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I am a broker in California and Florida.  It upsets me that nothing has been done by the President or any other entities to put a  ban on Deficiency Judgements that banks can get from their clients.  In Florida and many other states that use Foreclosure Procedures a bank is able to file a Deficiency Judgement against the seller for monies owed but not received.  Not all banks are using them but its important to put in the Short Sale Contract verbage that the bank can not seek a Deficiency Judgement after closing. In California a bank cannot file a deficiency judgement on the first or second mortgage. 

If your seller can't afford the payments, you can be sure they will not be able to afford another judgement against them.  They have been tramatized enough already! 

Apparantly my verbage was off a little while ago and I have corrected it. I would just like to see a fair and easy system put in place to help people who are in trouble that is equal in all states.  This is my opinion and one I know my friends and family agree with who have gone through Foreclosure and Short Sales in Florida!

The Obama Administration announced a series of changes to the Home Affordable Refinance Program (HARP) early this week!

The new HARP is by no means a game changer, here’s essentially what we’ve had to say about the revamped government mortgage refinancing program:

HARP 2.0, as the media has started to refer to it, has some merit, but it’s scope is very limited and it will have little or no impact on foreclosures or the estimated 6.4 million homeowners nationwide who are behind on their mortgage payments. The new HARP just expands the net of those who were eligible for help under the original version.

HARP was created in 2009 to help borrowers whose loans were backed by Fannie Mae, Freddie Mac or the FHA, but did not have enough equity or negative equity to refinance. Under the original version of HARP, borrowers who were current on their payments and owed up to 125 percent of the current value of their homes could refinance their mortgage.

The original HARP fell short of expectations. Over the past two and a half years, only 838,000 homeowners have benefited from the program. The new HARP has broadened the base with looser eligibility requirements.

Borrowers with FHA, Fannie Mae or Freddie Mac mortgages that were sold to Fannie or Freddie before May 31, 2009,  will be able to refinance, no matter how far underwater they are. Banks will only have to verify that borrowers have made their last six payments, that they’ve haven’t missed more than one payment over the past year, and that they have a job or another source of regular income.

Other key changes:

§ Appraisals are no longer required if there is a reliable automated valuation model (AVM)–a significant hurdle in the previous plan.

§ Risk-based fees have been eliminated for borrowers who refinance to 15-year mortgages.

§ Existing mortgage insurance coverage can be transferred much easier than under the original HARP.

While the new HARP won’t help homeowners who are behind on their payments and at risk for foreclosure, it is a welcome relief for homeowners who have been caught in the Catch-22 of not being able to refinance because they owe more on their mortgage than their home is worth, and at the same time, don’t qualify for a short sale or a loan mod because they are current on their payments and still have  income and assets.

More money into the pockets of this segment will mean more dollars back into the economy, potentially heading off strategic defaults and keeping and stemming the tide of homes entering the foreclosure pipeline.

You will need to check whether your mortgage is guaranteed by Fannie Mae or Freddie Mac?  Go to:
Fannie Mae Loan Lookup
http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac Loan Lookup
https://ww3.freddiemac.com/corporate

Tim Brown
Realtor ®, BROKER, ABR, CRS, CDPE ®, SFR, Auctioneer NCAL#8560
Hines & Associates Realty
Direct Line: 704-619-1008
www.CarolinaHomes4Sale.com

I have a short sale in which Chase has a $585,000 1st TD and First Bank has a $60,000 2nd TD.  Chase has approved it on the HAFA program.  Chase will only pay $3,600 or 6%, whichever is less to the 2nd TD.  They said that the rule changed with HAFA of 10% or $6,000 to 2nd TD's.  First Bank will not take less than 70%.  Is it true that if First Bank has participated in the HAFA program with other loans then they have to participate in all their loans if they are HAFA eligible? Any ideas?

My husband & I put in an offer on a short sale home.  Seller accepted our offer.  Seller's lender is SunTrust Mortgage.  I understand that it's all in the bank's hands now and it could take quite some time.  Does anyone know if there is anything we can do to speed up the process?

Today's Desert Sun newspaper reports again that our resort valley is continuing to see home Sales numbers increase over last year.  We have amazing winter weather, tons of things to do, and the most gorgeous views.  Plus..only 2 hours from Big Bear to ski, about the same to the beaches, and about another 1/2 hours to Los Angeles!  What could be better???Palm Springs Valley home sales rise again!

Hello All,

I've been having a BOA Short Sale since early August and have submitted everything through AMS.  Appraisal has been done, list price has been determined, but PMI company has not approved it yet.  I've left about 10 messages for my negotiator M. Phillips with no response whatsoever. My equator emails keep bouncing back, so my hands were pretty much tied.

That's when  I took my issue to Twitter, specifically to the BofA Twitter Help Team.  I tweeted my issue and the team responded immediately.  They asked me to DM them my contact info and were in touch with me by the next day. 

Of course I had all of my notes in hand when I received the phone call and the Twitter Team member, Karen Gillies, was more than happy to get things escalated to a BofA Manager, who will then escalate it to an AMS manager.  Ms. Gillies was pretty perturb with the negotiator, when I read my notes to her about the negotiator being unresponsive and how things were not updated in Equator.  That made me feel that she could definitely be my ally.

So I'm expecting an updated phone call from her this afternoon or by tomorrow morning.  I will keep you posted for sure.

If you are having problems getting through to AMS or BOA, please try the Twitter Team, #BofA_help, they seem to on their jobs.  I was just watching the Tweets that were coming in and this team were responding to all of them instantly.  Yeah for Social Networking and BOA having the insight to put this in place.

MeLisa Minter, SFR, Broker

Minter Real Estate Services

melisa@homesmint2be.com

This is so inherently unethical I can not believe I am actually writing a blog about this, but a buyer asked me this question today and apparently it is happening. 

I have a short sale listing in Menlo Park and offers are due by the end of the day on Tues.  At thus point I have 2. It is in Belle Haven,  a popular area for investors and is close to the the new Facebook Headquarters so the appreciation prospects are good.

Today I got a call from an investor who asked if I would represent him. I told him I do not double end deals as a general rule, and never do it in a multiple offer situation. I gave him the name of an associate who could help him.  He then asked if this person would be representing multiple buyers. I was shocked. If being a dual agent does not seem right to me, representing multiple buyers is beyond all sense of ethical behavior. The investor told me he has bought and sold many homes and this practice has been coming up recently.

All I can say is not on one of my listings, no way, no how.

If you have any questions about buying or selling short sales in San Mateo or Santa Clara Counties please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

D.R.E. 01191194

Any agent who has experienced working with this lender on a short sale which began as a preforeclosure and now I am told it has reached the foreclosure department, please feel free to give me some guidance.  thanks

I wanted to make everyone aware of a new real estate search engine called Revestor.

Revestor's patent pending algorithm generates and searches homes for sale by the highest potential returns.

1.) Homebuyers can gain confidence in their purchase by knowing that the home will rent for the payment.

2.) Investors can instantly find properties with the highest cash flow and cap rate in their neighborhood.

3.) Revestor's integrated services program connects Real Estate Professionals to assist them in the transaction.

It is a game-changer and if you are sick and tired of working 12months and 1000's of hours to close one short sale it is time to work with serious buyers and serious investors!

Revestor launches 11-11-11 in San Diego and then nationwide shortly thereafter.

If you are a Real Estate Agent looking for more leads I would suggest reserving your username today...here is a video walking through the site. https://www.youtube.com/watch?v=sC1bZ3RzKzQ and here is the fanpage: www.facebook.com/revestor

Wishing you an amazing Q4 and 2012!

Bill

PS Yes, Revestor does give SEO backlinks to your site on your profile and your individual listings.

I have a short sale in California with Morgan Stanley holding the frist loan, there are no other loans.  I am one of 3 other condos in the complex for sale at this time. After 2 months of marketing we finally got an offer and settled at a price. An interior BPO was done and the agent doing the BPO hinted that the value came in at the sales price.  Morgan Stanely refused to accept the negotiated sale price which was about $35,000 below the list price.  Consequently the buyer walked from the offer and we are now back on the market at the list price Morgan Stanely has said they will take.  The problem is that we are very sure that we are not going to be able to get the price Morgan Staney has agreed to and the negotiator for Morgan Stanely has told me that they will not go down on price.  Has anyone had a similar experience with Morgan Stanely and, if so has anyone had success closing short sales with them?

HAMP CHANGES ARE COMING...but will they help???  It's hard to say, but probably not much!  If you have a Fannie or Freddie backed loan, are current on your payments for the past 6 months, you might apply again.  The % your property may be underwater is being relaxed, the time line extended to 2013..so if you're one of these borrowers, why not give it a shot?  Remember that the Short Sale may be your next option so buck up on the process!  Short Sales have gotten quicker to approve here in California, and if you've already applied for HAMP, and been turned down, you may very well qualify pretty quickly for a Short Sale.  The best thing is that your financials are already in! 

Bank of America Short Sale in Los Angeles

Are you thinking of a Bank of America Short Sale in Los Angeles? Many homeowners in the Los Angeles area have their 1st mortgage, 2nd mortgage or both 1st & 2nd mortgages with Bank of America. You might not be able to pay your monthly mortgage payments anymore or are in danger of falling behind on your loan. If so, a Bank of America Short Sale may be an option. Many of my clients have also tried to get a loan modification with B of A and have been unable to. Bank of America may suggest the short sale of their home. Bank of America uses a special online platform known as Equator to process their short sales.

The number of Bank of America Short Sales in the Los Angeles area has increased. Some homeowners bought their homes when the values were high and are not able to refinance due to the decrease in home values. Others took advantage of the previous market and refinanced. If you live in your home or have lived in the house in the last 12 months, you may qualify for the Bank of America HAFA Short Sale. Otherwise, you can attempt the traditional short sale.

Feel free to contact me directly at 818-903-2040 with any questions regarding a Bank of America Short Sale in Los Angeles and the surrounding areas. I also provide a FREE estimate of value of your property.

Areas Serviced:

Agoura Hills, Arleta, Beverly Hills, Box Canyon, Burbank, Calabasas, , Canoga park, Canyon Country, Castaic, Chatsworth, Encino, Glendale, Granada Hills, Hidden Hills, Lake Balboa, Lakeview Terrace, Los Angeles, Mission Hills, Newhall, North Hills, North Hollywood, Northridge, Pacoima, Panorama City, Pasadena, Porter Ranch, Reseda, San Fernando, Santa Clarita, Saugus, Sepulveda, Sherman Oaks, South Pasadena, Stevenson Ranch, Studio City, Sun Valley, Sylmar, Tarzana, Toluca Lake, Topanga, Universal City, Valencia, Valley Glen, Valley Village, Van Nuys, West Hills, West Hollywood, West Los Angeles, Westlake Village, Woodland Hills, Winnetka

Bell Canyon, Camarillo, Moorpark, Newbury Park, Oak Park, Oxnard, Simi Valley, Thousand Oaks, Ventura, Westlake Village

IF YOU DO NOT SEE YOUR AREA HERE, PLEASE CONTACT ME. THANK YOU

What is the standard percentage to offer a second deed of trust? Working with B of A on the first, PNC on the second

Lisa Swaim

Remax Alliance'

In today’s real estate ups and downs and the pressures of either being a first time homebuyer or even a buyer that has had several transactions, there is a bit of hesitance in the final decisions being made. With that in mind I am offering a GUARANTEE that will put those worries and doubt to rest.  When you choose me, Tim Brown as your Realtor and allow me to help you find the home of your dreams, give you honest and sound advice and be up front and straight forward I will guarantee that you love your new home.  We call it the LOVE IT or LEAVE IT GUARANTEE.  If at any point within the first 90 days of purchasing a home you are not totally happy and in love with your new place, I will re-sell the property totally commission free.  That means if you end up not liking your home and feel as if you made the wrong decision, I will sell the home again for you without taking a commission.  This idea is something I think will give buyers a little sigh of relief in the decision making process. Homes are not like retail stores and you cannot simply return it if it doesn’t work for you. But with this guarantee we are offering, you can come close.  I feel so confident that we will find you the right home and a home you will love for years to come that this guarantee makes perfect sense and give you a strong sense of security in your decisions.

You can read more about the LOVE IT or LEAVE IT GUARANTEE HERE

Tim Brown
Owner/Broker, Realtor®, ABR,CRS,CDPE®
Auctioneer NCAL#8560
Hines & Associates Realty
TeamHeidi
Direct Line: 704-619-1008
Client Care Line: 704-815-3208
www.CarolinaHomes4Sale.com

I have a short sale with PHH.  The offer and packet were submitted in April, a bpo was done right away, but we've had no other progress since.  PHH keeps advising us that the account is in the loan modification depatment, but the seller has called 3 times and told them he no longer wants the modification and has requested the short sale move forward.  We have escalated almost every week for the last three months, but still nothing.  I need a escalation phone number that works.  Or better yet specific contact info for anyone at PHH that can help. 

Another HAFA Short Sale approved!  Indian Creek Villas, South Palm Desert.  This was a Bank of America, only one loan.  Hardship was death in the family and the emotional toll it took on the homeowner.  Listed and approved in approximately 60 days..we have 45 days..until 12/1 to close it.  Cute Condo that sold at the peak for over $200,000...approved at $58,500.  Hard to believe!  The owners will be primary residents so lucky for them..happy Buyers, relieved Seller with $3,000 to help her relocate. 

If you are selling your home as a short sale and it needs work you may get one or more offers from flippers. These can be contractors or investors who want to buy your home at a discount, fix it up, and then resell it for a profit. I do not believe there is anything unethical about this, and in fact I used to flip homes myself, but that was a different market.

However, there are many banks who disagree and often will put limits on the minimum time a home must be held before they will lend on it for the next buyer. That is an issue for the buyer of your short sale. As a seller there is a more important issue for you. Some banks will make a buyer sign a notarized document promising not to resell the home for a minimum of 90 and up to 180 days after the purchase.  If you accept an offer from a flipper it is a good idea to find out ahead of time if your lender has a policy about minimum holding times after close of escrow.  there is no point in taking your home off the market for 4-12 weeks and then get a notice from your lender that the buyer needs to hold the property for longer than they want. If this happens the buyer will walk, and you will need to start over again.

If you have any questions about short sales in San Mateo or Santa Clara Counties please feel free to contact me.

Marcy Moyer C.D.P.E.

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

650-619-9285

New here so I'm sure this has been asked before, I subbmitted a SS package for HAFA at BOA in mid March the investor is Fannie Mae it took forever to get the appraisal done but it has been done now and I was told we were approved, but I still do not have the approval letter and until I get the letter they will not listen to the offer I have (and it is a good cash offer). I have the negotiators direct line and there team leaders I have left about 10 messages on each voice mail and I sent 6 emails on Equator and I'm just not getting any responce. What do I do next??? Please help...Thanks, Mike

Making a move from home renter to a home owner makes a huge difference in the life of a person. While owning a home comes with responsibility, how do you know if you are prepared to purchase a home? Are you prepared to shoulder the expenses in buying a home? Would you be able to stand with all of the complications involved in the process of owning a home?

There are many home buyers out there that are eager and ready to spend a lot just for a home. It’s no wonder the market presently offers ideal buying conditions. Home prices are affordable plus there are a wide range of available homes that comes in different shapes and sizes in the market to choose from. With the interest rates which are low, it’s home buyers’ opportunity to buy a home at low interest rates as well as to negotiate a deal which can benefit the home buyers.

Owing a home comes with great responsibility not only financially by emotionally. The responsibility of paying the monthly mortgage is one of your priorities. Always put in mind that before you opt to enter the world of home ownership, you should review these questions to help you reflect whether or not you are ready to buy a home. Below are questions to ask - "Am I ready to buy a home or not"?

First and foremost, the questions like, “Do you have a stable income as your source of fund for your purchased home?" and "Do you have available cash for a 20 percent down payment?” are really important questions in order to gauge your capability to buy and own a house. Financial experts recommend of having a down payment of at least 20 percent. If you don’t have that amount of cash, do you have a support from a family or are they contributing?

Do you have a stable job and do you think it will continue very well in the future? Upon signing in the mortgage loan, you agree to pay the monthly payment mortgage. It is also important to have a backup for making your payments.

Are you planning to stay in the house for the next five years? Home experts suggest that if you have plans to stay in your home for 5 years or more, its better to purchase a home where you can’t put a price on the privacy and space. Studies show that owning a home brings stability to both the family and the community.

Does home ownership matters to you? And do you have an 8 month emergency fund? You should have at least eight months worth of money saved just in case. Savings and down payment are not enough to ensure your family stability.

Answering these questions will help you get in to the right direction of homeownership. If your answers to the above questions were mostly yes you would probably ready to purchase your own home. Assuming that buying a home is right for you, how can you rest assure that you are getting the best price?

Be ready for a big financial responsibility in home ownership. However, the opportunity to make creative changes and the stability you get from your home is all worth the price. Consider the above questions whether or not you are ready to enter the world of home ownership.

For more information regarding houses for sale in the state of Arizona, just take a look at the websites Real Estate Chandler AZ and Buckeye AZ Homes for Sale.