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Hi folks. Good news for folks that qualify for a HAFA Short Sale. As of February 1, 2015 the relocation incentive available to the occupant/borrower is increasing from $3,000 to $10,000!!

That’s right we may be able to get you $10,000 to assist you with moving from your property once the HAFA Short Sale is completed. These funds are paid to the OCCUPANT of the property even if they are not the owner/borrower.

My advice is don’t move!! Stay in your property while we go through the HAFA Short Sale process. The lender will compensate you for doing so. They want you there to maintain the property.

You may be eligible for a HAFA Short Sale if you meet all of the following criteria:

• You have a documented financial hardship.

• You have not purchased a new house within the last 12 months.

• Your first mortgage is less than $729,750.

• You obtained your mortgage on or before January 1, 2009.

• You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.

*Eligibility criteria are for guidance only. Contact your Orlando Short Sale Specialist to see if you qualify for HAFA.

HAFA offers benefits that make the transition as favorable as possible:

• You can get free advice from HUD-approved housing counselors and licensed real estate professionals.

• Unlike conventional short sales, a HAFA short sale completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls "short" of the amount you still owe. The deficiency is guaranteed to be waived by the servicer.

• In a HAFA short sale, your mortgage company works with you to determine an acceptable sale price.

• HAFA has a less negative effect on your credit score than foreclosure or conventional short sales.

• When you close, HAFA may provide $10,000 in relocation assistance.

So folks, if you are experiencing difficulties making your mortgage payment then give me a call. As your Orlando Short Sale Specialist I will be able to guide you through the entire process.

Together we can devise a plan to get you out from under your hardship with the least impact to you and yours.

 Please feel free to reach out to me if I can be of any assistance.

Effective February 1, 2015, if short sale is approved through HAFA, $10,000 relocation assistance funds will be paid to property occupant.  This has been increased from $3,000.  Also, new directive states senior lien can allow up to $12,000 to junior lien up from $8,500 in the past.  Treasury will reimburse first lien $2 for every $3 they provide to junior lien at short sale closing.  All the HAFA changes are available on the link below:

https://www.hmpadmin.com//portal/programs/docs/hamp_servicer/sd1404.pdf

finally spoke with someone at SPS who knew what she was talking about.  She said a deceased person doesn't and wouldn't qualify for HAFA.  I would just have to have the PR, Executor or POA to sign the Hardship affidavit.  The bank still does a BPO and credit check -good luck with the credit check!  At least the issue has been resolved.

Hello everyone

I have question.

I had a seller to call me about short selling her home. she was granted a modification a few months ago (which she accepted). Now she has decided she no longer wishes to proceed with the modification and wishes to apply for a short sale.  Has anyone had this situation before and what are the chances  of getting the short sale approved,being that they have already approved the modification?

Thank you

I am not licensed in Dayton, Ohio. I have a client that just relocated to Michigan but needs to short sale a house in Ohio. Please email me if you are interested in a referral, ashley@tomsmolinski.com. Please include a description of your process, success rate and possible referral fee. 

Thanks :)

The Wisconsin housing statistics are in for this November of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

~~~~~
Existing home sales in Wisconsin fell in November compared to the same month last year, but home prices increased over the same period, according to the most recently released analysis of the state’s housing market by the Wisconsin REALTORS® Association (WRA). Existing home sales in November were down 6 percent whereas median prices rose 6.6 percent to $145,000 between November 2013 and November 2014.“The last couple of months have been a bit of a roller coaster in terms of sales,” said Dan Kruse, chairman of WRA board of directors. “October sales were up over last year but sales in November were down” Kruse said. Comparing year-over-year sales for the two months, October sales rose 658 units compared to October 2013 while November sales declined 288 units relative to November 2013. “Putting these numbers into perspective, our housing market remains strong in Wisconsin,” Kruse said. “We had the strongest September to November sales period since 2006, before the Great Recession began”
~~~~~

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Dane County, and Rock County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. This month both Dane & Rock County's home prices increased significantly. On a year over year basis, Dane County's total number of homes sold was up while Rock County home sales slipped.

Thinking of purchasing a home before prices or rates rise any further? I'd be happy to show you any homes currently listed for sale. Feel free to visit either site below:

Real Estate Listings in Janesville, WI 

Real Estate Listings in Madison, WI.

With the recent home price increases, now might be the right time to sell your Wisconsin home. Take advantage of your increased equity! Feel free to take a look at our cutting edge Rock Realty Marketing Plan! If you would like some insight into how much your home is currently worth, I would be happy to provide you with a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? Have you experienced a hardship like divorce or job loss? A short sale may be right for your situation. Visit our distressed property page for more information.

Wisconsin Short Sales

Housing Statistics for the State of Wisconsin:

November 2014
Home Sales: 4,542
Median Home Price: $145,000

November 2013
Home Sales: 4,807
Median Home Price: $136,000

Housing Statistics for Dane County, WI:

November 2014
Home Sales: 431
Median Home Price: $225,000

November 2013
Home Sales: 425
Median Home Price: $210,000

Housing Statistics for Rock County, WI:

November 2014
Home Sales: 131
Median Home Price: $113,000

November 2013
Home Sales: 147
Median Home Price: $108,000

View my report from last month. Wisconsin October 2014 Housing Statistics

First-Time Homebuyers Discounts through FHA

People in the market for their first home can take advantage of a new offer from FHA. This new initiative aims to provide more information to buyers though classroom education and will reward them with a reduction in the premiums paid towards mortgage insurance.

HAWK to the Rescue

The name of the new initiative is called Homeowners Armed with Knowledge (HAWK). The borrowers are asked to complete a series of classes prior to buying the home as well as a few courses scheduled after the home has been purchased. At the time of this writing the classes are broken down in the following ways

* 1st class to be completed before the buyer completes a purchase contract

* 2nd class will be completed after a contract is signed and before the loan is finalized

* 3rd class will be completed within 12 months after the loan is finalized

Goals of the Program

Simply put, the HAWK initiative is hoping that people buying their first home will have a better understanding of the overall process thanks to the counseling and will be in a better position to make wise financial decisions in the future not only in regards to their housing but also to their other needs.

Monetary Benefit

Once the customer has completed the necessary classes their upfront mortgage insurance premium will be reduced along with the monthly premium that is paid as part of the mortgage payments. In addition, if the customer has no delinquent mortgage payments within the first 2 years of the loan the monthly premium will be reduced again.

Some Limits and Expiration Dates

Since this is a new program with no history to review the FHA is rolling this out with limits. The program is currently scheduled to only last for 4 years. In addition, not all FHA loans are going to be accepted under this program. At this time there is no news about how many loans will be allowed to use HAWK but FHA has stated that there will be a maximum number each year.

Class Time Requirement

For the class completed before the contract signing the prospective buyers will need to finish at least 6 hours of counseling and education.

The class that is conducted after the contract signing is a one hour class as well as the class that comes after the loan is closed.

Each class will issue a certificate to the students indicating that the course has been successfully completed. These certificates will be necessary in order to get the reduction in mortgage insurance premium.

In general, this is a great program that FHA is offering. It provides critical information to potential home buyers in order to better prepare them for a prosperous future and it rewards them by reducing the amount paid on their mortgage.

Take a look at --> Madison, WI Homes for Sale or browse through --> Janesville, WI Real Estate Listings!

Most Short sales once approved, go off without a hitch...however there are those few agents who like to buck the trend, who think they are doing their buyers some good use when trying to extend or back out Closing Dates that must be met...I for one have 1 of those right now...who keeps sending an addendum to extend, who wants to try and protect the buyers Earnest Money...JUST STOP I want to say...why don't you just focus on getting your buyers loan closed..

"This is short sales, they don't close when buyers would like them to close, the need to close on an absolute time frame"...

In a long expected vote by the House of Representatives, HR 5771 was passed today just after 3 pm ET.  HR 5771 in section 102 provides for the extension of the presently expired Mortgage Debt Forgiveness Act, which expired at the stroke of midnight December 31, 2013.  The law is now extended though December 31, 2014.  Efforts to have the extension for 2 years failed.  Interestingly the bill, introduced just days ago, was given a 10% chance of passage on Monday by Govtrack.US website.

Those who received forgiven debt in a short sale or deed in lieu of foreclosure or other forgiveness of debt on a primary residence in 2014 will now in most cases have no income tax to pay on that gain.

For example, if a mortgage of $250,000 was paid off with only $150,000 from a short sale, that would mean that the borrower would have a gain (income) of $100,000.  If the taxpayer was in the 28% tax bracket, that would mean a $28,000 tax bill on that transaction on the individual's 1040 tax return that needs to be filed for 2014.  Passage of this bill removes that tax bill.

Senator Pete Sessions said in a statement:

WASHINGTON, D.C.  – U.S. Congressman Pete Sessions (R-TX), Chairman of the House Rules Committee, today released the following statement regarding House passage of H.R. 5771, the Tax Increase Prevention Act of 2014:

“Today the House acted to prevent burdensome tax increases on millions of families and businesses across America.  This piece of legislation provides much needed certainty to taxpayers as they prepare to file their 2014 tax returns and eliminates provisions in the tax code that no longer serve a purpose. I applaud the passage of this bill and look forward to continuing to work toward a simple, competitive tax code.”

This is huge for a large number of distressed homeowners that lost their homes to short sales and deed in lieu of foreclosure in 2014.

The Congressional minutes summary shows the following:  

I've been doing Short Sales here in the Palm Springs Valley for many years.  2013 saw a dramatic fall in the numbers of Short Sale and Foreclosed properties come up for sale in  all our Valley cities, and 2014 saw the same trend continue.  Very good for the general health of our market!

I am currently working on a Short Sale for a Seller that bought at the peak, put an additional $100,000 in upgrades into his home, and now his income has radically dropped!  A scenario that seems to be rearing it's head once again.

He has two notes.  First is with OCWEN, and second is with REAL TIME SOLUTIONS.  I must say that Real time has been very communicative, while OCWEN has very consistently continued to "request just one additional document."  Pretty predictable.  We listed the property in august, submitted an offer in September, and here we are in December!  But...I WILL prevail.

The trick is to KNOW what the situation is with your Seller.  KNOW the Lenders and their systems before submission, and be as tenacious as a bulldog with follow up!

If you are finding yourself in a shaky situation on your Palm Springs, California area property, give me a call and I'll stop by and help break down the process for your individual situation.  760-285-3578

The Wisconsin housing statistics are in for October of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

~~~~~
Wisconsin’s home sales rose significantly in the month of October, and median prices continued growing at a solid rate, according to a recently released analysis of the state’s housing market by the Wisconsin REALTORS® Association (WRA). Existing home sales in October 2014 were 9.6 percent higher than October 2013 while median prices were up 4.2 percent over that same period, growing to $148,000. “This was a strong bounce in home sales in a month where sales activity is typically winding down as we approach winter,” said Dan Kruse, chairman of WRA board of directors. “In fact, this is the strongest October sales we have seen since 2005 when the WRA began using the current data collection system.” Kruse said. Median prices continued to rise statewide in October, growing at a 4.2 percent annual pace. On a year-to-date basis, home prices in Wisconsin were up 2.5 percent compared to the first 10 months of 2013, which more than outpaces the annual national inflation rate, which stood at 1.7 percent as of September.
~~~~~

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Dane County, and Rock County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. This month Dane & Rock County's home prices increased significantly. On a year over year basis, Dane County home prices were up 3.7% and Rock County prices are up 13.8%!

Thinking of purchasing a home before prices or rates rise any further? I'd be happy to show you any homes currently listed for sale. Feel free to visit either site below:

Real Estate Listings in Janesville, WI 

Real Estate Listings in Madison, WI.

With the recent home price increases, now might be the right time to sell your Wisconsin home. Take advantage of your increased equity! Feel free to take a look at our cutting edge Rock Realty Marketing Plan! If you would like some insight into how much your home is currently worth, I would be happy to provide you with a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? Have you experienced a hardship like divorce or job loss? A short sale may be right for your situation. Visit our distressed property page for more information.

Wisconsin Short Sales

Housing Statistics for the State of Wisconsin:

October 2014
Home Sales: 6,366
Median Home Price: $148,000

October 2013
Home Sales: 5,748
Median Home Price: $142,000

Housing Statistics for Dane County, WI:

October 2014
Home Sales: 501
Median Home Price: $225,000

October 2013
Home Sales: 517
Median Home Price: $216,796

Housing Statistics for Rock County, WI:

October 2014
Home Sales: 206
Median Home Price: $122,950

October 2013
Home Sales: 165
Median Home Price: $108,000

View my report from last month. Wisconsin September 2014 Housing Statistics

Why Choose Our Team For Your Short Sale?

• Our team has over 10 years of short sale experience in the Reno – Sparks real estate market.
• We are statistically one of the top performing short sale experts in the Reno-Sparks area.
• Our commitment to each homeowner is the same… We will evaluate each situation individually to help you determine which option is best for you.
• We will strive to make the Short Sale process as smooth, effortless and private as possible.
• We will communicate with you throughout the entire transaction, so you are never left wondering what is happening or if the transaction is going through.
• Our goal is not only to help you in this transaction, but hope to build a client for life by providing you with the outstanding service you deserve.
• We are not investors, we will not ask you to deed the property to us, we will not lie to you, we will not charge you up front fees and will not recommend you deed to a third party or give up your home. We serve as a neutral third party to the Short Sale transaction and are working for both buyer and seller as a third party negotiator.
• Our services our 100% free to you. Your mortgage lender will pay all real estate fees and commissions.
• We handle Short Sales in all areas of Reno, Sparks, Carson City, Minden, Incline Village, Fernley, Dayton and the Lake Tahoe areas on the Nevada side.  We can also refer you to our partners throughout California and the US if you property is located in another area.

Get Started On Your Short Sale

We have helped hundreds of Reno-Sparks homeowners just like you avoid foreclosure, navigate the short sale process, and move on to a better tomorrow!

Our 3 Promises To You

• We will save your credit
• We will stop the calls from creditors
• We will help you avoid foreclosure.

Who Are We

Welcome to the Heath Montgomery Real Estate Team Short Sale Website.  We are a local Real Estate Company serving Reno, Sparks, Carson Valley, and Incline Village.  We specialize in helping individuals that are heading into default on their current loans, or are already in the foreclosure process.  If you have questions, we have the answers to help you! We handle the listing and short sale negotiations throughout the entire short sale process.

We understand that defaulting on your mortgage can be a stressful and difficult situation.  We have counseled many individuals and families in similar situations.   Our team is here to help! We have discovered that many homeowners in this situation don’t realize that they have other options instead of foreclosure.  One of the best options to avoid foreclosure and save your credit is a short sale.

A short sale, is when the amount owed to the lenders is more than what the home can be sold for.  In a short sale, we list the property, and then negotiate with the bank to accept less than the full amount to satisfy the debt,  allowing it to be paid off “short”.

Just How Upside Down Is My Reno Home?

We truly care about people, and it has been a privilege for us to help many individuals and families throughout this economic downturn.  Our clients often refer to us as Honest, Dependable, Hardworking, and Trustworthy.  Many testimonials and reccomendations from our clients can be found on our testimonials page.

Why Choose Us?

Our team of Reno Sparks short sale professionals have consistently performed in the top 3% of all agents in Northern Nevada.  Our short sale success rate is among the highest in the industry, both nationally and locally.  We take pride in the fact that have successfully closed 95% of all short sale transactions that we have listed (the average agent closes less than 50% of their short sale transactions).  Our team has also won many top awards from Keller Williams Realty International as “top-producing” and “top performing”.

I have bank (SPS) that absolutely will not move forward unless the PR signs the HAFA hardship affidavit.  I told them that since the borrower is dead, he wouldn't qualify for HAFA. They don't care.  The Hardship aff states that the borrower is requesting to be reviewed for MHA. Are they allowed to do this??

The Wisconsin housing statistics are in for September of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Wisconsin’s home sales in September were nearly identical to one year ago, but prices were higher, according to the most recent analysis of the state housing market released by the Wisconsin REALTORS® Association (WRA). Existing home sales in September were just 0.2 percent lower than September 2013, and median prices were 3.1 percent higher to $148,700.

“Although our home sales are slightly lower than last year, it’s important to recognize how far we’ve come since emerging from the Great Recession,” said Dan Kruse, the newly installed chairman of WRA board of directors. “Sales this quarter may be 2.1 percent below a very strong third quarter last year, but they are 20.7 percent higher than they were just after the recession ended in the third quarter of 2009,” Kruse said. Kruse noted that other housing indicators also paint a picture of a stabilizing housing market in the state. Seasonally adjusted housing inventories have ranged from about 49,000 homes to nearly 53,000 homes since December 2012, which is a far cry from the nearly 72,000 homes on the market in March 2010.

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Dane County, and Rock County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. This month both Dane and Rock Counties showed increases in year over year home prices, approximately 3.3% in Dane County and over 11% in Rock County!

Thinking of purchasing a home before prices or rates rise any further? I'd be happy to show you any homes currently listed for sale. Feel free to visit either site below:

Real Estate Listings in Janesville, WI 

Real Estate Listings in Madison, WI.

With the recent home price increases, now might be the right time to sell your Wisconsin home. Take advantage of your increased equity! Feel free to take a look at our cutting edge Rock Realty Marketing Plan! If you would like some insight into how much your home is currently worth, I would be happy to provide you with a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? Have you experienced a hardship like divorce or job loss? A short sale may be right for your situation. Visit our distressed property page for more information.

Wisconsin Short Sales

Housing Statistics for the State of Wisconsin:

It's like winning the lottery...well maybe, it's like climbing a mountain...small exaggeration, OK, it is most like the 20 ft putt that drops in to win a masters...you know, leg kick with fist high up in the air...Yep, it's most like that...the feeling of Bank Approval...because the road to get there has been down right dirty...

No homeowner should need to go through what Short Sale Clients go through but each one of them are troopers, I feel we share a bond at closing most clients and agents will never know...Battling a bank to forgive a loss, these clients have true hardships and need to be cut a break...que up "Wonder Woman" Theme, kidding...

And so this Short Sale goes..."The Huntersville, NC House Client"...along with the general packet, and package, we had 1 Bank change, FHA variances, Prelim-Hud-1's, bank statements, hardship letters, tax returns, cash flow statements, offer and ONE very patient Buyer...

Oh yea, and... 300 emails, 48 calls, Including US Bank's CEO & President on correspondence, complaining on bank's twitter site, and on almost any site I could in hopes of getting the coveted prize...approval...2 days ago...a direct call from the US Bank Executive Office..."I have been getting all your emails for a month, and I will be looking into this directly" and  guess what ...150 days into this short sale I had the following arrive at my email

XXXXXXXX@usbank.com

"Attached is our Approval Letter for XXXXXXXXX, your HUD closing worksheet, Arms Length Affidavit, and Offer Review Form. Please have all appropriate parties sign and return with the payoff and other required documents per the letter. Please note that all signatures must be notarized on the Arms Length Affidavit. This includes the agents' signatures as well. Please send in for document review 48 hours prior to close. Thank you for working with US Bank."

So, Thank You ma'am...who called me direct by name at the Executive Bank Level, Dept. Of HUD who got involved simply because I just decided to also cc them...and every Bank Employee that I  also included just to annoy enough people to get my clients approval...and every other person I could be an annoyance to on my clients behalf...Nice doing business with you...Until Next Time-

Melissa Polce, (THAT pain in the butt agent who just would not give up. :) )

Simple Things to Get Your Home Ready to Sell

Getting ready to sell a home involves a lot more than just the home. There are also emotions, schedules and other things to consider. Here are some tips to help you in getting ready for the day you hand over the keys to the new owners.

Remove Old Items

Over the course of time most people accumulate lots of things that are no longer needed. It is fairly common for folks to have clothes that they no longer wear, old books and magazines and other items. Go through the closets, cupboards and other storage areas to get ride of all the unnecessary items. Make sure to get things off the kitchen and bathroom counters too.

Separate Yourself from The Home Emotionally

Now is the time to make the decision to say goodbye to the home. It is important to realize that the memories and emotions you have from living in the home will always be a part of you. Moving away from the home is merely separating yourself away from the structure. Imagine how the new owners will enjoy the home and be able to make their own happy memories.

Get Things Organized

Since potential buyers will be coming through the home and inspecting every possible area it is a good idea to get everything as organized as possible. If you need some ideas, here are a few suggestions:

* Put spices in alphabetical order

* Arrange all coffee cups to face the same direction

* Put shoes in order

* Place dishes in nice stacks

Remove Personal Decor

Remove the photographs and items that may have your surname or initials. People who will potentially buy the house want to be able to imagine their own belongings and decorations in the new home. By having generic items in the house it will be easier for people to see themselves enjoying their new abode.

Take Care of the Little Repairs

Give potential buyers a great first impression by making sure all of the little items are handled. This includes

* Replacing light bulbs

* Applying oil on door hinges

* Add new filters to the air conditioner

* Tighten or repair any water leaks

* Fix any holes that may be present in windows, doors or walls

Add More Storage Space

It can be a good idea to find a nearby storage rental agency and get a contract on a small unit. The extra space can help you remove some of your belongings to make the home seem larger. Removing empty bookcases, taking out extra leaves in dining tables and extra chairs can free up space throughout the entire home. It can also be handy for storing seasonal items that you may not need when you are ready to move.

Once you have cleaned up the home and organized everything it will be much easier to sell and start your new life in a fresh new home.

 Longwood Florida Short Sale Superstar Bryant Tutas and Tutas Towne Realty, Inc   just had another successful Longwood Florida Short Sale closing with Select Portfolio Servicing.

Does anybody know if Provident Bank ( not Provident Funding) does any short sales  or know how I can submit?