Crum & Associates Residential Group

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How Do I Stop The Foreclosure Process During A Seal Beach Short Sale?

Seal Beach CA ShortSale – Crum & Associates Residential Group recently received a question from Trudi. Here was Trudi’s Question. “I am in the middle of the 3rd offer on a shortsale. I was just recently received foreclosure papers. Is there a way to stop the foreclosure process and get the house sold? If they [...]

Who Benefits From A Long Beach Short Sale?

Long Beach CA ShortSale – Even though lenders pretend to despise shortsales, they really benefit from shortsales. Let me clarify why. A lender gets to sell the house at today’s price, versus what it will be worth 6-12 months down the road. We just did a comparison and pulled up sold listings. All of the [...]

A Common Lakewood CA Short Sale Mistake

Lakewood CA – Lakewood CA Shortsales have a reputation for taking a long time. But, they can drag on even longer if the paperwork isn’t submitted to the lender in a timely manner. When Crum & Associates Residential Group first started doing shortsales, we were hesitant to submit anything to the lender until we had [...]

Embarrassed to do a Long Beach Short Sale

Long Beach CA – You might reckon it is an embarrassment to sell your home as a Long Beach shortsale. “My friends will laugh at me when they realize that I owe more on my house than it is worth”, some people reckon. The reality is that many Americans are in your same position. In [...]

Can I buy a Long Beach Home after a Short Sale

Long Beach CA – The largest advantage a small sale has over a foreclosure is that you can buy your next home much sooner. Under current lending guidelines, you can buy another home in 24 months after a long beach small sale. If your Long Beach Home was foreclosed on, then you would have to [...]

Long Beach Short Sale: Why Does A HELOC Get Zero From Foreclosure

May 29th, 2011

crumassociates

Long Beach CA – After yesterday’s blog post, I am sure that some people were wondering why a HELOC gets zero from a Long Beach Foreclosure. Let me clarify why.

When a property is foreclosed upon, it is auctioned on the courthouse steps. Let me give you a scenario where a homeowner owes the following on the property.

First Mortgage is owed $200,000.

Second Mortgage is owed $40,000.

There is a HELOC (Home Equity Line of Credit) that is owed $100,000. (The home increased in value to $400,000 and a lender agreed to grant the loan.)

So a total of $340,000 is owed on the property. Now, what if it only sells for $150,000 on the courthouse steps. Who gets that $150,000?

The first mortgage does. The second mortgage wouldn’t get a dime unless the property sold on the courthouse steps for more than $200,000. The HELOC wouldn’t get any money unless it sold for more than $240,000.

This is why a second mortgage gets so small money from a foreclosure. Historically, second mortgages were loaned for the top 20% of the property value. The lower 80% was the first mortgage.

In most cases, the attorney fees, foreclosure costs, delinquent property taxes, and other fees would bring the first mortgage’s total up to around 100% of the property value.

This is why in most cases a second mortgage rarely gets any money from a foreclosure. Of course there are other variables that can change things, but this is how it usually works.

Thinking about a small sale? I can help you small sale your property so you can go on with your life. Send me an e-mail at ramon@crumassociates.com. I will contact you for a free consultation.

When we talk, I will clarify how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 562-881-4985

Thanks for reading this, ramon crum.

We are also foreclosure experts with Long Beach Small Sale at Crum & Associates Residential Group. Long Beach Small Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification help and small sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Small Sales. Long Beach CA Small Sales. Long Beach Realtor.

Short Sale: How to get your Long Beach CA loan modification approved.

May 24th, 2011

crumassociates

SBHome1 Short Sale: How to get your Long Beach CA loan modification approved. Long Beach CA – Lenders reject loan modifications only to lose more money when they sell the home after foreclosure. Here is how to prove the loss to them. When you request your free loan modification guide, you will have the option of also receiving a property valuation. This is called a BPO (small for Broker’s Price Opinion), and it is a real estate agent’s opinion of the value of a property. Lenders use BPOs to determine a property’s value for small sale processing. Find out what you can pay the lender as a monthly payment. Then, find out the mortgage amount that equals that payment. For example, $1,200 a month will pay off a $211,346 mortgage over 30 years. $2,000 will pay off a $352,243 mortgage. $3,500 will pay off a $616,426 mortgage. $600 will pay off a $105,673 mortgage. The lender should approve your loan mod if the payment you propose will pay off a mortgage amount that is more than the property value. It is in their best interest because it will reduce their losses. In fact, lenders usually only net around 80-85% of a property’s value after foreclosure. This is why lenders were only willing to lend up to 85% of a property’s value historically. So use this to your advantage. Keep reminding the loan modification negotiator of these facts. And hold the negotiator accountable if they reject your loan mod and los even more money as a result. Thinking about a loan modification? Our Long Beach loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail: ramon@crumassociates.com Thinking about a shortsale ? I can help you shortsale your property so you can go on with your life. Send me an e-mail at ramon@crumassociates.com. And I will contact you for a free consultation. When we talk, I will clarify how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 562-881-4985 Thanks for reading this, Phone: 562-881-4985. View My homes for sale at www.crumassociates.com Ramon Crum specializes in loan modification help and small sales in Long Beach California. Long Beach Loan Modification Help, Long Beach ShortSales. Long Beach CA ShortSales. Long Beach Realtor. Copyright 2011 Crum & Associates Residential Group. All Rights Reserved.