Just received a charming Christmas Eve short sale "decline" after patiently waiting since August 2012 for an approval. Reason - "strategic default" - DECLINED.
This loan is through the SchoolsFirst Federal Credit Union formerly the OCFTCU. My seller had to relocate her mother and father to care for them as her mother was diagnosed with cancer early last year. She and her parents purchased a home together where they live now. She is $150,000 upside down on her existing home. She has a tenant in the home but it does not pay the mortgage with a $1,000 negative each month. She cannot afford to keep both homes and pay for her mother's care.
This hardship is not considered a hardship in the eyes of the CU. It breaks my heart to tell her the news the day before Christmas. No one expected this. The credit union obviously ran her credit and found the new mortgage and made their decision. We explained the situation just as I have here. The new mortgage has all three names on it.
Be careful of the strategic default!
Default (14)
The best way to find a Short Sale Realtor .
It's easy to discover a realtor...There everywhere... Here are my suggestions on what you have a look for in a Licensed California Realtor. Confirm they are Licensed!
The Realtor has CLOSED at least Twenty short sale transactions. Not just listed. I'm seeing folks lose there houses everyday because they employed an inexperienced agent.
The way I see it... I'm the one that you hire to help you avoid foreclosure. At some particular point you and I are going to sit across from one another and sign the paperwork that enables me to market your home. Therefore it's my responsibility to help you through this. Not pass it off to some company so I can just try to get a few more listings
The realtor should Market the property on the Multiple Listing Service. They do not work with investors unless the property is in actually poor condition and normal financing can't be obtained.
They've got a lawyer for you to check with if necessary.
Do not work with the guy / girl the bank has recommended to handle your short sale. That agents ultimate aim is to get more listings from that lender. They could server you up on a silver platter. What i mean by that is...sometimes a short sale isn't in your best interest....maybe Bankruptcy is easier when you still have the house not after its already been sold. Not to say each agent would be that way.... You only need to be cautions.
7 ) The agent is familiar with the area and a member of the local board of Realtors.
Eric Baskett
310-261-8511
http://www.ericbaskett.com/category/short-sales/
Keller Williams Realty
DRE Lic # 01446685
Some of the main cities I service short sales in are Redondo Beach, Torrance, Gardena, Lomita, San Pedro, Lawndale, Palos Verdes, and Manhattan Beach.
How to Find a Short Sale Realtor
How to Find a Short Sale Realtor How to Find a Short Sale Realtor in Torrance How to Find a Short Sale Realtor in Redondo Beach How to Find a Short Sale Realtor in Manhattan Beach
Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away.
Perhaps you have heard about it???
On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but you can't avoid seeing the many Short Sales and Foreclosures in Phoenix, Arizona. Many people are being led to believe that walking away from their home is a good (or even the best!) option.
It is called Strategic Default. For distressed homeowners who believe that they have no good choices left, the idea of walking away free of consequence may sound like a RELIEF. The REALITY, however, is that choosing Strategic Default has serious repercussions on your credit.
THERE ARE BETTER OPTIONS AVAILABLE!
If you feel that you are headed toward Foreclosure, and need Foreclosure Solutions, or if you are avoiding facing that fact, the sooner you reach out for help, the better your options. The impact of Foreclosure in Phoenix, Arizona is huge and the sad fact is that it’s often avoidable with other options and many cases it's usually a Short Sale. The good news is that there are Foreclosure Solutions!
To find out if a Phoenix Short Sale is right for you..OR...For your Free Report Click here ...
As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to escape from unmanageable mortgages without running away.
Facing your problems head-on is always the best solution. Let me help.
Arthur Wainio
I help people decide what to do with upside down real estate. Everyone knows someone that is throwing good money away every month. Do you really want to know what it's going to cost for you to wait for your home to go up in value? Seriously do you want to know?
http://strategicdefaulthelp.us/
Put in your address so Zillow will give you an approximate value
Put in your loan balance and Interest rate
In 30 seconds you will have 3 different appreciation scenarios. 2% 5% 8% appreciation rates. This market crashed in 2006 and here we are in 2012. 6 years gone don't waste another 6!
http://strategicdefaulthelp.us/
http://www.ericbaskett.com/category/short-sales/
Advice for Short Sale in Redondo Beach California|Redondo Beach California
Exactly How to Complete Short Sale
Do you own a house within Redondo Beach California?
The property foreclosure inventory for the last Five years has remained exactly the same. On average you have around 300-400 residences that are in active property foreclosure.
You may be questioning when the housing market will start going back up. Nicely lets simply say not for many more years! If you are interested what the worth of your home Redondo Beach is currently visit Short Or Stay Calculator.
This site will give you a Zillow worth of your home and it'll tell you whenever you may have equity again and just how much it will cost meanwhile to just breakeven.
The Redondo Beach home values within 2005 towards 2006 had been between 800 and also $1,200,000. Currently, 2012 home values range from $500,000-$900,000. 6 years right after the real estate market crashed Redondo Beach house values are still going sideways.
So you may be sitting there wondering is a short sale best for you?
For many people the answer is yes!
Truly being your property is your main residence, so you can actually write off any kind of taxes for the short pay. Your mortgage is most likely a lot more than $200,000 upside down and is interest only. You can most likely lease a house in same neighborhood for $1,000 to $1500 less per month. Why has it taken you 6 years to make this choice?
Don't be concerned your not alone! Many people are attempting to do what they feel is right.
- Honor our own word
- Make good on our own promise to repay
Extreme caution!!! You're dealing with a bank not someone that has empathy and cares about both you and your personal situation. It's about return on investment! When are you delivering them there cash? They will often ask...in case you don't have the money who actually can you borrow this from?
They do not worry about if you have food on the table or otherwise! The quicker you believe and understand this the greater you will be ready for what’s ahead.
I speak with people every day which have been fighting a struggle with the lending company over obtaining a loan modification. Many that have selected to take on this task of getting a loan modification have since realized how much the bank really doesn't worry about your personal problems.
Often homeowners can't get assistance until they're at the very least Thirty days overdue on their mortgage. Regardless of the circumstances, even if you have a letter from your employer stating your likely to be unemployed in the next Forty five days.... you wouldn't have any assistance till you are Thirty days late.
So the whole time were trying to do things right only to discover it does not make a difference!
You need to do what is best for you and your family and also win control over your financial future and never be worried about the financial institution!
I'm sharing this with you Now so you go into a loan modification with realistic expectations.
Do you have Loan modification or Short Sale Questions you wish answered? Click here: Redondo Beach short sale.
Eric Baskett
Keller Williams Realty
23670 Hawthorne Blvd
Suite #100
Torrance, CA 90503
310-261-8511
ericbaskett@gmail.com
www.EricBaskett.com
www.StrategicDefaultHelp.us
Do you live in Rocklin CA? How about Granite Bay CA? Or Lincoln CA maybe? Folsom CA? Well, even if you live in El Dorado Hills CA or Roseville CA this message may help you if your home mortgage is underwater or you have considered a Short Sale.
BLOG SERIES – “What Does a Notice of Default Mean?” CALIFORNIA SHORT SALES FAQ's RETURNS!!! for Rocklin, Roseville, Granite Bay, Folsom, El Dorado Hills, Lincoln and Sacramento CA
As a Rocklin CA Short Sale Listing Agent serving places like Rocklin CA, Granite Bay CA, Folsom CA, Roseville CA, El Dorado Hills CA, Citrus Heights CA, Sacramento CA and Lincoln CA... And others in the area, I get many questions regarding the process, lenders, what course of action should be taken... There are an endless number of questions that come up. So, I decided to start a BLOG series in 2011 regarding those Short Sale questions that I get asked. Here s a link to 10 Short Sale Questions and Answers and my answers BLOGGED previously.
That said here is the next question I hear from Sellers & General Public a lot:
"What does a Notice of Default mean?" ANSWER – In California, your first missed payment is technical default. However, most loan servicers (i.e. – Bank of America and Wells Fargo are Loan Servicers) do not begin the formal process until the third payment is missed. A Notice of Default is a document filed with the county recorder officially beginning a non-judicial foreclosure timeline. Once you receive a Notice of Default, foreclosure has begun. You have approximately 111 days before the property will be SOLD AT AUCTION or taken by the bank if nothing is done to prevent foreclosure. After a Notice of Default, the next document received will be a Notice of Trustee Sale. We will summarize the Notice of Trustee Sale in a later post. If you are not making your mortgage payment, it is highly recommended that you seek advice from a qualified Realtor or Real Estate Attorney immediately.
I have read several news and Blog pieces about 2012 being the bottom of the market and how the best time to purchase a home is now. In good conscious I cannot sit idly by without voicing my opinion.
The news and columnists have based their analysis on the low number of inventory currently on the market for sale and the fact that it is 22% less than this time last year. They further site a 30% increase in property searches on Realtor.com which is one of the top search websites where consumers make purchase decisions. The reporters further substantiate their point by stating that interest rates are the lowest they have been since the great depression. Well folks, I am here to let you in on a few things. I am a distressed property real estate broker and live in the numbers and happenings on the ground. Last year alone I personally closed $17 Million in real estate. More than three quarters of my sales were short sales and bank owned property sales. My job revolves around tracking properties that have defaulted on their mortgage payments and listing the property for sale before it ends up in foreclosure. When properties do end up going to foreclosure the banks also contacts me to sell the properties back into the marketplace as a bank owned property. This is also known as a REO (Real Estate Owned) property.
In dealing with the lenders on a daily basis I have the ability to see how many mortgages are current or behind in any part of California. The numbers are staggering! One in three properties in San Diego County is currently underwater (owe more than what the property is worth).
Many of you may have heard of the “Mortgage Debt Relief Act of 2007” which is set to expire at the end of 2012. This means that anyone wanting to do a short sale has until the end of this year to get it done to avoid the enormous tax and deficiency implications. As homeowners scramble to do short sales, the banks are absolutely inundated with files. Banks have increased their loss mitigation departments to handle the amount of short sale requests as the deadline draws near.
So to shed further light on the subject of a “recovery,” I would have to say that the reason there is a 22% decrease in inventory on the market for sale is due to the “Robo-signing” debacle which simply held up the foreclosure process for a few months. Furthermore, the lenders have started issuing three month extensions to foreclosure sale dates rather than the standard 30 day extensions. The numbers are artificially adjusted to modify the supply and demand ratio. Also, the news columnists have stated that the average nationwide sales price has started increasing and the market is recovering. This is not quite correct because the number of higher end distressed sales has dramatically increased. In other words, if 100 homes sell at $200K and 900 homes sell at $500K, the average home price may have increased. However, what they are not saying is that the home that is currently selling at $500K was purchased in 2005 for $900K. See how they are messing with the numbers. Just because the average nationwide sales price has increased, does not mean we are recovering.
So I would maybe agree that the lower end has reached the bottom whereas the middle and higher end have room to fall. Far be it from me to state that 2012 is the “Big Housing Recovery.” New young families or recent college graduates will also add to the lower end recovery as they will need to purchase in this range.
The number of Baby Boomers now wanting to downsize will further hamper the prices of the middle and higher end as they add to the supply. There are currently 30 million Americans in this segment of the market.
The FED made an error in judgment a month ago when they stated interest rates would remain low through the end of 2014, which took away the immediate driving force to purchase now. If interest rates would remain low for an extended period of time, why would anyone be in a hurry to purchase when they know how much shadow inventory the lenders are sitting on?
As the world has become a global economy, few have shed light on the fact that China has begun their housing crisis with more than half the cities reporting huge decreases in home prices. This may have an influence on our economy further down the road as this may affect the cost of consumer goods locally.
Gas prices are at an all-time high and could further contribute to inflation and gyrations in the consumer price index.
Unemployment is still stubbornly above 8% and steam rises from the printing presses at the Fed.
I don’t know folks. Recovery 2012? I am not so sure. And over the years I have learned that in the long run it pays to be honest rather than bending a situation for personal gain. There is a reason I am renting right now. Though the rents are higher, cash will soon be back on the thrown to be crowned King. Don’t be in any hurry to purchase unless you find a great deal.
This is my honest humble opinion.
I got a chance to watch a couple of agents go at it with each other in a real estate forum trying to answer a question about doing short sales. It was interesting, to say the least. Besides the two main agents who proclaimed themselves the “experts” and hijacked the conversation, there were a few others who chimed in and made some comments. But the question was never specifically answered.
The question posed was whether a lender will approve a short sale if the borrower had assets. He didn’t provide a lot of detail but wanted to either do a short sale or let his home go into foreclosure and he specifically asked not to get into a debate about the ethics in not paying his mortgage.
The argument or “discussion” in the forum quickly evolved into a big debate about the ethics of what people considered to be strategic default. One expert proclaimed it was morally and ethically wrong to engage in strategic default and the lenders would not go for it. The other expert proclaimed morality and ethics had nothing to do with his decision and it was more about money.
As a San Jose Short Sale Agent, I tend to agree with the latter expert. When you are dealing with short sales with lenders, the department you deal with is called Loss Mitigation. Let me say it again: Loss Mitigation. Their job description is patently obvious: it is to mitigate or lessen the loss for the lenders.
Yes, there obviously are moral and ethical implications of not paying your mortgage when you have the financial ability to do so. I firmly believe you should pay when you can and live up to your contractual obligations. However, the question posed specifically asked not to judge the ethical implications but sought opinion as to whether a lender would agree to a short sale when the borrower stopped paying and was headed towards foreclosure.
There is no definite yes or no answer in these matters as the answer lies in the details. It has a lot to do with how much assets the borrower has or does not have. However, if the lender is faced between foreclosure and short sale, from my experience, the loss mitigation department chooses short sales over foreclosures. At the end of the day, the primary decision will be about which method loses less money for the lenders, then, other factors like ethics and mortality can be entertained.
Why do you think big lenders like Chase and Wells Fargo are offering people up to $35,000 to do a short sale without even verifying their financial information? HAFA recently amended its rules to state that servicers are no longer required to verify any financial information, but only to collect signed hardship letters. Do these actions by large lenders and servicers sound like they are overly concerned about the ethical or moral issues surrounding foreclosures?
I can’t speak for other States, but in California, the recent changes in the law means if the lenders agree to permit a short sale, then the issues about deficiencies become null and void. Once a short sale has been approved, the seller can walk away clean without looking over their shoulders. Yet, another procedure that make completing a short sale more effective and efficient and preferable to foreclosure. It’s all about money; if the institutions can make more money foreclosing, they will certainly choose that method, but everything recently is geared towards choosing short sales. Yes, the lenders hate strategic defaulters, but they hate losing money even more.
So back to the question about would a lender approve a short sale if the borrower has assets? It would depend on how much assets the borrower had and whether foreclosure would yield more money for the lender or a short sale.
Washington, DC -- The Federal Housing Finance Agency (FHFA), as conservator for Fannie Mae and Freddie Mac (the GSEs), today filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (PLS) to the Enterprises.
There are 17 separate suits all relating to mortgage origination and mortgage-backed securitization. Being separate actions the allegations vary from case to case. Here's a sampling of allegations:
- Loan-to-Value Data Was Materially False
- Owner Occupancy Data Was Materially False
- The Originators of the Underlying Mortgage Loans Systematically Disregarded Their Underwriting Guidelines
- Failure To Conduct Proper Due Diligence
- Defendants Incentivized to Fund Risky Residential Mortgage Loans
- Material Misrepresentations and Omissions in the Offering Materials
- Fraud
Read more - including List of Lead Defendants.
Brentwood Governors Club Seeing More Distress Sales
Well Known Gated Brentwood Tennessee Neighborhood Experiencing Increased Short Sale and Foreclosure Activity
Per my previous blog posts, Financial Distress Hitting Affluent Towns and Neighborhoods, Brentwood Distressed Sales Activity Increasing and Franklin Distressed Sales Activity Increasing, it is clear that exclusive, affluent, executive, luxury, gated, high-end and golf course neighborhoods are experiencing increased levels of Distress Sales (short sales and foreclosures). However, even with this information it is still surprising to such a prominent Brentwood Tennessee neighborhood like the Governors Club be hit with so many distress sales. Please consider the following sales figures which I obtained from the Middle Tennessee RealTracs MLS:
- There are currently 35 Active Listings (i.e. homes that are actively being marketed for sale) in the Governors Club. Out of those 35 Active Listings 4 are Distress Sales (i.e. short sales and foreclosures account for over 11% of the Active Listings in the Governors Club).
- There are currently 4 Pending Sales (i.e. homes that are under contract with buyers and are probable to close) in the Governors Club. Out of those 4 Pending Sales, 1 is a Distress Sale (i.e. short sales and foreclosures account for 25% of the Pending Sales in the Governors Club).
- Since 1/1/2010 there have been 31 Closed Sales in the Governors Club. Out of those 31 Closed Sales, 4 were Distress Sales (i.e. short sales and foreclosures account for almost 13% of the Closed Sales in the Governors Club).
While the numbers above are not staggering when compared to other parts of the country and even other parts of the Nashville Tennessee, for a neighborhood like the Brentwood Governors Club to have 11%+ distress sales in every sales category is really bad. It is clear that even ultra exclusive, affluent, executive, luxury, gated, high-end and golf course neighborhoods are not immune to the economic and housing market collapse, and, as a result are seeing increased levels of short sales and foreclosures. I highly recommend that these homeowners seek qualified professional real estate, legal and financial advice right away to avoid foreclosure. Since I understand that many homeowners do not want their neighbors to know about their financial hardship, I generally do not use For Sale signs on my listings. I also use short sale pre-qualification techniques to minimize the marketing period of my short sale listings by thoroughly researching the financially distressed homeowners' loan type and actual lender (i.e. the loan owner or loan investor) and communicate with my clients via their cell phone (calls and text messages) and personal email to avoid embarrassment. In short, I market my listings as the "Discreet Short Sale and Foreclosure REALTOR and Real Estate Expert".
Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, La Vergne, Columbia, Mt. Juliet, Springfield, Gallatin and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)
Per my previous blog posts, Brentwood Distressed Sales Activity Increasing and Franklin Distressed Sales Activity Increasing, there are now larger numbers of short sales and foreclosures in wealthy areas as such as Brentwood Tennessee and Franklin Tennessee (both are located in Williamson County Tennessee). Both of these affluent towns were previously immune to the effects of the failing economy and housing market decline. The primary cause of these increased real estate distress sales are homeowners suffering from financial distress (i.e. job layoffs, and long-term unemployment). Recently, I have been contacted by two financially distressed homeowners who previously were earning in excess of $100,000 per year working in the health care industry. I say "previously" since both homeowners were recently laid off from their high paying jobs in an industry that was once thought of as a safe haven for employees. This is proof that almost no job is really "safe".
I think many financially distressed homeowners who are well educated and were formerly high income earners try to handle their mortgage delinquencies without the help of a real estate professional since they think that the bank will work with them at first. Of course, many will find out the unfortunate truth about how little the banks will do for them despite their once stellar payment history and credit. I think embarrassment is another reason why financially distressed homeowners who live in executive, luxury or otherwise high-end towns and neighborhoods delay seeking out professional real estate assistance from a short sale expert. In short, they do not want their neighbors to know about their financial hardship. This desire for discretion is fully understandable. The good news is that I am keenly aware of this concern. For example, several short sale sellers have asked me not to use a For Sale on their home. As a result, I don't use For Sale signs on my short sale listings. I also use short sale pre-qualification techniques to minimize the marketing period of their home by thoroughly researching their loan type and lender. Another way I keep the circumstances of my financially distressed seller clients as quiet as possible is communicate with these clients via their cell phone (calls and text messages) and personal email. In short, you can call me the "Discreet Short Sale and Foreclosure REALTOR and Real Estate Expert".
Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, La Vergne, Columbia, Mt. Juliet, Springfield, Gallatin and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)
How to Stop Foreclosure If You Have an FHA Insured Mortgage Loan
FHA Insured Mortgage Loan Short Sales (HUD Pre-Foreclosure Sales Program)
Missing a mortgage payment (i.e. defaulting on your mortgage loan) creates a lot of personal and financial stress. This stress is even worse if the financially distressed homeowner and borrower receives a foreclosure notice, Notice of Default, or Notice of Trustee's Sale (or Notice of Substitute Trustee's Sale) from the mortgage lender or bank, or an attorney representing the mortgage lender or bank. This stress is absolutely legitimate and understandable since foreclosure severely damages a borrower's credit, and, in many states, will leave the borrower open to the mortgage lender/bank pursuing the borrower for the deficiency balance (essentially, the amount of the mortgage loan owed by the borrower, but not recovered by the mortgage lender/bank upon the sale of the foreclosed property). Declining housing prices have left many homeowners in a situation where they owe more than the market value of their home. The deficiency balance is a serious issue since when mortgage lender forecloses and resells the property the amount they recoup can be substantially less than the amount owed by the borrower. However, there is some good news for homeowners in foreclosure. If the property is the borrower's home (i.e. principal residence / primary residence), the borrower obtained a Federal Housing Administration (FHA) Insured Mortgage Loan (either when they purchased the home, or when they refinanced the mortgage loan), and the borrower wants to sell the home, there is a way to possibly avoid foreclosure altogether and to ensure that they are never pursued for the deficiency balance. Since the FHA is part of the U.S. Department of Housing and Urban Development's (HUD), financially distressed homeowners can request help under a HUD Loss Mitigation Program known as the HUD Pre-Foreclosure Sales Program (aka HUD PFS Program). Some valuable information about the HUD Pre-Foreclosure Sales Program can be viewed here: HUD Pre-Foreclosure Sales Program Facts Sheet and HUD Pre-Foreclosure Sales Program Mortgagee Letter 2008-43. As these documents suggest, the HUD Pre-Foreclosure Sales Program has certain borrower financial and hardship requirements as well as property type, use and market value requirements. If a financially distressed homeowner is not sure if they qualify for the HUD Pre-Foreclosure Sales Program they should seek out the advice of an experienced short sale and pre-foreclosure real estate broker who has been through the HUD Pre-Foreclosure Sales Program before. If the financially distressed homeowner is not sure if their mortgage loan is FHA Insured, they can find out by looking at the Settlement Statement (HUD-1) from when they purchased the property, or refinanced the mortgage loan. In the first box on the top left hand side of the HUD-1 there is a box titled "B. Type of Loan". In that box the type of mortgage loan will be checked. If "FHA" is checked then the borrower's loan is FHA Insured, and, therefore, they may be eligible to participate in the HUD Pre-Foreclosure Sales Program. If the financially distressed homeowner does not have a copy of the HUD-1 then they should contact an experienced short sale and pre-foreclosure real estate broker since they should be able to look up this information, or at least help find out if the mortgage loan is FHA insured. If the mortgage loan is FHA insured then the borrower should apply for the HUD Pre-Foreclosure Sales Program. If the borrower is accepted into the program, they are protected from foreclosure for a period of not less than 4 months and will never have to worry about a deficiency balance. That alone is worth the time and effort spent on the HUD Pre-Foreclosure Sales Program application process. here again, an experienced short sale and pre-foreclosure real estate broker who has been through the HUD Pre-Foreclosure Sales Program before will be a great help to a financially distressed homeowner since they will be able to assist in the application process.
Free* Short Sale and Foreclosure Help and Assistance for Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Murfreesboro, Smyrna, La Vergne, Columbia, Mt. Juliet, Springfield, Gallatin and Middle Tennessee Financially Distressed Homeowners and Property Owners. Stop the Bank from Foreclosing with a Quick Cash Offer or Short Sale. If you are a Nashville Tennessee, Franklin Tennessee, Brentwood Tennessee, Nolensville Tennessee, Spring Hill Tennessee, Murfreesboro Tennessee, Smyrna Tennessee or La Vergne Tennessee homeowner, property owner, condo owner, real estate investor, home builder or real estate developer who cannot pay your mortgage payments (due to losing your job, having your income reduced, illness, health problems, adverse business conditions, slow sales, loss of investment property tenants, vacancy issues, lack of funds to complete the project, feuding business partners, etc.), know that you will not be able to pay your mortgage, have defaulted on your mortgage, are already in foreclosure, or owe more than your home is worth, please contact Jim to discuss a short sale (when the real estate sale proceeds are not sufficient to pay off the mortgages and liens on the property). Jim helps sellers (homeowners, property owners, condo owners, owners of high end homes and properties (estate homes, luxury homes and executive homes), real estate investors, home builders and real estate developers) of distressed real estate, short sales, pre-foreclosures, foreclosures, investment properties, failed new construction projects and struggling commercial real estate developments located in any Middle TN County (Rutherford, Williamson, Davidson, Maury, Sumner & Robertson). If you need to short sell your house or property, or you need a quick sale to stop a foreclosure sale, you can Get Free* Short Sale and Foreclosure Help and Assistance from a Nashville Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR, Real Estate Expert and Real Estate Investor. (*Free: In a real estate short sale, the bank or mortgage company usually approves and pays all of Jim's commissions and fees.)
For the first time in two years active resale home in the greater Antelope Valley is above 1,300, with active core over 900. Banks seem to be releasing some of their stockpile of REOs. Short Sale are keeping pace with the REOs at present.
With the First time buyer ($8,000) and repeater ($6,500) tax credit being extended through the end of April now is the time to make the jump and buy.
Heard on NPR “In the days before the housing crisis, the idea of a bank foreclosure filled a homeowner's mind with dread and shame. Now, with so many Americans owing more on their homes than they're worth, some people are taking a whole new approach: essentially saying, "Foreclose on me, please." It's more technically known as a "strategic default.”
You don’t need to let the bank foreclose you can sell for less than the balance of your loan and in many cases have a less significant hit to you credit score. A strategic default might make sense at first blush, however it will stick with you for years. Need to buy a car, can’t do bad credit, getting back into a home could take 10 years, Rent? With a short sale you will have a better shot at getting back your good credit sooner.
Richard & Janet - Certified Short Sale Professional Realtors
661-733-0507 OR 733-0508
Keller Williams Realty AV Serving Palmdale, Lancaster in California
www.HomesByJR.com
www.ShortSaleByJR.com
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