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Certified HAFA Temecula Short Sale Agent

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Are Resetting Mortgages causing more short sales in 2015?

Yes,just when it looked like it was over for short sales they have picked up again inpart due to many homeowners not being able to afford the large raise in their mortgage payment.

This time the number one cause is unaffordability. Many homeowners that 
were given a loan mod 5 to 10 years ago are now getting letters from their lenders 
with major price adjustments to their house payments.

These price hikes are large and are now forcing homeowners to default on their payments and seek help from their lenders for a second or third time. This time most homeowners are finding that the lenders are no longer willing or able to help. So they must sell or face a foreclosure. While the option to sell maybe your best solution many homeowners find that their homes value still have not increased enough to repay the mortgage if sold today at current market value.

This is why in 2015 we are now seeing the come back of another option the short sale. Just when it was looking like short sale were going to be a thing of the past. Mortgage resets are causing a come back of the short sale process here in 2015.

A short sale is a solution to avoid foreclosure. A short sale will allow you to market and sell your home even thought you owe more the the current market value. You will net ZERO Dollars,but you avoid foreclosure and can remain in the home during the process which is taking 3 to 4 months to complete.

Here in California at the end of a short sale you are released of the mortgage in full and the lender can not come back after you for any deficiency. Plus you are NOT allowed to pay any costs of the short sale including agents commission. 

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.

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

Temecula Short Sales are getting shorter!

Good News! Short Sales are getting Shorter.

temecula short sales

Three weeks ago I told you about how I started submitting my Temecula short sales with Bank of America electronically instead of the old way.The old way…. collect all required documents,fax them to the bank,call the bank,the bank states they don’t have them and would you please re-fax them.Then once they do have it I called every week,waited on the phone and answered the same questions over and over again.Rinse & Repeat.Maybe after 2 months of this I would get the privilege to be able to talk to a real person that could make a decision,we call these people negotiator’s,I don’t know what to call all the others I have had to talk with previously,but stupid comes to my mind.This is a broken system and takes 3 months to complete.What a waste.

The new way….way better.Log into Bank America and request your short sale to be processed on line via the “Equator” System.I have entered 5 of my clients into this system in the last few weeks and already received 2 approvals with out ever having to call or talk to the stupid people.Its working!Short Sales are getting shorter,3 weeks not 3 months.I like it.I hope to see the other banks follow Bank America’s lead.

Temecula Short Sale Agent Answers your Questions.

Published September 13, 2010 in Temecula Short Sale - 0 Comments

Temecula Short Sale Agent Answers your Questions.

Yes I am going to answer some questions that most Temecula Short Sale clients ask me.

Many of you are worried about the money trail.Temecula Short Sale specialist Don’t keep worrying! A Short Sale Can be
the start of your recovery from getting out from under a huge mortgage.

You don’t have to worry what it’s going to cost.
There is no fee from me to handle your Short Sale. Yes its FREE!!
When I get your approval, I get paid by your lender.

Will your lender go after you for the shortage?
Not if your loan is the original 1st loan on the house.

What if I have a 2nd loan on the house?
You’re not protected by law like you are on the 1st loan. I will get the 2nd lender to release their lien
on your home to allow the Short Sale to be completed. They will work with you on the balance owed.

How long does it take to complete a Short Sale? Each lender is different, but on an average I am getting
them completed in 90 days once I have an offer accepted on your home.

Please call or email me with your questions for straight answers on your housing issues. I will help!!
Google voice will connect you and I am available to you after hours if needed till 9:00PM

Wells Fargo Loan,Need a Temecula Short Sale agent call me.

Published September 12, 2010 in Temecula Short Sale - 1 Comment

Temecula Wells Fargo Short Sales are changing.
If you have a Wells Fargo Loan and need a Temecula Short Sale agent call me.

wells Fargo Short SalesI have been selected by Wells Fargo to test out their entry into the Equator system.
What does this mean to you? It means that I can streamline your short sale process.
The Equator system is a automated Internet based system that Wells Fargo is testing out
with only a few selected short sale specialist.

This is a FREE service to any Wells Fargo client. So if you have a Wells Fargo loan and have been told a short sale
is a solution for you, Call or email me for personal hands on service.

How to price a Short Sale Listing.

Published September 12, 2010 in Temecula Short Sale - 1 Comment

How to price a Short Sale Listing.

short sale pricingOK you have made the decision to short sale your home. Here is were you have your first disconnect.
With out the guidance of a short sale expert you would most likely overprice your home.
The goal in a short sale is to get an offer fast and one that the bank, your lender will accept.
Overprice the home and it will NOT generate an offer and your home will be foreclosed.
Underpricing the home WILL generate an offer that the bank will reject.
A Short Sale Specialist knows how to price your home for a successful short sale,not to high and not to low.
I am a Temecula Short Sale Specialist,call or email me for more details on how I price my short sale listings.

Temecula Short Sale Expert

Published September 11, 2010 in Temecula Short Sale - 0 Comments

What is a  Short Sale? Short Sale Expert

A Short Sale, also called “Short Pay” is a process through which your lender agrees to settle your loan for less than what is owed to them. They do this as an alternative to the expensive and time consuming process of foreclosure. Each lender has their own  process through which they decide whether or not to accept a short sale, and while there are many similarities, each has its own requirements for approval. As a third party mediator, we have a distinct advantage in negotiating with your lender.  Short Sales are a way for Temecula homeowners to avoid foreclosure on their homes and still be able to show the mortgage as paid on your credit report. If your lender has told you a short sale is an option for you,call me your Temecula Short sale Expert.