• SB 931 Does Not Apply to Short Sales of Unimproved Real Property

    13 December, 2010 Uncategorized 0 Comment

    I recently wrote about SB 931, California's latest bill and a strong tool in helping distressed borrowers.  There is one additional exclusion that must be pointed out, especially since many landowners are simply that-land owners and not homeowners. Among SB 931's exclusions are deficiencies arising from the short sale of raw land.  SB 931 protects borrowers from deficiencies of a first deed of trust where the lender consents to a short sale ... Read more »

  • SB931: A Step Forward for California Homeowners Planning to Short Sell

    Quiet but effective.  SB 931 passed unaninomously by both California houses, was signed by the Governor on September 30, 2010.  The bill, which will add a new section to the Code of Civil Procedure, Section 580e, is designed to provide relief to homeowners who are underwater on their first deed of trust but are uneasy about short selling their home since the lender is threatening to pursue a deficiency judgment for ... Read more »

  • California?s Anti-Deficiency Statutes Spell Relief for Many Borrowers

    There are many things that people complain about when it comes to the State of California. Taxes, burdensome regulations, and the general cost of doing business are just a few. However, if you?re a homeowner, California may be your best friend, especially in these tough economic times where a major hurdle many people in the Golden State face is the steep decline in their home equity. Unlike many states, ... Read more »

  • Charles Millhuff

    29 July, 2010 Quotes 0 Comment

    Many of life's circumstances are created by three basic choices: the disciplines you choose to keep, the people you choose to be with; and, the laws you choose to obey. Read more »

  • Fannie Mae Steps it up for Borrowers

    Fannie Mae's updated version of the HAFA program, which takes effect August 1, 2010, is similar to the program underway, but it offers slightly better monetary incentives to servicers and borrowers when it comes to short sales, foreclosures, and deed in lieu of foreclosures.  Here's a link to the news report.  I'm not sure if there is any real extra benefit to a Realtor involved in a transaction. One ... Read more »

  • HAFA – The Home Affordable Foreclosures Alternative Program

    The Home Affordable Foreclosures Alternatives (HAFA) program will soon implement new guidelines for borrowers and lenders to follow.  I don't know the details of the program yet, but here is a link that summarizes the guidelines.  It appears that the deed in lieu of foreclosure process will be integrated into the short sale process in a manner which helps borrowers out when attempting to move title back to ... Read more »

  • Deed in Lieu of Foreclosure–Ever a Good Option?

    I've helped a few people out lately in their decision of whether to accept a deed in lieu of foreclosure or let the process play out through a short sale or foreclosure.  In rare cases, a deed in lieu of foreclosure is an acceptable option.  In my experience, the relationship between the borrower and the lender dictates this direction.  For example, where the lender is a family member or close ... Read more »

  • Getting the Short End of a Short Sale

    Just came across this trend report when looking into some short sale trends.  What caught my eye was the term "Loss Mitigation Specialist".  I've seen this "specialist" in many forms; just recently this specialist actually represented himself as "sort of an attorney" to a client of mine who was about to go through foreclosure.  This specialist literally drafted a long, but very messy complaint against the lender, on ... Read more »

  • Partition of Real Property in Probate

    Oh, what to do with the property we may soon own!  That may seem like a good problem to have, but for many potential beneficiaries or heirs in a probate proceeding, this is an issue they would rather do without.  This is also the case in non-probate situations, where the actual owners of the property are not interested in owning the property and attending to all of the duties that ... Read more »

  • Real Estate and the Probate Referee

    A probate referee is required by California probate law to appraise every piece of property (unless there is a waiver that is not objected to by interested parties).  This most specifically includes real property.  Probate Code Section 9802 requires the probate referee to personally appraise the property.  In most cases, this report prepared by the probate referee will stand up to any objection that it was done in error, unless it can be ... Read more »