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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.

You should talk to a Temecula Short Sale Agent if…

Published August 27, 2012 in Temecula Short Sale Specialist - 0 Comments

You should talk to a Temecula Short Sale Agent if…

You can no longer make your mortgage payment.
Need to sell your home but can’t due to current market values.
Have to relocate due to job change or military service.
Your near retirement and need to downsize.
Due to divorce or court order you must sell your home.
You have  given up on real estate and want out.

Call a Temecula Short Sale AgentBottom line if you need to sell your Temecula home for most any reason in todays market
you should talk to a Temecula Short Sale Agent at Realty Works Temecula.
I am a Certified Temecula short sale specialist
and I make it easy for you to talk to me. Call me direct on my cell at 951-217-6745 

by Sidney Kutchuk broker and Temecula Short Sale Expert

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.



Published August 14, 2012 in Temecula Short Sale Hotline - 0 Comments


FORECLOSURE TRENDS ARE MIXED July 2012 California Foreclosure Sales were up 10.4 percent over last month, while still down 41.7 percent vs. July 2011. California Notice of Defaults were basically flat showing an increase of 1.4 percent vs. June 2011, and a 12.3 percent increase vs. July 2011. In Arizona, July 2012 Foreclosure Filings were down 29.2 percent vs. June 2012 and down 28.2 percent vs. June 2011. Arizona Foreclosure Sales saw an increase of 27.5 percent vs. June 2012, and a decrease of 41.7 percent vs. 2011. It is normal to see monthly fluctuations in both directions on a month-to-month basis, thus it is critical to look at the monthly trends over time to get a clear picture of the Foreclosure marketplace.

Data Source… Foreclosure Radar

In a short sale the higher offer is not always the best for your short sale client.

Published July 13, 2012 in Temecula Short Sale - 0 Comments

Highest and best. The Highest Short Sale Offer is not always the best offer. $$$,$$$Aces

Today I was reviewing multiple offers on one of my Temecula Short Sale listings. I thoroughly review all offers for my clients and advise them which one to accept. One offer stood out as it was written for $15,000.00 over the listed price. That offer was not accepted. Why…..?

Well we tend to focus on price,but in a short sale were the seller nets ZERO the goal is to get them to closing before the bank forecloses on the property. So in reviewing all offers I have to strategize and select the short sale offer I think has the best chance of closing.

OK so here is why the highest offer may not be the best and I had to learn this lesson the hard way.

If you get impressed by the highest offer and submit it to the bank for short sale approval and they approve it, your safe if the offer is cash and the buyer closes. If the buyer is not a cash buyer the headaches begin.

Will the property appraise, if not, does the buyer have the funds to bridge the gap? What happens if the buyer walks and many do. Now you have to re-market and chances are the next offer or your backup will be for less.

Trying to now convince the lender that they should take a lower offer is a up hill battle and you may run out of time to recover.

Think it through and don’t focus on Highest and Best offer. In a short sale the highest offer is not always the best offer. 


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

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

 41720 Winchester Rd #I  Temecula Calif. 92590      951-217-6745    DRE# 01156692   Google me

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