Senate Bill 931 – California Anti Deficiency

Senate Bill 931 – California Anti Deficiency

What does this mean for California and the increasing number of homeowners in financial distress who want to avoid foreclosure and find short sales to be a dignified option?

Senate Bill 931 was filed with the Secretary of State and approved by Governor Schwarzenegger on September 30, 2010.  This new law became effective January 1, 2011.

New Law effective January 1, 2011

Governor Approves SB 931

Senate Bill 931 adds a new provision to California’s Anti Deficiency Statutes, Code of Civil Procedure Section 580e.  Section 580e provides that a lender who holds a first deed of trust on residential property and agrees to a short sale is not allowed to seek a deficiency judgment or otherwise attempt to collect the balance of the loan after agreeing to approve a San Jose short sale.

This is an important piece of legislation even though it did not receive much fanfare. Many lenders that previously agreed to short sales would “reserve their rights” as to any deficiency, as a condition of the short sale approval. Reserving the right leaves the question of whether or not a lender, after a short sale closes, could seek to recover the balance of the loan after they had agreed to accept less in the short sale.

The provision of the code does not limit the ability of the first deed of trust or first mortgage to seek damages if the Trustor commits fraud with respect to the sale or waste with respect to the real property.

The section does not apply if the Trustor is a corporation or political subdivision of the state.

There is no mention as to if Section 580e of the Code of Civil Procedure is retroactive, or not. Short sale agents and/or negotiators best practice would be to ensure language to the effect that the lender is forgiving the balance is included on short sale approval letters scheduled to close before the end of 2010.

San Jose Short Sale Agents and Third Party Negotiators

Hiring San Jose Short Sale Agents who hire a Third Party Negotiator is much like drinking and driving. It’s a lethal combination that could be deadly in terms of a successful short sale. Prudent decision-making dictates … don’t do it!

I was talking with a buyer’s agent on one of my short sales. The buyer’s agent and I have a good rapport. He is very responsive to phone calls, emails and quickly returns documents that require signatures.  As a San Jose short sale agent, I appreciate a responsive buyer’s agent. 

The agent expressed his appreciation for how I manage my short sales.  I explained why I do not use a third party negotiator.  My reasons resonated with him as he experienced the same issues with the negotiator he hires to manage his short sales.  However, he simply does not like managing the short sale so he hires the task out.  I believe this practice ultimately compromises the sellers in exchange for his personal comfort.  

Short Sales are not Child's Play

I strongly believe San Jose short sale agents need specialized training in order to be effective. Unfortunately, training is not required by the California Department of Real Estate. One only need a real estate license to transact short sales.

Agents who are not trained and/or who do not want to negotiate the short sales should focus on non-short sale activity. I’ve been listing and closing short sales long enough to know what happens when an agent attempting a short sale does not know what they are doing. Ultimately, it serves no one except possibly the agent if they manage to get the approval and close the sale.

The Buyer’s asked me if I offered short sale negotiations as s service.  I explained the reason why I do not. It’s essentially the same reason I don’t hire out the service.  I have little control over the transaction when someone else is tasked with dealing with the lenders and servicers. Conversely, as a third party negotiator, I have no control over the sellers. Control meaning setting realistic expectations upfront, keeping lines of communication open, and ensuring full cooperation with the process.

My clients hire me to list, market, negotiate and close the short sale.

Hire an Experienced Short Sale AgentEven though I do not necessarily enjoy dealing with the lenders and/or servicers and their broken short sale process, I do not believe there is anyone who can do a better job than me.  My short sale success fully supports that statement.

If you need a San Jose short sale agent, then hire an agent qualified to do their job which is to help you avoid foreclosure and ensure your best interests are being served at all times. 

Call today for a free, no obligation consultation. 

800-972-1822

Money and Power – Follow the Money

I recently received my personally signed copy of Money and Power by Steven Sadleir who I met for the first time about 6 years ago. I am impressed with Steven’s background and his message to the world. Steven is about spreading peace, love, joy and happiness … creating Heaven on Earth.

As a San Jose short sale agent, I want to learn more to better understand how and why our nation is where it is today with the Federal Reserve, the banking cartel, and how banks make money even when the lender approves short sales at a so-called “loss.”

Although the take on Facebook was originally intended as a spoof we all need to understand that big brother is watching. How much truth is in the spoof? That is up to each of us to decide. I’m deciding as I continue to read Money and Power, The Secret History.

I feel the manner in which lenders and servicers treat homeowners and the San Jose short sale agents that represent them is absolutely shameful. There really needs to be laws against it.  If we are going to enact laws, then we need laws to protect the people not the big bad banks who shamelessly profit from struggling tax paying citizens.

“If you want to know who controls the world, just follow the money.” New York Congressman, Allard K. Lowenstein.

Milpitas Homes for Sale


Homes for Sale in Milpitas Ca


Overview
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Description
Market Stats

$369,000
Single Family Home
Main Features
2 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 1350 sqft
Lot: 03 sqft
Location
723 Jennifer Way
Milpitas, CA 95035
USA
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Kathleen Daniels, CDPE, CHS, RDCPro

Kathleen Daniels, CDPE, CHS, RDCPro

Intero Real Estate
(800) 972-1822
Kathleen@ExclusiveSanJoseHomes.com
http://www.ExclusiveSanJoseHomes.com

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Another San Jose Short Sale Closed by Short Sale Agent

Short Sale time frames vary depending on the number of loans and who services the loans.

If all short sales were processed like Wachovia short sales then this short sale agent would enjoy managing short sales! Truthfully, short sales are work, work and more work. No one really knows how much work goes into processing a short sale until one actually processes a short sale.

Below is an outline of the time frame for this Blossom Valley home short sale. It was not a HAFA short sale. The property was an investment property and not the sellers primary residence.

  • List Date: July, 4, 2011
  • List Price: $153,000
  • Sale Date: July 8, 2011
  • Days on Market: 4
  • Lender Approval: July 18, 2011
  • Number of Days to Obtain Approval: 7 days
  • Close of Escrow: August 8, 2011
  • Sales Price: $145,000
  • List to Close: 5 weeks to the day!

Documents Required:

  • 1 page Wachovia Fast Track Form which took approximatley 1 minute to complete.
  • Non-HAFA participation letter. This was to ensure the file was not automatically routed to HAFA and slow the process down.
  • Third Party Authorizaton
  • Listing Agreement
  • Purchase Agreement
  • HUD
  • Buyers Proof of Funds

That’s all folks. No tax returns; No pay stubs; No bank statements; and No B.S.

BUT WAIT, THERE’S MORE!

Seller Incentive if closed within 30 days of approval: $3,000.

Agent Incentive if closed within 30 days of approval: 1% of Sales Price or $1,450.00

Wachovia Short Sales – This Short Sale Agent’s Dream Come True!

You can save your home from foreclosure. Get the help you need now. Don’t wait until you run out of time. Call your local short sale agent who is trained, certified, experienced, with a track record of helping homeowners avoid foreclosure.

Call 1-800-972-1822 today!

San Jose Short Sale Agent – Thankfully Yours!

Yesterday I received

My clients who closed on their HAFA short sale at the end of last month sent them.

Thank you Mr. and Mrs. Client for your trust and confidence in me.  It means more to me than words can express.  There is so much beauty in the flowers and in you!  You are an inspiration to me to continue to do what I do. Serving people like you adds a greater purpose to my life. 

Thank you!

I am one blessed San Jose Short Sale Agent to have had the honor of helping you avoid foreclosure!

5543 Judith St. – San Jose Short Sale

5543 Judith St. # 3, San Jose 95123

Beautiful Blossom Valley

Blossom Valley San Jose Condo for Sale

2 Bedrooms

1 Bathroom

903 Square Feet

1 Car Covered Carport

List Price: $148,000

All Cash or Conventional Loan

Investment Opportunity Knocks!

Blossom Hill Estate – HOA Fees $265/month

Kathleen Daniels, San Jose Homes for Sale | San Jose Short Sale Agent

214 Coy Dr. # 1, San Jose 95123

214 Coy Dr. # 1, San Jose 95123

Beautiful  Blossom Valley

Blossom Valley San Jose Condo for Sale

2 Bedrooms

1 Bathroom

810 Square Feet

1 Car Covered Carport

List Price: $153,000

All Cash or Conventional Loan

Investment Opportunity Knocks!

Blossom Hill Estate – HOA Fees $286/month

Kathleen Daniels, San Jose Homes for Sale | San Jose Short Sale Agent

Short Sales Agent Closes HAFA Short Sale

If you are having difficulty managing your mortgage payment and don’t know what to do, then you need to understand your options.

You can avoid foreclosure by taking the right steps now to get the information you need.

Call Kathleen Daniels today for a free no-obligation consultation1-800-972-1822

HAFA Short Sale

Foreclosure Alternatives

Short sales are not easy. They require patience and a lot of work. It all pays off in the end.

It paid off for Campbell California homeowners who made the all important call to Kathleen Daniels.

Timeframes will most definitely vary depending on the number of loans and who services the loans.

Below is an outline of the timeframe for this Campbell Home which was eligible for and approved for a HAFA short sale.

  • List Date:  2/25/2011
  • List Price: $589,000
  • Sale Date: March 6, 2011
  • Days on Market:  9
  • Lender Approval:  May 25, 2011 (Wells Fargo Home Mortgage – 1st Mortgage | Chase – 2nd Mortgage
  • Close of Escrow: June 24, 2011
  • Sales Price: $620,000
  • List to Close: 4 months
  • HAFA short sale: Sellers received $3,000 for relocation expenses

You can save your home from foreclosure. Get the help you need now. Don’t wait until you run out of time. Call your local short sale agent who is trained, certified, experienced, with a proven track record of helping homeowners avoid foreclosure.

Call 1-900-972-1822 today!

Successful San Jose Short Sales

San Jose Short Sales

List Date:   1-16-2011

Sale Date  3-15-2011

Days on Market: 58

Lender Approval Date: 4-15-2011

Close Date:  6-3-1011

Sales Price: $375,000

FHA Financing

Don’t wait until it’s too late. Understand your options. Avoid Foreclosure.

Call today for your free – no obligaton consultation!

1-800-972-1822

Downtown San Jose Condo

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Description

Neighborhood

Market Stats

 

$389,000
Condominium
Main Features
3 Bedrooms
3 Bathrooms
Interior: 1404 sqft
Lot: 1,307 sqft
Location
San Jose, CA 95112
USA

To get updates on open home dates and other property events, please click the “Like” button below:

 


Kathleen Daniels, CDPE, CHS, RDCProKathleen Daniels, CDPE, CHS, CSSN, RDCPro

Intero Real Estate
(800) 972-1822
San Jose Short Sales
San Jose Homes for Sale
 

Listed by: San Jose Homes

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