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This website has lots of great information on it for buyers, sellers and Realtors(R). Check it out!
With fewer than three of five short sales closing in California, C.A.R. is well aware of the complexity and difficulty of navigating lenders' and servicers' short-sale procedures. To assist both REALTORS® and consumers, C.A.R. has launched shortsalescalifornia.org, a website specifically focused on short sales.
On the new site, visitors will find information ranging from short sale news, foreclosure timelines, and red flags to watch for, to legal Q&As, a short-sale glossary, and much more.
Additionally, consumers can find a REALTOR® to assist with their short-sale transaction, learn what to expect as a buyer or seller of a short-sale property, and find out whether they qualify for government programs to keep their home.
Visit the new site at www.shortsalescalifornia.org
I was happy to read today on the California Association of Realtors website, the folllowing article about
their involvement in helping short sales progress quicker and smoother. This is a process that takes
far too long and has far too many hoops to jump thru. It can be extremely frustrating to buyers, sellers
and agent alike. I'm glad thie association is getting behind us and supporting us. Also the National
Association of Realtors is doing the same.
FROM THE CAR WEBSITE BELOW:
C.A.R.'s efforts to address the issues related to the difficulties of the short sale process are starting to gain traction.
Late last week, the Federal Housing Finance Agency (FHFA) announced it has directed Fannie Mae and Freddie Mac to establish consistent policies and processes for the servicing of delinquent loans. The alignment will help servicers do a better job of resolving delinquencies in a more consistent and expeditious manner, keep more consumers in their homes whenever possible and minimize losses to companies and taxpayers.
The directive will streamline and expedite borrower outreach, align mortgage modification terms and requirements, and establish a consistent schedule of performance-based incentive payments and penalties.
The updated guidelines also prevent servicers from seeking foreclosure at the same time a borrower is being considered for a loan modification.
FHFA, Fannie Mae, and Freddie Mac said these directives are in response to concerns about servicer performance raised throughout the industry and government.
C.A.R. has been meeting regularly with industry regulators, lenders, and servicers to press for improvements to the short sale process and will continue to do so until significant improvements are made
Los Angeles sued Deutsche Bank, saying it let hundreds of foreclosed properties become decrepit.
LOS ANGELES-The city attorney of Los Angeles filed a civil complaint Wednesday against Deutsche Bank AG, alleging it allowed hundreds of foreclosed residential properties to fall into such disrepair as to become public nuisances.
The lawsuit in state court here also alleged that the bank was involved in illegally evicting hundreds of tenants who were renting the residences. The city attorney's office, in a news release, said Deutsche Bank's liability for repairs and payments to former tenants "is potentially in the hundreds of millions of dollars."
Deutsche Bank's Los Angeles Properties
![[SB10001424052748703937104576303583184328692]](http://s.wsj.net/public/resources/images/OB-NT946_dbFORE_D_20110504172715.jpg)
Los Angeles City Attorney
Vacant property with graffiti on exterior, on South Willowbrook Avenue. Deutsche Bank National Trust Co. held title from in or around April 2007 until in or around May 2008. The photo was taken by a Los Angeles Department of Building and Safety inspector in or around January 2008.
The city attorney of Los Angeles filed a civil complaint Wednesday against Deutsche Bank AG, alleging it allowed hundreds of foreclosed residential properties to fall into such disrepair as to become public nuisances. See photos and property information supplied by the City Attorney.
Deutsche Bank, in a statement, said "the Los Angeles City Attorney's Office has filed this lawsuit against the wrong party." It said the loan servicers, not the bank, which served as trustee on the loans for the foreclosed properties, were contractually responsible for maintenance and tenant issues.
For over a year, Deutsche Bank said in its statement, it has offered to help city-attorney officials contact the loan servicers, "but they have refused our help and would not even tell us which properties they were talking about."
The city attorney, in a written response, said Deutsche Bank, as owner of the properties, was responsible for them.
A spokesman for city attorney Carmen Trutanich said this was the first such suit brought by the office. However, he added, similar investigations were ongoing. He declined to say what other banks might be under scrutiny.
Mr. Trutanich, who was elected city attorney in 2009, recently filed for a possible run next year for Los Angeles County district attorney, one of the more powerful local law-enforcement jobs in the country.
Suits have been filed in other parts of the country over the past few years against major financial institutions in connection with properties that went into foreclosure amid the national meltdown of the real-estate industry.
The city attorney's suit said the defendant took title to some 2,000 foreclosed residential properties in Los Angeles. The properties-single-family homes and rental properties of up to four units-are concentrated in lower-income areas, such as south Los Angeles and the northeastern San Fernando Valley.
Upon taking title to the properties, Deutsche Bank "disregarded virtually every one" of its legal duties and responsibilities as property owners, "resulting in the creation and maintenance of an unprecedented number of vacant nuisance properties and substandard occupied housing units," alleged the suit, which focused on 166 properties.
The suit included photos of exposed wiring, missing windows, cockroach droppings, debris, graffiti and mold at various properties.
The city attorney's news release said Deutsche Bank was "repeatedly notified of the substandard conditions" at the properties.
The troubled buildings have depressed property values and contributed to increased crime rates in the neighborhoods, the statement added.
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Full time Realtor in San Luis Obispo County half way between LA and SF covering Arroyo Grande, SLO, Pismo - Shell - Avila & Grover Beach, Oceano, Nipomo, Los Osos, MorroBay & No. County. #00715520.
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