California Realtors Offer Mortgage Assistance for Unemployed


The California Association Of Realtors recently launched a new program that allows home sellers to purchase mortgage protection coverage and offer it as an additional incentive to home buyers who purchase their home.


• The “Home Payment Protection Program” (HPPP) is available through California realtors who offer it to sellers at the time the property is listed.  HPPP is optional, is paid for by the seller, and costs either $200 or $275, depending on the amount of coverage the seller elects to purchase.
• The program covers both first-time and repeat buyers for 12 months from escrow closing. If the home buyer loses his or her job as a result of a layoff during the qualified time period, HPPP will pay the buyer up to six monthly payments of up to either $1,000 or $1,500, depending upon the level of coverage the seller chose at the time of the listing.  
• The payment for HPPP is made at the time of closing, per the seller’s escrow instructions.  HPPP remains on the property for as long as it is listed with the REALTOR® under the original listing contract.  The buyer cannot renew, extend, or enhance the coverage under the HPPP, nor purchase it independently.  
• Sellers who would like to offer the Home Payment Protection Program should ask for an application from their realtor who can find information about the program and an application at www.cynosurefinancial.com/car.

Let’s take a look at a few Christmas presents you can buy yourselves from the extreme to the affordable. . .

1218 PORTOLA ROAD, Pebble Beach MLS #: 81056618 $3,750,000 Beds: 4 Baths: 5 (3/2) 
Gorgeous estate with outstanding OCEAN VIEWS overlooking Cypress Point Golf Course. Completed in 2008, home exemplifies the best of classical features w/ modern conveniences. Open floor plan, cathedral ceilings, Brazilian Cherry floors, radiant heat, slate roof, custom fireplaces, gourmet kitchen, 3 car garage, 2 fully fenced acres, short distance from the Lodge, perfect blend of privacy & convenience.  SqFt: 6,000 Lot Size: 91,955 Sqft

1410 MANOR ROAD, Monterey MLS #: 81056834 $1,525,000 Beds: 3 Baths: 4 (3/1) 
Walking into this primarily single story home, you notice the luxurious amenities throughout. The incredible gourmet kitchen opens to the dining & family room surrounded by huge picture windows that show a big, private backyard w/outdoor kitchen. The master suite boasts private patio, 2 large walk-in closets & spa-like bath. Upstairs is a full apartment w/KIT & separate entrance. 5 car garage is great perk!  SqFt: 3,255 Lot Size: 77,305 Sqft

501 TOYON DRIVE, Monterey MLS #: 81057556 $530,000 Beds: 3 Baths: 2 (2/0) 
Attractive Toyon Heights home. Large deck in back overlooks the canyon. Freshly painted & carpeted--just move in. Hardwood floors under carpeting.  SqFt: 1,250 Lot Size: 17,226 Sqft

46 LOS ENCINOS DRIVE, Del Rey Oaks MLS #: 81056342: $449,000 Beds: 3 Baths: 2 (2/0) 
Beautiful home with hardwood floors throughout main areas and custom tile in kitchen. Large "eat in" kitchen, inside utility room, newer double pane windows except kitchen.  French door, newer roof, newer furnace and dishwasher, lots of skylights, and a huge rear yard. Beautiful views from living room. Fireplace. Home is in lovely condition!  "tree house" in rear yard.  SqFt: 1,241 Lot Size: 14,500 Sqft

300 GLENWOOD CIRCLE,#302, Monterey MLS #: 81056346 $200,000 Beds: 1 Baths: 1 (1/0) 
Top of the line one bedroom condo.  Granite counters, hardwood floors, stainless steel appliances. Largest one bedroom floorplan.  SqFt: 760

© Patty Ross, KRXA Radio Show #187  December  17, 2010

Sellers Not Liable to First Lien Holders After a Short Sale

We all know that a short sale is when the bank forgives the difference between what the seller owes and what they sell the house for.  A new law, SB 931 which goes into effect January 1, 2011, provides that lenders who approve a short sale on a residential (1-4 unit) property where they are the primary lien holder, have no right to pursue the borrower/seller for any deficiency or loss as a result of consenting to and accepting the short payoff.

This is huge, as up to now there has been the unanswered question, can the bank come after us for the difference between what we owed and what they made from the sale.

Some details:

1.  The consent of the first deed of trust holder to a short payoff obligates that holder to accept the short sale proceeds as full payment, and to fully discharge the remaining amount of the indebtedness on the note secured by at deed of trust. 

2.  This new law applies to ALL first deed of trust holders, whether purchase money, refinance, investor, etc.
3. The law does not apply if the borrower/seller is a corporation or political subdivision of the state.

4.  This law does not apply to any junior lien holders; e.g., second or third lien holders.

Effective Date:
While the law itself goes into effect on January 1, 2011, it does not specify what happens as of that date.  Is it new contracts ratified after that date?  Is it contracts that close after that date?   etc.
While not clear, it is LIKELY, but not a certainty, that this law applies to written consents received by short sellers from lenders after that date.  However, in every case you MUST consult your own attorney on this point. 

We’re going to take a look at all short sales today, all good values, so listen up…

91 CORONA ROAD, Carmel Highlands MLS #: 81006931 $1,400,000 Beds: 3 Baths: 3 (3/0)
$400,000 price reduction!  Park-like setting and early California Architecture,  this  Highlands home has it all.  High end kitchen, lush mature gardens, plenty of privacy and recent complete remodel.  Turn key potential.  SqFt: 2,900 Lot Size: 40,510 Sqft    check out photos on site www.pattyrosscarmel.com   |  short sale

24309 SAN PEDRO LANE, Carmel MLS #: 81029730 $775,000 Beds: 2 Baths: 2 (2/0)
Comfortable Carmel Cottage in Carmel woods. Upgraded master bedroom suite, plus separate entrance home office.  Large lot next to Pescadero Canyon greenbelt for added privacy.  Granite kitchen counter tops.  Located on top of Carmel Woods surrounded by decks and nature.  SqFt: 1,600 Lot Size: 7,000 Sqft    |  short sale

779 ALICE STREET, Monterey MLS #: 81051072 $479,000 Beds: 3 Baths: 2 (2/0)
Top-of-the-hill New Monterey home; spacious reverse floor plan w/vaulted ceilings & lots of light upstairs w/open family room-kitchen w/balcony for bbq; master upstairs, 2 beds, 1 bath & laundry on first floor; level lot is ideal for low-maintenance gardening w/private deck in back yard; quiet street is perfect walk to DLI; quick trip to downtown PG, Cannery Row, Monterey Bay and Aquarium!  SqFt: 1,438 Lot Size: 2,500 Sqft  |    short sale

1663 LAGUNA STREET, Seaside #: 81055524 $400,000 Beds: 4 Baths: 2 (2/0)
Bank has extended time to submit offers until 1/2011 & receive bank approval for short sale of $400K Unbelievable views, ocean, mountain & city lights!  Spacious & open floor plan, great for entertaining around the fireplace in living room under the soaring ceilings or step out on to the deck & enjoy the views!  Reports available for your review.  SqFt: 2,147 Lot Size: 3,750 Sqft  |   short sale


© Patty Ross, KRXA Radio Show #186, December 10, 2010