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Posts Tagged ‘strategic default’

What is a blighted home? It’s the home that has overgrown landscaping, broken windows, in general poor condition, used for vagrancy, and most likely abandoned. There are few instances where people live in the home and cannot clean up the lot or make any major repairs. In the latter case, the fire department makes periodic inspections of the properties and they will issue citations to make repairs or maintain landscaping. These citations require the changes outlined to made and if not a fine will be assessed. Many times the fine becomes a lien on the property which requires payment upon transfer or refinance.
What do you do if there is a blighted home in your neighborhood? A blighted home may have any or all of the following:

    Overgrown landscaping front and/or rear
    Deteriorating and unsafe buildings
    Inadequate sewers and street lighting
    Vacant, uninhabitable commercial space
    Dilapidated, overcrowded and unsafe housing
    Unsafe or unsanitary buildings
    Illegally dumped trash
    Graffiti

These conditions, and others, are a drain on the community and a hindrance to business investment. The Oakland Housing Code and the Oakland Planning Code help the City fight blight. Code enforcement can force private owners to clean up, repair or tear down blighted property.

To report blight on private property, call (510) 238-3381.
To report blight on public property, call (510) 615-5566 or e-mail PWACallCenter@oaklandnet.com.

If you witness illegal dumping on public property, help us by reporting the incident. Each year, the City of Oakland spends thousands of dollars to haul away tons of trash from the public right-of-way. We need your help to address this problem.

Foreclosed homes and residential buildings are likely targets for blight. To minimize the impact of vacant foreclosed property, the City requires owners, mortgagers or trustees to register these properties and monitor and maintain them. Learn more about the Vacant Building Registration Program, by calling (510) 238-3891.

If you are a property owner who has received a code compliance violation, call (510) 238-3381 to address cleanup. If your violation isn’t addressed within the allotted time, you may face cleanup fees and fines. Unpaid fines and fees will result in a lien on your property.
More information can be found on the City of Oakland website: http://bit.ly/qCYHd5

Talk to you soon. Leona Greenlow-Turner

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Bank of America has been engaged in a pilot of the principal reduction program since February, and is now moving into full participation to provide assistance to more qualified homeowners facing hardship. Bank of America is one of the largest servicers of single-family mortgages in California.

I heard of a few clients that were offered a principle reduction with Bank of America.

Fannie Mae and Freddie Mac loans WILL NOT  be included in the program.

BofA will also participate in two other programs using Hardest Hit Fund (HHF) money. They include a mortgage assistance program for the unemployed, which provides up to $3,000 per month in aid, and another initiative to give up to $15,000 to help delinquent homeowners pay off past-due balances on first liens.

Here is the entire article: http://bit.ly/pJkeFC

Talk to you soon. Leona Greenlow-Turner.

Jr. Lien Holders: http://bit.ly/mPc8Qn

Short Sale Incentives: http://bit.ly/ocjl4v

Loan Modification Quick Start: http://bit.ly/o9c39E

 

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With the significant increase of foreclosures, many are losing their homes. Where will these families and individuals live? Will they move back home, to another state, or Southern California? The stigma of foreclosure has lost its sting. Many landlords are open to renting to families that have had a trying situation with the real estate market. There is hope for homeowners. It is a very competitive rental market even with the higher rents.

City Average Rent Year-to-year growth
Palo Alto $2,450 13.5%
Cupertino $2,168 14%
San Mateo $1,964 14.5%
Santa Clara $1,903 15%
Redwood City $1,892 8.2%
Mountain View $1,812 13.2%
Sunnyvale $1,731 17.6%
San Jose $1,642 10.1%
Fremont $1,495 11.6%

*For apartment complexes with 50+ units
Source: RealFacts

CBS Article: http://cbsloc.al/mAHRX6

San Jose Mercury: http://bit.ly/oyJZtD

Data Analysis of Rental Markets: http://realfacts.com/

Rentometer: http://www.rentometer.com/ (Analyze if your rent is too high)

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 This is a quick list of where to find rentals in the Bay Area.

• sfbay.craigslist.org › housing (I have found this the best resource)

www.rentalguide.com

www.bayrentals.com

www.rent.com/rentals/california

www.apartments.com/California

www.bay4rent.com

• Community Billboards

• Word of Mouth

• Driving neighborhoods

• Social Networks

Please provide any feedback on what you found useful.

Talk to you soon. Leona Greenlow-Turner

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California Senate Bill 458 was signed into law on July 15 and is effective IMMEDIATELY for all short sale transactions the close after July 15, 2011. The law provides that junior lien holders no longer have any deficiency rights against the borrower after a short sale.

This law is being hailed as a major victory for borrowers because it removes the potential for deficiency liability after the short sale is completed and thus brings more certainty to the short sale process for borrowers. Additionally, it is hoped that by removing this negotiating impediment, that the short sale process will be quicker and smoother.

What is very important to note is that this law affects all pending but not yet closed short sales.

What do you think will be the position of the junior lien holder? If I was the bank and I cannot pursue my deficiency judgment and my just block the entire short sale.

Read full article http://bit.ly/rnCb53

Read the Senate Bill here: http://bit.ly/q6wAXX

 

Check out my previous short sales articles:

Bay Area Real Estate Today: More Short Sale Incentives for Homeowners http://bit.ly/ocjl4v

Bay Area Real Estate Today: Avoiding Foreclosure for California Homeowners http://bit.ly/og7ITa

Bay Area Real Estate Today: Fannie Revamps Rules on Delinquent Loans http://bit.ly/mUiInm

Talk to you soon. Leona Greenlow-Turner

 

 

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Fannie Mae announced this week new rules that will require mortgage servicers to act more quickly and consistently in helping troubled home owners avoid foreclosure. Fannie told servicers they must strive to build a “strong customer service relationship,” better understand why the borrower is missing payments, and educate them on ways to prevent foreclosure. ”

 Also among the revamped guidelines:

  • Fannie told servicers they will be required to contact home owners verbally and in writing within 120 days after a loan first becomes delinquent.
  • They will need to try to complete a loan modification or other option that keeps the borrower in their home or helps the borrower avoid the foreclosure process.
  • If foreclosure is unavoidable, servicers will need to follow a clear timeline and must begin the foreclosure process once a loan has been delinquent for more than 120 days.
  • Servicers also must make it clear when a property in the foreclosure process will be sold.

Source: “Fannie Mae Updates Rules on Delinquent Loans,” Associated Press (June 6, 2011)

The entire article is here: http://www.realtor.org/RMODaily.nsf/pages/News2011060701?OpenDocument

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, July 9, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

Upcoming workshop dates: Saturday, August 6, 2011; Saturday, September 10, 2011

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Chase is giving up to $30,000 to borrowers who participate in a short sale. The listing agreement has to be in the hands of Chase negotiator by 5/24/2011. I’m really going to try and get my client this short sale payout. Also, I”ll find out if chase is extending this date to listing agreements submitted after 5/24/2011.

Check this out: http://ht.ly/563rQ

Talk to you soon. Leona Greenlow-Turner

FREE Avoiding Foreclosure for California Homeowners Conference Call

Ask questions about the real estate market for distressed homeowners and what is your best strategy. You can also email your questions to: Leona@LeonaTurner.com

(605) 475-4000, Pin: 399922#

FREE Workshop Avoiding Foreclosure for California Homeowners

Saturday, July 9, 2011, 9 am PDT

3300 E. Castro Valley Blvd, Suite A, Castro Valley, CA 94552

Pre-register: Leona@LeonaTurner.com

Upcoming workshop dates: Saturday, August 6, 2011; Saturday, September 10, 2011

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