Hayes Realty Group

John J Hayes Always stay on "PAR" with your real estate needs Serving Sacramento, Folsom, El Dorado Hills, El Dorado County      Saturday October 21st, 2017

Contact John 530-306-3316

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A Rant About Lender Incompetence On El Dorado Hills Short Sales

said May 29th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – I am so sick of the incompetence and arrogance of people in the banking industry! It seems like the incompetence never ends. We had a short sale closing last week. The underwriter for the buyer's lender didn't like the way the short sale approval letter was worded. They wouldn't approve the loan until the short sale approval letter was changed. We called up the short sale lender. They said they wouldn't make the change. The buyer's lender...

A New Strategy To Make El Dorado Hills Short Sales Faster & Easier

said May 25th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – Yesterday we discussed a serious problem affecting the short sale industry. Today, we are going to lay out a strategy that the short sale sellers can use to help solve this problem. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The biggest reason that this problem can continue is because the realtors assisting you never receive a copy of your home's valuation. If we had copies of those valuations, then...

A Few Instances Where You May Owe Income Taxes After A El Dorado Hills Short Sale

said May 23rd, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – The Mortgage Forgiveness Debt Relief Act of 2007 allows most people to short sale their home and not owe any income taxes on the forgiven debt. However, there are a few situations where a homeowner may still owe taxes after a short sale. According to the IRS's Website, here are the following situations where you may owe taxes after a short sale or foreclosure. * If you are being forgiven of more than $2 Million on your principal...

El Dorado Hills Short Sales: So How Does The Mortgage Forgiveness Debt Relief Act Help You?

said May 22nd, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – In our last blog post we explained that the Mortgage Forgiveness Debt Relief Act does not automatically release you from your mortgage debt after a short sale. So, what does this law cover? What does it do? I'll answer that question today. Unfortunately, the law does not automatically release you from your upside down mortgage debt after a short sale. What it does do is give certain homeowners relief from taxes after a short sale. Let's look at...

El Dorado Hills Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency

said May 13th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – I recently heard another so-called short sale expert say that the Federal Mortgage Forgiveness Debt Relief Act made it so that everyone gets to short sale with no deficiency The unfortunate news is that this is not true. In some state, state law forbids the lenders from attempting to collect from the homeowner after a foreclosure or short sale. But, those states are the exception, not the rule. Here is what the Federal Mortgage Forgiveness Debt Relief...

Don’t Accept A Promissory Note When You Short Sale Your El Dorado Hills Home

said May 9th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – Many lenders ask for a promissory note on short sales. This is especially true if the lender has Private Mortgage Insurance (also called PMI) that has to approve the short sale. The PMI companies know that homeowners will do anything to protect their credit when they are short selling their home. To avoid a promissory note you must convince the negotiator at the PMI Company that you have not assets and no disposable income that can be...

El Dorado Hills Short Sale Deficiencies On “Sliced & Diced Loans?

said May 8th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – Another common type of loan that does not usually have a deficiency is a “Sliced and Diced” loan. A “Sliced and Diced” loan is a loan that has been securitized along with a bundle of other loans. Here is how that happened. John gets a loan from ABC Bank. ABC Bank is running out of money to lend out. So, they sell 1,000 of their mortgages to Goldman Sachs. Goldman then securitizes that bundle of 1,000 mortgages...

Folsom Realtor

said May 7th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

Click Here To For Client Reviews We chose John after seeing him selling many homes in our neighborhood, there was a comfort zone to his personality, and how he presented himself in a professional manner. It is my pleasure to recommend Mr. Hayes as a real estate agent who helped us to get our home sold.. I recommend him for his expertise, experience and integrity. Having engaged him as my agent there was no regrets. I am pleased with the...

Will I Owe A Deficiency On A El Dorado Hills Short Sale If I Have A VA Loan?

said May 4th, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – Another common type of loan that does not usually have a deficiency is a VA loan. But, how do you determine whether or not you have an VA loan? On your original mortgage, 1-4 pages past the signature page will be a VA Rider. At the top it will say "NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS." That is a VA loan. The picture above is from a VA mortgage....

Will I Owe A Deficiency On A El Dorado Hills Short Sale If I Have An FHA Loan?

said May 3rd, 2012 Leave A Comment John Hayes

John Hayes Folsom, CA Real Estate

El Dorado Hills CA – The next most common type of loan that does not usually have a deficiency is an FHA loan. But, how do you determine whether or not you have an FHA loan? Here is the best way that I have found to do this. Look up your mortgage on the public records in your county. You can usually access the public records online. Just Google, "County, State Public Records." For example, if we Google "Cook County Illinois Public Records",...