FOR IMMEDIATE RELEASE Santa Monica, California, United States of America (Free-Press-Release.com) January 4, 2011 — Santa Monica, CA (January 4, 2011) –
Members of the Institute for Luxury Home Marketing, Short Sale Experts Kim & Kristine Halverson are beginning to sell multi-million dollar homes and estates through the short sale process.
With extensive training, the real estate sisters are helping other families avoid foreclosure and provide a legal option for sellers who owe more than their home is worth, also known as a short sale or pre-foreclosure: Kim & Kristine are Short Sale and Foreclosure Resource, HAFA Certified, and Prudential Short Sale Specialists.
“One thing is for sure, short sales are the dignified way for sellers to release their home when the market is lower than what is owed on the loan.” Kim Halverson says.
“We’ve sold dozens of short sales since 2008, and are seeing more sellers in high end communities affected by the economic downturn.” Kristine Halverson states, “Selling via short sale is a valid option for sellers underwater with their home.”
About The Institute for Luxury Home Marketing
The Institute for Luxury Home Marketing exists to help real estate professionals around the world provide high quality service to buyers and sellers of luxury properties. Institute members have completed special training to build expertise in the marketing of upscale homes and estates and those who meet performance standards may earn the prestigious Certified Luxury Home Marketing Specialist designation. Information and an international membership list can be found at www.CLHMS.org. Members are also listed on the Wall Street Journal’s RealEstateJournal.com website.
Contact: Kim Halverson Realtor
Prudential CA Realty
3130 Wilshire Blvd Suite 100
Santa Monica, CA 90403
Telephone: 310-737-8173 Fax: 310-829-7541
About Kim & Kristine Halverson Kim & Kristine are third generation Realtors living and working in Los Angeles’ Westside communities. Over eighty percent of their business is by referral. They began short sale training when the market began to shift in 2007 and have helped dozens of homeowners avoid foreclosure. More information can be found at www.KimAndKristine.com
Short sales can be done successufully with a win-win for Seller and Buyer. If you need help or have questions pick up the phone and call. Find out what you need to know, 310-737-8173 Kristine.
Please have a Happy Holiday!
I really wanted to share this information with you from a legal article with California Association Of Realtors. I don’t know if you have heard any rumors about short sale fraud? But, it’s definitely a concern for the banks. It usually happens with third party negotiation companies. Your real estate professional may unknowingly hire a company that is not working in your best interest as a homeowner. Here is some really good information for you to ask about should your Realtor hire another company to negotiate your sale.
Just as REALTORS® struggled with loan fraud during the subprime heyday, they now face the rampant growth of short sale fraud in the subprime aftermath. Short sale fraud comes in many shapes and sizes to wreak havoc on the unsuspecting sellers, buyers, and agents, often at the most inopportune time.
This legal article provides legal and practical guidelines for REALTORS® and their clients for dealing with short sale fraud. This legal article also describes certain types of short sale scams, and explains how REALTORS® and their clients can distinguish between legitimate and illegal short sale activities.
How do I check whether a short sale negotiator is legitimate?
Factors to consider to help ensure that a short sale negotiator is legitimate include, but are not limited to, the following:
• Whether the negotiator and the negotiator’s employing broker if any are both properly licensed with the DRE or registered and bonded as a foreclosure consultant.
• Whether the negotiator is qualified to perform short sale negotiation services.
• Whether the negotiator actually performs services to facilitate and expedite the short sale process.
• Whether the negotiator’s fee is fully disclosed in a meaningful manner to, and approved by, the parties and lenders involved.
• Whether the negotiator’s fee is reasonable, based upon, among other things, the negotiator’s qualifications to conduct short sale negotiations and the fee charged by other negotiators.
• Whether the individual paying for the negotiator’s services voluntarily agrees to pay for those services, and is given an opportunity to consult with a real estate agent, attorney, accountant, or other professional as deemed appropriate.
• Whether the negotiator does not get paid until after the negotiator fully completes each and every service the negotiator promises to perform.
• Whether the negotiator complies with agency laws, RESPA, laws against fraud, and other laws and MLS rules.
The above list is an illustrative, not exhaustive list of factors to consider for a legitimate short sale negotiator. Compliance with all these factors does not guarantee that a short sale negotiator is legitimate or qualified. Similarly, not complying with one or more factor does not necessarily mean, depending on the specific circumstances, that a short sale negotiator is a scam artist, as ultimately decided by a judge, jury, arbitrator, or DRE Commissioner.
We have had some bad experiences when representing buyers and interacting with these types of companies. That’s why we have designations and current experience in negotiating our clients short sale. We want to provide the best and direct service. Also, we partner up with agents in CA & AZ to provide quickly facilitate the short sale.
Our designations, Certified with Prudential CA Realty and National designations below:
The Mortgage Bankers Association defaulted on their loan & walked away from it’s Headquarters in Washington DC. They purchased the building 3 years ago for $79 million dollars with 5% as a down payment.
Sound familiar? Many homeowners over the past 3 years have had this same issue…with their HOME not office. They have felt terrible, guilty and ashamed. The CEO, John Courson of the Mortgage Bankers Association shamed people in a previous interview for walking away from their mortgages which in the industry is known as a Strategic Default. He said that it was a “moral imperative” that homeowners need to continue to make their payments. They have now defaulted on their headquarters loan!
Am I advocating Strategic Defaults? Absolutely not. My main message is that if you are in trouble with your mortgage and it’s becoming more like debt than a mortgage. Sit down with yourself or your family and get real. Create a plan that will be solid for the future instead of sitting and waiting for things to happen. This is what homeowners are doing and so are businesses. My first blog post is about getting real. We help homeowners everyday, 310-737-8173, Kristine.
Watch the report about the Mortgage Bankers Association Strategic Default. It’s about 5 minutes and worth it.
|The Daily Show With Jon Stewart||Mon – Thurs 11p / 10c|
|Mortgage Bankers Association Strategic Default|
New California Law for 2011:
No Short Sale Deficiencies: Starting January 1, 2011, a seller’s first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower. Senate Bill 931.
To view the full text of the following bill, go to www.leginfo.ca.gov.
How short sale is reported will affect credit score.
After short sale, lender can report as:
1. Paid in full – paid as agreed
2. Paid – settled
3. Paid – unrated
If the owner is current with other payments, a short sale may only lower score by 50 points.
1. Can lower credit score by 200 points or more.
2. Foreclosure remains a public record and on credit history for 7 years.
What our clients have experienced is a 50-125 point decrease. The lower end is missing mortgage payments for a short sale. The higher end is missing mortgage payments, and other debt. The solution is to discuss credit repair with a professional that specializes in these types of credit repair. They have increased our clients score close to what it was before the short sale. We are happy to share this resource with you. Just ask, 888-746-6428 x115, Thank you, Kristine
It’s time to stop the foreclosure process. There are other options than foreclosure and we’re here to help you gain a better understanding.
Protect your credit from futher degredation.
Present a solution to your lender and negotiate favorable terms.
Help minimize your debt obligations.
Allow yourself and your family to get a fresh start.
Expedite the process with a fast resolution.
Confidential Call, Kristine: 1-888-746-6428 x115
Not you? If you know someone, please pass this on.
I’m totally shocked at this news. I have been waiting a long time. So long that I actually gave up and was sarcastic whenever our clients and the media mentioned Mortagage help. However, I’m now starting to believe…and maybe they are too. It only makes sense to help homeowners that owe more than their home is worth.
It hasn’t been officially announced yet, but here is as much info as I have on the Bank of America ‘Secret’ Short Sale Program | New BoA HPO Short Sale Program.
This is a new program is being quietly introduced, using only a hand-selected group of top short sale agents across the country.
Here are the details to help homeowners:
* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.
* No documentation.
* No bank statements.
* No tax returns.
* No financial worksheets.
* No deficiency judgement.
* No financial contribution from the seller of any kind will be requested.
* Only requirements? -A listing contract -A purchase contract -An appraisal, though we’ve been told the appraisal will not have an adverse bearing on the final acceptance.
* 2 WEEK approvals.
What’s the catch I asked myself when hearing about this program. The bank wants the homeowner to stay in the home and maintain it until sold. We all know that homes sell quicker and for more money when the lights are on and it’s furnished. Unlike most foreclosures. I’m amazed that someon in Bank Of America picked up on this home selling tip.
Also, the homeowner will be cleared of the remaining balance and may qualify for $3,000 cash move out expense from Bank Of America.
Hope this helps someone, please foward to a friend. There are many people that have toxic mortgages or just having a hard time financially.
Contact us for a confidential call: 310-737-8173. Ask for Kristine.
Have a great week, be proactive not reactive. Take control of your life even when you think you can’t. We can help! We can make the bank stop callling you. Thank you.
Here is a list state by state about deficiency judgements should your home go into foreclosure. Please be mindful that there are choices before facing foreclosure. Lenders tend to be forgiving with homeowners that have honestly tried other options. Another way to describe it is if you borrowed money from a friend or family member. They want to be repaid the full amount as agreed. However, if you are unable to repay. Wouldn’t it be better to pay as much as you could. Instead of walking away. That’s what a short sale will do for the lending institution of your home note.
The following is a list of the limits, if any, that states have imposed on deficiency judgments after a foreclosure action. Not every state limits the amount of such judgments, while other states do not allow them at all. Any limitations on suing borrowers after foreclosure and related issues can be found by searching the statutes and codes of the state.
Alabama: Deficiency judgments are possible. No limits.
Alaska: Deficiency judgments are not allowed if the foreclosure is by power of sale (nonjudicial foreclosure).
Arizona: No deficiency judgment on a purchase money mortgage for one- or two-family properties on less than two and a half acres. A deficiency may be allowed if a court decides the owners committed waste.
Arkansas: Lawsuit for deficiency must be brought within one year from the date of the public sale. Deficiency limited to amount of indebtedness less fair market value; or deficiency limited to amount of indebtedness less sales price of home.
California: No deficiency allowed under judicial foreclosure unless there is no redemption period, and no deficiencies are allowed under nonjudicial foreclosure. Deficiencies that are allowed are limited by fair market value of property.
Colorado: Deficiency is allowed, but homeowners may claim the house sold for less than the fair market value as a defense against this.
Connecticut: Deficiencies are allowed if they are pursued within thirty days of the end of the redemption period.
Delaware: Deficiency judgment allowed if lawsuit filed on note. Not allowed in judicial foreclosure proceedings.
District of Columbia: Deficiency judgments are allowed. If one is sought under judicial foreclosure proceedings, it may be entered in the foreclosure lawsuit.
Florida: Homeowners entitled to jury trial in deficiency case. Bank must have in-hand service on borrowers to include deficiency action in the foreclosure lawsuit.
Georgia: Sale will not be confirmed unless court is satisfied the sales price was for the true market value of the house. No deficiency is allowed unless the bank makes a request to the court and the sale is confirmed.
Hawaii: Allowed in some types of foreclosure, not allowed in others.
Idaho: Lawsuit for deficiency must be brought within 3 months of the public auction. Deficiency limited by fair market value as of the date of the sale.
Illinois: Deficiency judgments are allowed.
Indiana: If there is an agreement and an applicable waiting period is not waived, a deficiency judgment may be obtained.
Iowa: Deficiency not allowed if nonjudicial foreclosure process is used. Otherwise, deficiencies may be limited by statute.
Kansas: Deficiencies are allowed, but the court can refuse to allow confirmation of the sale or set an upset price.
Kentucky: Deficiency allowed if homeowners fail to answer foreclosure lawsuit or if they are served with the paperwork in-hand.
Louisiana: Deficiency only allowed in ordinary proceeding or executory proceeding if property has had an appraisal done under the state regulations.
Maine: Deficiencies are limited to an amount set on the date of the sale. If the bank that owns the mortgage is the high bidder at auction, any deficiency is also limited to the fair market value of the property.
Maryland: Report of sale and audit are required, but a deficiency can be obtained by filing a motion in court after the sale has been conducted.
Massachusetts: If a deficiency is to be pursued, the bank must include a notice of intent to seek deficiency with the required Notice of Sale. This Notice of Sale must be served on the borrowers at least 21 days prior to the actual auction.
Michigan: If the mortgagee bank purchases the property at auction, homeowners may use as a defense that the sale price was for less than the fair market value of the property.
Minnesota: Deficiency allowed, but limited by fair market value determined through a jury trial. If nonjudicial foreclosure is used and the six-month redemption period is available, no deficiency is allowed.
Mississippi: Judgment allowed if suit filed within one year of the auction. If the mortgagee bank was the winner at auction, deficiency may be denied based on unreasonably low sales price.
Missouri: Deficiency judgments allowed.
Montana: Allowed on a purchase money mortgage only under judicial foreclosure procedures.
Nebraska: Suit must be brought within 3 months of auction date. A deficiency is limited to the lessor of the difference between the amount owed to the bank and the fair market value at the time of the sale, or the difference between the amount owed and the sales price at auction.
Nevada: Allowed, but limited to the lessor of the following: the difference between the debt and the fair market value; or the difference between the debt and the sales price at auction, including interest from the date of sale.
New Hampshire: Allowed if action is brought in court after sale.
New Jersey: Judgment allowed only on the note after foreclosure, but no personal deficiency judgment allowed. Deficiency is limited by the fair market value of the property, and action must be brought into court within 3 months of sale.
New Mexico: Allowed in judicial foreclosure, but property can not be sold for less than 2/3 of its appraised value. In nonjudicial foreclosure, creditor can sue for deficiency within 6 years of sale, unless property was occupied by a low-income household.
New York: Deficiencies limited by fair market value of property, and are only allowed if homeowner was served in-hand or appeared for lawsuit.
North Carolina: May be limited by fair market value in judicial cases. No deficiency allowed in nonjudicial foreclosure of purchase money mortgage.
North Dakota: Deficiencies limited by fair market value or appraised value, but allowed on land of more than 40 acres. Not allowed on residential property of four or fewer units on less 40 acres.
Ohio: Allowed but void after two years after sale date. The property can not be sold for less than 2/3 of its appraised market value.
Oklahoma: Limited by fair market value as of auction date. Objections may be filed to confirmation of sale.
Oregon: Deficiency judgments not allowed on judicial foreclosure proceedings involving residential mortgages, or in nonjudicial foreclosures.
Pennsylvania: Allowed if a separate action is filed in court after auction. If the mortgagee purchases the property at auction, any deficiency is limited by the fair market value.
Rhode Island: Deficiency judgments are allowed.
South Carolina: Homeowners may request court to issue an order of appraisal within 30 days of the auction. If this is done, deficiency is limited by the amount of the debt over the appraised value.
South Dakota: If mortgagee or holder of note purchases the property at auction, any deficiency is limited by the market value. In judicial foreclosure proceedings, a deficiency judgment may be barred. In cases of voluntary foreclosure, no deficiency or surplus is allowed.
Tennessee: Deficiency judgments are allowed.
Texas: Action to pursue a deficiency must be brought into court within two years of auction date. If the borrowers ask the court to determine the fair market value, the deficiency may be limited or offset if the market value is greater than the price obtained at auction.
Utah: Action to pursue deficiency judgment must be made within three months of the sale date. Any judgment is limited to difference between the debt owed, including fees and charges on the account, and the fair market value
Vermont: In judicial foreclosure proceedings, the lender must request deficiency in original complaint and will be limited to the fair market value if the mortgagee is the winner at auction. In strict foreclosure proceedings, a separate judgment must be obtained and is limited by the fair market value.
Virginia: Deficiency judgments are allowed.
Washington: Deficiency judgments are allowed in judicial foreclosure proceedings, but not if nonjudicial foreclosure is pursued.
West Virginia: Deficiency judgments are not allowed if the sales price is less than the amount of the indebtedness.
Wisconsin: Deficiency judgments are allowed if included in the foreclosure action, but court must be satisfied that the house sold for its fair market value. If a lender waives its right to deficiency, the redemption period is shortened.
Wyoming: Deficiency judgments are allowed if the homeowner is obligated by a separate written agreement.
It should also be noted that states change their laws frequently, and foreclosure laws are no exception. Thus, it is still important for homeowners to do their own research to determine the current laws affecting their property. This list should only be used as a guide. Source: ForeclosureFish
We are very active in California and Arizona. If you need assistance in another area we have excellant resources.
Be Proactive, let go of being reactive. Take charge of your home and pursue your options. For a confiendtial call, contact Kristine, 310-737-8173.