Foreclosures Down For San Joaquin or Is It Too Soon To Tell?

Posted by & filed under Foreclosures, Stockton Real Estate.

Foreclosure notices in San Joaquin County dropped dramatically in the first quarter of this year from the same period a year sending mixed messages to industry experts regarding the mortgage meltdown. The drop in foreclosures could be linked to more short-sale approvals or the increase in first time buyers due to the impending expiration of […]

Servicers Taking Steps to Prevent Short Sale Fraud

Posted by & filed under Short Sales, Stockton Real Estate.

As short sales are significant in foreclosure prevention, fraud concerns abound. Appraisal fraud to flipping, the short-sale process poses several possible areas of fraud where the servicer must take preventative action. Included but not limited to the following: – Focus on making sure it’s an arm’s-length transaction – Search deeds on a regular basis – […]

Senate Bill 401 = No More Debt Tax

Posted by & filed under Short Sales, Stockton Real Estate.

Senate Bill 401 has been enacted into law. The new California state income tax on debt forgiven in a short sale, foreclosure, or loan modification will be treated much like the federal law up through 2012. The existing federal exemption allows $2 million, and the new California exemption allows for $800,000 and forgiven debt up to […]

DRE Issues Short Sale Alert

Posted by & filed under Short Sales, Stockton Real Estate.

The Central Valley Business Times reported yesterday that the California State DRE issued an alert regarding short sales. Read the article here. The DRE cautioned against the following:  • In some instances, the homeowner may be sued by the lender/bank for the money that was “forgiven” • The amount not paid back, which is a […]

Struggling Homeowners Can Take Steps to Save Credit

Posted by & filed under Foreclosures, Short Sales, Stockton Real Estate.

If you’re a struggling homeowner, remember the safest option is always to keep making your mortgage payment. However, if you can’t pay, try to work with the government’s foreclosure prevention program. If that doesn’t work, consider all of your potential options and the affect each one will have on your credit scores before making a […]