Monthly Archives: July 2011

Good News for Pismo Coast Distressed Property Homeowners!

Posted on July 23, 2011 by Spencer and Margaret Morris

Pismo Beach, CA – Last week Governor Jerry Brown signed into law SB458 which prohibits a deficiency judgment after a short sale for one- to four-units regardless if it’s the 1st loan or a junior loan and it is effective … Continue reading →

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Pismo Coast Short Sales: 3 Reasons the Term “Strategic Default” Is Misleading

Posted on July 23, 2011 by Spencer and Margaret Morris

Pismo Beach California: In a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of Americans would consider “strategic default”—another term for walking away from your mortgage—if they were underwater (owed more on their home … Continue reading →

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Bank of America Makes Changes to Shorten the Short Sale Approval Process

Posted on July 14, 2011 by Spencer and Margaret Morris

In an ongoing effort to shorten the process of approving short sales which is quite beneficial for the Pismo Beach, Santa Maria and Central Coast area, Bank of America now allows the homeowners documentation and hardship letter to be submitted before an offer … Continue reading →

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Pismo Coast Short Sales: The Homeownership Rate Continues to Drop

Posted on July 1, 2011 by Spencer and Margaret Morris

Arroyo Grande CA – Barron’s Magazine recently had an article entitled “Renter Nation.” In it they detailed the various factors at work that will reduce the homeownership rate in America. The homeownership rate has already dropped from 69.2% to 66.9% … Continue reading →

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Even The Rich Are Being Foreclosed Upon

Posted on July 1, 2011 by Spencer and Margaret Morris

Pismo Beach CA – This is good news or bad news, depending on how you look at it. Here is the good news. If you are a little guy having financial problems, then you are not alone. Even billionaires are … Continue reading →

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Pismo Beach Short Sales: The Problem With Strategic Defaults

Posted on July 1, 2011 by Spencer and Margaret Morris

There are many reasons why just walking away from a mortgage when you have the ability to pay is not a good option. Often called a “strategic” default, there really isn’t anything strategic about it. A person has the means … Continue reading →

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New FTC Mortgage Assistance Relief Services Ruling Affects Pismo Coast Loan Modifications

Posted on July 1, 2011 by Spencer and Margaret Morris

The new Federal Trade Commission’s MARS ruling, regarding helping distressed homeowners in either loan modifications or short sales or any kind of foreclosure prevention, went into effect January 31, 2011 . The new regulations, which will affect homeowners in the … Continue reading →

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