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Certified HAFA Temecula Short Sale Agent

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$10,000.00 x 3 for my Temecula short sale clients | 951-217-6745

$10,000.00 x 3 for my Temecula short sale clients | 951-217-6745

This month has been a good month for my Temecula short sale clients and tenants. I have been able to get 3 short sales approved via the Federal HAFA short sale program. That means at the closing I will be able to present $10,000.00 to each of them. In one of the properties the current tenant is getting the check. The check comes from the U.S Treasury as relocation assistance to the sellers or tenants,who ever is living at the property. 

Short sales are still a 90 day battle to get approved,but still the short sale is one of the best options available when facing a foreclosure. The short sale offers you control in a situation where you can no longer afford to stay in your home and you’re unable to sell it because you owe more than it’s worth.  

Now in late 2015 short sales are no longer the norm, if fact short sales now account for less than 15% of the home sales here in the Temecula and Murrieta area. This has been the trend in most all states. Equity is returning to most areas and the short sale market is fading fast. Most major lender have laid or transferred their short sale staff to other departments. This has made getting short sales even harder and sometimes longer to get too approval.

If you find yourself or know someone needing a Temecula short sale specialist give us a call at Realty Works 951-217-6745. There is never any out of pockets costs to our clients needing our short sale services. We will check with your lender to see if you’re eligible for the $10,000.00 HAFA relocation incentive.  

 

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.

HAFA 2012 update link

Published May 28, 2012 in Temecula Short Sale - 0 Comments

HAFA Short Sale Update – 2012 

 

https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/sd1202.pdf

HAFA This Supplemental Directive amends HAFA policy as follows and allows servicers to implement such changes immediately: 

There are no longer any occupancy requirements for HAFA eligibility;

 Section 7.4, Chapter IV of the Handbook which states that the amount of the monthly mortgage payment during the term of the SSA, Alternative RASS or DIL Agreement must not exceed the equivalent of 31 percent of the borrower’s monthly gross income is amended to allow a servicer to accept a full payment, if the borrower requests to make a full contractual payment in order to stay current on the loan

 Section 6.2.4.2, Chapter IV of the Handbook is amended to increase from $6,000 to $8,500 the amount a servicer may authorize the settlement agent to pay from gross proceeds to subordinate mortgage holder(s) in exchange for a lien release and full release of borrower liability.

  Borrower relocation incentives will be limited to HAFA short sale or DIL transactions where the property is occupied by a borrower or a tenant at the time the SSA, Alternative RASS or DIL Agreement is executed and who will be required to vacate the property as a result of the short sale or DIL. Servicers must determine if a property subject to a HAFA transaction is occupied by a borrower or tenant who will be required to vacate and may only authorize relocation incentives for such occupants. Servicers must ensure that the HUD-1 reflects a payment to the borrower or tenant, when appropriate.

Supplemental Directive 12-02 Page 19  The requirements in Section 11.2, Chapter IV of the Handbook related to credit bureau reporting of HAFA transactions are amended as follows:  If the real estate is sold for less than the full balance owed and the deficiency balance is forgiven, report the following Base Segment fields as specified: Account Status Code = 13 (Paid or closed account/zero balance) or 65 (Account paid in full/a foreclosure was started), as applicable.

HAFA 2012 update link

Published April 20, 2012 in HAFA Updates - 0 Comments

HAFA Short Sale Update – 2012 

 

https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/sd1202.pdf

HAFA This Supplemental Directive amends HAFA policy as follows and allows servicers to implement such changes immediately: 

There are no longer any occupancy requirements for HAFA eligibility;

 Section 7.4, Chapter IV of the Handbook which states that the amount of the monthly mortgage payment during the term of the SSA, Alternative RASS or DIL Agreement must not exceed the equivalent of 31 percent of the borrower’s monthly gross income is amended to allow a servicer to accept a full payment, if the borrower requests to make a full contractual payment in order to stay current on the loan

 Section 6.2.4.2, Chapter IV of the Handbook is amended to increase from $6,000 to $8,500 the amount a servicer may authorize the settlement agent to pay from gross proceeds to subordinate mortgage holder(s) in exchange for a lien release and full release of borrower liability.

  Borrower relocation incentives will be limited to HAFA short sale or DIL transactions where the property is occupied by a borrower or a tenant at the time the SSA, Alternative RASS or DIL Agreement is executed and who will be required to vacate the property as a result of the short sale or DIL. Servicers must determine if a property subject to a HAFA transaction is occupied by a borrower or tenant who will be required to vacate and may only authorize relocation incentives for such occupants. Servicers must ensure that the HUD-1 reflects a payment to the borrower or tenant, when appropriate.

Supplemental Directive 12-02 Page 19  The requirements in Section 11.2, Chapter IV of the Handbook related to credit bureau reporting of HAFA transactions are amended as follows:  If the real estate is sold for less than the full balance owed and the deficiency balance is forgiven, report the following Base Segment fields as specified: Account Status Code = 13 (Paid or closed account/zero balance) or 65 (Account paid in full/a foreclosure was started), as applicable.

Temecula Short Sale Specialist – IRS no problem.

Temecula Short Sale Specialist – IRS no problem.

Yes your can strike the IRS off your list of items of concern if you decide to go forward with

Temecula Short Sale Agents

Temecula Short Sale Specialist

a short sale. You have the protection of an act signed into law by the president of the United States
in 2007.

This act is the   Mortgage Forgiveness Debt Relief Act of 2007this act address the issues of
Phantom income. This is the income that shows on the 1099 form that your lender may send
you after the close of your short sale. It is called Phantom income as this is money/income that
you never really received yet it shows as income on the 1099 and the IRS looks at the 1099 as income –
money you have received.

You may not be covered or protected by this act if you have not lived in the property two of the last five years and
note,this act will expire at the end of this year! Dec 2012. It has been extended once before and I believe
we will see another extension of this act granted before the end of the year.

This is just one of the many protections offered to you in a short sale. If you decide that a short sale is a better option to a foreclosure
or you just need more short sale information call me at 951-217-6745  or email Expert@aShortSale.com

No fees or pressure,just honest free advise from the best Temecula short sale specialist.

 

 

 

Reduce the pain,settle the debt,so I can move on = A Short Sale.

Published January 6, 2012 in Temecula Short Sale - 0 Comments

Reduce the pain,settle the debt,so I can move on = A Short SaleFreedom

The above is what matters to most home sellers when I am contacted to short sale their Temecula home.

Once a seller makes the decision to do a short sale they just want it over and thats were my experience comes in.
I have a short sale system in place that generates results and I know how to adjust it to each of my short sale clients situations.

Its no secret just the experience of over 16 years of short sale experience. Call me,let me reduce your pain,settle your debt so you can move on. 

 Temecula Short Sale Specialist – Realty Works Temecula – 951-217-6745

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.

Harveston Lake homeowners need a Temecula Short Sale Specialist.

Published December 30, 2011 in Temecula Short Sale Specialist - 0 Comments

Harveston Lake homeowners need a Temecula Short Sale Specialist.

Many Harveston Lake homeowners purchased their homes at the very top of the Real Estate Market. Late 2004 toTemecula short sale agents
early 2005 Harveston was the new hot spot in Temecula to buy a home or purchase an investment. Fast forward to today
and those great investment homes have lost almost 50% of their value.

Thats were I come in.If you live in the Harveston Lake development and have tried to modify you loan and been denied or if
you were given a modification and it is failing you. Call me,let me show you a solution to foreclosure called a short sale.

I have helped many Harveston homeowners get out of a bad mortgage with NO deficiency and get a fresh start. If your thinking
about a short sale or if your lender has told you a short sale is an option for you,call me for the details. There is no costs to you if you decide to go forward with a short sale and I can in many cases get your lender to pay you $3,000 to $20,000 to cooperate with a short sale.

The window is open now for you to get a fresh start via a short sale.So make the call or email me. I have a proven tract record of over 16 years experience helping Temecula families with the short sale. I am a Temecula Short Sale Specialist.  

 You may only have one shot to get this done correctly.


     Sidney Kutchuk – Broker at Realty Works Temecula – 951-217-6745 – Expert@aShortSale.com


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

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