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Temecula CA “Notices of Default” & “Notice of Sale” Year to Date Report for 2011 to 2012
Below is a chart showing the past years foreclosure activity here in Temecula CA.
Here is what I see.
NOD’s (green line) Notices of default in Temecula have been showing a steady decline from 148 homes a year ago to just 71 homes a year later. A 52% decrease. Yet the Notices of Sale (NOS) in blue remain almost the same,only a 6% change.
So even though the numbers show less Temecula homeowners going into default the banks are not slowing down on the amount of Temecula homes that they are taking to sale/foreclosure. 87 last year to 81 this year.
Banks will normally post and mail out the Notice of Default after 4 months of missed payments. If the default is not cured by the homeowner it is followed up by the Notice of Sale. Before the notice of sale a Temecula homeowner has many options including a short sale.
Highly likely to recommend – A review from another Satisfied Temecula CA Short Sale Client.
Sold a Single Family SHORT SALE HOME in Temecula, CA.
We were unsure about the short sale process and ours was a little more difficult with tenants and a third loan on the home. Sidney assured us he could do it and he did. He is probably if not the most responsive professional person I have encountered. He responds to emails within minutes and phone calls too. We lived 6 hours from the home we were selling and he went above and beyond with checking on the house to make sure the landscape and pool were up to par. He went above and I would highly recommend him if you are thinking of a short sale or traditional sale.
Response from Sidney on 09/27/2012
Matt, Thanks so much for taking the time to let the public know how seriously I take the job of handling my clients short sale transactions. Sidney Kutchuk Broker Realty Works Temecula
Temecula short sale agent and broker Sidney Kutchuk explains the Short Sale Process.
BY now most homeowners have an idea of what a short sale is but don’t know if it is the right option for them. A short sale will present itself as the best option to most homeowners if they….
Can no longer afford to make the mortgage payment.
Need to move or relocate and can not sell the home due to current market values.
Divorce or court orders a home to be sold.
Nearing retirement and you need to downsize and reserve your capital.
Or you just got in over your head and need a fresh start.
A short sale gives you a controlled exit to today’s crazy real estate market and in most all cases a complete break from a bad mortgage with no deficiency owed to your lender and no tax issues when you are a owner occupied home seller.
What does it cost you to sell your home as a short sale. All costs are paid by your lender not you.You will have no-out-of-pocket costs and in many of my short sales I have been able to get you a check at the closing. These checks range from $1,500 to $30,000.00 with most sellers getting $3,000.00 at the close of a short sale.
Will you have to have a sign and lock-box on your home and be invaded by agents and buyers?
NO,I will keep your short sale low key with no drama. My marketing is talored to you and your familys needs. My system works and your home will be in escrow within the two weeks. Once I have secured a buyer the short sale process starts with your lenders. Currenty it is taking me 3 months to get the short sale approval letter from your lender and with that in hand we then have 30 days to close. All in all total time from start to finish of your short sale is 4 months.
The above is an outline of what I am currently seeing with todays Temecula Short Sales. Please contact me direct by phone or email so I can go over the short sale process with you and give you a more speific detailed plan and time line based on your home and the loans you have.
Mortgage Debt Cancellation A message from the President of C.A.R. Calif Assoc of Realtors.
California’s tax treatment of mortgage debt relief income generally aligns with federal law, and both the California and federal laws are set to expire at the end of 2012. For debt forgiven on a loan secured by a “qualified principal residence,” borrowers are exempt from both federal and state income tax consequences, but only until Dec. 31, 2012. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.
However, these tax breaks apply only to debts discharged from 2009 through 2012. It may be that Congress will take action to extend the federal exemption before year’s end, but we will have to wait and see. If the federal law is extended, it is likely that California would follow in due course, as in the past, but it is not guaranteed. The last time the federal tax exemption was extended, California did not conform its tax law until well into the next year.
Sellers who have transactions closing after Dec. 31, 2012, should speak to their own legal counsel or tax advisors about the impact of the expiration of these laws and their potential tax liabilities, including the applicability of other exemptions from debt relief income tax.
$30,000.00 handed over to my HAPPY Temecula Short Sale Client.
Today I was very happy to be able to hand over a check for $30,000.00 to my camera shy Temecula short sale client ofter the close of a hard fought short sale.
This check came from Chase bank after a most challenging short sale with Chase bank and Real Times Resolution. Getting these two banks to agree on the terms of this short sale took over 6 months of tough negotiations. Two flat turn downs,three sale dates set and postphoned and a lot of blogging to the social powers of the press. Oh did I also mention three different buyers! I pursisted and won big time for my clients! Another home saved from foreclosure.
Fannie Mae and Freddie Mac will allow borrowers who are current on their mortgage payments to qualify for short sales.
Starting Nov. 1, owners whose loans have been purchased or guaranteed by Fannie or Freddie may qualify for a short sale if they fit key hardship criteria including: unemployment; divorce; long-term disability; a change of employment that is more than 50 miles from the current home; a business failure; death of the primary or secondary wage earner; or a natural or man-made disaster.
Fannie and Freddie will allow borrowers who are current on their mortgage payments — not seriously delinquent as traditionally required — to qualify for short sales, provided they fit the hardship criteria.
In the past, short sales often have been drawn out and contentious, sometimes taking nine months or more to close. They have also had a high rate of failure and cancellations, when buyers get frustrated and bail out of the transaction after waiting for banks and loan servicers to make decisions and process paperwork.
Another other key change in Fannie and Freddie short sales is that members of the armed forces who receive permanent change-of-status orders and are underwater will be automatically eligible for short sales, even if they are current on their loan payments.
Canyon Lake custom Pool Home.
Canyon Lake Pool Home