The following FAQ may answer some of the concern you may have on the new HERA mortgage requirements and how they will affect the timeline of your real estate transaction.
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
FannieMae and FreddieMac adopted the Home Valuation Code of Conduct (HVCC) in 2008 in order to reinforce, protect, and enhance the overall integrity of an appraiser’s valuation process. This code of conduct became effective on May 1, 2009.
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
In 2008, the Housing and Economic Recover Act (HERA) was passed by Congress and became effective July 30, 2009. The Federal Reserve Board published the new regulations under the Truth in Lending Act.
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
The Department of Housing and Urban Development has put out a list of Tips that can help you avoid Foreclosure. However, before following these tips, you will want to determine if this is only going to be a temporary fix, and if keeping your home is worth the consequences that some of these tips may have on you in the future.
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
The Making Home Affordable program allows eligible homeowners to refinance or modify their loans to a payment that is more affordable. It is broken into two parts; the Home Affordable Refinance, and the Home Affordable Modification.
The following are common Questions and Answers on the Making Home Affordable Refinance: Modification Q&A
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
There are several options that may be available to homeowner who are in default, or about to be in default on their mortgage. These options include: Loan Modifications, Prepayment Plan, Making Home Affordable, Short Sale, Deed in Lieu of Foreclosure, and more.
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
Effective January 1, 2011, sellers of residential properties will be required to provide buyers with an evaluation of energy consumption. SB 437 (2007 Session) added the following to the Nevada Revised Statutes (NRS) which outlines this new requirement: Energy Evaluation Requirements
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
On August 18, 2009, Kimberly Dawson (Bank of America Home Loans Vice President-Group Operations Manager Short Sales) participated in an audio conference hosted by Campbell Communications. During the conference, Dawson gave an overview of Bank of America’s Short Sale Timeline. This overview suggests that a typical short sale with Bank of America shouldn’t take any more then 90-days to obtain a final decision on a file.
I have been working on short sale transactions for over 3 years. In that time, I can honestly say that I have never received an approval from Bank of America in less than 4 months. Since the audio conference, I have asked 3 different customer service reps in the short sale department how long I can expect a typical complete short sale file to be processed. Two of the customer service reps told me they are seeing most files take anywhere from 3 to 6 months to reach a decision, after it has been assigned to a phase 1 negotiator. The 3rd customer service representative told me not to expect any answer in less then 120 days.
I currently have several short sale transactions awaiting approval from Bank of America. They are all at separate phases of the process, but each has already gone past the 90-days Dawson said is should take to get a decision. In my opinion, this indicates to me one of two thing; either the individuals at the top of the company don’t have any real grasp on what is happening down at the bottom, or the company doesn’t want to disclose the actual facts when it comes to their short sale process.
I have talked with other agents across the country, and have read agents’ blogs regarding short sales. The consensus I have been seeing, is that Bank of America is one of the most difficult company to negotiate a short sale with.
I have created a group on Active Rain in an effort to shed some light on the problems that agents like myself are running into when negotiating short sales with different financial institutions. This will be a place for other agents to share their short sale experiences with individual companies. If you would like to join the group, please follow the link below.
Short Sale Experiences
Should you have any questions or need further information, please don't hesitate to contact me, (775) 220-1630 Or visit my blog at www.SellingNorthernNV.com
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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