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Certified HAFA Temecula Short Sale Agent

Source: suort.com via Sidney on Pinterest

Temecula Homes for Sale – Search

Bank of America likes to work with the Temecula Short Sale Specialists

Published February 21, 2013 in Temecula Short Sale - 0 Comments

Bank of America thanks our Temecula Short Sale Team

by Sidney Kutchuk

 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.

 

Temecula Short Sale Agents

BOA thanks the Temecula Short Sale Team at Realty Works Temecula.

Hello Sidney & Valerie,

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 atscott.xxxxxxxx@bankofamerica.com. Thank you again for your hard work and dedication. Have a great week!

Darby Sparks
Short Sale DIL Specialist
FHA Short Sale

Thinking about doing a short sale? Contact the Temecula Short Sale Specialists at Realty Works Temecula 951-217-6745

 

 

Sidney Kutchuk | February 20, 2013 at 2:55 pm | Categories: Temecula Short Sale Agents | URL: http://wp.me/p24A2i-e1

2013 Temecula Short Sale Specialist | 2013 update video & chart

2013 Short sale updates.

by Sidney Kutchuk

2013 is going to be a good year for homeowners needing to short sale their home.
Most all major lenders and servicers have agreed to streamline the short sale process.

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.

BEFORE Feb. 1, 2013

AFTER Feb. 1, 2013

Required Documents Use of Short Sale Agreement and Request for Short Sale Approval or forms substantially similar in content are required   Use of Short Sale Agreement and Request for Short Sale Approval documents optional
The Short Sale Notice (SSN) and the Acknowledgement of Request for Short Sale (ARSS) are now the preferred forms for servicers with regards to HAFA Short Sales. The Deed-in-Lieu (DIL) Agreement is now optional, and the Request for Approval of Short Sale (RASS) and Alternative Request for Approval of Short Sale (Alt RASS) are being phased out. 
Response Time Servicers required to respond within 45 days  Servicers required to respond within 30 days
The time frame for servicers to respond to a borrower’s request for a short sale has been shortened from 45 calendar days to 30 calendar days (generally). 
Pre-Determined Hardship & Affidavit Affidavit of borrower hardship required for approval of  HAFA short sale Pre-determined hardship (90+ days delinquent and FICO below 620) with affidavit required 
Borrowers who are 90 days or more delinquent and have a FICO score that is less than 620 will be deemed to have a “pre-determined” hardship. Servicers do not need to further validate the hardship to approve the HAFA short sale. However, they must execute a Hardship Affidavit prior to closing. 
Short Sale Affidavit

No arms-length transaction orHUD-1 affidavit required

New HAFA Affidavit to be completed at closing

A new HAFA Affidavit is now required, while both the borrower and the buyer must sign. This affidavit certifies the sale is an arm’s-length transaction (the homeownerand buyer have no previous connection to one another), that no money is beinggiven or received outside of the HUD 1, and other necessary information. 
Subordinate LienholderPayoff Treasury contribution to subordinate lienpayoff $2,000  Treasury contribution to subordinate lienpayoff increased—up to $5,000 
The Department of the Treasury will now provide up to $5,000 as an incentive to payoff secondary lienholders. 

Resale Restrictions

No resale before 90 days

Resale after 30 days allowed

The current restriction on reselling a property within 90 days after closing is being shortened to 30 days. From 31 to 90 days, the resale price cannot exceed 120% ofthe HAFA short sale price.

Bank of America Cooperative Short Sale for 2013

Published January 31, 2013 in Temecula Short Sale - 0 Comments

2013 Bank of America Cooperative Short Sale Program

by Sidney Kutchuk

Changes to the Bank of America Cooperative Short Sale Program
for 2013.

Temecula Short Sale Agent

Temecula Short Sale Agent

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

Sidney Kutchuk | January 30, 2013 at 8:39 pm | Categories: Temecula Short Sale Agents | URL: http://wp.me/p24A2i-dE

Fannie, Freddie change requirements for short sales in 2013

Published January 24, 2013 in Temecula Short Sale - 0 Comments

Short Sale Soundoff: Fannie, Freddie change requirements for short sales. 

Sssign

Fannie Mae and Freddie Mac announced changes to their servicing requirements for their short sales. Please be aware of the following key changes for all parties involved in a short sale. These changes apply to all Fannie Mae and Freddie Mac short sales, with an offer and without an offer.

Title Transfer requirement change:

  • The buyer is prohibited from selling the property for any sales price for a period of 30 days from the date of the deed.
  • After a 30 day period, and until 90 days from the date of the deed, the buyer is further prohibited from selling the property for a sales price greater than 120 percent of the short sale price.

Note: The above restrictions will run with the land and are not personal to the grantee.

Relocation Assistance:

  • The borrower may be entitled to an incentive payment of $3,000 from Fannie Mae / Freddie Mac to assist with relocation expenses following successful completion of a short sale unless:
  1. The borrower is required to contribute funds or execute a promissory note.
  2. The borrower has Permanent Change of Station (PCS) orders and receives a Dislocation Allowance (DLA) or other government relocation assistance.
  3. The servicer has knowledge that the borrower is receiving relocation assistance from another source other than the servicer.

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 & Murrieta Short ale Homes. | 951-217-6745

Published January 16, 2013 in Temecula Short Sale - 0 Comments

Temecula Short Sale Homes vs Bank owned Homes. 951-217-6745

by Sidney Kutchuk

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

Call the Short Sale Team at Realty Works to buy or sell a short sale home. 951-217-6745 

 

Mortgage Relief Act Extended for 2013 Short Sales! | 951-217-6745

Published January 2, 2013 in Temecula Short Sale - 0 Comments

Mortgage Cancellation Relief extended for 2013 short sales!

rebloged by Sidney Kutchuk 

Mortgage Cancellation Relief extended for 2013 short sales!

Senate ‘Cliff’ Bill Retains Mortgage Cancellation Relief

On January 1, 2013, in Breaking NewsPolitics & Government, by Robert Freedman

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.

Sidney Kutchuk | January 2, 2013 at 8:15 am | Categories: Temecula Short Sale Agents | URL:http://wp.me/p24A2i-d5

Temecula short sale changes in 2013 | 951-217-6745

Published January 1, 2013 in Temecula Short Sale Specialist - 0 Comments

Fannie, Freddie align short sale guidelines for 2013

by Sidney Kutchuk

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:
  • Eliminates current Fannie Mae and Freddie Mac short sale programs and creates a single standard short sale process for both entities (Fannie and Freddie HAFA programs will expire at the end of the year).
  • Enables servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales without waiting for an approval from Fannie Mae or Freddie Mac
  • Offers special treatment for military personnel with Permanent Change of Station (PCS) orders.
  • Standardizes and clarifies foreclosure suspensions on a property with an approved short sale.
  • May pay borrowers up to $3,000 in relocation assistance.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to subordinate lien holders to expedite a short sale.
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.

Sidney Kutchuk | January 1, 2013 at 2:55 pm | Tags: 2013 Short Sale Guide | Categories:Fannie MaeFreddie MacTemecula Short Sale Agents | URL: http://wp.me/p24A2i-d0

The Mortgage forgiveness Act ends Dec 2012 with no extension in sight.

Published December 8, 2012 in Temecula Short Sale - 0 Comments

Soon-to-expire tax break for short sales is driving a spurt in “short sales.” | 951-217-6745

by Sidney Kutchuk

 

Temecula Short Sale Specialist | 951-217-6745 | Realty Works Temecula

The Mortgage forgiveness Act ends Dec 2012 with no extension in sight.

A soon-to-expire tax break for troubled homeowners is helping drive a spurt in “short sales.”
During the three months ended Sept. 30, short sales in which homeowners had fallen behind on mortgage payments soared 22% over last year, according to a report released Thursday by online marketing company RealtyTrac. By comparison, short sales by people current on their payments went up 17%.

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.
And currently, homeowners don’t have to pay federal tax on the unpaid mortgage debt because of a bailout-era law known as the federal Mortgage Debt Forgiveness Act.
But the act expires on Dec. 31 and, unless it is extended, the IRS in January will start treating unpaid mortgage debt as taxable income for many borrowers. The average amount of forgiven debt in a short sale is about $95,000, according to Blomquist. The tax on that could go as high as $33,250, even more if the Bush tax cuts expire.

Source:  NEW YORK (CNNMoney)

 

Murrieta Short Sale Agents | 951-217-6745 | Realty Works

Published November 5, 2012 in Temecula Short Sale - 1 Comment

By Sidney Kutchuk – Certified Murrieta Short Sale Agents.

Murrieta Short Sale Specialist

HAFA Certified Short Sale Specialists
Sidney & Adam Kutchuk – Father & Son short sale agents.

A short sale is a type of real estate transaction were you need to be sure you have the best Murrieta Short Sale Agent on your side.
WHY? Because a short sale is a pre-foreclosure sale and you risk loosing your home to foreclosure if the sale is not handled correctly.
Time is of the essence with all real estate transactions, but with a short sale it is even more important to keep tract of the many moving parts that are part of the short sale process.

Realty Works has a proven tract record helping local Murrieta homeowners with NO “Out-Of-Pocket-Costs”. Get the facts before you list you Murrieta home. The hardest part of a short sale is not knowing what to do. Lets talk. I can and will advise you of your options. There is no pressure from me,use my 17 years of short sale experience to make your choice. If you decide a short sale is the correct option I will step you through the short sale process and tailor my program to your needs. I have many ways to get to the goal which is an approved short sale.

Email us  Expert@aShortSale.com  or call   951-217-6745
We are here to help. Certified HAFA Murrieta Short Sale Agents. 

Another Temecula short sale approval | 951-217-6745

Published November 3, 2012 in Temecula Short Sale - 0 Comments

 

Temecula Short Sale Approvals | 951-217-6745

by Sidney Kutchuk

Temecula Short Sale Approvals | 951-217-6745 

Seal

Just closed another Temecula Short Sale.Best part of this job is when it’s over and I get to thank the Temecula homeowner for trusting me to get them through the short sale process.  Just called my client with the good news and followed up with my thank you email. Below was their reply. Another happy short sale client.

Hi Sidney,

We received your message. Thank you for making this very emotional time so easy and drama-free. You are by far, one of the most professional individuals we have ever worked with and I will highly recommend you to all my friends and family for any real estate needs that they have.

Take care =)

Danielle