West Sacramento Short Sale Information: April 2013

Friday, April 26, 2013

West Sacramento Short Sale Information – Home Appreciation – Should I Short Sale?

Home Appreciation – Should I Short Sale? 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.

Home Appreciation – Should I Short Sale? Great Question! You read in the paper at least once a month about prices going up double digits and you have to ask yourself will prices go up enough to get you back to even. Truth be told we have had a number of clients lately that we have been able get them out without a short sale. In the greater West Sacramento Metro-plex home prices are up double digits from a year ago. Some reports are as high as 30% or more. The caution here is to get an area expert to give you an accurate estimate of what the market indicates your home will sell for. The broad based median numbers that are reported can be influenced by the price point of the homes being sold vs. actual price appreciation. For instance if more $300,000 homes sold this year and last year there was a greater number of $50,000 homes sold, the median and average price would go up significantly and visa versa.

So back to your question – Home Appreciation – Should I Short Sale or for the price to come? The answer is more importantly, are you comfortable with the payment. If you are 20% or more underwater the chances of you getting to even anytime soon is not good. If you are less than 20% you might get back to even in as little as 5-10 years. Do the housing experts truly expect prices to show double digit year over year increase? Not that I have seen. Most are expecting 2013 to be a correction year based on the market being undervalued relative to rents and then see normal 3-5% appreciation going forward. The moral of the story is if you are seriously underwater, don’t expect the market to pull you out anytime soon

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

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. Home Appreciation – Should I Short Sale?

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

Bank of America Short Sale Declined. 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.

Bank of America Short Sales. Just saying it makes me shake my head. Now to be fair there are a lot of great folks over in the Bank of America Short Sale Department. Real caring honest individuals. And then there are those who would give any company a bad name. It is unfortunate that Bank of America Short Sale negotiators get painted with the same broad brush.

Much like the Bank of America Short Sale we are involved in right now. We had prior approval on the stand alone Bank of America second. We lost our buyer and had to start fresh with a new buyer – we get that. With an offer in hand we submitted the file through the Equator system and follow the steps for approval.

During the process the file got bogged down and fell out of compliance. For those that know us well, you know once a file is out of compliance it’s open season to escalate, which we did. Well our Bank of America Short Sale negotiator did not take too kindly to us going over his head and preceded to make my Bank of America Short Sale life miserable. Within seven days of escalating the file the Bank of America Short Sale negotiator closed out file and forced us to start over.

Did it make me mad – oh you bet. Was it a smart move? Oh hell no. It hurt the client. It hurt the buyer and ultimately it will cost Bank of America as well. Is the guy a jerk? Maybe or maybe he is just having troubles and taking it out on us for reporting to his superiors that he wasn’t doing his job. At any rate we hit reset and moved on. Life’s too short to let someone that small be a negative influence. It happens. Ultimately we will get the Bank of America Short Sale approved and move on to the helping the next distress homeowner and he will be stuck living with himself.

West Sacramento Short Sale Information – CMG Mortgage Short Sale

CMG Mortgage Short Sale 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.

CMG Mortgage Short Sale. We have worked with most of the major lenders and servicers so imagine our surprise when our most recent Short Sale was with CMG Mortgage. Everyone needs to start somewhere and at one time or another every time we started working with a new servicer was our first time.

Not sure of what CMG Mortgage Short Sale requirements were we submitted our “perfect” short sale package with the expectation we would meet and exceed their expectations. After a cursory waiting period giving them enough time to receive and image the file we initiated our twice weekly follow up process.

Within the first seven days of having received the file CMG Mortgage had already assigned the file to a negotiator, ordered the appraisal and ordered the title report. Knowing we submitted a complete package with a better than Fair Market Value offer the appraisal is not a concern. We are expecting CMG Mortgage short sale approval ion no time.

The moral of the story, no matter who the lender is, send in a complete package the first time and thing will go your way.

Thursday, April 25, 2013

West Sacramento Short Sale Information – CalHFA

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.

CalHFA Short Sales. Those who know us know we have had great success in helping distressed homeowners get out from under their over encumbered property. One of the lender / investors we like working with the best is the great folks over at CalHFA. Just this week I received a call from our negotiator. He had sent me a request for updated financials over a week ago. We supplied the updates within 24 hours of the request and followed up with emails confirming receipt. Now we know the negotiators have pretty full plates so when we did not get a response right away we were not concerned.

Well as fate would have it technology let me down. I got a call from our CalHFA Short Sale negotiator asking me why I had not supplied the information. Imagine my horror when I realized the email did not go through. Our CalHFA Short Sale negotiator was nice enough to call me and follow up rather than close the file and deny the CalHFA Short Sale. I immediately resent the information and called the next morning – again the email had not been received. Not to be denied I re-sent the information third time only this time used a different terminal. As they say third times a charm. The information was received, the file was moved forward and we are back on track.

My point was, many banks would have closed the file and made me start over. Because we had a great negotiator looking out not only for CalHFA but the client as well we are going to be able to save another homeowner from foreclosure. Hats off to all the great folks at CalHFA. We certainly appreciate your help

Sunday, April 21, 2013

West Sacramento Short Sale Information – PNC Short Sale Succes

PNC Short Sale Success 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.

PNC Short Sales. Just saying the phase out load brings shivers up the spine of many West Sacramento Short Sale specialists – mine included. PNC is known for being tough on a West Sacramento Short Sale negotiation, especially a home equity line of credit or HELOC second. We just received approval on just such a file.

While all files are important this one was near and dear to me personally. It was a referral from another agent whom I have a lot of respect for. The seller was her nephew and so the pressure to get the file approved was turned up a couple of notches to say the least. Now remember we have right at a 95 or 96% success rate with short sales so it’s not like we lose many, but we were determined not to let this one get away.

The seller owed over $110,000 to PNC. True to form the PNC Short Sale department started the bidding at 20% then said they would settle for 10%. The trouble was the first was only offering $8,500. As the never say die guys we pressed for a response from the investor and low and behold we got the approval at $8,500 with no additional buyer contribution! I cannot tell you how surprised I was. This seller is going to be able to walk away from nearly $500,000 in total debt with no liability for the unpaid balance and because of his situation and the Debt Forgiveness Act, no liability for the taxes on the forgiven debt. PLUS a new homeowner gets the home of their dreams. A true win for all.

West Sacramento Short Sale Information – Fannie Mae Short Sale Price Fixing

Fannie Mae Short Sale Price Fixing. 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.

OK – admittedly “Price Fixing” might be an exaggeration but there are times it really feels like it. We recently just closed a Green Tree Short Sale where Fannie Mae was the investor where we once again ran into this scenario

The fair market value was $200,000 and $210,000. Fannie Mae countered the offer back at $252,000. We escalated the file over pricing to no avail.

Naturally the buyer was not willing to pay that amount and countered the offer back at $225,000. After another month of review, Fannie Mae rejected the counter offer and closed the file. ARGH!

Since we are the never say die guys, we went back to the buyer and convinced them to accept $252,000 counter offer but instead of paying cash, finance the property. Part of financing the property means you have to have an appraisal that supports that purchase price. You guessed it, the buyer’s purchase appraisal came in at $210,000 – our original fair market value range.

With the buyers appraisal in hand we then spent another month negotiating the price reduction. It took several escalations direct to Fannie Mae to make it happen but in the end Fannie Mae agreed to the reduction and we were able to close the escrow 30 days later.

The real shame is we lost nearly 90 days haggling over a price where had Fannie Mae agreed to the buyers original cash counter offer they would have netted them more money. Taxpayer money.

All’s well that ends well. Another homeowner saved from foreclosure getting a fresh start financially. Life is good

Thursday, April 18, 2013

West Sacramento Short Sale Information – Green Tree Short Sales

Green Tree Short Sales. 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.

Green Tree Short Sales – love ‘em or hate ‘em they are a force to be reckoned with. While most West Sacramento Short Sale Specialists don’t like working with Green Tree Short Sales, we love ‘em. We understand the process and know how to submit a file that gets approved the first time through.

So what is going on with Green Tree lately? I ask because what was just three months ago a pretty smooth running operation with timely response and reasonable turnaround times has since deteriorated into long lead times, unpredictable turnaround times and generally a mess.

In my conversations with Green Tree Short Sale Negotiators, Single point of contacts and customer service reps, it seems pretty clear to me the issue is not one of incompetence but one of pure over load. Recently Green Tree purchased the servicing rights to a number of portfolios including GMAC. I know this because a couple of the Short Sales we were working were transferred mid negotiation. By good folks in the Green Tree Short Sale Departments own admission they are swamped. Should Green Tree hire more staff? Maybe, but then again that’s a business decision for them.

The key to a successful Green Tree Short Sale remains having a super clean file, getting your updated bank statements and paystubs submitted in a timely manner and knowing that it is going to take a little longer, but if you are relentless in your follow up, the squeaky wheel still gets the grease.

To get a better idea of when your West Sacramento home will be worth what youowe, 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. Green Tree Short Sales

Monday, April 15, 2013

West Sacramento Short Sale Information - Bank of America – FHA Short Sale Information

Bank of America – FHA 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 just closed another marathon Bank of America FHA Short Sale. We honestly worked on this file for nearly 10 months. Keep in mind the Bank of America FHA Short Sale Guidelines call for a decision to be made whether or not the borrower can participate within 45 days of submission and once the borrower is approved for short sale, a determination on the offer is supposed to be made within 30 days of authorization. Yea, right.

Why the delay you ask? Real simple. This Bank of America FHA Short Sale was submitted at a time when FHA Short Sales were ramping up and I honestly think Bank of America once again got caught flat footed. We had to have multiple foreclosure sale dates postponed even before we got the Authorization to Participate or ATP issued.

Once the ATP was issued we thought we were headed for smooth sailing only to find out the light at the end of the tunnel was an oncoming train! WOW. We spent another two, almost three months getting the offer approved. Now keep in mind the ATP already tells you what the net amount FHA will accept so it is not a matter of the offer being strong enough. We knew we had a winner going in.

Again it was multiple postponements of foreclosure sale dates and even an escalation directly to FHA but we finally got the formal approval and closed the escrow in about 45 days give or take. Is the process better now? It really depends on the negotiator and Customer Relationship Manager or CRM. Some are better than others

Bottom line – another homeowner saved from foreclosure and given a financial fresh start.

Monday, April 8, 2013

West Sacramento Short Sale Information – West Sacramento Short Sale FAQ’s II

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. Today let’s talk about Frequently Asked Questions

So here we go on our second 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 but know that chances are real strong we have a full blown session dedicated to nearly every West Sacramento Short Sale FAQ. So let’s get started.

How much will it cost me to complete a West Sacramento Short Sale? The short answer is nothing. The bank pays all the costs associated with the West Sacramento Short Sale.

Can I get money to move in a West Sacramento Short Sale? Possibly depending on your situation and the participation of your lender. Some lenders give up to as much as $35,000 with $3,000 to $5,000 more the average.

How is a West Sacramento Short Sale better than foreclosure? Again a short answer to a complex question: Foreclosure can be personally and financially one of the most devastating events you can allow to happen. Notice I said “you allow” to happen. Depending on your situation it could leave you still liable for part of the unpaid debt and could prevent you from certain types of employment.

Do lenders approve all West Sacramento Short Sales? No. Nationally only about 40-50% of Short Sales are approved. A Default Advocate like myself will have a better than 95% success ratio.

I have two loans. Can I still participate in a West Sacramento Short Sale? Yes, absolutely. In fact if you have refinanced or have a HELOC second, West Sacramento Short Sale is possibly the most desirable way to clear the second lien and avoid responsibility for the unpaid balance

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

Friday, April 5, 2013

West Sacramento Short Sale Information – West Sacramento Short Sale FAQ’s

I thought we would spend a couple sessions on short West Sacramento Short Sale Frequently Asked Questions. What we’ll do today is give the quick readers digest version to the most popular West Sacramento Short Sale FAQ’s but know chances are real strong we have a full blown session dedicated to nearly every West Sacramento Short Sale FAQ. So let’s get started

What is a West Sacramento Short Sale? A West Sacramento Short Sale is when a property is sold and the lender and underlying investor agree to accept less than what is owed on the property.

Why would the banks accept a West Sacramento Short sale? Simple – they make more money on a West Sacramento Short Sale than if they foreclose.

Do I have to be late to complete a West Sacramento Short Sale? That answer is a little more complex. There are some investors such as FHA / HUD and Freddie Mac that do

Require you are late. Most lenders do not require you to miss payments

If I Short Sale will I be responsible for the unpaid balance? In California if the lender agrees to the West Sacramento Short Sale, you cannot be held liable for the unpaid balance.

Will I owe Income tax on the debt forgiveness? There is a certain criteria that has to be met but generally if you are insolvent or the property was your principle residence and you complete the West Sacramento Short Sale before December 31, 2013 you should not have to pay income tax on the forgiven debt. It is always best to contact a tax professional first.

Do I have to have a hardship to Short Sale? The answer is yes, however that hardship can be as simple as your property is so far underwater that you will pay it off before it is worth what you owe. To complete a West Sacramento Short Sale, the lender would like to see a better hardship than that but we have been successful with being upside down as the only hardship.

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

Thursday, April 4, 2013

West Sacramento Short Sale Information – Do I Qualify for a West Sacramento Short Sale?

Do I Qualify for a West Sacramento Short Sale? 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.

Today let’s talk about what is needed to qualify for a West Sacramento Short Sale.

When West Sacramento Short Sales first hit the market again in 2006 until about 2008, a written verifiable hardship was mandatory for the lender to even consider a West Sacramento Short Sale. A hardship was defined as job loss, divorce, sickness in the family, income reduction or curtailment, job transfer or other life changing events. My how things have changed. Now while there are still some servicers and investors that require a verifiable hardship, more and more the fact that your current property is now worth half what you owe is many times considered the hardship. With the exception of Freddie Mac, many times you do not need to even miss a payment to qualify for the West Sacramento Short Sale.

Now I am not advocating walking away from your mortgage if you truly can afford it. That is a personal decision only you can make and then only if you are willing to face the foreclosure if the lender does not approve your West Sacramento Short Sale.

The bottom line is, for the banks, servicers and investors it is all about the money – always has been always will be. For them the decision is about where they will lose the least amount of money – West Sacramento Short Sale or Foreclosure. If it is Short Sale, they will take the Short Sale. If Foreclosure, they will take the foreclosure pure and simple.

West Sacramento Short Sale Information – PNC Short Sale Information

PNC 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.

PNC Short Sales, just the thought of a PNC Short Sale sends shivers down a West Sacramento Short Sale Agents back and rightly so. Let’s face it PNC Short Sale negotiators are some of the best in the business. Them and Greentree top my lists of top tough short sale negotiators.

The key to a successful PNC Short Sale is know going in PNC will rarely take less than 10% of the unpaid balance and if the hardship is weak, expect PNC to ask for 20% or more to release the deficiency. Now in California by law on a PNC Short Sale they have to release the right to seek a deficiency but PNC also doesn’t have to agree to the West Sacramento Short Sale either.

As tough as a PNC Short Sale can be, the bottom line is if PNC will lose less on the West Sacramento Short Sale they will take the deal. If PNC will make more on the foreclosure, they will foreclosure. It is the job of the West Sacramento Short Sale Specialist to make sure the deal is right going in.

Tuesday, April 2, 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