Monthly Archives: January 2013

2013 Bank of America Cooperative Short Sale Program

Changes to the Bank of America Cooperative Short Sale Program
for 2013.

Temecula Short Sale Agent

Temecula Short Sale Agent

The Bank of America Cooperative Short Sale Program may be able to help Temecula homeowners complete a short sale if they owe more on their mortgage than their Temecula house is worth and do not qualify for the Home Affordable Foreclosure Alternatives (HAFA) short sale program. This short sale program can streamline the approval process and offers financial assistance to help homeowners with relocation and moving expenses.

As of January 15, 2013, there will no longer be a temporary foreclosure hold during the Cooperative Short Sale property marketing phase. Bank of America may begin or continue the foreclosure process up until a submitted offer to purchase the property is approved by all relevant parties.  Any existing Temecula short sales in progress will not be impacted by these changes.
      Call a Temecula short sale agent for more info 951-217-5745 – Realty Works Temecula 


Don’t let your lender foreclose on your Temecula home.

Temecula foreclosure – Why let the banks foreclose on your Temecula home?

You have options to foreclosure take control and call a short sale specialist. Certified Temecula Short Sale Expert

If you do nothing you are giving full control to your lender / banks  and they will call the shots. With a short sale Agent  you take control of the short sale process and will be aware of what is happening, and in many cases be offered a money incentive to cooperate in the short sale process.

Whats the cost of using a Temecula short sale agent  There is NO out-of-pocket costs to you. We are paid by your lender to get the short sale done. They want you to do a short sale it cost them less than a Temecula foreclosure. Take control now and call Realty Works Temecula  at 951-217-6745 this is my direct number and I will answer your short sale questions,no drama,no pressure.  We have the best short sale team team ready to help you

Know all the facts and do not just let you home be sold via a Temecula foreclosure. You have options. 

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

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

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Temecula Short Sale Homes vs Bank owned Homes. 951-217-6745

Temecula Short Sale Homes vs Bank owned for sale Homes. 951-217-6745
When you are looking for a home to purchase and time is the most important item on your list
the choice is clear the Bank owned home wins.A bank owned home can be closed in 30 days or less.

But on the whole the better buys are the many Short Sale Homes on the market. These homes are highly discounted. In order to get that discount you need to be patient and make sure you are working with a experience short sale specialist. Most short sale sellers (homeowners) are offered incentives to cooperate through the short sale process, so at the end of the short sale your will have a non-damaged  bargain home.

So don’t let your real estate agent steer you away from the bargain home a short sale can be.

We have a team of agents helping Temecula and Murrieta short sale clients. These are good buys and the short sale helps the sellers move on and get a fresh start. We help Temecula and Murrieta home sellers.They need the best short sale agents to help them through the short sale process and at no out-of pocket costs to them.

Call the Short Sale Team at Realty Works to buy or sell a short sale home. 951-217-6745




Mortgage Cancellation Relief extended for 2013 short sales!

Mortgage Cancellation Relief extended for 2013 short sales!

Senate ‘Cliff’ Bill Retains Mortgage Cancellation Relief

On January 1, 2013, in Breaking NewsPolitics & Government, by Robert Freedman

Tax rates would remain the same for most households and mortgage cancellation relief is extended in a budget package passed by the U.S. Senate early this morning to avert the so-called fiscal cliff. The House today could take up the bill, which NAR has been monitoring closely because the fiscal cliff’s automatic tax increases and federal spending cuts involve programs important to real estate and impact household wealth. Based on what the House does, the provisions in the Senate bill could change in the final bill.

The “American Taxpayer Relief Act of 2012’’ passed on a bipartisan 89-9 vote in the middle of the night and extends current tax rates for all households earning less than $450,000, and $400,000 for individual filers. For households earning above these limits, tax rates would revert to where they were in 2003, when taxes were reduced across the board. That means taxpayers in the highest bracket would pay taxes on ordinary income at a rate of 39.6 percent, up from 35 percent.

The tax rate on capital gains would also remain the same, at 15 percent, for most households, but for those earning above the $400,000-$450,000 threshold, the rate would rise to 20 percent.

Importantly from NAR’s perspective, the exclusion from taxes for gains on the sale of a principal residence of up to $500,000 ($250,000 for individuals) remains in effect, so only home sellers whose income is $450,000 or above and the gain on the sale of their house is above $500,000 would pay taxes on the excess capital gains at the higher rate (with corresponding numbers for individual filers). For the vast majority of home sellers, there is no change.

The bill also reinstates provisions that phase out personal exemptions and deductions for incomes over $250,000 for singles and $300,000 for couples.

A number of what lawmakers call extenders are in the bill. Extenders keep in place expiring tax provisions. Of most interest to real estate, the bill would extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, which, for underwater households, represents a financial burden.


Fannie, Freddie align short sale guidelines for 2013

Fannie, Freddie align short sale guidelines for 2013.” Source C.A.R.” Calif Assoc of Realtors.
C.A.R. has long advocated for a streamlined, standardized short sale process, and yesterday changes were announced by the FHFA that will align guidelines for Fannie Mae and Freddie Mac short sales and allow lenders and servicers to quickly and more easily qualify borrowers for a short sale.
Here are some specific changes that are effective Nov. 1, 2012:
  • Eliminates current Fannie Mae and Freddie Mac short sale programs and creates a single standard short sale process for both entities (Fannie and Freddie HAFA programs will expire at the end of the year).
  • Enables servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales without waiting for an approval from Fannie Mae or Freddie Mac
  • Offers special treatment for military personnel with Permanent Change of Station (PCS) orders.
  • Standardizes and clarifies foreclosure suspensions on a property with an approved short sale.
  • May pay borrowers up to $3,000 in relocation assistance.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to subordinate lien holders to expedite a short sale.
Additionally, FHFA clarified that a borrower experiencing a hardship must wait at least two years before becoming eligible for a Fannie Mae or Freddie Mac loan.
These changes follow FHFA’s announcement in June that established strict timelines for servicers to respond to short sales within 30 days of receipt of a short sale offer, provide weekly status updates to the borrower, and communicate a final decision to the borrower within 60 days of receipt of the offer.