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Certified HAFA Temecula Short Sale Agent

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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.

Why in 2012 Temecula homeowners may rush to complete a Temecula Short Sale.

Published January 3, 2012 in Murrieta Short Sale - 4 Comments

Why in 2012 Temecula homeowners may rush to complete a Temecula Short Sale.

In just a short 12 months from now the protections offered to Temecula homeowners by Short Sale Tax Break
the “Mortgage Forgiveness Debt Relief Act of 2007” will expire. Congress passed this act to protect homeowners who have lost their homes. In summary this act protects you for up to $2 million dollars when a lender cancels or forgives debt in a short sale. The protection is in the form of protection from taxes.

You will not be responsible for paying taxes on the forgiven amount. This is the amount that your lender is required to put on the I.R.S  form 1099c which you will receive after a short sale is completed.

This protection applies to your primary residence only. I have provided a link here for you that will take you directly to the bill as it appears at the I.R.S. web site. 

This is why I believe in 2012 Temecula homeowners will rush to complete a Temecula Short Sale.

Should I short sale my Temecula house?

Temecula short sale signWhy should I short sale my Temecula house?

Chances are you already know the answer but need to rationalize it out
in your head before you go forward with a short sale.Let go over a few of the reasons a short sale may be the correct solution for you.

Obvious reasons.
  1. Your home has lost all is value and you see no recovery in the near future.
  2. Your payment has or is adjusting up and you can no longer make the mortgage payment.
  3. Job loss,reduction in pay,retirement,divorce,relocation,health……..
Not so Obvious.
  1. Current laws have opened a window for you to get a fresh start via a short sale.
  2. Current tax benefit windows will be closing soon.
  3. Failed loan modification

These are just a few of the facts that may answer your question,”should I short sale my house?”
I have been helping local Temecula sellers for over 16 years and have earned the title Short Sale Specialist and I’m a certified *HAFA short sale agent.

I can go over your situation in detail with you and then if you decide a short sale is for you we can go over the details on how to get your short sale approved.

*HAFA =Home Affordable Foreclosure Alternatives

 

Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code

Sidney Kutchuk  AKA…Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
   
CALL ME, 951.217-6745 cell

 41720 Winchester Rd #I  Temecula Calif. 92590      951.676-4663    DRE# 01156692   Google me

The short sale process – In 5 EZ steps – A thumbnail view for home sellers.

The short sale process – In 5 EZ steps – A thumbnail view for home sellers.

The short sale process – In 5 EZ Steps – A thumbnail view for sellers.

The Short Sale ProcessSellers want to know what is the short sale process.
How does a short sale work?
Can I short sale my house?

Yes you can,the short sale is a process that I Sheppard my clients through from beginning to end.

1. We consult and you decide if a short sale is YOUR best option.
2. You provide me with the supporting documents your lender needs for a short sale.
3. I list your home and find a buyer.
4. I negotiate with your lenders and get you an approval with NO deficiency owed.
5. We close escrow and you receive a check for $3,000.00 from your lender.

This whole process takes 4 months and yes of course there are many more details to a short sale..
My message to you is this. Think about it. A short sale can set you free and allow you at a second chance at
home ownership.

You have to start at #1. (above)

Email me or call me for a free,no drama,no pressure,real hour consult with a real Short Sale Specialist.

This is my personal cell number that only I answer and if I don’t its only because I am helping another client with their short sale,so please leave me a message.

The short sale process is one I know well. 18 years of short sale experience.
Certified HAFA Short Sale Specialist. 

 

 

Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code

Sidney Kutchuk  AKA…Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
   CALL ME, 951.215-6745 cell

41720 Winchester Rd #I  Temecula Calif. 92590      951.676-4663    DRE# 01156692   Google me

Cal Vet short sales,Easy or Hard?

The Cal-Vet Short Sale,Easy or Hard?         Cal Vet

I have just started a Temecula Cal Vet short sale and so far the process is going smooth.
One of the fastest short sales I have completed was a VA short sale and this Cal-Vet short sale is on
tract to a fast close as well. The Property Agent (negotiator in Cal Vet speak)returned my call the same day I called.

So Far so good. I received an email from him the next day that my short sale package had been received and he only requested one additional item. This is looking too easy.

Now for the hard part. This seller has a large second loan on the property and Cal Vet does does not play well with other lenders. This is going to be interesting. Will Cal Vet work with me and the seller and lender #2?  I think so.

The Cal-Vet Short Sale,Easy or Hard?   Fast or Long, I will keep you posted.

 

 

Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code

Sidney Kutchuk  AKA…Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
   CALL ME, 951.215-6745 cell

41720 Winchester Rd #I  Temecula Calif. 92590      951.676-4663    DRE# 01156692   Google me

Temecula Seller reviews my work as a Temecula Short Sale Specialist.

Seller review of my work as a short sale specialist.

Another happy short sale client.

How likely are you to recommend this agent?

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Summary of the sellers experience with RealtyWrks.com

Sidney and his crew were fantastic from the first phone call until the close of escrow. His initial information was true and correct and he made the whole short sale experience very easy. We were all done in about 3 months, with no hassles or problems at all. We never had to do an open house, as the first client he brought to the house made a full price, cash offer. We were never contacted by our lenders. All calls and emails were answered promptly and with the appropriate information. Bottom line…. if you really want to sell your house in this market, Sidney is the one to hire.

 

Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code

Sidney Kutchuk  AKA…Cyber Sid
      SHORT SALE AGENT    www.aShortSale.com
   
CALL ME, 951.215-6745 cell

 41720 Winchester Rd #I  Temecula Calif. 92590      951.676-4663    DRE# 01156692   Google me

Short Sale Specialist Videos

Short Sale Specialist Videos, Video

At our office Realty Works Temecula we focus on short sales and property management.

Our short sale service is free to all seller’s that need a short sale specialist to guide them through
this difficult process. During the short sale which often take 3 to 4 months to complete we also help
the sellers find a home to move into via our property management service.

We have just started to use video to help get the word out to our future clients.

Below are links to some of our first videos about our short sale and property management services.

If your looking for a short sale specialist or need a home to rent in the Temecula or Murrieta area,you can
look to us for free & professional care.

  1. Short Sale Check List Video
  2. Things to Avoid During a Short Sale
  3. Short Sales and Deficiencies
  4. Were do you go after a Short Sale
  5. Find a home to rent in Temecula

Short Sales,Why their done?

Published November 28, 2010 in Murrieta Short Sale , Temecula Short Sale - 0 Comments

Do banks/lenders allow you to short sale your home because they care for you and your family?

Justice

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.

Should you answer your phone when the collectors call?

Should you answer the phone when the collectors call?

Phone callsMost 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.