Lodi / Stockton CA Homes For Sale & Real Estate Information

According to Bloomberg’s Kathleen M. Howley…

Increasingly aggressive mortgage lenders are seeking to collect deficiencies from former home owners who walked away from their properties or sold them in short sales.

Many states, including Florida, give mortgage holders as long as five years to seek a deficiency judgment. If granted, the bank gets up to 20 years to collect and the option to renew for another 20 years if the debt isn’t paid.

About one-third of U.S. states, including California and Arizona, prohibit collection efforts after foreclosure, but home owners usually waive that protection in a refinance.

Most states allow collection on unpaid home-equity loans.

Banks are most likely to try to collect from people who walk away from a property in which they are still making payments.

“The bank is going to pull your credit report, and if you’re current on your other bills they are going to come after you and potentially ruin you,” says Larry Tolchinsky, a Florida real estate attorney.

Over the weekend, I watched a recent segment on the Today Show highlighting a new book titled “How to Make a Fortune” by Ron Insana. I believe the video of this segment might be helpful for you in your decision-making of whether to purchase real estate at this time.

At the end of his interview, Ron mentions that besides the first-time buyer tax credit of $8,000 there is also a $6,500 tax for purchasing additional properties.  Please know that to receive either of these credits it will need to be on your primary residence.

To learn more facts about this and ALL of your real estate investing options you are welcome to join us at our real estate office this Thurs 1/21/09 at 7:00pm for a FREE seminar.  Seating is limited.  Call to reserve yours now at (209) 339-9000.

You be the judge…

Well, we should be finding out anytime now about whether or not Congress has officially agreed to extend the tax credit.  It was passed by the Senate unanimously, so that may be a good sign.

With the flood of foreclosures an short sales still in the system, I feel it would be a good thing for the tax credit to have one more go-around to see if we can keep the flow of homebuyers coming in.

Working mostly in the Lodi, CA and Stockton, CA real estate markets, I still see a lot of great opportunities for both the first-time homebuyers, the move-ups, and the real estate investors alike.

Here is a link to a good description of what’s on the table for the tax credit extension…CLICK HERE.

Make it a great day!

I am often asked about the differences between letting a house go into foreclosure, having a Short Sale, or filing bankruptcy, and what each would mean to a person’s credit score.

Well, there is no good news with either situation.  You’re going to be hit hard on your FICO score no matter which route you take.  The question might be, “where would my credit suffer the least?”

It might be obvious to say that filing for bankruptcy will have the greatest negative impact on a persons credit score. So, the more difficult decision might be whether to ‘walk away’ from your commitment to pay your mortgage or to provide some restitution to your lender(s) and Short Sale your home with the help of a good Realtor® that understands how Short Sales work.

As you will see in THIS ARTICLE, there are many important issues to consider, and certain rules, guidelines and procedures to follow, especially in a Short Sale situation.

I hope THIS ARTICLE helps to answer some of your questions.  I know it did for me.

To read the article CLICK HERE.

Make it a great day!