San Diego short sale


Tuesday, July 7, 2009

Gmail - Common Ways to Hold Title -

Ways to hold title under California Law.

Many people ask if they should change the names on title when when they are facing a foreclosure or a short sale.

The answer is it depends on what you are trying to accomplish and if by doing so you might give the bank a piece of evidence it might need to argue you should not be protected by California's anti deficiency protections.

Additionally, changing the name on title may not accomplish your goals.

It may protect credit if done in time, it is unlikely to change responsibility for the loan balances.

You should definitely speak with an attorney before you change title.
(beware of foreclosure consultants suggesting you put title in someone else's name.

Gmail - Common Ways to Hold Title -

for more on short sales and foreclosure law.

Thursday, July 2, 2009

short sales and foreclosures buyers may be slowing down

We noticed a massive increase in interest in a our san diego short sale listings when interest rates dropped.  Now that they are rising again we see that mortgage applications hit a new 8 month law. 

We new buyers were payment sensitive but not this much. 

This should be a note for the administration and the Fed.  If inflation gets out of control and rates increase real estate prices may start falling again. 

REALTOR® Magazine-Daily News-Mortgage Applications Hit 8-Month Low
Mortgage Applications Hit 8-Month Low
Mortgage applications declined 18.9 last week compared to the previous week, hitting the lowest level since Nov. 21, 2008, according to the index compiled weekly by the Mortgage Bankers Association.

Application volume decreased from 548.2 the previous week to 444.8 last week on an adjusted basis. On an unadjusted basis, the index declined 18.5 percent and was down 7.4 percent compared with the same week a year ago.

The decline was driven by refinances, which fell 30 percent compared to the previous week. The purchase index was down 4.5 percent.

short sale strategy