There is a way to sell the home and avoid foreclosure, but the home will be sold to a new buyer and neither you or Wells Fargo will have to go the foreclosure process.

Here is what the home owner can expect to happen during the short sale process:

The struggling home owner must provide Wells Fargo with financial and tax information, explaining the difficult situation that has happened and why they are unable to make the mortgage payments any longer.

A Wells Fargo representative review the documents and tax information and determines if the mortgage, home owner and real estate qualifies for the short sale.

If the mortgage qualifies, Wells Fargo will work closely with you and the real estate agent helping you to determine an acceptable sales price and the amount of time the real estate will have to be for sale.

Together, the home owners, Wells Fargo, the real estate agents involved in the transaction and the new buyers will work through the details and steps to sell the home at an agreed-upon price inorder to avoid a foreclosure sale.

Did you know  that the new buyer of the home may not be anyone who has a close relationship with, including family or friends.

To get the process started, call to discuss a short sale with a Redding Short Sale Team representative. (530) 921-1063

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Can I sell my home back to Wells Fargo? Foreclosure Questions and Answers-Redding CA.

Contact us today to learn about ALL your options…

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Can I give the house back to Wells Fargo? Foreclosure Questions and Answers- Redding, CA.

Another broken promise from the giant – to big to fail – B of A ?

Here’s the latest hope for many weary home owners. Bank of America says they are making changes to their short sale transactions

The new short sale process will shorten the decision making time on short sale offers to 20 days, down from 90 days or longer.

The mortgage giant believes this new management style will  enable short sale real estate agents to conduct business like document collection, and valuations much quicker.

Traditional it was not uncommon for short sale home buyers to walk away before an answer was received on their offer to buy the property. How long can one expect to wait?

Now….

When home buyers cancel the transaction, real estate agents will have five days to submit another backup offer.

Documents that your real estate agent will help you gather and provide to Bank of America.

A purchase contract including buyer’s acknowledgment and disclosure.
IRS tax Form 4506-T.
Bank of America short-sale addendum.
Bank of America third-party authorization form.

Your mortgage lender wants to work with you, they just don’t speak the same language.

Call today and let us do the talking Direct (530) 921-1063

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The Short Sale Real Estate Process Finally Gets Shorter-Redding Ca.

As part of its efforts to reduce the number of foreclosures in its pipeline, Bank of America announced that they will soon be offering relocation “cash” of up to $30,000 to delinquent and distressed home owners to help them to agree to a short sale instead of a foreclosure.

For months, major banks in the U.S. such as Chase and Wells Fargo have finally become more willing to embrace short sales as a cheaper, smarter and faster alternative to traditional foreclosure.

What is a B of A Short Sale?

This type of real estate transaction allow the banks to reclaim possession of the home and real estate far more quickly and cheaper than the foreclosure process, and as a result these houses are often in a much much better condition and with maintenance and landscaping still intact and more ready for sale to the new buyer.

In addition, study after studies have shown that these short sales will recoup more money for the lender than foreclosures.

Finally…

What took B of A so long to listen?

Because short sales can result in more dollars to Bank of America, some mortgage lenders have decided to start offer financial incentives (cash) to help homeowners who can’t pay their mortgages to participate to a short sale.

Bank of America first tested the incentive payments in a start up pilot program in Florida.

Under that pilot program, Bank of America paid up to $20,000 to borrowers who sold their homes in short sales.

Chase and Wells Fargo have and are in the process of testing similar cash incentive programs.

According to B of A’s website, this is a limited-time program and available only on properties that are pre-approved as short sales.

Bank of America states they actively encourage their home owners to seek short sale advise and soon.

The home sale must begin by the end of 2012 and close escrow by Sept. 26, 2013.

The exact cash compensation is determined case-by-case based on a calculation that involves the structures value, the amount owed and other “unknown” factors.

Bank of America appears to be serious about quickly implementing the program.
And hopefully other major lending institutions will be as quick to follow.

Now is the time to contact the Redding Short Sale Team today before Bank of America changes their mind!
Call today to sell your home (530) 921-1063
of Ask for a free consultation below

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Bank of America offering up to $30,000 – Redding Ca.-Short Sale

Could home owners of mortgage holders of Bank of America receive $2,500 to $30,000 in relocation assistance?

Financially distressed home owners usually want to avoid and stop foreclosures.

Bank of America has announced that for a limited amount of time, the lending institution is offering to qualified home owners who participate in a short sale relocation assistance, or help with money to move.

How can I determine if I am eligible for help with a short sale?

The Redding Short Sale Team can initiate the short sale with Bank of America.

We will present the short sale offer to Bank of America who in turn will evaluate the offer, buyer, seller and real estate.

Determining the home owners eligibility is easy:

The home owner must participate in one of the pre-approved price short sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or Bank of America’s proprietary program. Specific investor participation and eligibility criteria do apply to all of these short sale programs.

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Considering a Short Sale?-Redding CaliforniaIf your real estate, home or property is now worth less than you owe on the mortgage loan and you have not qualified for home loan assistance that would enable you to keep your home, a short sale is one way to settle your lenders debt. In a short sale, with your lender’s approval, you can sell your home for less than the total amount that you owe!

There are tax, credit and other implications to think about when considering a short sale.

Call Direct or contact us today to get the most current information
Redding Short Sale Team (530) 921-1063

Short Sale Real Estate-Bank of America-Redding Ca.-Relocation Assistance?

Recent announcements  by the  (FHFA) Federal Housing Finance Agency

Your first question maybe…

What is the FHFA?  The Federal Housing Finance Agency provides  regulations and oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks to promote  safety and soundness, support housing finance and affordable housing, and support a stable and bankable mortgage market.

So the FHFA is forcing Fannie and Freddie to streamline and shorten the lengthy  short sale process to help more underwater home owners avoid foreclosure.

These moves demand that Fannie Mae and Freddie Mac will develop better and smarter strategies for  short sales transaction and deeds-in-lieu of foreclosures.

The new  FHFA’s guidelines call for short sale servicers to:

Number 1.  Review and not only review but  respond to requests for short sales within 30 calendar days from receipt of a short sale package and a complete borrower response package.

Number 2. They must now provide weekly status updates to the borrower if the short sale offer is still under review after 30 calendar days. At least there will be some forced communications.

Number 3.  The servicers of these home loans must make and communicate final decisions to the borrower within 60 calendar days of receipt of the offer and complete borrower response package.

By the end 2012, Fannie Mae and Freddie Mac will announce additional enhancements that address borrower eligibility and evaluation, documentation simplification, property valuation, fraud mitigation, payments to subordinate lien holders, and mortgage insurance.

In a nutshell!! It’s not perfect, but it is getting better.

Have you been thinking about doing a short sale on your home, but have heard all the horror stories? Maybe now is the time! Ask us.

Direct (530) 921-1063 or fill out the form below.

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Short Sale Process-Fannie and Freddie-Redding California

With many home owners facing foreclosure this is a common question.

The problems that will arise after a foreclosure and trying to qualify for a new mortgage is most government insured loans may not loan for 5 to 7 years. This all depends of the circumstances surround the foreclosure, the credit score and credit history.

This is where attempting to short sale the property can have the greatest positive impact on home owners today.

With a short sale, you could qualify to purchase a new home in 2 to 3 years.

As for credit concerns,there are many things to work on improving the score almost immediately.

Home owners should take advantage of the many not for profit organizations that have been created to help assist people during and after a foreclosure.

Be careful of anyone or company that offers to repair your credit, check with the Federal Trade Commission which warns of credit repair scams.

The easiest way to save the  credit score and  history is to try and settle the mortgage debt with a short sale first along with other outstanding debts. One of the best things to do also is to pay all the bills on time for at least two years.

Thinking about selling short? Ask us how?

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If the bank forecloses on my home, how soon before I can buy another home? -Short Sale Question and Answers-Redding CA.

The “short” in short sale has nothing to do with the amount of time. Short sales usually take much more time than traditional real estate deals – running anywhere from 3 to 8 months or longer!

The only thing short in a short sale is the sales price – it is less than the amount the seller would need to pay off all the mortgages and other outstanding liens including property tax liens, delinquent HOA dues and fees against the real estate.

With one in four homeowners in America owing more on their property than the real estate is worth, short sales won’t be going away for some time to come.

There are several questions about short sales they we can answer.

Question #1: Is there anything typical, standard or normal when it comes to getting a short sale approved?

Answer:  No. There is  no such thing as “normal” in a short sale. Each one will have various lenders, property issues and conditions and market values to over come.

Some of the most frequently asked questions include things like:

• Is it normal for a home owners lender to respond to a buyers short sale offer to purchase with a counter offer higher than the list price?

• What is the normal amount of time it takes all of the lien holders to approve a short sale transaction?

• Is there a rule for how much below asking price the bank will take?

Despite the recent government interactions and efforts that promised to impose a set of standards most lenders would follow in processing short sales, it is still a lengthy but well worth it transaction for most buyers and sellers.

The process is the  buyer submits an offer, the home owner signs it and hands it over along with all their financials to their listing agent who submits it all to the lien holders on the property. And the negotiations begin.

The home owners lender is in the powerful position, of being able respond to any offer whenever and however they want.But with a patience buyer, the is most often a happy ending.

The lien holders may counter back at a higher price or state they will not pay for this fee or that. At which time the negotiations continue until all parties can come to an agreement.

Forget the idea of standard, when it comes to a short sale. But there are certainly many opportunities for the current home owner to sell the property and plenty of buyers that would make offers!

What is your short sale question?

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How Long Does A Real Estate Short Sale Take?-Redding, CA.

What to do when you have not been able to pay the HOA dues , let alone the mortgage payment?

Some short sale mortgage lenders will not allocate enough money for unpaid HOA. Leaving an unpaid balance. This remaining balance will try to be negotiated to have the buyer pay.

Some mortage lien holders will not allocate any money whatsoever to pay the HOA dues, and others will pay a few hundred dollars.

If the home owner can no longer pay the HOA and the short sale lender does not approve any funds from the purchase of the home to go towards the unpaid HOA balance, the seller will be required to pay the HOA plus any late fees.

Confused?

The best thing to do in a situation where you have already missed the HOA dues and there are late fees, is to discuss the options with the home loan lender.

The lender will want to see specific documents from the home owner .

What happens if the real estate gets foreclosed on?

Well if the loan was a Fannie Mae, they require servicers to protect the priority of the home loan lien and to clear all liens for delinquent HOA dues and condo assessments on properties acquired through foreclosure or even in deed-in-lieu of foreclosure.

So one way or another these HOA dues will be resolved.

Do you want to sell you home? And find out how to resolve the HOA dues and late fees ?

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HOA Fees and Dues-Short Sale Real Estate-Redding CA.

A Home owner calls today with this very good question?

“How do you, the selling real estate agent get paid..who pays your commission?”

Have you ever wondered about the short sale process? Thinking about ways to sale your home without paying commission?

Well…One very sought after option is to sell the home for less than you owe on it. It is often clouded in mystery, but it’s a very common transaction, that more home owners would investigate before they exhaust all of their finances.

The bank will pay the commission along with all the other usual closing costs. So not only does that mean there are no fees for the commission, the normal escrow and title fees are also covered.

Learn more about how to save more money, by using a short sale real estate agent to sell your home for free.

A short sale could resolve everything.  Ask if your bank will work with you on a short sale?  Have two mortgages? Give us the details, we have answers.

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I’ve heard the term Short Sale. What is a Short Sale Anyway?

In a short sale real estate transaction, a home owner facing hardships enters into an agreement with their home loan mortgage company, For the mortgage company  to accept a price for the property that’s less than the amount they actually owe on it. The home owners will not profit on the sale but  will avoid many of the problems that would come from a foreclosure on their credit history.

With a short sale, home owners will avoid having to go through a lengthy and painful foreclosure auction and prevent the impact of a foreclosure on the credit history.

In a short sale, the owner, real estate agent, new buyer and the bank work together to determine the details of the real estate transfer.

The biggest advantage to  the new home owner (buyer) is clearly the idea of moving into a new house at a great discounted mortgage.

The mortgage lenders will benefit from selling the house as a short sale instead of foreclosing as well. With a short sale, banks lenders don’t have to worry about getting involved in a long and legal foreclosure process, that is very costly for the bank.

Free Real Estate Agent-Pay No Commission-Short Sale Homes-Redding CA.