short sale santa cruz: Credit After Santa Cruz Short Sale - 11/30/11 10:07 AM
Here is what our State legal services posted about your question:
Credit After Foreclosure, Bankruptcy, or Short Sale
Member Legal ServicesTel (213) 739-8200Fax (213) 480-7724Aug. 4, 2010 (revised)
One of the concerns a consumer has after experiencing a bankruptcy, foreclosure, or short sale (referred to as a "preforeclosure sale" by Fannie Mae when the owner is in default) is the ability to obtain credit to purchase another home. Fannie Mae has updated its credit guidelines in the FNMA Selling Guide, June 30, 2010. [ Note: This is a 1,234 page PDF document that takes a long time to download.] … (3 comments)
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short sale santa cruz: What You Need to Know about Deficiency Language Wording - 05/21/11 12:34 PM
A short sale can be an optimal way for a distressed homeowner to get out from under a mortgage that they can no longer afford. Proactive homeowners can use a short sale to prevent foreclosure and avoid the black mark on their credit rating that foreclosure brings - all important moves here in Santa Cruz County, where the foreclosure rate is on the increase (as of the April, up 54% from a year before). Nevertheless a short sale alone may or may not give you a clean new financial start. Your financial future actually depends upon the fine print - literally! … (0 comments)
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short sale santa cruz: Documents that may help you understand the HAFA guidelines - 05/14/11 12:42 PM
Here are some documents that may help you understand the HAFA guidelines Hire a shorts sale expert http://www.SantaCruzCountyShortSales.com
NEW HAFA Directive 12-28-10.pdf
Forms and Guidelines
NEW ****Fannie and Freddie as of 8-2010 have their own version of HAFA
Quite possibly because HAFA and HAMP have both lagged far behind in expected completions, the Treasury Department recently reviewed and eliminated some of the rules to make eligibility easier.
With the HAFA program being designed, in part, to catch and help those homeowners who fell out of the Home Affordable Modification Program. However, the program has had less than 1,500 short sales since its … (0 comments)
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short sale santa cruz: I closed another Short Sale in Aptos, California and got a CHASE Approval - 02/13/11 05:38 PM
Think foreclosure is your only option . . . think again!
I listed their home and negotiated the a Short Sale and eliminated 2 mortgages.
I saved their credit from foreclosure and gave them a fresh start.
Absolutely FREE
RESULTS SPEAK BETTER than hype
Every Short Sale file I have taken on has closed. That is why other agents hire me to do their short sales. I get right to the heart of the situation for my Short Sale clients. I assess their financial hardships, assess how many lenders there are, and who those lenders are, deal directly with the investor(s) and understand … (1 comments)
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short sale santa cruz: If I did a Santa Cruz County Short Sale what is the wait time to buy the next home? - 02/02/11 11:49 AM
How long will a former homeowner who sold through a short sale or foreclosure have to wait before they can buy another home?
Here are the rules....
Waiting Period Requirements to Buy a Home Again.
The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring the loan as well as the dollar amount of the loan.
Federal Housing Administration (FHA)
Short Sale is 3 years
Veterans Administration (VA)
Short Sale is 2 years
Conventional Conforming (FNMA/FHLMC)
Short Sales is 2 years < … (2 comments)
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short sale santa cruz: Quickie recap in real estate, short sales and other areas = 2010 Year in Review - 12/28/10 07:47 PM
•1. The Realtor herd continues to thin, with NAR reporting 2010 membership totals (as of Nov. 30, 2010) of 1,079,687 million-down nearly 300,000 from NAR's peak membership year of 2006.
•2. 157 banks were closed/taken over by the FDIC in 2010 (as of early December).
•3. 30-year fixed mortgage rates hit a 50+ year low of 4.17 percent
•4. Robo-signing scandal hit the big box banks in the Fall. The "fall-out" from these investigations is still developing.
•5. Average day until final foreclosure teeters near 500 days (it was half that in January 2008).
•6. The real estate market remained … (2 comments)
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short sale santa cruz: No More Extensions with Wells Fargo Short Sale!!! - 10/06/10 11:55 AM
Trying to do a Short Sale with Wells Fargo? If you are a distressed homeowner, know that being allowed extra time to complete the complicated short sale process is not going to happen. This means you'd better have a pretty sharp real estate agent specializing in short sales to guide your short sale through the complicated maze.
Apparently, Wells Fargo has had enough in this foreclosure merry-go-round. American Banker reports that Wells Fargo has stopped granting extensions on short sales. Whatever date is quoted in their short sale approval letter is the hard and fast date for completion. The foreclosure process … (2 comments)
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short sale santa cruz: New Short Sale Rules for those in Santa Cruz County - 10/05/10 12:27 PM
No Short Sale Deficiencies: Starting January 1, 2011, a seller's first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower. Senate Bill 931. Governor Schwarzenegger vetoed Senate Bill 1178, our sponsored bill, which would have … (0 comments)
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short sale santa cruz: Your Short Sale Listing Client Has a Tenant - What do you need to know? - 09/19/10 01:58 AM
I have two Santa Cruz County short sale clients who havr a tenant in the property. One Santa Ccuz short sale client is facing the short sale and foreclosure because they had deadbeat none-paying tenant which poisoned their ability to pay. The other is simply stuck with accepting market rents that are well below their mortgage amount. As soon as they hit any personal hardship, they can no longer pay the difference and end up facing foreclosure or simply needing to unload the property to prevent financial ruin.
So, what does the seller do about the tenant? Should the seller accept rents … (0 comments)
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short sale santa cruz: Homeowner's & Fire Insurance and how it can affect your Short Sale. - 09/10/10 06:35 PM
I am an agent who is near the California San Bruno Fire today helping a client move her belongs. Click here to see news report: http://ac360.blogs.cnn.com/2010/09/10/huge-california-gas-fire-75-percent-contained/
She asked me two questions:
•· Do you have to continue to pay your Homeowner's Insurance during a Short Sale?
•· Does your Homeowner's Insurance affect your Short Sale?
One of the first things that homeowners tend to let go of in a foreclosure situation is their home owners insurance. This is the BIGGEST mistake you as the homeowner can do!! For many lenders, a notice of cancellation of Insurance will result in the ceasing … (0 comments)
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short sale santa cruz: New Short Sale program! Bank of America Cooperative Short Sale to test it out here in Santa Cruz County. - 09/09/10 10:08 AM
This is a pilot program and is not available to all real estate agents but I got a call from a Santa Cruz County Short Sale homeowner about it yesterday. I was trying to get the listing since May.
Bank of America is testing a new program, according to REO Insider, that will target 2000 pre-screened homeowners who have either fallen out of the HAMP/HAFA programs or who have failed to qualify. These homeowners were selected from hard hit states like Arizona, Florida, California, and Nevada.
Bank of America's new program was designed to approve short sales in two weeks. … (1 comments)
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short sale santa cruz: Start taking the right steps to Avoid Foreclosure in Santa Cruz County - 09/06/10 12:37 PM
Get Help from a Local Santa Cruz County Short Sale Expert
Feeling like there is no other option but foreclosure can be an overwhelming experience. Know that you are not alone. Thousands of homeowners in the United States are facing the same challenges as you every single day. Now more than ever before there are solutions.
You need help, guidance, and someone who understands the difficult choices you are facing about your home, your family, and your life. Quite often a homeowner facing a foreclosure thinks they have to go through the process alone, forced into a daunting situation caused by unforeseen circumstances … (0 comments)
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short sale santa cruz: The Santa Cruz County Short Sale Specialist - 09/06/10 11:46 AM
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short sale santa cruz: Short Sales are on the rise, are you working with an expert? - 09/04/10 11:41 AM
Currently when you look at the entire Santa Cruz County you will observe that 42% of the listings are Short Sales. The numbers are rising and I don't see it getting better. It serves you to hire an agent that is a skilled short sale expert. NOT an agent that is a glorified Front Man. God love'em they are better skilled with that side of it than I am.
Most agents around here are hiring 3rd party negotiators, LIKE ME . . . because the learning curve to figure out how it all works is too too complicated, fustrating and time consuming. I am the person behind … (0 comments)
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short sale santa cruz: Short Sale Home Inspection are done at what time? - 09/03/10 09:43 AM
2 years ago I could easily have answered that the buyer's home inspection is generally done within the 2nd day to the 14th day of when the purchase contract has been executed by both the buyer and seller. But in today's market 55% of the Santa Cruz County real estate transactions are Short-Sales. So I have a different answer.
This time period is sometimes called the Investigation Period. Unless otherwise noted in the contract the buyer has 17 days to remove investigation contingency, which allows the buyer and their home inspector the opportunity to carefully look over the home for any … (0 comments)
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short sale santa cruz: The most common question my Santa Cruz County Short Sale = "What happens to the difference?" - 09/01/10 12:48 PM
"What happens to the difference?" is definitely the most common question my Santa Cruz County Short Sale clients asks prior to attempting a short sale. Jack Schakett, Bank of America senior vice president for credit loss and mitigation strategies, said this week that if a borrower proves he can no longer pay the mortgage and has few or no assets, the bank will waive its right to a deficiency judgment during the closing of a short sale. However, if someone can afford to pay or has assets, the bank will try to negotiate a set fee for the borrower to pay at … (3 comments)
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short sale santa cruz: Did you hear about this months revised Fannie Mae guidelines that will affect your Short-Sale? - 08/31/10 08:04 PM
I wanted to update you on some revised Fannie Mae guidelines this month of August 2010. This will probably affect numerous agents out there right before trying to close a Short Sale transaction. In my Santa Cruz County Short Sales business you alwyays see the changing playing field and you should know this.
#1) They just issued a Selling Guide Announcement (SEL-2010-11) which says lenders are not required to pull a second credit report right before the loan closing. Fannie Mae has, instead, encouraged lenders to have processes in place for borrowers to disclose any changes in their financial situations throughout the loan origination … (0 comments)
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short sale santa cruz: Did you know that on August 2nd - Chase Bank had changed their Short Sale process again? - 08/29/10 01:47 PM
I want to help you stay up-to-date on the never ending changes at CHASE. Their documentation to process your short-sale changed this month and it caught me off guard . . . and I am a Short-Sale Expert in Santa Cruz County, who works with CHASE . . . a lot.
If you have used CHASE Info Packet that is posted on their own website make sure it is the new one.
April's is already obsolescent.
In the last few weeks, I could not get a straight answer from CHASE when calling to confirm that faxes had been received and processed. Yesterday, the staff at CHASE informs … (2 comments)
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short sale santa cruz: 1060 Sunbird WATSONVILLE pre- foreclosure: It really looks that good inside - 08/16/10 10:11 PM
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short sale santa cruz: I will tell you how to STOP Short-Sale banks collections calls today for FREE - 08/14/10 11:23 PM
Santa Cruz County Short-Sale Specialist
Patti Lyles, is going to help a distressed borrower stop those harassing collections phone calls for FREE.
In fact, the borrower never pays me anything. Seller is not obligated to pay Patti Lyles in advance for the negotiation of Seller's Short-Sale payoff(s). Patti Lyles will seek compensation from the mortgage and/or lien holder(s) from the proceeds of the short sale. She will not claim, demand, charge, collect or receive any compensation until after Patti Lyles has fully performed in an effort to effectuate the short sale of the Sellers Property. Compensation is approved by the mortgage … (6 comments)
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