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Stockton Short Sale SOLD

September 8th, 2010 6:11 PM

We just closed this Wachovia short sale in Stockton today 09/08/2010. We had short sale approval in 26 days.

1834 Sandalwood Drive-Wachovia short sale. Featuring 3 bedrooms and 2 baths with seperate family and living rooms. Functional floor plan with a master bath. Sold for $91,250 with a $7995 concession to buyer for a new HVAC unit.

Please browse through the website and when you are ready to talk please email or call.

Posted by John Meyer on September 8th, 2010 6:11 PMPost a Comment (0)

Fannie Mae creates Short Sale Assistance Desk to assist REALTORS®

September 2nd, 2010 10:42 AM

Fannie Mae, in cooperation with participating MLSs across the nation, recently developed the Short Sale Assistance Desk to assist real estate professionals with handling issues that may arise following a short-sale offer. Post-offer short sale issues may relate to servicer responsiveness, the existence of a second lien, or those involving mortgage insurance.

The Assistance Desk will collect and submit information to Fannie Mae using a dedicated submission form on the member’s MLS Web site. The form then is submitted to Fannie Mae with data to help improve valuations and make quicker decisions regarding short-sale requests.

The Assistance Desk is designed to assist real estate professionals in cases where the standard approval channel has slowed down, and where Fannie Mae’s intervention may serve as a means for progress towards a resolution. The Assistance Desk is not intended to replace the standard approval channels, nor is it intended to serve as a compliance or enforcement function, or as a potential appeal for decisions the real estate professional believes to be unfavorable.
REALTORS® who would like their MLS to take advantage of the Short Sale Assistance Desk, should contact their MLS directly.

Posted by John Meyer on September 2nd, 2010 10:42 AMPost a Comment (0)

Foreclosure Avoided in Stockton, Lodi, and San Joaquin County-Latest News

August 20th, 2010 5:22 PM

Here is the latest numbers on borrowers who have avoided foreclosure with a Short Sale in Lodi and the Stockton Area.

Servicers conducted short sales or deeds-in-lieu of foreclosure on 35,496 properties with mortgages that have either fallen out of the trial stage or never qualified for one under the Home Affordable Modification Program (HAMP).

The Treasury Department released statistics on these mortgages that were held by eight servicers: Bank of America, Wells Fargo, JPMorgan Chase, CitiMortgage, GMAC, Litton Loan Servicing, OneWest Bank, and American Home Mortgage Servicing.

In total, these companies reported 409,981 loans that were canceled from a HAMP three-month trial. In order to become a permanent modification, a borrower must make three monthly trial payments. The servicers canceled these trials for either insufficient documentation, another default during the trial period, or the mortgage was already 31% of the household’s monthly income.

Of these canceled trials, 2.3% were either put through a short sale or a deed-in-lieu of foreclosure, equaling 9,373 properties.

For these same servicers, the Treasury reported 618,828 loans that were never accepted into HAMP either because the loan was already 31% of the household’s monthly income, lack of documents, or the servicer determined imminent default.

Of these, 4.2% were either put through a short sale or a deed-in-lieu of foreclosure, according to the report, for a total of 26,123 properties.

The Home Affordable Foreclosure Alternatives (HAFA) program was launched in April to provide incentives to servicers to put mortgages once considered for HAMP into short sales or deed-in-lieus.

A spokesperson for the Treasury could not confirm how many, if any, of these transactions were done through HAFA. The Treasury is expected to release a report on the program this fall.

Posted by John Meyer on August 20th, 2010 5:22 PMPost a Comment (0)

Short Sale Hardship Revisited for Stockton, Lodi, Manteca, Acampo Residents

August 16th, 2010 11:41 AM

What is considered to be a hardship to qualify for a short sale anywhere in San Joaquin County? See below:

Before a bank will approve a short sale or a loan mod, the bank will ask to see your hardship letter. What is a hardship letter and how do you write it? Don't panic. If you can write a letter to your mom, you can write a hardship letter.

What Constitutes a Hardship?

Lots of people think a hardship is based solely on financial matters, and that's not necessarily true. Just about anything that makes it difficult for you to continue making a mortgage payment might qualify you for a hardship.

The one thing that a bank does not want to see is a homeowner who wants to walk away simply because the home is no longer worth the amount the owner paid for it. While being upside-down is one of the qualifications for a short sale a bank is under no obligation to grant the short sale solely on that basis.

Think back to when you took out the loan and what your life was like then. Has it changed since then? If your situation is unchanged, the bank might say you can afford to stay in your home at your present payment level. If your situation has changed, here are some examples that may qualify for a hardship:

Unemployment
Reduced income (furloughs, new job, partner's loss of job, pay cut)
Illness or medical emergency
Job transfer (voluntary or involuntary)
Divorce, separation or marital difficulties
Exotic mortgage terms (an adjustable rate mortgage)
Military service
Death in the family
Incarceration
Increased expenses and excessive debt
Unexpected repairs or home maintenance

The Basics Behind a Hardship Letter

When I initially interview sellers who want to sell on a short sale in Stockton, I ask the sellers to describe their hardship. Agents who do a lot of short sales can sometimes become a little insensitive because we are focused on the statistics. For example, when a seller says she is getting divorced, it's possible that my eyes might light up and I'll blurt out, "That's fabulous." But then I realize how that comes across, which is not at all in the way I intended it. It's good to be getting a divorce and trying to do a short sale or loan mod because relationship difficulties generally meet bank guidelines. It's not fabulous that the parties are splitting up.

In your hardship letter, you want to explain 3 things:

How you got into your present situation
What you have done to try to get out this situation
Why this situation is permanent because nothing you can do will change it

Hardship Letter Mistakes

Writing a hardship letter is not a lot of fun. In fact, it can be downright depressing. Many people have no idea how bad their lives have become until they start to write a hardship letter. Sometimes, seeing all those awful things in black and white is startling. Don't be surprised if you cry. But don't take a 90-degree turn and talk about how your life will improve.

Your life won't improve. In fact, it will only get worse. If there is hope on the horizon, if there is a chance for recovery, for you to become whole again, trust me, the bank will not hesitate to grab a knife and plunge it into your heart. If the bank senses vulnerability, responsibility or anything else that shows the bank you might have the financial means at some point in the future to repay part of that debt, the bank will jump on it like hot fudge on a sundae. If the bank sees disposable income, it might ask for a seller contribution to grant a short sale or deny your loan modification.

Don't share your hopes and dreams for the future with the bank. It's none of the bank's business. The bank doesn't care about you or protecting your precious credit rating. In fact, if you're on the brink of bankruptcy or headed to foreclosure you've got a story the bank should hear. So, tell it. Be truthful.

What Else Goes Into a Hardship Letter?

You should put everything but the kitchen sink into a hardship letter and then, just for good measure, throw the sink in, too. Use numbers and percentages to explain loss of income or negative cash flow. Instead of saying you're borrowing money to make the mortgage payments, disclose the dollar amount and source of that debt such as "I've borrowed $10,000 against my VISA card to make my payments over the past 6 months, and I have tapped my cards to the max."

If your car needs maintenance or repair, if the cat has cancer and your vet bills are mounting, if your kids are starving to death on peanut butter sandwiches, and your fingernails are worn to the quick scrubbing other people's floors for pennies a day because your mom has moved in with your family and needs round-the-clock medical care, put it into your hardship letter. Paint the worst picture that you honestly can and keep going downhill with it.

Use simple words geared toward the education of a 6th grader. If you don't feel sorry for yourself by the time you have finished, maybe you didn't do the job right.

If you are in San Joaquin County and thinking of short selling please give me a call today.

Posted by John Meyer on August 16th, 2010 11:41 AMPost a Comment (0)

Stockton,Lodi,Manteca,Lathrop Distressed Sales=Stockton,Lodi, Manteca, Lathrop Short Sales

August 11th, 2010 3:21 PM

The share of distressed transactions in overall existing home sales was 32% in Q210, according to the National Association of Realtors (NAR).

While that’s nearly one-third of all existing home sales transactions, it’s a decline from a 36% share in both Q209 and Q110.

In addition, the national median existing home sales price was increased slightly in Q210 compared to the same quarter a year ago, as 100 of 155 markets NAR tracks experienced year-over-year price increases during the quarter.

According to NAR’s second quarter Metro Area Home Price index, the national median existing single-family price was $176,900 in Q210, up 1.5% from $174,200 in Q209, meaning half of the homes sold during the quarter sold for more, and half sold for less. NAR added that distressed sales in the second quarter of 2010 accounted for 32% of all existing home transactions, down from 36% a year ago.

NAR attributed the increase to additional sales volume spurred by the homebuyer tax credit.

The report said total state existing-home sales, including single-family and condo, rose 9.1% to a seasonally adjusted annual rate of 5.61m in the Q210, from 5.14m in the Q110, and were 17.3% above the 4.78m-unit pace in Q209.

In Q210, 100 out of 155 metropolitan statistical areas (MSAs) had higher median existing single-family home prices than in Q209, including 14 with double-digit increases. Two MSAs were unchanged and 53 saw price declines.

During Q110, 91 areas experienced year-over-year increases. In Q209, that number was only 26.

“All year we’ve been seeing relatively flat national home prices, which appear to be supported by market fundamentals,” NAR chief economist Lawrence Yun said in the report. “Prices in some areas remain below replacement construction costs, so even with an elevated supply of existing homes on the market, we don’t expect any consequential movement in home prices for the foreseeable future. Very low inventory of newly built homes also will help to support home values.”

Another factor impacting the increase is the type of properties sold and whether the houses were sold as distressed or in traditional transactions, Yun said.

“The recorded home prices in many markets were significantly depressed last year because of a large percentage of distressed homes sold at discount,” he said. “Now as more normal, non-distressed home sales are occurring, the median price in many areas is showing higher values.”

Since Q110, sales volume increased in 44 states and the District of Columbia. Since Q209, sales volume is up in 47 states and DC.

In the condo market, the median existing condo sales price was $175,700 in Q210, down 0.5% from Q209. In 26 of 55 markets, median condo prices increased and 29 declined. In Q209, four markets experienced increases.

Regionally, the median existing single-family home prices took the biggest year-over-year decline in the Northeast, down 3.2% to $238,000 in Q210. Existing-home sales in the Northeast increased 14.9% quarter-over-quarter to a rate of 980,000 in Q210, 23.6% above the second quarter of 2009.

The West experienced the biggest price increase, up 2.6% to $219,700 year-over-year in Q210. Existing-home sales declined 2.6% quarter-over-quarter to an annual rate of 1.23m, but are 7.6% higher than the rate in Q209.

In the South, the median existing single-family home price slipped 2% to $155,500 year-over-year in Q210. Existing-home sales in the region increased 10.9% during the second quarter to an annual rate of 2.1m, up 18.8% from a year ago.

The Midwest experienced a 1.4% decline in the median existing single-family home price, to $148,500 in Q210. Existing-home sales rose 14.5% during Q210 to a rate of 1.3m and are 20.9% above the same period in 2009.

Posted by John Meyer on August 11th, 2010 3:21 PMPost a Comment (0)

Are short sales in Stockton, Manteca, Lodi increasing?

August 10th, 2010 3:37 PM

More than half of the short sales conducted in the US over the last two years were done in California, Florida, Texas, and Arizona, according to CoreLogic. Missing among the sand states is Nevada, a state that’s held the highest foreclosure rate in the country virtually since the foreclosure crisis began.

The problem is that prices have fallen so far in Nevada markets like Las Vegas that non-distressed home sellers have to price the property at the REO level. A pre-foreclosure or foreclosed home won’t be priced too far below those selling in traditional sales.

For the entire country, short sales have tripled since 2008, as lenders have found that doing them in lieu of foreclosure is more cost effective. According to CoreLogic, losses on prime loans that go into foreclosure are 10-to-12% higher on average than those sold in a short sale.

Freddie Mac recently reported that its short sale figures were up 600% from two years ago and said in its Q210 financial statement that it completed 22,117 short sale in the first half of 2010, up nearly 180% from 7,914 in the first half of 2009.

And the need for short sales is growing, too. According to CoreLogic, 25% of all US homeowners are in negative equity, or underwater, meaning the borrower owes more on the mortgage than the home is worth. In Nevada, that number is closer to 70%.

In addition, Fannie Mae reported that it acquired 261,534 REO properties in the first half of 2010. At that pace, Fannie REO acquisitions will increase 80% in 2010 compared to the 145,617 acquired in 2009. In Nevada, Fannie acquired 4,137 REO properties through the first half of 2010, about 68% of the 6,075 Nevada properties it acquired in all of 2009.

Despite this, fewer short sales are taking place in Nevada than in California, Florida, Texas, Arizona and Ohio.

Kenny Wagner, owner of the Foreclosure Mitigation Company in Las Vegas, said home prices there are falling faster than the time it takes to do a short sale. By the time an end-buyer lender — the ones financing the buyer in a short sale — conducts an appraisal of a property to approve the transaction, the value of the home has already dropped, voiding the whole transaction.

“That and buyers know they can get better deals at a foreclosure auction here,” Wagner said.

According to RealtyTrac, a house sold in a short sale fetches a price 10% below the rest of the market, while an REO sale fetches a 19% discount. In Arizona, the short sale discount is 18%, Florida’s is 20%, Texas’ is 25%, and California’s is 28%.

But both borrowers and lenders will continue to pursue short sales, especially with the government’s Home Affordable Foreclosure Alternatives (HAFA) program leading the way, according to CoreLogic.

“Short sales have been, and will continue to be, an inevitable and necessary part of the mortgage industry’s post-crisis stabilization process,” according to CoreLogic.

Short sales in San Joaquin County continue to dominate our market. Please also visit ShortSaleInStockton.com for answers to any of your short sale questions.

Posted by John Meyer on August 10th, 2010 3:37 PMPost a Comment (0)

Short Sale Shadow Inventory Stockton

August 5th, 2010 4:22 PM

A teenager who graduated high school last May will finish college around the same time the market has moved through the shadow inventory of foreclosures built up from the recent financial crisis. That’s according to Morgan Stanley. The shadow inventory of homes with delinquent mortgages yet to move through the foreclosure process would take 47 months to clear at the current sales pace, almost four years.

A large portion of these are in California with Stockton laying claim to that as number one. The banks are bending over backwards to get these approved as short sales as an alternative to foreclosure.

If you need short sale help in Stockton, Manteca, Lodi, Acampo, Lathrop, or any surrounding San Joaquin community please give me a call today.

John Meyer

John Meyer Realty

209-598-8217

Posted by John Meyer on August 5th, 2010 4:22 PMPost a Comment (0)

Fannie Mae is angry!

July 28th, 2010 7:37 PM

Fannie Mae announced that if you are strategically walking away from your property there may be some consequences involved. Make sure you have a documentable hardship before pursuing a short sale in the Stockton area or San Joaquin County. Please see the attached article below and if you need information on a short sale in Stockton, Lodi, Manteca, or anywhere in San Joaquin County please use the resources available on my website for answers to your short sale questions.

fannie-mae-intensifie.pdf

John Meyer

John Meyer Realty

Phone: 209-477-5760

Email: johnmeyerrealtor@comcast.net

Posted by John Meyer on July 28th, 2010 7:37 PMPost a Comment (0)

Short Sale Hardship Letter

July 19th, 2010 2:15 PM

What Constitutes a Hardship?

Unemployment
Reduced income (furloughs, new job, partner's loss of job, pay cut)
Illness or medical emergency
Job transfer (voluntary or involuntary)
Divorce, separation or marital difficulties
Exotic mortgage terms (an adjustable rate mortgage)
Military service
Death in the family
Incarceration
Increased expenses and excessive debt
Unexpected repairs or home maintenance

The Basics Behind a Hardship Letter

In your hardship letter, you want to explain 3 things:

How you got into your present situation
What you have done to try to get out this situation
Why this situation is permanent because nothing you can do will change it

Hardship Letter Mistakes

What Else Goes Into a Hardship Letter?

Use simple words geared toward the education of a 6th grader. If you don't feel sorry for yourself by the time you have finished, maybe you didn't do the job right.

If you are in San Joaquin County and thinking of short selling please give me a call today.

Posted by John Meyer on July 19th, 2010 2:15 PMPost a Comment (0)

Still time for a short sale? Yes!

July 16th, 2010 12:55 PM

Midway into 2010, 1.65M Properties Have Received Foreclosure Filings

That figure means that one in every 78 homes received at least one foreclosure filing between January and the end of June. The midyear total represents a 5 percent decrease from the previous six months but an 8 percent increase from the first six months of 2009.

More and more of these notices lead to the homeowner successfully avoiding foreclosure with a short sale. If you have received a notice of default then there is still time. Call me today to see how a short sale can save you from foreclosure.

“The midyear numbers put us on pace to exceed 3 million properties with foreclosure filings by the end of the year, and more than 1 million bank repossessions,” said James J. Saccacio, CEO of RealtyTrac.

“The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market,” Saccacio added.

Foreclosure filings were reported on 895,521 U.S. properties during the second quarter alone. Default and auction notices were down, but bank repossessions (REOs) increased 5 percent from the previous quarter and 38percent from Q2 2009. During the second quarter of this year, 269,962 homes were taken back by lenders – a new quarterly high for RealtyTrac’s report.

“The second quarter was a tale of two trends,” Saccacio said. “The pace of properties entering foreclosure slowed as lenders pre-empted or delayed foreclosure proceedings on delinquent properties with more aggressive short sale and loan modification initiatives. Meanwhile the pace of properties completing the foreclosure process through bank repossession quickened as lenders cleared out a backlog of distressed inventory delayed by foreclosure prevention efforts in 2009.”

Narrowing the scope, the numbers fare a little better. Foreclosure filings were reported on 313,841 U.S. properties during the month of June, a decrease of nearly 3 percent from the previous month and a decrease of nearly 7 percent from June 2009. June marks the third straight monthly decline in overall foreclosure filings.

Back to the midyear numbers, nearly 6 percent of all Nevada housing units, or one in 17, received at least one foreclosure filing in the first half of 2010, giving the state the nation’s highest foreclosure rate during the six-month period despite decreasing foreclosure activity. A total of 64,429 Nevada properties received a foreclosure filing from January to June.

Arizona registered the nation’s second highest state foreclosure rate in the first half of this year, with 3.36 percent of its homes, or one in 30, receiving a foreclosure filing. Florida registered the nation’s third highest rate, with 3.15 percent, or one in 32 homes, in some stage of foreclosure.

Other states with foreclosure rates ranking among the nation’s 10 highest were California (2.54 percent), Utah (1.91 percent), Georgia (1.79 percent), Michigan (1.73 percent), Idaho (1.68 percent), Illinois (1.61 percent), and Colorado (1.40 percent).

Posted by John Meyer on July 16th, 2010 12:55 PMPost a Comment (0)