John Hayes Real Estate Blog For Sacramento Region

A New Strategy To Make El Dorado Hills Short Sales Faster & Easier

2012-05-25T17:02:15Z

El Dorado Hills CA – Yesterday we discussed a serious problem affecting the short sale industry. Today, we are going to lay out a strategy that the short sale sellers can use to help solve this problem.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The biggest reason that this problem can continue is because the realtors assisting you never receive a copy of your home’s valuation. If we had copies of those valuations, then holding the people accountable would be much easier.

The banks won’t give us the information. And we really don’t have the right to it. But, you, the home seller, does have a right to it under the Equal Credit Opportunity Act

Here is what you can do to get your hands on your bank’s property valuation.

1. Request a complete itemized payoff from your lender. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.

2. Review the payoff to see where the property valuation is itemized. It will usually be called an “Appraisal” or “BPO.” If not, it may be included in some other payoff cost.

3. Since this is part of what you owe on this mortgage, then you have a right to a copy under the Equal Credit Opportunity Act. Fax the lender’s legal department a request for a copy of it.

Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender’s legal department the same request.

If your lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, The FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.

Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints against them.

Once you receive a copy of your home’s valuation we can use that date to facilitate the short sale process. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

John Hayes specializes in loan modification assistance and short sales in El Dorado Hills California. El Dorado Hills Loan Modification Help, El Dorado Hills Short Sales. El Dorado Hills Short Sale Realtor. Sacramento CA Loan Modification Help, Sacramento CA Short Sales. Sacramento CA Short Sale Realtor. Folsom CA Loan Modification Help, Folsom CA Short Sales. Folsom CA Short Sale Realtor. Mather CA Loan Modification Help, Mather CA Short Sales. Mather CA Short Sale Realtor. El Dorado Hills CA Short Sales. El Dorado Hills Realtor.

Important Notice

John J Hayes, RE/MAX Gold, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are John J’s personal views and do not reflect the views of RE/MAX Gold.

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The banks won’t give us the information. And we really don’t have the right to it. But, you, the home seller, does have a right to it under the Equal Credit Opportunity Act

Here is what you can do to get your hands on your bank’s property valuation.

1. Request a complete itemized payoff from your lender. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.

2. Review the payoff to see where the property valuation is itemized. It will usually be called an “Appraisal” or “BPO.” If not, it may be included in some other payoff cost.

3. Since this is part of what you owe on this mortgage, then you have a right to a copy under the Equal Credit Opportunity Act. Fax the lender’s legal department a request for a copy of it.

Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints against them.

Once you receive a copy of your home’s valuation we can use that date to facilitate the short sale process. Thinking about a short sale? is provided as a courtesy to our viewers to help them make informed decisions.

A Few Instances Where You May Owe Income Taxes After A El Dorado Hills Short Sale

2012-05-23T13:12:10Z

El Dorado Hills CA – The Mortgage Forgiveness Debt Relief Act of 2007 allows most people to short sale their home and not owe any income taxes on the forgiven debt.

However, there are a few situations where a homeowner may still owe taxes after a short sale.

According to the IRS’s Website, here are the following situations where you may owe taxes after a short sale or foreclosure.

* If you are being forgiven of more than $2 Million on your principal residence.

* If you are being forgiven of more than $1 Million on your principal residence and you are a married person filing a separate return.

* If the debt being forgiven was from a refinance and the proceeds of the refinance was not used to improve your residence.

(If you refinanced your house and used the money to improve your residence, then you wouldn’t be taxed on the forgiven debt. I would talk to an accountant to get all the details before trying this strategy.)

* Forgiven debt on second homes and other properties that are not your primary residence are not eligible for tax relief under this law.

There are other ways to get tax relief, but they are not covered under this law. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

Important Notice

The views expressed here are John J’s personal views and do not reflect the views of RE/MAX Gold.

This information on A Few Instances Where You May Owe Income Taxes After A El Dorado Hills Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

El Dorado Hills Short Sales: So How Does The Mortgage Forgiveness Debt Relief Act Help You?

2012-05-22T17:40:57Z

El Dorado Hills CA – In our last blog post we explained that the Mortgage Forgiveness Debt Relief Act does not automatically release you from your mortgage debt after a short sale.

So, what does this law cover? What does it do? I’ll answer that question today.

Unfortunately, the law does not automatically release you from your upside down mortgage debt after a short sale. What it does do is give certain homeowners relief from taxes after a short sale.

Let’s look at the tax liability for a homeowner who short sold their home or lost it to foreclosure. Before this law was enacted, they would be taxed for any debt that was forgiven.

Let’s say that someone owed $400,000 on their home and sold it as a short sale for $300,000. According to Uncle Sam, if the lender forgave $100,000 in debt, then it was like they received $100,000 in free money.

Uncle Sam considered that forgiven debt as income. He wants that person to pay taxes on the income. Imagine the shock of receiving a big tax bill after you lost your home to foreclosure!

The Mortgage Forgiveness Debt Relief Act of 2007 changed all that. Someone can now short sale their home and be relieved from owing income taxes on up to $2 million in forgiven mortgage debt on their primary residence.

The law expires at the end of 2012. If you are thinking about short selling your home, then you need to get started right away. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

Important Notice

The views expressed here are John J’s personal views and do not reflect the views of RE/MAX Gold.

This information on El Dorado Hills Short Sales: So How Does The Mortgage Forgiveness Debt Relief Act Help You? is provided as a courtesy to our viewers to help them make informed decisions.

A Common El Dorado Hills Short Sale Myth: Everyone Who Short Sells Their Home Will Be Released From The Debt

2012-05-21T16:46:46Z

El Dorado Hills CA – Be careful who you take short sale advice from. Unfortunately, not everyone knows and understands short sales.

Here is an example of the myths propagated by people who think they know and understand short sales. I received an email from another agent recently.

This agent thought that a Federal Law had outlawed deficiencies on short sales. This agent mistakenly thought that the Mortgage Forgiveness Debt Relief Act of 2007 made it so that anyone could short sale their house and the debt would automatically be forgiven.

This agent had sold over 50 short sales and was experienced on short sales. She assumed that since the short sale lenders had not mentioned a deficiency in the short sale approval letter that meant there was no deficiency.

This agent was located in Oregon. However, according to this Oregon Attorney’s Website, she was mistaken. Any of her 50 short sale customers could be at risk of a deficiency, even though their agent had told them that the loan had been forgiven.

Don’t make any assumptions when deciding on how to handle your short sale. Double check everything you hear and make sure it is correct. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

Important Notice

The views expressed here are John J’s personal views and do not reflect the views of RE/MAX Gold.

This information on A Common El Dorado Hills Short Sale Myth: Everyone Who Short Sells Their Home Will Be Released From The Debt is provided as a courtesy to our viewers to help them make informed decisions.

El Dorado Hills Short Sale Help: Having Financial Problems? Tell Debt Collectors To “Get Lost”

2012-05-18T14:27:00Z

El Dorado Hills CA – Most of the short sale sellers that we help are selling this home because of financial problems. They can’t afford the payments and sell their home to avoid foreclosure.

Because of this I am very familiar with helping my customers who have financial problems. Many of them are struggling to buy groceries, keep the power turned on, and pay for gas to get to work.

They are struggling to pay for the necessities just to survive and feed their family. In most cases they have missed payments on credit cards.

The credit card companies think that you should pay them before you buy groceries. If you are in this situation, then do not give a dime of your money to any credit card company.

A credit card is an unsecured debt. They don’t have any collateral to get their money back with. They can’t come get your car or take your house.

Because of that they cram hundreds of people into cubicles and “sic em” on people in financial difficulty. They make hundreds of calls each day. They lie and threaten people to scare them into paying.

If you are having financial problems, then just take a break from these people. Get them off the phone as quickly as possible. Hang up if the conversation has gone longer than 30 seconds.

Don’t believe any threats to sue you. I estimate that 90% of the threats to sue are never carried out. Even if they do sue and get a judgment they can only garnish 25% of your wages.

I estimate that 95% of all unpaid credit cards will never result in a wage garnishment. Now, I’m not saying you shouldn’t pay them.

But, get your life back on track before you do. Get all of the necessities paid for first. Every other payment should be caught up on before you pay them a dime.

You should have an emergency fund of $1,000 or more before you pay them. Your kids, healthcare for the entire family, and all other necessary expenses should be taken care of.

If your car is having problems and needs to be replaced, then buy a new car. Once you have everything in order financially, then you can start working with the past due credit cards.

But, don’t just pay them off in full. Most of them will accept a 10-20% of the original balance. Pay them what you think is fair. When paying them off never send them a check or give them your debit card info.

Some of their contracts have clauses that allow them to charge you more than you had agreed on the phone. Get everything signed and in writing.

Then mail them an untraceable payment method like a money order. That way they can’t take every dime out of your bank account. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

Important Notice

The views expressed here are John J’s personal views and do not reflect the views of RE/MAX Gold.

This information on El Dorado Hills Short Sale Help: Having Financial Problems? Tell Debt Collectors To “Get Lost” is provided as a courtesy to our viewers to help them make informed decisions.

Here’s Proof That Your Bank Actually Wants You To Short Sale Your El Dorado Hills Home

2012-05-17T14:31:03Z

El Dorado Hills CA – A recent article in the Tampa Bay Times shows how much lenders prefer short sales to a foreclosure. It discussed how Bank of America recently came out with new short sale incentives.

Bank of America is willing to pay borrowers up to $30,000 for moving expenses to short sale their house. I doubt that many homeowners will receive $30,000. Most will receive the lower amount of $2,500.

But that is still better than repaying your lender thousands of dollars for their loss. As you can see, banks like short sales. But, why is that?

It comes down to one simple thing: money. The banks have foreclosed on thousands of properties. They have also assisted with thousands of short sales.

Over time they realized that selling a property as a short sale usually nets them more money. Here is an example. We had a home for sale as a short sale. A buyer offered to buy the home for $275,000.

The bank reviewed the offer and turned it down. They thought the house was worth more than that. We tried and tried to convince them to accept the offer. But, they wouldn’t accept it.

So we put the property back on the market. The market continued to decline. We submitted all of the new offers to the lender. However, they continued to turn them down.

Finally 18 months later they accepted an offer. But, this time the house was selling for $235,000. I’m sure that shocks you. What! That lender just lost $40,000! Wouldn’t someone be angry?

No. No one is angry. That’s crazy, isn’t it? But, it’s just part of life for these lenders. They have to make decisions every day. They are used to losing money on foreclosures and short sales.

They have seen this story before on many other homes. Overall they know that short sale will net them more money than a foreclosure. As a result they prefer short sales over a foreclosure. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

Important Notice

The views expressed here are John J’s personal views and do not reflect the views of RE/MAX Gold.

This information on Here’s Proof That Your Bank Actually Wants You To Short Sale Your El Dorado Hills Home is provided as a courtesy to our viewers to help them make informed decisions.

Will My Lender Sue Me After A El Dorado Hills Short Sale?

2012-05-16T22:40:20Z

El Dorado Hills CA – Many people are concerned about a potential lawsuit after a short sale.

Many people ask us, “My lender just lost $150,000. Aren’t thing going to be angry that they are losing that much money? Won’t they sue me?”

The good news is that very few people will get sued. The vast majority of all short sale sellers will be released from the debt as a condition of the short sale.

We have reviewed hundreds of short sale approval letters and are familiar with the laws in different states. We estimate that 85-90% of all short sales will be approved with the deficiency being waived.

But, what about the remaining people? There are several reasons they are unlikely to be sued. Remember, in most cases they can’t collect any money without getting a judgment first.

Reason #1: It costs $1,000 or more to file a lawsuit in most states. Between the attorney fees and court costs, it will cost a lender $1,000 to $5,000 to convert the debt into a judgment. The $5,000 number is for people who fight them in court.

Reason #2: You can’t squeeze blood from a stone. Most people short sell their house because of financial problems. The banks know this.

They have learned from past experience how hard it is to collect money from someone who is having financial difficulties.

This is why the vast majority of all short sale sellers will never be sued by their lender after a short sale. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

Important Notice

The views expressed here are John J’s personal views and do not reflect the views of RE/MAX Gold.

This information on Will My Lender Sue Me After A El Dorado Hills Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Folsom Ca-Bank of America expands short sale incentive to $30,000

2012-05-15T21:11:38Z

Folsom Ca- Looks like BofA is following suit to Chase and Wells. BofA is offering up to $30,000 for the seller to participate in a short sale. This is good news for home owners that have been denied a loan modification. The bad thing about this is you will not know if you qualify until you start the short sale and then you will be hand picked for this program.

You can still get 2,500 for a cooperative short sale and $3,000 for the HOFA program.

If you or anyone that has a BofA loan and have some questions please give me a call.

Click Here To Read More Details

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

Will I Have My Wages Garnished After A El Dorado Hills Short Sale?

2012-05-15T20:22:14Z

El Dorado Hills CA – Many people are concerned about a deficiency after a short sale. They are afraid that their bank may garnish all of their wages.

It’s scary to think that at any moment your bank could grab every dime you make and leave you broke. Most people short sell their house because of financial problems.

They can’t afford to lose a month’s worth of salary. But, here is the good news. There is a maximum amount that anyone can garnish. According to Department of Labor’s Website, anyone garnishing your wages can take a maximum of 25% of whatever you earn.

Sure, it’s not fun to have 25% of your earnings taken. But, 25% is much less than the 100% that most people think they will take.

So, even if you do get a deficiency on your short sale, it is not the end of the world. They cannot take all of your money and ruin your life.

Before your lender can garnish your wages they usually have to go to court and get a judgment against you. That takes time and costs money. A lawsuit can cost them a thousand dollars or more.

The high costs causes lenders to think twice before sueing most homeowners. Even better news is the fact that there are a lot of loopholes. For example, in Florida the head of household is exempt from garnishment.

Most garnishments have to be approved by a judge. If you can show the judge that you have kids to take care of, then they may deny the garnishment.

Or, you can show the judge that a garnishment would cause you serious financial hardship where you couldn’t afford gas to drive to work.

The bottom line is that so few homeowners who short sell their house will ever be pursued with a garnishment.

We have helped hundreds of homeowners with a short sale and haven’t met anyone whose wages were garnished after the short sale. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our El Dorado Hills loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

Important Notice

The views expressed here are John J’s personal views and do not reflect the views of RE/MAX Gold.

This information on Will I Have My Wages Garnished After A El Dorado Hills Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Buying A El Dorado Hills Short Sales? Make Sure You Have This Person Helping You

2012-05-14T23:10:17Z

El Dorado Hills CA – Thinking of buying a Gainesville Short Sale? The short sale process is difficult to navigate. The first thing you should do it make sure that the agent who has the house for sale knows what they are doing.

That person, also known as the “listing agent”, is responsible for negotiations with the short sale lender. They may negotiate the short sale themselves or have a third party do it.

Either way they will be in control of most of the process. The bottom line is that if they do not know what they are doing, then the short sale will be delayed.

You may find yourself waiting 3-4 months for the short sale for the short sale to be approved. Then, after waiting and hoping that you can buy your dream home, you will find out that the short sale lender won’t approve your offer.

“We are so sorry. We worked so hard to convince them to accept it, but they still turned it down”, the agent may tell you. Wouldn’t that be heart breaking?

Unfortunately some agents just do not understand the short sale process. They are too busy with other things and never have a chance to give the short sale negotiations the property attention.

Or, the short sale negotiator they hire may be too busy to give your short sale file the attention it deserves. This is why it is important to find an agent that understands the process backwards and forward.

They will give the file the proper attention or find someone who can. They will know how to overcome any problems and roadblocks that arise.

And at the end of the day you will be able to buy your dream home. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at 3hayes@sbcglobal.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 530-306-3316

Thanks for reading this, John J Hayes.

John J is a Real Estate Agent at RE/MAX Gold.

Phone: 530-306-3316. 3hayes@sbcglobal.net.

“Hard Work and Dedication”

View My homes for sale at www.johnhayesrealestate.com/home-search.

Important Notice

The views expressed here are John J’s personal views and do not reflect the views of RE/MAX Gold.

This information on Buying A El Dorado Hills Short Sales? Make Sure You Have This Person Helping You is provided as a courtesy to our viewers to help them make informed decisions.