Beth Mergens

There's been a lot of talk about the extension of the Notice of Default (NOD) filings by the senate bill 1137 passed this February and it's impact on the housing crisis in California. According to the report it extends the filing of the NOD's (Notice of defaults)by 90 days so it seems that homeowners will gain an additional 3 months before they hear from their banks.

I've heard both sides of this argument and frankly don't know which side I'm inclined to favor. Some folks claim that it will keep a flood of homes from hitting the market all at once. Others say it will prolong this down market and we should just let the market adjust itself without meddling in it. Given the amount of short sale business that I've been doing lately I'm in favor the freeze because it allows us Realtors to get in front of the banks with our listings a bit faster. Short sales and REO's (bank owned) are driving this marketand with the next wave of adjustments on the horizon it makes sense for the banks not to overload their already overworked loss mitigation depts.

Currently short sales are taking an average of 21-30 days for the bank to respond. Some lenders are so impacted that you cannot get them to answer a phone call. Email is not the typical mode of communication so the result is slow processing and little understanding for the plight of the homeowner, let alone buyer. So what is the solution? I counsel all parties involved to be patient...remember what Mom used to say about it being a virtue? The payoff can be very good for those who are willing to go the distance and with the delay in NOD filings you have plenty of time to get through the process without fear of the house being foreclosed on in the middle of the transaction.

If you are looking for good counsel it pays to talk with a Realtor who has been working in the short sale arena. There are attorney's advertising for loan modifications who also provide short sale assistance but there is a big difference and that is how they get paid. Typically when you hire a Realtor to represent you in your sale or purchase the commission paid to the agent does not occur until the transaction closes. When you hire an attorney to represent you then you pay them a fee...regardless of the outcome. So be wise and understand that you will still be liable to pay the attorney even if you don't succeed in getting a loan modification and your home needs to be sold short. It doesn't make sense to go further into debt when your Realtor can guide you through the process. I've been successfully closing shorts sales and would gladly help you get through the process.

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Folsom has developed a reputation as one of the best places to live due to the outdoor recreation available nearly 11 months of the year although this year seems to be the exception…due to a lack of rain the number pushes 12 months. So this year the city is hosting it’s first film festival featuring “Breaking Away” at 7 p.m. at 48 Natoma St. Just in case you don’t know this is the location of the new Art Center/Senior Center which is a re-make of the fire station next to the city offices.

This presentation was inspired by the upcoming Amgen Bike Race in Sacramento on Feb. 14 and the city of Folsom hopes the locals will support that race and encourage other event sponsors to consider our region when looking for venues. Promotion is something taken very seriously in this town and I wouldn’t be surprised to see film crews on the streets with celebs shopping at the local antique shops between takes.

Speaking of a lack of rain…while driving down Empire Ranch Rd. I caught a clear view of the Folsom puddle and was surprised how brown the lake appears. Watering lawns is now limited to every other day and if you get caught spraying off your sidewalk or driveway you could be fined. I’ve begun to pray for rain because I remember my first year in California, which just happened to be in the middle of the drought in 1977. We used to save the drain water from the washing machine to water the lawn and wash the cars. Local restaurants have begun to only serve water upon request so if anyone has a hotline to heaven please pick up the phone…we need the water.

Originally Posted on FolsomLakeHomes.com:

Folsom’s First Bicycle Film Festival

This is the last call for the next auction being held in the Sacramento, Ca area...tomorrow is the last day to preview the over 100 homes for sale. The auction day is set for the end of Feb...I think the 23rd. I think its time for those investors to come out and play!

Tomorrow will be the last day to view the properties going on auction in the Sacramento area. There are over 100 properties going up for auction in our area so be sure to get out there an do your previewing....Investors...start your engines!

Hi All,

I have a new listing coming up in Rocklin, Ca. which is really going to be a great deal for someone. This home is a single story on .25ac. on a cul-de-sac with a great floorplan and newer construction. I'll be hiring 720 to do the video so you'll be able to see the property online by next week. The sf hovers around 2000sf and once the owners are out will show well. Look for pictures on my webiste www.FolsomLakeHomes.com