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Moorpark Short Sale Specialist Moorpark Short Sale Help #ChrisBJohnsonRealtor

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

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Moorpark Short Sale Help, Moorpark Home Sellers Play Chess… Not Checkers

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

Play Chess… Not Checkers | Simplifying The Market

Play Chess… Not Checkers

Checkers is a simple game with a simple objective; eliminate the other player’s pieces. Even the process of doing so is simple, jump the other player’s pieces and start a collection. There is very little thought as to a defensive strategy and it is often more reactive than strategic.

 

Even though the objective of Chess is simply laid out — obtain the other player’s King — the process in which to obtain this goal is much more strategic. Chess requires a greater understanding of the ability of each of the 9 different pieces on the board and a risk assessment that takes longer than a simple scan of the board.

“It’s a game in which the winning strategy is dynamic and requires complex thought across many turns, both for the player and their opponent’s turns.  Chess requires a player to understand the context behind the moves on the board rather than just the risks offered by each individual turn.” –Play Chess Not Checkers by Zach West

You may have heard the saying, “Play Chess, Not Checkers” before, but how does this apply to real estate?

Plan past your next move

So you want to sell your house. You can just put a sign in your front yard and call it a day, right? Wrong! The process of listing your home for sale and what happens next is much more complex than that.

According to the Orlando Regional REALTOR Association, there are over 230 possible actions that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, and who knows what these actions are to make sure that you acquire your dream?

One example, as we’ve reported before, is the fact that 92% of buyers search online for a home. That is in comparison to only 28% looking at print newspaper ads. Most real estate agents have an extensive internet strategy to promote the sale of your home. Do you?

Identify Risks & Defend Against Them

An experienced real estate professional knows the obstacles associated with buying or selling a home and works closely with other professionals to ensure the process is a smooth one.

Practice Makes Perfect

Just like with any skill, practice and experience bring a sense of confidence and expertise. Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.

Bottom Line

With an experienced Real Estate Professional on your side, even the complex process of buying your next home or selling your house can be strategically navigated.

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Moorpark Short Sales Short Sales Are EXEMPT From Deficiency Judgements

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

Neighborhood Market Report  Mortgage Pre Approval  Time To Buy A Home

Moorpark Home Values & Market Trends                     Moorpark Condo Values & Market Trends

Oxnard REO Coming To Market                                        What Is My Home Worth?

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?

Moorpark Short Sale HELP!!                                              California May Pay You To Short Sale

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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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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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Allison James Estates and Homes Elite
587 W Los Angeles Avenue
Moorpark, Ca 93021
(805) 208-0823
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Moorpark Short Sale Specialist Moorpark Short Sale Help, Show Me The (Loan Mod) Money!

Chris B Johnson, REALTOR®  Moorpark Short Sale HELP!! 

California May Pay You To Short Sale

Oxnard REO Coming To Market                                        What Is My Home Worth?

Citigroup Starts to Show Distressed Consumers the Money

money-twoCitigroup was credited with more than half a billion dollars in consumer relief toward fulfilling its obligation of $2.5 billion under the terms of a July 2014 settlement July 2014 settlement with the U.S. Department of Justice and five states for selling toxic residential mortgage-backed securities to investors before the financial crisis, according areport from an independent monitor.

Settlement monitor Thomas Perrelli, a former associate U.S. attorney general and now a partner with Washington, D.C.-based law firm Jenner & Block, credited Citi with $512,456,710 in consumer relief for the period covering April 1, 2015, through June 30, 2015. The amount provided during Q2 2015 raised the cumulative total of consumer relief credited to Citi to $689,132,468, still less than a third of the settlement’s requirement of $2.5 billion. The bank has until 2018 to pay the remaining $1.8 billion. The report was Perrelli’s fourth since the settlement was reached and the first since September 2015.

2-1 Citi graphAccording to the monitor, Citi was credited with $512.4 million in consumer relief during Q2 2015 in three different categories or menu items: First lien principal forgiveness ($3.95 million covering 70 transactions); rate reductions/refinancing ($78.5 million covering 2,002 transactions); and principal forgiveness where foreclosure is not pursued ($430 million covering 10,260 transactions). Citi requested credit for relief for 91 loans to affordable rental housing projects with a purported valuation in excess of $500 million; the monitor is currently working with Citi to validate the credit that the bank has submitted for the 91 loans.

Citigroup settled with the DOJ and five states (California, New York, Illinois, Massachusetts, and Delaware) for a total of $7 billion in July 2014 amid claims that the bank misled investors as to the quality of mortgage-backed securities it sold. The portion of the penalty that went to the DOJ was $4.5 billion, which was the largest civil penalty to date under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). Citigroup agreed to pay $2.5 billion in consumer relief as part of the settlement.

Click here to see a complete copy of the settlement monitor’s January 2016 report. In the September 2015 report, the monitor credited the bank with $162.7 million in consumer relief for the period covering November 22, 2014, through March 31, 2015.

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Moorpark Short Sale Specialist Chris B Johnson Realtor

 HyperLocal Market Updates    Chris B Johnson, REALTOR®, SFR®, CDPE®, CHS®

Chris B Johnson, REALTOR®Neighborhood Market Report  Mortgage Pre Approval 

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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