Archive for the ‘real-estate’ tag
foreclosure process california
foreclosure process california
Do you know anyone here in California who are Private Money Lenders?
I wanted to help people who are facing foreclosures to pay their back payments and still stay at their homes….and of course, make a little profit during this process?
Approach a Private Lender to pay off back payments of those under pre-foreclosures (at a higher rate of interest) and let the owner stay at their current home and paying back the lender on a monthly basis.
While I applaud your thought, I must tell you, it probably won’t work. I have a friend over in California who does lend private money, and he won’t touch what you refer to. The attitude is always, how can they pay me back AND make their mortgage payments when they can’t even make the mortgage payment now? My wife is a mortgage broker here in Texas and approaches the situation by going to the lender, trying to get a modification of the loan that everyone can live with. I’m not sure of California law, so can’t get more specific than that, but my lady usually finds some error in the loan package that the lender or title company has made to use as leverage. She’s quite successful in most cases.
foreclosure process california
California Homebuyers Tax Incentive Funds Depleted … Should We Increases Taxes and Fees to Pay More?
California legislators put a hundred million dollars on the table for first time homeowners to grab. Were they surprised when takers actually accepted the offer? Apparently this is so. They are now attempting to put more money in the coffers for this give-away.
The program is a tax credit that spreads across three years, in three equal payments, for buyers of new homes. The definition of new home is that it must be a single family residence, detached or attached, and never previously occupied. After purchase, the buyer must occupy the property for a minimum of two years and receives a credit of $10,000, or 5% of the price, whichever is less.
The program, passed in February 2009, put up one hundred million dollars for this incentive. Amazingly, this money was offered during a time when the state of California is, by some measures, bankrupt!
Now, there are two new bills pending in Sacramento that would add an additional $200-$300,000,000 to this program. In my opinion the original bill was unconscionable, considering the state of the California economy. To double or triple the original giveaway is totally incomprehensible.
These actions should definitely earn California an award for the greatest “tax and spend” state in our short history. Why does this bill only apply to new homes? If the state of California really wanted to help out the real estate market, why wouldn’t this bill apply to any home purchase?
It may be cynical, but could it be this just applies to new homes because the California new home builders contribute millions to the reelection campaigns of our state legislators? What would be extremely interesting, would be to look at the public record in one year from now to see how many state legislators who backed this program, received campaign contributions from new home builders.
For California homebuyers, especially first-time buyers, that qualify for the federal $8,000 credit as well as the California $10,000 credit, this is a great deal. But, is it really fair that tax payers are picking up the tab? Would it not make common sense if California wanted to pass such a program, to have it apply to all home purchases in order to reduce the current oversupply of existing homes? This program is doing nothing to lessen the supply of existing homes, vacant homes and bank foreclosures.
If this new buyer’s credit and pending new bills to escalate the funding, are not enough evidence that the California legislators ought to stay out of the real estate industry, perhaps remember what other mischief they’ve done. Mischief with good intentions and negative results is still mischief. These good folks extended the foreclosure process by 30 days in 2008, and then when that didn’t seem generous enough, added another 90 days (California housing) this year. When you add up all the legal requirements, our legislators are practically offering almost a year of living “mortgage-free.” Are these California real estate laws really fair to the tax payers of California?
About the Author
Read more of Bob’s ‘tell it like it is’ real estate opinions & subscribe to his free RSS feed at:San Diego real estate blog Also visit San Diego real estate & San Diego real estate agents
Is anyone familiar with California Real Estate Foreclosure process? thank you for any information?
I am particularly interested in how long it takes from the first time the payment is 30 days late.
It takes about 4-5 months from the first notice to actual foreclosure.
February 2010 California Foreclosure Report
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