Ed Clements's (rchmd19) Blog

Second lein deficiency judgement in California If you have a second lien and the holder of the second lien approves your short sale they waive all rights to a deficiency judgment. I was working on a short sale with a second lien that was already approved when the new took effect. The second lien ...

As most of you know Gov. Brown signed a bill making it impossible for second lien holders to file a deficiency judgment against a borrower who short sales their home. I asked an attorney if this includes seconds in collection. He replied, it doesn't matter who holds or is servicing the loan they ...

Everywhere you look home prices are being reduced as owners try to entice the few buyers out there to look at their home. I wouldn't be surprised to see 10 to 20% drops across Orange County. There is good news as summer approaches the number of buyers should increase. While that may not drive pri...

Fannie Mae is introducing the Deed-for-Lease Program (D4L), D4L allows qualifying borrowers of properties transferred through Deed-In-Lieu of foreclosure (DIL) to remain in their home for up to 12 months in conjunction with a DIL. To qualify for a DIL you must be able to provide a marketable titl...

Monthly Gross Income Lenders are no longer required to verify a borrower's financial information or to determine if the borrower's total monthly mortgage payment exceeds 31 percent of the borrower's monthly gross income. It is up to the individual lender or investor, they may still ask for financ...

Wells Fargo has changed some of their guidelines to make doing a short sale quicker and easier. Wachovia short sales are even easier than Wells Fargo short sales. It's best to find out if you qualify for the HAFA program before you submit an offer. Some investors will not consider you for HAFA if...

There are some new HAFA guidelines that will benefit more people. Along with the current benefits, $3,000 relocation allowance and if the lenders/investors are participating in the HAFA program the full release of any future liability. Unfortunately these guidelines do not apply to loans backed b...

Short Sale, Deed in Lieu, Loan Modification, Foreclosure, HAMP, HAFA in California and what they mean to you. Under the HAFA program you have the option of doing a Short Sale or Deed in Lieu. The lenders are required to give you at least 120 days to market the home and obtain an offer. The lender...