short sale or vice versa, because as she discussed everyone’s circumstances are different. What she did discuss was the difference between a non-recourse and a recourse mortgage.

Here is an Incentive To Do A Short Sale

Do You Have A Chase Mortgage and Behind in Payments?

There is a rumor that Chase is giving underwater homeowners up to $30,000 to initiate a short sale on their past due mortgages to avoid  foreclosure. This is really big. What this tells me is that Chase would rather you do a short sale than have your home go to foreclosure. Why, bottom line is their P&L.

Not all Chase mortgages will be eligible for this incentive. The only loans will be those owned by Chase – not serviced by Chase. Read the rest of this entry

A Short Sale is Not the End of the World

In the past couple of weeks I have had several conversations with homeowners who are stuck as to what to do with their homes. They can’t make the payments or realize very soon they won’t be able to. At lunch the other day a colleague shared her story of losing her home.  When she got the notice of default in the mail, she put it in a drawer – afraid to read the whole letter or to take action. And because of her inaction, the home went to foreclosure. She is not alone. Many people  become “frozen” and wait too long before taking action.

We know when we have to face the tough decision to either try for a loan modification or sell the house. It is just easier to put it off – I know. But once the call is made to a real estate agent asking for help it is a huge relief. We are not alone in this situation. Thousands of families have been through the short sale process or will in the near future. Read the rest of this entry

Is It a Buyer’s or Seller’s Real Estate Market

Look at the Inventory to Determine the Market

Because this is not a traditional market, the statistics used to determine whether we are in a buyer’s or sellers real estate market are skewed.

Experts consider 6 months of inventory to be a balanced market- over this number and it is considered a buyer’s market, under 5-6 months we have a seller’s market. By viewing the chart below for Contra Costa County,one could make the assumption that we are in a Seller’s market–when in fact with under 3 months of inventory in most cities we are still in a Buyer’s real estate market. Read the rest of this entry

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