Elk Grove Real Estate - Sacramento Real Estate - Bay Area Real Estate - Short Sales - REO - Stacey Wilson Realtor CRS

How to make a candle out of an orange

Stacey — Tue, 10 Apr 2012 16:56:52 +0000

Here is a pretty cool video I recently saw on how to make a natural candle – using an orange and olive oil. Not only is this natural, it smells good and lasts a pretty good while!

Upside down video

Stacey — Wed, 28 Mar 2012 00:51:08 +0000

What it Means to Be “Upside Down” on Your Mortgage

Stacey — Tue, 27 Mar 2012 22:17:58 +0000

Do you or someone you know owe more on your home than what it’s worth, and don’t know what to do? Watch this short video to find out what it means to be “upside down” on your mortgage.

Then contact me at 916.585.4077 (or stacey@stacey-wilson.com) for a FREE consultation to learn more about your options and to find out if you qualify for any lender or government-sponsored programs and incentives!

14 Ways To Get Your Offer Accepted

Stacey — Thu, 22 Mar 2012 19:11:45 +0000

Offer at or above list price.
Ask the listing agent what they want to see in an acceptable offer.
Don’t bug the listing agent by calling hourly – and certainly don’t start calling the broker if you don’t get a call back in 2 minutes!
Whether financed or cash, submit a strong preapproval (including a DU) and provide verification of your down payment and closing funds.
Offer substantial earnest monies – i.e., 3-5%
Make the earnest money nonrefundable for at least 90 days.
Shorten your inspection periods. 17 days is standard, so make it 7-10.
Offer to buy the property ‘as-is’ and don’t ask for any repairs – unless they are substantial or necessary for financing.
Waive the appraisal contingency and/or if the appraisal comes in lower – you pay the difference.
Offer to pay any HOA transfer fees.
Use the listing agent’s preferred title company.
Pay for your own home warranty (or have your agent pay for it!)
Don’t ask the seller for any buyer closing costs.
Use an escalation clause that outbids other offers. Cap the increase levels and the ceiling amount. Ask for a copy of the best offer before sealing the deal.

Stacey — Thu, 22 Mar 2012 18:30:11 +0000

SOLD! 10100 Arches Way, Elk Grove – Short Sale

Stacey — Thu, 22 Mar 2012 18:20:14 +0000

WELL maintained Gilliam Meadows 2-story home with plenty of builder upgrades. Features lower level bedroom and full bath. Kitchen has upgraded tile on floor/island, pantry closet, built-in gas cooktop, conventional and convection oven, recessed lighting, eat in kitchen. Separate living and formal dining room. Gas fireplace in the family room; custom window coverings with tinted windows/sunscreens; custom patio cover, low maintenance backyard. 3-car garage. Don’t miss this one!

The Dreaded 1099c – Will I have to pay taxes on my short sale?

Stacey — Tue, 20 Mar 2012 20:12:42 +0000

Here is a timely article I stumbled upon today, which was especially fitting after a conversation with a potential client.

According to the Internal Revenue Service, those who have debts that have been forgiven may have to pay taxes on the forgiven amount. That comes as a surprise at tax season when homeowners who have received a mortgage cancellation or forgiveness also receive a dreaded 1099C, entitled Cancellation of Debt, in the mail.

What is canceled mortgage debt? Will I have to pay taxes on the debt forgiven on my short sale?

Read the full article here – and of course, always discuss tax issues with your tax consultant!

Hope Alliance is Coming to Sacramento – Get Help with your Mortgage!

Stacey — Fri, 16 Mar 2012 18:50:46 +0000

Homeowner Events

The HOPE NOW outreach is part of a larger outreach effort to the public. Across the country, homeowners can get face to face help from servicers and counselors. These events are an opportunity to learn more about local housing task force efforts and state programs that offer assistance. These events can be sponsored by a local counseling agency or an alliance of concerned housing partners.

Download the flyer here

When: Tuesday, March 20, 2012

Time: 1:00-8:00pm

Where: Sacramento Convention Center, 1400 J Street, Hall D, Sacramento, CA 95814 (Bilingual)

Document Checklist

These are documents that homeowners need to bring to an outreach event. The appropriate paperwork and documentation will make the process flow easier and results faster. Information about the monthly gross (before tax) income and expenses for all the borrowers who signed your mortgage (for example spouse) is needed.

Most recent tax return with all the schedules and W-2s
Two most recent bank statements
Two most recent pay stubs (if you receive them) or documentation of your income you receive from other sources (e.g. alimony or child support)
Monthly mortgage statement showing the mortgage servicer information and the mortgage loan account number
Information about other mortgages on your home, if applicable
Account balances and minimum monthly payments due on all your credit cards
Account balances and monthly payments on your other debts (such as student loans and car loans)
Estimates of monthly expenditures (such as utility bills, food expenses, insurance payments, medical bills)
- Profit and Loss Statement (if applicable)
- Income Statement (if applicable)

You need Adobe Flash Player 10 to view this widget.

Don’t forget to change your clocks!

Stacey — Fri, 09 Mar 2012 07:13:57 +0000

National Mortgage Settlement: States and Big Banks Reach $25 Billion Deal – $18 Billion for CA

Stacey — Fri, 10 Feb 2012 19:19:09 +0000

Roughly $25 billion in relief for distressed borrowers, states and federal government. California Attorney General Kamala Harris has secured an $18 billion dollar commitment for Californians.

After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers:

The settlement will provide as much as $25 billion in relief to distressed borrowers and direct payments to states and the federal government. It’s the largest multistate settlement since the Tobacco Settlement in 1998.

The agreement settles state and federal investigations finding that the country’s five largest loan servicers routinely signed foreclosure related documents outside the presence of a notary public and without really knowing whether the facts they contained were correct. Both of these practices violate the law. The settlement provides benefits to borrowers whose loans are owned by the settling banks as well as to many of the borrowers whose loans they service.

About the Settlement: Learn about the settlement, who is affected and what claims may still be pursued against the banks. Find links to your state Attorney General’s Office to find state-specific information and contacts.
Help for Borrowers: Learn how to find out if your loan is affected by this settlement, the timeline for relief, how you will know if you are eligible. Find links to your state Attorney General’s Office to find state-specific information and contacts.
News: Read the national news release and find links to your state Attorney General’s Web site for state-specific news.

Who May be Eligible for Assistance

Because of the complexity of the mortgage market and this agreement, which will be performed over a three-year period, borrowers will not immediately know if they are eligible for relief. Borrowers from states who did not sign the settlement will not be eligible for any of the relief directly to homeowners. Borrowers from Oklahoma will not be eligible for any of the relief directly to homeowners because Oklahoma elected not to join the settlement.

The settlement provides assistance for:

Homeowners needing loan modifications now, including first and second lien principal reduction. The servicers are required to work off up to $17 billion in principal reduction and other forms of loan modification relief nationwide.State attorneys general anticipate the settlement’s requirement for principal reduction will show other lenders that principal reduction is one effective tool in combating foreclosure and that it will not lead to widespread defaults by borrowers who really can afford to pay.
Borrowers who are current, but underwater. Borrowers will be able to refinance at today’s historically low interest rates. Servicers will have to provide up to $3 billion in refinancing relief nationwide.
Borrowers who lost their homes to foreclosure with no requirement to prove financial harm and without having to release private claims against the servicers or the right to participate in the OCC review process. $1.5 billion will be distributed nationwide to some 750,000 borrowers.

TIMELINE

Over the next 30 to 60 days, settlement negotiators will be selecting an administrator to handle the logistics of the settlement and monitor compliance.
Over the next six to nine months, the settlement administrator, attorneys general and the mortgage servicers will work to identify homeowners eligible for the immediate cash payments, principal reductions and refinancing. Those eligible will receive letters.
This settlement will be executed over the next three years.

WHERE YOU CAN GO FOR HELP

For loan modifications and refinance options, borrowers may be contacted directly by one of the five participating mortgage servicers. Keeping in mind the timeline above, you may contact the banks directly if you need additional information:

Ally/GMAC: 800-766-4622
Bank of America: 877-488-7814 (Available M-F 7am – 9pm CT and Saturdays 8am CT – 5pm CT
Citi: 866-272-4749
JPMorgan Chase: 866-372-6901
Wells Fargo: 800-288-3212 (Available M-F 7 a.m. to 7 p.m. CST)

Loans owned by Fannie Mae or Freddie Mac are not impacted by this settlement. You may visit the following websites to learn if your loan is owned by either Fannie Mae or Freddie Mac:

These sites will also include links to information about mortgage and foreclosure programs you may be eligible to access. You may also call 1-888-995-HOPE (4673)

For borrowers who lost their home to foreclosure between Jan. 1, 2008 and Dec. 31, 2011, a settlement administrator designated by the attorneys general will send claim forms to persons eligible for cash restitution.

If you believe you are eligible for relief under this settlement but are concerned you will be difficult to locate, please contact your Attorney General’s Office.

Source:

National Mortgage Settlement website

California Attorney General Kamala Harris website