patrick williams associates: HUD homes can make dreams come true! - 03/11/10 12:37 PM
So why do they call it a dream home? Is it all imaginary? Just something that wonders through your thoughts? Is this dream something that when you wake up ... it is gone? Or is buying a home close enough that it can be a reality?
I don't have to remind you how the market is right now. But yet I do have to remind you that it won't last always.
Wake up before it's too late to get your dream home. HUD homes are there for you. HUD has been bringing affordable homes to dreamers since 1934. So the dream … (0 comments)
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patrick williams associates: Show me the list ... Participating Servicers - in HAFA (Home Affordable Foreclosure Alternatives)? Show me the list.... - 02/23/10 11:00 AM
Stockton, CA and nationwide - Here a list of the mortgage companies that are a part of the HAMP (Loan Modification) program. Those companies that are signed up for the HAMP program must offer the HAFA (Short Sale) program to homeowners and if the Short Sale does not work, they have the option of the DIL (Deed in Lieu) of Foreclosure.
Homeowners should check this list only if they do not have a FHA financing loan. Fannie Mae is the actual overseer of the HAFA program guidelines.
Servicers Participation
American Home Mortgage Servicing, Inc Assurant, Inc. Aurora Loan Services Bank of America Bayview Financial Carrington … (10 comments)
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patrick williams associates: Personalize your Dream Home.... homework required! - 02/20/10 06:04 PM
Buyers what are you looking to buy? What is in your mind as a dream home?
If I can just remind you of 2004, 2005 and 2006 when everyone was out there "buying their dream home(s)" and what problems we are facing right now... I'd ask that you do your homework FIRST, this time around.
You do have some great selections out there on the market to chose from:
Luxury homes Median ranked homes Low end investment type homes And those in between! All of these homes in this market will probably fall somewhere between being:
Foreclosures Short Sales HUD properties … (2 comments)
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patrick williams associates: Short sales are still the few .... compared to foreclosures! - 02/20/10 04:11 PM
Short sales are becoming more the talk of the town(s)-- especially in Stockton, CA, but are still few compared with foreclosures! Starting on April 5, 2010, the short sale talk will be much louder! (HAFA program does not include properties that are Government backed loans)
Giving more attention to Short Sales should help to shrink the bank owned homes on the market, but not to be confused there will be a huge number of short sale listings on the MLS and saturating the market.
If a homeowner is underwater, they are stuck - no matter how you look at it. Some … (3 comments)
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patrick williams associates: Let's talk DIL.... - 02/14/10 09:55 PM
Talk to me about DIL.... and when is this an option?
What is a DIL (Deed in Lieu of Foreclosure): An instance where borrowers voluntarily convey their rights in a property to the lender.
What is Convey? To transfer the title from one owner to another owner by virtue of a deed. Sell.
Get used to this term because with the new HAFA (Home Affordable Foreclosure Alternatives) program there will be the Short sale option and in some cases if the that does not work the mortgage company will be able to offer a DIL (Deed in lieu of) to the … (1 comments)
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patrick williams associates: Let's examine the IMPACT! - 02/14/10 03:27 PM
If the homeowner is past due the banks can't make their payments to the investor.
If the investor doesn't get their money... the wait the time out and then give the order that that property needs to be go into NOD. If payment still is not made the switch to foreclosed is turned on.
Meanwhile, the homeowner's family is turned upside down. Usually the first step is not mentioned, but this lateness is often caused by a hardship that the homeowner experiences: examples - loss of income by loss of job or decrease in hours, death, divorce or illness in the … (2 comments)
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patrick williams associates: Deal Killers for a short sale approval.... - 02/08/10 11:23 PM
As a Stockton Real Estate Agent - servicing the Central Valley , I can tell you that these listed below are definite deal killers à unless they are satisfied and in a quick, fast and in a hurry fashion.
Seller do not have a hardship - too much money, too many assets, bank account amount is way too high to allow for a hardship Seller sign listing agreement, give the agent the necessary documents, sign the offer and the agent send in the short sale request ---àthen disappear! Offer price is way too low for the mortgage servicer and investor to … (8 comments)
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patrick williams associates: I am just trying to short sale my home, not give my life story.... so, Is it REALLY "necessary" to supply documents that I have already submitted? - 02/08/10 11:21 PM
Is it necessary to supply documents that I have already submitted? Yes. Always make sure you cover yourself and give updated and complete documents to the servicer. Never assume they have the document already. There could be several reasons why they will need you to submit a complete package.
Lost the first one you submitted when trying to get a loan modification or a short sale
Different person working on your file... what they see is an incomplete file (avoid them having a reason to put your file in the round file).
Documents have a time restraint on them - usually … (3 comments)
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patrick williams associates: In Celebration of Black History.... - 02/07/10 09:53 PM
It is great to read a great tribute to our leaders of Black History - history and especially to Black History Month. If I had to choose one that added more value to our history it would be hard, because each in their own way made it possible by leading the way for our powerful and courageous President - Barack Obama!
Thank you D'Adrea for putting this great post to our over and above great Black leaders. God bless the United States of America!
Rosemary Brooks
Patrick Williams & Associates
Via D'Adrea Davie (Patrick Williams & Associates):
… (2 comments)
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patrick williams associates: What if we get more than one offer on my property? - 02/07/10 03:34 AM
What if we get more than one offer on my property? This is common in this market. You and your agent should review the offers you have on a given date and you decide which offer you want to submit the mortgage servicer along with the required document to complete the short sale request package. Your servicer will have a list of documents that they require (Copy of the listing, offer, buyer information, estimated HUD, listing agreement, your financial documents: pay stubs, W2, bank statements, financial worksheet, hardship letter, letter of authorization, etc.)
It is wise to select the highest and … (4 comments)
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patrick williams associates: What do you mean my servicer purchased the property at the Trustee Sale? - 02/07/10 03:30 AM
What do you mean my servicer purchased the property at the Trustee Sale? What this means is that the trustee sale was held and no outside bids were received or they were not high enough and so the mortgage servicer placed the winning bid on the property. Either way, the property is foreclosed at that sale.
… (0 comments)
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patrick williams associates: What if my agent forgets to ask to postpone the Trustee Sale - 02/07/10 03:29 AM
What if my agent forgets to ask to postpone the Trustee Sale
- will my Servicer automatically postpone that date if they are working on the file? NO, NO, NO. Never forget to ask. And don't be assume to ask more than once to be sure it is registered in the system and that you have an answer as to the new Trustee Sale date. There is no going back and correcting or reversing this....
If the trustee sale happens, it's like the heartbeat that stopped. Its over!
… (1 comments)
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patrick williams associates: What can we do to make sure the buyer DON"T WALK before the Short Sale approval is received? - 02/07/10 02:52 AM
What can we do to make sure the buyer DON"T WALK before the Short Sale approval is received? There is no special thing you can do, just make sure your agent has as firm an offer and buyer as possible. They will all say they will wait and then keep looking at other properties and if another offer comes up first... they will walk on your short sale. It's a promise.
Check in with the selling agent often to update on progress of short sale request and to make sure buyer is still interested.
It is equally important that the buyer … (2 comments)
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patrick williams associates: How long does it take to get a short sale approval? - 02/07/10 02:42 AM
How long does it take to get a short sale approval? It depends on the following (and more...)
The Servicer/investor and their short sale process The offer verses what the servicer and their investor is expecting to get from a short sale The buyer and their patience with waiting.... * if buyer walks, this could delay the process The agent and how they present the short sale request package The homeowner * if they provide the necessary documents that the service require The hardship Where the homeowner is in the pre-foreclosure/foreclosure process (if you only have a few days until the … (1 comments)
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patrick williams associates: How does the Short Sale approval compare or conflict to the Foreclosure Timeline? - 02/07/10 02:39 AM
How does the Short Sale approval compare or conflict to the Foreclosure Timeline? This is a good question. The foreclosure timeline allows for a total of 111 days from the day the NOD (Notice of Default) is filed by your mortgage servicer at the county in which the property is located. Once this is file you are in pre-foreclosure - the next step if nothing is done to stop it is called Foreclosure.
Even in these confusing times and with all the programs in place, this timeline has not changed. Although in some cases it is stretched out by technicalities - … (0 comments)
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patrick williams associates: What is the difference between a SUCCESSFUL modification and a SUCCESSFUL short sale? - 02/07/10 02:07 AM
What is the difference between a SUCCESSFUL modification and a SUCCESSFUL short sale?
… (4 comments)
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patrick williams associates: What is a Short Sale? - 02/07/10 12:59 AM
What is a short sale? A Short Sale is a sale of Real Estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property owner. In a Short Sale, the bank or the mortgage lending institution agrees to discount a loan balance due to financial hardship on the part of the borrower.
First you list the property, get a reasonable offer, submit short sale request package to the servicer. They will review, obtain evaluations of the property, review some more and get approval from their investor.
Once the approval is verbally … (1 comments)
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patrick williams associates: Don't just walk away - Don't give it up without trying - 02/03/10 11:16 AM
Is it really smart to just walk away from your home and let the bank foreclosure without even trying to short sale?
This is not something that I would advise anyone to do. Walk away is a bad option -- its like doing NOTHING.
I say DO NOT WALK AWAY! Don't just throw it way -
Don't give it up without Trying!
Walk away and then what? The property is left vacant, more damages to the property. More damages to your credit!
If you do not qualify for a loan modification, why not try to short sale your home - … (5 comments)
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patrick williams associates: Have questions about Short Sales? Ask Rosemary (pt 1) - 01/31/10 09:00 PM
What does original purchase money mean to you if you are thinking of doing a short sale? Original purchase money means is it the original loan. If you have refinanced, then the Debt Relief Act may not apply to you and there may be tax consequences.
My advice is that seek council from a Certified Public Accountant or a Real Estate Attorney or a tax consultant. It is best to not rely on your real estate agent to give you the most professional, accurate or related answer to this question.
If you still need a short sale and ...You are looking … (0 comments)
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patrick williams associates: is it binding? - 01/31/10 08:58 PM
Buyer submitted their offer on a short sale, it is signed by the homeowner/borrower --- is it a binding contract yet?
NO. While it is signed by the homeowner, the decider in the case of a short sale is the lender. So until that lender approves the short sale offer in writing and the seller sign that agreement between the lender and homeowner -- it is not a binding contract.
Once that agreement is signed, your contract is binding - unless you walk!
… (1 comments)
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