Joshua's Blog

Rising Short Sales on the Market, and the Challenges they present

Joshua Talayka (Chase Internatinonal) — Thu, 03 Dec 2009 13:16:02 -0600

It’s no secret that short sale listings have drastically increased in very little time. This increase can be blamed on a number of factors: rising unemployment, decline in home values, resetting ARMs, and the list can go on. What ever the cause, it appears as though Short Sale listings are going to be around for some time to come, and both consumers and agents should be aware of the challenges associated with them.

See the complete post: Short Sale Challenges

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Fannie Mae Confirms its Short Sale Commissions Policy

Joshua Talayka (Chase Internatinonal) — Thu, 03 Dec 2009 12:53:56 -0600

Fannie Mae has reconfirmed its short sale commission policy with the NAR.

See Fannie Mae Commissions for details

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Freddie Mac confirms its Short Sales Commission Policy

Joshua Talayka (Chase Internatinonal) — Thu, 03 Dec 2009 12:00:17 -0600

Freddie Mac confirmed that its servicers are not allowed to renegotiate short sales commissions in writing on August 20, 2009

See Freddie Mac Commission Policy for details

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

FAQ on the Housing and Economic Recovery Act (HERA)

Joshua Talayka (Chase Internatinonal) — Mon, 28 Sep 2009 17:48:55 -0500

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.

FAQ HERA

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

The Home Valuation Code of Conduct (HVCC)

Joshua Talayka (Chase Internatinonal) — Mon, 28 Sep 2009 17:19:44 -0500

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.

See HVCC Summary

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Summary of the new lending regulations HERA

Joshua Talayka (Chase Internatinonal) — Mon, 28 Sep 2009 16:46:01 -0500

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.

See Summary of HERA for a summary of these new regulations

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Tips for Avoiding Foreclosure

Joshua Talayka (Chase Internatinonal) — Tue, 15 Sep 2009 17:51:17 -0500

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.

See Tips for Avoiding Foreclosure

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Q&A: Making Home Affordable Program: Refinance

Joshua Talayka (Chase Internatinonal) — Tue, 08 Sep 2009 16:33:44 -0500

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

HOPE for Homeowners

Joshua Talayka (Chase Internatinonal) — Tue, 08 Sep 2009 16:31:11 -0500

Borrowers having difficulty paying their mortgage will be able to refinance into FHA-insured mortgages under the program.

Under the HOPE for Homeowners, lenders will be required to “write down” the mortgage to a maximum of 90% of the homes appraised value.

See HOPE for Homeowners for details and 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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Foreclosure Prevention Options

Joshua Talayka (Chase Internatinonal) — Tue, 08 Sep 2009 16:26:55 -0500

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.

See Foreclosure Prevention Options for a summary of available options.

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

NV Energy Consumption Evaluation requirements

Joshua Talayka (Chase Internatinonal) — Tue, 08 Sep 2009 16:23:53 -0500

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Judicial vs. Non-Judicial Foreclosure

Joshua Talayka (Chase Internatinonal) — Tue, 08 Sep 2009 16:20:45 -0500

In the state of Nevada, lenders may foreclose by using either a judicial or non-judicial foreclosure process.

Here are the differences: Judicial vs. Non-Judicial Foreclosure

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Bank of America: The Untruth about Short Sales

Joshua Talayka (Chase Internatinonal) — Fri, 28 Aug 2009 14:55:57 -0500

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Q&A: Making Home Affordable Program: Modification

Joshua Talayka (Chase Internatinonal) — Mon, 03 Aug 2009 16:32:10 -0500

The following are common Questions and Answers on the Making Home Affordable Modification: 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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Duty to execute documents to release earnest deposit

Joshua Talayka (Chase Internatinonal) — Mon, 20 Jul 2009 18:12:15 -0500

In today’s market of short sale and REO transaction, there is a common problem I’ve been encountering when these transactions go south. It can sometimes be difficult to get the other party (typically the seller) to sign cancelation instructions which are needed in order to have the buyer’s earnest deposit (or any other money) refunded.

The following Nevada Revised Statute addresses this problem:

Duty to Execute Document

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Freddie Mac Single-Family Seller/Servicer Guide Bulletin

Joshua Talayka (Chase Internatinonal) — Tue, 09 Jun 2009 02:21:34 -0500

Freddie Mac released bulleting Number: 2009-5 on March 4, 2009 in support of the federal Making Home Affordable Program. The bulletin included eligibility requirements for the Freddie Mac Relief Refinance Mortgage. The following are key aspects of that Bulleting:

Freddie Mac Bulleting

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

FannieMae Pre-foreclosure Sales Commission

Joshua Talayka (Chase Internatinonal) — Tue, 09 Jun 2009 01:52:19 -0500

Per: Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers

Pre-foreclosure Sales Commission guidelines are as follows

FannieMae Commission

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Basic Short Sale Q&A

Joshua Talayka (Chase Internatinonal) — Tue, 09 Jun 2009 01:37:38 -0500

What is a Short Sale?

Why would a mortgage lender agree to a Short Sale?

What are the requirements to begin the short sale process?

Will I be responsible to pay taxes on the amount forgiven?

What if I don’t want to sell? Should I try a loan modification?

See Short Sale Q&A for the answers to these questions.

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

National Association of Realtors and Short Sales

Joshua Talayka (Chase Internatinonal) — Tue, 09 Jun 2009 00:51:35 -0500

In February 2008, the Short Sales Work Group (established by NAR) met to put together a report which addressed Realtor’s concerns about Short Sales. The work group submitted its report in May 2008.

The following recommendations were included in the report:

NAR Short Sale Concerns

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

What Happens to the second mortgage if the first forecloses?

Joshua Talayka (Chase Internatinonal) — Mon, 08 Jun 2009 23:56:55 -0500

When the first lender carries out a foreclosure sale, the second mortgage lender may be able to take the following steps:

See What Happens to the Second Mortgage if the First Forecloses

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Four Things You Should Know if You’re in Default on your mortgage, or about to be.

Joshua Talayka (Chase Internatinonal) — Mon, 08 Jun 2009 22:54:50 -0500

Everyday more and more Americans are at risk of becoming default on their mortgage, and simply do not know what they can do. You’ve tried contacting your lender via the (800) numbers on your bill to explain that you are not going to be able to make your payments for much longer, and want to know if there is any help. Instead of getting help, you found yourself in an endless loop on their automated system. Eventually (if you’re lucky) you were able to reach a live person who then transferred you to another, who transferred you to another, and so on, while remaining on hold for twenty plus minutes between each person. Finally, the last person you speak with tells you there is nothing they can do, and that you should try back once you’re behind.

If you haven’t already had the experience described above, here are some things you should know before going down that road.

Things you Should Know when in Default

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Don’t mistake a foreclosure with forgiveness of debt. NRS 40.455 Deficiency Judgment

Joshua Talayka (Chase Internatinonal) — Mon, 08 Jun 2009 22:18:36 -0500

Many people make the mistake in thinking that because their lender foreclosed on their home, that they no longer owe on their debt. This is dangerous misconception. In the state of Nevada (check your state laws) after your lender forecloses, they may file a deficiency judgment against you.

See Deficiency Judgment

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Tax Credit for FHA down payment

Joshua Talayka (Chase Internatinonal) — Mon, 08 Jun 2009 21:24:40 -0500

The U.S. Department of Housing and Urban Development issued Mortgagee Letter 2009-15 on May 11, 2009. A portion of this letter outlined the use of the First-Time Homebuyer Tax Credits for use as a Down payment on an FHA mortgage.

Tax Credit Down Payment

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Garage Transformation

Joshua Talayka (Chase Internatinonal) — Thu, 21 May 2009 19:02:13 -0500

The garage is said to be the largest yet most underutilized place in our homes. To often is it a place where things are thrown into it like a storage shed, and we rarely even park our cars there anymore. But, it doesn't have to stay that way. Here are some things you can do to turn that wasted space, into usable space.

Garage Transformation

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

FHA 203(k) Program: Additional funds for property rehabilitation

Joshua Talayka (Chase Internatinonal) — Fri, 01 May 2009 00:45:20 -0500

The Section 203(k) FHA Program can be used to not only purchase a home, but also improve/repair it. Its FHAs primary program for the rehabilitation and repair of single family properties. It has been a great tool for community and neighborhood revitalization. Many lenders have successfully used the program to help borrowers purchase and rehabilitate properties.

See the complete 203(k) details: FHA 203K

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

Joshua Talayka
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521