Category Archives: foreclosure

What does a Notice of Default look like?

Posted on by

 

You hear the term all the time.  Notice of Default, (NOD).  If you google the term, you get pages and pages of definitions and suggestions on what to do.  But after reading all of the material, could you identify it if you saw it?

 

As the San Jose Short Sale Agent, I try to explain the significance of this document and try to describe what the documents looks like to my clients, but most cannot visualize it.   However, I don’t blame them, because even for me, in order for me to learn or absorb something: I need to see it, feel it or experience it before it will register in my brain.  I supposed we are all the same in this regard.

 

Instead of always trying to describe this document, I decided I would show everyone a sample.  This way, they will know when the official foreclosure process has begun and certain timelines have been established.   This is when things get very serious.

 

 

 

Sample NOD
As you can see from a real NOD from one of my clients (relevant information removed), the document simply identifies three things:  a) how much do you owe, 2) to whom do you owe said money and 3) when the sale date (a.k.a. auction date)  can take place if said money is not paid.   If the default amount is not paid by the end of 90 days, then the agent of the beneficiary can file a Notice of Trustee Sale (NOT or NOTS), which will describe when and where the property will be sold.

 

If you see one of these documents in the mail, then it is time you seek help from someone who can stop the foreclosure process.

 

 

Miraval Homeowners are you having difficulty making your mortgage payments

Posted on by

 

Miraval Homeowners, are you or someone you know having financial hardship which is preventing you from keeping up with your mortgage payments?  Have you been turned down for a loan modification?  Do you know if you were a victim of dual track foreclosure? Do you need help?

 

You are not alone in your struggle.  1 of 7  homeowners are cannot keep up with their mortgage payments and faced with uncertainty as to what to do.

 

There is help out there for you.  Depending on your situation, there are Federal Government approved programs which may even provide you with $3,000  assistance to help you move and another $6,000 to pay off a second mortgage during these dark days.  Find out more about your options.

 

We have helped many homeowners, and your neighbors at the Miraval as well, escape from their stifling situation.  There are solutions available to you.  Let us help you.   Learn about your options.   Move on with your life.  Not doing anything is not an option.

 

Please contact us for a no-obligation consultation.

www.sanjoseshortsaleagent.com
650-605-3188

 

 

Who does not qualify for a short sale?

Posted on by

 

 

 

 

 

 

 

 

 

 

 

 

We get all kinds of requests and questions about who can qualify for a short sale.

Many people, due to unforeseen hardships, are unable to make their mortgage payments are able to qualify and get the needed approvals.  However, because the short sales are becoming such a large part of  real estate transactions and all participants are trying to standardized the process through the  HAFA  program and because  HUD, a government agency,  oversees and encourages the utilization of short sales, not everyone will qualify.

Simply put, if you have been convicted of certain financial misconduct, most lenders who participate in the HAFA program cannot permit a short sale to be approved.

Below is the Dodd Frank Certification which is a part of the JP Morgan Chase’s  Short Sale package.    If you answer yes to any of these offenses, you are ineligible to receive any benefits that result from a short sale approval.

 

Dodd Frank certification

 

 

Blossom Valley Home for Sale – 4213 Kingspark Dr., San Jose, CA 95136

Posted on by
Check out this gorgeous Blossom Valley Home with endless possibilities.  Cute as a button.  High ceilings and lots of open space.  Remodeled kitchen with stunning granite counters and matching backsplash and so much cabinet space.  Great for the first time homeowner.  Close to everything and if the kids like swimming, access to community swimming pool.
Beauties like this do not last long.  Go check it out.
 

4213 Kingspark Dr
SAN JOSE, CA
Cozy home with large living areas.

3BR/2BA Single Family House
$385,000
Year Built 1972
Sq Footage 1,305
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors 1
Parking 2 Car garage
Lot Size 5,800 sqft
HOA/Maint $0 per month
Description
Great Blossom Valley home in a fantastic neighborhood. Vaulted ceiling and abundance of windows means the house is full of warm natural sunlight. Large living room with a wood burning fireplace and a large updated kitchen which opens up to a large family room that opens up to a large covered patio. Perfect for family gatherings. The home is also near shopping and major freeways for easy commute. Ideal place for the first time homeowner. If the kids like swimming, community pool membership available.
Property Features
Central heat Fireplace High/Vaulted ceiling
Walk-in closet Tile floor Family room
Living room Breakfast nook Dishwasher
Stove/Oven Granite countertop Laundry area – garage
Balcony, Deck, or Patio Yard

 
Additional Photos

Front

Living Room

Family Room

Kitchen

Master Suite

Bed 2
Contact Info
Steve Mun Group
Keller Williams Realty
DRE#:01358433
(650) 605-3188
For sale by agent/broker

 
Equal Opportunity Housing

 

Your lenders pay my fee. Really, it is true.

Posted on by

The Answer:

Really, it is free to you.  But you must choose wisely to insure a smooth and effective transaction.

 

The Question:

Is it true that the seller is not responsible for paying real estate commission in a short sale?

This must be a strange concept for those who are unfamiliar, but it is absolutely true.

The candidates for short sales are in their difficult situations because they are suffering financial hardship and unable to make their mortgage payment, let alone the commission to pay a Realtor helping them with the short sale transaction or the closing costs associated with said sale.

Common sense dictates, if the sellers had the money to pay such listing associated costs, then they would be able to help pay the mortgage in the first place.  Hence, it is customary for the lenders to pay listing commissions. The HAFA program, which is standardizing the short sale process, specifically states that they will pay customary listing commissions as long as the seller hires a licensed real estate broker.

I raise this issue because some scared homeowners are so accustomed to and afraid of interest, fees and penalty charges being slapped on them, that they are in shell-shock mode and continue to delay their decision to seek short sale assistance, often to their detriment.

For those who are uncertain:  It is absolutely true. Your lenders will pay for your Realtor commission, as long as you hired a licensed one.

Now that the issue of who pays has been resolved, the only thing that you have to worry about as a seller, is hiring a Realtor who is experienced and competent to insure that the short sale deal will close once and for all.    If you do not have to pay for their fee, why wouldn’t you want to hire the best and the most experienced Realtor you can find out there?  Do your research and ask the right questions.

 

In a mortgage default situation, doing nothing insures that the foreclosure will be expedited

Posted on by

I got a call yesterday from an out of area agent who wanted to get some information about short sales because he searched on the web and found me as one of the top San Jose Short Sale Agent.  Like many Real Estate Agents, he did not really understand and did not want to learn about short sales, so he wanted to get some information that he could pass along and refer the relative to me.

 

One problem: a Trustee Sale date was scheduled one week ago.  For those who are not familiar, a Trustee Sale is also known as an Auction Date.   The homeowner wanted to stop the foreclosure but the Agent was not aware of the Trustee Sale Date.  This could have been a

 

This illustrates and highlights an issue I want to discuss today: when dealing with foreclosures, inaction leads to action.  Being afraid of the prospect of losing one’s home is understandable, but allowing that fear to transform us into acting like a deer in the headlight is not an option.  You must take action one way or another.

 

In the case above, the homeowner was afraid and did not know what to do and that fear led her into inaction.  But we must remember, she had months of notice as to what was eventually coming.

 

The typical non-judicial foreclosure process looks something like this in California (remember, this is a simplified description for illustration purposes only, each case and timeline will be different):

 

  • Homeowner misses 2 to 3 mortgage payments.
  • Lender sends Notice of Default – giving 90 days to re-pay delinquent payments plus interest and penalty or will lead to Trustee Sale or Auction Sale
  • Typically within 21 days of missing the deadline issued on the Notice of Default, a Notice of Trustee Sale date is scheduled at the courthouse steps
  • On the scheduled date and time, the property will be put on auction for sale

In a typical scenario like above, we are looking at minimally 6 months, from missing the first payment, before an auction date is set to sell the property; sometimes it takes much longer.   During this time, in addition to the numerous phone calls, letter and the actual notices are sent to the homeowner’s mailing address.   The homeowner had plenty of notice as to what was eventually coming, so whether she wanted to pay off the delinquent monies, or request a loan modification or do a short sale, she could have contacted the lender to slow down the process or find out alternative options available to her.  There are methods to delay or extend the trustee sale date.

 

What is my point?  She knew she wanted to stop the foreclosure, but by the time she decided to do something about it and reached out to someone for help, it appears, it was too late.

The lenders generally do not want to foreclose on a property because they can make more money using other foreclosure prevention methods. So if the intention is to prevent a foreclosure, the homeowner must take action, reach out to the lenders to request a loan modification or to a Realtor to do a short sale, or call me and I can answer questions you may have if you are in Silicon Valley, but take some sort of action before the trustee sale  date is scheduled.   In a foreclosure situation, by not doing anything, you have actually chosen to expedite the foreclosure process.

 

California Association of Realtors’ (CAR) Open Letter on Short Sales

Posted on by

Here is an open letter from CAR’s president, Beth Peerce, discussing the need to get lawmakers and other involved parties to create a more standardized short sale process.  It is a good explanation of the challenges that stand in the way of getting a short sale approved.