Monthly Archives: May 2012

The new “Proactive Short Sale”

The new “Proactive Short Sale

Here is a new & different Type of Short Sale.

With distressed properties still accounting for almost 50% of all sales in Riverside County the Short Sales  continues to be a viable option for homeowners. Thanks to new programs like HAFA implemented by the U.S. government and many Servicer programs Short Sales have become faster and easier to complete.

One of the major changes to the process has been the introduction of ―proactive Short Sales.

Traditionally, Short Sales are ―reactive in nature. This means the homeowner would initiate the Short Sale process with an Agent who would then list the home and begin to solicit offers on the property.

Once an offer was received, the Agent & Servicer would begin the short sale process to determine if the homeowner was eligible to short sell their home. While this is the tried-and-true method,it sucks. Servicers and lenders have realized there is much room to improve a short sale by becoming more proactive much earlier.

Proactive Short Sales begin with the Servicer working to determine if the homeowner is eligible for their particular Short Sale program, and then reaching out to notify the homeowner that they are eligible. If the homeowner agrees to proceed with the Short Sale process, the Servicer then determines the acceptable sale price.(here is were this process may fail) The homeowner and agent then place the property on the market to entertain bids. Hopefully this new program will feature rigid time frames for the Servicer to respond once a bid is received, providing greater accountability for the Agent, homeowner, Servicer, and potential buyer.

Agent initiation of Short Sales works for both reactive and proactive types of Short Sales. While it is ultimately up to the Servicer to begin a ―proactive‖ short sale, many homeowners and Agents use the agent initiation feature on Equator to let the Servicer know that they are interested in a Short Sale. ―Proactive Short Sales may greatly reduce approval time lines, improve communication, reduce foreclosure rates, reduce loss severity and create faster sales.

Lets see if Equator remains dedicated to helping Homeowners & Agents by simplifying the Short Sale process and enable more short sales in less time. That would be a good thing.The new “Proactive Short Sale” is another move in the right direction.


Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code

by Sidney Kutchuk  AKA…Cyber Sid
   CALL ME, 951.217-6745 cell


Bank of America short sale incentives and programs.

If your thinking about doing a short sale and your mortgage is with Bank of America there is a short sale program for you.

Bank of America is offering its customers up to $30,000.00 to short sale thier home.
Below is a list of some of the short sale programs offered.

  • HAFA Short Sale – Bank of America and the US Treasury work together with you to offer this solution to foreclosure. HAFA is a good program if you have a second loan on your property as they will offer the second lender up to $8,500.00 to release the lien and you will also receive a check at the close of escrow for $3,000.00 in relocation assistance.


Program at a glance

  1. Call icon

    Step 1: Call us to request a HAFA short sale and update us on your current financial situation. We’ll review your information and check your eligibility for a Home Affordable Modification or any other home retention program that would enable you to stay in your home.

  2. Approval icon

    Step 2: If you don’t qualify for a modification and want to sell your home, we’ll work to gain approval of your first mortgage HAFA short sale request. If you have a second mortgage with another lender, you will have to ask them for approval.

  3. Market icon

    Step 3: You will be given time to market and sell your home — typically 120 calendar days. You are required to work with a licensed real estate professional.

  4. Offer icon

    Step 4: Once you receive an offer, you have 3 calendar days to submit a Request for Approval of a Short Sale document as well as the offer letter. We’ll get back to you with a decision on the offer within 10 business days.

Closing icon

Step 5: If the offer is accepted, your house is sold and your mortgageand any other loans against the home are settled from the proceeds of the sale

Cooperative Short Sale – 
Basically, the goal of this new cooperative short sale program is to cut down on the response time. In order to make this goal a reality, now it will be possible to initiate a short sale even before you have an offer on your property.

Bank of America Cash Incentive Program.
This is the newest short sale program were BOA will pay from $2,500.00 to $30,000.00 to a homeowner to do a Short Sale.

 Call me for more details on all the Bank of America Short Sale Incentives.
Sidney Kutchuk,Temecula Short Sale Specialist – 951-215-6745 




HAFA 2012 update link

HAFA Short Sale Update – 2012

HAFA This Supplemental Directive amends HAFA policy as follows and allows servicers to implement such changes immediately: 

There are no longer any occupancy requirements for HAFA eligibility;

 Section 7.4, Chapter IV of the Handbook which states that the amount of the monthly mortgage payment during the term of the SSA, Alternative RASS or DIL Agreement must not exceed the equivalent of 31 percent of the borrower’s monthly gross income is amended to allow a servicer to accept a full payment, if the borrower requests to make a full contractual payment in order to stay current on the loan

 Section, Chapter IV of the Handbook is amended to increase from $6,000 to $8,500 the amount a servicer may authorize the settlement agent to pay from gross proceeds to subordinate mortgage holder(s) in exchange for a lien release and full release of borrower liability.

  Borrower relocation incentives will be limited to HAFA short sale or DIL transactions where the property is occupied by a borrower or a tenant at the time the SSA, Alternative RASS or DIL Agreement is executed and who will be required to vacate the property as a result of the short sale or DIL. Servicers must determine if a property subject to a HAFA transaction is occupied by a borrower or tenant who will be required to vacate and may only authorize relocation incentives for such occupants. Servicers must ensure that the HUD-1 reflects a payment to the borrower or tenant, when appropriate.

Supplemental Directive 12-02 Page 19  The requirements in Section 11.2, Chapter IV of the Handbook related to credit bureau reporting of HAFA transactions are amended as follows:  If the real estate is sold for less than the full balance owed and the deficiency balance is forgiven, report the following Base Segment fields as specified: Account Status Code = 13 (Paid or closed account/zero balance) or 65 (Account paid in full/a foreclosure was started), as applicable.


White Picket Fences | a Menifee Ca short sale.

White Picket Fences | a Menifee Ca short sale.
Walk through the white Picket fencing and into your next home.
This Menifee Ca short sale is offered for sale by Sidney Kutchuk Broker at Realty Works Temecula

Large 5 bedroom home with Pool & Spa!

Market Stats

Single Family Home
Main Features
5 Bedrooms
3 Bathrooms
Interior: 3,724 sqft
Lot: 7,405 sqft
32324 Apricot Tree Rd
Winchester, CA 92596
To get updates on open home dates and other property events, please click the “Like” button below:

Sidney M Kutchuk

Sidney M Kutchuk

Realty Works Temecula
(951) 676-4663


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Bank of America offers up to $30,000.00 for Short Sale Relocation! 951-217-6745

Received this email today from Bank of America.

They are offering up to $30,000.00 in extra incentives for a limited time.
If you thinking of Short Selling your home call me at 951-215-6745 or you can email me at

Exclusively for: | SIDNEY KUTCHUK
Bank of America Home LoansShort Sale Customer Care 

Short Sale Agent Update
Limited Time Offer
May 15, 2012
Short Sale Relocation Assistance Program:
Your clients could receive
$2,500 to $30,000 in relocation assistance
Your financially distressed clients want to avoid foreclosure. You want to help them. So do we!
That’s why Bank of America is excited to announce that for a limited time, we are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property.
Don’t miss this limited-time offer to get your distressed clients the help they need by initiating a preapproved price short sale today at
Determining your clients’ eligibility is easy:



Short Sales in Temecula CA – Not Easy

Short Sales in Temecula CA – Not Easy

Have you seen some agents pitch Temecula Short Sales as an easy way out of your mortgage?
Well a short sale is an option for many homeowners but seldom is it easy,it’s a process.

I am a short sale specialist and after 17 years of doing short sales I can make your short sale seem easy.I work with all the major lenders and know what it takes to get you a short sale approved. Plus I get you through the entire short sale process with no drama just results. You will need to provide me with some personal information which I will review and package into a proven short sale package that your lender will review for approval. I have found that most of the processors at the major banks want to approve your short sale, but can’t if your short sale is not packaged correctly. Many agents lack the knowledge  and experience on how to package a short sale for success.

So while short sales are not easy, they may be your best option to avoid a foreclose or even a strategic way out of a bad mortgage.There are no out-of-pocket costs to you when you choose to do a short sale.So why not have the best Temecula short sale agent working for you.

If you think it’s expensive to hire a professional,wait until you hire an amateur!



Temecula Short Sale denied.

I have been able to stop many bank foreclosures, even when they are just days away from the sale date. But this homeowner got to close to edge.

Today a Temecula homeowner lost his home to foreclosure. He contacted me last week asking about the Short Sale Process and told me a sale date had been set for the following week. The bank was set to foreclose in four days. This homeowner has done everything to stall the banks,a loan mod,a bankruptcy,a second loan modification and now he wanted to do a short sale.With only four days left before the sale date I sent him the forms I needed to stop the bank sale. The only form I need back ASAP was a 3rd party authorization. This form once signed by the seller allows me to contact their lender and request that the sale date be postponed.This would allow me time to process and start  their Temecula short sale.

This seller had been able to push back the sale date 3 times before. He did not take me seriously when I requested of him to get me back the form that day. All it needed was his signature,loan number and social security number. He waited two days to get it back to me. Once I received it  I was able to contact the bank and ask for the sale to be stopped. It was too late for this Temecula homeowner,the bank went forward and foreclosed. I think they had had enough of his stalling the foreclosure process. The Short Sale was denied.

Don’t wait till the last moment. A short sale is an option to foreclosure. I can help you with no out-of-pocket costs. This is what I do and I do it well. Call or email me I have provided the links below. Sidney Kutchuk  –   951-215-6745.


Murrieta Short Sale Agents | 951-215-6745

By Sidney Kutchuk – Certified Murrieta Short Sale Agent.

Murrieta Short Sale Specialist

HAFA Certified Short Sale Specialist

A short sale is a type of real estate transaction were you need to be sure you have the best Murrieta Short Sale Agent on your side.
WHY? Because a short sale is a pre-foreclosure sale and you risk loosing your home to foreclosure if the sale is not handled correctly.
Time is of the essence with all real estate transactions, but with a short sale it is even more important to keep tract of the many moving parts that are part of the short sale process.

Realty Works has a proven tract record helping local Murrieta homeowners with NO “Out-Of-Pocket-Costs”. Get the facts before you list you Murrieta home. The hardest part of a short sale is not knowing what to do. Lets talk. I can and will advise you of your options. There is no pressure from me,use my 17 years of short sale experience to make your choice. If you decide a short sale is the correct option I will step you through the short sale process and tailor my program to your needs. I have many ways to get to the goal which is an approved short sale.

Email me  or call me  951-215-6745
I am here to help. I am a certified HAFA Murrieta Short Sale Agent. 

Avoiding Mortgage Relief Scams

Avoiding mortgage relief scams – Source C.A.R. Market Matter Report
The offers seem like answers to the prayers of a struggling homeowner: A promise of legal tactics to forestall foreclosure, reduce mortgage balances and interest rates, or restore credit.  But these so-called mass joinder lawsuits being advertising in mailings are fraudulent – sent out by companies purporting to be law firms, according to a consumer alert by the Federal Trade Commission’s (F.T.C.) website.

Making sense of the story

  • Consumers can lose valuable time to these dishonest players – not to mention money.  The nonprofit Lawyers Committee for Civil Rights Under Law estimates that homeowners nationwide who reported scams to its database have lost more than $60 million in the last two years alone.
  • There are many credible law firms around to help homeowners.  But some businesses might be promoting themselves as providers of legal services, they might have only one lawyer on retainer, as a way around F.T.C. rules that allow only lawyers to collect upfront fees on mortgage aid.
  • Such firms, and people posting as lawyers, are fueling a 60 percent jump in complaints about mortgage scams this year, according to a report by the homeownership Preservation Foundation, which helps distressed homeowners.
  • When speaking with a lawyer, consumers might ask about the lawyer’s track record, including documentation of successes via media reports or signed court documents awarding borrowers money or relief.
  • Consumers should beware of promises.  According to the Homeownership Preservation Foundation, “legitimate lawyers don’t make guarantees, just like doctors don’t.”


Temecula Short Sale Expert | 951-215-6745


Temecula Short Sale Specialist

Short Sales and Property Management in Temecula & Murrieta CA
Sidney Kutchuk
By Sidney Kutchuk | Broker in Temecula, CA

Rumor has it that the time frames for short sales will soon be reduced. As a Temecula short sale expert I keep reading that the major lenders and even our government are working, even mandating that the inventory (housing) & time to complete short sales must be reduced.


Two years ago it was the U.S. Treasury HAFA short sale program that was going to streamline the short sale process. HAFA made many welcomed changes but did NOT result in reduced time frames. This year we are now being told that new Federal rules could speed up the short sale process. The key word being could.


Here is the line were being fed….


Homeowners can expect a response from their bank on a short-sale offers within 30 business days, with a final decision taking no more than 60 days, if their loan is owned by Fannie Mae or Freddie Mac.


 All in all I do expect to see some progress  but I am skeptical that banks and servicers will be able to reform their staffing practices to achieve this — even if penalties are imposed. But this is a good sign and I do feel some time will be shaved off most Fannie & Freddie Mac short sales. Currently I quote my Temecula short sale clients 90 days as the average time to get their short sale approval letters.


Some of the complications inherent in short sales are beyond the control of regulators or banks, or servicers. Buyer’s putting in multiple offers, and or changing their minds force seller’s and Realtors to come up with replacement buyers.

Short sales continue to provide Temecula and Murrieta homeowner an option to foreclosure.


If your thinking “is a short sale a solution for me” let me show you the facts.
I offer my services at no out-of-pocket costs to you. My direct line is 951-215-6745

By Sidney Kutchuk – Realty Works Temecula broker & Certified Short Sale Specialist.