Tag Archives: Orcutt Short Sale Agent

Is A Short Sale The Same As A Pre-Foreclosure?

Posted on June 17, 2011 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

No, a short sale is not the same as a pre-foreclosure. A pre-foreclosure home has begun the legal process of foreclosure in California. Typically, this means that a Notice of Default has been sent to the home owner and filed at the County Recorder’s Office. Notices of Default are a matter of public record, and as such it is relatively easy to determine if a Notice of Default has been served on the property owner. After three months, if the Notice of Default is not cured by the home owner, the lender can then file a Notice of Trustee’s Sale. During this time period, people will often refer to a home as a pre-foreclosure. Continue reading →

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I’ve Seen The Middle Class Bail Out And It Looks A Lot Like A Short Sale

Posted on June 15, 2011 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Lately, my phone has been ringing off the hook. As a Santa Maria short sale agent, I am used to receiving urgent calls from homeowners in distress. Some are weeks away from foreclosure auction, others are at the precipice of missing their first mortgage payment. These are tough times for many California homeowners. Continue reading →

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5 Reasons Why Short Sales Aren’t Always Short

Posted on May 25, 2011 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

1) The Bank/Servicer. “Banks” are the most often cited reason for delay on short sales. Processing a short sale can easily be accomplished in one month, but some banks simply bungle files. They lose documents, they lose files, they re-assign files too often, or they never assign files to start. In addition, some banks are now using third party servicing companies to process their files which adds another layer of bureaucrac Continue reading →

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Will My Bank Still Approve My Short Sale If I Owe Twice What My Home Is Worth?

Posted on May 13, 2011 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Many homeowners who are severely underwater ask this question. Generally, the reason a bank accepts a short sale is due to the hardship of the seller. It is not because the short sale offer is close to or far from the loan balance. Once hardship is established, the issue becomes the market value of the asset. If market value is half — market value is half — there is no way around that. Continue reading →

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Will I Still Owe the Bank Money If I Do A Short Sale?

Posted on May 11, 2011 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

If you have one mortgage loan on your California home the answer is no. Senate Bill 931 allows that after January 1, 2011, if a lender on a first mortgage accepts a short sale, they are agreeing to waive the deficiency amount. So, if they approve the short sale and it closes, you will not owe your lender any additional money, even though you have not paid back the entire loan balance. Continue reading →

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Santa Maria and Lompoc CA Short Sale Seller Tips

Posted on January 7, 2010 by Tni LeBlanc, JD, MA, CDPE, REALTOR®

Everyone in the Santa Maria and Lompoc housing marlet is talking about short sales these days. They love them, they hate them, they love to hate them, they. . . well you get the picture. There are a lot of opinions on them. One thing is for sure, if you are a short sale seller you should work with an experienced agent and obtain legal and tax advice before entering into a short sale arrangement. Short sales have significant financial, legal, tax, and credit consequences. Continue reading →

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