Jean Powers CRS,PMN,ASP Broker, Northern California

On December 7th, the city of Alameda held a service in the chapel of the USS Hornet for survivors of th the December 7th, 1941 attack on Peal Harbor. The survivors, family and friends were able to board the USS Hornet for free. The Hornet has been docked in Alameda at the closed Alameda Naval Air Station for many years now. There are tours available to the public. We also can rent it out for parties, weddings and other activities. Every New Year's Eve there is a great party. So please do not forget the survivors of Pearl Harbor! We Alamedans never forget!!

Again I am always receiving great information from the California Association of Realtors. This one is no exception. Now we have information on the timeline that must give to foreclose on an owner. This information came from the CAR Legal department. They are always there to help us and keep us up to date on all legal issues. Does your State Association keep you informed?

When a real estate transaction involves a property in foreclosure, knowing the foreclosure timeline hleps you as the real estate agent to assess whether you have enough time to close escrow before the foreclosure sale. Starting September 8, 2008, California has a special foreclosure timeline for loans originated between 2003 and 2007, inclusive, which are secured by owner-occupied residences. Indeed, loans involved in short sales are likely to be owner-occupied loans from the years 2003 to 2007, which was the heyday for subprime lending. The special foreclosure timeline does not apply if the borrower has filed for bankruptcy, surrendered the property, or contracted with a person or entity whose primary business is advising people, who have decided to leave their homes, on how to extend the foreclosure process and avoid their contractual obligations. The special foreclosure timeline will remain in effect until January 1, 2013. (Cal. Civ. Code § 2923.5.)

FORECLOSURE TIMELINE FOR OWNER-OCCUPIED REAL PROPERTY LOANS (made from 2003 to 2007)

The approximate minimum time frames for the non-judicial foreclosure of owner‑occupied real property loans made from 2003 to 2007 are as set forth below. In California, most lenders elect to foreclose non-judicially by conducting trestees' sales, not by judicial foreclosure.

Pre-Foreclosure Period

A lender may initiate the foreclosure process when a borrower defaults on a loan, such as by missing a mortgage payment. However, a slight delay may not justify acceleration and foreclosure by the lender. Hence, in practice, lenders generally wait a few months after a missed payment before starting the foreclosure process.

Day 1: Lender Contacts Borrower

For owner-occupied loans from 2003 to 2007, a lender initiating the foreclosure process must generally contact the borrower by phone or in person to assess the borrower's financial situation and explore options for avoiding foreclosure. During the conversation, the lender must inform the borrower of the right to meet with the lender within 14 days. The lender must also give the borrower the toll-free number for finding a HUD-certified housing counseling agency.

Day 31: Filing of Notice of Default

For owner-occupied loans from 2003 to 2007, the lender may file a notice of default 30 days after contacting the borrower to explore options for avoiding foreclosure. The notice of default must be filed in the county where the property is located and a copy must be mailed within 10 business days after recordation to the borrower and all other persons who have requested such notice. The notice of default informs the borrower of the default. It must also include the lender's declaration that it has contacted the borrower to explore options for avoiding foreclosure, tried with due diligence to contact the borrower, or the borrower has surrendered the property.

Day 121: Filing of Notice of Trustee's Sale

Three months after the filing of the notice of default, the lender may record a notice of trustee's sale setting forth the date, time, and place of the upcoming trustee's sale. Because of the gravity of a notice of trustee's sale, it must be widely disseminated. The notice of trustee's sale must be recorded, posted, mailed to the borrower and others, as well as published once a week for three consecutive weeks in a newspaper of general circulation.

Day 145: Deadline to Cure Default

Up to five business days before the trustee's sale, the borrower may reinstate the loan by curing the default or paying the missed payments plus allowable costs. After the reinstatement period expires, the borrower still has the right to redeem the property by paying the entire debt, plus interest and costs (not just the arrearage), before the bidding begins at the trustee's sale.

Day 152: Trustee's Sale

Although California law allows a trustee's sale to take place 20 days after the posting of the notice of trustee's sale, lenders customarily wait at least 31 days instead to help protect against federal tax liens. At the trustee's sale, the property is sold through a public auction to the highest bidder. Title is transferred to the successful bidder by trustee's deed.

USING THIS FORECLOSURE TIMELINE

A foreclosure timeline helps you as a listing agent ascertain whether you have enough time to market and sell the property as a short sale. Depending on the stage of foreclosure the homeowner is in ("Foreclosure Stage"), the chart below gives you the total time frame you have, at a minimum, to sell a property as a short sale before the trustee's sale occurs ("Minimum Time Left to Sell").

As an example, if a notice of default has just been filed, you have a minimum of about four months to sell the property before the trustee's sale may occur. That's four months not only to find a buyer, but also to get the lender to approve the short sale and close escrow. The short sale lender may agree to postpone the trustee's sale in some situations (such as when there's an accepted offer), but be sure to get any agreement for a postponement in writing.

FORECLOSURE TIMELINE FOR OTHER TYPES OF LOANS

For loans that are not secured by owner-occupied real property or not made from 2003 to 2007, lenders are not required to contact the borrowers to explore options for avoiding foreclosure. For these loans, the total minimum time for the foreclosure process is roughly only 122 days, not 152 days. If the lender is not required to contact the borrower, the foreclosure process takes a minimum of about 4 months from the filing of the notice of default to the day of the trustee's sale.

Alameda is a great place to live. Our Tonningsen exhibit is in its final days. alamedan Peter Toningsen elevates the ordinary to an art form in his photography according to Julia Tracey. He specializes in black and white photography and has exhibited his work throughout the Bay Area as well as Europe. all his photgraphs were made with a pinhole camera then scanned and printed digitally with archival pigment inks. The exhibit was on display at the Alameda Free Library.

October 2008

The continued decline in home sales prices throughout most of southern and eastern Alameda County has increased housing affordability and inspired buyers to act. Sales activity remained strong in the Central County and Tri-Cities regions in October 2008 fueled by modest month-to-month price drops. Sales, on average, dropped 9% in the Tri-Valley markets.

Sales prices proved once again the variability between real estate markets. Prices actually increased in specific communities from September to October.

Central County (Castro Valley, Hayward, San Leandro and San Lorenzo)
Castro Valley was the notable exception in the Central Valley by showing a 10% increase in median sales price from September to October. However, units sold slipped by 20% in Castro Valley. Active listings were also down an average of 4% throughout the Central County communities - a trend that's consistent with decreasing inventory throughout Alameda County. Pending sales increased an average of 9% month-to-month. In terms of actual units listed and pending sale, the pace of home sales has remained steady since August 2008.

Tri-Cities (Fremont, Newark and Union City)
Union City showed positive growth in all market indicators this month. Units Sold shot up 76% from 21 units in September to 37 units in October; pending sales were up 13% and active listings increased 7%. The median sales price increased 7% from $480,000 in September to $511,500 in October. Newark did well last month, too. A modest 2% increase in sales prices, a 13% increase in units sold and a 7% increase in active listings. However, it was the only Tri-City community to post a decline in pending sales. Median prices slipped 16% in Fremont from $685,000 in September to $573,000 in October. Sales activity was virtually the same with only two fewer units sold in October.

Tri-Valley (Dublin, Livermore and Pleasanton)
All Tri-Valley communities, but Danville, saw a drop in sales prices in October. Livermore prices decreased 16% from $499,950 to $420,000 while prices in Dublin, Pleasanton and San Ramon dropped 8% and 4%. In terms of actual dollars, the prices in each community are still well above both the state and county median prices. The pace of home sales and pending sales also slowed throughout the region with the exception of Livermore which saw a 10% month-to-month increase in actual units sold. Meanwhile, with the exception of Pleasanton, active units increased across the rest of the Tri-Valley

All information is deemed reliable but not Verified.

It seems that everytime we look there is another disasterous fire! It seems that many of them occur in Southern California. Now is not exception. Many homeowners again, have lost their homes. Not only have they lost their homes but also possessions and pets. It is very upsetting to know that they have lost memories too. The California Association of Realtors has Information and Resources if you care to donate to the cause. Again, thank you for your help.