Real Estate legislation and regulation is in flux trying to cure the aftermath of the burst bubble, hang in there.
John & Sarena Villaescusa
I told this story to a client of mine that had been denied their loan mod. We had put the property on the market and had received an offer and were in escrow but, she did not want to lose her home. She went back to the bank and the bank reopened the loan mod with them. I lost my short sale but my client got her loan mod.
Fight for your home if your want it. Call the bank every day if that is what it takes. Even if you do a short sale, until it is over it is not over. Keep pushing. "Pleasantly Persistant" Tell your point person at the bank that you are looking for a job, that you just had a baby. Maybe you can find someone with small children that will take you under their wing and help you. Be very nice. Don't give up.
I think I already talked to you about the non-profit agency called Fresno Housing Council where you may be able to get assistance free of charge. Their phone number is (559) 221-6919 ext 103 Rachel. Otherwise call me and I will get you to the right person (559) 244-4250
Written by Town Crier Report
Wednesday, 02 December 2009
Economists appear to agree that the United States is in a recovery, but we are crawling through it and are not out of the woods yet.
At a realtor tour meeting of the Silicon Valley Association of Realtors last week, California Association of Realtors Vice President and Chief Economist Leslie Appleton-Young told realtors to be aware of the following:
â€¢ The state of commercial real estate, now stressed in every category, is expected to worsen as commercial loans mature and more defaults occur in this sector.
â€¢ Consumer confidence will not see much improvement because the public will continue to be concerned about unemployment and future job prospects. The index fell from 53 in September to 47 in October.
â€¢ The unemployment rate will continue to drop. Appleton-Young said continued job losses are her biggest worry. She expects the jobs sector â€œwill get worse before it starts to get better.â€ She doesnâ€™t see that happening unless new jobs are created.
â€¢ The budget deficit will continue to be a problem. The most recent estimate is that the state will be $20 billion short next year. While the federal government continues to inject stimulus money into the economy, the state is doing the opposite by cutting services and furloughing employees.
â€¢ Industries like construction, manufacturing, retail and wholesale have been hit hard this year, with a similar trend expected next year. Construction is an issue for California.
â€œWeâ€™re not building enough to sustain demand and meet the needs of a growing population,â€ Appleton-Young said.
â€¢ Expect more foreclosures and price compression affecting the high-end market, as more loans reset. The high-end market should experience double-digit declines over the next 18 months.
The other option if even possible in this economy is for you to get a (or go back to your) job. Increase your income and that will fix your financial problems. To be blunt it sounds like you can not afford to stay home and watch the baby. You might also discover that one of you working during the day and the other at night allows you to handle the baby. I only say that as I have been told that child care can be so expensive as to eat all of the income some get for working.
Hoping for the best for you!
The negative derogatory credit will remain on your credit profile for at least 3 - 7 years, the later if you choose to "live rent free". During this time period, your cost of borrowing will be much higher for a new baby bed, cell phone, appliances, etc.
You have a baby so I hope you will consider your options wisely. It takes a lot of work and persistence, and you can do this yourself instead of hiring a lawyer. You can get a non-profit credit counseling agency to interfere on your behalf.
Only contact a qualified lawyer for assistance when you received a Notice of Trustee Sale (NTS). The NTS trigger the final steps to auction, the lawyer will slowdown and/or stop the foreclosure process to allow time to resolve your issue.
HUD Approved Housing Counseling Agencies:
I hope the information helps.
Call your bank and insist on speaking to someone about working out a repayment plan on your loan. They will want you to fill out a hardship package.
Best to you!