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Are Homeowners Relived Of All Debt Obligations When Doing A Short Sale, Series 8

03-07-12

Kim & Kristine Halverson Realtors® Santa Monica California Homes For Sale

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Office: (310) 737-8173

Mobile: (310) 309-9130
Secondary: (310) 430-3948

If your home is considered residential 1-4 units, then yes, according to CAR legal series you are relieved of debt obligations. However, be aware, that there are many changes happening on the local and national level each month. They are in favor of the homeowner's doing short sales. Make sure you hire a seasoned short sale agent and potentially speak to legal counsel. A good short sale agent will have these resources for you. See below for exact info, part of an on-going series:

II. Effect on Borrowers of Short Sales

Q 8. Is the seller in a short sale relieved of all debt obligations owed to the lender?

A In general, as long as the property is a residential 1 to 4, then yes a seller in a short sale will be relieved of all debt obligations owed to the lender (see series 4).

However, for all other types of property the answer is more nuanced. Each lender is different, but some have borrowers sign a short sale agreement that releases the lien on the property without cancelling the promissory note. This allows a short sale of the property to proceed while at least potentially leaving the borrower responsible for any deficiencies on the loan. While there are no cases directly on point yet, it would appear that the anti-deficiencies statute that protects borrowers in foreclosures (Cal. Code Civ. Proc. § 580d.) do not apply when the property is sold as in a short sale.

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Santa Monica Short Sale, 1144 10th St, Foreclosure Stopped at the Eleventh Hour

02-15-12

Kim & Kristine Halverson Realtors® Santa Monica California Homes For Sale

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Office: (310) 737-8173

Mobile: (310) 309-9130
Secondary: (310) 430-3948

Santa Monica Short Sale, 1144 10th St, Foreclosure Stopped at the Eleventh Hour!

This North of Wilshire condo has had an offer for the past few weeks, and we knew the foreclosure date was approaching. In the past, an offer submitted to Bank of America's Equator system will stop a foreclosure date within a few days. Not true. We have been diligently working to stop this foreclosure every day, utilizing all of our channels and contacts with Bank of America.

Last night, we still did not have confirmation the foreclosure sale for 11 am today was still not postponed. After several emails and phone calls to Bank of America, and a few minutes before 11 am; the sale date is postponed for another 30 days. What a relief. Since we had an offer in a couple weeks ago we were confident it would be postponed. And now we can begin obtaining short sale approval.

When thinking of selling your home in Santa Monica. Make sure you have a Realtor who is an expert in today's market, especially short sales.

For more information about short sales in Santa Monica, call 310-737-8173

North Of Wilshire, Santa Monica, Short Sale

Overview
Maps
Photos
Features
Neighborhood
Market Stats

$507,000

Condominium

Main Features

2 Bedrooms
2 Bathrooms
10 Units
Interior: 1,011 sqft

Location

1144 10TH ST
#5
SANTA MONICA, CA 90403
USA

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Kim & Kristine Halverson

Prudential
(310) 430-3948
info@kimandkristine.com
http://www.KimAndKristine.com

Listed by: Kristine Halverson

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Santa Monica Open House, "Don't Stop The Party", BEP, Music Mondays

01-23-12

Kim & Kristine Halverson Realtors® Santa Monica California Homes For Sale

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Office: (310) 737-8173

Mobile: (310) 309-9130
Secondary: (310) 430-3948

It’s Monday!! I thought I would keep the party going from our open house this Sunday in Santa Monica. The weather was gorgeous. We had a steady flow of buyers and agents. Lot’s of people smiling, happy to be out and looking at homes. 90% of the people coming through were serious buyers. We had really good conversations with people and they are really movtivated by the amazingly low interest rates.

We had the pleasure of calling our Seller today about 2 offers being written from the open house! Ya! We love making those calls!! I’m dedicating this Monday and all week with this song, “Don’t Stop They Party” by the Black Eyed Peas. Let’s keep it going...

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"What Is A Deficiency Judgment?" Short Sale Questions & Answers In CA. Series 3.

01-04-12

Kim & Kristine Halverson Realtors® Santa Monica California Homes For Sale

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Office: (310) 737-8173

Mobile: (310) 309-9130
Secondary: (310) 430-3948

"What Is A Deficiency Judgment?" Short Sale Questions & Answers In CA. Series 3.

Q 3. What is a deficiency judgment?
A A deficiency judgment is a judgment obtained by the lender in court against the borrower for the difference between the unpaid balance of the secured debt and the amount produced by sale or the fair market value of the security, whichever is greater, in a judicial foreclosure. (Cal. Code Civ. Proc. § 726 (b).) A lender may obtain a deficiency judgment only with a judicial foreclosure. With a trustee's sale foreclosure, the lender cannot go after a deficiency judgment.
With a short sale, except under certain circumstances--see Question 4, the lender may demand the balance still owed on the note that the sales transaction did not cover (e.g., short sale of the property pays the lender $120,589.23 but the full amount owed on the note is $250,000). This difference may be referred to as a "deficiency balance." It is not really a "deficiency judgment" since no court has issued such a judgment as part of a judicial foreclosure.

**Please note this link will provide you with recent legislation for the Senate Bill, SB 931, State of CA and the release of deficiency. Governer Schwarzenegger put into law late 2010.

Series of common questions, inspired by CAR legal services division. And the many homeowners we have successfully helped lift the burden of a toxic mortgage.

(Homeowners that know more do more. Be informed. You have options. Don't allow stress or banks to run your finances.)

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Hot Ocean View Property in Santa Monica, Ca for Sale

12-29-11

Heather Paul

view my blog
Office: (310) 586-0364

Mobile: (424) 625-1037
Secondary: (424) 229-0878

Santa Monica Ocean View Properties If you are in the market for a gorgeous ocean view property in Santa Monica, there are several great properties currently on the market. We wanted to showcase one Celebrity owned Ocean View Property that just recently came onto the market.

This great property is located in one of the most desired neighborhoods in Santa Monica, the North of Wilshire Blvd. area! Located one block to Beautiful Santa Monica Beach, Close to the 3rd Street Promenade, Santa Monica Place Shopping Mall, and Famed Montana Ave.

PROPERTY SPOTLIGHT:

938 2ND ST #301 SANTA MONICA, CA 90403

Fantastic North of Wilshire Ave. Condo located in 1 of the most desired areas of Santa Monica! Single level, ultra, bright, luxurious Condo on the 3rd floor. This Condo features 2 large Bd + Office/Bonus room or it could be used as a 3rd Bd & 2 1/2 Ba. Open floor plan throughout! A Peek-A-Boo Ocean View from the Master Bedroom! Spacious formal living & dining rooms! Fireplace in the formal living & dining rooms, surround system throughout. Two 72" Plasma TV's included! The kitchen is a Chef's delight w/granite counters & stainless steel appliances. The Master Bd has a walk in closet, & spa like Master Ba w/jetted Ba Tub, 2 person shower, & His/Her sinks. Both Bd have their own private ba + an additional 1/2 ba located off the Family Room. Washer/Dryer Included! 2 Balconies-1 wrap around balcony to soak up ocean breezes! Outstanding location-close to the Beach, Promenade, Restaurants, Shopping, & Montana Ave. This Building has an elevator & is a controlled accessed. It has 2 SxS Parking Spaces in the Garage & storage as well!

CALL TO SCHEDULE A SHOWING TODAY BEFORE THIS HOT OCEAN VIEW PROPERTY IS GONE!

HEATHER OR MILTON PAUL

(310)923-2334 OR (310)586-0364

View More Pictures and Information Here:

http://santamonica-realestateagent.com/idx/mls-11568811-938_2nd_st_santa_monica_ca_90403

HERE ARE SOME OTHER GREAT HOMES FOR SALE IN SANTA MONICA:

$3,100,000 : 2916 2ND ST, Santa Monica

4 beds, 3 full, 1 part baths

Home size: 2,822 sq ft

Lot size: 4,996 sq ft

Year built: 1991

Days on market: 10

Walk Score®: 82
$1,150,000 : 2620 HIGHLAND AVE, Santa Monica

2 beds, 2.0 baths

Home size: 1,459 sq ft

Year built: 1988

Days on market: 13

Walk Score®: 85
$5,999,999 : 477 21ST PL, Santa Monica

8 beds, 9.0 baths

Home size: 6,587 sq ft

Lot size: 17,480 sq ft

Year built: 1923

Days on market: 16

Walk Score®: 62
$1,995,000 : 2711 2ND ST, Santa Monica

3 beds, 1.5 baths

Home size: 2,744 sq ft

Lot size: 6,499 sq ft

Year built: 1898

Days on market: 17

Walk Score®: 82
$1,425,000 : 125 Pacific ST, Santa Monica

3 beds, 2.5 baths

Year built: 2011

Parking spots: 2

Days on market: 20

Walk Score®: 77
$1,550,000 : 235 OCEAN PARK, Santa Monica

3 beds, 3.0 baths

Home size: 2,010 sq ft

Year built: 2005

Parking spots: 2

Days on market: 21

Walk Score®: 82
$1,039,000 : 2509 CLOVERFIELD, Santa Monica

3 beds, 2.0 baths

Home size: 1,786 sq ft

Lot size: 6,250 sq ft

Year built: 1937

Days on market: 21

Walk Score®: 77
$2,295,000 : 694 KINGMAN AVE, Santa Monica

4 beds, 3.0 baths

Home size: 2,624 sq ft

Lot size: 7,500 sq ft

Year built: 1941

Days on market: 22

Walk Score®: 43
$1,379,000 : 2618 2ND ST- FRONT HOUSE PLUS 2 UNITS, Santa Monica

7 beds, 6.0 baths

Home size: 2,650 sq ft

Lot size: 2,503 sq ft

Year built: 2008

Days on market: 22

Walk Score®: 78
$1,200,000 : 201 OCEAN AVE, Santa Monica

2 beds, 2.5 baths

Home size: 1,554 sq ft

Year built: 1971

Parking spots: 2

Days on market: 23

Walk Score®: 55
$1,325,000 : 201 OCEAN AVE, Santa Monica

3 beds, 2.5 baths

Home size: 1,566 sq ft

Year built: 1971

Days on market: 24

Walk Score®: 55
$3,259,000 : 310 22ND ST, Santa Monica

5 beds, 6.0 baths

Home size: 6,505 sq ft

Lot size: 7,550 sq ft

Year built: 1989

Days on market: 25

Walk Score®: 49
$1,345,000 : 212 MARINE ST, Santa Monica

2 beds, 2.0 baths

Home size: 1,700 sq ft

Year built: 2006

Parking spots: 2

Days on market: 27

Walk Score®: 78
$1,649,000 : 3009 2ND ST, Santa Monica

3 beds, 2.5 baths

Lot size: 6,499 sq ft

Year built: 1905

Days on market: 28

Walk Score®: 82

Call Me Today for All Your Santa Monica Real Estate Needs!

Heather Paul, Realtor (310)586-0364 or (424)625-1037

www.HeatherPaulOnline.com