The Passionate Realtor

New Laws Regarding Short Sales

garlinda — Sun, 04 Sep 2011 15:02:38 +0000

New Law Regarding Short Sales Goes Into
Immediate Effect: No Deficiency Judgments
On July 11, 2011, Governor Brown signed into law SB 458, a new bill that extends
the reach of California’s anti-deficiency law so that a lender can no longer pursue a
residential borrower for a deficiency when the lender agrees to a short sale. Because
SB 458 was an “urgency bill,” it became effective almost immediately, on July 15,
2011.
On September 30, 2010, then-Governor Schwarzenegger signed into law SB 931 that
for the first time prohibited lenders in California from pursuing borrowers for
deficiencies on first mortgages if the collateral consisted of residential property of
four units or less and the property was sold through a short sale. A “short sale” is a
tripartite (three part) agreement between a seller, buyer and mortgage lender,
whereby the property is sold at a price that is less than the amount of the secured
debt. The lender agrees to accept a discounted payoff to remove the mortgage from
the property. The “deficiency” is the difference between the amount of the debt and
what the bank collects from the proceeds of the sale.
Since the 1930s, when a series of California anti-deficiency laws were enacted,
lenders have been prohibited from collecting or pursuing collection of deficiencies
following foreclosure sales. However, these laws did not apply to short sales until
Governor Schwarzenegger signed SB 931 into law. It went into effect on January 1,
2011 and is known as Code of Civil Procedure Section 580e (“CCP 580e”). This antideficiency
law has now been expanded so that residential mortgage borrowers are
even more insulated against potential liability for deficiencies.
When CCP 580e first went into effect, it only applied to individual borrowers (not
corporations) and only to first mortgages. CCP 580e has been amended so that the
anti-deficiency protection applies to all 1-4 unit residential mortgages where the
lender consents to a short sale, whether the loan is secured by a mortgage that is in
first position or is subordinate to other mortgages. However, the new amendments
also add new restrictions; it now expressly excludes sales where the borrower is a
limited partnership or LLC, as well as sales where the borrower is a corporation.

MLS 356091

garlinda — Thu, 25 Nov 2010 17:32:18 +0000

http://www.postlets.com/realestate/mini_385.php?pid=4764871

Disney World – Hype or Worth it ?

garlinda — Wed, 16 Jun 2010 03:52:33 +0000

Disney World Reality Check or better yet my commission check!!! What in the heck is going on here!! Okay I planned the perfect summer getaway for my children, in my head anyway. We were going to get in the car, my husband and I , with the kids of course and just keep driving and not tell them where we were going and then when we entered Orlando, announce loudly that we were going to see Mickey and Minnie. All sounds pretty good so far right? Well next we have a cousin with a timeshare and they said hey you can use our timeshare for a discount, not a problem. I was like, wow, this is shaping up pretty good, right? Then I said to my parents, can you go on base, because they are retired military, and see if you can get the tickets to the theme parks less than we civilians, still sounds good right? My mom calls and tells me the price that Mickey and Minnie are asking before the military discount and that to use the military discount the military person has to be there, I get the part about the service member having to be there but what I don’t get is…what the heck is at Walt Disney world that is worth $99 for a 4 year old????A 7 year old??? heck a 41 year old (me) for that matter????? I know some of you will say I am cheap and a terrible parent but I started doing the math with food, gas, tickets…I would need to have one more baby, give that to Walt Disney as a sacrifice, sell about 100 more houses and possibly not take another day off for the rest of the year to make up for the small fortune I would be leaving in Orlando. Somebody please help me justify this lunacy!!! Right now I am thinking beach, multiple local vacations all for less and no Mickey and Minnie…Is that so terrible? =)

Orchard Park – Fayetteville, NC Real Estate

garlinda — Fri, 11 Jun 2010 16:05:38 +0000

Orchard Park – New Subdivision in Fayetteville, NC

Have you been looking for “Country Urbana” for you or your clients? What is “country urbana”?

I am glad you asked, Well look no further than Hwy.13, also known as, Goldsboro Road in Fayetteville, NC.

Our company is developing about 34 lots in Orchard Park and the home prices are ranging from $285,000-$385,000 and the floor plans are absolutely amazing, on 2-4 acre lots. These floorplans can be customized, and your own floorplans can be used as well if they will fit the specs of the lot.

If you have someone moving to the Fayetteville/Ft.Bragg area, I would love to earn your referral business and if you are looking for a wonderful place outside of the city to call home and less than 12 miles from Wal-mart and the hospital “Country Urbana” may just be for you. Please visit my website and search my listings to see this amazing community.

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Fun In Fayetteville After 5

garlinda — Fri, 11 Jun 2010 15:58:45 +0000

Fayetteville After 5 – Thursday, June 17, 2010

Thursday June 17, 2010 | 5:00 PM | Festival Park

Get ready for the sounds of the season with the 2010 premier FREE Concert Series Fayetteville After Five! Grab your best friend, a lawn chair or blanket and relax on the Festival Park lawn while taking in some free entertainment and sipping on a refreshing beverage of your choice. The Coconut Groove Band will perform.

This is so much fun and Festival Park is beautiful. Please share this info. with your friends in the Fayetteville/Ft.Bragg area.

Market Trends – New Construction or Existing Homes

garlinda — Fri, 11 Jun 2010 15:52:16 +0000

Where is our market headed???

The key to success is getting ahead of the curve, that is what Ninja Sales Training says and every other real estate guru. So how do we get ahead of the curve?

Do you think our markets once they are balanced again, are going to be trending more towards New Construction or Existing Home Sales?

In our market we have two giant franchise companies that pretty much dominate the New Construction landscape, maybe 2.5 companies. Between them there may be 700-900 plus homes dotting our landscape.

That is alot of inventory, so, my other queston is with 4400 homes on the market and only 900 or so of those being new construction, is New Construction really the trend?

What do you do to determine the trends in your market and how do you stay ahead of the curve?

Thank you for your input and your expertise!!!

The Fox in the Meadow

garlinda — Mon, 05 Apr 2010 18:52:08 +0000

Come home today to this sprawling home located in the exclusive Fox Meadow Subdivision in Hope Mills, NC. This home features a lawn irrigation system in the front and back yard, huge bedrooms, a deck that spans the length of the home and a palatial bonus rooms.

This home is excellent for entertaining with a formal living room and dining room as well as an eat-in kitchen. All kitchen appliances remain with this awesome home with exciting curb appeal. Front load washer and dryer remain with a full- price offer.

The Fox is in the Meadow

Fox Meadow Listing

The Fox is inthe Meadow

The Fox is in the Meadow

For Sale: 4BR/2BA Single Family House in Linden, NC, $177,700

garlinda — Sun, 28 Feb 2010 16:04:59 +0000

For Sale: 4BR/2BA Single Family House in Linden, NC, $177,700.

The Oaks at Westgate

garlinda — Sun, 28 Feb 2010 13:46:18 +0000

Come on home to this well planned and stylish Clubhouse community. This neighborhood is perfect for families and singles alike. Walk your dogs, cats or chia pets, throughout it’s sprawling street with wide roads and sidewalks. Are you coming from Ft.McPherson, Ft.Campbell, Ft.Stewart or Ft.Hood and looking for a place to call home?

The neighbors are oh so gracious and friendly. You said you can’t walk over there because you don’t live there? Well let’s fix that , these two homes are available from Bill Clark Homes of Fayetteville and this builder has spared no expense and features such amazing details.

These homes are nearing completion so interior pics and I will post them for you to enjoy!! Oh you don’t have a Realtor?

Contact me through my website: www.garlindaprice.com

Stedman,NC – Bedroom Community to Fayetteville,NC

garlinda — Fri, 26 Feb 2010 17:58:49 +0000

This is the thriving metropolis of Stedman,NC., a bedroom community less than 12 minutes from downtown Fayetteville/Ft.Bragg, straight up Hwy.24. If you love the country and wide open spaces but want to be close to the city, Stedman is for you!

This quaint little town still has that small town feel with a cute little ice cream shop where they are warm and friendly, an adorable wedding Chapel that looks rustic and inviting, not to mention a fun statue of the Blues Brothers right outside of their weekend Flea market location.

For more information on all of the homes we have listed in the beautiful town of Stedman,NC, go to my website at: www.garlindaprice.com