Mewborn Team Real Estate Consultants: CoastalLuxurySanDiego.com

February 3rd, 2010

You May Still OWE on Your Foreclosed Home, Even Though You Don’t OWN It Anymore

Categories: Carlsbad, Foreclosure Prevention, Market Trends, Sellers

Carlsbad, CA - ForeclosuresCarlsbad, CA - Are you considering a foreclosure as a way to eliminate that payment? 

In today’s real estate market, more and more people are looking foreclosure out of both necessity and financial strategy.  If you give back your house, they can’t still hold you accountable for the loan, can they? 

Although California is a non-recourse state that typically says no – more and more banks are finding themselves successful in recouping losses from borrowers who refinanced their homes and used the funds for things other than improving the home itself!

In addition to the more severe credit penalties, a debt on a house you don’t even own anymore is really making foreclosures less desirable.  If you can not afford to make the payment on your home, you really may want to talk to a real estate professional about the possibility of a short sale instead.  In a short sale, you actually sign documents with the lender, releasing yourself from the obligation of the loan.  If you have any questions at all about your possibilities of a foreclosure or short sale, please contact The Mewborn Team.  We would be happy to schedule a no obligation marketing consultation.

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Posted by Mike and Amy Mewborn// Please leave a comment.

May 30th, 2009

Has There REALLY Been Help For Homeowners?

Categories: Foreclosure Prevention

San Diego Foreclosure Prevention:
One of the first things President Obama tried to do when he took office, was to kick off the Help For Homeowners Program (H4H).  This was meant to be a “fairly” widespread program that was targeted to help at least $400,000 families save their homes from foreclosure.  Unfortunately, the program didn’t have the desired effect – helping only ONE family!  This doesn’t do much to help our La Costa or Carlsbad neighbors prevent losing their homes to foreclosure.
On May 20th, the Obama administration signed The Helping Families Save Their Home Act.  This is designed to increase home prices through reducing La Costa foreclosures.  This new act is designed ease requirements to qualify for aid and refinance underwater mortgages and to require lenders to provide principal write-downs for mortgages that are under water.
For more information, go to

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Posted by Mike and Amy Mewborn// Please leave a comment.

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