Tag: sale home
I Have Not Missed A Payment-Short Sale-Redding CA
I Have Not Missed A Payment-Short Sale-Redding CA
Get Paid to Give your House Back?-Bank of America-Redding CA-Short Sale
Get Paid to Give your House Back?-Bank of America-Redding CA-Short Sale
Bank of America is now among the ranks of banks offering additional relocation assistance money to certain short sale homeowners here in Redding CA. In essence Bank of America will pay you to move.
In addition to programs such as the HAFA short sale or other short sale incentive programs offered by other mortgage institutions, Bank of America announced last week that they are now offering certain short sale sellers up to $30,000 in short sale incentive money.
Many homeowners that are eligible will receive a letter in the mail advising them about the program and yes, the letter does state that a 1099 will be issued to each short sale seller who receives relocation assistance.
Here are the top three FAQ.
1: How to I initiate the short sale?
A: Call Immediately (530) 921-1063 Laura Reilly. But act quickly this is a limited time offer that homeowners in Redding CA will not want to miss out on.
2: Can the relocation assistance funds be used to pay off other existing liens?
A: Yes, the homeowner may use funds to pay off existing liens or to help with relocation expenses.
3: Is the relocation assistance added to any other incentives, such as the HAFA or Bank of America proprietary program incentives?
A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive.
Veteran Borrowers-VA Loans-Short Sale Home-Redding CA
Veteran Borrowers-VA Loans-Short Sale Home-Redding CA
The US Department of Veterans Affairs urges all veterans who are struggling to
making their mortgage payments to speak with their bank, accountant or real estate agent as soon as possible to explore options to sell the home.
Contrary to popular belief, mortgage banks really do not want to foreclose because foreclosure costs them (the lender) a lot of money paying attorney fees and time.
Depending on a veterans specific situation, your bank will offer any of the following options to avoid foreclosure and sell the property.
The lender may postpone the foreclosure auction and allow additional time to arrange a sale to a buyer. The servicer agrees to delay foreclosure to allow a sale to close, even if the sale price will not pay off the loan.
This is called a Short Sale. When the mortgage holder agrees to allow a borrower to sell their home for a lesser amount than what is currently required to payoff the loan.
Or a Deed in Lieu of Foreclosure. A Deed in Lieu of DIL is where the borrower voluntarily agrees to deed the property to the lender instead of going through a lengthy foreclosure process.
Is there Assistance to Veterans with VA Guaranteed Home Loans?
When a VA guaranteed home loan becomes delinquent or late, VA provides supplemental servicing assistance to help resolve the default.
The servicers has the primary responsibility of servicing the loan to resolve the default. However,in cases where the servicer is unable to help the veteran
borrower, Loan Guaranty has Loan Technicians in eight Regional Loan Centers and two special servicing centers who take an active role in interceding with the servicer to explore all options to avoid foreclosure.
making their mortgage payments to speak with their bank, accountant or real estate agent as soon as possible to explore options to sell the home.
Contact us today to learn about short sale options available to you.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Veteran Borrowers-VA Loans-Short Sale Home-Redding CA
Short Sale Help with Moving Expenses-Redding CA
Short Sale Help with Moving Expenses-Redding CA
Lenders are offer incentives in the form of cash to help short sale homeowners move on to their next stage in life.
When you choose to work with a short sale real estate agent, we will show you all of the incentives currently being offered by your lender.
Lenders offering incentives are Bank of America, Chase, Wells Fargo and well as Fannie Mae and Freddie Mac backed loan.
Right now a HAFA style short sales are the most popular benefit, as it provides you with $3,000.00 towards your relocation costs provided you qualify.
Another incentive of allowing the short sale vs. foreclosure is the mortgage debt relief act, which through 2012, the already struggling homeowner will be exempt from taxes if the Redding home was the principal residence and the sale was under a certain price point.
Approximately 37% of all homes for sale are short sales. Mortgage Banks are working with homeowners who are in hardship due to various reasons.
Short Selling a home is nothing like a traditional sale. It requires having strong and continuous education about banks processes and knowing how to properly package the offer with your short sale package in a way that banks will respond.
It is constantly following up with the banks to ensure that they receive all your documentation and keeping thorough notes. It takes skill, time, knowledge, experience and patience to get short sales approved.
Looking for more information on a Bank of America Short Sale, Chase Short Sale, Wells Fargo Short Sale, Citi Short Sale or a GMAC Short Sale or other Banks?
We believe we offer a thorough understand of the short sale process. To truly negotiate a short sale that benefits the seller in every possible way.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Short Sale Help with Moving Expenses-Redding CA
Banks allow more short sales-Foreclosure sales down in California-Redding CA
Banks allow more short sales-Foreclosure sales down in California-Redding CA
The number of homes sold in a short sale surpassed foreclosure sales in Shasta County during the first half of the year, more evidence mortgage lenders are avoiding lengthy and expensive foreclosures and trying to comply with the Nationwide Mortgage Settlement, experts state.
This data provided by the Irvine, Calif. based RealtyTrac, also notes a 21 percent decrease in the number of bank owned homes sold during the first half of 2012 from the same time in 2011.
Are these a Sign of Change?
The rise of short sale homes is good for homeowners trying to get out from their underwater mortgages or who are behind or may become behind in payments.
A short sale is a real estate transaction where the property the bank has liens on agrees to sell for less than what the homeowner owes on the mortgage before the foreclosure is complete.
A bank owned sale is conducted after the home is repossessed in a foreclosure proceeding. This is considered a traditional foreclosure.
Some of our homeowners who agree to a short sale are getting cash incentives from banks to participate in a short sale vs the cost of the foreclosure.
It is also generally considered less of a hit to the credit scores and is a much, much speedier process than in the early years of the housing crisis.
The federal government forced banks to make up for years of foreclosure related offenses. Theses lenders agreed to provide $25 billion in cash funds and mortgage relief to
The Bank Turned Down My Request for A Short Sale-Redding CA
The Bank Turned Down My Request for A Short Sale-Redding CA
Another question asked about short sales and hardships.
Q: I have a medical hardship, but my bank turned down my short sale request because I was not late on the payments yet. I do not want a foreclosure on my credit record. I want to do the right thing but I can not keep this home, but I don’t know what that is. What do you advise?
Need to Sell Home Fast(er)?-Short Sale-Redding CA
Need to Sell Home Fast(er)?-Short Sale-Redding CA
Fannie Mae and Freddie Mac mortgage loan service change rules starting Nov. 1 , 2012.
Some of these changes include giving Fannie and Freddie mortgage servicers the authority to approve short sales even if the homeowner is not yet late on mortgage payments.
Homeowners who meet the short sale eligibility requirements will be able to have their short sale request acted upon directly by the servicer, without any additional waiting from Fannie or Freddie.
Waiting for any government agency can be lengthy.
The new short sale guideline also is reducing some of the documentation required for the most at risk homeowners. Often times the paper work along can be frustrating to already distressed homeowners.
The Redding housing market has already seen quite a spike in short sale activity. Buyers will buy short sale homes and are out looking. Your home may be the home for them!
Any effort to streamline the short sale process is welcome, said Laura Reilly, a Redding CA Realtor who represents homeowners and has seen a sizable increase in short sale sellers and buyers activity this year.
Ways to Contact Us Direct (530) 921-1063 Laura Reilly
or OnLine
Short Sale Certified by the National Association of Realtors License #01760446
Check Out My Credentials Here
LOOK at REAL short sale approval letters, Homeowners Released and PAID relocation !!
Need to Sell Home Fast(er)?-Short Sale-Redding CA
Short Sales Vs Foreclosure-Advantages to Sellers and Buyers-Redding CA
Short Sales Vs Foreclosure-Advantages to Sellers and Buyers-Redding CA
One of the biggest differences between buying a short sale or choosing a
Short Sale Homeowners-Be Cautious What You Post on Facebook-Redding CA
Short Sale Homeowners-Be Cautious What You Post on Facebook-Redding CA
For a homeowner to obtain short sale approval from the home loan lenders, they should be able to convince their banks that a true hardship or reason exists for the short sale.
It is believed that the debt collectors are starting to search Google, Facebook, Twitter and other social media sites to see what public information can be found out about the borrowers.
Think twice about posting those photos of the Europe vacation!
How does your bank define a hardship?
The common understanding is lack of money which is the most valid hardship.
Lack of money can mean a hardship exists when there is a decrease in income – or an increase in expenses.
Homeowners should be advised that information found on social media sites is often available for the public to view.
While the information you post on Facebook and Twitter may be intended for your friends to see, it can also be viewed by attorneys, debt collectors and others.
It is good policy to monitor your posts, and learn how to have the appropriate privacy settings in place for your protection.
Borrowers facing foreclosure must remember that all of the lien holders are not looking out for you. The Redding Short Sale Team represents the homeowners, NOT the banks.
Lack of money can mean a hardship exists when there is a decrease in income – or an increase in expenses.
Good News for Buyers and Sellers looking at Short Sale Homes-Redding CA
Good News for Buyers and Sellers looking at Short Sale Homes-Redding CA
When buyers see the term short sale on homes listed for sale this term is referring to an agreement between a lender and a borrower whose home is under water.
Under water means the real estate is worth less then the debt owed on it. For example the mortgage may be $200,000 but the home is only worth $100,000 now the property is under water.
So the home owner that needs to sell in this type of situation will have to sale the home “short” of what is owed on the mortgage.
An offer to purchase will be written by a hopefully home buyer and must be accepted by the borrower and the lender.
In some cases, there are liens on the title. All parties with a financial interest in the property have to agree on the terms of the sale before moving forward.
Despite what the name suggests, short sales take longer than normal sales. The involvement of multiple parties means transactions average 3 to 6 months.
Don’t be surprised if some short sales are dragged on for more than a year in some difficult situations.
In a full foreclosure sale, there is no meaningful information in disclosures about a foreclosure resale because the seller, which in now Bank of America, Chase, Wells Fargo or other mortgage companies has never seen the property and has no knowledge of the history or condition of it.
On the plus side for the short sale and the buyer, is the home owner will provide disclosures about the property.
Short sale home owners need not worry about fixing anything they disclose because most short sales are sold “as is” with the seller doing no repairs.
Want to learn more about the short sale process?
Call us direct today (530) 921-1063
or contact us below with any questions.