Although home prices have not returned to the average of $196,000 like it was last year, it is getting close. When comparing home prices at different tiers, Madison is staying ahead of the rest of the state in all three tiers.  The following charts are from Zillow.  This first chart points out two facts.  First, the average price for a home in Wisconsin in the upper tier is around $232,000.  However, for Madison the price is approximately $295,000.  This points to the continued growth in the Madison area.  Secondly, while the average price in this tier only increased 0.2% for the state of Wisconsin, in Madison the price improved by 1.6% 

Large log home on 38+ Acres listed $140k below assessment! Short Sale property.

N4587 Glacier Lake Dr, Oxford, WI 53952

Now just $225,000! We are already getting calls from serious buyers because of this huge price drop! 38+ acre hunters paradise for an absolute steal. This is truly a must see. Log home with Brazilian rosewood flooring, stone fireplace in living room, and master bedroom in loft with walk-in closet. Exposed finished basement with large full bathroom. Yurt structure with electric, water and wood burning stove. 7 Lakes within 5 minutes of property. Don't let this deal pass you by.

Features

Good morning Superstars.

Here's a sampling of this week's Superstar discussions.

Junior Lienholder Arms Length My wife and I are trying to purchase a home that is very near and dear to us which is currently in a short sale/foreclosure status. I am… Started by Rich Jenkins in Short Sale DiscussionsLatest Reply
Short Sale versus Foreclosure waiting times for new purchase Here is a list of timelines for Government loans when purchasing a new home. SHORT SALE AND FORECLOSURE WAITING PERIODS FHA /VA Conve… Started by Ron Scribner in Short Sale DiscussionsLatest Reply
Fannie Mae Valuation - Call update I'm sure many of you are anxiously waiting for information regarding the results of the conference call set up to discuss issues with Fanni… Started by Ken Ryan in Short Sale DiscussionsLatest Reply
Locksmiths in Spain Revolt! This is so great.... Compared To Spanish Locksmiths, Americans Have Lost Their Cojones by Steve Dibert in HPN Blog inShare0 Iker de Carlos, a 22 year old… Started by Wendy Martin in Short Sale DiscussionsLatest Reply
Does a discharged bankruptcy affect a sellers incentive? Hey Superstars, I have a question, just like the title states does a discharged bankruptcy affect a seller in receiving a incentive from t… Started by Freddie Castaneda in Short Sale DiscussionsLatest Reply
2013 Short Sale Symposium at Sea Cruise Conference April 20th-25th! Are you coming to see me and join many of the best minds in the industry at the 2013 Short Sale Symposium at Sea Conference? You des… Started by Mike Linkenauger in Short Sale DiscussionsLatest Reply
7 Tips To Help Ensure The Short Sale Buyer Stays On Board Good morning Superstars. So you have been working for 4 months to receive short sale approval only to have the buyer walk. As a short sale… Started by you in Short Sale DiscussionsLatest Reply
Is Selling The Short Sale To The Tenant A Good Idea? In my opinion.....no...it’s not. And here’s why. The Lenders want as much money as possible for the property. They want the property e… Started by you in Short Sale DiscussionsLatest Reply

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-Is your Lake Elsinore CA house worth less than you owe?

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-Have an Adjustable Rate Mortgage, or a Negative Amortized Loan?

-Are you concerned about tax implications? -Do you have questions about how short sales work?

Many Lake Elsinore CA home owners are short selling their upside-down Lake Elsinore CA properties and so can you!

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-Lake Elsinore CA Home Buyers

This is not a HAFA short sale, but they have been told they will receive relocation money.

I have a short sale in progress and my seller is being sent drive by fee's from the lender.

every two weeks or so the lender (Seterus)  has someone drive by the home. Then a bill is sent to my seller.

Has anyone encountered this before?  What if anything should my seller do?

The SMART Way to Buy Your First Short Sale

Buying a short sale in Madison Wisconsin is quite common right now. The impact of the financial recession has resulted in numerous foreclosures and has left some people with no option but to sell their home for less than the mortgage balance. Buying a Madison area Wisconsin short sale will require a bit of patience and a smart plan.

Understanding the Short Sale

Obviously, the best reason to buy a short sale is for the savings. Most of these properties are discounted as much as 20% off the market price. Buyers can save a considerable amount of money by negotiating the right deal with a motivated seller. However, a good price should only be one consideration. There are other things for the buyer to be aware of such as:

* In order to get a contract on a short sale, it is best to be the first person to contact the seller or selling agent. Being first puts you in more control of the transaction.

* Just because a property is being offered as a short sale does not make it a great deal. Some properties may need extensive work before they can be deemed a safe living environment.

* Banks typically frown on ridiculous low offers. A successful short sale will require you to offer a reasonable amount. This is where an agent can really come in handy.

* Based on the current number of short sales, banks are swamped with these requests. The process for moving the offer through the chain of command does not always progress in an orderly fashion. This requires the buyer to be flexible about a closing date.

All of this means that buying a short sale requires a solid plan; a plan that will get you in front of the right seller, with the right offer.

Putting Together a Good Plan

Follow this outline to help you develop a plan for buying your first short sale.

1. First and foremost, you need to meet with a real estate agent that has experience in short sale transactions. This will save you lots of time and trouble throughout the process. The agent can have a conversation with you to determine the type of house you need and look for possible short sale targets.

2. Determine a plan for responding when a short sale becomes available. Decide with your agent how the information will be communicated to you and how soon you can look over the home.

3. Set up a meeting with a local mortgage lender. Getting the financing secured ahead of time will help get your offer approved. A lender that is familiar with short sale transactions would also be beneficial since the closing may happen at any time and the lender will need to be prepared.

Understand that a short sale which seems like a good deal will likely draw attention from several buyers. The person that responds the quickest, with the best offer and the best plan in place, will likely win the bidding war.

Inexpensive Ways to Boost Your Home’s Value

Although mortgage rates are still at an all-time low, there are lots of homes on the market for potential buyers to choose. This makes competition tougher for sellers. If you are in the market to sell a property, it might be wise to take some time and spend a few dollars on simple things that will yield great results.

Choose the Right Agent

Sometimes the most important thing for a home seller is the most overlooked. Get a real estate agent that is good for you. There are numerous agents available, all with various personalities, strengths and weaknesses. Here are some tips for finding an agent that you are comfortable with and can help move your property.

* Visit a few open houses: This will give you a chance to see the agent interact with other interested buyers. You can gauge their professionalism, demeanor and overall knowledge of the market.

* Ask your friends and family members for a referral: This can be an easy way to find a Realtor®, but use a bit of caution. An agent that has lots of experience selling country homes with acreage may not be the best choice to sell your suburban 3 bedroom home. Make sure to check out their other sold listings and see how many are comparable to your place.

* Do an online search: Check out agents online. Look for their website and do a little research. Is their site professional looking? Is it updated with current listings? How well do they explain the homes they are trying to sell now? Are there lots of pictures? Once you have found someone you like, give them a call and do a brief interview over the phone.

Paint

One of the quickest and cheapest ways to alter a room's appearance is by simply adding a fresh coat of paint. Most any able bodied person can work a roller and a brush. Choose a color that is a bit neutral but also bright so that it will make the room livelier.

Clean up and Streamline

Obviously, you want the home as clean as possible. Take extra care to clean the bathrooms and kitchen. Also spend some time organizing and getting rid of clutter. Remove any excess wall hangings. This will make the room feel more open and larger. Making a home inviting and spacious will attract more buyers.

Improve the Curb Appeal

Like painting, this will likely involve more sweat than money. If you have shrubs make sure they are trimmed and neat. Give the lawn a fresh cut. Put a new welcome pad by the front door. Also, include some type of attractive plant near the front door. Since this area will likely be prominent in pictures that are trying to sell the home you want it to look inviting.

Bridging Outdoor Areas with Inside Areas

Use decorative plants around the patio and deck as well as inside the home. Use comfortable furniture outside that has soft cushions. This makes the home feel bigger with more usable space outside that can be used in a number of situations.

Changes in Popularity of Features in New Homes

The national economy runs through cycles similar to the fashion industry. Things that seem irresistible and trendy this year may be old news by the time next year rolls around. As a result of the economic down turn from the past few years most home builders are turning their attention to items that are practical instead of luxurious.

Sunrooms

As a whole, sunrooms are declining in popularity. According to Rose Quint, a representative of the National Association of Home Builders (NAHB) “Builders are focusing on features that add immediate value and make a home more practical.” For example, most builders are choosing to add linen closets and walk-in closets in place of a sunroom.

Separate Living Room

Most builders feel that a formal living room will not be very prevalent in new construction for the upcoming year. Families would prefer to have one giant open area that encompasses the living room, dining room and kitchen.

Media Room

Along with the living room, the media room will also likely disappear. The extra cost of the equipment, along with heating and cooling another room that is used sparingly, is just not appealing at this time. What is more likely to appear in new homes is a hidden away station that holds all of the DVD players, cable controls and charging stations for cell phones, tablets, and other media devices.

Two Story Family Room and Foyer

Since builders are approaching new homes with more practicality, it makes sense to cut down on unused space. While a family room may be bigger in new homes to include the dining and kitchen areas, it is unlikely to be two stories tall. The same goes for the elegant foyers that stretch toward the sky with large windows. Both of these features of a home may be lovely in appearance, but they each have a lot of space that is not used by a family of four or more.

Whirlpool Bathtubs

A large tub designed for relaxation and luxury is less likely to part of a new construction in the upcoming year. A separate tub laid out in a classic style is more useful and can be used to make a fashion statement while also having an everyday use.

Luxury Bathroom

Large bathrooms that include walk-in showers and multiple shower heads, as well as lots of floor space, will be harder to find in a new house. Instead, the shower will be smaller, with a single head, and the kitchen will likely include a double sink.

Outdoor Kitchen

The outdoor kitchen will probably disappear from lots of new homes. While it can be a nice place to gather with friends or family for a birthday party or to watch a football game, it also requires having an extra appliance or two. Most families would rather prepare the food inside and simply transport it to the patio and save on the cost of the additional appliances.

Assuming an Existing FHA Loan

Most mortgages have a requirement that the loan must be paid in full when the property is sold. However, FHA offers a different option to the seller and buyer. It is possible for the buyer to take over the existing FHA mortgage from the current property owner. This is a very enticing offer for someone that has a mortgage with a great interest rate. Here are the guidelines for an assumable FHA mortgage.

photo credit: 401(K) 2012 via photopin cc[/caption]

Review Existing Loan

The first thing you should do as a potential buyer is review the existing loan documents. Any loan that originated prior to December 1 in 1986 is allowed to go through a “simple assumption” procedure. This means the buyer does not have to qualify for the FHA mortgage. For loans that were originated on after the December date, the buyer will have to qualify for the loan just like any new borrower.

Negotiate a Price with the Seller

Most sellers would like to receive a large part of the equity they paid in to the mortgage over the years since they originated the loan. The price you can negotiate is really dependent on your ability to deal and the seller’s motivation for getting rid of the home. One thing that must be clear; the buyout amount given from buyer to seller cannot be financed in to the existing FHA mortgage. This is money that needs to be paid either in cash or with a loan separate from the mortgage.

It may be possible to convince the seller to finance the buyout amount. This would mean that you have two loans to repay in order to purchase the home.

Talk to a Mortgage Lender

Since you will likely have to qualify for an FHA mortgage loan, it is advisable to talk to a lender experienced with FHA loans. The lender can review your credit file, determine your monthly income per FHA guidelines and find out if you qualify for the loan.

Determine Current Loan Status

You need to find out if the current property owner is up to date on their mortgage payments. If there are any late payments, those payments are transferred to the new buyer. This can be rectified by either paying the amount necessary to get current or requesting a modification of the loan.

Inquire About Down Payment

Since FHA asks for a down payment equal to 3.5% of the price, this rule will apply to someone assuming the loan. In this case, the 3.5% is based on the existing loan balance.

If you are approved for the loan, you may proceed with the closing process. You should ask the lender to contact a local title agency to research the title to ensure there are no liens on the property other than the FHA mortgage. Additional liens will have to be paid in order to transfer the deed in to your name as owner.

VA Mortgage Program Has Good News for Veterans and Their Families

Photo credit: Tony Fischer Photography via photopin cc

Many years ago the United States decided it was a good idea to offer housing benefits for our veterans that were not attainable to other classes of people. The men and women who sacrificed time away from their families and risked their lives in defense of our country deserved the chance to buy a home with attractive features. As time has marched on and the needs of veterans have changed, the VA Mortgage program has made some changes to appeal to even more qualified borrowers.

Spouses of Deceased Veterans

Before the new law, spouses of deceased veterans could only apply for a VA mortgage if the veteran passed away during active duty defending our country or if the veteran passed away due to a disability sustained during duty. However, if the spouse can show that the veteran suffered from a disability sustained during duty for a minimum of 10 years prior to their death, the spouse can now apply for the VA mortgage.

Funding Fee for Certain VA Loans Waived

People in the military are no stranger to paper work. With every VA loan that is approved there is a fee associated with the loan. This funding fee provides money for the new crop of loans, avoiding the use of taxpayer's money.

If a veteran learns that they are eligible for disability pay due to their physical exam prior to discharge then they are allowed to waive the funding fee from the VA mortgage. Previously, a veteran had to receive actual disability pay on a regular basis before the fee could be removed.

Beyond Fixed Rate Loans

Fixed rate mortgages are great for people who are reasonably confident that they will stay in a certain home for many years. Having the mortgage payment set in stone offers stability for the homeowner. However, there are some people, such as veterans and active duty personnel, which may be on the move in a few years. For these people, getting an Adjustable Rate Mortgage (ARM) can make sense. They save money by getting a slightly lower interest rate that is fixed for 3 or 5 years. The new law makes it possible for eligible borrowers to apply for an ARM through the VA mortgage plan.

More Flexibility for Military Families and Individual Parents

For as long as the VA mortgage program has been around, one of the main requirements to the loan has been the veteran's occupancy. A VA loan states that the veteran must live in the home as their primary residence after the loan is completed. The veteran is given some time to move in to the new home, but the requirement is there. For military families in which both spouses are active duty, this can be impossible. Even harder for families that have only one parent who is serving in the military.

The Camp Lejeune act makes it possible for the children of the veteran to meet the requirement of occupancy. This means that dependents can live in the home purchased by their parent or parents through the VA mortgage while the parents sacrifice their time away from loved ones serving our country.

If you are the Personal Representative for a  San Bruno Home in Probate that has a delinquent mortgage, but there is equity in the home, DON'T BE AN OSTRICH!!!!!!

It is now very common for San Bruno homes that are in Probate to have mortgages. Many homeowners were enticed to refinance in the last decade because of easy money or low interest rates, many seniors have reverse mortgages on their  San Bruno Probate homes, and some people did not refinance because of low interest rates, but because they were helping out family members.

When a mortgagee dies the mortgage still needs to be paid. Death does not eliminate the obligation. So what do you do if the mortgage is late, the home is in foreclosure, and the estate has no money to pay the mortgage? It is very common for San Bruno Probate estates to be house rich but cash poor.

The first thing that has to happen in a probate with this situation is that a personal representative needs to be appointed. This sounds like a no brainer, but sometimes there are fights within a family as to who that person is going to be, and while people are fighting the bank could be foreclosing. So stop fighting and get someone appointed. 

Once the Personal Representative is appointed he or she should hire a real estate agent. This agent should have experience in both probate and short sales. Probate experience is a no brainer, but the reason for short sale experience is because that person will know who to talk to to postpone the foreclosure.

You will need to give authorization to your agent to speak with the bank and that takes a few days, so do this right away.

Once the postponement is granted get your San Bruno Probate home on the market and get it sold. Postponements generally are only good for 30 days at a time, and you may not get a second one if the home does not have an offer, so don't delay.

If the home has no equity then you should speak with the bank about a Deed in Lieu of Foreclosure. You may be able to negotiate the bank giving the estate $5,000 to $10,000 if you give them the keys and empty out the San Bruno Probate home. However, prices are appreciating so rapidly right now that you may believe your San Bruno Probate home is underwater when it really isn't.

So, if you have a San Bruno home in Probate and there is no money to pay the mortgage, don't just stand there, do something. Take the necessary steps to get help to make sure the estate's home is not lost to foreclosure. If you hide your head you could lose hundreds of thousand of dollars in equity.

If you have any questions about selling a San Bruno Home in Probate please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

We are happy to announce the closing on another one of our short sale listings, this time in Madison, WI! This was a Bank of America negotiated short sale. Bank of America has made many changes to make their short sale process easier and more efficient. Short sale transactions can be complex, but if you have an experienced Short Sale Realtor® the process is much more manageable.

This was a beautiful home, at a great price that the new owners are sure to enjoy! If you are thinking of selling or buying a short sale home in Wisconsin, our short sale specialists would be happy to assist you. Give Rock Realty a call at 608-921-8536.

Is a Short Sale right for my situation??

If you are considering the possibility of a short sale for your home and have further questions, feel free to visit the page below:

Beaumont California Real Estate Short Sales - Beaumont Short Sale Agents Can Sell Your Upside-Down Home - Call Us Now: 1 (888) 9-LIST-IT 

Are you like many homeowners in Beaumont having trouble paying your mortgage every month? You may be behind in your mortgage payments, or not behind yet. Don't let foreclosure happen to you. Hire the best Short Sales Experts to help you with your difficult situation at NO CHARGE TO YOU!

We are Short Sale Specialists and we have extensive experience with short sale negotiations with dozens of the nation's mortgage lenders and banks. Whether you have one, two or more Beaumont mortgage loans, we are able to offer you options. Our Short Sale Agent team assists homeowners throughout Southern California, including Beaumont.

Here are a few things to consider when contemplating a Beaumont CA Short Sale:

• How many loans do you have on the property?
• Do you or the property have any liens attached, for example: Tax liens, child support liens or HOA liens, etc.?
• Have you or your family experienced a loss in income, loss of a job or had to relocate for a job?
• Have you or your family experienced an unexpected medical expense, or any other major financial set-back?
• Are you behind on any payments, or are you still current?
• Are you still paying the HOA dues, if any?
• Are you still paying utilities like water, sewer, trash and disposal? If not, are there any delinquent payments?
• Are you still occupying the property?
• If not, is the property vacant, or is/are there tenant(s) occupying the residence?
• Have you attempted a loan modification, or previously attempted a short sale?
• Has your bank issued a Notice of Default, and if so, have they scheduled a Trustee Sale Date?

These are just a few questions that will pertain to the listing, sale and success of your Beaumont Short Sale.

If you have questions about a Beaumont short sale, how they work and the myriad of opportunities AND pitfalls a short sale can provide you, feel free to call us anytime at (888) 9-LIST-IT. That's (888) 954-7848.

We can answer your questions and provide you with an in-depth look at the short sale process. We are not salesmen. We will tell you like it is, and if a short sale is the right choice for your particular situation (and many times a short sale is not our recommendation). We will give you honest answers with your best interests in mind. Having the right California Short Sale Experts assisting you can mean the difference between a foreclosure, or a fresh start without complete devastation to your credit due to foreclosure.

So if you'd like more information on a Beaumont Short Sale, Call us now:

(888) 9-LIST-IT. That's (888) 954-7848.

Other Real Estate Blogs:

New Foreclosure Fund May Change Mod. Loans, Short Sales and Foreclosure Processes
CLICK HERE TO LIST AND SELL YOUR BEAUMONT HOME NOW

A ray of good news shined through the ominous clouds of the fiscal cliff this past week stating that the Mortgage Forgiveness Debt Relief Act has officially been extended. Through this act, homeowners who are involved in a short sale, foreclosure, or mortgage restructuring are able evade a significant tax bill.

However, the storm is not anywhere near from over. The recent fiscal cliff deal was a small step of progress but the federal deficit still needs to be resolved which calls for more budget battles ahead. Could we be seeing our last Mortgage Forgiveness Tax Relief Act extension in 2013?

Only hours before the end of year 2012, congress was able to strike a deal to avert the fiscal cliff. Fortunately, this included the extension of the debt relief act which is now set to the new expiration date: December 31, 2013. It is official and the proof can be found in the IRS Website or in the American Taxpayer Relief Act of 2012 Bill.

Homeowners are very fortunate to get one extra year of opportunity to short sell their homes. Congress realizes that without this extension, numerous homeowners would be devastated with critical financial conditions. Although, the extension of the various tax cuts alleviated our impending tax increases momentarily, our government is also in a bad financial position in that it has a debt ceiling issue to deal with and the $1.3 billion dollars in taxes that they lost through the extension of the act may be a provision that our government may not be able to continue in our future budgets.

We may get a better forecast in a couple of months as a debt ceiling battle in Congress may occur and more budgets will be established.

What are your thoughts on this? Do you believe we will get an extension beyond Jan 1, 2014?

HOW TO SELL YOUR HOUSE IN HIGHLAND CALIFORNIA – HIGHLAND CA REALTORS

Q: What goes into a successful home or property sale in Highland, California?

A home sale can be simple, difficult or unsuccessful depending on the property, seller or agent. Careful consideration must be given when venturing into the competitive Highland CA real estate market.

A successful sale consists of a compelling listing, effective exposure and competent negotiations and completion.

When a Highland home is listed, it should first be analyzed and objectively compared to recent comparable sales and other competitive listings in the area, also known as a CMA (Comparative Market Analysis).

Then the seller, under the advice of their savvy Realtor, should carefully digest and consider the CMA. Every detail must be exhausted. Does the seller’s Highland California property have the same features and amenities? Is the property worth more, less or equal to other comparable sales? Is the location, lot position or structure more, or less appealing? A seller must also consider the terms, conditions, inclusions and exclusions of the sale.

But a potent market value and list price is just the beginning. When the Highland CA property listing is ready to go public, exposure is everything.

Q: What is effective exposure for a Highland real estate listing?

How can anyone buy your Highland California house if no one knows it’s for sale?

A home will only realize it full market value in a sale if multiple potential buyers have been reached.

How is that accomplished? Real estate marketing has changed dramatically with the advent of the Internet. Gone are the days of yard signs, newspaper listings and open houses. Today more than 85% of homebuyers begin their property search online.

But where online are they looking? The short answer is ‘Everywhere’. From major sites like Zillow, Trulia and Redfin, website search engines like Google, Yahoo and Bing, email listing sources from agents, brokers and other real estate services, to Craigslist and even direct online MLS (Multiple Listing Services).

So where is the best place to list your Highland CA property online? Again, the only right answer is ‘Everywhere’.

But does online marketing mean traditional marketing should be ignored? Of course not. But the evolution of real estate marketing should dictate the appropriate allocation of time and resources.

Q: Then What?

Once your Highland home has been effectively marketed, buyers will view the property and determine, along with their agents, what their best offer is. Choosing the right buyer is key: Have they offered a fair price and reasonable conditions? Are they capable of executing the purchase and do they have the means, money and/or credit? Are they truly interested in the property? These and other questions must be asked and answered.

After all of this, the sale of your Highland California property is still not complete. Escrow must be opened. Disclosures must be addressed and signed. Contingencies must be met and waived. And finally, funds must be deposited and dispersed.

Q: So what is the first step to a successful sale of your home or Highland CA property?

Choose the right Highland real estate agent.

So call us now and let’s talk.

Call Now: (888) 9 LIST-IT. Or just dial 888-954-7848.

You can also email us at: GarrigusRealEstate@yahoo.com

Bank  of America has entered into an $11.6 billion settlement to end Fannie Mae's  claims that the bank improperly sold it mortgages that later soured, and to  resolve problems with foreclosures,  the companies said.

The settlement is a major step for Bank of America toward resolving claims  from investors who want the bank to buy back loans that its Countrywide  Financial subsidiary sold to them during the housing boom, many of which later  went bad.

The agreement largely covers the $11.2 billion of claims that  government-owned finance company Fannie Mae had against the bank, which  represented about 44 percent of the bank's total pending claims at the end of  the third quarter.

Bank of America, which bought Countrywide in 2008, still needs court approval  for an $8.5 billion settlement with private investors and is locked in  litigation with insurer MBIA Inc over mortgage-related claims.

The settlements, other charges, and a series of asset sales the bank also  announced Monday will result in Bank of America posting only a small profit for  2012's fourth quarter. Bank of America is paying $3.6 billion to Fannie Mae and  buying back $6.75 billion of bad loans from the mortgage company to clear up all  claims that government-owned Fannie Mae had made against the bank. Bank of  America is buying the loans for the value of their outstanding principle, and  will immediately record a loss on them.

Fannie Mae and its sibling, Freddie Mac, essentially buy mortgages from banks  and package them into bonds for investors. But in the mortgage boom, banks sold  loans to the two companies that Fannie Mae and Freddie Mac say should never have  been sold, because for example, borrowers had misstated their income. The two  mortgage finance companies are pushing banks to buy back the loans.

Bank of America said most of the repurchasing settlement would be covered by  reserves, and another $2.5 billion, before taxes, that it set aside in the  fourth quarter.

A separate settlement over foreclosure delays will result in Bank of America paying $1.3 billion to Fannie Mae, the  mortgage company said. Bank of America had already set aside money to cover most  of that, but took another $260 million charge in the fourth quarter to cover the  balance.

Bank of America also sold the rights to collect payments on about $306  billion of loans to Nationstar Mortgage Holdings and Walter Investment  Management Corp. Nationstar is paying $1.3 billion for the right to service some  $215 billion of loans, while Walter Investment is paying $519 million for the  right to service about $93 billion of mortgages.

Reuters first reported on Friday that Bank of America was talking to  Nationstar and Walter Investment.

Bank of America is eager to reduce expenses in its mortgage servicing unit,  where costs have ballooned as the bank has hired staff to work with customers  behind on payments and those seeking alternatives to foreclosure such as Bank  of America loan modifications and short sales. The unit now has nearly  42,000 employees, about 15 percent of the bank's total workforce.

At the end of December, Bank of America had 775,000 home loans that were  delinquent by 60 days or more, down from 936,000 loans at the end of September.  After the latest sale, the bank said this number will decline substantially.

The No. 2 U.S. bank by assets has lagged peers in recovering from the  financial crisis largely due to losses from its disastrous Countrywide  acquisition. The bank has paid more than $40 billion to settle lawsuits and to  buy back soured loans.

Two years ago, Bank of America reached settlements with Fannie Mae and  Freddie Mac over loan repurchase requests. The pact with Freddie Mac covered all  outstanding claims, but the agreement with Fannie Mae covered only claims that  were already in the works. Fannie Mae later began sending new claims to the bank  over loans originated during the housing boom, spurring the dispute between the  two companies.

Bank of America said Monday it will take an additional $2.5 billion expense  in the fourth quarter for a settlement with federal regulators over improper  foreclosures as well as other mortgage-related matters. The results will also  include a $700 million charge related to the value of the bank's debt and a $1.3  billion tax benefit.
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READ THE ORIGINAL ARTICLE HERE (Reporting By Rick Rothacker; Editing by Dan Wilchins, Maureen Bavdek and David Gregorio)

UPLAND SHORT SALE AGENTS HELP AVOID FORECLOSURE

Don't make the biggest mistake ever... Do not let the bank foreclose on your Upland home!

Loan modification is a temporary fix and can still leave you with negative equity.

FIND CA REAL ESTATE AGENTS

A BETTER SOLUTION IS TO SHORT SALE YOUR UPLAND HOUSE

• A short sale can let your deficiency be forgiven
• In most cases a short sale can leave you with no tax liability
• Our short sale real estate services are at no cost to you
• And we can help you get out of your bad situation

Don't be fooled! The bank will come after you and foreclose your Upland house. They may even be able to get a judgment against you AFTER the foreclosure for the negative deficiency, which could be tens of thousands of dollars! But what is the difference between a foreclosure and a short sale? Here are your options of foreclosure vs. short sale:

CREDIT SCORE:

• A foreclosure will slash your credit score as much as 250 points or more, and can affect your credit for a minimum of 5 years or more!!!
• But a short sale only affects your credit score with the late or missed mortgage payments. The credit bureaus will report PAID or NEGOTIATED if you short sale.Your credit score will not be lowered as much with a short sale.

CREDIT HISTORY:

• A foreclosure will remain as public recorded on your credit report for 10 years or more.
• A short sale is not reported on a person's credit history. There is no specific SHORT SALE term and is most cases is reported as PAID, SETTLED or NEGOTIATED.

FUTURE MORTGAGE LOANS:

• If your credit report contains a foreclosure, most home mortgage lending institutions will consider you ineligible to purchase for 5 years or more.
• If you successfully negotiate a short sale of your Upland property you may be eligible for a mortgage loan and purchase a new home in as little as 2 years.

DEFICIENCY JUDGMENTS:

• Banks have the right to pursue a deficiency balance if your foreclosed loan was not a purchase money loan (If you received any money for anything other than the purchase of your house, also called a hard money loan).
• In a successful short sale it may be possible to negotiate with the bank to release you of any deficiency balance and avoid any future judgments against you.

Need more information?

CALL US NOW TO LIST AND SELL YOUR HOUSE IN UPLAND:

1 (888) 9 LIST-IT

or (951) 490-3683

or click here: Listing Agents in Upland CA

our home is your safe haven and considered as the most important place for you and your family, that's why, as much as possible you want to keep your home.  But what if the time comes when foreclosure appears to be inevitable?  Perhaps, one of the most traumatic experiences a homeowner can ever encounter is leaving the house due to foreclosure.  You've been barely struggling with your mortgage payments and definitely when you reach the point wherein you already used your resources, you don't have any choice but to face the foreclosure.  That's pretty sad. :(

But of course, just like most of the things in this world, foreclosure has its own alternative too.  Short Sale.  Yes, short sale is absolutely the viable substitute if you are not qualified to refinance or amend your mortgage.  Another reason is if you are facing a long term adversity.  Moreover, short sale can also be an option if you are behind your mortgage payments and you are indebted more on your home than it's actual worth.

To learn more about this Short sale Solutions, read this full article here.

FIND A NORCO CA REAL ESTATE AGENT - FIND A NORCO CA REALTOR ®

Whether you're planning on buying or selling a Norco CA home, choosing the right Real Estate Agent is one of the most important decisions you'll make.

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About Us:

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That's (888) 954-7848.