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Do banks/lenders allow you to short sale your home because they care for you and your family?
You should know that’s not the case. It’s a business decision.Follow the money trail and the answer will become clear.If you have a hardship and can no longer make your payments,you are a liability to your lender.
In many cases your lender will offer a trial modification. This is just another way of getting more money from you. It’s a fact now that most of the modifications given to homeowners have failed. The banks are just trying to delay. They are buying time with your money,they need to delay filing a NOD “Notice of Default. Once they file a NOD the pain really starts for the banks. Now it’s on record as a non producing asset and they MUST now set aside major reserve dollars to cover your loan for a possible loss. Its called the Reserve for loan losses and it’s large! Once this happens the banks want your loan off the books and it’s either a foreclosure or short sale If they foreclose it’s more time and money for them and then they will need to also incur the costs of selling. A short sale is the cheapest & fastest solution. Fastest, yes even with short sales taking 3 to 6 months to process,a foreclosure can take up to a year or more.This is why banks do short sales.
The short sale and PMI,not a good combo.
I have nearly a 100% success rate on getting short sales approved for my clients,but I have hit a wall on my latest short sale and today I found out why. It’s called PMI,short for Private Mortgage Insurance.
Many sellers don’t even know what it is or if they even have PMI on their home loans.
During this short sale process PMI reared it’s ugly head at the tail end of negotiations.Things were going along just fine,waiting for final approval and the negotiator gets back to me with a demand for seller to take a note or worse a cash contribution.All because PMI is involved.
I document to the lender the advantage of the short sale,but their hands are tied.The PMI company has the final say and as this home was an investment/rental property I can’t pull the HAFA card here for the seller.So for now I keep advising the lender of the fact this is a vacant home that they really don’t want back and maybe they will believe me,but by then it may be to late.
Should you answer the phone when the collectors call?
Most of my short sale clients get daily phone calls from their lenders collections departments.
These people are good at punching my sellers buttons and playing to all their emotions.
I am often asked by my short sale clients “should I even answer all these collection calls”
I explain to them that the calls will continue until I get their short sale package approved and I give them
the following advice and their own script to fire back with,it goes like this…..
Answer the phone,cut the collector short,tell them that you have retained the services of a short sale specialist. State that my short sale specialist has written permission to speak on my behalf and has a special direct line just for you Mr. collector to call! Guess how many calls I get? Try ZERO.But my clients get empowered by this & no longer ignore the collection calls and face them head on.
Temecula Short Sale Specialist and problem solver.
A lot is written on the subject of the short sale,but I see little written about the families involved.
When I get asked by a seller to help them with the short sale I try to offer them more.They have conceded the fact that they can no longer keep the house but were do they go short term and long term to live?
Most seller already have a plan laid out.Most just what out of the bad loan.If the loan mods offered would ready reduce principle and interest,no way would they be talking to me about the short sale.Back to the plan.The plan I see the most is get the home sold via the short sale and rent a home for two to three years.Then get back into home ownership.
Renting is not bad,and in most cases the home they can rent is the same or better and at half the price of the mortgage they are happy to leave behind.Our realty company offers property management.We have been able to help find rental homes for many of our clients going through the short sale.Its good to help them and it’s good for business as we are now selling homes to the clients who we helped short sale their homes three years ago.
Always look at the long term picture.Turn a negative to a positive.Hire a Temecula short sale specialist & problem solver.
Temecula Short Sale Specialist.
Here in Temecula the Short Sale is the most prevalent type of listing on the market,yet they have a higher failure rate than all other types of listings.
What is the failure rate & why do they fail?
The failure rate is more than 60%. The reasons that they fail are many.The Short Sale is a very complicated sale with many moving parts. One mis-step in the process and recovery is hard.Plus it’s also race against time.While your lender/bank is processing your short sale they are also in the process of foreclosing! Like I said there are many moving parts.
If a short Sale fails the seller has few options left.If you are going to short sale your Temecula home,stack the deck in your favor and hire a Temecula short sale specialist.This is not a job for just any agent or relative.Increase your odd’s of sucess and hire a certified short sale expert.It cost you no more to have the best,in fact it’s FREE! Yes you should NOT be charged a fee by a Realtor to handle your Short Sale.
PS…If you tried a loan modification and it failed or you feel it just is no longer a good deal for you. You can switch gears and go for a short sale.Via the HAFA short sale program you will be paid $3,000.00 at the close of escrow
Bank of America Cooperative Short Sale Program Listings,better than REO’s
This is Bank of America’s version of the pre-approved HAFA short sale.
Seller’s in default are being offered the Cooperative Short Sale Program and told to reply within
one week to enroll.Part of this program is to choose a local Realtor.
I have been contacted today by a seller today to represent him in this program.
The information/rules to this type of sale are very simple and I believe this will be one of my fastest
Bank of America Short Sales ever.
I will keep you posted.Below is a copy of the program as laid out in the Bank of America letter to the seller.
A fear I hear often from clients asking me about the short sale is were do we go? Who will rent to us. If we short sale our home,can we rent a home? Who will rent to us? Will it be a problem? NO,no & no. You need to know that property managers want your business.Yes most property management firms know you are one of the best bets to occupy and take care of a rental home. Your most likely to stay two years or more in a rental and then want to buy again. If we treat you right, and with the respect you deserve your going to use our services to buy again when your ready. It’s a win win. So don’t worry when making that tough choice of doing a short sale. Get out of that overpriced home that is eating up all your resources and rent. You will be surprised at the beautiful home you can rent today for about half of what your struggling to pay on your overpriced mortgage. Home prices will continue to down trend for a long time and then stabilize. You will have plenty of time to get back into homeownership.
Are you Eligible for the HAFA Short Sale program?
The basic test to check if you qualify for a HAFA short sale are simple.
Ask yourself the following 5 questions,if your answers are yes to all 5 you most likely qualify.
1. Is the property your principal residence?
2. Was your loan originated before Jan 01 2009?
3. Are you behind in your payments?
4. Do you owe less than $729,750.00?
5. Does your payment exceed 31% of your gross income?
If you answered yes to all the above questions call me and let me go over in detail the HAFA Short Sale Program.
This is a FREE service,you pay NO Realtor or selling fee’s plus you will receive $3,000.00 in relocation costs at the close of escrow.
No Short Sale Deficiencies:
Starting January 1, 2011, a seller’s first trust deed lender cannot obtain a deficiency judgment against the seller after a short sale. Providing written consent to a short sale shall obligate the first trust deed lender to accept the sales proceeds as full payment and discharge of the remaining amount owed on the loan. This law applies to first trust deeds secured by one-to-four residential units, but does not limit the lender from seeking damages for fraud or waste by the borrower. Senate Bill 931. (Source C.A.R.)