short sale: Got a hardship and can't loan mod or keep your home - short sale it! - 05/27/12 10:40 PM
Got a hardship and can't loan mod or keep your home - short sale it! The question of how does a short sale affect your credit is clearly an excellent question to ask. The credit reporting is not the easiest system to figure out – so I won’t pretend to know or tell you I understand it. All I can do is tell you what I have read and heard on the subject.
Basically:
It can show up on your credit in various ways depending on your lender and circumstances Most of the time… a short sale will … (0 comments)
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short sale: How's the new BoA Short Sale process changes working for you? - 05/26/12 05:45 PM
Short Sale process changes from Bank of America.... how's it working for you? Or do you know about the changes?
All serious short sale agents should keep up with the latest changes being made by the banks so that they can better inform their clients as to how this will affect their listings. The shorting of the time frame for closings will greatly increase the number of closings.
Bank of America announced in April that they have been busy working on changes to their Short Sale process.
Great changes include:
Only 5 days to submit a back-up offer - if … (0 comments)
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short sale: CONSUMER ALERT! News for BoA Homeowners-UNDERWATER & Short Sale Bound! - 05/21/12 09:57 AM
Of the major banks - Bank of America is standing out for the big news of how they are reaching out to help homeowners. Now is the time to help get the word out before the funds are gone and the offers/opportunities are deceased.
Bank of America News - ALERT YOUR HOMEOWNERS
Scenerio: Your client wants to do a short sale, but you do not have the offer yetA:) Bank of America is offering relocation incentive (enhanced relocation assistance payments) to homeowners that are underwater: The amount is from $2,500 to up to $30,000. Qualified homeowners can receive this relocation … (2 comments)
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short sale: Mortgage Debt Relief Act expiration clock is ticking.. - 05/21/12 07:47 AM
If deadlines mean anything to you and you are underwater and have a hardship - take heed!
The Mortgage Debt Forgiveness Act is approaching expiration. Yes that's right it was only a temporary Act. It expires December 31, 2012 - unless it is extended and you cannot count on that - until it happens (if it does). There is a tax law that expires at the end of this year that allows most owners to not pay any taxes on the forgiven debt. Prior to this temporary tax law change the forgiven debt was treated as regular income! This tax law … (2 comments)
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short sale: Congressional help on a "PROBLEM" Short Sale! - 05/19/12 09:51 PM
Using Congressional help on a "PROBLEM" Short Sale! It never hurts to try!
Using your Congressional influence to get a bank to listen to you and help your homeowner is not a bad idea. In fact, it is one of the best ones I've heard lately. Taking the Congressional Route can be a powerful tool although there is still no real guarantees - but it just never hurt to try!
Some banks do not want any type of attention brought to them and by having your local Congressional representative's office contact them and know what they are talking about from a … (2 comments)
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short sale: The disclosure rules never change... disclose, disclose, disclose! - 05/19/12 08:46 PM
The rules never change... disclose, disclose, disclose!
AB 1511 just goes to show that in real estate the rule is to DISCLOSE! This bill is regarding gas pipelines, however the disclosure rules cover all area -- Tight rules is: If you know it, disclose it.
I am addressing gas pipelines in this post, but all disclosures are important. As flammable as gas is... I don't have to tell you that knowing that a property is in the vicinity or sitting on a gas pipeline is a hot item to disclose (no punt intended)! Avoid the potential for lawsuit - disclose.
… (4 comments)
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short sale: To extend or not to extend.... that is the question! - 05/01/12 02:46 AM
A big concern for the 2012 year is - will the Mortgage Debt Relief bill be extended pass the end of this year. It just seems that since the foreclosure crisis is not over that it would be automatic to extend it - but its not! It all depends on what legisilative decisions are made and we all know is lined with the big word (politics).
So many homeowners are now and will be in the future affected if this is not extended. 'For example, depending on one’s tax bracket, every $10,000 in forgiven debt could incur as much as $1,500 … (0 comments)
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short sale: 365 Tips for First Time Home Buyers - in Stockton, CA (San Joaquin Central Valley): # 18 - 04/22/12 12:47 PM
365 Tips for First Time Home Buyers - in Stockton, CA (San Joaquin Central Valley): # 18
Let’s talk…. Types of listings (and the market)
As with anything else, there are so many variations of listings, houses, yards, neighborhoods. Is it gated community or not, do you want to live in a gated community? How far is the school from the property? Is this a new home or how did the previous owners take care of the property? Is there a street light right in front of the property? Are the bushes too tall for the view from the living room? … (1 comments)
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short sale: 365 Tips for First Time Home Buyers - in Stockton, CA (San Joaquin Central Valley): # 13 - 04/16/12 09:25 AM
365 Tips for First Time Home Buyers - in Stockton, CA (San Joaquin Central Valley): # 13
So let's keep this going from where we left off: Real Estate Terms (continued)
Although you may not hear all terms in the same setting ... you will hear most. It is a good idea to know what they mean and if you do not understand - rule of thumb: Always ask questions.
Lease
A written document containing the conditions for the exclusive possession of real estate by the owner to another for a definite period of time.
Leverage
The use … (0 comments)
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short sale: One in foreclosure.... the other one buying another home (Same time) ! - 04/08/12 08:22 AM
The question that I keep hearing is can I short sale my home now and my mate purchase another home and if yes - how soon after can this be done? This is the situation: One of the married couple has the name of the troubled home in their name - the other does not. The question is - can the one that does not have the home in their name and they are working... can they purchase a home without having the one with the troubled mortgage being involved in the transaction?
… (2 comments)
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short sale: The VA Short Sale just keeps getting better and better.... money talks! - 03/19/12 03:54 AM
The Veterans Administration is now directing VA lenders to pay $1500 relocation assistance at closing to those approved for a VA Compromise Sale. This assistance is currently available until January 1, 2014. ANNOUNCEMENT January 2011
Who will benefit from this incentive?
Borrower occupants who complete a short sale with a VA compromise claim or who execute a DIL. VA will treat this as a reimbursable expense that may be included as a part of the eligible indebtedness on the basic claim event in VALERI; it will not be considered as proceeds to the owner from a short sale of the … (4 comments)
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short sale: Hurry it up and WAIT .... REOs are coming! (is this the making of a Reality Show)? - 03/19/12 03:27 AM
So here I go again with my tape measure and talking about - the flood gates of REOs that we have been told for years now - "are coming". At one point, I was really believing that there was a slut of REOs out there that would come in such large numbers that even I would get a few of them! I waited and waited and - to my surprise year after year (since about 2008) nothing showed up in such large numbers. Oh there was a few but nothing to match the rumors that we had better watch out … (0 comments)
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short sale: Is this accountability, just a smoke screen or real short sale help? - 03/19/12 03:20 AM
With headlines that read AG settlement starts the clock on short sales.
What does it really mean?
According a recent report the Mortgage servicers will be kept to strict short-sale timelines under the attorneys general foreclosure settlement. Going forward, mortgage servicers are required to give a decision to a borrower within 30 days of receiving a completed short sale request package.
Within 30 days??? is this real or memorex? Within 30 days... oh I see a loophole - of receiving a completed short sale request package - is that the loophole the servicers will use? … (39 comments)
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short sale: Be smart about submitting your Short Sale offer - assume nothing! - 03/14/12 09:04 AM
Listed below are several good tips to help your offer stand out from the others and have a higher possibility of being accepted. Right now I am addressing Short Sales. Of course, we know that there are no guarantees in this market of short sales and REOs. The wind just may blow any way when the seller is figuring out which offer to accept.
Here are some tips to never forget when submitting an offer on a short sale property:
Short sales are sold as is Short sales are sold as is - oh I said that! Short sales that have … (0 comments)
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short sale: What is the UNDERwater level for VA? is it really a Compromise? - 03/12/12 08:10 AM
The VA loans are steadily becoming more popular again. And yes, there are Vets that are having mortgage problems in this turning market and will need to get from under their loan. The VA may some different terms for what they call a short sale, and their rules are crisp and to the point. Here is a bit of information about a VA loan needing to short sale.
What do you know about a VA Compromise Sale (Short Sale)?
The VA Compromise Sale program is for homeowners who have already received a purchase offer on their home that falls short … (3 comments)
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short sale: Spring into a change in the market! - 03/10/12 07:48 AM
It is because Spring is right around the corner? Do you get the feeling that the market
is changing (slowly and without allot of noise)? Have you check out the MLS and compared the number of available listings vs how it was a couple of months ago? If you do not have access to the MLS are you following the real estate industry news and seeing that you are seeing the word "decline" more and more often.
A few months ago the word "decline" was associated with lenders and short sale approvals. Stay alert and welcome the good news - less … (1 comments)
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short sale: Before Short Sale: Homeowners reach out and use the word HELP! Say it LOUD... H E L P! - 03/03/12 06:41 AM
Who said the lender and the homeowner is a good mix? Who think that every homeowner was blessed with the great combination of the lender that they can communicate with, the loan that they can afford and that all they need to is just call the lender and everything will be OK? Not!
Do not let a bad experience hinder you from reaching out! Call for help. Be consistent and checking back and following up. Get the help that you need BEFORE you lose your home.
This is a critical time - it is now 2012.... several programs, laws, reliefs and … (1 comments)
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short sale: How do you know when your flip deal has flopped? - 02/05/12 09:28 AM
Had an incident with a flip property. The seller purchased the property at a steal of a price, did some fixing up and with each nail he must have been thinking that he could get more and more for that property --- and when he hammered that last nail and cleaned up the place - he was certain it was worth way more than what it was. So he set out to sell and not give in to anything lower than what he wanted.
When the appraisal came in -- it was lower than what this seller was asking for this … (2 comments)
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short sale: Is There Value Added In An HOA? - 01/31/12 10:39 AM
This is a great question: Is there value added in an HOA? I mean when you look at these pictures you would probably yes without hestiating. When you pass a neighborhood that is a free for all -- you know for sure HOAs have a purpose. When you trying to sell a condo and they have 2 HOAs -- it makes you wonder -- why two? I mean one is enough to cut the grass, do outside repairs and paint the building every 5-10 years right?
In some neighborhoods, most of the homeowners would have purchased in that area if there … (3 comments)
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short sale: California Short Sales: The 8 day window - 01/30/12 10:51 AM
OH NO! This deal is falling apart at the seams.... how many times have you experienced this and when you felt you were so close to getting the approval in hand. Even during the times when you have the approval in hand, but yet.... there is another problem and the deal in jeopardy of being DEAD. Remember the days when we had 14 days to submit a back offer before we ran into the horrible situation of having to start over??? I don't either! I never had the opportunity to not have to start over when I had a buyer walk … (0 comments)
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