4026 Foreclosure Sales in 60 days - Sacramento County, California - May 14, 2010 -

5-16-2010 NEWS real estate...

This blog follows the report I published at www.MikeJaegerLive.com , on May 14, 2010. That report announced the number of published  foreclosure trustee sales now scheduled from May 7, 2010 through July 7, 2010 has increased to an astounding 4,026... just in Sacramento county. This blog is focused upon a few questions and concerns this raised for my clients. The blog should communicate to intermediate experience level. If you have no experience yet, or you are a professional with suggestions, questions, or concerns, please post or email them to me so others may benefit also.

4026 Trustee sale dates in Sacramento county, is a large number, it comes from a reliable source that I use in my daily business. I track these numbers to keep my finger on the pulse of our market. I monitor client files and check on what the lenders say. In trustee sale stages of foreclosure, critical decisions are being made quickly. If a client has begun mitigation, modification, short sale, forbearance, or another attempt to work out their loan problem with their lender, and their lender files a notice of trustee sale in California, these lenders may be able to perfect a foreclosure within 3 weeks. If short sale is a remedy my client desires, I act quickly to get their cash flows and net worth estimates organized with their legal and accounting help.  I work with many small business owners, their CPAs and lawyers. I create and update real estae transactions including short sale files. Things happen fast when a trustee sale is filed. Short sale or loan workout... both are a lot of work and require lot's of attention.

Trustee sales are posted by many sources. The source I use keeps status notes;  scheduled, postponed, canceled, sold, or sold to beneficiary. This tells me what will happen, or has happened on the sale date. I  monitor the published amount to cure a default and what the opening bid may be before the auction. The lender, through their mitigation team, can change a status of a sale. They can instruct their blood sucking lawyers, "aka the trustee sale company or their legal department",  to change a status on a sale. No order sent to legal ? Legal will sell the property at the auction. The lender makes the first bid. When the lenders  win a bid at an auction, it means they are the high bidder. What does this suggest?  The mitigation team may not even look at your requested short sale, if it comes in too late. Most mitigation teams want a completed short sale file, to be submitted three or four weeks before the sale date. This is why it is better to start sooner than later.

A completed short sale file will include; 1) Permission letter for the realtor and/or designated negotiator for the borrower. 2) Request for a short sale, including a specific program such as H.A.F.A. if they qualify, and/or all designated forms. 3) Seller contract with their broker and their own marketing plan to sell the asset including; market research, market plan, estimated value with comparable sales. 4) Seller  financial materials; seller's two most recent form 1040 tax returns, signed with all related schedules, seller's two most recent bank statements, seller's two most recent pay stubs and/or if self employed their current profit and loss statements signed and showing most recent two months plus a year to date with a supporting signed summary letter from their CPA preferred, or signed by them. 4) Signed purchase contract with unrelated third party buyer and proof of buyer's ability to perform, plus open escrow with an estimated settlement statement. The completed short sale file request, often results in a decision by the mitigation team for the lender to postpone the sale date but may not generate a quick and desided negotiation. They can assign new negotiators, close files, and require the seller to open all new short sale files. The strategy wears down the seller, but it also loses many buyers. When a short sale file is open, the short sale can move forward.

Next week I will discuss some new H.A.F.A. short sale guidelines that can help some owner occupied home sellers obtain a written release from their lenders from owing a deficiency, caused by their refinance, after a short sale in California.  Also, I will update you on some methods I use to negotiate second loans for my clients. Bankruptcy and short sales in California , is after that. Note if you are my client, this blog can help you to stay on track with your home work and with your short sale. If you are a future client or a reader, thank you for clicking some ads on my blog. These days every penny is appreciated.   Have a great week.


Published by Mike Jaeger Live