Monday, June 29, 2009

off to SoCal.
He can pay the mortgage with the deal and still keep the building, instead of going into foreclosure. http://bit.ly/amYbp

Friday, June 26, 2009

New loan modification and short sale options for homeowners in trouble - http://bit.ly/138W3L

Tuesday, June 23, 2009

Door knocking...15 home owners in mortgage trouble, 3 actually opened the door w/owners not there, the rest no access or no answer.
Fannie, Freddie foreclosure starts spike http://bit.ly/ErzSU
Defaulting homeowners strike back...and vent big time! http://bit.ly/EYDzU
I'm a bit of a pessimist regarding this news but, who knows...we are what we think! I do like to think optimistic http://bit.ly/13o9FT

Monday, June 22, 2009

Real estate sure has changed here in the SF bay area! Listings 1947...http://bit.ly/mRBAC

Thursday, June 18, 2009

Estimated Monthly Payments: $125
*based on 30 year fixed APR loan with 20% down and no points Annual Taxes: $1,276 -
http://bit.ly/Zg4Sn
LOW INFLATION FIGURES PUSH MORTGAGE RATES BACK DOWN...low single digit rates, let's keep'm yeah! http://bit.ly/1htHp

Wednesday, June 17, 2009

Why Buy? Good insight on when you should take the plunge and buy real estate, it’s really based on you and only you! http://bit.ly/15StJZ

Monday, June 15, 2009

Starter Townhouse Available - http://bit.ly/Nl55T
INVEST IN A 4 PLEX IN SANTA CLARA, CA http://bit.ly/aiwfB

Sunday, June 14, 2009

Great Investment opportunity. Short Sale Subject to Bank Approval http://bit.ly/k1Xm6
Down Town San Jose - Short Sale / Lender Appr Req'd Condo less than 5 years old http://bit.ly/FYE6r
Renovated San Jose Duplex Move In Ready! 700K http://bit.ly/65BrA

Saturday, June 13, 2009

Beautiful Grand Cupertino, CA Home - Open Sat 1:30-4:30 http://bit.ly/hYroe

Friday, June 12, 2009

Beautiful, Immaculate, Move In Ready, Almost New Townhouse In 10 Unit Complex, Mountain View, CA, $767,000.00http://bit.ly/3w1Ser
Drop in Housing Prices Still Occurring but Market Activity Increasing http://bit.ly/17aI0D

Thursday, June 11, 2009

BOND YIELDS PUSH MORTGAGE RATES TO HIGHEST LEVEL IN SEVEN MONTHS http://bit.ly/1htHp
Feeling creative today! Here's a little snippet...http://bbltwt.com/ax0up

Wednesday, June 10, 2009

Defaults on De Rise http://bit.ly/iWnNR
Healthy food can be found here... http://bit.ly/cIGfJ
As a system of government, this bureaucracy is contradictive and actually does not make any sense at all. http://bit.ly/jh1gr
Do you want to become a microlender? http://bit.ly/pO1qd
http://bit.ly/15HcHi Reshaping Fannie & Freddie Obama administration might begin drafting its preferred solution...far from perfect.
We need more women in building...More Women Making Impact on Custom Home Building Market. http://bit.ly/kGdoK
Real Estate Outlook: Housing Rebounding "jump in sooner rather than later, if you want the lowest mortgage rates" http://bit.ly/pTVtY

Monday, June 8, 2009

http://bit.ly/oh0Ff Great idea! Could it work in your community?
http://bit.ly/YaQNv Crunchberries not a fruit, judge rules...really? Ha!
http://bit.ly/18R3kl Investor strategy
http://bit.ly/17nSJ7 Sound advice...

Saturday, June 6, 2009

A recent study shows that real estate is now as affordable as it's been in the past 38 years, homes are wildly affordable http://is.gd/Ncv9
Feds spoof knock-off video to win back consumers...kinda funny http://bit.ly/jh1gr

Friday, June 5, 2009

Feds spoof knock-off video to win back consumers...kinda funny http://bit.ly/jh1gr
I like this...Ha Ha! Ah yes...http://bit.ly/Gd4uS
Good laugh...I really thought he was going for the blonde... http://bit.ly/jh1gr
Finished up a 3-day fruit and vegetable cleansing, lost 7 pounds and feel Great! My plan was based on a magazine article...feeling good!

Thursday, June 4, 2009

Feds spoof knock-off video to win back consumers...kinda funny http://bit.ly/jh1gr
Dave Matthews has come out with his own GPS...order now! (via @jimmyfallon) http://bit.ly/jh1gr
Feds spoof knock-off video to win back consumers...kinda funny http://bit.ly/jh1gr
A recent study shows that real estate is now as affordable as it's been in the past 38 years, homes are wildly affordable http://is.gd/Ncv9
Thought for the Day

June 4, 2009

IF YOU DO A JOB ANOTHER’S WAY, HE OR SHE MUST TAKE THE RESPONSIBILITY. IF YOU DO IT YOUR WAY, YOU MUST TAKE THE RESPONSIBILITY.

The "loneliness at the top" that senior officials often feel comes from the certain knowledge that they alone are responsible for the failure or success of the organization. They may share their authority with associates, but not their responsibility. When a sports franchise suffers a losing season, the general manager and the coaches are held accountable. They, not the individual players, are responsible for the failure of the team; the team merely followed orders. When you become the leader, when you set the course, you must accept responsibility for the outcome.

This positive message is brought to you by the Napoleon Hill Foundation. Visit us at http://www.naphill.org. We encourage you to forward this to friends and family. They can sign up for this free service at our web site. If you would like to stop receiving these thoughts, please go to http://www.naphill.org/thought-unsubscribe.asp

Wednesday, June 3, 2009

3rd attempt to contact home owner in default...site visit no answer,cld no vmail, no answer, another one bites the dust. http://bit.ly/C1GoG
A recent study shows that real estate is now as affordable as it's been in the past 38 years, homes are wildly affordable http://is.gd/Ncv9
Thought for the Day

June 3, 2009

HIGH WAGES AND THE CAPACITY TO ASSUME RESPONSIBILITY ARE TWO THINGS THAT BELONG TOGETHER.

It’s been said that a leader’s job is to inspire others to high levels of achievement, while a manager’s job is to protect the assets of investors. The most successful people are those who recognize the similarities and differences between leadership and management responsibilities, fulfilling both with equal skill and aplomb. When they do, they realize the rewards that are commensurate with their efforts. When you cheerfully accept responsibility for your own actions and do your job in a way that protects the interests of your employer, you will soon be entrusted with more and more responsibilities. And those who have the capacity to assume responsibility-for the success of the project or organization-will always be paid the highest salaries.

This positive message is brought to you by the Napoleon Hill Foundation. Visit us at http://www.naphill.org. We encourage you to forward this to friends and family. They can sign up for this free service at our web site. If you would like to stop receiving these thoughts, please go to http://www.naphill.org/thought-unsubscribe.asp

Tuesday, June 2, 2009

Thought for the Day

June 2, 2009

ACT ON YOUR OWN INITIATIVE, BUT BE PREPARED TO ASSUME FULL RESPONSIBILITY FOR YOUR ACTS.

One of the primary differences between those who achieve greatness in their lives and those who manage only to "get by" is that successful people learned early in life that they were responsible for their own actions. No other person can make you successful or keep you from achieving your goals. Taking the initiative means assuming a leadership role, a position that singles you out for praise-and for criticism. The good leader is the one who shares the credit for success with others and assumes full responsibility for failures or temporary setbacks. When you accept responsibility for your actions, you gain the respect of others and are well on the way to creating your own future.

This positive message is brought to you by the Napoleon Hill Foundation. Visit us at http://www.naphill.org. We encourage you to forward this to friends and family. They can sign up for this free service at our web site. If you would like to stop receiving these thoughts, please go to http://www.naphill.org/thought-unsubscribe.asp
Thought for the Day

June 1, 2009

THE BEST JOB GOES TO THE ONE WHO CAN GET IT DONE WITHOUT PASSING THE BUCK OR COMING BACK WITH ALIBIS.

We often discover that people we view as "overnight successes" have in fact labored for years in obscurity before they were finally recognized and rewarded for their contributions. Success is a cumulative effort; the journey to the top in any field is usually long and requires careful planning. If you want to climb the first rung on the ladder of success, you must always take the initiative to get the job done, even when you find it less than challenging or even unpleasant. Eventually, you’ll earn your reward. You will become the boss, the leader, because you have developed the habit of taking the initiative to get the job done. You will get the best jobs because you’ve proven that you are dependable by accepting responsibility for your actions and your future.

This positive message is brought to you by the Napoleon Hill Foundation. Visit us at http://www.naphill.org. We encourage you to forward this to friends and family. They can sign up for this free service at our web site. If you would like to stop receiving these thoughts, please go to http://www.naphill.org/thought-unsubscribe.asp
Pending home sales rise 6.7 percent in April
http://ping.fm/1SyrZ (via @Agentopolis)
http://ping.fm/1SyrZ (via @Agentopolis)

Monday, June 1, 2009

Planning on buying a home? Helping Clients Estimate Their Affordability Range http://ping.fm/VVFo9
The machine is working. Washington Report: HUD Raises Expectations http://ping.fm/kydLa
Yesterday...made 2nd attempt to contact home owner that defaulted on mortage, looks like yet another foreclosure here in SF bay area.

Foreclosure Time Line

California is a non-judicial state when it comes to the different types of foreclosure. Although in rare circumstances a lender can pursue a judicial foreclosure in California it is very rare.

As a non-judicial foreclosure state, the lender can foreclose on the property without involving the legal court system. In California, the foreclosure process starts after the homeowner has defaulted in their loan payments. Although technically, a foreclosure can start as soon as the first payment is reported delinquent; in reality most lenders wait until the loan ages 90 days delinquent before it begins the actual foreclosure process.

The Foreclosure Begins

The period prior to a notice of default payment being recorded and the first missed payment is often referred to as the ‘pre-foreclosure period’. Once the Notice of Default has been file, the actual foreclosure is underway.

The lender must file and record with the County Recorder a Notice of Default (NOD) that specifies everything pertinent about the defaulted loan and the property being held as security. There is of course contact information giving the borrower the opportunity to make contact and redeem the loan. The lender cannot take any further action, unless prompted by the borrower for a minimum of 90 days from the recording date.

Once in the foreclosure process, the borrower not only has to cure the loan payments in arrears with all of the past due interest, late fees and other penalties but now also has to cure the legal fees billed to the account. Inmost cases just to file the NOD, most lenders are billed $1500. As the process continues and the legal department accumulates more billable hours the fees increase and must be paid in full to cure a default.

Within 10 days of the Notice of Default being recorded is sent by certified mail to each borrower, and guarantor of the not at the address provided. Anyone who has requested to be notified of any recorded documents, by special request, will also receive a certified copy of the NOD.

Just Who is Notified?

The next 20 days can be critical for the borrower who is looking to redeem. Within 30 days of the NOD being filed a copy is sent by certified mail to all junior lien holders that the Deed of Trust is being foreclosed on.

During this time period, the lender orders a Trustee’s Sale Guarantee Report, which will provide the mortgage holder with all of the pertinent title information on the property.

The foreclosure remains dormant during the 90 day period that was started by the filing and recording of the Notice of Default. At this point, all the lender can do is sit back and wait. This is the time when they (the lenders) will consider a short sale. So unless the borrower contacts the bank to pay off the arrears or a short sale offer is presented we just watch the clock tick for 90 days.

NOTE: The 90 day clock is not an absolute. There is no rule or law that says something MUST happen on day 91 – the rules of the game just prohibit the bank form taking any action prior to day 90.

The Publication Period

Have you ever seen the pages of PUBLIC NOTICES in the classified sections of the local papers? Each one is about 3 to 6 inches in length. They carry all sorts of notices about events that must be made public…and this is the way they do it. In today’s newspapers lately, more and more space is being devoted to these public notices since homes in the foreclosure process have to be published no less than 3 times before the bank can take the property back.

Once the 90 Day redemption period ends, the publication period begins when a Notice of the Trustees Sale (NOS) is published in an adjudicated newspaper of general circulation in the city where the property is located.

Once a week for three consecutive weeks the NOS is published. The actual sale date is established by adding 20 days to the date it was first published in the newspaper. In addition, a copy of the NOS must be posted on the property and in a public place.

In theory, this prevents a tenant from finding out about the sale of the property after it has taken place. The Notice is posted so all occupants know what is going on.

The NOS must also be recorded with the County Recorder. This must happen no less than 14 days prior to the actual scheduled sale date.

The Trustee’s Sale

Once all of the publication periods have been met, the property is sold to the highest bidder on the auction date. The bidder must have cash (cashier checks). The opening bid must include the complete outstanding mortgage plus all of the arrears plus all of the legal fees and Trustee sale expenses.

If there are not any bids at the Trustee’s Sale then the property will automatically revert back to the lender. The Trustee records a Trustee’s Deed Upon Sale with the County Recorder transferring title to the foreclosing beneficiary and allowing them to immediately start marketing the property to recover as much of their debt as possible. These properties are referred to as Real Estate Owned or REO by the mortgage industry.

What About the Second???

The second or any junior lien holder will in essence be wiped out by a Trustee’s Sale. In order to protect themselves they basically have a choice of three options…none of which are very pretty.

The first choice is to advance the necessary funds to bring the first lien current and then start the foreclosure process themselves for the amount they had to advance.

The second option is to bid at the auction to pay off all of the existing liens that are in front of them.

Third choice is similar to the second in that it involves bidding on the property at the foreclosure sale.

What Does a Borrower Owe at the End of the Day?

In California a lender does not have the right to seek a deficiency balance in foreclosure if the debt is for purchase money of the home. This protection is only for the first lien holder. As far as I can tell, it has not yet been tested if the protection carries forward on a purchase money second – meaning the borrower took out two loans to close the deal when they bought the property – such as an 80-20 split.

Cash out loans leave the borrower vulnerable to collection and litigation efforts to collect on these debts.

FORECLOSURE TIMELINE STEP BY STEP

Day 1
Record Notice of Default

Within 10 business days
Mail and publish Notice of Default

Within 1 Month
Mail Notice of Default

After 3 months
Set sale date

25 days before sale date
Send notice of sale to IRS (when necessary)

Within 10 days from 1st publication
Send beneficiary request for property directions

14 days before sale date
Record Notice of Sale

7 days before sale date
If court action, 7day rule may apply

5 business days before sale date
Expiration of right to re-instate the loan

Sale date
Property is sold to highest bidder at public auction

If Not Sold
Then the property is returned to the lender, as what is called an REO

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