ComeBuyAHouse.com » Foreclosure

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.

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

Foreclosures in Washington State

hensley.lynette — Sat, 23 May 2009 06:12:11 +0000

More and more we are seeing short sale, foreclosures, REO homes for sale. It helps to understand the laws regarding foreclosures as well as the time lines.

Each state has it’s own regulations for foreclosures. These are links to the Washington State Foreclosure Laws as well as a good basic explanation:

Washington Foreclosure Law

Washington Foreclosure Law Explanation

Lynette Hensley
Associate Broker

Can you represent us when purchasing a foreclosure?

hensley.lynette — Thu, 12 Mar 2009 23:39:37 +0000

Question from a client:

I’ve had my eye on this house [Address]. It goes on Auction on [Date], 2009. Is it possible to buy it before that, and will the bank let us look around in it? It is owned by [Trustee Name].
Thanks, Client

Unfortunately, we would not be able to represent you for the purchase of a foreclosure. It’s really a different animal than our business model covers. But I did a little digging for you, and thought you might be interested in knowing the following:

This house is not owned by [Trustee Service], but is still owned by the owner, with a lien on it at [Lender] for $[Loan]. The foreclosure process does not allow a sale or even access at this point. This is the period of time during which the current owner, should he find the money to come current with the credit union, could redeem the house and get it back. By law he must be given that time. If there is a second mortgage, that could prevent a sale from proceeding. Many factors can delay or cancel an auction. Foreclosure is highly regulated by state law, and they must follow the time lines set out in the laws. There is no short cutting that process once it’s handed over to a trustee.

Here are the risks. There may be tax liens, utility liens, mechanics liens, or damage that you can’t know about till after the sale. Buying a foreclosure is speculation. Some folks win. Some lose. People who are losing their homes often don’t take real good care of the home or their financial situation, leaving a title mess as well as a physical mess for the next guy.

So there is not any access to the house. The only way to buy this property is to be present on the courthouse steps on the sale date and hope that it isn’t delayed and that someone else doesn’t beat you out. You must have cash or it’s equivalent as the price is due and payable immediately. (There are some short term loans at high interest rates that are used for the purpose, but you do not hold those loans long–you refinance ASAP.) Foreclosure sales can be postponed for lots of reasons.

Caveat emptor (“let the buyer beware”) is the watchword where foreclosure purchases are concerned.

Hopefully I’ve answered your question–

I don’t recommend foreclosure auctions to many people.

They are for die hard investors with cash money to burn, in my opinion.

We can help you with bank owned properties or ANY property listed in the MLS, Short Sales, or Pre-foreclosures as long as they are listed in the MLS. We can also work on For Sale By Owner homes in any of the above states as long as the owner will work with buyer agents.

For more detailed information about the foreclosure process: Link to a site that outlines the foreclosure process in WA State

Lynette Hensley
Associate Broker

Foreclosure Plan Summary from NAR

hensley.lynette — Thu, 19 Feb 2009 02:00:43 +0000

The Obama plan is designed to help stave off foreclosure for 7-9 million families by restructuring or refinancing their mortgages. This will keep families in their homes, keep communities stable, and strengthen confidence in Fannie Mae and Freddie Mac.

The Obama Plan for Homeowner Affordability and Stability

Feel free to call or email for more details.

Lynette Hensley
Associate Broker