My wife fell on a run this morning and broke her collarbone. Yesterday she ran a 1 mile road race in 5:17 as a 53 year old. She hadn’t raced in about 5 years but had gotten herself into good shape. Hopefully she can start light training again in 3 weeks.

Thanks to Drs. Doug Wise and Jon Ellis of Temecula, CA for taking care of her. They kept her going when she was world and nationally ranked as a runner and they are taking care of her now. Thanks guys! #fb

Sent from my Verizon Wireless BlackBerryPosted on Temecula and Murrieta Real Estate

Ouch! Running is supposed to be fun! is a post from: TomWysocki.com

There was a great article in the past few days in the Sacramento Bee (and reprinted in RISMedia) regarding the extended liability homeowners face long after they have moved on, either by foreclosure or through the short sale process.

In California, unless the loan is the original “purchase money” loan, the seller/owner may be liable for the deficiency of the loan after the home has been sold or foreclosed on. Many of these mortgage servicers are selling these deficiencies to collection agencies for pennies on the dollar. These agencies MAY attempt to recover the losses through court action many years after the homeowner has moved.

The impact in our area could be huge! The Temecula and Murrieta real estate market has been devastated by the mortgage meltdown, resulting in large declines in home values. Most of our sellers are upside down and owe substantially more than the homes are worth. As the owners either short sell the home or lose it in foreclosure, they feel they are starting on the road to economic recovery. Unknown to them, they may be liable for the losses that the mortgage companies incur on the property.

There is legislation in the works to address this situation, but it is in the preliminary stage and still has a way to go.

I am going to post a disclaimer about this. I am not an accountant or a lawyer and cannot dispense legal advice. For all the details regarding legal liabilities on foreclosure and short sales, please consult your lawyer or your accountant. DO NOT RELY ON THIS BLOG POST AS YOUR SOLE ADVICE!!!!

Click on the following link to read the full article.

Years After Loan Default, Homeowners May Still Owe

Home Loan Liability May Last For Years After Default #fb is a post from: TomWysocki.com

There is a new report on MSN today that details the housing market and the values relative to the mortgages. It paints a pretty grim picture of what we face in the future. Almost 25% of the homes in the country are “upside down”, meaning more is owed on the home than it is worth. While this is a sobering statistic, the bulk of these homes are concentrated in 5 states: Nevada, Arizona, Florida, Michigan, and California. Nevada’s figure is an incredible 70%! 7 out of 10 homes in our neighboring state, and the state I grew up in, are underwater! California is in 5th place with 35%. That is over a third of our neighbors have negative equity.

What makes this worse is that here in the Soutwest Riverside County cities of Temecula and Murrieta, real estate and home values have really taken a beating! Undoubtedly we have a higher rate. We have been one of the hardest hit areas in the state and nation and our prices had risen so quickly that our falling prices surpassed the national and regional average. This means that most people who purchased their home between 2003 and 2007 are in this position.

Hopefully we can start getting cooperation from the banks holding the mortgages in our area to place a high priority on processing “Short Sales”. If almost 1 out of every 2 homeowners in our area are upside down, the banks need to work with them as they try to sell their homes or risk getting these homes back as foreclosures. Short Sales are a better option for the banks, they end up getting more money on the loan in a shorter period of time, there is no holding time or cost, and the housing market will start to rebound quicker.

To see the full article:

24% Of Home Mortgages ‘Underwater’

New MSN Report On “Upside Down” Mortgages #fb is a post from: TomWysocki.com

There is a great article that was in the Merced newspaper on the human toll that foreclosure takes. It also reveals the struggles that some homeowners face as they try to talk to their mortgage companies.

Please remember these homeowners and what they face as you read articles on the mortgage meltdown. Not everyone who faces foreclosure over bought their home or used their equity to purchase “toys”. Many are in this situation due to circumstances beyond their control!

Foreclosures Take Heavy Toll on Hearts and Minds | RISMedia

Article on the human toll of foreclosure #fb is a post from: TomWysocki.com

As the April 30th deadline for the $8000 first time buyer tax credit looms, you may want to be reminded about the rules for the program.  The National Association of Home Builders created a great information website that outlines the details of the program as well as addresses questions you may have.  It also has information about the tax credit for repeat home buyers.

Click Here For Information About The Home Buyer Tax Credits

Remember, the contract has to be signed by both the buyer and the seller by April 30th.  Given the scarcity of homes to look at and the number of buyers in the marketplace, you may want to start searching for your new home to take advantage of the tax credit.

Good luck and happy house hunting!!!!

As the April 30 deadline for the $8000 tax credit approaches, make sure you have the facts is a post from: TomWysocki.com