Coastal Living for Less Than $1 Million

Would you like to buy a home in the highly desirable Hollywood Riviera for less than $1,000,000? Here’s 4 on the market.

Live steps away from the beach. Enjoy great restaurants and shops just moments out your front door. Hollywood Riviera.

Call me at 310 293-4866 to view the homes.

Hollywood Riviera home for sale for less than $1 million4069 Bluff St, Torrance for $649,900 REDUCED $631,900
3 Bedrooms / 2 Bath $1,508 sq. ft.
Real Estate Owned
Great home located in a quiet neighborhood. Newly refinished hardwood flooring, new carpet and a bright open floorplan. Backyard features a deck with steps down to enjoy the natural scenery. With many features and located in a desirable location minutes from the beach.

Hollywood Riviera home for sale for less than $1 million24880 Via Valmonte, Torrance for $750,000
3 Bedrooms / 3 Baths 2,539 sq. ft.
Notice of Default, Short Pay
Move in by 4th of July! Gorgeous panoramic city view. You will enjoy breathtaking views from every room. Spacious split-level floor plan. 3-car garage. Across the street from 2 mile hiking trail.

 

Hollywood Riviera home for sale for less than $1 million384 Paseo de Gracia, Redondo Beach for $925,000
3 Bedrooms / 2 Baths 1,639 sq. ft.
Georgeous old-world French Country charm with tons of remodeling. Classic leaded glass windows with smooth hand-plastered walls. Formal dining room, Sub-Zero refrigerator, Bosch dishwasher, granite counters. 240 sq. ft. bonus room off garage. 2 fireplaces, security system and more.

Hollywood Riviera home for sale for less than $1 million380 Paseo de Gracia, Redondo Beach for $999,000
3 Bedrooms 2 Baths 1.679 sq. ft.
Beautiful single level home, set back from street for extra privacy. Great flowing floor plan with spacious kitchen that opens to family room. Large African mahogany deck for entertaining or relaxing, overlooking lush backyard. Fireplace in living room with v groove walnut peg floors.

$18 Billion – Wow!
California Mortgage Settlement Details

Hope Yet for Distressed California Homeowners

On February 9, Attorney General Kamala D. Harris announced that California secured up to $18 billion for its distressed homeowners as part of a $25 billion national multistate settlement with the country’s five largest loan servicers. More than $12 billion will be used to offer short sales or write down loans over the next three years for about 250,000 underwater homeowners in California, according to the attorney general. Relief will go to areas hardest hit by the foreclosure crisis within the first year of the settlement.

Although the actual settlement has not yet been released, the attorney general has stated that other financial benefits for California include $849 million for refinancing 28,000 borrowers who are underwater but current on their payments; $279 million restitution for 140,000 homeowners who were foreclosed upon between 2008 and 2011; $1.1 billion for unemployed homeowners, transitional assistance, and repairing blight; $3.5 billion to extinguish unpaid loans that remain after foreclosure for 32,000 homeowners; and $430 million to the state attorney general’s office for costs and fees. As part of a California guarantee, if the lenders fail to reduce principal balances by a minimum of $12 billion, they will be required to pay fines up to $800 million to the state.

The loans involved in this settlement are those owned or serviced by Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Ally Financial Inc. The settlement releases the five named lenders from certain federal and state claims pertaining to robo-signing and other foreclosure misconduct by the lenders. It does not affect any individual’s rights to bring legal action against a lender. It also does not apply to the majority of mortgage loans, which are those owned by Fannie Mae or Freddie Mac.

This mortgage settlement does not change any homeowner’s existing financial relationship with a settling lender. It does not relieve homeowners from any obligation. It does not require a settling lender to stop any foreclosure.

Homeowners seeking relief under the settlement agreement should contact their loan servicer or a HUD-approved housing counselor. More information including detailed FAQs is also available from the California Attorney General’s website, or visit the National Mortgage Settlement website.

Reference source: California Association of Realtors

What the heck is a real estate short sale?

South Bay real estate - short sale
A real estate short sale is when a third party or homeowner negotiates a discount on the payoff amount due to a mortgage company.

This happens when a homeowner owes more money to banks and/or lien holders than what the property is currently worth. In order to sell a property that is “upside down” in equity, the bank must agree to accept less than what is currently owed on the property.

So there are two parts to a real estate short sale:
1. Sell the house much like you would any other house.
2. Get the lender to approve the sale.

 

Recent changes and how they can help you or a friend…
Some banks such as Wells Fargo, Wachovia and World Savings saw a need to make it easier for people to get out from under their high mortgages. They developed a “Fast Track” system where you do not have to be behind in payments (big change). They quickly approve your sale and can close in 45 days or less (also big change). Investment properties and Properties with junior liens qualify. You do not need to destroy your credit. You may be able to obtain another mortgage as early as two years after closing on your short sale.

A recent success story
For one of my clients, I not only negotiated her “short pay” on the loan, but also got her Homeowners Association dues which included a $2000 assessment and attorney fees PAID IN FULL, First loan PAID IN FULL, Franchise Tax Board lien PAID IN FULL and IRS lien moved off the property. This client was a year and nine months behind in all payments. Lucy said, “Our client has much less stress now so it was worth all of the hard work.”  The seller did not have to contribute any funds; not even a penny.

Contact Lucy for her help.