Real Estate Broker for RealtyWrks.com Located in Temecula Calif. 92590 Short Sale Specialist www.aShortSale.com Free help for the D.O.D HAP program & US Treasury Dept HAFA program
Temecula Short Sale Specialists – Avoid Foreclosure
Temecula Short Sale Agents – Help Line 951-217-6745
Short Sale Archives
Temecula Short Sale Specialist
Temecula Short Sale Agents Posts
Temecula Homes for Sale – Search
Bank of America thanks our Temecula Short Sale Team.
Today I received the below email from the Bank of America short sale specialist we worked with.
Thank you for your assistance in completing the current short sale. I was able to verify the documents and process the wire. We at Bank of America look forward to working with you in the future. If you have any feedback regarding your experience with myself or the closing process that you would like to share, please contact my supervisor, Scott xxxxxxxx, at 480-xxx-xxxx or email his firstname.lastname@example.org. Thank you again for your hard work and dedication. Have a great week!
2013 is going to be a good year for homeowners needing to short sale their home.
Program Updates Effective February 1, 2013
however, Servicers may implement changes immediately
The Home Affordable Foreclosure Alternatives (HAFA) Program is a government-sponsored initiative overseen by the U.S. Treasury Department and administered by Fannie Mae assisting all Home Affordable Modification Program (HAMP)-eligible homeowners in avoiding foreclosure,specifically through short sales or deeds-in-lieu of foreclosure.
The Bank of America Cooperative Short Sale Program may be able to help Temecula homeowners complete a short sale if they owe more on their mortgage than their Temecula house is worth and do not qualify for the Home Affordable Foreclosure Alternatives (HAFA) short sale program. This short sale program can streamline the approval process and offers financial assistance to help homeowners with relocation and moving expenses.
As of January 15, 2013, there will no longer be a temporary foreclosure hold during the Cooperative Short Sale property marketing phase. Bank of America may begin or continue the foreclosure process up until a submitted offer to purchase the property is approved by all relevant parties. Any existing Temecula short sales in progress will not be impacted by these changes. Call aTemecula short sale agent for more info 951-217-5745
Title Transfer requirement change:
Note: The above restrictions will run with the land and are not personal to the grantee.
Note: If the borrower receives relocation assistance from a source other than Fannie Mae, Freddie Mac, or the servicer, the difference in the relocation assistance amount up to the $3,000 incentive maximum may be provided. If the borrower will receive relocation assistance from a source other than Fannie Mae, Freddie Mac, or the servicer and the amount is equal to or greater than $3,000, no relocation incentive will be provided.
SOURCE – Caiif Assoc of Realtors Newsline.
Temecula Short Sale Homes vs Bank owned for sale Homes. 951-217-6745
When you are looking for a home to purchase and time is the most important item on you list the choice is clear the Bank owned home, It can be yours and closed in 30 days or less.
But on the whole the better buys are the many Short Sale Homes
on the market. These homes are highly discounted. I order to get that discount you need to be patient and make sure you are working with a experience short sale specialist. Most short sale sellers are being offered an incentive to cooperate through the sale so at the end of the short sale your will have a clean non-damaged bargain home.
So don’t let your real estate agent steer you away from the bargain a Temecula short sale home can be.
We have a team of agents helping Temecula and Murrieta short sale clients. These are good buys and we help the sellers move on and get a fresh start. We help Temecula and Murrieta homeowners that need the best short sale help with no out of pack costs
rebloged by Sidney Kutchuk
Tax rates would remain the same for most households and mortgage cancellation relief is extended in a budget package passed by the U.S. Senate early this morning to avert the so-called fiscal cliff. The House today could take up the bill, which NAR has been monitoring closely because the fiscal cliff’s automatic tax increases and federal spending cuts involve programs important to real estate and impact household wealth. Based on what the House does, the provisions in the Senate bill could change in the final bill.
The “American Taxpayer Relief Act of 2012’’ passed on a bipartisan 89-9 vote in the middle of the night and extends current tax rates for all households earning less than $450,000, and $400,000 for individual filers. For households earning above these limits, tax rates would revert to where they were in 2003, when taxes were reduced across the board. That means taxpayers in the highest bracket would pay taxes on ordinary income at a rate of 39.6 percent, up from 35 percent.
The tax rate on capital gains would also remain the same, at 15 percent, for most households, but for those earning above the $400,000-$450,000 threshold, the rate would rise to 20 percent.
Importantly from NAR’s perspective, the exclusion from taxes for gains on the sale of a principal residence of up to $500,000 ($250,000 for individuals) remains in effect, so only home sellers whose income is $450,000 or above and the gain on the sale of their house is above $500,000 would pay taxes on the excess capital gains at the higher rate (with corresponding numbers for individual filers). For the vast majority of home sellers, there is no change.
The bill also reinstates provisions that phase out personal exemptions and deductions for incomes over $250,000 for singles and $300,000 for couples.
A number of what lawmakers call extenders are in the bill. Extenders keep in place expiring tax provisions. Of most interest to real estate, the bill would extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, which, for underwater households, represents a financial burden.
Fannie, Freddie align short sale guidelines for 2013.” Source C.A.R.” Calif Assoc of Realtors.
C.A.R. has long advocated for a streamlined, standardized short sale process, and yesterday changes were announced by the FHFA that will align guidelines for Fannie Mae and Freddie Mac short sales and allow lenders and servicers to quickly and more easily qualify borrowers for a short sale.
Here are some specific changes that are effective Nov. 1, 2012:
Additionally, FHFA clarified that a borrower experiencing a hardship must wait at least two years before becoming eligible for a Fannie Mae or Freddie Mac loan.
These changes follow FHFA’s announcement in June that established strict timelines for servicers to respond to short sales within 30 days of receipt of a short sale offer, provide weekly status updates to the borrower, and communicate a final decision to the borrower within 60 days of receipt of the offer.
A soon-to-expire tax break for troubled homeowners is helping drive a spurt in “short sales.”
In a short sale, homeowners sell at a price that is less than what they owe the bank, and the bank agrees to absorb the loss. The bank unloads the house and the homeowner gets out of a mortgage he can’t afford.
Source: NEW YORK (CNNMoney)