Monthly Archives: February 2012

Good News! US Treasury Extends HAMP,is HAFA next?

IMPORTANT UPDATE: HAFA’s sister program HAMP gets extended through 2013

The Treasury Department announced that the Home Affordable Modification Program (HAMP) – which is the sister program for HAFA – was extended by one (1) year through December 31, 2013. This means eligible consumers will have more time to apply for a HAMP modification. Other changes to HAMP include higher Treasury paid financial incentives for Fannie Mae and Freddie Mac to forgive principal, and an easing of program guidelines so that homes occupied by renters are also now eligible for the program. Since HAFA is part of HAMP, it should be extended as well, although we do not have it in writing.

I will update you on this information as soon as it is confirmed. For now here is the link to the US Treasury  info page.

Certified HAFA Short Sale Agent – Sidney Kutchuk – Realty Works Temecula

Free short sale help always – 951-215-6745 –


Posted via email from Temecula Short Sale Specialist


Temecula Luxury and Estate homes enter the short sale marketplace.

Temecula Luxury and Estate homes enter the short sale marketplace.

Many owners of luxury and estate homes here in the Temecula Valley have found that their homes are no longer a great investment. The home they purchased 5 to 8 years ago has now lost all its equity and then some.
The short sale process has now become an option to dispose of these underwater estate homes. Most lenders holding notes on luxury homes now understand that not all sellers will have a financial hardship. The loss of market value itself is now being accepted by many banks as a valid reason to short sale a Temecula Luxury home. This fact combined with new state and federal laws that prevent a lender from coming after a seller for the deficiency after a short sale, had opened up the doors to the short sale option on luxury and estate homes, here in the Temecula valley.

Another reason that has many sellers going forward now with a short sale, is the fact that the protection homeowners now also enjoy from the IRS will expire at the end of 2012.

If you are finding that it just makes no sense to continue to pay a large mortgage on an under performing asset or have any questions about a short sale,call me. A short sale may be the answer for you. I can handle a strategic short sale on your luxury or estate home with discretion.

Sidney Kutchuk – Realty Works Temecula – Broker#01156692 – 951-217-6745
Certified HAFA short sale agent – Temecula short sale specialist.


Short Sale Process improves at Bank of America

Bank of America HAFA Short Sale process improvements.

Bank of America sent out a letter today to its preferred short sale agents.It stated that as of Dec 1 2011 they have made changes to their short sale process that will help reduce the amount of time needed to complete a short sale. It read in part…….
” When a short sale is submitted with an offer to Bank of America and the homeowner is HAFA eligible, they will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program”.

This is a good step forward and can cut weeks off the time currently needed to complete a HAFA short sale with Bank of America. Currently our Temecula short sales with Bank of America are taking about 100 days to get full short sale approval.Once these changes take place we should see HAFA short sale approvals in under 90 days.
If you have a home loan with Bank of America and want to know if a short sale is an option for you,call or email me.
I have 16+ years of short sale experience and there is never a fee for my short sale help.

Sidney Kutchuk  AKA…Cyber Sid your Temecula SHORT SALE AGENT
CALL ME, 951.217-6745 cell
41720 Winchester Rd #I Temecula Calif. 92590
951.676-4663 DRE# 01156692.

Temecula Short Sale Specialists,know your options. 951-215-6745

Temecula Short Sale Specialists 951-215-6745

Our local Short Sales Specialist Realtors offer FREE solutions to all home owners.

Does the current economy have you caught between a rock and a hard place?
We have a FREE solution for you! We are your local real estate agents at Realty Works Temecula.
 We offer you Free counseling and  there is never a charge for our  short sale real estate services.

If you owe more than the value of your home, our local agents will work with your lender to negotiate a lower payoff amount on your home loans in order to get your home to a price where it will sell in todays market.

  • Our services are completely free to all home owners, your lender pays our fees, as well as ALL traditional sellers closing costs!
  • OUR GOAL is to get you fully forgiven of your debt, regardless of what you owe on your home.
  • You do not have to be in Default or foreclosure for us to work a short sale for you.
  • We are NOT investors, we are state licensed and regulated real estate agents, who are here to serve  in your best interests.
  • It is usually in your lenders best interests to accept a lower amount than you owe, as foreclosure proceedings cost an average of $50,000 or more for your lender to process.

If you are in financial hardship and must get your home sold or have rental properties you can no longer afford, we would like to discuss your circumstances with you to see if you qualify for a no cost short sale.
Know your options to foreclosure. Contact us today for a free, confidential, no obligation consultation.

Realty Works Temecula
41720 Winchester Rd #I
Temecula CA 92590
20 Years of Local Real Estate Experience!

Ask about the HAFA Short Sale program that can give you $3,000 BACK to complete a short sale on your property.

Temecula Short Short Specialist and the I.R.S.

Temecula Short Sale Specialist Sidney Kutchuk talks about how homeowners who go through a short sale are protected from paying taxes to the IRS on Phantom income. The Mortgage Forgiveness and Debt Relief Act of 2007 was signed into law and extended through Dec 2012. What is Phantom income? This is income you never really see but may owe the IRS. After you sell your home via a short sale your lender will put their loss on a form 1099-C and send a copy to you and the IRS.Before the Mortgage forgiveness act the IRS could tax you on this amount, as if you really received this income.   -Enjoy the video….

                   A short sale is option to foreclosure. For more detail call me at 951-215-6745.

Temecula Short Sale Specialist – IRS not a problem.

Temecula Short Sale Specialist – IRS no problem.

Temecula Short Sale Agents

Temecula Short Sale Specialist

Yes your can strike the IRS off your list of items of concern if you decide to go forward with a short sale. You have the protection of an act signed into law by the president of the United States in 2007.

This act is the    Mortgage Forgiveness Debt Relief Act of 2007 ” this act address the issues of
Phantom income. This is the income that shows up on the 1099 form that your lender may send
you after the close of your Temecula short sale. It is called Phantom income as this is money/income that you never really received yet it shows up as income on the 1099 form that your lender files with the IRS and looks like income – money you have received.

You may not be covered or protected by this act if you have not lived at the property two of the last five years.Note this act will expire at the end of this year! Dec 2012. It has been extended once before and I believe we will see another extension of this act granted before the end of the year.

This is just one of the many protections offered to you in a short sale. If you decide that a short sale is a better option to a foreclosure
or you just need more short sale information call me at 951-217-6745  or email

No fees or pressure,just honest free advise from the best Temecula short sale specialist.


Is It Too Late to Short Sale Your Temecula CA Home?

A short sale refers to an agreement between a lender and a home seller. With this type of sale, the lending party has to agreed in writing to accept a discounted sales price as payment in full. Approval rates for short sales have significantly gone up as of late due to the fact that time running out on the tax relief act which will expire on December 31, 2012.
Get the Help of a Temecula Short Sale Agent!
Home sellers are not required to work with short sale agents, but doing so is generally for the better as it allows home sellers to take advantage of the expertise and network of the contacts that real estate agents have & at no charge.
With the help of a real estate agent, you can be sure that your short sale transaction is submitted as early as possible to your lender. This way, your lender will have more than enough time to review the transaction and submit it for processing well before the end of 2012.
Advantages of Short Sales
While you may understand by now why it is absolutely critical to act now, you may still be a little confused as to the advantages of short sales. Aside from being able to obtain tax relief for short sales from the IRS, you also stand to enjoy the following :
  • Avoid foreclosure and bankruptcy
  • Avoid further adverse impact on your credit score
  • Earn a chance to rebuild your credit more quickly and easily
  • Limit unnecessary expenditures for living and maintaining a property you can no longer afford


Temecula Short Sale Specialist

Yes I am going to answer some questions that most of my  Temecula Short Sale clients ask me.

Many of you are worried about the money trail.Temecula Short Sale specialist Don’t keep worrying! A Short Sale Can be
the start of your recovery,and getting out from under a huge mortgage that no longer makes sense.

You don’t have to worry what it’s going to cost.
There is no fee from me to handle your Short Sale. Yes its FREE!!
When I get your approval, I get paid by your lender.

Will your lender go after you for the shortage?
Not if your loan is the original 1st loan on the house.

What if I have a 2nd loan on the house?
You’re also protected by law in California like you are on your 1st loan. I will get the 2nd lender to release their lien
on your home to allow the Short Sale to be completed. They will  release you 100% on the balance owed.

How long does it take to complete a Short Sale? Each lender is different, but on an average I am getting
them completed in 90 days once I have an offer accepted on your home.

Please call or email me with your questions for straight answers on your housing issues. I will help!!
I am available to you after hours if needed till 9:00PM

Call the Temecula short sale specialist with 17 years of local real estate experience.  951-217-6745