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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

Las Vegas Foreclosures And Financial Commitment Concepts

Published February 18, 2011 in Bank America Short Sales - 0 Comments

In Las Vegas, the idea of foreclosure is pretty much associated with investing. The truth is that purchasing Las Vegas foreclosure listings in this city is definitely not always the smartest investing plan of action. That being said, exactly how can you be sure that you’re developing any kind of clever long term investing strategy, as opposed to just digging yourself into a financial hole?

Addressing that issue takes a straightforward and simple concise explaination exactly what a sensible investment plan of action might be. While this specific description will most likely vary radically among many people, many people young and old would concur that a clever financial investment has got the next two traits:

  • very high return of financial investment

 

  • a suitable back up plan

Obtaining those two features at the same time in Sin city is not a given. Nevada displays one of the biggest foreclosed homes Las Vegas numbers in the nation – – on those grounds, it is necessary that you really assay your investing(s) intelligently. Why don’t we take a closer look at foreclosed homes Las Vegas and find out how they do.

Are The Profit Margins Significant Or Just Adequate?

Practical approximations have standard investing at approx . eight point five %. Though I could absolutely advise you this is a healthy yield, it probably fails to reveal a lot regarding if that’s an intelligent possibility. You may need some other figures to compare and contrast it .

That being said, just what does that figure actually imply? You know, the chances of winning a game inside the city’s gambling establishments is actually not even half of one percent. However the standard ROI in a leading investment such as Las Vegas “Sands” is actually quoted at -.17 % for this particular year (that hurts!).

Statistics for Return are generally a bit higher (15%) in farm areas like Wisconsin and bread basket states; then again the amount of home foreclosures are really considerably too low to offer a sufficient degree of stability for the standard entrepreneur. At the end of the day, Return on investment won’t convey a whole lot if you’re going to have to wait around for 10yrs before you can notice!

Besides, new house sales in Sin city are really weakened right now. As per community real estate agents, the price of materials and labor are so low that often times, a person can’t build the property by yourself for what they’re going for. Precisely the same causes pushing costs for brand new residences , too, mean that it will be much more affordable for you to modify a foreclosure.

At this moment, it ought to be really obvious your income as well as revenue are enough to partly consider Las Vegas mortgage foreclosures as a great real estate investment. Yet have you considered the second trait?

Will You Have A Nice Contingency Agenda If Details Unfortunately Do Dot Materialize?

As mentioned previously, having a back up strategy is definitely at the centre of implementing a sensible financial investment and this is especially valid in Nevada. Plenty of financiers are interested in mortgage foreclosures since objective is always to resell immediately, though the optimum volume of property foreclosures in Nevada may retard immediate turn around.

However, the good news is when you cannot offload in a timely manner, there’s a greater pool of tenants within this city as compared to just about every other. It’s basically because of the fact that today’s numerous foreclosed property owners will likely be converted to tenants for around the next 2-5 years. In case you hadn’t in the beginning thought about turning this foreclosure buy into an actual leasing property, this is a sensible back up plan on your behalf later on.

Note, too, that within five yrs, foreclosed house proprietors will likely be in a more desirable personal place to once more acquire real-estate.

A further fascinating factor to weigh is the big level associated with development in the southern part of Nevada. As outlined by experts career rates are expected to rise within the next 3-7 years, plus total development is expected to arrive at fifty percent at the close of 2028. The two stats suggest you will have the ability to switch the scope of your preliminary financial investment from possibly reselling or perhaps leasing, for many years into the future.

To Conclude

The bottom line is this: simply because you buy foreclosed property in Nevada, that does not turn it into a intelligent investing. A good real estate investment needs to have an outstanding Return, and leaves room to take into account different tactics later on. Fortunately, average house sales and renter markets make Las Vegas a perfect location for smart real estate investment strategies!

 

Jessica M. Bitts has been in the real estate industry for nearly a decade. She’s written tons of articles designed for the first time homebuyer. You can find more tips and advice by visiting her website.

Short Sale Myths

Published January 28, 2011 in Bank America Short Sales - 0 Comments

A few of the Short Sale Myths

A short sale can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. Unfortunately, a number of myths about short sales have developed, and it is important to understand the reality of this process should you find it meets your current needs.

Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale

This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. Overwhelmingly, banks receive more on their investment through a short sale than a foreclosure.

The qualifications for a short sale include:

  1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
  2. Monthly Income Shortfall“You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
  3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale

While this may have previously been the case, today lenders are looking for verifiable hardship, monthly cash flow shortfall, or pending shortfall and insolvency.

If you meet these three requirements and believe that you soon may be unable to afford your mortgage, act immediately. Any delay could limit your options. Do not wait until the countdown clock to foreclosure has started and you have even less time left.

 Myth #3 – There is Not Enough Time to Negotiate a Short Sale

This is a myth that probably hurts homeowners the most. Many do not realize that foreclosure is a process, and that there is time to make decisions that may result in better outcomes.

The foreclosing party—in most cases a lender—can stall a foreclosure up to the final day of the process. Today, many lenders will stall a foreclosure with as little as a phone call from you explaining that you are trying to sell, and almost all lenders will stall a foreclosure with a legitimate contract. For real estate professionals who understand foreclosures and short sales, there is time available until the foreclosure process is complete.

 

Distressed Property Situation Could Worsen This Year

Published January 28, 2011 in Bank America Short Sales - 0 Comments

There is trouble still ahead this year in the national real estate market – and some areas more than others, as recent surveys still show that as many as 1 out of 5 Americans that own a home and have a mortgage are in a distressed property situation, and that somewhere around 11.5 million homeowners are in danger of losing their homes to foreclosure by the end of the year.

Amherst Securities Group, LP, claims that recent industry data show that a slowdown in default rates is very much skewed because of a massive push to modify mortgages that are in default in some manner. The Mortgage modification programs have mostly had very disappointing results, with just under half of the program’s approved participants defaulting again on the modified lower mortgage payment within the next 12 months after being approved for a modification.

Additionally, another study by the Center for Housing Policy of the 100 largest metropolitan areas showed 10 percent of mortgages as being seriously delinquent (90-plus days late or in the foreclosure process). In some areas, this percentage was as high as around 25% or almost 1 in 4 mortgages.

These numbers are very telling and CDPE – certified distressed property experts are becoming increasingly essential in today’s housing market.  As a CDPE agent you are much better educated,  equipped and informed and able to offer solutions to both lenders and distressed property homeowners – especially on short sale properties and to help minimize the losses for all parties involved, the owner, the lender the neighborhood and the community.

Statistically, someone in your circle of friends and associates is, or knows someone who is, having trouble paying, or is behind on their mortgage. It is a positive step to reach out and let your community today to let them know you can help them to avoid foreclosure!