Vacaville California Real Estate
Short Sale your HOME?
(Certified Probate Real Estate Specialist)
Solano, Napa, Yolo, Sacramento County
Short sales. Short sales. Short sales
If you are considering a Short Sale on your home, call for a confidential consultation.
Over 85% of my business comes from referrals of past clients. I am a local, full time Realtor for Vacaville CA Real Estate and Solano County CA. Travis AFB, Napa and Yolo counties, Dixon, Fairfield, Benicia, Vallejo, Green Valley.
Surf the MLS at the top of my page
Updated Market conditions in Solano County, CA.,Yolo County and Sacramento County, California 10/23/2013
We are still seeing a lack of inventory in the county, but the buyer demand is starting to soften. Sellers have raised the prices on their homes so high causing the buyers to re-think buying a home at this time. Interest rates are up slightly also causing a slow in the market. We are still seeing multiple offers but not as many in the double digits. Home prices appear to be leveling out which needed to happen. Prices were going up again at an unbelievable rate but have now leveled off. Thank goodness! We do not need another crash. Hopefully we will see more inventory coming and regulate into a normal market. NOT YET THOUGH! Im still seeing a bunch of foreclosures and NOD's posted in the tax role.. but not nearly as many. Interest rate has dropped back alittle and is still well under 5% for now. Still a good time to sale. Sellers can still get a great value on their homes. As for buyers, if your price range is under 220,000.00 its still a battle to get acceptance on anything if you are aquiring a loan.
You need the knowledge of the local real estate market. I can help you with your unique needs and protect your best interests through every aspect of a real estate transaction. I am focused on providing you with the most personal attention and best service available. Member of the Board of Realtors, Realtor.Com/Showcase properties and have access to four MLS providers.
I am a Full time Realtor in the Solano County.The challenges of the real estate industry are getting more complex every day. You need a professional that is on top of the market and is prepared to protect your interests and guide you throughout the process. As a local Vacaville California Real Estate expert I am constantly researching the market and analyzing home prices so I can serve you with the latest and most accurate information and local market conditions.
Home Affordable Foreclosure Alternatives (HAFA) program. With the HAFA program, you may receive up to $3,000 for relocation expenses.
What is the HAFA Program?
The HAFA program is sponsored by the federal government and is intended to assist lenders and homeowners by streamlining the short sale process. It was developed to help homeowners settle their mortgage debt to avoid going through a foreclosure. When the program was implemented in 2010, numerous complaints were heard industry wide about the feasibility of obtaining help through the HAFA program. The problems were so big in fact, that it’s brother, the Home Affordable Modificaiton Program (HAMP), is considered a complete failure. The good news is that recent policy implementations have loosened the HAFA program requirements for distressed homeowners.
If you do not meet eligibility for the Home Affordable Foreclosure Alternatives program, other programs with similar benefits can be available to you. Some of the qualifications are:
Your home is worth less than what you owe to the lender
Your current mortgage was taken out on or before January 1, 2009
You are experiencing a hardship and cannot afford your current monthly payment
The home is your current principle residence OR the property has been rented out or vacant for less than 12 months
You are more than 60 days late on your mortgage payment
You have cash reserves less than $5,000 or less than three times the current mortgage payment
You are not less than 60 days from a foreclosure sale date
SENATE BILL 931 California
Senate Bill 931 (SB 931) pertaining to California Short Sale Deficiencies was signed by the Governor on September 30th. Beginning January 1st, 2011 any first mortgages that accept a short sale will not be able to obtain a deficiency judgment against a seller after the completion of a short sale. If a lender provides written consent to a short sale on a first mortgage, they lender must accept the sales proceeds as full payment and discharge the remaining balance due on the loan. The new law will apply to all first mortgage loans secured by one to four residential units, including purchase money, hard money and refinanced loans. The new law does not prevent the lender from seeking damages for fraud or waste by the borrower.
The legislative counsel's summary of the bill follows:
"This bill would prohibit a deficiency judgment under a note secured by a first deed of trust or first mortgage for a dwelling of not more than 4 units in any case in which the (owner) sells the dwelling for less than the remaining amount of the indebtedness due at the time of sale with the written consent of the holder of the first deed of trust or first mortgage. The bill would provide that written consent of the holder of the first deed of trust or first mortgage to that sale shall obligate that holder to accept the sale proceeds as full payment and to fully discharge the remaining amount of the indebtedness on the first deed of trust or first mortgage. "
The new law only applies to mortgages in the first lien position. It is still very important for any borrowers with a second lien to get in writing that any future deficiency rights are waived. While many attorneys believe that if a second mortgage is purchase money, that the seller will be protected under the non-recourse laws, there has not been any definitive case law to reflect this.
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For most families, buying or selling a home is one of the biggest decisions you'll ever make. I'd be honored for the chance to help you. Please call me direct or text! Luana Dunbar at 707-290-5082 or e-mail me anytime at Ludunbar@aol.com.
Call Me!... Your local Vacaville California Real Estate Agent, Realtor, Luana Dunbar @ 707-290-5082 or e-mail me @ Ludunbar@aol.com
Coldwell Banker KAPPEL Gateway Inc. Realtors, VACAVILLE CALIFORNIA REAL ESTATE EXPERTS.