West Sacramento Short Sale Information: March 2013

Friday, March 29, 2013

West Sacramento Short Sale Information – Bank of America Short Sale Process

Bank of America Short Sale Process. West Sacramento Short Sale Specialist, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Agent Mike Rigley here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us.

What does it take to successfully complete a Bank of America Short Sale? Great question. And the answer is simple: A complete Bank of America Short Sale package, a Fair Market value or close to it offer, persistence and a little bit of luck thrown in for good measure. That’s the long answer. The short answer is hire a Bank of America Short Sale specialist who knows what they are doing.

With Bank of America Short Sales we have done enough to understand what they want and how they want it. Even when the rules change mid-way through the transaction we have been able to adapt and overcome. With Bank of America Short Sales it is all about having a complete file and every “I” dotted and “T” crossed. That’s why we have such a high success rate with Bank of America Short sales.

Understand their guidleines, understand their hierarchy and understand the file isn’t going anywhere if you try and skip a step.

Now we have our escalation contacts in Bank of America Short Sale management but we rarely use them. We find it much easier to do our job completely first so that when we do pull the escalation trigger our values contacts know it’s for real and we aren’t crying wolf.

Bank of America short sales? We love ‘em. Like anything else in life, if you know what you are doing it really then comes down to following a process.

Is an West Sacramento Short Sale Right for Me? Give me a call and let’s find out. We also offer a short sale lease back program for those who qualify allowing you to short sale and stay in your home. Call me for details

To get a better idea of when your West Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did.

Thursday, March 28, 2013

West Sacramento Short Sale Information – Fannie Mae Short Sale Escalations

Fannie Mae Short Sale Escalations. Looking for West Sacramento short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us.

Talk about a Hail Mary Pass in the closing seconds to save another homeowner from foreclosure. This was a Wells Fargo serviced / Fannie Mae owner loan that took us nearly a year and 5 buyers before we closed. We have had no less than four foreclosure sale dates postponed and I was sure there was no way Fannie Mae was going to allow number five.

Fannie Mae had declined our buyer over a minor technicality and we were headed for the sale date less than two weeks away. With less than a week before the sale date we secured another buyer but the Wells Fargo short sale department said it was too late. ARGHHHH! Now what do we do?

Well to be honest I was prepping my seller for the bad news when it came to me. Aren’t we the never say die guys? Aren’t we the ones who supposedly fight until the second the gavel goes down at the auction? Darned right we are so I got off my butt and went to work.

We first escalated through the new Fannie Mae Short Sale escalation site but were not getting results and responses fast enough so we went back to the old tried and true method of what I like to refer to as “carpet bombing email” where we blast as many Fannie Mae short sale employees as we can until one agrees to look into our case. Now I have to tell you to use caution when doing this because you will piss off a whole bunch of folks.

With just two days to go before the foreclosure sale date we were contacted by a Wells Fargo Short Sale negotiator and submitted our package to them. They gave us a 10 day extension the afternoon before the sale date. Whew. Now we had some breathing room.

As it would happen we ultimately won out and both Wells Fargo short sales and Fannie Mae Short Sale agreed to the deal. The sale date was cancelled; we got approval from the second in a matter of days and closed this deal in 14 days. Life is good.

Is a West Sacramento Short Sale Right for Me? Give me a call and let’s find out. We also offer a short sale lease back program for those who qualify allowing you to short sale and stay in your home. Call me for details

Wednesday, March 27, 2013

West Sacramento Short Sale Information – 12 Steps to Mortgage Assistance

12 Steps to Mortgage Assistance with Keep Your Home California. Looking for West Sacramento short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us.

So we have talked about Keep Your Home California’s new and improved web site. What we are going to talk about today are the 12 steps you can follow to see if you qualify for one of Keep Your Home California’s Programs. Remember they are Mortgage Reinstatement,Unemployment Assistance, Principle Reduction and Transition Assistance for those who short sale or are foreclosed on.

Today Let’s talk about questions 6-12

Are you in an active bankruptcy? You cannot be in an active Bankruptcy and participate

Are you approved to receive or currently receiving unemployment benefits from the California Employment Development Department (EDD)? If yes you may qualify for the Unemployment Assistance Program

Is your mortgage loan in foreclosure or has a Notice of Default (“NOD”) been recorded on your home? If yes you can still qualify

Are you two or more payments past due on your first mortgage loan? Being current is not a requirement to participate

Do you owe more on your first mortgage than your home’s current value? You must be underwater to qualify

Did you get your current mortgage on or before January 1, 2010? Again this follows the HAMP guidelines

Are you working with your mortgage loan servicer on a Deed in Lieu of Foreclosure or a Short Sale? If yes you may qualify for the Transition assistance program and receive up to $5000 in relocation assistance

For more information on these and other programs or to see if a West Sacramento Short Sale is right for you give me a call or to get a better idea of when your West Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did

Tuesday, March 26, 2013

West Sacramento Short Sale Information – 12 Steps to Mortgage Assistance

12 Steps to Mortgage Assistance with Keep Your Home California. West Sacramento Short Sale Agent, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Specialist Mike Rigley here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us.

Is your home in CA? You must live in California to qualify

Do you own and occupy your home as your primary residence? Only principle residences qualify

Is the amount you owe on your first mortgage loan equal or less than $729,750? This follows he HAMP guidelines

Is your West Sacramento County household income equal to or less than $91,300? There are income limitations for each county

Have you experienced a financial hardship (such as a loss of income, significant medical expenses, divorce, etc.) that is making it difficult for you to keep your home? This is not a program for those who are seeking a strategic default.

If you answered YES to all of those questions you are halfway to qualifying. Next time we will cover the raining 6 questions.

Is an West Sacramento Short Sale Right for Me? Give me a call and let’s find out. We also offer a short sale lease back program for those who qualify allowing you to short sale and stay in your home. Call me for details

To get a better idea of when your West Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did

Monday, March 25, 2013

West Sacramento Short Sale – GMAC / Green Tree Short Sales

GMAC / Green Tree Short Sales West Sacramento Short Sale Specialist, Default Advocate, Distressed Property Expert and f here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us.

“Green Tree services your loan – Sorry to hear that” is a statement we hear pretty frequently. My experience is that reputations are generally earned and Green Tree has more than likely earned that one.

When reading the blogs and posts of my fellow West Sacramento Short Sale Agents we can feel their frustration with Green Tree and their Short Sale Department. In what many deem as a bad situation just got worse with Green Tree purchasing the servicing rights to several portfolios formerly serviced by GMAC and Bank of America. We have both GMAC and Bank of America Short Sales in the pipeline that were service released to Green Tree. In my conversations with Green Tree they were caught off guard by the high number of new short sale files they picked up.

Now those who know me know I am no fan of the Banks. I work for distressed homeownersnot the banks but I have to tell you, in a Green Tree Short Sale, you reap what you sow. We take the approach to try and see the Green Tree Short Sale negotiators point of view. These guys have a couple hundred files on their desk and nobody is happy. Not the West Sacramento Short Sale Agent calling in, not their boss and certainly not the homeowner. BY submitting a super clean complete West Sacramento Short Sale file and understanding the escalation timelines and follow up scheduled we tend to get Green Tree Short Sale files approved in record time. Do we still have an occasional problem with a Green Tree Short Sale file? Sure, especially if Fannie Mae is involved. Do we let it throw us off our game? No way.

Friday, March 22, 2013

West Sacramento Short Sale Information – CalHFA Short Sale Information

CalHFA Short Sale Information. Looking for West Sacramento short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us.

We get a number of calls from homeowners and agents alike regarding CalHFA Short Sales. Truth be told we love working with the good folks over at CalHFA. They have a tough job and a large case load. We appreciate what they do for our clients.

A CalHFA Short Sale is not unlike other West Sacramento Short Sales in that when handled correctly they are pretty straightforward. What’s different is, as a government agency CalHFA is going to make an effort to get you into a loan modification before they send you to the CalHFA Short Sale Department. Remember CalHFA’s Mission statement is “To create and finance progressive solutions so more Californians have a place to call home.” so trying to keep you in that home is in alignment with their beliefs.

If the homeowner is dead set against staying in the home and when handled properly most files are forwarded to the CalHFA Short Sale department for review. The homeowner will need to prove a hardship and demonstrate that they have done all they can to retain the property. If keeping the home is not an option short sale is still better than foreclosure.

Submitting a complete CalHFA Short Sale file and persistent follow up goes a long way in getting your CalHFA Short Sale approved in a timely manner. If you have questions about your CalHFA loan or potential CalHFA Short Sale call me and we can discuss your particular situation in depth

West Sacramento Short Sale Information – 3 Little Known Facts About West Sacramento Loan Modifications

3 Little Known Facts About West Sacramento Loan Modifications West Sacramento Short Sale Specialist, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Agent Mike Rigley here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us.

West Sacramento Loan Modifications can be a GREAT option in the right situation, but there are 3 things you need to know before you get started

1. Banks know that less than 18% of all loan modification applicants will “work out” as a successful modification after 12-18 months. That’s an astounding number and here is how it breaks down. Out of 100 applications for a loan modification, about 40 will be put on a trial loan modification and the remaining 60 either don’t have any income, have too little income to qualify or have equity in their home and are told to sell their home. Out of those 40 who are given a trial loan modification, only about 30 will pay their payments on time for 3-5 months during this ‘trial’ phase and be approved for a permanent modification. After a permanent modification is approved, about 40% (12) of them will be behind on payments again within 6-12 months leaving only 18 out of the original 100 with a permanent modification. It is only a good option for less than 1 out of 5 people who apply.

2. The people who most need the help won’t qualify. The frustrating thing about loan mods is that only those who have had a slight dip in income, but still make a fair amount of money will be helped. Those who most need help staying in their home will usually be foreclosed upon.

3. Most homeowners put their ‘best foot forward’ when they apply for a loan modification and the banks use this opportunity to get an updated look at all of the homeowners income and assets, so they can plan how to best take that money, if possible. If you are a logical thinker and understand that the banks do have an agenda… to get as much money as possible from you and from the property, then you will understand that they are using this ‘opportunity’ to get a look at ‘where the money is’.

The key is to understand the process before you start. He formula is simple. Call me today to see if a West Sacramento Loan Modification is right for you. If not a West Sacramento Short Sale might be? Give me a call and let’s find out. We also offer a short sale lease back program for those who qualify allowing you to short sale and stay in your home. Call me for details

Thursday, March 21, 2013

West Sacramento Short Sale Information – Should I Stay or Short Sale?

Should I Stay or Short Sale? Looking for West Sacramento short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us.

Lots of talk these days about West Sacramento Home prices going up. In Sacramento County alone prices went up 22% from January 2012 to January 2013. That increase allowed a number of families to sell and avoid a West Sacramento Short Sale. But can we expect further gains like these?

The experts are telling us no. Average appreciation is 3-5% a year. Even if you include the run up and crash of 2000 through 2012, average appreciation was still only 3%.

So should you Short Sale or wait it out? Obviously that is a decision only you can make however the fact remains that the Debt Forgiveness Act of 2007 does expire at the end of 2013 and no one is expecting it to be extended again. If you are foreclosed on or Short Sale after that date you may owe income taxes on the forgiven debt.

Chances of seeing another 20% price increase in West Sacramento home prices is remote. There are nearly 25,000 homeowners in the greater Sacramento Region that are seriously delinquent meaning they are 91 or more days late on their payments. The cure rate as defined as the number of households expected to become current or modify is 5% giving us over 23,000 homes that will become either foreclosures or Short Sales keeping appreciation closer to historic levels of 3-5%. This represents a nearly 2 year supply of homes for this region.

Should you stay or short sale? While a very personal decision, if you are more than 25% upside down in your home you will have 10 or more years at average appreciation to get back to even. Short Sale would seem the smarter thing to do.

Tuesday, March 19, 2013

West Sacramento Short Sale Information – Deed in Lieu VS Short Sale

Deed in Lieu VS. Short Sale – Which is Better? Looking for West Sacramento short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us.

Deed in Lieu of Foreclosure or West Sacramento Short Sale – which is better for you? Good question and as always in this current environment the answer is depends.

Let’s face it, it all sounds so nice. I can’t make my payment so I will just turn over the keys to my home and walk away free and clear. So let me ask you. Who does it benefit more? You or the lender? Why the lender of course and why would that surprise you? The Deed in Lieu is far less expensive for the lender than a foreclosure. What the homeowner usually doesn’t understand is that the Deed in Lieu is still a foreclosure or voluntary surrender as far as your credit report goes. The Deed in Lieu is also only good if you have only a first mortgage and no other liens. The qualifying for both Deed in Lieu and West Sacramento Short Sale are basically the same but the length of time you can stay in the house without making a payment is usually longer in a West Sacramento Short Sale.

In a properly conducted West Sacramento Short Sale, both the first and second lien are satisfied, it is reported to the credit bureaus as “debt settled for less than owed” and as long as you have taken care of the rest of your credit you can purchase another home in as little as 2-3 years.

There are certain circumstances where a Deed in Lieu makes sense for the homeowner but they are far and few between

Is a West Sacramento Short Sale right for me?

West Sacramento Short Sale Information – FHA Short Sale

FHA Short Sale Information West Sacramento Short Sale Agent, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Specialist Mike Rigley here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us. Let’s talk about FHA shorts sales. West Sacramento FHA Short Sales are a little different than traditional or HAFA short sales in that they are overseen by the Department of

Housing and Urban Development or HUD. HUD rules and guidelines are unique.

The HUD program is known as the Pre Foreclosure Sales Program or PFS for short and the General Guidelines are:

The West Sacramento short sale must be an owner occupied sale

Must Be an Arms-Length transaction

Must be an as-is sale

HUD allows for a 1% seller credit for the buyers closing costs if they are getting a new FHA loan

HUD will allow $1,000 relocation assistance to the mortgagor. HUD allows only $1500 towards the release of junior liens – which could be a sticking point depending on the amount of the second if there is one

HUD also requires the borrower to be 31 days or more delinquent on their mortgage at the closing to be considered. At the same time the guideline clearly states that, and I quote, “Under no circumstances should the mortgagor be encouraged to default on their loan for the purpose of participating in the Preforeclosure Sale Program”. Go figure…

HUD does look for hardship documentation of either a reduction in income or increased expenses

HUD also has an odd format for accepting a West Sacramento short sale. If the offer is received in the first 30 days HUD requires a net of 88% of Fair Market Value. 86% in the next 30 days and only 84% if an offer is not accepted until the property has been on the market 90 days. It is truly an odd formula but it is what it is.

Now nearly every West Sacramento FHA Short sale is different so it is always best for us to review your particular situation in person.

Is a West Sacramento Short Sale Right for You? Give me a call and let’s find out. We also offer a short sale lease back program for those who qualify allowing you to short sale and stay in your home. Call me for details

West Sacramento short sale information – Is a West Sacramento Short Sale Right For Me

Is a West Sacramento Short Sale Right For Me? Looking for West Sacramento short sale information?You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us.

We get asked all the time if a West Sacramento Short Sale is the right thing to do. Now honestly that is a question only you can answer. What we can do is give you some good discussion points to consider.

We encourage you to look at your current West Sacramento Mortgage situation as a business decision. Do you owe more than your West Sacramento home is worth? Are you more than 25% upside down? Are you struggling to make your payments, possibly facing foreclosure or just tired of making payments on a property you might never own.

If you said yes to most of those questions then you are probably a good candidate for a West Sacramento Short Sale. Do you have to miss payments or have a personal or financial hardship to qualify? Not always, it depends on your particular situation. Now back to the business decision conversation…

If a major corporation like Chevron or Procter and Gamble sold off or closed a money losing underperforming asset or company their stock holders would reward them for making the right decision for the company. Let me ask you – how are you any different. If you are more than 25% upside down chances are good it will be more than 10 years at average appreciation before your house is worth what you owe. Done properly, if you short sale today in 2-3 years you can buy another home and instead of just getting to zero in ten years, you will actually have 10-20% equity in the property. Doesn’t that make a whole lot more sense?

Is a West Sacramento Short Sale right for me?

Friday, March 15, 2013

West Sacramento Short Sale Information – New Keep You Home California Web Site

West Sacramento Short Sale Specialist, Default Advocate, Distressed Property Expert and West Sacramento Short Sale Agent Mike Rigley here bringing you the latest West Sacramento Short Sale Information. Thank you for joining us.

In case you didn’t know, the great folks over at Keep Your Home California recently re-launched their web site. The new Keep Your Home California site is now interactive allowing you to check online to see if you qualify for one of their great programs.

With over 22,000 Californians having qualified for one of Keep Your Home California’s four home retention / foreclosure avoidance programs this is the real deal. For those who qualify,Keep Your Home California offers an Unemployment Assistance Program, a Mortgage Reinstatement Program, a Principle Reduction Program and if all else fails a Transition Assistance Program.

To find out if you qualify for one of these programs log on to their new site at www.KeepYourHomeCalifornia.org or give me a call to discuss your options

Is a West Sacramento Short Sale right for me?

Thursday, March 14, 2013

West Sacramento Short Sale Information – US Bank Short Sale

US Bank Short Sale Information. Looking for West Sacramento short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us.

US Bank short sales. Need I say more? Well yes of course I do otherwise why make a video or Blog right?

Our most recent US Bank Short Sale was, as is usually the case with US Bank, a challenge to say the least. In fact the only short sale we were not able to get approved in the past 12 months or so was a US Bank Short Sale and every other US Bank Short Sale had been a challenge so we knew what to expect.

In this case we had a true hardship and the seller had stopped making payments. The US Bank short sale department had actually closed our file twice for trivial reasons. I gotta tell you that I really think they do this on purpose to try and wear you down into submission and just give up which is crazy because US Bank and the underlying investor will lose 15-20% less on a US Bank Short sale than they will with a foreclosure.

Any way I digress… The last hurdle the US Bank short sale department threw at us was asking for $7000 more than the fair market value of the property. Now keep in mind we are only talking about a $90,000 property so the percentage is significant. Our buyer cancelled over the $7000 increase on Friday and on the following Tuesday US Bank approved the US Bank Short Sale at $90,000. Fortunately we were able to get the same buyer back in but we almost had to start over with a new buyer because of the US Bank short sale department’s games.

As the never say die guys we pressed forward and will save another homeowner from foreclosure in spite of the US Bank short sale department

Is an West Sacramento Short Sale Right for Me? Give me a call and let’s find out. We also offer a short sale lease back program for those who qualify allowing you to short sale and stay in your home. Call me for details

Is a West Sacramento Short Sale right for me ?

To get a better idea of when your West Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short saleinformation. Call me today and sleep better tonight; you’ll be glad you did.