Foreclosure in Sacramento>Question Details

truett, Real Estate Pro in Roseville, CA

How many financed as well as free and clear homes are underwater? Can I get affordable legal advise?

Asked by truett, Roseville, CA Thu Jun 13, 2013

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Jim Walker’s answer
Here are numbers from Trulia’s arch nemesis Zillow:
I make no claim for Zillow’s accuracy. Au contraire, I speculate that Zillow’s numbers are wildly inaccurate. On the high side. Cut Zillow’s percentages in half, then you probably then have the right percentage.
Roseville 95678 48% underwater 6% delinquent.
Roseville 95747 34% underwater 7% delinquent.
Roseville 95661 32% underwater 7% delinquent.
Rocklin 95677 37% underwater 6% delinquent.
Rocklin 95765 33% underwater 7% delinquent.
Granite Bay 95746 15% underwater 8% delinquent.

You notice an anomaly here? The fewer homes underwater percentagewise, the higher the delinquency rate?
Follow that anomaly to its illogical conclusion, one could claim that 0 % underwater would result in 9% delinquency and 100% underwater would lead to low delinquency. That would be very wrong, of course. For more fun with useless numbers, the link is below.


http://www.zillow.com/visuals/negative-equity/#10/38.7487/-1…
0 votes Thank Flag Link Thu Jul 11, 2013
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
Contact
Homes that are "Underwater"--that is worth less than the owner paid for them, are, thankfully becoming fewer and far between. Just 18 to 24 months ago, Sacramento was 65% short sale listings. Now that number has deflate to around 11%

If you need help with a home sale and you think you are underwater, talk to Elizabeth Weintraub. Her comments are below mine. She is the Short Sale (underwater) expert in this town!
0 votes Thank Flag Link Fri Jun 14, 2013
Truett,
I am an attorney and real estate broker and I help people with upside down mortgages for free. Call me and I'll give you a free consultation.
Ted Greene
916.442.6400
http://www.tedgreenelaw.com
Web Reference: http://www.upsidedownca.com
0 votes Thank Flag Link Fri Jun 14, 2013
A lot are still under water that where financed from 2003-2007.
0 votes Thank Flag Link Fri Jun 14, 2013
Re: free-and-clear homes being underwater, I suspect what you might mean is how many homes today are not worth the amount or more than the owners paid for them. Is that right?

Because an underwater home is a home that can't be sold for enough money to pay off all the costs of selling. It doesn't necessarily mean that the mortgage is greater than the sales price, because actually, the mortgage could be LESS than the sales price. It turns into a short sale when the owner has to pay commissions, prorated taxes, escrow fees, title policies, recording fees, etc. all the fees associated with selling the home. So, this is somewhat important differential to understand.

If you want to know the basics of a short sale, for example, you can ask a Sacramento short sale agent to explain it to you. If you want to know your specific rights, then you would need to ask a lawyer, and if you cannot afford to hire a lawyer, there are nonprofit organizations that can help you, including Legal Aid.
0 votes Thank Flag Link Fri Jun 14, 2013
Homes that are owned "free and clear" cannot be underwater. They will always be worth more than $0.

As far as the # of financed homes underwater, there are projection tools, but none of them are 100% accurate.

If you need legal advice about short sale vs. foreclosure I can guide you to a couple different lawyers who can help you. Affordable is a relative term, so I can't say if you can afford them or not.

If you have questions about the process of short sale or foreclosure, please feel free to contact my team and we can get you some answers.

Best of luck!
Morgan
916-241-8788
0 votes Thank Flag Link Fri Jun 14, 2013
Affordable legal advice is an arbitrary and relative question. But you certainly won't get it here unless you're lucky enough to get a resoponse from a RE attorney who happens to see your question and wants to volunteer an answer.
0 votes Thank Flag Link Fri Jun 14, 2013
Two different questions here. There are query tools that we can subscribe to that will show homes that appear to have equity in them even if they have a mortgage. We can also project which homes have loans that are most likely higher than the home is worth currently.

That does not indicate that the homeowner has any interest in selling at this time. As inventory is low, just analyzing those that are on the market is a much shorter list.

As for legal advice, that can be obtained on an as-needed basis from a number of attorneys in the area. Some people may also sign up for Legal Shield, a $15/mo service that gives you access to attorneys to answer your questions or write letters here and there. If you have a larger issue to pursue, they offer discounted rates to hire an attorney that specializes in the area you need. I equate it to having an HMO for health. Contact me if you want the name and number for someone who offers that service.

Realtors are not authorized to give legal advice. HOWEVER, often realtors are good at giving you the questions that you might want to consider asking an attorney. They are affected by legal issues in much of their business and can describe what others have experienced. That insight is valuable in considering your options when dealing with a legal issue.
0 votes Thank Flag Link Fri Jun 14, 2013
You can call me. Depending on what kind of legal advise you need, I might be able to help.
916-672-8494.
0 votes Thank Flag Link Thu Jun 13, 2013
Ute Ferdig -…, Real Estate Pro in Newcastle, CA
MVP'08
Contact
Well if a home is owned free and clear then they are not underwater. A home underwater is one that is worth less than is owed. The foreclosures and the short sales have scaled off tremendously which is a good sign that more and more people are gaining equity and/or able to afford their homes. I would say that about a third of homes are probably still underwater. Do you need to talk to someone about a short sale?
0 votes Thank Flag Link Thu Jun 13, 2013
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