A Los Angeles Foreclosure Alternative – Deed in Lieu

Los Angeles Foreclosure Alternative Deed in Lieu, What is a Deed in Lieu of Foreclosure?

We often talk about different short sale incentive programs—HAFA, TAP, Bank of America Cooperative. Some of these programs also offer options and incentives for borrowers who are considering a deed-in-lieu of foreclosure. I do not write about deed-in-lieu very much, but thought it an appropriate topic since I have gotten a few calls and emails from agents who want to 411. A deed-in-lieu is simply the opportunity for a borrower (mortgagor) or homeowner to convey all the interest in the … [Read more...]

Los Angeles Short Sales and Tax Implications

Los Angeles Short Sales and Tax Implications, There May be Tax Consequences to your Los Angeles Short Sale

I had an agent ask me today about the tax implications of a short sale. He said that his seller was concerned about both the tax implications and future liability for the debt forgiven and was in the process of investigating both issues.  Caveat: I’m not an attorney or an accountant. I don’t even play one on tv. So, if you or your short sale sellers really want the skinny on the tax implications of a short sale, my best advice is to speak with a reputable accountant or tax … [Read more...]

Buying a Los Angeles Home, What is Mortgage Insurance

What is Mortgage Insurance, Buying a Los Angeles Home Understand Mortgage Insurance

There are many loan programs available to homebuyers in San Diego County and beyond. Maybe someone told you that you need a down payment of twenty percent in order to buy a home or condo. Believe it or not, there are programs available for individuals who are obtaining a loan for more than 80 percent of the purchase price. Often times, however, these loan programs are accompanied by mortgage insurance. There are different kinds of mortgage insurance. And, if you are speaking with a … [Read more...]

What do Mortgage Insurance and Magic Have in Common?

Los Angeles Mortgage Insurance and Short Sales, What do they have in Common?

Today, at the monthly NAHREP (National Association of Hispanic Real Estate Professionals) meeting in San Marcos, California, I had the pleasure of speaking about short sales. After the meeting, Ken Davis approached me and asked me about mortgage insurance. Short sale aficionados (or should I call them short sale suckers?) already know that mortgage insurance is a serious beast of burden when it comes to the negotiations of the short pay. Here’s the deal—and a very long answer to Ken’s very … [Read more...]

Is the Los Angeles Short Sale Logjam Really Clearing Out?

Is the Los Angeles Short Sale Logjame Clearing Out, What is the State of Los Angeles Short Sales

Eric Wolff wrote an interesting article in the North County Times on Sunday, April 10. In the article, he states that according to local Realtors®, the short sale logjam could finally be clearing a bit. I’m quoted in the article (as are my Realtor® friends Diane Conaway of Re/Max, and Sidney Kutchuk of Realty Works). The article discusses the fact that there has been significant improvement with respect to short sales and short sale processing at the banks. While I agree that this is true, … [Read more...]

The Skinny on Los Angeles HOA Documents

Los Angeles Condo HOA Documents, All About Los Angeles CC&Rs

I saw an article in the San Diego Union-Tribune a few weeks back (March 19, 2011) that got me to thinkin'. (I couldn’t find the article online, otherwise I’d link to it in this post.) The article appeared in the New Homes section of the paper and was entitled “Operation VA/FHA Homeowner.” This article was predominantly about Homeowner’s Association (HOA) documents (informally referred to as CC&R’s—which stands for Declarations of Covenants, Conditions and Restrictions). Brian Greenberg, … [Read more...]