Tuesday, December 21, 2010
NOT AN REO/BANK-OWNED OR SHORT SALE TRANSACTION: IT'S A RESALE SELLER!
Posted by Ling Tseng at 4:10 PM 0 comments
Monday, December 6, 2010
THE GIVING TREE
I am dedicating this blog to an opportunity to have you schedule 1 hour of your life to see how you can participate in "Revenue Share & Fundraising Program for Non-Profit Organizations". When is this webinar?
Posted by Ling Tseng at 12:00 PM 0 comments
Sunday, October 10, 2010
LOAN MODIFICATION & CALIFORNIA'S FORECLOSURE TIMELINE
In the last week, I've received 3 calls from homeowners asking for my help and informing me that either in the middle of their loan modification with their mortgage company or obtaining fully approved loan modifications, they were surprised to receive a "Notice of Trustee Sale" taped to the door of their home. A Notice of Trustee Sale is a legal notice to a homeowner that their home is going to the auction block 21 days after the notice date. Pretty gut wrenching. The question comes to mind, why are these homeowners surprised?
After the homeowner's bank personnel told them repeatedly during their loan workout process not to worry and that their loan modification would stop the foreclosure process, they had every right to be surprised. Unfortunately with all three homeowners, they did not obtain confirmation that their FORECLOSURE PROCESS WAS DELAYED AND/OR HALTED IN WRITING. What distressed homeowners are NEVER TOLD: The loan workout or loan modification department never communicates with this loss mitigation (handles foreclosed properties) and short sale departments. In my experience, I've had numerous conversations with bank personnel confirming this to be true.
Most Realtors, Real estate brokers, and personnel working with these banks on short sales and/or foreclosures will confirm that most internal operations are flying by the seat of their pants. A tremendous amount of disorganization, lost files, and lack of communication is frighteningly prevalent among the large banks.
Among the smaller banks, there seems to be a noticeable difference in service, communication and positive action. The take home message for all distressed homeowners: If you are applying for a loan modification from your bank, obtain confirmation from your bank/lender that your foreclosure timeline is being delayed, or halted.
I hate to see anyone losing their home when attempting to do the right thing for their families! Any questions about California's foreclosure time line, please contact me.
Posted by Ling Tseng at 3:05 PM 0 comments
Thursday, October 7, 2010
CHASE BANK CHASING HOMEOWNER INTO FORECLOSURE
Dear Ms. G :
I am the attorney representing the D family in the short sale of their home. We have all been working together with Chase in an effort to avoid foreclosure and to reach a mutually agreeable resolution for all parties involved. To that end, we have submitted to your institution a strong offer and all the required documentation. We have obtained approval from your institution, which we are thankful for, but it in fact encourages foreclosure because of the verbiage chosen. Again, while we are grateful for the approval of the short sale, which enables the family and your institution to potentially avoid foreclosure, we are writing to formally request that the verbiage used therein to be changed to reflect the realities of California foreclosure law as it would be absurd to ignore the same. The subject property is located in California and your institution holds both first and second position with its liens.
Pursuant to California foreclosure law, your institution will be prohibited from obtaining from my client any deficiency should the short sale not be consummated and your institution forecloses (see California Code of Civil Procedure 580d and 726a, which prohibits a deficiency judgment after a non-judicial foreclosure). In other words, according to California law, should your institution sell the property at an auction, it will not be able to pursue my client for the deficiency that will naturally result in this upside down market and so it does not make any sense for you to reserve the right to pursue the deficiency as you have in the approval letter; by doing so, you are actually encouraging foreclosure.
Moreover, California case law provides that where a senior lien holder, that is the same as the junior lien holder, forecloses the juniors will similarly be prohibited from obtaining a deficiency judgment (see George v. Simon 4 Cal. App. 4th 63 (A bank's action to recover the deficiency due under a promissory note secured by a junior deed of trust was barred by Code Civ. Proc., § 580d (deficiency judgment after private foreclosure forbidden), where the bank had previously foreclosed a senior deed of trust on the debtor's property).
To reach such an absurd conclusion flies in the face of good faith and is one of the reasons homeowners are so upset with your institution. I understand that it may make sense to reserve the right in another context, but not here. As such, I write asking that you reconsider your position in the short sale approval letter that attempts to reserve any wrongly perceived deficiency balance rights that your institution and/or its investors believes exists and allow the short sale to be consummated in line with California law.
Again, should you not release liability; you are actually encouraging foreclosure because California foreclosure law will protect my client more than consummating the sale. Assuredly you do not wish such preposterous result nor would the investors once they review California foreclosure law. Please know that it is not lightly that we come to you with this request. Generally most lenders will step outside of the box and analyze the situation for what it is and make a financial decision. It is only because your representatives in this situation are not considering the best interest of your institution that I must write. If you have any questions, or if you would like to contact me to discuss the short sale, please do not hesitate. I look forward to resolving this matter quickly as it has been an arduous process thus far.
Sincerely, R T, Esq. L Law Firm
Posted by Ling Tseng at 10:48 PM 0 comments
Thursday, September 30, 2010
CUSTOMER SERVICE BEYOND EXPECTATION!
My message to you my friends, take the time to observe the customer service of any company or business before you consider endorsing. Align yourselves with people who desire to contribute to the world and WORK AS A TEAM. Choose a company who models a selfless attitude, I know you know they are out there! Join me in creating a world of selfless acts of kindness in business and in our lives!
Posted by Ling Tseng at 9:26 PM 0 comments
Sunday, July 25, 2010
A POSITIVE DETOUR FROM REAL ESTATE. . .WHAT GOD WILL AND WON'T ASK FOR. . .
1. God won't ask what kind of car you drove, but will ask how many people you drove who didn't have transportation.
2. God won't ask the square footage of your house, but will ask how many people you welcomed into your home.
3. God won't ask about the fancy clothes you had in your closet, but will ask how many of those clothes helped the needy.
4. God won't ask about your social status, but will ask what kind of class you displayed.
5. God won't ask how many material possessions you had, but will ask if they dictated your life.
6. God won't ask what your highest salary was, but will ask if you compromised your character to obtain that salary.
7. God won't ask how much overtime you worked, but will ask if you worked overtime for your family and loved ones.
8. God won't ask how many promotions you received, but will ask how you promoted others.
9. God won't ask what your job title was, but will ask if you performed your job to the best of your ability.
10. God won't ask what you did to help yourself, but will ask what you did to help others.
11. God won't ask how many friends you had, but will ask how many people to whom you were a true friend.
12. God won't ask what you did to protect your rights, but will ask what you did to protect the rights of others.
13. God won't ask in what neighborhood you lived, but will ask how you treated your neighbors.
14. God won't ask about the color of your skin, but will ask about the content of your character.
15. God won't ask how many times your deeds matched your words, but will ask how many times they didn't.
~Author Unknown~
Posted by Ling Tseng at 2:34 PM 0 comments
Sunday, July 18, 2010
Real Estate Investing 101
Today, I caution you from a company called Noveau Riche, a MLM in real estate investing. There are many inexperienced real estate investors and unlicensed people who pretend to practice real estate in this organization.
Recently, I acquired new clients who have fallen victim to ill advice by Noveau Riche distributors and/or members. This company has taught my newly acquired clients about making 'fast money' by flipping properties. There is no such thing as making 'fast money' when it comes to real estate investing. Just because the current market is a strong buyers market and residential income and/or single family houses are below market does not necessarily mean that it is a good buy.
Eight months ago, my newly acquired clients purchased an investment property learning the Noveau Riche way and they have LOST money in the process of flipping their first investment property. As a matter of fact, there going to have to 'short sale' their property.
There is NO SUBSTITUTION for knowing your numbers. The investor must know down to the dollar what they will walk away with when purchasing an investment property. There are several factors involved in buying investment properties, ROI (return on investment), cash on cash, after repair costs, appreciation, depreciation, cash flow etc.
Due your due diligence with Noveau Riche or any other company who teaches real estate investing and before doing business with these individuals, ESPECIALLY as an important decision as real estate investing. Work with a experienced real estate investor that has a solid reputation and/or extensive portfolio. Connecting with the wrong individuals can place you in financial ruins and of course, connecting with the right people will help you build a very solid financial future!
You should also consider a real estate professional, licensed in the State and has a track record of happy clients.
Posted by Ling Tseng at 1:42 AM 0 comments
Tuesday, June 1, 2010
SAVING A HOME FROM FORECLOSURE!
Ling L. Tseng, RE/MAX Gold, was extremely helpful in assisting me with getting a loan modification. I met Ling in August 2009 at my place of employment. I had spoken with several credit counselors, real estate brokers, and mortgage companies in the past and they were very high pressure and really did not offer good or accurate advice, so I was a little leery of talking to Ling at first. However, after talking to Ling for just a few short minutes, I was convinced that she knew what she was talking about. So I scheduled an appointment with her to discuss my options regarding my home loan payment that was becoming unaffordable due to a 15 percent paycut. To make matters worse, I was upside down in my house and could not sell it. Ling spent the time to explain to me my options and provided detailed documents for what I would need depending on the option I chose. After talking to Ling and looking over the materials she gave me, I felt that the best option for me would be to try and get a loan modification. After submitting my loan modification paper work to my mortgage company, and following-up persistently, I was finally offered a loan modification in December 2009. I wasn't real happy with the loan modification offer and I discussed it with Ling. She was patient enough to sit down and talk to me about the offer and to explain that I could do much better than what had been offered and recommended that I talk to my mortgage company and see if I could get a better offer. A second loan modification offer was made to me in February 2010. It was better than the first offer, but after talking to Ling she thought I could still do better. So I approached my mortage company once more and in March 2010 they finally came back with an offer I could live with. My payments were reduced from about $2,700 per month to about $1,800 per month. Thank you Ling for being there for me and for being a good coach and friend, I couldn't have done it without you. Tom P
Posted by Ling Tseng at 8:28 PM 0 comments
Sunday, March 21, 2010
HOUSE VS. HOME: East Meets West
Posted by Ling Tseng at 3:38 PM 0 comments
Tuesday, March 9, 2010
The Meaning of Bling!
Posted by Ling Tseng at 9:29 PM 0 comments
Friday, February 26, 2010
RELATIONSHIPS
As we can all agree, this week just flew by. I looked back on my week and even today, finding myself acutely aware of the fact my life and career is about building lifetime relationships. To some reading this post, this observation and statement may read trite, for others they can relate!
Throughout my academic and corporate years, I never realized how unconscious I was with the people that came into my life. During these years, the focus was getting through school and rising up the corporate ladder, never realizing how much my life was about "me". It was until I switched careers only 8 years ago, I never imagined how much growth I would experience. . .
When working with my seller & buyer clients, the details of their lives are disclosed in a short time as part of the transaction; the end result, a gift of a lifetime, a friendship. How many can really say they love what they do for a living?
Posted by Ling Tseng at 6:21 PM 0 comments
Sunday, February 21, 2010
PAYING IT FORWARD!
Posted by Ling Tseng at 2:42 PM 0 comments