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Monthly Archives: September 2012

Highly likely to recommend – Another Satisfied Short Sale Client.

Highly likely to recommend – A review from another Satisfied Temecula CA Short Sale Client.

Sold a Single Family SHORT SALE HOME in Temecula, CA.

Summary:

We were unsure about the short sale process and ours was a little more difficult with tenants and a third loan on the home. Sidney assured us he could do it and he did. He is probably if not the most responsive professional person I have encountered. He responds to emails within minutes and phone calls too. We lived 6 hours from the home we were selling and he went above and beyond with checking on the house to make sure the landscape and pool were up to par. He went above and I would highly recommend him if you are thinking of a short sale or traditional sale.
Profile picture for Sidney Kutchuk
Response from Sidney on 09/27/2012
Matt, Thanks so much for taking the time to let the public know how seriously I take the job of handling my clients short sale transactions. Sidney Kutchuk Broker Realty Works Temecula

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Temecula short sale agent and broker Sidney Kutchuk explains the Short Sale process.

Temecula short sale agent and broker Sidney Kutchuk explains the Short Sale Process. 

BY now most homeowners have an idea of what a short sale is but don’t know if it is the right option for them. A short sale will present itself as the best option to most homeowners if they….

Can no longer afford to make the mortgage payment.
Need to move or relocate and can not sell the home due to current market values.
Divorce or court orders a home to be sold.
Nearing retirement and you need to downsize and reserve your capital.
Or you just got in over your head and need a fresh start.

A short sale gives you a controlled exit  to today’s crazy real estate market and a complete break from a bad mortgage with no deficiency owed to your lender and no tax issues when you are a owner occupied home seller.

What does it cost you to sell your home as a short sale. All costs are paid by your lender not you.You will have no-out-of-pocket costs and in many of my short sales I have been able to get you a check at the closing. These checks range from $1,500 to $30,000.00 with most sellers getting $3,000.00 at the close of a short sale.

Will you have to have a sign and lock-box on your home and be invaded by agents and buyers?
NO,I will keep your short sale low key with no drama. My marketing is talored to you and your familys needs. My system works and your home will be in escrow within the two weeks. Once I have secured a buyer the short sale process starts with your lenders. Currenty it is taking me 3 months to get the short sale approval letter from your lender and with that in hand we then have 30 days to close. All in all total time from start to finish of your short sale is 4 months.  

The above is an outline of what I am currently seeing with todays Temecula Short Sales process. Please contact me direct by phone or email so I can go over the short sale process with you and give you a more speific detailed plan and time line based on your home and the loans you have and current laws..

Mortgage Debt Cancellation

Mortgage Debt Cancellation      A message from the President of C.A.R. Calif Assoc of Realtors.
Last month, I mentioned the expiration of the mortgage debt cancellation provision, which ends Dec. 31, 2012.  The mortgage debt forgiveness issue is only one of approximately 60 expiring tax provisions that Congress appears unable to extend prior to its recess for the November elections.  Congress is pushing the extension of any expiring tax provision to the lame duck session, along with any increase in the debt ceiling, and any serious attempts to prevent the mandatory budget cuts agreed to during last year’s debt ceiling deal.

California’s tax treatment of mortgage debt relief income generally aligns with federal law, and both the California and federal laws are set to expire at the end of 2012. For debt forgiven on a loan secured by a “qualified principal residence,” borrowers are exempt from both federal and state income tax consequences, but only until Dec. 31, 2012.  The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

However, these tax breaks apply only to debts discharged from 2009 through 2012. It may be that Congress will take action to extend the federal exemption before year’s end, but we will have to wait and see. If the federal law is extended, it is likely that California would follow in due course, as in the past, but it is not guaranteed.  The last time the federal tax exemption was extended, California did not conform its tax law until well into the next year.

Sellers who have transactions closing after Dec. 31, 2012, should speak to their own legal counsel or tax advisors about the impact of the expiration of these laws and their potential tax liabilities, including the applicability of other exemptions from debt relief income tax..

$30,000.00 handed over to my HAPPY Temecula Short Sale Client.

$30,000.00 handed over to my HAPPY Temecula Short Sale Client.
Today I was very happy to be able to hand over a check for $30,000.00 to my camera-shy short sale client.

This check came from Chase bank after a most challenging short sale with Chase bank and Real Times Resolution. Getting these two banks to agree on the terms of this short sale took over 6 months of tough negotiations. Two flat turn downs,three sale dates and a lot of blogging to the social powers of the press. Oh did I also mention three different buyers!
Temecula short sale agent

 

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

by Sidney Kutchuk AKA…Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
   CALL ME, 951.217-6745 cell

 41720 Winchester Rd #I  Temecula Calif. 92590      951-217-6745    DRE# 01156692   Google me

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Short Sale Update from Bank of America


Short Sale Agent Update

Sept. 12, 2012
Short Sale Relocation Assistance Program:
Your clients could receive $5,000 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 offer enhanced relocation assistance. Qualified homeowners who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property, depending on the investor involved. 

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 agent.equator.com. 

Determining your clients’ eligibility is easy:

Once you initiate the short sale at agent.equator.com, we will quickly evaluate the homeowner to determine if they qualify for the enhanced relocation assistance.

The homeowner must participate in one of the Preapproved Price Short Sale Programs, such as:

  • HAFA (Home Affordable Foreclosure Alternatives)
  • Bank of America’s Cooperative Short Sale Program

Specific investor participation and eligibility criteria do apply to these programs.

Homeowners not meeting eligibility requirements for the enhanced relocation incentive may still qualify to receive $2,500 – $3,000 in relocation assistance from government- and bank-sponsored programs.

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Are you ready now to get a check for $30,000.00?

Are you ready to get a check for $30,000.00? Approved Temecula Short Sale

The above is the text message I sent my client today.
I have been working their Temecula short sale for almost a year now.

This Temecula Short sale has, had many ups and downs and had the foreclosure sale date set three times.
I have worked hard to get the foreclosure sale date postponed all three three times.

It has been approved twice and cancelled twice.

The lender is Chase Bank on the 1st loan and Real Time Resolutions for the second.It has been a
total nightmare to sync up these two lenders. Chase Bank has been very responsive and has offered the seller’s $30,000.00
Real Time Resolutions was not happy to see the sellers getting $30,000.00 and they refused to approve the short sale unless they could get half of it $15,000.00

Very long story short,I got RTR (2nd lien holder) the $15,000.00 they required to approve the short sale and release their lien. I was also able kept the $30,000.00 incentive from Chase intact for my clients the sellers. We’re ready now to finally close this short sale, so I set this text message to my worn and beat-down clients.
“Are U ready for a check for $30,000.00”
Their instant  response……. WooHooooooo!!!!!!!!!! Praise God!!!!! Thank you so much for all you hard work on this!!!!! We appreciate you so much!! Thank Youuu!! (Happy Face). 

 

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

by Sidney Kutchuk  AKA…Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
   CALL ME, 951.217-6745 cell

 41720 Winchester Rd #I  Temecula Calif. 92590      951-217-6745    DRE# 01156692   Google me

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Fannie, Freddie ease short-sale rules.

Fannie Mae and Freddie Mac will allow borrowers who are current on their mortgage payments to qualify for short sales.

Starting Nov. 1, owners whose loans have been purchased or guaranteed by Fannie or Freddie may qualify for a short sale if they fit key hardship criteria including: unemployment; divorce; long-term disability; a change of employment that is more than 50 miles from the current home; a business failure; death of the primary or secondary wage earner; or a natural or man-made disaster.

Fannie and Freddie will allow borrowers who are current on their mortgage payments — not seriously delinquent as traditionally required — to qualify for short sales, provided they fit the hardship criteria.

In the past, short sales often have been drawn out and contentious, sometimes taking nine months or more to close. They have also had a high rate of failure and cancellations, when buyers get frustrated and bail out of the transaction after waiting for banks and loan servicers to make decisions and process paperwork.

Another other key change in Fannie and Freddie short sales is that members of the armed forces who receive permanent change-of-status orders and are underwater will be automatically eligible for short sales, even if they are current on their loan payments.

To find out whether your loan is owned by Fannie or Freddie, visit either FannieMae.com/loanlookupor FreddieMac.com/corporate..

Temecula short sale agent and broker Sidney Kutchuk explains the Short Sale Process.

 

Sidney Kutchuk

Temecula Short Sale Specialist

Temecula short sale agent and broker, Sidney Kutchuk explains the Short Sale Process. 

BY now most homeowners have an idea of what a short sale is but don’t know if it is the right option for them. A short sale will present itself as the best option to most homeowners if they….

Can no longer afford to make the mortgage payment.
Need to move or relocate and can not sell the home due to current market values.
Divorce or court orders a home to be sold.
Nearing retirement and you need to downsize and reserve your capital.
Or you just got in over your head and need a fresh start.

A short sale gives you a controlled exit  to today’s crazy real estate market and in almost all cases a complete break from a bad mortgage with no deficiency owed to your lender ever and no tax issues when you are an owner occupied home seller.

What does it cost you to sell your home as a short sale. All costs are paid by your lender not you.You will have no-out-of-pocket costs and in my of my short sales I have been able to get you a check at the closing. These checks range from $1,500 to $30,000.00 with most sellers getting $3,000.00 at the close of a short sale.

Will you need to have a sign and lock-box on your home and be invaded by agents and buyers. NO,I will keep your short sale low-key with no drama. My marketing is tailored to you and your family’s needs. My system works and your home will be sold within weeks. Once I have secured a buyer the short sale process starts with your lenders. Currently it is taking me 3 months to get the short sale approval letter from your lender and with that in hand we then have 30 days to close. All in all total time from start to finish of your short sale is 4 months.

The above is an outline of what I am currently seeing with today’s Temecula Short Sales. Please contact me direct by phone or email so I can go over the short sale process with you and give you a more specific detailed plan and time line based on your home and the loans you have. My direct # 951-215-6745

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