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Moorpark Short Sale Specialist Moorpark Short Sale Help #ChrisBJohnsonRealtor

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A Possible Housing Meltdown? These Experts Respectfully Disagree | Simplifying The Market

A Possible Housing Meltdown? These Experts Respectfully Disagree

We want to let you know that “rumors of a new market meltdown” are not based on any reputable data. As proof, we offer you the comments of the following experts who have a totally different view on the current housing market.

Lawrence Yun, Chief Economist at NAR:

“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”

Jonathan Smoke, Chief Economist at realtor.com:

“We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.”

Andrea Riquier, MarketWatch housing reporter:

“I’m calling the end of the housing “recovery.” On to ‘expansion.’”

Freddie Mac:

“Despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”

Steven Russolillo, Wall Street Journal housing reporter:

“A recent gauge of home builder sentiment held firmly in positive territory, according to the National Association of Home Builders. Perhaps more important, expectations for sales in the next six months jumped to the highest level of the year.”

Fannie Mae:

“Our latest housing tracker shows that the first quarter of 2016 was the second fastest first quarter pace of home sales in the past decade… Home sales typically rise in the spring and summer months, and we anticipate an acceleration in home sales that will surpass 2007′s pace by late summer.”

 

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Moorpark Mortgage Rate Update & Home Value #ChrisBJohnsonRealtor

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Weekly Mortgage Rate Update

 

A wide range of major U.S. economic data was released over the past week covering the labor market, manufacturing, services, and housing. Overall, the data suggested that U.S. economic growth and inflation were a little stronger than expected. As a result, mortgage rates ended the week higher.  

THIS WEEK’S RATE TREND IS UP

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Moorpark Short Sales Short Sales Are EXEMPT From Deficiency Judgements

Chris B Johnson, REALTOR®, SFR®, CDPE®, CHS®  

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A California homeowner whose home was underwater asked her bank to approve a short sale of their home and the bank agreed… but under one condition.  The borrower would have to agree to waive her anti-deficiency protection, which means that she would be responsible to pay the difference between the sales price of the home and what was owed.

The homeowner agreed… the home was sold for less than the amount owed on the mortgage… and the bank moved to recover the amount of the deficiency.  And were that all there was to the story, it would seem like just another day of the foreclosure crisis and I’d hardly have noticed it, let alone have written about it.

This time, however, the homeowner turned to the courts, filing a complaint that asked the court to rule that the bank could not obtain a deficiency judgment against her based on California Code of Civil Procedure §580b.  That statute, while it would protect a borrower from a deficiency judgment in the case of a foreclosure, was less clear as to whether the protection would extend to short sales.

SHORT

The homeowner’s lawsuit was subsequently dismissed by the trial court, but the appellate court reversed the lower court’s decision, ruling that §580b did in fact prohibit deficiency judgments after ANY kind of sale… assuming it was a purchase money obligation.  [Coker v. JP Morgan Chase Bank, N.A., 2015 Westlaw —–  (Cal.).]

The bank, of course, also argued that the homeowner had agreed to waive any such protection against deficiency judgments, but the high court responded by stating that contractual waivers of §580b are simply unenforceable.

Frankly, I can’t imagine that ruling happening several years ago, so all I can say about it now is… WOW.  It really does show that things do change, perhaps not as quickly as we’d like them to, but in time.

Next, the bank took the case to the California Supreme Court, arguing that since the facts of the case applied to the pre-2012 version of §580b, the anti-deficiency protections should only apply in cases where a foreclosure sale had taken place.  However, just a few days ago, the California Supreme Court unanimously ruled against the bank’s arguments… and ruled in favor of the homeowner. 

The court apparently based its ruling on earlier decisions, determining that in order to protect homeowners from deficiency liability on purchase money obligations, regardless of whether a foreclosure sale had been held, or not… they had all broadly interpreted California Code of Civil Procedure §580b.

So, that’s that.  Assuming we’re talking about a purchase money mortgage, as opposed to a Home Equity Line of Credit used for other purposes, for example, California homeowners don’t have to worry about a lender coming after them to collect amounts not recouped from the sale of their homes… whether the sale occurred as a result of a foreclosure or short sale.

It seems to me that this is an important victory for California’s homeowners, especially since the foreclosure crisis is nowhere near over in this state… but not all legal experts agree. 

This week, Professor Dan Schechter of Loyola Law School, who was involved in the drafting of proposed amendments to clarify earlier versions of the statute, writing for his Commercial Finance Newsletter, published each week on Westlaw, had the following to say about the net effect of the decision…

“Given the enactment of §580e and the ‘reformatting’ of §580b, I do not think that this opinion will have a major impact in future litigation over the application of §580b, since new §580b and §580e now occupy the field.”

What does any of that mean exactly? 

I have no earthly idea, except to say that to me it means that you should consult an experienced attorney before deciding to take legal action based on this decision, because just like all legal rulings and statutes, it’s not black and white in all respects, or as simple as it appears on the surface.

Banks will be banks…

According to Professor Schechter’s analysis of the decision, the bank also questioned whether such a broad interpretation of §580b would serve to encourage borrowers to strategically default… or even cause borrowers to pay more than the market value for homes, because of knowing they have no risk of deficiency liability in all cases involving purchase money. 

The court declined to weigh in on either of those issues, thank the Lord, only offering that earlier cases in California have “implicitly rejected” both ideas.  Clearly, the intent of the state legislature was to protect California homeowners from deficiency liability related to purchase money loans, and now it’s a matter of law that such protection is in place regardless of whether a foreclosure or short sale was involved. 

The other two points about the potential for such broad protection to encourage strategic defaults… or the equally remote risk of borrowers over-paying for properties, didn’t deserve a response, so I applaud the court for its decision not to respond.

For one thing, both claims represent little more than the same sort of scare tactics we’ve seen in countless other arguments made by lenders since the meltdown began in 2008.  And for another, because there are far too many unknowns that could either limit or increase the potential for such outcomes, neither claim can be asserted with any certainty in the hypothetical.

Professor Schechter, although he sees it a bit differently, arrives at basically the same place, writing in his article dated February 1, 2016…

“I believe that both of those arguments have merit but that the Legislature will never change the rule protecting homeowners from liability, for obvious political reasons.”

Again, that does sound like legislative attitudes have changed in this state, which gives me reason to hope that such changes are still coming, but the bottom-line is that this decision makes clear that California homeowners are to be protected against deficiency liability on purchase money loans… period.

And that simply cannot be anything but a positive thing for homeowners, so I think it’s safe to say that this one goes in the “win” column for consumers, which means the bankers can go home and lick their wounds for a change.

Did that come off as being petty?  Perhaps it was, but after watching the courts butcher borrowers for any number of reasons over the last six years, I can’t help but be happy about the proverbial pendulum swinging towards the homeowner’s side, even if just a little bit.

Mandelman out.

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Is This The Last Chance For Moorpark Short Sales? #ChrisBJohnsonRealtor


Last Chance For California Short Sales? #ChrisBJohnsonRealtor - CDPE

Your Neighborhood Market Report      The Cost Of Waiting      Still A SELLER’S Market?

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Short Sale Update                                                           February, 2016

Distressed California Homeowners May Qualify for California’s Keep Your Home California Transition Assistance Program (TAP)    

If your financially distressed California clients can no longer afford their homes and are pursuing a short sale or a deed in lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing.

 

The funds come from the Transition Assistance Program (TAP), part of the Keep Your Home California Program.

 

The state of California is providing up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes. You can help by advising your distressed clients that they must:

  • Apply for the funds through their state’s website or by calling 1.888.954.5337.
  • Maintain their property until their house is sold or returned to the lender via a negotiated deed in lieu of foreclosure.

For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.

 

To learn more about the Transition Assistance Program’s guidelines, and how your clients may qualify, please visit that program’s website at http://keepyourhomecalifornia.org. You can also direct your clients to call 1.888.954.5337 and identify themselves as Bank of America customers.


Customer Relationship Manager
1.800.669.6650

bankofamerica.com/shortsaleagent

If you have questions, first contact your short sale specialist (or closing officer) through Equator messaging. If there’s no response after two days, escalate to the team lead.

For urgent needs (such as a foreclosure postponement) or for escalation beyond the team lead, contact your Customer Relationship Manager at 1.800.669.6650Monday through Friday8 a.m. to 5 p.m. local time.

Visit the Agent Resource Center at bankofamerica.com/shortsaleagent
for educational guides, news and resources to help agents complete a short sale at Bank of America.

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http://ChrisBJohnson.housingtrendsenewsletter.com

Chris B. Johnson, Realtor, CDPE, SFR, BPOR, HAFA, CDAT

Allison James Elite

Cell # 805.208.0823   CA. BRE 01501699

Email: ChrisBJohnson@gmail.com

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587 W Los Angeles Avenue
Moorpark, Ca 93021
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Time To Buy A Home      

  • 8765 WATERS Road

    Moorpark, CA 93021

    $4,998,000

    • 4 
    • 3 
    • 3500 
    •  Active
    •  215015752
    Great opportunity own a rare large acreage parcel in Moorpark! Motivated Seller!!! Southern California Famous Egg City Ranch ;160 acres, Consists …
    Listing courtesy of Chris B Johnson, REALTOR®
  • 2182 TIERRA REJADA Road

    Moorpark, CA 93021

    $4,700,000

    • 7 
    • 7 
    • 5400 
    •  Active
    •  SR15152665
    Amazing Horse Ranch with water well pumps about 850 gal. per min. upgraded electrical for commercial use. Home has attached studio apt. approx. 3500 …
    Listing courtesy of Chris B Johnson, REALTOR®
  • 11811 DARLENE Lane

    Moorpark, CA 93021

    $2,375,000

    • 5 
    • 6 
    • 6805 
    •  Active
    •  SR15255459
    SouthFork Meets Moorpark! Reduced Over 300k ! All Gated 9.08 Usable Acres of Pure Luxury Horse Property & Rolling Agricultural Hills,Full Working Ranc…
    Listing courtesy of Chris B Johnson, REALTOR®
  • 11143 LOPEZ Court

    Moorpark, CA 93021

    $1,775,000

    • 5 
    • 6 
    • 5851 
    •  Active
    •  215014100
    Elegant San Marino with panoramic views of mountains & picturesque surroundings. Located on cul-de-sac in the prestigious, gated golf course community…
    Listing courtesy of Chris B Johnson, REALTOR®
  • 12464 PALMER Drive

    Moorpark, CA 93021

    $1,689,000

    • 6 
    • 8 
    • 5664 
    •  Active
    •  215015718
    5 bed, 5.5 bath, 4,764 sq ft home, with an additional 1,200 sq ft guest house casitas, in the Country Club Estates! Step in to the entry leading to th…
    Listing courtesy of Chris B Johnson, REALTOR®
  • 4914 READ Road

    Thousand Oaks, CA 93021

    $1,599,900

    • 5 
    • 4 
    • 4070 
    •  Active
    •  215016159
    Custom hilltop estate offered for sale, once part of the Joel McCrea Ranch, 5 acres featuring an avocado ranch, a barn, fruit trees, ample parking inc…
    Listing courtesy of Chris B Johnson, REALTOR®
  • 12418 NELSON Road

    Moorpark, CA 93021

    $1,499,500

    • 5 
    • 6 
    • 4764 
    •  Active
    •  SR15266337
    This extravagant Toll Brothers Mission Style Palos Verdes is in the prestigious Country Club Estates on a premium lot with a beautiful park-like backy…
    Listing courtesy of Chris B Johnson, REALTOR®
  • 12334 PALMER Drive

    Moorpark, CA 93021

    $1,499,000

    • 5 
    • 6 
    • 5851 
    •  Active
    •  SR15169099
    HUGE PRICE REDUCTION for this SPECTACULAR Estate Home with SPECTACULAR views in the gated community of Country Club Estates. This beautiful almost 6,0…
    Listing courtesy of Chris B Johnson, REALTOR®
  • 5950 GABBERT Road

    Moorpark, CA 93021

    $1,499,000

    • 4 
    • 2 
    • 1708 
    •  Active
    •  215015015
    Over five acres that are fully landscaped and fenced with a 1700 square foot, 4 bedroom – 2 bath home. Private gated entrance to the house and there a…
    Listing courtesy of Chris B Johnson, REALTOR®
  • 12230 NELSON Road

    Moorpark, CA 93021

    $1,460,000

    • 5 
    • 6 
    • 5364 
    •  Active
    •  215017766
    Welcome home to Nelson Road in spectacular Country Club Estates of Moorpark. This popular Santa Barbara floor plan features 5 bedrooms, 6 baths and a…
    Listing courtesy of Chris B Johnson, REALTOR®
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Based on information from CARETS as of Jan 20, 2016 9:40:am. The information being provided by CARETS is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, i-Tech MLS, PSRMLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
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Thinking of Buying a Home? 3 Questions Every Buyer Should Answer First

If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.

Answering the following 3 questions will help you determine if now is actually a good time for you to buy in today’s market.

 

1. Why am I buying a home in the first place?

This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.

A study by the Joint Center for Housing Studies at Harvard University reveals that the four major reasons people buy a home have nothing to do with money. They are:

  • A good place to raise children and for them to get a good education
  • A place where you and your family feel safe
  • More space for you and your family
  • Control of that space

What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.

2. Where are home values headed?

According to the latest Home Price Index from CoreLogic, home values are projected to increase by 5.3% over the next 12 months.

What does that mean to you?

Simply put, if you are planning on buying a home that costs $250,000 today, that same home will cost you an additional $13,250 if you wait till next year. Your down payment will need to be higher as well to account for the higher home price.

3. Where are mortgage interest rates headed?

A buyer must be concerned about more than just prices. The ‘long term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.

The Mortgage Bankers Association (MBA), the National Association of Realtors and Freddie Mac have all projected that mortgage interest rates will increase by approximately three-quarters of a percent over the next twelve months as you can see in the chart below:

Mortgage Rate Projections | Keeping Current Matters

Bottom Line

Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.

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