Modesto, CA Real Estate News

Modesto CA - The Stop Foreclosure Institute recently received a question from Christy. “Why would I do a short sale instead of saving the monthly payments and letting it go into foreclosure?” Christy asked. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer. If you stop paying your mortgage, then you can live in your home rent free for 12-24 months, depending on the state you are located within. I have seen lenders wait a year after the first missed payment just to file for foreclosure. Yes, you can live in your house for free for a long time. However, a short sale has many advantages over a foreclosure. It does less damage to your credit and allows you to buy another home in 2 years versus the 5-7 years after a foreclosure...
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Modesto CA - Wiki leak's Editor, Julian Assange, recently said he would be releasing documents on a large US Bank. We decided to beat him to it and release some information on how a large US Bank caused their client to lose an estimated 40k because of their incompetence. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. This is a house that we drive past every day on my way to work. We noticed that it look abandoned. We looked up the owner to see if they might want to sell the house. That’s when I saw that the home had already been foreclosed. The house was foreclosed on February 4th, 2009. That’s almost a two years ago. Since we didn’t know who the lender was, we forgot about the house. But, it was a great example of why a bank owned house ...
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Modesto CA - We recently negotiated a short sale on a VA Loan. After the appraisal is complete and all the other necessary document have been received, VA guidelines state the loan servicer should give us an answer within 15 days. The loan servicer took 65 days to give us an answer. That is a complete violation of VA’s requirements. “Oh, but that’s no big deal”, you might say. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. It is a big deal, because VA (and every single US Taxpayer) loses money as a result. VA insures VA lenders against loss, provided they follow their guidelines. VA is able to make an “educated bet” that they can issue these guarantees because they have laid out rules to control the lending and loan servicing environment....
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Modesto CA - We had a short sale recently with a certain loan servicing company. The funny thing was that this loan servicer was hired by the owner of the loan to work on behalf of them. In other words, the loan servicer was to look out for the loan owner's best interest. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Processing and approving a short sale will usually avoid future losses on a mortgage. Boston Consulting Group recently did a study on the difference between a short sale and foreclosure. They found that a short sale dramatically reduces future losses when compared to a foreclosure. Here is a real life example: One lender rejected a 385k short sale offer. The home was foreclosed upon and put up for sale. It sold for $230,000....
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Modesto CA - Most people think the person they mail their mortgage payment to every month is the owner of their loan. Not so. In fact, most of the time, they are not the owner. As an example, 80% of all loans that Bank of America handles are not owned by Bank of America. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The largest owners of US mortgages are two companies that some would allege are owned by Uncle Sam. They are Fannie Mae and Freddie Mac. They own an estimated 55-60% of all US Mortgages. Another estimated 10-15% are insured by Uncle Sam as well, thru the FHA and VA loan guarantee programs. Another estimated 10-15% are owned by Wall Street Firms, Pension Funds, and other entities. That means the company you mail your check to ...
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Modesto CA - I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. When you get in front of a jury and show how this company’s negligence caused Fannie Mae to lose $15,000 (what I project they will lose) and that it hurt him as well, the jury will award damages in a heartbeat. Here are some of the damages a foreclosed homeowner might be able to ask for. Credit Damage. A foreclosure is much more damaging long term to your credit than a short sale. For the next 7 years they will have to answer yes to the standard question that is on most credit applications: "Have y...
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Modesto CA - I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is a quick recap of what I recommended Arman do. Step #1: Call up IBM and demand a written letter explaining why they are declining the short sale offer. Step #2: Write down what you project your damages are going to be if the property is foreclosed upon instead of sold as a short sale. Step #3: Call up the company handling the loan for Fannie Mae and tell them if they reject the short sale for no reason and the house is foreclosed, then you will be suing them for those specific damages you dr...
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Modesto CA - The Stop Foreclosure Institute recently received a question from Arman. Here is his question. I am a Seller trying to avoid foreclosure. My agent has a buyer and his offer is with the lender from last seven months. Now the lender told us that Fannie Mae investor refused the short sale offer and the house is going to foreclosure early next week. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The lender’s own appraisal shows the house is worth $120K. The offer we have is for $150K. I told the lender that it is unlikely they will receive and offer for 150k after the foreclosure. She replied and said, "We or some of our investors will buy it"!!! I don't want a foreclose on my record. Is there anything I can do to stop the foreclo...
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By Christina ONeal, Realtor - Ripon California
(At Home Real Estate Group)
Modesto Junior College Active Shooter Training   December 6th 3:00 PM to 5:00 PM Pirates Village 130     What would you do if there were someone shooting in your building?   What could you do to improve your chances of survival in the first few minutes before responders arrive on the scene?   What can you expect from Campus Safety?   What can you expect from Modesto Police Department?   This training has been requested many times.  They have listened and agree that what you can learn from this training could make for a safer campus and safer you.  Campus Safety has partnered with MPD and MJC Counseling Services to provide this training that is modeled after a nationally recognized program from UC Davis.  We brought you this training last Fall and Spring Semesters with excellent results....
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Modesto CA - I just saw the second of two articles about homeowners losing their home or property because of high property taxes. Most of the stories were based in the Northeast, where the property taxes are much more expensive. I one story, http://www.wbaltv.com/r/25677444/detail.html, a Maryland Woman is going on a hunger strike to bring attention to the situation. The story makes it sound like high property taxes caused her mortgage payment to go up by 40%. That is a huge jump in property taxes. I have seen some people’s property taxes jump by $200 to $400 myself. In another story, a lady in Connecticut lost some property next to her house after a drawn out tax dispute. Here is the link to the news report: http://www.youtube.com/watch?v=hFQzxY2Mlxo. The new owner of the land put up a...
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Modesto CA - The Stop Foreclosure Institute recently received a question from Tim. Here is Tim’s Question. “I have an elderly friend who recently finalized a loan modification through her lender. The mortgage company shows on their website that the mod has been processed and the new terms are in effect. However, since foreclosure proceedings were begun before the mod was approved, her homeowner’s insurance holder will not renew her coverage policy, since the local Clerk of Courts records show that the loan is in a foreclosure process. The mortgage company has not sent the Clerk of Courts notice that the foreclosure case is closed. What can she do to avoid losing her insurance coverage?” Discover how other sellers successfully did a short sale and request a free consultation by clicking ...
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By Daniel Seider
(BTRE Big Trees Real Estate)
Modesto CA - I'm sure you have heard about forensic loan audits. I've heard people say how wonderful they are. "Your lender will approve your short sale right away", claims one. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. An agent told me a story about forensic loan audits. He worked with a woman who was trying to short sales 3 houses. He knew they were short sales and was glad to list them for sale. There was a guy involved who was supposed to be doing all the "negotiating" with the lender. Little did this agent know this guy was trying to flip the houses. This guy had a forensic loan audit done. He claims he paid foreclosure defense lawyers out of his own pocket. He did all this stuff in an attempt to force the lender to a...
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Modesto CA - Negotiating short sales is tough. In my opinion, some of the banks are not making good financial decisions. "We won't approve the file without the financials completely filled out," they say. Or, they tell you the numbers won't work when the investor guidelines actually say to approve the short sale. If the agent doesn't know who owns the loan (or their short sale guidelines), then the bank negotiators can lie to them. They don't know any better. Let me give you an example. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. The Stop Foreclosure Institute recently closed a short sale that where the owner of the loan was the Federal National Mortgage Association, also called Fannie Mae. The bank's appraiser said the home...
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By Jim Patton, Realtor - Stanislaus ,Merced, San Joaquin Counties
( Aspire Home Real Estate 209-404-0816)
One of the Jewels of the Central Valley and Stanislaus county is the Gallo Center for the Arts. I have been to several events there over the last 4 years that it has been open.  This past Friday night was one of the best.  This was the Broadway Production of Beauty and the Beast. This was a first class production with all the bells and whistles. (or is that Belles?)  It was a packed house and everyone seemed to be having a great time.  There were many young want to be Belles in the audience and I'm sure they had a great time.  The Gallo Center for the Artsis a first class facility located in the heart of Stanilaus County in downtown Modesto.  There are two theaters and a beautiful lobby.  The center hosts many events through out the year.  According to the Modesto Bee this was the most ...
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By Julia Hull, Realtor Modesto, California
(California Real Estate Mart, Inc.)
  Duarte Nursery in Hughson California has me absolutely Intrigued!!   Did you know that there is 30 different varieties of Poinsettias? I simply had no idea. Every year during the holidays I have driven by Duarte greenhouses but never stopped. I did not know until recently that it was open to the public. You have to understand that the greenhouses don't look like the standard neighborhood nursery greenhouses. While driving along side them it is a flood of Christmas colors so incredibly vibrant. Can you imagine 60,000 Poinsettias? For those who are not familiar with the area the nursery is located near Modesto in the Central Valley of California. Duarte Nursery, Inc. is the largest permanent crops nursery in the United States. Now that I know this well kept little secret it only seem fi...
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By Julia Hull, Realtor Modesto, California
(California Real Estate Mart, Inc.)
The Queen Bean  5th Food 4 Music   Friday November 19, 2010 5:30 p.m. The Queen Bean will be hosting an evening of music to help The Modesto Gospel Mission this year. 1126 14th Street, Modesto, Ca Music for the Evening - Badwater 5:45 - 6:45 Braata 7:00 - 7:45 Aaron Durr 8:00 - 8:45 Wicked Hickie 9 - 10 Admission: 3 cans of food & or any 2 non perishable food items & or,any type of pet food also. The pet food will go to the Stanislaus County SPCA. Thank you Queen Bean           REALTOR® Your Real Estate Connector serving the Central Valley of California. Passion for Real Estate Industry combined with Love for Historical area of Hometown Modesto. California Real Estate Mart, Inc. Graceada Park Neighborhood Homes For Sale 209-604-5028
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Modesto CA - What do you do when the house won't sell for any more money, but the bank keeps on rejecting the offers? You can give up, but the seller may lose their home to foreclosure. Ouch! Why not escalate the file and get it approved. Here's an example of how it worked for the Stop Foreclosure Institute. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. We had a house on the market for 4 months. We started the price at 200k and slowly brought it down to $169,900. We finally got an offer for $159,000. Since I knew the bank's appraiser's valuation, I knew the offer wouldn't work. The bank's appraiser said the house was worth $195,000. Yes, after we had had the house on the market for 4 months. Because I knew the loan owner's gu...
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By Julia Hull, Realtor Modesto, California
(California Real Estate Mart, Inc.)
McHenry Mansion     Built in 1883 by Robert McHenry           REALTOR® Your Real Estate Connector serving the Central Valley of California. Passion for Real Estate Industry combined with Love for Historical area of Hometown Modesto. California Real Estate Mart, Inc. Graceada Park Neighborhood Homes For Sale 209-604-5028
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By Daniel Seider
(BTRE Big Trees Real Estate)
Modesto CA - First, it benefits the owner of the loan. This is because they get to sell the house at today's price, versus what it will be worth 6-12 months down the road. I just did a comparison and pulled up sold listings. All of the listings were the similar properties in similar neighborhoods. First, I looked up the average selling price per SQFT of homes that sold in Spring. They sold for an average of $103 a SQFT. Then, I pulled up homes in the same neighborhoods that sold as REOs in the last 2 months. They are sold for an average of $85 a SQFT. These homes average 1,700 a SQFT. That means a 1,700 REO sold for $30,600 less. Ouch! Discover how other sellers successfully did a short sale and request a free consultation by clicking here. The other person that's getting value is the ...
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By Daniel Seider
(BTRE Big Trees Real Estate)
Modesto CA - I've heard the following myth from a lot of people. Here's what they tell me. "The banks can't afford to approve loan modifications because they don't want to take the losses on their books that fast. Also, their investors may not approve the short sale, because they can't afford to write off too much loss at once. And the circle goes around and around", they say. This common myth isn't true. Here is why. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. The odds are that your loan is not owned by your lender. For example, 80% of all Bank of America's loans are not owned by them. The biggest holders are the Government Sponsored Enterprises, also called GSEs. The GSEs are Fannie Mae, Freddie Mac, and Ginnie Mae. These ...
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