SOLD FOR $399,000!

Largest model in Pell Place! This bright & spacious corner unit enjoys a large private balcony with north views and is conveniently located on the first level. Large walk-in closets & laundry room. Beautifully upgraded throughout. 2 side-by-side parking spaces. Extra storage room on balcony. Pell Place is located adjacent to top Carmel Valley Schools, Carmel Valley Community Park, Del Mar beaches, and convenient shopping, etc.

Tisha Carney, COASTAL SAN DIEGO PROPERTIES

Want more info on Short Sales? Check out MyEasyShortSale.com!

619-889-7750, tisha@tishacarney.com

Foreclosure filings in the U.S. fell 34 percent last month from a year earlier as lenders already swamped with seized homes delayed action on thousands of additional delinquent mortgages, RealtyTrac Inc. said.

A total of 219,258 properties received default, auction or repossession notices in April, the fewest in 40 months, the Irvine, California-based data seller said today in a statement. It was the seventh straight month that filings dropped from a year earlier. They were down 9 percent from March. One in 593 U.S. households got a notice.

“Banks already sitting on thousands of properties they can’t sell as quickly and profitably as they’d like aren’t going to be anxious to accelerate foreclosures on tens of thousands more,” Rick Sharga, RealtyTrac’s senior vice president, said in an e-mail.

Banks being blamed for faulty paperwork continued to slow the pace of foreclosure activity last month, but many foreclosures still loom, experts warn. About 3.7 million borrowers are at least 90 days late on payments.

However, there are hopeful signs of a turnaround: The employment picture is improving, which will allow more home owners to make payments and banks are completing more loan modifications to keep borrowers in their home. Banks completed 77,000 mortgage modifications in March, which is a 26 percent increase from February.

View common foreclosure myths

What are your choices if you can no longer afford your home?

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COASTAL SAN DIEGO PROPERTIES

COASTAL SAN DIEGO PROPERTIES is pleased to announce that Tisha Carney (Broker/Owner) has completed the requirements to become a distinguished Certified HAFA Specialist (CHS)!  The HAFA program’s core focus is to give homeowners a fresh start by allowing debt forgiveness and giving them relocation support when short selling their residence.

The CHS training ensures a great understanding of the current US distressed housing market and an in depth review of Treasury’s Home Affordable Foreclosure Alternatives (HAFA) program.

In 2009, the Treasury Department introduced the San Diego  HAFA program to provide a viable option for homeowners who are unable to keep their homes through the existing Home Affordable Modification Program (HAMP). The HAFA program took effect on April 5, 2010 and sunsets on December 31, 2012. As part of the “Making Home Affordable” program launched in 2009 under the Obama Administration, HAFA allows a homeowner to satisfy a mortgage obligation by completing a Short Sale. 

By utilizing the HAFA program, it is believed that Lenders and Servicers will be processing a record number of Short Sales in 2011 & 2012.

HAFA provides incentives to homeowners utilizing a short sale used to avoid foreclosure. Servicers participating in HAMP are also required to comply with HAFA.

List of San Diego HAFA Program Benefits:

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
• Uses standard processes, documents, and timeframes/deadlines.
• Provides the following financial incentives:
  • $3,000 for borrower relocation assistance;
  • $1,500 for servicers to cover administrative and processing costs;
  • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

In addition to becoming a Certified HAFA Specialist, Tisha Carney also holds the following honors: Short Sale and Foreclosure Resource (SFR) Certification; Council of Residential Specialists (CRS) Designation; Seniors Real Estate Specialists (SRES) Designation; and she has obtained a Paralegal Certificate from the University of San Diego.

Click here to view the Making Home Affordable website

Click here for additional details on the HAFA Program

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COASTAL SAN DIEGO PROPERTIES

The California Legislature recently enacted Senate Bill 931 generally prohibiting a  deficiency judgment after a short sale for first trust deed lenders of one-to-four residential units. This new law went in to place January 1, 2011.

Unless otherwise exempt, no judgment shall be rendered for a deficiency for a first trust deed lender of one-to-four residential units if the borrower sells for less than the amount owed with the lender’s written consent. A first trust deed lender’s written consent shall obligate the lender to accept the sale proceeds as full payment and to fully discharge the remaining debt on the first trust deed.

Regardless of the law, it would be prudent for a borrower to obtain the lender's agreement to release the borrower from liability for the balance due on the note in writing and signed by the lender.

Exceptions to this new law include: Junior liens, Lender seeking damages for fraud/ waste/ damage to the property, or a borrower who is a corporation.

View additional details at the California Association of Realtors website and view other additional new laws for 2011

COASTAL SAN DIEGO PROPERTIES