Sacramento Real Estate Voice

Sacramento Realtor Angry With Banks

March 17th, 2010 categories: Loan Modification

Mad At Banks Man, you would think the banks would have their act together by now! Think again. With so many Sacramentans (13% unemployment and rising) out of work and those whose income has been severely cut to a 1/3 of what they use to make but still want to pay their bills, the banks are NOT listening.

False hope is being given by the banks with modified house payments for a few months and then suddenly the homeowner is told they do not qualify for a loan modification. It’s a numbers game and if the bank has an IQ of over 60 they should know if a homeowner qualifies long before months worth of false hope is given to homeowners.

Just the other day, as I was leaving to show homes to a West Sacramento home buyer I received a call from a young mother who needed someone to listen and care. She had been dealing with Citi Bank and did as they requested, sent all income information and was told to send monthly payments substantially lower than their mortgage payment, which she did.

Then out of the blue, Citi Bank after receiving months worth of payments pulled the plug and said, “you don’t qualify for a loan modification.” Now, folks this is a primary residence, the husband is a contractor and we all know there isn’t a lot of building going on right now. Not qualify? Hmmm. They made the requested payments and they want to do the right thing.

Citi Bank is cold, calculating and dishonest! Are you just going through the motions because the Federal Government told you, you had to first try to do a Loan Modifications and now you can say YOU TRIED?

This isn’t the 1st time I’ve heard this scenario and it’s not the only bank. Bank of America is just as guilty and I’m sure there are more. This is why people tear up their homes. Homeowners become frustrated and the voice at the other end of the phone at the bank has no compassion, offers no real help and strings the homeowner along giving false hope that the bank will work with the homeowner. And all of this is after being on hold with the bank for long periods of time and shuffled from one person to another.

As a Sacramento Realtor, I am not advocating tearing up a house since the bank really doesn’t care and the only one it hurts is your pride and the new home buyer who buys your house but I do understand and as more time goes by and more heartfelt phone calls come my way, the better I do understand. It seems it’s the only way the ignored homeowner sometimes gets back at the bank. So sad, when there are so many who truly want to work with the banks.

I could hear the babies in the background while talking to this young mother who broke down in tears. She is one of many living a stressful existence trying to do the right thing, pay her bills the best she can and be responsible instead of just moving out and ignoring the fact she can’t pay her mortgage.

I’m damn mad at Citi Bank and any Bank who refuses to work with honest hard working people who want to pay their bills but need a little help. SHAME on YOU!

This will take a heavy toll on her health, her husband’s health and the health and well being of these children.

Good Lord, when the banks have homeowners who are willing to play their little game and pay for a home that is far less than what it is worth and will not be worth the mortgage amount for many years to come, why in the world do they want to treat them this way. Especially, when they turn around and sell it for less.

No wonder there are homeowners who don’t bother to call the banks. Would you call the bank if you were treated like S**T? Banks need to get with the program. There are good people out there who do not want to walk away, that want to pay what they can pay and who deserve just a little bit of respect and help along the way. Times are tough and unemployment is at an all time high, so let’s start showing a little compassion.

My heart goes out to all homeowners who are in this stressful position.

Other Related Articles:

Sacramento Homeowners Need Help

Want to Know How To Get A Loan Modification?

Loan Modification Scams Coming to Sacramento

What You Need to Know About Loan Modification

Are Banks Helping the Troubled Homeowners?

Authored by Gena Riede | Discussion: Comments »

California Takes A Bite Out of Short Sale Sellers

March 15th, 2010 categories: Short Sale

CA Takes A Bite Out of the Short Sale Seller As a Sacramento Realtor ® I am can not give tax advice but I sure can tell you what looms over anyone in California who lists their home or condo as a Short Sale.

The Federal Government forgives the homeowner who sells their home as a Short Sale under certain conditions and the Lender does NOT issue a 1099 to report as income on your Federal Tax Return. But it’s important to know if you are exempt by asking your tax consultant.

However, California did NOT adopt the same rule. Some homeowners who have completed a Short Sale will be issued a 1099 by the Mortgage Lender for the difference between what was owed the bank and what you sold the house for. This means tax consequences.

Now, on Thursday, March 11, 2010 the California Senate voted 25 to 15 in favor of doing away with this State tax and forgiving the Short Sale homeowner of tax implications. The kicker here is that Governor Schwarzenegger would need to sign this into law and it appears that it is highly unlikely that he will do that.

It would seem that you can’t get blood from a turnip but I guess we will have a lot of California residents owing back taxes for a very long time if the Governor doesn”t sign this Bill. I realize that our State is in bad financial straits but is this going to help the State coffer aon the backs of those who already have lost their homes?

Other Short Sale Articles:

Short Sales Are Not Short

Short Sales Are The Wild Wild West

Sacramento News Release: Gena Riede Earns CDPE- to help Sellers Under Water

Authored by Gena Riede | Discussion: Comments »

St Patrick’s Day in Sacramento Today!

March 13th, 2010 categories: Fun Things

st patrick's Day Sacramento Fun Today, Saturday March 13, 2010 be at 2nd and L Street for the start of the St. Patrick’s Day Parade in Sacramento at 1:00 pm

Then, head down to 1000 Front Street at Waterfront Park where the festivities begin at Noon today and the St. Patrick’s Day festival continues in Old Sacramento until 6:00 PM

For those looking for some good old fashion tasty corn beef and cabbage, Lamb Stew, Sheppards Pie or Dublin Coddle you might want to walk on over to BREW It UP on 14th Street where the festivities will go on all day and into the night.

St. Patrick’s Day Celebrations are happening all over Sacramento so go out and celebrate with some fun…

Authored by Gena Riede | Discussion: Comments »

Money Saving Tip For Homeowners

March 12th, 2010 categories: Real Estate Tips, Sacramento Real Estate Videos

Right now the rain has stopped but this is something that everyone who owns their own home and those who are renting should do. Otherwise, it could cost you some major money down the line and who doesn’t want to save money?

We have been having some great Spring weather but as you know, rain is still lurking so check out those downspouts next time it rains to make sure you have a steady flow. Rust means that there’s a backup where the water has been sitting which is usually do to some clogged drains. Replacing rain gutters isn’t cheap nor is replacing the wood around your roof so take this real estate tip and keep up with the maintenance on your home.

There are so many new homeowners today and I will continue to try and give you some good advice so that you can avoid paying for repairs.

Congratulations to all those home buyers who recently bought their first homes. And for those home buyers who are anxiously awaiting to find their new home, remember that home ownership comes with the responsibility of maintaining your house and making repairs.

*** Don’t Forget 2 IMPORTANT things this weekend- Sunday it is TIME TO SPRING FORWARD and CHANGE THE BATTERIES IN YOUR SMOKE DETECTORS !

UPDATE: St. Patrick’s Day Parade, Saturday, March 13th in Old Sac with Celtic Festival in Waterfront Park on 1000 Front Street from noon till 6 pm and the parade this year will start on 2,d and L Street at 1:00 PM. Remember, all Old Sacramento streets will be closed from noon till 3PM

Other Homeowner Tips:

Do You Want To Save Money?

Kitchen Tip That Can Save You Money

Want to Know A Real Estate Tip To Save You Money?

Exciting NEWS For Home Buyers!

Authored by Gena Riede | Discussion: Comments »

Sneak Preview of Pilot Hill Home Coming!

March 10th, 2010 categories: Sacramento Real Estate Videos

Pilot Hill Home -- What a great place to live and get away from the rat race with all the amenities and acreage with babbling stream to boot! This 4 Bedroom, 2 bath home with over 2700 square feet with tank-less water heater, whole house fan, central vac system with over 7 acres of land is exquisite.

The Sellers have been commuting to jobs in Downtown Sacramento for years and love their home so much that they will be building a replicate of this home when they relocate out of state.

In April I will be formally listing this house for sale in Pilot Hill, CA and looking forward to setting up appointments for viewing.

Authored by Gena Riede | Discussion: Comments »

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