Monthly Archives: May 2012
Monthly Archives: May 2012
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.
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 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 18.104.22.168, 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.
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
|Sidney M Kutchuk|
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Large 5 bedroom home with Pool & Spa!
Murrieta Short Sale | Pool Home
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Ridgecrest – Short Sale Home
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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 Expert@aShortSale.com
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!
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 – Expert@aShortSale.com 951-215-6745.
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.
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
By Sidney Kutchuk – Realty Works Temecula broker & Certified Short Sale Specialist.