Ocwen is continuing to grow as they won an auction for Rescap's mortage servicing and origination assets. Files that were previously being serviced with GMAC will now be serviced by Ocwen. Ocwen is a large servicer who is well known in the short sale community for it's outsourcing and not wanting to postpone sale dates. With that aside Ocwen is a fairly easy lender to deal with if you have contacts and know how to maneuver through their systems.
Brett@ishortsalenow.com
310-564-6389
Short Sale Real Estate Agents in Madison, WI
Are you looking for a Madison Wisconsin Short Sale Realtor® or real estate agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Madison WI area. We have helped home owners in both Rock County and Dane County, from Beloit to Lodi.REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Real Estate Agents at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Madison property instead of letting it proceed to foreclosure.
If you are considering the possibility of a short sale for your Madison Wisconsin home and have further questions, feel free to visit the information page below.
Wisconsin Short Sale Information
Additional Short Sale Information
Rock Realty SOLD Short Sale Listings
514 S Jackson St, Janesville WI | 900 King Street, Stoughton WI
105 W Main St, Brooklyn WI | 408 S Academy Street, Janesville WI
449 Farnham St #2, Marshall WI | 1117 Ontario Dr, Janesville WI
4602 N Katherine Dr, Janesville WI
Zip Codes:
53701 53702 53703 53704 53705 53706 53707 53708 53711
53713 53714 53715 53716 53717 53718 53719 53725 53726
53744 53774 53777 53778 53779 53782 53783 53784 53785
53786 53788 53789 53790 53791 53792 53793 53794
Dedicated to bringing homeowners across the nation the latest news on short sales, we’ve discovered new information on the Home Affordable Foreclosure Alternatives program (HAFA) for 2013. Let’s explore the updates on HAFA’s success for 2012, what these new policies are for 2013, and when they will be in effect.
For those who do not know what HAFA is, it is a short sale program that is a part of the Making Homes Affordable (MHA) program run by our Government. Their success has been increasing with the latest data showing completed short sales for October at 38,518 which is a 13% increase from September. New and improved policy changes continue to incentivize lenders and homeowners to complete short sales through HAFA.
What Are These New Policy Changes?
Data provided from dsnews.com
Here are some of the significant updates:
When will these updated policies go into effect?
The HAFA policy updates are set to be in effect February 1, 2013 but changes may be implemented earlier by servicers.
Hope this helps!
Peter
I have an FHA short sale listed. Bank of America came back and told me to put it on the market for $16,000.00 and that they must walk away with $14,080.00. We are currently in phase 2...
The problem is that the numbers do not work...
Sale price 16,000.00
Seller incentive is 1,000.00
Title Company fees are 495.00
Commission is 6%= 960.00
Totaling this is less than the bank requirement...
Any advice?
This cute little house was listed, negotiated, and CLOSED in less than 90 days by your Palm Springs Short Sale Specialist!
Primary home and the Sellers were relocated. One note with Chase, and the negotiator was good; meaning she responded relatively quickly. The closer dropped the ball a couple times, but nothing awful. No cost to Seller, all deficiencies forgiven, and they've moved on with their lives. Buyer got a great little investment home. All is well.
This lovely little home in the La Quinta Cove will get a facelift, and be available for a tenant within the next two weeks.
List Price: $130,000 Closed at $135,000
Chase write down? Approx. $50,000. Not huge, and now the home can be occupied after it's freshening up.
I list, work and CLOSE my short sales! No third party negotiators used or needed. FREE consultations!
Click for MLS listing.
Original Post - Stoughton WI 4 Car Garage House
Feels like they isn't as many short sales coming across my desk. Could it be possible that short sales could be going back down to a minimum??
Greetings! I want to quickly update everybody on some new Real Estate news that everybody needs to know:
Friends, family, neighbors just need to call 1-855-457-4638
For more information, go to www.homeagainnevada.gov or to the Attorney General’s website.
Upon calling the toll free number (I waited for about 15 minutes on hold,) then spoke to a very knowledgeable person that explained the process. Upon reaching someone at the Home Again program, they will give you some information on the phone and then you will be transferred to a HUD approved counselor to make an appointment.
If your friends, family and/or neighbors are facing possible foreclosure, have them give me a call 775.813.2387. There are alternatives. There is help out there with the HAFA, HEMP, and other Federal programs. The state’s Hardest Hit Fund Program (they still have funds available!) is another great resource. My advice is free. Your referrals are appreciated!
It is a great a time to buy and to sell!
The Consumer Financial Protection Bureau is finalizing the “Ability-to-Repay” rule which requires lenders to obtain and verify information to determine whether a consumer can afford to repay the mortgage. Our belief is the 2013 ATR final rule will dramatically alter the residential mortgage market making it more difficult to obtain another mortgage.
"It should be emphasized that a mortgage loan that is not a "qualified mortgage" and that does not meet the ability-to-repay requirement would subject the creditor and subsequent assignees to, among other things, civil liability under TILA and provide the borrower with a defense to foreclosure. In addition to actual damages, statutory damages in an individual or class action, and court costs and attorneys fees, the Dodd-Frank Act also amended TILA to include special statutory damages for a violation of the ability-to-repay requirement equal to the sum of all finance charges and fees paid by the consumer, unless the failure to comply was not material.2"
Based off this information, we can infer that lending practices will be tighter and obtaining another mortgage will be more difficult for most to-be homeowners. If creditors now have penalties in the event that they do not fully qualify the borrower, then we can reasonably assume they will shift their lending to only those who they deem are “low risk.”
"A creditor shall not make a loan that is a covered transaction unless the creditor makes a reasonable and good faith determination at or before consummation that the consumer will have a reasonable ability to repay the loan according to its terms."4
To be clear, we are not criticizing or opposing this new rule as we don’t want to see another subprime mortgage crisis on our hands. However, current homeowners need to understand that their actions with their current home will determine their ability to obtain another mortgage in the future.
Rather than going through the whole foreclosure vs short sale debate, we’ll make this simple. Put yourself in the underwriters shoes and the new ATR rule now passed. You have two applicants with one credit report showing a Foreclosure and another showing “Paid for less than original amount.” According to Experian, most lenders typically report a short sale as a “settled” account.
Who do you think will obtain the loan and get to live in their new house?
Feel free to comment on what you think about the new Ability to repay rule. Thanks!
Peter
If you are at risk of foreclosure, you might want to know what the consequences are in the event that it happens to you. The evident and inevitable effect a foreclosure has is the ding on your FICO score as well as the foreclosure stamp on your credit report. This will make it very difficult for you to obtain any credit or even find alternative housing or employment. However, is that all to the negative effects of a foreclosure? Let’s explore deficiency judgments after foreclosure.
Recourse vs Non-Recourse State
In every state, there are different foreclosure laws regarding whether lenders can pursue you for the remaining balance after a foreclosure or not. Check HERE to see if your State is a recourse or non-recourse state.
If you are in a recourse state, then it is possible for your lender to sue you and obtain judgment for the remaining balance owed. If a judgment is entered against you, they may be able to garnish wages and/or seize any non-exempt property you owe. Although not likely, they may even be able to seize your vehicle but this of course depends on the state specific laws. It might be worth it to do a bit of research on the subject.
If you are living in a non-recourse state, the foreclosing lender cannot pursue but you are not off the hook yet!
Any otherlenders (2nd mortgages or even 3rd or 4th) ARE able to pursue you for the remaining balance.
We at seattleshortsaleblog have received numerous requests for help in dealing with subordinate lienholders whom after the home was foreclosed on, is now pursuing the homeowner via threatening judgment, judgment, or the popular strategy, selling off the debt to collection companies.
We feel it is better to pursue a short sale, and get a deficiency waiver prior to closing the sale. Those 10 words on the approval letter, “we hereby release our rights to collect a deficiency judgment” (or verbiage similar) are VERY IMPORTANT and in our opinion, better than hoping the lender will not come after you after foreclosure.
Hope this helps
Peter
Full Article Here: www.seattleshortsaleblog.com
Feel free to share the articles on my blog with homeowners in your area!
While prices are rising in the Silicon Valley there are still homes that are underwater and you may need to short sale your South San Jose home. If this is the case, don't wait!
Bank of America has instituted some new policies which can have a major influence on your South San Jose short sale.
Co-operative Short Sales: Bank of America has a program where they will let you know ahead of time how much they are willing to accept for you South San Jose home in a short sale. Once you agreed to do the short sale they would put a hold on foreclosure activity and give you some money at close of escrow.
The new policy is that there will be no holds on foreclosure until the offer is fully accepted by Bank of America. What this means is that if you can not make your payments on your South San Jose home and want to short sell you can not wait. You will not be allowed to stay in your home for months trying to modify your loan and trying to get a new job. Once the notice of default has been recorded you will have 3 months to get your South San Jose home sold as a short sale before the notice of trustee sale is recorded. At that point you have another 3 weeks before foreclosure on your South San Jose home.
As any real estate agent familar with south San Jose short sales knows, they take time for approval. Even a Bank of America co-operative short sale can take time. 4 months is not unheard of to obtain approval on a South San Jose Short Sale, so if you can not make your payments, do something or you could lose your home to foreclosure.
If you have any questions about Short Sales in Santa Clara or San Mateo County please feel free to contact me.
Marcy Moyer
marcy@marcymoyer.com
D.R.E. 01191194
650-619-9285
Barack Obama was elected for his second term as president of the United States and now it’s time for action especially in the distressed housing sector which has affected millions of Americans around the nation. Both houses of congress unanimously agree that the mortgage forgiveness debt relief act is a good policy and support an extension. However, there is no concrete evidence of an extension yet which will be detrimental to all distressed homeowners. How and when will this policy be extended?
What happens if there is no extension Jan. 1, 2013?
If you are involved in a loan modification, short sale, or a foreclosure, you will be liable for taxes on the forgiven amount because it is deemed as income. This is not a small tax liability. An example would be, if you owe $150,000 on your home and it sells in a foreclosure auction for $100,000, the amount remaining of $50,000 would be taxable income. If you are in the 25% tax bracket, you will have to pay the IRS $12,500 in taxes on the foreclosure.
Expecting struggling homeowners to be burdened with this tax liability after losing their biggest asset, would leave the homeowner in a dire financial crisis. Obama’s FY2013 budget proposal does include the extension of this act to 2015 but we are coming close to the expiration of this policy (Dec 31, 2012). Homeowners are now panicking and the National Association of Realtors as well as numerous realtors around the globe are participating in a call to action to extend this forgiveness act asap.
I believe the extension of this act will be extended. However, when and how are the questions that are up in the air. More than 50,000 homeowners go through foreclosure monthly. What should a struggling homeowner do when they are in pre-foreclosure and not sure of when this act will be extended?
Solutions: Short sales are still the best answer
Now that Obama has been elected, we are assured via his FY2013 budget that the forgiveness act will be extended. If you however lose your home to foreclosure after the expiration and before the extension, it could mean tens of thousands of dollars owed to the IRS post foreclosure, loan mod, or short sale.
If you are in at risk of foreclosure, I strongly suggest you begin trying to qualify for a short sale and get your short sale started right away. This way, you will be able postpone your foreclosure date and initiate your short sale which will take typically 3-6 months to close.
This would be your smartest financial move for your situation because you are avoiding a huge tax liability, avoiding a foreclosure which would be detrimental to your situation, and walking away from your home without being vulnerable of pursuit by your lender post foreclosure for the remaining balance.
Hope this helps
Peter
Whether you are dealing or have dealt with a short sale, foreclosure, BK, delinquency on your mortgage payments, or have a number of late payments elsewhere, your credit score is damaged and your finances are most likely in lockstep. However, recovering with bad credit will be difficult as interest rates inflate the cost of living and affect various other facets of your life and naturally you get caught in a downward spiral of poverty.
The best example of this is a home mortgage. Do not even consider pushing for another home without rebuilding your credit prior. The figures below will show you why.
Take a look at the impact of each situation on your FICO score. As you can see, regardless which consumer type you are, you will have incurred a significant ding on your credit score.
There are great deals out there on the housing market but a big problem these days is the inability for homeowners to obtain credit to finance their home. Large agency investors such as Fannie Mae changed their minimum credit score requirement from 580 to 620. Anything under 620 is considered high risk. Your local bank may require a credit score of up to 660 or higher. The question is, even if you were able to qualify for a mortgage, should you finance with sub-par credit?
These figures are based on rates from 9/12/11. The example below clearly shows you how much you will be affected from obtaining a mortgage without an outstanding credit score.
How Can I Quickly Rebuild My Credit Score?
Whatever situation you may be in, the longer you are stuck in a bad credit rut, the more exacerbated your financial situation may get. Here is how to prepare: If you have a low credit score and/or want to prepare your credit situation to qualify for excellent loans for your next home purchase, by the end of this article, talk to a Lexington Law credit specialist. I have personally researched and found them to be the absolute best company to work with in rebuilding credit scores. Here is a direct number provided through the short sale blog for a free consultation: 888-586-6113 or you can apply through their website.
Hope this helps!
Peter
This is common question asked by our clients here in Texas. In this article, I want to give you some things to think about if your client is asking this question.. In deciding whether you should or should not recommend that your client stop making your mortgage payments, these are things we have learned from experience and face every day with our clients.
To begin, you should never recommend that someone stop making a mortgage payment. Its not ethical and lenders would not be happy. However, you can tell you client what happens if they stop making the payments during a short sale.
What happens when a client stops making the mortgage payment:
When you are trying to do a short sale the bank is looking for a hardship, and this can be a number of things. A hardship can be a job loss, Income reduction, forced relocation, Illness or a divorce. If a client continues to make the mortgage payments the bank is less likely to accept the short sale. A lot of investors are rejecting short sales if the mortgage is current. We have had lenders who will tell us just by looking at the file that our clients do not “qualify” because their loan is current.
A lot of our clients struggle with this fact because they do not want the missed payments to affect their credit. Most likely if they are in the situation of a hardship their credit has already been affected in some way. If they continue to make the payments the bank may assume they can afford the mortgage and will not consider the “hardship”. The bank will not make the file a priority as they are not in “default”. This is a hard concept to understand as you would think the bank would want to continue to receive payments and still work with struggling homeowners. Unfortunately that is not the case, in order to be considered for most short sales, banks will only review if they are in default. Some banks are now requiring the homeowners to be at least 30-60 days behind on their mortgage. Although this goes for the majority of the banks, there are still a small few that will work with homeowners without being behind.
If your client stops the mortgage payment, they need to understand it maybe impossible to "catch back up". I've had a couple of clients say they plan on stopping the mortgage payments to get the bank to do a short sale and if the short sale is not approved they will get the payments caught back up.
After a client has missed several payments, the late fees and penalties can be overwhelming. This can make it outside the clients financial ability to actually catch back up.
Bottom line: Missing payments maybe necessary to get a short sale approved; however, it will impact their credit report and it make cause a foreclosure if the short sale is not approved.
Rock Realty Client Testimonials
"Approx 4 years ago.. I was having some financial strain. I wasn't able to keep up with a first and second mortgage alone as a single mom.
Through friends and family, I was introduced to Mike and Matt.
I didn't want to have to go through the foreclosure process, because I knew that I would be able to pull through the mess I was in within a few years and I didn't want to have that looming over me.
Matt and Mike were able to take over and help me with a short sale. They worked with me directly. They both came to my home, sat down, helped me understand this delicate process (which remains total Greek to me), and they were extremely efficient. My bank worked with me and these gentlemen, and withing approx 3 months, my home was sold in a short sale.
I remain amazed at their abilities and their continued efforts to help me.
Now, 3 years later, I'm looking to purchase... I have looked them up again... and they are helping me find a home that I'm looking for within my specifications and they also have resources to assist with lending.
Couldn't ask for more!!
Thanks so much my friends!! you do an awesome job... Keep up the great work!"
Kari B.(Cross Plains, WI)
Rock Realty Seller & Buyer Client
Thanks for the kind words Kari! We look forward to finding you the home perfect for you!
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.
According to the Obama Administration’s October (2012) housing scorecard and “[…]the FHFA housing price index posting its largest annual gain in five years and new home sales at its fastest pace since April 2010” (Erika Poethig, assistant secretary for policy development and research at the Department of Housing and Urban Development) as well as numerous other sources, we can confidently say we have a recovering housing market. Even Warren Buffett, deemed as one of the greatest investors of all time, is bullish on the US housing market recently purchasing multiple real-estate brokerages including Prudential and his partnership with Brookfield Asset Management, a Canadian real-estate investor, to more than double his size of his brokerage business.
Our housing market is rebounding slowly due to various factors such as tight lending practices, fluctuations of supply & demand, and just the general current economic health but it is on its way to recovery. Will your client be ready to secure their next home investment and cease this opportunity?
Clear Capital exposed a sobering point: “Prices are 37.6 percent below the peak. This means a home bought for $200,000 in 2006 would be worth somewhere in the range of $124,800 today.” (source: dsnews.com) Prices were up 4.6% annually in October and as I have stated multiple times in previous articles, prices will not rebound in a U-shape but rather similar to a NIKE symbol. Concurrently, mortgage interest rates have remained at all-time lows with the latest report from Freddie Mac announcing a 15-year fixed-rate at 2.66% and 30-year fixed averaging 3.37%.
The opportunity is there and will be there for some time but are your clients preparing themselves to be able to jump on the bandwagon of nationally appreciating housing values?
A recent report shows that 23 percent of consumer mortgage requests were turned down by banks and I know from several sources around the Washington state that it is increasingly difficult to obtain a loan due to the fact that mortgage rates are so low that they aren’t incentivized to generously hand them out to just anyone.
I'm an agent. How do I prepare my client(future)? If your client had a short sale and got a significant ding on their credit score but want to prepare their credit situation to qualify for loans for their next home purchase, by the end of this article, have them talk to a Lexington Law credit specialist. I have personally researched and found them to be the absolute best company to work with in rebuilding credit scores. Here is a direct number provided through the seattleshortsaleblog for a free consultation: 888-586-6113 or you can apply through their website.
Hope this helps
Peter
Only TWO closes left to accomplish in 2012.
One with GMAC who used to be so easy. Single family home in a 55+ area of Desert Hot Springs, CA. Then they hired a Negotiation company, who fouled up the deal and then the Investor, FNMAE pulled their usual, "If you can't get me this much money..forget it!" OK..the buyers did forget it! I presented them the Valuation argument with supporting comps. Had an offer for $235,000...which was over comps, but the buyer had a friend there and liked the location. Nope says FNMAE..so months later, I kept reducing and now I have ONE offer at $200,000. Just left $35,000 on the table, and months in the bottleneck of Short Sales.
My second Short Sale is a riot of fun! Wells Fargo is the servicer, but they pulled the "bait and switch" to a new servicer in the middle of my last offer and the buyer fatigued and walked..and it was for $137,500..way over market! Now, this same Condo in Indio has one offer I had to beg to get at $115,000. No back ups. Value has dropped, HOA's are high, older unit and the neighboring unit closed as an REO at $90,000! Again, FNMAE as the Investor came back at $154,500 and we won't take a penney less! OK..don't, leave another $20,000+ on the floor..
They are both assigned negotiators and we'll see if they decide to proceed. Our Mortgage Debt Relief Act here in California expires on Jan. 1, so Sellers don't really care if it shorts or forecloses unless it's closed before 12/31.
The good news is that ALL my short sale listings (dozens this year) have closed, approval letters with correct verbage, relocation fees paid out, Sellers paid zero..all good. Now if I can just get these two closed.....
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
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:
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