Another last minute client loses their home to foreclosure. No loan modification granted.

Bad Luck” music by Harold Melvin & Blue Notes and thanks to most home lenders.

Owner waited too long. Hope for a loan mod !

short sale information.

The homeowner waited to long to put their home on market to short sale their home. Lenders are longer patient, homes are going into foreclosure is less than 60 days not 180+ days like earlier this year !

Read an article from the Wall Street Journal.

We are short sale experts and licensed Realtors. We have save over 17 distressed homeowners save their credit since January and over three dozen distressed property owners since 2007. Lenders want to approve more short sales.
Seventy percent (70%) of our listings are sold in less than 6 weeks, not 6 months !
Lenders are not playing around. ACT NOW BEFORE YOUR CREDIT DETERIORATES FURTHER AND LOSE YOUR CREDITS CARDS AND MORE !

Hire us today, www.wmpre.com, no cost to you ! Banks pay commissions and costs.

foreclosure sign

Loan modifications failures lead to foreclosure - hire us to save your credit

Foreclosure Help for Homeowners

If you’re facing foreclosure, then our nonprofit housing counselors can possibly help you qualify for homeowner assistance programs. For more information, call Springboard Nonprofit at (800) 294-3896.
Visit site.

Chris Tucker — Real Estate Disaster in Florida


It appears the real estate bubble exploded all over Chris Tucker — the tax-troubled star is trying to sell his Florida mansion for $2 million … even though he paid $6 million for it just three years ago!

Chris Tucker Home Photos

According to public records, Tucker took out a $4.2 million loan to score the 8861 square foot home back in 2007 … a home that includes 5 bedrooms, a wine cellar, pirate ship-themed home theater and a library with a SECRET ROOM! The home is located in swanky Montverde … a suburb of Orlando.

Tucker owns multiple properties in California — according to RealEstalker.com — but it’s unclear if he’s looking to unload any of those as well.

As TMZ first reported, Tucker is dealing with some serious tax issues at the moment — the IRS claims he owes more than $11 mil … which makes the timing of this sale much more relevant.

Read more.

If you know someone with home mortgage problems , contact us, 510.206.7144, 510.223.7170 or click here.

Website Resources for Foreclosure Help

Website Resources for Foreclosure Help

Published: July 27, 2010

Here are some legitimate resources to help you fight the foreclosure crisis.

You’ve been warned about foreclosure scams. But sometimes it’s really hard to tell if something is a scam or not. Some less-than-reliable outfits have even taken to including “hud” or “gov” in their URLs to fool you into thinking they are legitimate foreclosure counselors. It pays to be wary. Below are some websites from government and non-profit agencies that can help you with foreclosure. Some are seeking volunteers and donations to help stop the foreclosure crisis.

HOPENOW.ORG
Research your options with this web form
Find your mortgage lender
Find a foreclosure counselor in your area
Focused on helping homeowners in crisis, this alliance helps you determine your options

FTC.GOV
Find a foreclosure counselor
Raise your own credit score
Fix mistakes on your credit report
The Federal Trade Commission has expert advice

FINDAFORECLOSURECOUNSELOR.ORG
Find a legitimate foreclosure counselor near you
This non-profit organization was created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts

MAKINGHOMEAFFORDABLE.GOV
Making Home Affordable
Making Home Affordable: short sale documents
Making Home Affordable: deed in lieu documents
The official government site for loan modifications and foreclosure alternatives

PORTAL.HUD.GOV
Find resources to avoid foreclosure in your state
Consult state and local resources

REALTOR.ORG
FAQs on credit scores
Download a PDF

ANNUALCREDITREPORT.COM
See your credit report
Get all the details on late payments and other information, but not your actual credit score

RESPONSIBLELENDING.ORG
The Center for Responsible Lending
A non-profit organization that works to stop predatory lending practices

CREDITEDUCATION.ORG
Volunteer to be a credit counselor
Non-profit agency that works to provide financial literacy

LIVEUNITED.ORG
United Way
Donate or volunteer to decrease the number of families that are financially unstable

NCRC.ORG
Donate to the National Community Reinvestment Coalition
Send a donation to help NCRC “ensure that people in traditionally underserved communities are treated fairly and justly when applying for credit, opening a bank account, getting a mortgage, a loan, or other financial product or service.”

IRS.GOV
The Mortgage Forgiveness Debt Relief Act
Get the details about when you might owe taxes on any debt that is canceled through a short sale or deed in lieu of foreclosure

OCC.GOV
Download a PDF on identifying a loan modification scam
The Office of the Comptroller of the Currency provides detail about scams, including “10 Warning Signs of a Loan Modification Scam.”

Read more: http://www.houselogic.com/articles/website-resources-foreclosure-help/#ixzz0uu6RnWpt

HAMPering homeowners – consider a short sale by Watermark Properties

 Carrie and Jarek Gadek, of Martinez

Short sale maybe a better solution

HAMPering homeowners
By Eve Mitchell
Contra Costa Times

Homeowners who receive a break on their mortgage after obtaining a trial loan modification could find themselves taking a financial hit if they do not end up qualifying for a permanent loan modification. • Carrie and Jarek Gadek, of Martinez, know all about how a program meant to help them actually ended up hurting them. They spent seven months in mortgage limbo while waiting for a decision on whether their trial loan modification, which reduced the payments on their Martinez home by almost $300 a month from their original loan, would become permanent. • Under program guidelines of the Obama administration’s Home Affordable Modification Program, or HAMP, loan servicers are supposed to provide an answer after three months of successful payments in the trial program. As the Gadeks discovered, it often takes longer than that to get an answer, which would cost them more money. • HAMP rules require borrowers who do not qualify for a permanent loan to repay the discount — sometimes in a lump sum — from the lower mortgage payments in the trial program. The same rules apply to borrowers who qualify for a permanent loan, but for them the financial effect is more manageable since the difference is tacked on to the end of the loan. • “Our final trial payment was back in February. So we were told, you are going to underwriting and you’ll have a response within 30 days. It took months and months,” said Carrie Gadek, a hospital manager
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at a veterinarian’s office in El Sobrante. • The answer the Gadeks finally received was not what they were hoping for. In June, they were told by Wells Fargo that their household income was too high to qualify for a permanent loan modification. That meant they would have to repay the nearly $2,100 in mortgage savings over the next year.

Carrie Gadek thinks Wells Fargo made a mistake in denying the couple a permanent modification under HAMP when the bank failed to take into account a big pay cut her husband took to avoid being laid off from his construction job.

Read the whole story.

A short sale may be a better solution. Contact us,<a href=”http://www.wmpre.com” target=”_blank”> for information.</a>

Seller Financing Can Have Tax Advantages

Offering to hold either a second mortgage or a primary mortgage in either a residential or a commercial sale can be a good deal for the seller.

The primary advantage is deferral of taxes due. Sellers are normally taxed as the principal is received, spreading the tax bill over several years, explains Richard Schank, a financial planner with PTS Brokerage in Mt. Laurel, N.J.

Other advantages can include:

· Support for a higher-than-average price.
· An interest rate that provides a relatively high return on investment.

The safest arrangement includes obtaining a deed in lieu of foreclosure from the buyer, which allows the seller to take back the property if the note isn’t paid in a timely fashion.

Source: Investor’s Business Daily, Jeff Schnepper (07/15/2010)

California Foreclosures Drop to 3-Year Low

The number of home owners in California entering foreclosure in the second quarter dropped to a three-year low, according to research firm MDA DataQuick.

Default notices, the first step in the foreclosure process, fell 43.8 percent in the second quarter compared to the same period last year.

Analysts say the decline is due to banks pushing loan-modification programs and short sales. Also, fewer homes are underwater thanks to a recovery in home prices, so a smaller number of home owners are walking away.

Ironically, regions of the state where homes are cheapest are most likely to see the highest number of default notices. According to DataQuick, neighborhoods with a median sales price of less than $300,000 experienced 10.6 default notices for every 1,000 homes, while neighborhoods with prices above $800,000 accounted for 2.9 notices for every 1,000 homes.

Source: Los Angeles Times, Alejandro Lazo (07/22/2010)

Real Estate News: Home Resales Fall, Bay Area’s Uneven Recovery – Developments – WSJ

Uneven Rebound in the Housing Market

Overall Trend Numbers Mask Varied Experiences Among Homeowners; Slumping Prices for Many Local Properties

SF Homes

Home values in major Bay Area cities are rising again. But a look at homes sold here at the height of the bubble and again in recent months gives an up-close view of how much the region’s housing market remains off its peak and shows how widely individual homeowners’ experiences have varied.

Read the full story

Real Estate News: Home Resales Fall, Bay Area’s Uneven Recovery – Developments – WSJ.

Avoid Foreclosure Perform a Short Sale, save your credit and buy again !

A Short Sale of Your Property Helps You Avoid Foreclosure and May Save Your Hard earned Credit Rating