Credit? Short sale or foreclosure or loan mods?

Credit score with foreclosure and short sales

Credit is the golden calf impacting your financial future. When facing the loss of your home, the decision to modify your loan, short sale your house or just to let your home foreclose can have a long-term impact on your credit. Short sale vs. foreclosure vs. loan modification and the impact on credit is not an exact science. Many variables come into play. Let's start by looking at how late payment of your mortgage impacts your credit: 30 days late: 40-110 points 90 days late: 70-135 … [Read more...]

Foreclosure timeline in California

Foreclosure timeline in CA 280x150

Are you confused about the foreclosure timeline in California? Many homeowners on the Westside, Culver City, Beverly Hills, Westchester and Mar Vista have no idea what kind of timetable they are looking at when facing foreclosure in California. Some think it is one month after the first missed payment while others think it’s much longer. The best method to avoid foreclosure in California is to understand the timeline governed by state law. I created a timeline for non-judicial … [Read more...]

And the Oscar for foreclosures goes to …

academy statues for forecloser awards

It’s Oscar and Foreclosure season. What if the 84th Academy Awards had a few more considerations -- ones that tell the compelling story of the power of banks' greed. We are in the midst of the worst housing crisis our nation has known. Families losing their homes to foreclosures. The banking industry dictating homeowner negotiations short sales and foreclosure, even though the banks are not a principal in the transactions. Homeowners, not knowing who can help them save their homes from … [Read more...]

FTC target: dubious claims made to short sellers

Many Westside families have succumbed to financial realities: As in, selling their homes in Playa Vista, Culver City or Westchester to avoid foreclosure. Or, if they're lucky, modifying their loans. In November 2010 the Federal Trade Commission issued rules to protect struggling homeowners, known as Mortgage Assistant Relief Services (MARS). The MARS rules protect homeowners from companies that offer mortgage foreclosure rescues and loan modification services by barring them from … [Read more...]

10 foreclosure facts: ‘You are not alone’

If you're unable to pay your mortgage obligations and are facing foreclosure, you are not alone. Even families in the "affluent" Westside neighborhoods of Santa Monica, Mar Vista, Rancho Park and Manhattan Beach have been hit by the economic downturn. The number of families affected by foreclosure is staggering. Although not all statistics align, the overall trends speak clearly. Thanks to deregulation of the banking industry -- and simple greed on the part of lenders -- we are in the … [Read more...]