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Buying a home perhaps is the greatest investment of one’s life. Therefore, before taking out a home loan or mortgage loan, one must think about all the prevalent issues closely. However, the task of taking out a home loan is much easier than finding an option of bad credit mortgage refinance. So, don’t get panicky or daunted by the jargons and terminologies associated with home loan procedures, rather follow a disciplined and prudent approach, while taking out a new home loan. Read ahead, to know about a few basic but crucial considerations, which can help you accomplish your long awaited dream of purchasing your home, with least trouble.
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Nowadays home owner mortgage rates have risen up. Thus, it will be quite effective for you if you’re able to take out a mortgage at a low rate of interest when you’ll decide to purchase a home. This will make your monthly payments affordable and help you save thousands of dollars. Before you take out a mortgage, it is quite important for you to know certain facts that will help you take the right steps.
How is it possible to get the information of the interest rates?
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It used to be appreciation… Today it’s defined by income potential and a hedge against inflation. If you have $100,000.00 in the bank making a very small interest rate you probably aren’t very happy. The stock market is most likely too volatile for you so you don’t know what to do other than keep it in the bank.
Now might be the time you might look at real estate. In the Sacramento market prices have been coming down like most other areas in California and they still are coming down but something interesting is happening when as you get closer to $100,000.00 and below. It’s an interesting phenomenon because for all intents and purposes we have hit bottom. Some properties in this price range are getting up bid when listed.
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Our Bankruptcy and Foreclosure Prevention Attorneys have options for every situation, they understand foreclosure and bankruptcy is not a onc size fits all…you need to call today. Don’t wait any longer; it will only get worse…
We know times are tough, you aren’t sure what to do, but this one thing you know, you need to do something and need to act quickly before is too late. Maybe you are under water in your home and tired of throwing good money at a bad problem, maybe you can’t afford your house payments anymore due to an adjusting loan, or maybe loss of income is causing the additional stress, you’ve tried talking with your lender and after months you have gotten nowhere and you are frustrated with a great level of uncertainty. Your bills are increasing, your credit cards are up to their limit, you are starting to receive unwanted creditor calls…it is time to let the experienced bankruptcy and real estate attorneys at The Law Offices of Ted A. Greene, Inc. step in and help you with all of your problems, we will steer in the right direction for YOU. We are one of the few law firms that can assist with BOTH your real estate needs (short sales, foreclosure assistance, etc) and/or your bankruptcy needs so whichever option fits you and your needs the best, you can rest assured that our experienced attorneys can assist you quickly and competently with a level of confidentiality. With our offer of a free consultation you have nothing to lose and everything to gain. Call The Law Offices of Ted A. Greene, Inc. today, go ahead and schedule your free one-on-one confidential consultation with one of our experienced Bankruptcy Attorneys and/or Foreclosure staff.Call today at 916 442 6400 or vist http://upsidedownca.com |
Due to the economic you may find yourself in a Financial Hardship. A Short Sale is a consideration for some people…not all. Take a look at your options below.
We Complete Short Sales at Zero Cost to You!
A “Short Sale” is a sale that does not produce sufficient funds to pay off the existing monetary encumbrances against the property after the costs of sale have been subtracted. Seller’s creditors are third parties who have an interest in the Property in the form of a deed of trust, some other security, or a lien (like a tax bill).
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As a California short sale Broker, this is one of the most common questions I’m asked by potential short sale sellers. I am also a California attorney and all the legal ramifications of a short sale certainly are at the top of the list but assuming the legal questions are answered then the hardship letter is the next challenge to face. Some short sale sellers tend to put off and put off writing their hardship letter. It is different than a loan modification hardship letter, where the purpose is to indicate that you have it hard but you can still afford to stay in the home if your lender makes a few changes to your loan. The short sale hardship letter’s purpose is to tell your lender that you can’t afford your house and you need to sell it. Many short sellers have a difficult time writing about the fact that they cannot afford their home. Others want to criticize their lender placing the blame on the lender for their current situation. This is not recommended and while it might “feel good” to do that it does not add value to the hardship letter. The hardship letter for some people can easily become the never ending diatribe. Refrain from revenge no matter how good you think it might feel.
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You cannot get the death penalty for being behind on your mortgage, or go to jail but you are not going to “win” a free house either. Foreclosure defense is not about winning; it is about mitigation, which is not losing as badly as you could.
Sometimes a foreclosure defense is about a short sale, and sometimes it is about a modification. Foreclosure defense is always about lessening the credit hit as much as possible…and putting the homeowner in the best possible position to be a homeowner again…even if that means having to wait for credit repair. A 2-3 year wait in some areas might actually make sense since some areas are still dropping in value with no end in sight.
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Gov. Brown Signed SB 458 Prohibiting Deficiency for a California ShortSale
Governor Brown signed SB 458 this week. Senator Corbett’s bill 458 will extend anti-deficiency protection for all mortgages in a short sale. Presently, SB 931 added Civil Code 580e in January, which prohibited first mortgage lenders from pursuing a seller for a deficiency after a short sale.
SB 458 takes effect immediately as an urgency statute. It applies to 1 to 4 units in California, and only for a short sale. Junior lenders such as a second or third mortgage can no longer pursue a deficiency after a short sale on 1 to 4 units in California.
If you’re thinking about doing a short sale and have been putting it off, don’t wait. Now is the time to call me to get the ball rolling. This still could mean that banks could ask for seller contributions if the seller is in a position to pay it for second and third mortgages. The details of how this new law will be interpreted remains to be seen but at least it’s a positive step in the right direction.
It still means that a short sale is still a far better option than a foreclosure, especially if you’ve got a hard money loan in second position. At least it will protect the people who never got a release of liability because their agent didn’t know enough to ask for it. Remember that even with this new law (and maybe more so because of it) you NEED LEGAL ADVICE when doing a short sale.
Please contact us today for a FREE LEGAL consultation.
(916 442 6400) or go to http://upsidedownca.com
My name is Ted Greene. I am an Attorney experienced in Real Estate, Foreclosure and Bankruptcy. I am also a Real Estate Broker. When mortgages started going upside down sometime in 2007 I realized something very profound. I was in the right place at the right time to help people who were caught up in this housing nightmare.
It really hit me when I was talking to a nice couple that wanted to file bankruptcy. During the intake process I asked them if they owned a house and they said yes. The lawyer they talked to prior to coming to me told them to let the house go in foreclosure and then file bankruptcy. I asked them if they had thought of a short sale. They said no. We ended up doing a short sale for them and while the short sale was taking place they used the money they were NOT paying the mortgage company to pay down their debt at a reduced settlement and they did NOT have to file a bankruptcy. I felt an incredible sense of satisfaction because I had really helped them. They avoided having a foreclosure and a bankruptcy on their record and will be in the position to buy a house in 2 years should they desire.
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| The below questions were answer by our inhouse attorney.
Is buying a bank owned property (REO) from Bank of Amercia a good option? Walk away from mortgage pros and cons? Can we short sale if we owe more than the house is worth? Continue reading » |
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