West Sacramento Short Sale Information - Changes to Fannie Mae Guidelines

Today let’s talk about the new Fannie Mae and Freddie Mac Short Sale Guidelines

So just recently The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac are issuing new, clear guidelines to their mortgage servicers that will align and consolidate existing West Sacramento short sale programs into one standard short sale program. It’s about time.

The streamlined program rules will enable lenders and servicers to quickly and easily qualify eligible borrowers for a West Sacramento short sale.

The new guidelines, which go into effect Nov. 1, 2012, will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a West Sacramento short sale even if they are current on their mortgage if they have an eligible hardship. Servicers will be able to expedite processing a West Sacramento short sale for borrowers with hardships such as death of a borrower or co-borrower, divorce, disability, or relocation for a job without any additional approval from Fannie Mae or Freddie Mac.

The new guidelines offer a streamlined short sale approach for borrowers most in need. For those borrowers who have missed several

mortgage payments, have low credit scores, and serious financial hardships the documentation required to demonstrate need has been reduced or eliminated.

The new guidelines also enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for West Sacramento short sales.

With the program changes, servicers will be permitted to process West Sacramento short sales for borrowers with hardships without any additional approval from Fannie Mae or Freddie Mac, even if the borrowers are current on their mortgage payments.

Borrowers will now qualify for a West Sacramento short sale if they need to relocate more than 50 miles from their home for a job transfer or new employment opportunity.

The changes consolidate existing West Sacramento short sales programs into a single uniform program giving Servicers more clear and consistent guidelines making it easier to process and execute West Sacramento short sales. 

The changes also provide servicers and borrowers clarity on processing a West Sacramento short sale when a foreclosure sale is pending. The new guidance clarifies when a borrower must submit their application and a sales offer to be considered for a West Sacramento short sale. The specific time lines vary based on when your foreclosure sale date is scheduled

Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a West Sacramento short sale.

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 sale information. Call me today and sleep better tonight; you’ll be glad you did

West Sacramento Short Sale Information - Mortgage Debt Relief Act Extension Update

Today let's talk about the status of extending the Mortgage Debt Relief Act of 2007

A group of senators are pressing Senate Majority Leader Harry Reid to allow a vote on a package of tax relief extensions that are set to expire this at the end of this year, most importantly one involving mortgage principal forgiven in loan modification or West Sacramento short sale.

If the Bill is not extended, homeowners who receive a principal reduction or a West Sacramento short sale next year may be required to pay taxes on the debt forgiven if Congress does not extend the Mortgage Debt Relief Act of 2007. The law expires Dec. 31.

Without giving you tax or legal advice, those who can prove insolvency -- and most people can, would also avoid paying tax on the cancelled or forgiven debt regardless of the outcome of this bill.

The Senate Finance Committee passed the Family and Business Tax Cut Certainty Act, which would extend the tax relief through 2013, by a 19-5 bipartisan vote earlier in the month. So c'mon Harry do the right thing for once and schedule the vote for crying out load.

Congress is also considering several programs to reduce principal for the roughly 11 million borrowers who owe more on their mortgage than their house is worth. Those programs would be rendered even less effective if borrowers elect not to take the relief in order avoid paying taxes on the assistance.

Is a West Sacramento Short Sale Right for Me?

To get a better idea of when your West Sacramento home will beworth 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

West Sacramento Short Sale - Bank of America Transition Guide

Today let's talk about Bank of Americas new Transition Guide for Distressed Home owners

  

Now many West Sacramento Short Sale Agents have nothing good to say about Bank of America Short Sales and I can certainly understand there point. Personally overall I think they do a pretty good job given the challenges they face. Like any large company in transition Bank of America has its challenges. Coming from a corporate background I can empathize with their struggle. Hiring and training as many people as they do is a challenge.

Their training and transition struggles aside Bank of America is making huge strides towards making the West Sacramento Short Sale process as painless as possible. Bank of America recently published the Home Transition Guide -- Understand the ways to avoid foreclosure and prepare to transition from your house.

I have read it offers up some pretty good tips for consumers who find themselves in this predicament. It is divided into four sections that include options to avoidfore closure, counseling resources, how to properly budget, watch outs, checklists and helpful tips. All in all I think Bank of America got this right in a big way. I don't see any other servicer with something like it.

For your free copy of the Bank of America Home Transition Guide give me a call and I will happily send you one.

Is a West Sacramento Short Sale Right for Me? Could be -- give me a call and let's find out.

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

West Sacramento Short Sale - Avoid A Charge off if You Can

Today let's talk about when the second lienholder charges off your debt.

  

Many folks aren't aware that a frequent practice among second lienholders is to charge off your debt after 4-6 missed payments.

What exactly is a charge off you ask? Great question. Lenders don't like to carry non-performing debt. One way to avoid that is to charge it off their books and turn the debt over to the collections department or sell it to a debt collector.

Why does this matter you ask? If you are in the middle of a West Sacramento Short Sale the charge off could affect the outcome in a number of ways. Once in collections the collection agency will typically require a higher pay off as a condition to agreeing to the West Sacramento short sale. While this can frequently be negotiated you there is no guarantee.

If you are in a West Sacramento HAFA Short Sale you also run the risk of the collection agency not participating in HAFA therefore putting your relocation assistance at risk.

Now we will never tell you to make a payment or not make a payment, that is totally your decision. What we will do is give you the pros and cons so you can make your own decisions. Remember -- we work for you not the other way around. All in all, if you can avoid the charge off it's probably for the better

Is a West Sacramento Short Sale Right for Me? Give me a call and let's find out

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

West Sacramento Short Sale Information – Aurora Sells Loans to Nationstar

Today let’s talk about Aurora’s recent sale of their loans to Nationstar

If you have an Aurora Loan by now you are aware that those loans have been sold to Nationstar for servicing. Our West Sacramento Short Sale experience is that Nationstar is a pretty good company to work with when it comes to West Sacramento short sales. We have completed a number of short sales with them both when they had just the first and when they were only in second position. For the most part Nationstar is pretty level headed and are willing to work with distressed West Sacramento homeowners.

The entire West Sacramento short sale process with Nationstar is handled through their online platform called Equator and helps provide better communication from start to finish on your West Sacramento short sale file.

If you have questions about your now Nationstar mortgage, or any other lender, give me a call and we can talk about your specific situation

Is a West Sacramento Short Sale Right for Me? Give me a call and lets find out.

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. 

West Sacramento Short Sale Information - Bank of America / Ocwen / Greentree Short Sale

Today let's talk about one of our most recent short sales.

  

This particular Bank of America Short Sale was a referral from a trusted friend who needed help. She owed more than the property worth and needed to get out from under it. The first was with Bank of America and the second was with Greentree -- pretty standard fare. We had the usual back and forth with Greentree but truth be told they were actually pretty great to work with on this deal. Never thought I'd say that about Greentree but the truth is the truth.

Bank of America Short Sales are usually pretty plain vanilla. We get the occasional one that throws us some curves but usually we know what to expect. I know you see this coming -- this of course was one of those Bank of America Short Sales that threw us a curve.

We had jumped through all the Bank of America Short Sale hoops for nearly 38 days and just as we were in line to get our approval the loan was transferred to Ocwen. Now we had advanced notice this was happening so you know we were all over this file from the start. We escalated every chance we got in an effort to get the Bank of America Short Sale approved before the transfer.

As luck would have it we missed the deadline and the loan was transferred - ARGH! The transfer itself takes a bit and then we have to start all over again with Ocwen. Knowing this was coming we had the Ocwen package ready to go the day after the loan was transferred. While it added about 30 days to the process we are happy to say we received approval from Ocwen to close the Short Sale. Of course the Greentree approval letter had expired by then but the folks at Greentree were great to work with and sent us new letter within days of receiving the Ocwen approval letter. As luck would have it this was a cash buyer and we closed escrow 10 days after getting all the approvals.

All's well that ends well. We helped another homeowner avoid foreclosure, there is a new homeowner in the property instead of a vacant bank owned property, the banks loss less money than if they foreclosed and everyone is happy. Feels good to make the challenging ones work out. I have to admit it both Greentree and Ocwen were great to work with.

Is a West Sacramento Short Sale Right for Me? Call me and let's talk about your particular situation

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

West Sacramento Short Sale Information - Citi Lease Back Program

Today let's talk about the Citigroup Program to Rent Back to Distressed Homeowners.

According to the Wall Street Journal Citigroup is starting a program to allow 500 homeowners in trouble with their mortgages to rent back their homes if they sign over the deed, a step some lenders are taking to help people avoid foreclosure.

The bank said that it has sold $158 million in loans it holds on its books to a joint venture of Santa Ana, Calif.-based Carrington Capital Management LLC, which is investing in distressed real estate and mortgages, and Los Angeles-based investor Oaktree Capital Group.

The homeowners, who live in Arizona, California, Texas, Florida, Nevada and Georgia, will be offered the chance to rent the homes at market rates if they can no longer afford their mortgage payments, even with a modified loan. The pilot effort could be expanded if it is successful.

Under the program, borrowers would agree to a "deed-in-lieu" of foreclosure, in which they sign over ownership of the property to the lender. This is less costly to the bank but it is still a foreclosure.

Homeowners are not required to accept the deed-for-lease program. The leases are expected to be signed at market rates but are likely to be lower than the borrower's current mortgage payments.

Earlier this year, Bank of America launched a similar program involving 2,500 homeowners in Arizona, Nevada and New York and California.

Unlike Citi, B of A is not selling the loans off right away. Instead, it is using third-party companies to help approach customers, and plans to sell the loans to investors once leases have been signed.

Will it work and is it an answer to the tangled mess of underwater homeowners nationwide -- only time will tell.

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 sale information. Call me today and sleep better tonight; you'll be glad you did

West Sacramento Short Sale Information - KYHC Adds More Servicers

Today let's talk about the 20 new Servicers added to the Keep Your Home California Program 

 

Great news, over the last four months the Keep Your Home California Program has added just over 20 new servicers to their programs to assist underwater or distressed West Sacramento Homeowners. This means if you qualify there are even more opportunities to assist you. Their programs include Principle Reductions up to $100,000, assistance while you are on unemployment, a program to help you get caught up on your payments and if all else fails, relocation assistance.

In each case your lender / servicer must participate and you must be at or below the median income for your county.

The principle reduction program no longer requires the servicer to match the dollar for dollar reduction.

At this time of the Five Largest Lender / Servicers -- that being Bank of America, Wells Fargo, Chase, Citi and GMAC / Ally, only GMAC participates in the principle reduction program.

To see if you qualify give me a call or shoot me a quick email. We can discuss your particular situation and see if there is a program out there to help you.

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 sale information. Call me today and sleep better tonight; you'll be glad you did

Wells Fargo Difficult Short Sale

Today let's talk about our recent Wells Fargo Short Sale battle.

 

Yes I say battle because that is what it was. Wells Fargo Short Sales are known to be tough. It is not the negotiations but the level of detail required for approval. It like getting loan underwriting in reverse. Every "I" must be dotted and every "T" crossed for the file to get past the processor gate keeper and on to the decision makers.

In this case we had already done the battle and had secured the Wells Fargo Short Sale Approval letter. We were in contract but the deal was not going as it should have. There was an underlying almost passive aggressive relationship with the new buyers. Inspections were delayed and the appraisal was late. The buyers switched lenders more than once without telling us and the BS hairs on the back of my neck we going whoo whoo whoo. Ultimately we issued a notice to perform and as we thought the buyers cancelled.

Within 3 days we had new buyers at the exact same sales price, terms and net as the previous offer. Now you would think that with the same sales price and the same net we would be able to simply change out the names and move to close this Wells Fargo Short Sale -- ohhh no that would be way to easy.

We were required to start at the very beginning. In fact we had to battle the negotiator and ultimately escalate the file to get the approval. The negotiator had actually declined the file -- how silly is that to decline a file that has already been approved. It was truly a battle of the wits with an unarmed person!

Because we don't take no for an answer and knew the deal was right for all involved we stuck with it. The crazy part of it was -- the Wells Fargo Short Sale approval to change the names out took longer than the original Wells Fargo Short Sale approval.

In the end we persevered and were able to keep another family from losing their home to foreclosure. They are now renting a nicer house that is as nice or nicer than the one they were living in for about half the monthly payment. Two to three years from now they will be able to purchase a new home for less than half of what their previous mortgage was.

Is a West Sacramento Short Sale Right for Me? Call me and let's discuss your particular situation. 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

West Sacramentp Short Sale FAQ V

Today let's talk about Frequently Asked Questions V

So here we go on our fifth and last session on West Sacramento Short Sale Frequently Asked Questions. Again we will give only the quick readers digest version to the most popular West Sacramento Short Sale FAQ's. For a more in depth explanation of each FAQ check out one of our many informational sites or log on to our main You Tube Channel at YouTube.com/user/NorCalMortgageRelief.

Ok here we go:

How do I get started on a West Sacramento Short Sale? Easy call me today. Even if you are not in an area I cover, I will refer you to a like-minded Short Sale Specialist you can trust.

Do I have to have a sign in the yard of my West Sacramento Short Sale? The answer is no, however a sign does help get the property sold.

What about showing the West Sacramento Short Sale? We understand the sensitivity of a West Sacramento Short Sale and can work around most situations including uncooperative tenants.

I read that the market was getting better. Shouldn't I just wait until prices get better and avoid a West Sacramento Short Sale? Yes prices are starting to tick up but the facts remain, if you are 25% or more upside down in your property, with normal appreciation it will take at least 10 years for your property to be worth what you owe -- 10 years. Longer if you are more than 25% upside down.

Well guys, that about wraps up this week's segment on West Sacramento Short Sale Frequently Asked Questions. If I missed your question call or email me today. For more detailed answers either call me or log on to our main You Tube account at YouTube.com/user/NorCalMortgageRelief.

Is a West Sacramento Short Sale Right for Me? Give me a call and we can discuss your particular situation.

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