Work with a real estate agent.

Real estate agents often know about local properties that are nearing foreclosure because they network with other agents and are familiar with the local market, frequently working directly with banks and other lenders. While online listings often include properties that are already under contract with new owners, real estate agents can help buyers find deals before it’s too late.

Let me know what your property needs are and I will quickly let you know about new foreclosed properties.

Carmen Isais

Professional negotiator and Real Estate Mediator. Have Questions? Let's Talk. (530) 601-1003

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Whether you are facing foreclosure or simply need to reduce your payment, Mortgage Outreach Services can help and there is no out of pocket costs to you.

If you’re a homeowner worried about how to pay your mortgage, we can help you understand what options are available and which is the best fit for you:

Refinance: Getting out of your old loan and into a new one can free you from the instability of an adjustable mortgage by putting you into a low-rate fixed mortgage. Rates are at all-time lows, and loans can be extended to as long as 40 years to keep payments low.

Loan Modification: Having your lender modify your loan can reduce your interest rate and payment. In some cases, a lender will modify your loan to reduce the amount of your mortgage balance.

Short Sale: For homeowners in areas where prices have fallen dramatically, the best option may be a short sale. In a short sale, the lender agrees to accept less than the full amount of the mortgage so the property can be sold at the current market price.

As a borrower and homeowner, you have options.  Start by making a Consultation Request or call Carmen Isais directly at 530.601.1003. Let’s meet… once we have some basic information about your situation, we can work together and help you exercise your options.

Carmen Isais

Professional negotiator and Real Estate Mediator. Have Questions? Let's Talk. (530) 601-1003

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California imposes 90-day foreclosure moratorium
The Associated Press

SACRAMENTO, Calif.—California is imposing a 90-day moratorium on housing foreclosures under a new law that took effect mid June.
The law is expected to make lenders try harder to keep borrowers in their homes. Loan companies must prove they tried to modify the delinquent loans before they can begin foreclosing.

But supporters acknowledge the California Foreclosure Prevention Act won’t stop thousands of foreclosures from eventually happening. There have been more than 365,000 foreclosures in California since early 2007, with many more already scheduled.
The bill passed in February is similar to the Obama administration’s Making Home Affordable Program that began in March.
Both encourages lenders to cut interest rates or rewrite loans to affordable levels.”

You’ll see that this new law and “attempt” to help ailing homeowners leaves a lot of holes, and many lenders may find themselves exempt from complying. Remember, seek the services of a non-profit homeowner advocacy group to get help, such as:

• www.naca.com
• www.dontborrowtrouble.com
• www.acornhousing.org
• www.makinghomeaffordable.gov

Another option to foreclosure, and something I will be write more about in days to come, is the short re-finance. As another option, for short sale help, contact Carmen Isais, Real Estate professional with Coldwell Banker at 530.601.1003. Carmen offers short sale consultations for homeowners in Davis, Vacaville, Dixon, Winters, Woodland and the larger Sacramento-Metro area. If you have a home with little or equity

Carmen Isais

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More and more lately the calls I am receiving from would be and past clients has to do with Foreclosure. Anyone who knows me knows that I make an effort to be positive. That being said, more people than I might care to admit are living on the edge of financial chaos. For some of these individuals, property ownership has become a financial burden and they call me with the same question. “What are the alternatives to foreclosure?”

While each case is different, here are my first two usual answers:

Contact the Lender

Before you walk away from your property, have a short sale or decided to return the deed to the bank in lieu of foreclosure, contact the holder of the note (the bank) to see what can be done that is in the best interest of all concerned.

In this market the lenders are more receptive to working out a new payment plan then to have another property on their books. Moreover, what looks good to you in the short term may appear differently when the market does come around and you were wishing you still had that property to sell.

Consider a Short Sale

If you are current on your mortgage and can remain so while your home sells, consider the short sale of your property before jumping ahead to foreclosure or deed-in-lieu of foreclosure.

Why?

Simply put, it makes more financial sense for YOU. Period.

Under the Fannie Mae Announcement 08-16 (released 06/26/2008), short sales or those engaging in pre-foreclosure sales will be cleared to borrow on another home via Fannie Mae in just two years from completion date of the short sale.

This may be painful, but two years is far preferable to the alternative of 5 to 7 years if the home goes to foreclosure and 4 to 7 years if one opts for deed-in-lieu of foreclosure.

One Important Note:

If you are wondering how an Short Sale will effect your credit score as opposed to how a foreclosure will effect it, know that all these alternatives ( foreclosure, short sales, and deeds-in-lieu of foreclosure) are all “not paid as agreed” accounts, and considered the same by your FICO® score. This is not to say that these may not be better options for you from a financial perspective, just that they will be considered no better or worse for your FICO score.

Contact a Realtor…

… to help you through the process.
… to answer your questions.
… to talk to the bank on your behalf.
… to market and sell your home, NOW, before foreclosure is your only option.

In most cases of foreclosure I have personally seen, one common denominator has been a lack of resources. That is, the homeowners I know who have gone straight into foreclosure were simply not away of what alternatives where available to them. But, you are reading this article, so you don’t have the luxury of claiming ignorance.

Seriously…

These are all painful choices, I know.  And it is easy to avoid facing and dealing with an overwhelming situation. But, reaching out immediately can save you years of struggling and financial moratorium. If you or someone you know is facing the possibility of foreclosure, call me today at 530.601.1003 or otherwise contact me, Carmen Isais,  I can help.

Carmen Isais

Professional negotiator and Real Estate Mediator. Have Questions? Let's Talk. (530) 601-1003

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A short sale is, simply put, the sale of a home where the proceeds of the sale are less than the amount still owed on the house. Say a home has a fair market value of $400,000, but the amount owed on the property is $475,000…. should that house go to market the current owners wouldn’t receive enough money from the sale of the home to cover the indebtedness and would therefore be “short” the cash to pay the bank.But, what about Davis short sales?

Where are they?

By large, the short sales and foreclosed properties we have in Yolo county are predominately in the cities of Woodland and West Sacramento. Why this is, is perhaps a matter for debate. In general I can safely say it boils down to resources, both financial and otherwise. I have out of state clients, for instance, who purchased Davis property less than three years ago when the California real estate market was at an all time high. This home was purchased for a child who attends U.C. Davis, but now he has graduated and has moved to Oregon. The Davis home is now vacant and they want to sell. The home was originally purchased for almost $600,000. But, today the property might only resell in the high $400,000.

I break this news to them, and while they are disappointed, they decide to wait. Why? Simply put, they can afford to. The cost to them and their credit outweighs the financial burden of carry two mortgages. This sort of luxury is not very common and in any other case they family would be forced to sell via a short sale.

Now, the above is hardly a thorough explanation of what is happening in the Northern California short sale market, but instead serves as an example of why Davis real estate investing is different.

Do we see short sales in Davis? Yes, in any market short sales and foreclosures occur everywhere. But, due to the very small numbers of these type home sales in Davis, we are unlikely to see Davis home auctions and the like. In real numbers, there were a total of 13 short sales and foreclosed property for sale in Davis last year.

While notices of defaults due occur more often, these situations are usually quickly remedied by a traditional home sale or by the owner’s outside resources.

I receive weekly updated lists of served notices of defaults in Davis, Woodland, and the surrounding area. If you, or someone you know, is interested in learning more about short sales, foreclosures or NOD’s, don’t hesitate in contacting me directly at 530.601.1003.

Carmen Isais

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While our neighbors in Woodland, and West Sacramento have not been as fortunate, the Davis real estate market has yet to see many foreclosures. Last year, nearby areas saw REOs in the hundreds, but Davis had a whopping 13 REO’s and short sales combined in 2007. Why the Davis real estate market is different is the topic of another blog entry.

Today, I’m more interested in this curious new small business that, due to the large number of vacant, bank owned properties is ever in demand– Grass Painting.

Banks aren’t in the business of property management. The homes owned by them are usually managed by the Realtors who have them listed. And while I have been known to clean up a clients yard prior to listing, regular lawn maintenance is not within the scope of in this realtor’s job description.

For a fee of $200 to $700, Always Green Grass Painting Service in Sacramento will visit your home or business and put the green back into your turf. The company states that the paint used is non-toxic and environmentally friendly.

Or for you do-it-yourself types there is GrassBGreen, that sells all the supplies you need to give your lawn the makeover that will turn your neighbors green with envy. Sorry, I couldn’t help myself.

Carmen Isais

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