OWE MORE ON YOUR HOME THAN IT'S WORTH? GOOD NEWS!

If you owe more on your home than it's worth, I have some good news for you!  No Short Sale Deficiencies: Starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower. Senate Bill 931. Governor Schwarzenegger vetoed Senate Bill 1178, our sponsored bill, which would have extended California's anti-deficiency protection to refinance loans.

If you owe more than your home home is worth and don't know what to do, call me, I can help!  You can also check out my Short Sale Website for answers to some common questions in today's market. 

As we near the Holiday season for 2010, please start thinking about ways to help some of our South Bay families in need this year.  Although we are blessed to have fewer foreclosures and homeless families than most areas in the county, we still have friends and neighbors in need.  If you have a request for your neighbor or friend, let me know.  We are starting to collect Holiday Gifts for kids and food bank supplies for families.  If you can contribute, please call and I will pick up.  If you or a friend or neighbor needs help please let us know.  We are here to support our community in any way we can! 

2010 FNMA LOAN LIMITS BY COUNTY IN CALIFORNIA

Wake up to some good news in 2010! It's a "piece of cake" to trade up in this market. Prices are low - interest rates are low and conforming loan limits are the highest they have ever been! There is a great window of opportunity that is wide open right now. Don't stay behind the curve and miss your chance to lock in a great deal on a home at historically low interest rates fixed for 30 years. Also, don't forget the $8000 first time buyer credit and $6500 move-up tax credit for current homeowners. They both require purchases by April 30th and closed escrows by June 30th 2010.


If you're struggling with your mortgage and want to sell your home - this is the right time to attract buyers too! Check out the conforming loan list by county below. Feel free to call with any questions and if you're thinking about moving out of your current area and need a great broker referral, let me know and I'll research the appropriate professional for you in your chosen city or county.


1- Unit 2-Units 3-Units 4-Units

 Los Angeles-Long Beach-Santa Ana
Component Counties: Los Angeles, Orange

$729,750   $934,200   $1,129,250   $1,403,400


Oxnard-Thousand Oaks-Ventura
Component County: Ventura


$729,750   $934,200   $1,129,250   $1,403,400



Riverside-San Bernardino-Ontario

Component Counties: Riverside, San Bernardino


$500,000   $640,100   $773,700   $961,550



San Diego-Carlsbad-San Marcos

Component County: San Diego


$697,500   $892,950   $1,079,350   $1,341,350



Santa Barbara-Santa Maria-Goleta

Component County: Santa Barbara


$729,750   $934,200   $1,129,250   $1,403,400


I have the entire list for California by county. If you don't see yours here, call or email and I'll send you the list for your area or any area of interest to you.

If you think your property's market value may be below your current loan amount, call me and I can show you how to work with that issue as well. I'm also a Certified Distressed Property Expert.

Once we isolate the problem, we can always find a solution!

Call Charlie @ Team South Bay Realty 310-534-3940

for all your real estate needs!