Wanted: Rossmoor coop for sale! Wanted: Rossmoor coop for sale! Or, a Rossmoor condo? Either way, I’m hot on the hunt for a 2 + bedroom coop or condo for my very nice client! T he Rossmoor real estate market is HOT right now . Most units are selling with multiple offers. Rossmoor is in Walnut Creek and is an exclusive, secure, active adult community for 55+ and up.

Golf, clubhouse, tennis, bocce and so much more is waiting for the residents of Rossmoor. Some listings are exclusively listed with one broker, unable to be shown by others. They sell in a day , typically in house. I would love to offer my buyer a chance with these sellers too! So if you are thinking of selling your Rossmoor coop or condo – call your broker and tell them to call me, or call me directly!

T his is NOT an attempt to solicit listings from other brokers. Merely looking for an opportunity for my buyer. Would love to talk with your broker. What are we looking for? Looking for a Rossmoor coop or Rossmoor condo ready for sale! My buyer would like 2+ bedrooms, updated, laundry in unit. Doesn’t have to be level-in, but most important is easy access to ground level patio or greenbelt out the back door for ease of doggie walking.

We’ve seen everything out there in the 200k-275k range, and we’ve lost out on some of those “exclusively listed” units that get sold in house. Don’t keep your Rossmoor home for sale secret in this steaming HOT seller’s market. It seems to be a long standing tradition and presumably works for many Rossmoor sellers, but if you are interested in my buyer, call me.

I’m happy to tour my buyer through with minimal hassle to you! Feel free to have your broker phone me for an appointment. If you hear of anything coming soon for sale in Rossmoor, won’t you let me know? Take a look at the Rossmoor housing market trends and see how this housing inventory has plummeted. Catherine Myers Prudential California Realty DRE License No 01337828 1954 Contra Costa Blvd Pleasant Hill, CA 94523 925-683-2125 The above is my opinion only on the feasibility and advantages (or not) of exclusive listings, and your mileage may vary.

ROSSMOOR HOMES FOR SALE

California Short Sale tax forgiveness California Short Sale tax forgiveness California Association of Realtors® has issued a RED ALERT! This information is for members of CAR and for the public as it will, and does, impact every single person involved with a short sale in California during 2013. As we know, the IRS extended the Mortgage Debt Forgiveness (short sale tax forgiveness) through to the end of this year (so far) as short sales remain a part of our market.

BUT, California has NOT YET followed suit. Its been close, but as usual, politics is at work and there have been some dirty tricks and other language added to what should be a “simple” bill meant to help the hard hit homeowners forced into short sale by our economy and other factors. Read on and see how you can help. This, direct from CAR: RED ALERT SB30 : ____________________________________________________ Assembly Pulls Dirty Trick Holds Underwater Homeowners Hostage Call Assembly Member Gatto TODAY to Voice Your Outrage!

C.A.R. is sponsoring SB 30 to provide relief to distressed homeowners attempting to sell their homes in a “short sale.” Under current state law, when a lender forgives mortgage debt in a short sale, the seller must pay state income tax on the amount of forgiven debt. The federal government does not charge federal income tax, and neither should the state. These sellers are already in financial trouble, and SB 30 is necessary to give sellers relief from an inequitable and unfair situation.

Last week the Assembly Appropriations Committee, at Assembly Member Gatto’s direction, held SB 30. Senate leadership took SB 30 hostage in an attempt to extort C.A.R.’s support for a new tax measure. Rather than do the right thing and pass SB 30, Mr. Gatto decided to go along with Senate leadership. Right now, any seller who sold their home in a short sale this year will have to pay income tax on the debt forgiven by their lender.

Action Items 1. Call Assembly Member Mike Gatto At 1-800-969-3420 Enter PIN number 3043 Call between the hours of 9AM and 5PM Monday-Friday If you wish, you can bypass the first part of the message by entering the PIN, followed by the # sign, at any time. You may also bypass the 2 nd part of the message by hitting the “1” key to be directly connected to your legislator’s office.

Ask him to support distressed homeowners and support SB 30. As the Chair of the Appropriations Committee, he is responsible for the committee’s failure to act on behalf of distressed homeowner. 2. FORWARD THIS EMAIL TO YOUR CLIENTS, FAMILY AND FRIENDS – Ask them to Call Assembly Member Gatto too. They can use the same phone number and PIN number to be connected to Assembly Member Gatto’s office.

3. Post messages on Mike Gatto’s Facebook page: www.facebook. com/mikegatto 4. Tweet messages via Twitter. Please be sure to include Assembly Member Mike Gatto’s Twitter handle, @mikegatto, in your message. Here are some sample messages: Don’t abandon distressed homeowners #YesSB30 #CaLeg @mikegatto http://on.car.org/redalertsb30 RT No tax on short sales #YesSB30 #CaLeg @mikegatto http://on.car.org/redalertsb30 RT I am a REALTOR & support distressed homeowners.

Wish @mikegatto did too. #YesSB30 #CALeg http://on.car.org/redalertsb30 RT Protect underwater homeowners. @mikegatto #YesSB30 #CALeg http://on.car.org/redalertsb30 RT Pay large tax vs. foreclosure?? Help struggling homeowners. @mikegatto #YesSB30 #CALeg http://on.car.org/redalertsb30 RT No tax on phantom income. @mikegatto #YesSB30 #CALeg http://on.car.org/redalertsb30 RT Help families facing foreclosure. @mikegatto #YesSB30 #CALeg http://on.car.org/redalertsb30 RT Background The federal government enacted the Mortgage Debt Relief Act of 2007 effectively excusing borrowers from income tax on debt forgiven in a “short” sale.

In late 2008, the federal government extended this relief until December 31, 2012. California conformed to the federal law for state tax purposes. On December 31, 2012, Congress passed budget solutions in an attempt to avoid the “fiscal cliff.” Included in this measure was an extension of the income debt forgiveness sunset date to December 31, 2013; however, California has NOT conformed to the new federal extension.

C.A.R. is sponsoring SB 30, to extend this relief in California law to December 31, 2013, and make state law retroactive to January 1, 2013. Unfortunately, Senate leadership, in an act of political gamesmanship, has linked the enactment of SB 30 to SB 391, an unrelated new recording tax. SB 391 does not have the support necessary to pass on its own merits, so they are holding distressed homeowners hostage to promote the tax increase.

These are real families in real financial need who may well be forced into bankruptcy by an irresponsible legislature. Here’s why SB 30 is critical to California: Distressed homeowners are faced with a no-win situation — either pay taxes on money they don’t get or let the home go to foreclosure. Distressed homeowners often only have two choices – closing a short sale or allowing their home to be foreclosed upon.

If they fear state income tax liability on their short sale, they will opt for foreclosure instead in order to avoid state tax liability. Foreclosures are bad for communities, bad for homeowners and damage housing values more than short sales. Families deserve to know if they will be taxed. Homeowners currently in short sale negotiations can’t finalize these transactions without potentially incurring state tax liability.

Sellers who are involved in short sales or contemplating a short sale need to know now that the debt forgiven is not going to be treated as income for state tax purposes. It’s the right thing to do. Families who have already been forced this year to make the difficult decision to sell their home as a short sale are already in financial trouble. They simply should not have tax liability on “phantom” income or debt forgiveness – money they’ve never actually received.

For More Information Contact DeAnn Kerr at deannk@car.org .

Short sales in Contra Costa; Walnut Creek, Pleasant Hill, Concord Short sales in Contra Costa; Walnut Creek, Pleasant Hill, Concord If you are looking for information about short selling your home in Contra Costa including Walnut Creek, Concord, Pleasant Hill, Clayton, Martinez or the surrounding areas, one question I’m asked frequently is whether or not you need to have a sign in your yard when selling your home?

What about a rider on the sign that says short sale? (cringe) I say NO to both. No you don’t need a sign in your yard when your home is for sale. Sure, its great for those lookie-loos who drive around in their favored neighborhoods and certainly it provides a visual queue for anyone (including real estate agents) coming to view your home, but do you NEED a sign in your yard when selling your home?

No, the answer is no. In almost every homebuyer profile I read, it rates yard signs down among the lower ranked sources a buyer used to find a home. For homebuyers over 40 years old, more than 90% started their search on the internet and deemed online home searches as #1 on their list of what to do when searching for a home. The under 40 crowd, the online searching SOARS to 96%!

So, having your home on the internet, with quality descriptive text, quality professional photos, and virtual tours is of utmost importance. Most buyers will find your home online. Or, through their agent. Or as a combination, and online search tied to daily emails. The list of top sources for homebuyers are as follows: Internet: 88% Real estate agent: 87% Yard sign: 55% Open house: 45% Newspapers and print home magazines have fallen sharply and are 30% or less.

I’ve worked with many sellers in the area, who weren’t anxious to field questions from their neighbors and friends – yet. Home goes on the internet, showings over a period of a few days – and in this market we’re seeing multiple offers and a pending sale before you know it. You can then control who knows and when they know. There is not the stigma attached to short sales any longer.

Almost anyone who has bought a home in the last 8-12 years is likely to be underwater, or close enough to it to require a short sale and it isn’t tied to anything you did or didn’t do. The values have dropped, period. Unless someone put a SUBSTANTIAL down payment into their home, it is likely to be upside down, and short of paying off the mortgage balance in full, simply as an effect of the market.

Call me if you wish to discuss a selective seller program of marketing for you home. Professional, confidential, effective. Catherine Myers Broker Associate Prudential California Realty DRE 01337828 925-683-2125 www.DiabloValley.net Read the highlights of the habits of home buyers and sellers in 2012, brought to you by NAR (National Association of Realtors) 2012 NAR Profile of Home Buyers and Sellers

Proposition 60 in Contra Costa – transfer your tax base Proposition 60 in Contra Costa – transfer your tax base Proposition 60 in Contra Costa Important information for seniors thinking of a move. I can’t tell you how many times I’ve been called from those over 55 hoping to transfer their tax base from another county to Contra Costa . Alas, in the early 1990’s, Contra Costa repealed Proposition 90 and it has been dead since (and see below, it almost saw a 2nd life, but was shot down again.) Prop 90 is still alive in 8 California counties.

El Dorado, Alameda, Los Angeles, Orange, San Diego, Santa Clara, San Mateo, Ventura). Proposition 90 is known as a “local-option” law. California Counties each have the choice as to whether they participate or not. If a county has instituted Proposition 90, it means it will accept property tax transfers from another California county. Even if the county that the over 55 homeowner is moving from does not have a Proposition 90 rule, it’s ok, the homeowner is still eligible within the Prop 90 county they are moving to .

Many seniors are reluctant to move at all because though they may owe nothing, or next to nothing, on their longtime family home mortgages. Buying a new home may make their property taxes double, or even triple if they buy a new home today. With the run up in our property values across California, that may mean even if they buy a home of lesser market value. Learn more about Prop 60 in Contra Costa (for transferring your tax base with our county) and see below for which counties around the state participate in Prop 90 (which will allow you to move to a participating county and transfer your tax base) ________________________ As as aside, Proposition 60 in Contra Costa is a state law and exists in Contra Costa to do this same thing, but for those already in Contra Costa moving within Contra Costa.

Here’s an example: You buy a home in the 80’s for 300,000. Your property tax base at that time is an approximate 4000.00 per year. Now, that same house is worth 1,000,000 dollars. Your taxes are still in the 4000.00+ per year mark (this is an estimate as per Prop 13 it will increase a modest amount each year). If you sell your house for a million dollars, you can buy something for equal or lessor value and KEEP your 4000.00+ annual taxes!

How cool is that for those over 55? (Certainly, unless you buy a very small condo, it is near impossible to find a home in Contra Costa that would be selling for 300,000. ) Be sure to carefully read the process at the tax assessor website and call them if necessary as you don’t want to make a mistake on this and lose this important benefit. Of course the argument I hear is from younger buyers wondering why they are “penalized” for buying a home today, as their taxes are based on the current purchase price (not the old tax basis of their last home).

Under 55 buyers buy that same 800,000 home as above , they get the 9,000+ a year taxes. Contra Costa does this as an incentive for those retiring, and those scaling down after raising their families in the big homes, to stay in (or come to) Contra Costa. Though the county stands to lose property tax dollars, the county stands to gain significant sales tax revenue. _______________________ Here’s some information from the archives!

Prop 90 was “almost” reinstated in Contra Costa – but it was rejected, below is a blog post I published then. ** THIS WAS REJECTED in Contra Costa County ** (From 2007) So the big news now is that Gus Kramer, Contra Costa County’s Assessor, is thinking of reviving this Proposition in order to rejuventate our flailing real estate market. Home sales are said to be the worst in over 12 years.

Mr. Kramer wants to bring back Proposition 90 for an initial two years to (hopefully) bolster the Contra Costa real estate market by enticing an influx of over 55 (senior) home buyers. From the Contra Costa Times: “There are no guarantees that reinstating Prop. 90 will make a big difference, but it could. Kramer envisions a two-year sunset for Prop. 90, which is when forecasters expect the real estate market to regain its health.

If any problems occur in the meantime, supervisors could cancel the policy on short notice. With few downside threats and the potential for considerable benefits for county residents, we encourage Contra Costa supervisors to reinstate Prop. 90 homeowner assessment transfers from out of the county. It’s an experiment that deserves a try.” For more complete information about whether YOUR county accepts Prop 60 or 90, or if the county you are contemplating a move to is a Prop 90 county, PLEASE CALL THE LOCAL TAX ASSESSOR’s office in that county.

The information below is subject to change as more counties adjust to our changing market: TABLE I Counties which have adopted a Proposition 90 ordinance: Alameda San Mateo San Diego Orange Ventura Los Angeles Santa Clara El Dorado TABLE II Counties which have rejected implementing Proposition 90: Butte Merced San Bernardino Calaveras Modoc* Santa Barbara Contra Costa* Mono Santa Cruz El Dorado Monterey* Shasta Fresno Napa Siskiyou Inyo* Nevada Solano Kern* Placer Sonoma Lake Riverside* Stanislaus Madera Sacramento Trinity Marin* San Benito Tulare Mendocino San Luis Obispo Yolo Information courtesy of the California Association of REALTORS® 2005 Counties with an asterisk * previously had a Proposition 90 ordinance then repealed it.

All other counties listed in Table II never had a Proposition 90 ordinance.

Short Sales and Bankruptcy in Contra Costa What about Short Sales and Bankruptcy in Contra Costa? I’m often asked by Contra Costa short sale sellers whether or not they can do a short sale while in bankruptcy. Or, can they contemplate a short sale during the process of bankruptcy. For the most part, you will need to use your bankruptcy attorney as your guide here, as they will be your resource on the timing of the court approving a short sale during the bankruptcy proceedings, but in the meantime, Bank of America has just released some very important guidelines to reference if you’re thinking of a short sale and bankruptcy in Contra Costa.

Remember, and this is something I tell ALL of my clients and those I consult with regarding short sales, you MUST consult with an attorney about the possibilities of a bankruptcy BEFORE you sell your home. Your home being your largest debt (most likely), attorneys have told me that many make the mistake of selling the home AND THEN trying to do bankruptcy. It certainly may still be do-able, but some are surprised it may not be as favorable as if you had the largest debt of your life (your home).

So, Short Sales and Bankruptcy in Contra Costa is complicated, and it is imperative you have professional guidance. If you need some attorney names, I can pass along a few I’ve had clients use over the years. Bank of America can review a short sale offer while the loan is in an active bankruptcy. To complete a short sale and issue the approval letter, the bankruptcy documents must be filed and approved by the court.

Any final agreement will require bankruptcy court approval. Homeowner(s) should consult with their Bankruptcy Counsel about how these programs could affect their mortgage and their bankruptcy case. When a loan is in bankruptcy, there is an Automatic Stay , also known as a “hold,” of any collection activity placed on any and/or all debts to which the debtor is a party.

Before the short sale specialist can discuss the short sale, Bank of America must have written authorization from the Homeowner(s’) Bankruptcy attorney on the law firm’s letterhead to discuss loss mitigation options with the borrower . This is in addition to the Bank of America Third-Party Authorization Form needed from the borrower to speak to the bankruptcy attorney and the listing agent.

If Homeowner(s) is/are currently in a bankruptcy proceeding, or have previously obtained a discharge of this debt under applicable bankruptcy law, all communication and notices are for information purposes only and is not an attempt to collect the debt, a demand for payment, or an attempt to impose personal liability for that debt. The Homeowner(s) is/are not obligated to discuss their home loan with Bank of America or enter into a short sale agreement or other loan-assistance program.

Customers should consult with their bankruptcy attorney or other advisor about their legal rights and options. For a short sale to be processed to completion for a loan in bankruptcy, Bank of America must receive one of the following releases issued by the bankruptcy court: Granted Motion to Sell* Granted Motion for Relief from Automatic Stay with noted short sale negotiation* Dismissal Discharge with Abandonment, Closing Order, Final Decree, Trustee No Asset Review *A granted Motion differs from a requested Motion.

Note: If Homeowner(s) receive(s) a discharge under a Chapter 7 a bankruptcy proceeding: discharge releases the Homeowner(s) from personal liability for certain specified types of debts. The Homeowner(s) is/are no longer legally required to pay any debts that are discharged. The discharge is a permanent order prohibiting the creditors of the Homeowner(s) from taking any form of collection action on discharged debts, including legal action and communications with the Homeowner(s), such as telephone calls, letters, and personal contacts.

Although a Homeowner is not personally liable for discharged debts, a valid lien (i.e., a charge upon specific property to secure payment of a debt) that has not been avoided (i.e., made unenforceable) in the bankruptcy case will remain after the bankruptcy case. Therefore, a secured creditor may enforce the lien to recover the property secured by the lien. Bankruptcy Frequently Asked Questions 1.

What additional documents will be needed to complete this short sale? Bank of America must have written authorization from the Homeowner’s bankruptcy attorney (on the law firm’s letterhead) to discuss loss mitigation options with the Homeowner. The customer and the attorney may determine that they do not want to give this authorization and the short sale can be negotiated through the attorney.

This attorney authorization permitting Bank of America to speak to the Homeowner(s) is in addition to the Bank of America Third-Party Authorization Form needed from the Homeowner(s) to speak to the bankruptcy attorney and agent. Communication cannot occur with the real estate agent/Homeowner(s) until the bankruptcy attorney’s written authorization on the firm’s letterhead and the Bank of America Third-Party Authorization form are received.

2. When will I receive the approval letter? An approval letter cannot be issued until the releases, identified above from the bankruptcy court has been received. Once the release is received, the file can be submitted for approval to the appropriate investor(s) and/or mortgage insurance company. The file will then follow the normal approval process to ensure it meets investor requirements.

3. Why can’t you approve a short sale file while waiting for the bankruptcy to be released? An approval must follow the direction provided in the release by the bankruptcy court. That is why a short sale will not be approved unless a court order permitting the sale is first received. 4. What fees can be paid related to the bankruptcy proceeding? Any fees that are directly associated with the bankruptcy would be subject to further review and approval.

For example, if Bank of America incurs fees to file a pleading to approve the short sale in the bankruptcy court, Bank of America may seek permission from the bankruptcy court to allow such attorney and filing fees. 5. Can a homeowner qualify for a Home Affordable Foreclosure Alternative (HAFA) incentive while in bankruptcy? Yes. However, any funds going to the Homeowner(s) through state incentives or other incentive programs must be properly disclosed and handled in accordance with bankruptcy legislation and local rules.

6. Are additional documents required for a short sale when the homeowner is in active bankruptcy? Yes. Two additional documents are needed for a short sale that is in active bankruptcy: An attorney authorization letter from the bankruptcy attorney providing permission to speak with the Homeowner(s) is required. This is separate and in addition to the required Bank of America Third-Party Authorization Form signed by the Homeowner(s) permitting Bank of America to speak with the bankruptcy attorney and the real estate agent.

Bank of America must receive a release issued by the bankruptcy court (listed above).

Short sale tax relief deadline looming – is it too late to do a short sale? Short sale tax relief deadline looming – is it too late to do a short sale? Short sale tax relief deadline is looming! Is it too late to do a short sale to be sure you get the protections of both the State of California and Federal IRS tax forgiveness protections? Short sale tax relief is due to expire at the end of 2012.

Almost! If you are thinking of a short sale, now is the time! Most banks are approving their short sales within 4-5 weeks. Most buyers can close within 30 days after that date, so we are cutting them close. But, it’s not too late. Starting a short sale NOW is key to being done by the end of the year. We hope that the tax protections will be extended with the IRS before the end of the year, but with an election year, no one knows what will happen.

California state lagged behind the federal guidelines for several months the last time, so it’s possible there will be a period of time these two protection laws will not align. You still need to have a hardship of course. Banks look closely at the reasons WHY you are doing a short sale and aren’t too keen on “strategic defaults.” Call Catherine Myers, real estate broker as soon as possible to get started on a short sale now.

Besides the looming tax protection expiration, this is a good time of year to sell. As we get closer to November holidays and into December, the market in general will take a general slow down. Further, we’ve been talking a lot lately at the supply and demand of our housing inventory now. We are seeing multiple offers on almost everything we list, so NOW is the time to capitalize on the market conditions too.

Pleasant Hill Short Sale – comes back to life! Pleasant Hill Short Sale – comes back to life! After weeks of working on this Pleasant Hill short sale earlier this year, we just could not get the mortgage insurer for Wells Fargo to approve this short sale. No one wins in these situations. We even tried three times, hoping to net the bank more, get them more money to avoid the mortgage insurance denial – to no avail.

We finally took it off the market in the spring, unfortunately, the only choice at that time was foreclosure. There was just no budging Wells Fargo’s mortgage insurer. Worst part was that Wells Fargo would not even tell us who the insurer was so we couldn’t call and try to make a case. Case closed. But no! I got a call this week from the new servicer. You see, MCM Capital bought a huge porfolio of Wells Fargo’s non performing loans and got a new servicer, BSI.

BSI Servicing is now reaching out to breath life in old short sales. They want the deals to close, and they want us to relist the property right away. They promised a 48 hour turn around time for approval decisions and can close within 30 days. Now that’s what we’re talking about! Ultimately Wells Fargo never did file the final Notice of Trustee Sale on this Pleasant Hill short sale, and instead has let it languish for months, over a year without payments, though for 6 of those months we tried in vane to get them to accept a strong market value offer.

Sometimes short sales don’t make sense, especially when a mortgage insurer is involved. It is the top reason these days I see any short sale denied. Have you been notified BSI has taken over your loan servicing? Did you try and fail to do a short sale previously? Well, call me! I’m now in BSI’s system and can help you with one of their short sales in Walnut Creek, Pleasant Hill, Concord, Clayton, Martinez and all around Contra Costa!

Featured Pleasant Hill Short Sales

Concord CA real estate market is HOT! Concord CA real estate market is HOT! It’s no secret that the local Concord CA real estate market is moving QUICKLY! We hear lots of people talking about how the market is “coming back” but I’m not so sure. I heard a few years ago, an economist talking about our housing market recovery as something of a “catfish recovery.” You know, catfish are at the bottom, but come to the surface, then back down.. up and down, up and down.

We’re not probably going to have straight line up to a recovery, just as we didn’t have a straight line down (thought it did feel like that in some cases!). Take a look at the numbers for the past year for the Concord CA real estate market. I can print reports like this for any of our local towns, just ask if you want to see one in particular. But I find this information so interesting.

Look at that! Inventory of homes on the market is DOWN 77% from this quarter of last year. Supply and demand anyone? Buyers are out! Record low rates are driving buyers to buy now, and some of the lowest housing market inventory we’ve seen for a while, has collided resulting in multiple offers and very aggressive buyers. I have some buyers searching Concord CA real estate, and they finally got THE ONE with an offer of 10% over the listing price, and very aggressive and favorable terms for the seller.

Remember, sometimes it’s not all price, sometimes terms are just as important to a seller. Want to stay for a month after we close? Sure! How’s free sound to you? Yup, you do what it takes. Appraisal continues to be an issue in Concord CA real estate and our surrounding areas, so some buyers may have to come prepared to make up the difference in cash if their home doesn’t appraise for the purchase price.

Certainly it is pushing values in some neighborhoods higher and higher. Check out the stats. What do you think of this so-called “recovery?” I have a full page to view other Contra Costa Housing Market statistics. Just click.

Chase short sales: Will Chase pay you to do a short sale? Chase Short sales: Will Chase pay you to do a short sale? The answer is MAYBE! Chase has targeted tens of thousands of loans all over the Bay Area to be part of their Chase short sale incentive program. This Chase program may enable you to streamline a short sale AND receive a Chase monetary incentive in the process.

How much is the Chase short sale incentive? Could be $10,000, $30,000 or up to $40,000. In fact, you can even combine this Chase short sale incentive offer WITH the HAFA program and get a $3,000 relocation allowance in addition to the thousands of the Chase short sale incentive. As a Chase preferred partner agent in the East Bay Area, we’ve heard that these letters will start going out to the targeted Chase borrowers soon.

While details on who exactly will be eligible, and who will receive these letters is a bit unknown, it is known that they will target those that are most delinquent on their loans. If you are a Chase borrower, and delinquent on your mortgage payments – OPEN ANY MAIL that comes from Chase. A client recently thought this letter was a “scam” as surely Chase wouldn’t be paying people to do short sales, but yes, yes they are.

Chase Short Sale Incentive Sample letter If you wonder if you qualify for a Chase short sale, and a Chase short sale incentive AND are already delinquent on your loan payments, feel free to call Chase directly to see if they’ll let you know if your loan is one that is targeted to receive the incentive. The letter will start out something like this: You could sell your home, owe nothing more on your mortgage and get $30,000.

The phone number offered for Chase short sales on letters I’ve seen is Chase short sale incentive program phone: 877-496-3820. Again, if you are seriously delinquent and contemplating a short sale, call Chase and see if you may be eligible. Or, if you receive a Chase Short Sale Incentive letter, you may notice there may be a couple of names of Chase preferred agents for homeowners.

I wrote about my acceptance into the Chase Short Sale Priority Partner program a while back, but we are agents hand picked by our local Chase representatives and have documented experience with Chase and with short sales in general. I’ve attached a partial sample of such a letter here. In other news, maybe only exciting to other short sale agents, Chase will be migrating to the Equator platform, probably some time during the 3Q of 2012.

So stay tuned! To speak with a local Chase lending representative, contact Joanne Berson in Walnut Creek. Or to discuss the possibility of a loan modification or other home retention options, i..e mortgage modification programs, check out the Walnut Creek branch of Chase Homeownership Center. Contact Catherine Myers, Real Estate Broker for all your Contra Costa short sale needs and questions.

Free and confidential consultations for all situations. Experience with all local and national lenders. Catherine Myers DRE 01337828 Windermere Bay Area Properties 925-683-2125 Walnut Creek, CA and Clayton, CA Serving the areas of Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez and BEYOND …

Landlords in foreclosure = tenants have rights in foreclosure Landlords in foreclosure = tenants have rights in foreclosure Landlords in foreclosure in California We’ve all heard the stories and read the headlines about landlords in foreclosure resulting in a lot of stress and uncertainty for their tenants. As tenants, do you have rights if your landlord is in foreclosure?

YES. You do, and if a new California law passes landlords may actually have a much larger responsibility of disclosure and may be subject to hefty fines for not disclosing they are a landlord in foreclosure. California is considering SB 1191 Residential Tenancies, notices of default. Here’s a recap: This bill would require certain landlords (offering property with one to four units) who have received a notice of default to disclose that notice to any prospective tenant prior to entering into a lease agreement for the property.

A violation would allow the tenant to void the lease or be punishable by a minimum financial penalty of two months’ rent. I deal with tenants all the time in homes that are in default. Often the owners were working with the bank to modify their loans, and most I know, have done all the right things but due to circumstances i.e. a job change, relocation, new marriage, or other personal/family issues have forced them to make a move.

Often they were able to keep up the mortgage payments on the rental despite them owing more on their monthly mortgage than the rents will bear, until circumstances changed. For some, that change may have been in the form of a job loss, a new baby necessitating time off work, increase in loan payments, a loan reset, or simply a denial of a modification request.

Right now, tenants in California do have substantial rights when facing landlords in foreclosure and very often a lease will survive a foreclosure unless the new owner will be moving into the home. There have been quite a few times I’ve facilitated the short sale to an investor who elected to keep the same tenant in place. Win-win for all. Here’s an article for more information about Landlords in Foreclosure: California considers hefty fines for landlords who hide default.

This is important as there are many investors in Contra Costa facing default on their tenant occupied properties. Contra Costa short sales include many tenant occupied homes.