ComeBuyAHouse.com » Short Sales

California Legislation May Set Precedent

hensley.lynette — Tue, 22 Jun 2010 18:56:24 +0000

California legislators are working on giving homeowners a break from the leftover debt after a short sale or a foreclosure. The banking lobbyists want to retain the right to collect that debt and borrowers as well as the real estate industry wants that debt to be forgiven like it was in the depression era. The thinking is that it’s enough punishment to lose one’s home.

But bankers want to be able to collect the debt, especially where the homeowner refinanced, got cash out of the house to buy boats, cars, vacations, etc.

New York Times Article

I see the point — nobody should borrow more than they can, but then these loan programs led borrowers to believe that the banks thought they could afford the loan, the home, and the cash out.

Who’s ultimately responsible? I have to call out the banks. It was shocking to me even then, back in 2001-2004, to hear the sales pitch of some of the lender reps that came to our office. The requirements to qualify borrowers kept getting looser and looser, allowing low credit scores, no income documentation, high loan to value, and high debt ratios which all contributed to this mess we are in now.

I think both borrowers and banks have to take responsibility, but the greater weight should be on the banks and investors who led us down that now-spiky path.

Lynette Hensley, Associate Broker

Loan Modifications

hensley.lynette — Wed, 16 Jun 2010 20:45:16 +0000

Has your income dropped since you first bought your home? Are you having trouble making your payments? Is your interest rate about to reset? Could you keep your home if you could lower your interest rate or change your interest only payment into a fully amortized loan that won’t reset? By significantly reducing your monthly payments, what if you could transform your problem payment into a property worth keeping?

Our loan modification specialists have negotiated and closed many transactions like these. They are 100% professional, ethical and DFI (Department of Financial Institutions) compliant, boasting a phenomenal track record helping homeowners who have reduced income yet still wish to keep their home. It’s time to take action and find out whether you are qualified!

Fill out the form HERE and you will be connected with a real person who will give you real results.

Heading Towards Foreclosure?

hensley.lynette — Wed, 16 Jun 2010 19:51:26 +0000

Do you know someone who is fretting over how to make their mortgage payments?

Call Today . . . 425 772 7231

As short sale listing agent specialists, we have the expertise to save their credit, focus on a plan of action which will relieve worry and, most of all, help a family. Through the process of a short sale, we can save most people from going into foreclosure.

Unfortunately, we do not have a free get-out-of-your-mortgage card. Nobody does. Please do not fall prey to those false promises.

Take action now! Time is not your friend.

Call us today at 425-772-7231 for a private and confidential consultation to get you started on the path to recovery.

______________________________________________

Larry and Lynette are dedicated to assisting property owners with loan modifications & short sale solutions.

We have developed a far-reaching network of mortgage companies, lenders and Realtors®, loan modification and debt . The strength of our business is based on experience, knowledge and relationships and is invaluable.

Larry and Lynette are here to help you move forward. Regardless of your circumstances, we have powerful solutions available for you. Call 425-772-7231 to get started today.

Lynette Hensley
Associate Broker
Larry Baumgartner
Real Estate Professional, CNE
425.772.7231 Lynette | 206.291.4117 Larry
ComeBuyAHouse.com
L2@comebuyahouse.com
Asset Realty Group

Home Affordable Foreclosure Alternatives (HAFA) Program

hensley.lynette — Wed, 09 Jun 2010 16:34:59 +0000

Here is Obama’s program that we may be able to utilize in your short sale. Call me and let’s see. –Lynette 425 772 7231

Home Affordable Foreclosure Alternatives (HAFA) Program

Many homeowners may feel that they can no longer afford their home, but want to avoid the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives (HAFA) Program offers homeowners, their mortgage servicers, and investors an incentive for completing a short sale or deed-in-lieu of foreclosure. With these options, under HAFA, a homeowner leaves their home to transition to more affordable housing and alleviate the mortgage debt they owe.These options are available for homeowners who: 1. do not qualify for a trial mortgage modification under the Making Home Affordable Program; 2. do not successfully complete the trial period for their modification; 3. miss at least two consecutive payments during their modification period; or 4. request a short sale or deed-in-lieu of foreclosure.Short Sale

In a short sale, the servicer allows the homeowner to list and sell the mortgaged property with the understanding that the net proceeds from the sale may be less than the total amount due on the first mortgage.

Deed-in-Lieu of Foreclosure

Generally, if the borrower makes a good faith effort to sell the property but is not successful, a servicer may consider a deed-in-lieu of foreclosure. With a deed-in-lieu, the borrower voluntarily transfers ownership of the property to the servicer— provided the title is free and clear of mortgages, liens, and encumbrances.

The HAFA Program streamlines both of these options to make them easier for a homeowner to work with their servicer. Under the program, a homeowner can receive $3,000 to help with relocation costs.

Mortgage servicers and investors write their own guidelines under the Federal requirements to determine how to implement the program. For more information about your options, you should contact your mortgage servicer. If you have questions about the program, or want guidance about how these options may impact your personal situation, you may wish to speak to a HUD-approved housing counselor for free.

Your Graceful Exit
Watch a video to learn more about the Home Affordable Foreclosure Alternatives Program.

Making Home Affordable and Other Options to Remain in Your Home

Mortgage servicers who participate in the Making Home Affordable Program are required to evaluate homeowners for a Home Affordable Modification before evaluating them for other options. If you request a modification from your mortgage servicer, and are determined to be eligible, you will enter into a trial period plan.

If it is determined that you are not eligible for a Home Affordable Modification, your mortgage servicer will evaluate you for other alternatives they offer to keep you in your home, such as their own modification programs or a forbearance.

A HUD-approved housing counselor can work with you for free to help you understand your options.

Avoid Foreclosure: Know Your Options
Watch a video to learn more about the Making Home Affordable Program and other options your mortgage servicer may provide.

› Frequently Asked Questions

Beware of Foreclosure Rescue Scams – Help Is Free!

There is never a fee to get assistance or information about Making Home Affordable from your lender or a HUD-approved housing counselor.
Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay – walk away!
Beware of anyone who says they can “save” your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
Never submit your mortgage payments to anyone other than your mortgage company without their approval.

The Obama Administration has launched a coordinated effort across federal and state government and the private sector to target mortgage loan modification fraud and foreclosure rescue scams that threaten to hurt American homeowners and prevent them from getting the help they need during these challenging times. Click here for more information.

Short Sales Focus

hensley.lynette — Wed, 09 Jun 2010 16:31:36 +0000

Our local Seattle real estate market is continuing to require agents who know how to handle short sales. To that end, Larry and I now have systems in place to handle short sale listings and purchases. This is a new additional niche for our business. This kind of listing or purchase requires a special focus and knowledge about short sales because, to be clear—it’s the Wild Wild West out there. The guidelines and rules can be very different from lender to lender.

To begin, here’s a definition of “short sale”.

Watch for more updates and information right here.We’ll keep you informed as issues develop.

Best to you!

Wild West Gunslingers……Lynette & Larry

How can I understand the sales history of a foreclosed home?

hensley.lynette — Sat, 27 Jun 2009 05:54:22 +0000

Question:
I’m looking at the sales history of a foreclosed home that has been in the market for quite some time. It shows 6 different file dates –one in 2004 another in 2005, 2 in 2006 and the last one in 2008. What do the abbreviations under “Instr Type” mean–TRD, D/T, WD, and SWD? What do these all mean?

Answer:
Your Question:”Instr Type” mean–TRD, D/T, WD, and SWD?

Instrument type–the type of deed that conveys ownership

The types of deeds available and their means of conveyance vary from state to state.
TRD = Trustee Deed or Deed of Trust A trustee’s deed is often used in bankruptcy
D/T = Deed of Trust — this is the deed that allows the lender to have an interest in the property
WD = Warranty Deed — this is the deed that is most often used to convey property from seller
to buyer in a purchase transaction
SWD = Special warranty Deed — this is used in REO/bank owned/Repo or foreclosure sales where the property is held for a very short time, and not occupied by the seller. It’s warranty only warrants the period of time that the seller has owned the property.

Caveat: This is general information only, when dealing with deeds and foreclosures, it’s wise to have legal assistance beyond your real estate professional.

Lynette Hensley — Associate Broker

(Asked and answered on Zillow)