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Certified HAFA Temecula Short Sale Agent

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2015 Hafa Short Sale Update | 951-217-6745

Published February 8, 2015 in HAFA Updates - 0 Comments

2015 HAFA Short Sale Update | 951-217-6745 | Realty Works Temecula

2015 HAFA Short Sale Update

by Sidney Kutchuk

2015 HAFA Short Sale Update.
Starting Feb 1st 2015 short sales being processed via the HAFA program will allow the seller to walk away with $10,000 at the close of escrow. This $10,000 is for the seller to use for relocation costs. Prior to this change relocation assistance was caped at $3,000.00

Also, current HAFA guidelines state that first lien holders will also provide $8500 from sale proceeds to junior lien. This has now been changed to $12,000. 

For more details on all the changes made to the HAFA short sale process go to this link. Or call the short sale specialist at Realty Works,Sidney Kutchuk 951-217-6745 of visitwww.aShortSale.com

Sidney Kutchuk | January 26, 2015 at 9:09 pm | Tags: HAFA Update 2015, Temecula Short Sale Experts | Categories: 2015 HAFA Short Sale Update, Temecula Short Sale Agents | URL:http://wp.me/p24A2i-hB

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.

How long will it take to complete your Temecula short sale?

Published August 23, 2012 in Temecula Short Sale - 0 Comments

How long will it take to complete your Temecula Short Sale? Temecula Short Sale
The fact is the time-line from start to approval on a short sale has NOT been getting any shorter as many lenders have promised. It still takes about 90 days for short sale approval. Your lender and our government have put many systems and incentives in place to help you avoid foreclosure. But even with their promises of quicker approval times its just not happening.

One of the biggest issues is closing. Once you have you short sale approved your lender will give you 30 days to close.
This should now be the easy part. You have your short sale approved and we close right? Wrong! Once you have the approval
letter in hand a copy needs to go out to the buyers agent. The buyer has been waiting 90 days for this short sale approval letter.
Now they have 30 days to close and have to scramble to get the appraisal,inspections and final loan approval.This is were many
short sales blow up!Short Sale buyers If your short sale fails due to the buyer it’s a redo,no matter what your lender says expect a 30 day
delay to get back to approval and you have to get a new approval letter as when the lender issues a short sale approval letter that letter
is buyer specific. It has the buyer name in the body of the approval.You can not just move on to a backup buyer. 

How long will it take to complete your Temecula short sale? I quote 4 months. 90 days to get approved and 30 days to close if your buyer does not fail to perform. Thats a whole other short sale subject. By Sidney Kutchuk,Temecula Short Sale Agent.

 

Bank of America Short Sale process improves!

Published December 18, 2011 in Temecula Short Sale Specialist - 0 Comments

Bank of America HAFA Short Sale process improvements.

Bank of AmericaBank of America sent out a letter today that as of Dec 1 2011 they made changes to the short sale process that will reduce the time needed to complete a short sale.

” When a short sale is submitted with an offer and the homeowner is HAFA eligible, we will no longer halt work on the file while waiting to contact the homeowner. HAFA eligible homeowners are no longer required to call our Short Sale Customer Care to indicate whether they will participate in the program.”

This is a good step forward and can cut weeks off the time currently needed to complete a short sale.
Currently our Temecula short sales with Bank of America are taking about 100 days to get full short sale approval.

If you have a home loan with Bank of America and want to know if a short sale is an option for you,call or email me.I have 16+ years of short sale experience and there is never a fee for my short sale help.

Link to Bank of America HAFA page
Link to Temecula 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, 951.217-6745 cell

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

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

How To Stop A Foreclosure From Happening

Published April 15, 2011 in Bank America Short Sales - 0 Comments

Do you think you’re someone who is having difficulties to generate your loan payment each and every month? If you have gotten behind with your home loan installments, you may be wondering the main question, what is foreclosure? The foreclosure method is a thing that happens when the bank of the home loan usually takes back the property because of insufficient repayments. The lender or lending institution is going to do this to be able to protect their particular financial stake with the home.

The first thing that an individual ought to do today to steer clear of a foreclosure, would be to not miss that initial repayment to start with. If you do come upon difficulty with a transaction, do your very best to get caught up as soon as possible and continue to save yourself from missing the second monthly payment if possible. Additionally, you ought not keep away from your own lender as this is only going to make the circumstance even worse. The greatest thing you can do is always to communicate with them right away. Sometimes they’ll be qualified to work together with you at this time.

When you do neglect another monthly payment, most likely your own loan provider may make contact with you, or a legal professional will on their part. This can be the start of the actual home foreclosure procedure and you should need to know your privileges and the feasible things that you can do to end the foreclosure before it goes further.

Going through a foreclosure generally is a hurtful procedure. This is especially real if you have loved ones that has lived in this house for a long time and is really connected to the property. If you happen to be a single owner of this residence, shifting out of this setback probably will never be as hard and you’ll be in a position to proceed with your life and in many cases acquire real estate once again later on once you discover yourself in a better economic situation.

Taxes With Forgiven Debt In A Short Sale

Published April 15, 2011 in Bank America Short Sales - 0 Comments

Orlando Short Sale Expert

Hello and Welcome to the Orlando Short Sale Expert show. We are Central Florida’s short sale experts. Today we are going to chat concerning something that is incredibly significant, taxes.

If you are considering a Orlando short sale, you should be aware of the tax ramifications. When you go through a short sale, their is a fraction of debt that is forgiven. And according to the IRS, forgiven debit is taxable debit. So, if you bought a house for $200,000 and today it is worth $100,000, the IRS sees that $100,000 difference as taxable. However, do not fear. The government has given us two options to avoid paying those taxes. Initially, you may qualify for the Mortgage Debt Relief Act of 2007. The majority of Orlando potential short sale clients meet the requirements. If you do not meet the requirements for that you can file for insolvency. In order to file for insolvency, fill out IRS form 982. That can lighten you of any tax liablity.

Between those 2 alternatives most people would not have to pay any taxes on the forgiven debt from your Orlando short sale. Remember that we are not CPA’s or licensed to give tax advice. Please be sure to talk with your tax advisor about this procedure.

Do you need to sell your home or are you underwater and can’t make your mortgage payments? Are you facing located in facing foreclosure in Florida? Are you looking for more information on short sales, loan mods, and avoiding foreclosure? Mark Alan Adams is Central Florida and the Orlando Area’s leading short sale expert. He can answer your short sale questions. Contact the Mark Alan Adams Team. We are Florida’s Short Sale Specialists.

Watch this and more short sale videos from Mark Alan Adams The Orlando Short Sale Expert

Also, follow The Mark Alan Adams Team on their blog at The Orlando Short Sale Expert

Promissory Notes And Your Short Sale

Published April 8, 2011 in Bank America Short Sales - 0 Comments

Orlando Short Sale Expert

Today we are going to chat about promissory notes. A promissory note is simply a promise to pay. We are seeing promissory notes asked for more regularly among Orlando short sales and especially by mortgage insurance businesses.

We just had a client who had to short sale his Orlando property. His first mortgage was with Bank of America and his second was with a local Orlando lender. Bank of America signed off on the offer without any doubts. Nevertheless, the HELOC had mortgage insurance on it. So, the mortgage insurance company was paying for the Home equity line of credit. Now the mortgage insurance company has entered the negotiations and they have requested a $30,000 promissory note over the next 20 years. We worked to get that promissory note negotiated to a quantity that he could pay off in a very short amount of time.

We are seeing these promissory notes more frequently, but you need to recognize that this is not a horrible thing. If you are asked to sign a small promissory note in order for a short sale to clear, that is not a bad deal. You can be forgiven thousands of dollars in debit with the guarantee that the bank will not pursue you for deficiencies.

If you choose to go to foreclosure, they will probably file a deficiency lawsuit against you and you will be troubled by this for years. So, please remember that promissory notes are not horrible. We try to negotiate them away and in many cases are successful.

The Orlando Short Sale Expert can answer your questions. Mark Alan Adams’ Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale expert, Mark Alan Adams, at Orlando Short Sale Expert presented by the Short Sale Specialists of Orlando

Having Difficulty Selling Your Short Sale?

Published April 2, 2011 in Bank America Short Sales - 0 Comments

Short Sale Shift

We are Minnesota’s leading short sale team, located in the Twin Cities area. If you have some questions regarding your Minneapolis short sale we can help out. Even if you are doing a loan mod or attempting to keep away from foreclosure, we can answer your questions. We make videos twice a day for potential customers just to get details out to the public concerning Minneapolis short sales.

We have been observing tons of short sales that are not selling or even obtaining offers. Lots of people are thinking about what will ensue if they do not sell their house. If you know the short sale process, you realize that not selling your home is basically impossible. Since the MLS is so well put together, your home will get looked at and it will sell at the price it is worth. If your realtor prices your Minneapolis short sale appropriately, it will sell. We have to find the fair market value of your house in order to sell it. Remember you are under a timeline since you are missing payments.

We recently took an extra short sale today from another agent. This other agent was telling her customers that they probably wouldn’t qualify for a short sale. Yet, when we looked at their precise situation closer, we saw that they most likely will meet the criteria. This isn’t something that most realtors would recognize. Nevertheless, since we have closed tons of short sales we recognize that almost everyone qualifies. Contact us today with your short sale questions. We can help you through this difficult and confusing time.

Minnesota Short Sale Shift can answer your questions. We are Minnesota’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota

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