      |
FREE EBOOK-Short Sales and Foreclosures in California Housing Trends Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general. Please click on this link to view the latest 2010 Housing Trends eNewsletter: http://bit.ly/djyyNq The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau, Realtor.org reports and other sources. It also includes press releases with charts and videos, key market indicators and real estate sales and price statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more. If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report: http://bit.ly/djyyNq. Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.<br><br> Sincerely yours, Connie Gohata ERA Buy America Real Estate (While I hope you find the information contained in this eNewsletter useful and informative, if you wish to no longer receive it, you may click on the “unsubscribe” link at the bottom of the newsletter.) Many homeowners are behind in their mortgage payments, this month. Many more are losing their homes. If you are in this situation, there may be some hope, still, for you to save your credit. If you didn't already know this, a foreclosure on your credit file is much worse than late payments or a short sale. Yes, that's right, a short sale is not as hard on your credit score as a foreclosure. A Foreclosure may put you down 200 points. You may even get a "paid as agreed" with a short sale, or something no more than a slap on the wrist. With a short sale, you may be able to buy another home in less than 2 years! Many people are fed up with the system - the housing market has tanked, your payments are up, your available money is down. So, what to do? Yes, you should speak to a Real Estate Professional! I can help you make the best decision. Buying? Would you like an up-to-date list of homes available in the area that fit your parameters? Click Here TWITTER FEED |
 Connie Gohata, Realtor®
|
||
Real Estate Terminology: Foreclosure in California - The stages of foreclosure in California are: 15-30-60-90 days late or behind in a mortgage payment, the bank or lender has the right to demand payment or issue a Notice of Default, depending on the original loan paperwork. Once the payment is late and the lender is going to foreclose, it must file the Notice of Default (NOD) and advertise the notice in a newspaper/local publication. If the owner does not come up with the funds to bring the loan current, which also includes late fees and other fees, by the end of 90 days, the lender may file a Notice of Trustee Sale (NTS). This notice will have a date of sale, which means that the property will go to a lender's auction, usually at the county courthouse steps, or any place that the lender advertises. During the 21 days, the lender must advertise the NTS in a local publication. The sale will happen at the appointed time, unless there is a postponement. Moratorium - There have been a couple of moratoriums on Foreclosures, bothe Federal and Statewide. These have been lifted and more foreclosures are on the horizon. Many banks/lenders, have a lot of homes that they on which they have not foreclosed, yet, but they may issue NODs and NTSs very soon. REO - Real Estate Owned by a bank or lender. These homes have been taken back by the bank and have already gone through the foreclosure process. Short Sale - For our purposes, it encompasses Short Payoff, Short Sale - A sale approved by a lender/bank to sell a home for less than is owed to a third party. Many homes in Orange County and Southern California are being sold as a short sale. This method of sale may take weeks and even several months to complete. For more terminology, go to the FC Terminolgy, at the top of this page, or just click here.
Updated 11/28/2009 |
||||
