ShortSale vs. Foreclosure to Stop Foreclosure,
and Avoid "7 Years Bad Luck"on your Credit...
A Case for the Short Sale
Our Mission
We at OakTree Real Estate Services are providing concise information that prudent Home Owners require.
What is a Short Sale? How does one work? What does the bank need from me in order to consider the homeowner for a Short Sale? How can I avoid the frustrations commonly associated with this type of transaction? Local Broker, JILL BERNI has become increasingly motivated to educate and inform the general real estate community, especially in high-foreclosure areas around the country. We are based out of Northern California, and the primary focus of our company is helping distressed homeowners and educating the general real estate community, primarily real estate agents, on how to effectively do Short Sale transactions, earn a commission provided by the lender, and ultimately save another homeowner from foreclosure. We have been down in the trenches doing Short Sale transactions successfully for the past 5 years. We have also meticulously documented, studied, and applied effective systems and solutions for getting these transactions closed! We have experienced the great rewards of witnessing many homeowners walk away from a potentially devastating situation and are now relaying the news across America that there is effective Short Sale education being offered by real estate agents for real estate agents!
How can we, as a Profession, combat rising foreclosure rates?
When the nation faces a foreclosure crisis like we are seeing today, the individuals most victimized are inevitably the homeowners. Whether they have been imposed upon by shady builder programs or predatory lending practices, or are simply facing devastating personal crises such as job loss, divorce, or illness, homeowners who become delinquent in their mortgages are extremely vulnerable, made worse by the fact that in many cases, these homeowners owe more than their property is worth. You may have received calls from prospective clients in this situation. Did you know what to do for them? Or, thinking there was no way for you to get paid in a negative equity situation, did you tell them you could not help?
Most homeowners are completely uneducated about the foreclosure process and about their options when facing foreclosure.
Misconceptions and misinformation abound. Some homeowners have no idea that a bank will foreclose on them after one missed payment. Others expect that a sheriff will simply show up at their door and throw them out once the checks stop coming. Thousands of these homeowners become victims of con-artists who take advantage of their desperation and lack of information. “Foreclosure Hotlines” have become an important resource to homeowners facing this situation, but the truth is that the best resource they could potentially have is you, their agent. With the help of a real estate agent, the homeowner may be able to sell their property for less than the amount owed to the bank and walk away from the situation without any cost to themselves. This is called “Short Sale,” and most banks are willing to accept this kind of arrangement and pay the Realtor(s) involved a commission, because foreclosures are ultimately much more expensive than accepting discounted payments. Now, that is what we call a win-win situation.
The Foreclosure Process
Before the bank will cooperate, a real estate agent must be involved!
Here’s where the problem lies. Most real estate agents don’t know how to effectively facilitate a Short Sale transaction. Many don’t even know what a Short Sale is. So many who attempt these transactions without the proper information have disastrous experiences that make these clients undesirable to themselves and their colleagues. The sad consequences are that so many homeowners are unnecessarily facing foreclosure because real estate agents don’t have the know-how or the desire to step up to the plate. What if you could become the expert that makes a difference in these homeowner’s lives? What if we told you that you could make a solid living facilitating these transactions with the proper education?
Currently, most banks are so busy tending delinquent homeowners that they simply don’t have the time to teach real estate agents how to conduct a Short Sale. If the banks aren’t taking the time to teach real estate agents to effectively process the transaction, then who is?
OakTree Real Estate Services has produced an array of solutions focused on educating other real estate professionals around the country.
We have 2 HUD-approved Mitigation courses focused on teaching real estate agents how to do a Short Sale transaction effectively as well as an intensive, extended personal coaching program. We have a program to suit whatever level of education or immersion you are seeking. In addition to being highly experienced, our instructors are dynamic, passionate, and dedicated to our goal of lowering the rate of foreclosure in this country one homeowner, one real estate agent at a time.
We invite you to take some time to investigate our resources:
1-866 866-6662 x5555
Guide To Delinquency And Foreclosure Solutions
The Federal National Mortgage Association (FNMA, or Fannie Mae) is a private corporation formed under the auspicious of the United States Government to insure the availability of mortgage money throughout the U.S. No matter where, or with whom, your home loan was originated it is probably owned, managed or under the influence of the delinquency and foreclosure prevention policies of Fannie Mae.
Even if it is not, the servicing agent (bank or mortgage company receiving your payment) is likely to follow Fannie Mae's administrative guidelines for delinquency and foreclosure management
. You will find the delinquency and foreclosure workout procedures for government loans administered by the VA and HUD to very similar, and in many instances more liberal. . Delinquency and foreclosure presents a serious risk to the financial assets of the FNMA, or any other lender. Therefore, Fannie Mae has established workout procedures for the purpose of circumventing potential lose to the corporation and its servicing agents that are based on very flexible policies. While the appropriate help is intended to reach those in need of prevention counseling the overburdened and often poorly trained lending bureaucracy often fails to provide the needed guidance in time. This guide has been created to provide you with the information you need in order to take control of your rights, and to identify the solution that meets your needs thereby giving you the means to save your home and most valuable asset
DELINQUENCY PREVENTION AND MANAGEMENTENT
Once it is clear that a borrower has not merely forgotten to mail in a payment, other technology helps the servicer decide what to do next. The first step must always be to determine whether the borrower has both the ability and the willingness to continue making mortgage payments and retain the home. Has the borrower faced a temporary loss of income due to medical bills or a layoff? Has the problem arisen because of financial mismanagement or because the original loan was too big of a fiscal stretch? Borrowers capable of keeping a home are given different mitigation options than those who do not have the ability to continue making payments.
| Common Homeowner Consequences | Foreclosure or Modification |
Short Sale Resolution |
|
Future Fannie Mae Loan - Primary Residence |
A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 - 7years. or Modified Loan carries minus Equity for several years. |
A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage only after 3 years. |
|
Future Fannie Mae Loan - Non Primary |
An Investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years or Modified Loan carries minus Equity for several years.. |
An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 3 years. |
|
Future Loan with any Mortgage Company |
On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” this will affect future rates. |
There are no similar declarations or question regarding a short sale. |
|
Credit Score |
Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years. |
Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A short sale’s affect can be a brief as 12 to 18 months. |
|
Credit History |
Foreclosure will remain as a public record on a person’s credit history for 10 years or more. |
A Short sale is not reported on a credit history. There is no specific reporting item for ‘short sale’. The loan is typically reported ‘paid in full, settled’. |
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Future Employment |
Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. |
A short sale is not reported on a credit report and is therefore not a challenge to employment. |
|
Deficiency Judgment |
In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment. |
In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against the homeowner. |
Stop foreclosure, and Avoid "7 years Bad Luck"
All the information necessary to make an informed decision.
24Hr Recorded Message Gives Details: 1 866 866 6662 x5555
JILL BERNI
Celebrating 30 years of Customer Service
"You can't bring her a Problem that she hasen't Solved before"
UNDERSTANDING FORECLOSURE PREVENTION
Fannie Mae's loss policy is derived from the philosophy that diligent management of delinquent mortgages is fundamental to foreclosure prevention. When the best efforts are insufficient to bring mortgages current, and when significant losses would occur if delinquency ended in foreclosure, aggressive workout solutions become the means of protecting the profit objective of the FNMA. Fannie Mae has, therefore, created five specific
Properly Preparing For Financial Disclosure
To receive consideration for a workout plan your income and assets will be carefully evaluated. Analysis of your financial information is intended to determine if you have assets which can be applied to the delinquent balance, and the extent to which your debt and expenses are appropriate for your particular personal, business, professional or corporate situation.
A Local Agent
The services of a local real estate agent are available at no charge with the understanding the agent will receive your listing if you make the decision to sell. Your agent can be a very valuable asset, supplying important local knowledge that can add value to the BPO giving you added financial strength when fashioning a workout
solution. Obtain a copy of the current FNMA approved BPO Form. Become familiar with the format and, with the your agent, offer whatever assistance you can when the designated broker or appraiser arrives.
24Hr Recorded Message Gives Details: 1 866 866 6662 x5555
What Is Preforeclosure
This option provides for the sale of property in which
the lender and borrower agree to accept the proceeds of the sale to satisfy a defaulted mortgage, where the proceeds may be less than the mortgage balance and to avoid foreclosure.
When Is Preforeclosure Appropriate
This option is also used when the mortgage balance exceeds the BPO estimate of
probable value
(final selling price).
Eligibility
The borrower must be experiencing financial hardship that is the result of involuntary reduction in income and an unavoidable increase in expenses to the extent that expenses exceed income.
Loan Modification or Short Sale, You Decide HERE:
SERVICE AREA
(NORTHERN CALIFORNIA)
SACRAMENTO, EL DORADO, PLACER COUNTIES.
El Dorado County,
Garden Valley (95633),
Rescue (95672),
Shingle Springs / Cameron Park (95682),
Coloma (95613),
Placerville (95667,)
El Dorado Hills (95762),
Cool (95614),
Pilot Hill (95664),
El Dorado (95623),
Diamond Springs (95619),
Lotus (95651),
Jill Berni - Celebrating 30 Years of Customer Service
BROKER/OWNER
916 834-2822
916 933-4454 -fax
************************************************************************ El Dorado County, Garden Valley (95633), Rescue (95672), Shingle Springs / Cameron Park (95682), Coloma (95613), Placerville (95667,) El Dorado Hills (95762), Cool (95614), Pilot Hill (95664), El Dorado (95623), Diamond Springs (95619), Lotus (95651),
Garden Valley (95633), Rescue (95672), Shingle Springs / Cameron Park (95682), Coloma (95613), Placerville (95667,) El Dorado Hills (95762), Cool (95614), Pilot Hill (95664), El Dorado (95623), Diamond Springs (95619), Lotus (95651),
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Foreclosure Help:: - 866 866-6662 x5555 Sell Your Home Fast !: - 866 866- 6662 x1234
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