Lock Up Event Today

Telethon Executive Lock-Up today! I am being picked up at 1PM today my bail is 2400 dollars. This is your last chance to make a donation. Please help me raise my bail.
We are raising money for Muscular Dystrophy Association to help kids go to summer camp. www.MDA.org
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Angel Lynn's Page


Lock Up Event Today

ShortSaleAprroval

2387 Snowberry, West Sacramento Approved Short Sale!

Our buyer just received notice that he has to move out of state. We are looking for a new buyer on this home. This one won't last long. This is a charming 4 bedroom home! This home is priced to sell at $181,000. Yes approved we can close in 30 days! Call the office for an appointment to view this beautiful home.

Deficiency Judgement

How a deficiency judgment can effect you the homeowner

Help in preventing financial damage in a foreclosure.

Some basics to consider when you’ve defaulted on a note to a lender. The note involved in a foreclosure or repossession is an "I Owe You": a promise and an obligation for you to pay the debt owed to the lender that financed your property. A deed of trust, or mortgage on the property, is the security for that debt. If you’ve had troubles paying your obligations or are no longer capable of making the payments, you are facing a default situation.

When a default situation arises, it's always better to try to work out a practical solution. There are numerous ways in which creative problem solving may come into play. A first step would be to communicate clearly and early with the lender. You can consider alternatives such as a loan modification, waiving unpaid payments, extending the amortization or lowering the payments. Amending your agreement with the lender may provide you with relief and the lender may allow get paid back or avoid a foreclosure process.

There are several avenues that a lender can pursue in enforcing their rights. When a default on the note is at hand, the lenders legal options with this default are:

Sue on the note

When a case goes to court, the lender can sue only on the note. They may institute a lawsuit in court against the payor or borrower, asking the court to require them to pay all money owed to the lender. A judgment can be obtained in court, requiring the full amount of the note payable to the lender. A judgment can attach all non-exempt assets owned by the borrower, allowing the lender to take those assets to satisfy the amount of the judgment. Exempt assets are those necessary for livelihood and are specified by state or federal law.

Many states will not allow such a suit. In many states, if a suit on the note is filed, a foreclosure on the Deed of Trust or Mortgage is barred. Other states will require a foreclosure process first, followed by a suit on the note. You should note that these types of suits are not the norm, as a foreclosure on a secured property is the primary means of satisfying the note outstanding.

Judicial foreclosure

An in-court foreclosure is called a judicial foreclosure, a lawsuit with specific parameters. Again the foreclosure laws will vary a great deal from state to state. A judicial foreclosure allows the lender to institute a lawsuit calling the entire note due and requesting a court ordered sale of the property to satisfy the note

When a judicial foreclosure permits the calling of the note due, taking the property may not be enough to satisfy your debt. The lender will gain a deficiency judgment against the borrower. A deficiency judgment demands that, if the lender does not receive all amounts due them from foreclosure sale of the property, the remaining balance of the debt should be paid by the borrower. The rules and requirements of both property types and borrower actions will vary greatly by state, so competent legal counsel is absolutely necessary.

Non judicial foreclosure

With an out of court process, or non-judicial foreclosure, the process is usually handled by an attorney or a foreclosure professional. In some states, the process allows the lender to re-take the property without getting any other compensation from the borrower. Other states will allow a deficiency judgment after the foreclosure process is completed. This type of foreclosure occurs when borrower has no other obvious assets or ability to pay, when the property is worth more than the loan outstanding, or when it appears that this is the only legal option.

In general the borrower has rights to bring payments up to date, in which case, the note may not have to be paid off. In many states the borrower may also have redemptive rights after the process has occurred.

Deed in lieu of foreclosure

Another way of dealing with a mortgage default that will require the cooperation of both the lender and the borrower is to transfer the property by means of a deed in lieu of foreclosure. Fast and inexpensive (legal fees), both parties agree to transfer the property to lender, avoiding the time and expense of foreclosure. Most importantly, the borrower may avoid the possibility of the lender pursuing them for a deficiency judgment.

Bankruptcy

The possibility always exists that declaring bankruptcy may be the last form of refuge in a loan default. Lenders will want to avoid such a situation as bankruptcy creates numerous delays at a considerable cost. Competent legal counsel should be sought in determining if this is the right avenue for you

With all of the alternatives discussed above, the specific rules applicable to your state will determine whether you would face the risk of having a deficiency judgment ordered on behalf of the lender.

Real Short Sale Scenario

The process

When a borrower falls behind on their payments the loan is usually sent to the lender’s loan loss mitigation department. Most lenders also consider short loan payoff sale requests in their loss mitigation departments.

Your chances of success with your lender improve if your communications with them is organized and complete. Your contact with your mortgage lender’s loss mitigation department should be professional. You’ll want to send them the appropriate documentation and provide them with any additional information that they may require.

Keep in mind that lenders will approve a short sale as a last resort to avoid foreclosure. If a home was purchased at the height of the market and has depreciated considerably, the home may be “upside down”, or is worth less than is owed. The lender may consider a short sale. The same is true for a property was recently refinanced at 100% or on an option arm leaving the property without equity.

Keep in mind that lender is not in a position to manage property they are in the lending business. A home, while it’s sitting vacant waiting for sale, is accruing costly insurance premiums, taxes, repairs and bringing in nothing. The lender is losing even more because the lost interest they could be receiving on their asset. They have their money invested, but are making nothing from the investment until the property sells. If a short sale can be accomplished, their money is returned and they are no longer losing money on the investment. In a short sale the bank may even be willing to finance a new owner, making it a win/win for all parties.

A real life short sale scenario.

To help you to better understand the short sale process, we have assembled a recent case study for your own review and study. The scenario will help you better understand the reasons and motivations behind a short sale transaction.

Alex and Rita owned their 2,500 square foot ranch home for 7 years. The year prior to their Alex losing his job, they had obtained a new mortgage on the home in the amount of $240,000 with their bank.

Over the course of the past several years, the home had suffered from deferred maintenance on the walls, doors, carpet and exterior. Given the softness of the real estate market and their desire to vacate their home, they initially they put the home on the market at $220,000. 75 days on market produced no offers, so the price was reduced to $205,000. After a number of weeks on the market, several offers were received, one at $195,000 and the other at $197,500.

The lender involved in this short sale counter-offered at $200,000, based upon the expectation the their net proceeds would amount to no less than $194,500, after seller-related closing costs, commissions and past due property taxes. The buyers agreed to increase their purchase price from $187,500 to $190,000 and the Sellers received a letter of investor acceptance, outlining that the loan would be considered “paid in full”, with the remittance of the net proceeds.

The lender, in this actual transaction, accepted a loss of $52,095 or a 23% loss on their total balance owed. This home was listed at the reduced list price on September 21, went under contract on October 22 and closed on November 15, just one month before the scheduled foreclosure auction date.

Shortsale Legal Implications

Legal implications of a short sale.

Short sales allow a homeowner to close on the sale of property worth less than the debts secured by it. Typically, the lender agrees to accept the net proceeds from a closing in exchange for releasing its lien. Lenders are not agreeing to a short sale to be generous, they are convinced that it will come out better than it would by foreclosing on the home and pursuing the borrower for its losses. While the procedures for a short sale will vary from lender to lender, most lenders need to be convinced of the following:

The sales price of contract is equal to what they would be able to sell the property for after a foreclosure. While the lender may review the market analysis provided by the agent, they will often confirm the market analysis by contacting its own sources, such as an appraiser.

The commission for the transaction is equal to the commission it would pay its agent for selling the home after foreclosure. The lender will need to know as precisely as possible the amount of proceeds it can expect to receive from the sale.

The lender will want an explanation of the circumstances which caused short sale in the first place. These usually include death, medical problems, divorce, loss of a job, or a job displacement requiring a move.

The seller doesn't have the resources to make up the mortgage shortfall on their own. The lender will require a full assessment of the financial condition of the seller. Financial statements, income and expenses, tax returns and the seller's paycheck stubs should be provided. The seller's financial condition is a tricky proposition. While the lender will be reluctant to approve a compromise without reviewing strength of the seller, this information will help the lender in pursuing the seller for a post-foreclosure deficiency if the short sale does not take place.

A seller with few assets, little or no income, and a willingness to file bankruptcy has little to lose by providing this information. Those with other assets, a good job with garnishable wages, or a desire to avoid bankruptcy will put themselves at risk in the process. Those considering a short sale need expert legal advice regarding the wisdom of submitting financial information to the lender.

Shortsale Assistance

How can I get out from under the debts on my home?

If the market value of your home is less than what you owe on your current mortgage, you may qualify for a legal, lender approved solution known as a Short Sale. A Short Sale can be accomplished by negotiating with your bank or lending institution to accept a sale of your property to a third party buyer for less than what you currently owe on your mortgage balance.

The short sale of real estate is not a questionable practice in today's softening real estate market, it may be a necessity. The short sale transaction is a legal and much more beneficial alternative to foreclosure or even bankruptcy. Lenders are motivated to accept short sale offers to for a number of good reasons. The short sale of your home can result in a win-win-win situation for all parties involved:

Win #1: You win by getting out of a financial predicament a clean transaction and a salvaged credit score. Your property is saved from foreclosure, thus helping you to save your credit rating. Allowing you home to proceed into foreclosure may adversely affect your credit for up to 7 years.

Win #2: The lender wins by avoiding timely and costly foreclosure proceedings which could lead to an even more costly expense of ownership of the real estate by the by the bank.

Win #3: The buyer of your property wins by getting a solid property at a good market value.

Here is a quick video of Saturdays Event!








Here are some pictures of the event on Saturday the kids had lots of fun!

Overcoming Obstacles Event June 13th

Overcoming Obstacles Fundraiser Event
A Fundraiser Obstacle Course At Midtown Strength & Conditioning To Benefit WIND Youth Services.

Join the fun on the Midtown Obstacle Course! Hurdle Boxes, Climb Walls, Flip Tires, Run Agility Cones, Pull Fire Hoses, Sprint "The Alley" Run and more....

Enjoy Live Music, Food, Face Painting and a ton of Raffle Prizes! See Slamson from the Sacramento Kings and the River Cats Dinger run the course. Check out a Bench Press Exhibition by elite power lifters, Team Super Training.

Please come support local vendors on Saturday, June 13th to raise money for an excellent cause!
2010 3rd Street, Sacramento


Bring the kids for a day of fun!

Myspace Page

Share the Shine!

I would like to take this opportunity to thank everyone who went to ZudaYoga to experience a class. I didn't come in first place, but I did win 6 free weeks of yoga! Thank you to all and I hope your experience was wonderful. Yoga is about learning how to take care of yourself and give back to the community. I am giving away my six weeks to my friend Traci Ramirez Camarena, who also brought her mother to share the shine. Thanks you all for sharing the shine!

Green Home Misconceptions

1) Green homes are more expensive. Although some green remodels and buildings can be expensive, buying a new green home doesn’t have to be more expensive than a traditional home. When builders construct a new home to “green” certification standards, they often pass the cost along to the buyer, which can make the initial price of a new green home higher than that of a traditional one. However, as energy costs continue to rise, many buyers are finding the long-term savings they will accrue from an energy-efficient house outweigh the higher price tag. Also, as the practice of green construction increases, the cost of green building will continue to decrease.

2) Anything that claims to be green, is. Many companies are jumping on the green bandwagon; however, there are many products that claim to be green, but in fact aren’t. Your green-credentialed REALTOR® or EcoBroker® should be able to help you discern what is truly “green” and what is not. Make sure you—and your REALTOR®—know the difference and can cut through the greenwashing.

3) A new home is always a green home. Just because a home is newly built doesn’t necessarily make it environmentally friendly or energy efficient (a key component to having an eco-conscious home). In fact, most new homes are NOT environmentally friendly, as typical materials utilized include VOCs, etc. Having a professional energy audit conducted is the best way to find out how energy efficient a new home is.

4) Green homes look unconventional. Green homes can look the same as traditional homes; they just have different features that make them more environmentally friendly.

5) Green homes are uncomfortable. Green homes can have the same features as a typical home; they just function in a different, more eco-conscious way. Additionally, although some green products, like low-flow toilets, often get a bad rap for not working properly, typically, green products function at the same, if not higher, levels than your standard products.
Did You Know?: Building a standard 2,500-square foot-home creates approximately two tons of construction waste. Construction of a green home usually generates 50 to 90 percent less waste.

For more information about going green please visit CAR.org

Tell me what your thoughts are about going green?

~Angel Lynn

Who can use the 1st time home buyers credit?

Who is Eligible for the 1st time home buyer credit?

1. Who is eligible to claim the tax credit?
   First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
   
   
2. What is the definition of a first-time home buyer?
   The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
   
   For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
   
   
3. How is the amount of the tax credit determined?
   The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
   
   
4. Are there any income limits for claiming the tax credit?
   Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
   
   As stated on the Federal Housing Tax Credit

Got lots of questions on the last blog about tax credit for first time home buyers. Thought I would clarify some questions. I think its great the government is trying to help stimulate the economy, but we have a long road ahead of us.
Angel Lynn

First Time Home Buyers Tax 8000 Dollar Tax Credit

TIME TO BUY

DONOVAN ANNOUNCES RECOVERY ACT'S HOMEBUYER TAX CREDIT CAN IMMEDIATELY HELP THOUSANDS OF FIRST-TIME HOMEBUYERS TO BUY A HOME


FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.

Great opportunity for 1st Time Home Buyers to Buy!

~Angel Lynn~

By Referral Only Seminar in San Francisco Day 1

We went to the San Francisco area today for a two day By Referral Only Seminar put on by Joe Stumpf. I have been a member of By Referral Only since 2005. By Referral Only is a Realtor and lender based training and database system. Lots of wonderful information. I am excited about learning more tomorrow.

~Angel Lynn~