"I have a client who just went through a divorce, and moved out about a year and a half ago. Divorce just finalized. He is the only one on the mortgage and the only one on title. It is the only home he owns.
Of course, during the…"
Tamara Dorris's Discussions
Here's a Tricky One
Started this discussion. Last reply by Stacey Wilson Mar 30. 10 Replies 0 Likes
I have a homeowner who was laid off, so he does have that hardship.However, when he married his wife last year, they moved into her house and rented his out. His name is NOT on her title and her name…Continue
HAFA questions
Started this discussion. Last reply by Anna Chroscicki Dec 14, 2011. 4 Replies 0 Likes
When it comes to HAFA, do I need to do something to see if my clients qualify or is it automatic? Last time BofA contacted me and asked if my sellers wanted to apply so the could get the cash. Don't…Continue
What's the real benefit of short sale versus foreclosure?
Started this discussion. Last reply by Cathy Ryan Jan 22. 19 Replies 0 Likes
Like all of you, I'm a big proponent of short sale over foreclosure, not merely for my livelihood (but that counts) but also because I think it's much more responsible than simply living rent-free…Continue
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Kevin - Greenville, SC replied to Tamara Dorris's discussion Here's a Tricky One"Non-GSE Loans are 12 months. Fannie and Freddie are 90 days. This is from the last date of occupancy until a HAFA SSA is issued. NOT from the time you applied for HAFA. Rule # 1 though # 10 - Do NOT Vacate if at all possible…"
Tamara Dorris replied to Tamara Dorris's discussion Here's a Tricky One"And this is why they call you Broker Bryant.Thank you...perfect input.
xo
"
Bryant Tutas replied to Tamara Dorris's discussion Here's a Tricky One"Tamara. It depends. Primary residence for HAFA and for the IRS do not require the seller to be currently living in the property. Just that they recently did. I think it's 2 out of the last 5 years. Just have the seller tell the truth and…"
Tamara Dorris replied to Tamara Dorris's discussion Here's a Tricky One"Don't worry Brian, I wouldn't lie! Yikes! I will call the bank and get their feedback. Thank you!
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Tamara Dorris replied to Tamara Dorris's discussion Here's a Tricky One"Thanks Cheri, very good point!
I guess my concern is any less favorable conditions....with "investors" there is not the tax break and they are sometimes asked to contribute...at least in my experience.
And we will disclose that he's…"
Brian Avery replied to Tamara Dorris's discussion Here's a Tricky One"It is NOO , if try to submit as owner occupied you could be committing FRAUD since you know it is not.If the bank catches this after the fact have fun! I would call the lender and ask their guidance. "
Cheri Murphy replied to Tamara Dorris's discussion Here's a Tricky One"Have seller be very upfront about the situation in the hardship letter. Shouldn't be a problem that it is not primary residence as long as everything is diclosed upfront. The problem will be if it is not disclosed that he no longer…"
Tamara Dorris replied to Tamara Dorris's discussion Here's a Tricky One"I agree Mike, but it's the only house he owns. It will be interesting, to say the least.
Thanks for commenting.
T"
Mike Rosania replied to Tamara Dorris's discussion Here's a Tricky One"If there is a tenant in the house, I cant see how it would still be considered a primary residence."
Tamara Dorris posted a discussionHere's a Tricky One
I have a homeowner who was laid off, so he does have that hardship.However, when he married his wife last year, they moved into her house and rented his out. His name is NOT on her title and her name is not on his, however, the tenant is not paying rent and with him not working, he wants to do a short sale. Bank is CitiBank, one loan. His payments are current.My question is, does this count as a primary residence? It's the only house he owns so it seems like it wouldn't. Any advise from the…See More
Cathy Ryan replied to Tamara Dorris's discussion What's the real benefit of short sale versus foreclosure?"Hi Tamara,
In California if a property is foreclosed the lender taking action cannot pursue a deficiency if they foreclose by Notice of Default-Non-Judicial Foreclosure. If the lender forecloses by Judicial Foreclosure they can get a…"
Ramon Fuentes replied to Tamara Dorris's discussion What's the real benefit of short sale versus foreclosure?"Wendy,
That was a great explanation on the credit impact with a short sale vs foreclosure. We can also add the neighborhood and community concerns with a foreclosure when property is vacant and not properly maintained. As a homeowner I would rather…"
Patti Lyles replied to Tamara Dorris's discussion What's the real benefit of short sale versus foreclosure?"I believe you will find useful information right here at these 2 links:
1) http://www.santacruzcountyshortsales.com/our_blog/view/294/credit_a...
2)…"
Susan Krancer replied to Tamara Dorris's discussion What's the real benefit of short sale versus foreclosure?"Jim,
Thanks very much for this table. It does put the differences into perspective. Are you the author? I would like to use it, but put a line at the bottom recognizing you as the author.
Susan"
"Unfortunately I agree with you guys. HAFA is not as good as everybody would like to think. I have exact example of how HAFA does not work. My seller was rejected by Freddie Mac for HAFA short sale, because he lost a job and did not…"
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- Tamara
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- Been in the real estate industry nearly 20 years. Including, first licensed in the 80's, worked at California Association of Realtors several years, adjunct professor of real estate and author of a couple real estate books. Being an agent is my favorite thing though, to which I am fully committed (which means maybe I should be committed :-)
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