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Nationstar Xome

August 29, 2016 Nationstar MTG No Comments

Nationstar Xome Help

Nationstar has gone through a few different online auction platforms over the years. They used auction, Homesearch, and now Xome to open short sale transactions to the public. Depending on the investor on the note will determine if the servicer pushes the    online auction as a contingency for short sale review.

Even if an offer is already submitted, fully executed, and under review for a short sale, If it gets flagged and placed by Nationstar Xome, the accepted  buyer could be outbid and replaced. Most bidders will be subject to a 5% premium. The original buyer submitted for review is generally exempt from this premium.

Many people don’t want to participate in Nationstar Xome or the other auction platforms for a short sale. From our experience very rarely have we see. Any accounts once flagged for the online auction to ever move forward without going on it. Nationstar typically will not move forward with he review unless if the borrower agrees to participate in the auction once the account is designated to partake in it.

For an expert opinion, support, or if you just need to be pointed in the right direction, fill out the form below for immediate assistance.

HAFA Deadline December 30, 2016

August 22, 2016 Blogs No Comments

The HAFA Deadline for applying currently is December 30, 2016. HAFA provides borrowers and tenants the opportunity to leave a property through a short sale sale or a deed-in-lieu of foreclosure (DIL) while providing a relocation incentive of $10,000. It also allows a borrower to settle their remaining mortgage balance and not be pursued for the deficiency. Many Mortgage companies nationwide participate in HAFA and if they don’t, they may offer a similiar in house program. Many government backed loans don’t participate in HAFA, but may offer other relocation incentives, yet many times, it’s considerably less.

HAFA is one of the best programs available for distressed borrowers.

You might be eligible if you meet the following criteria:

  • Struggling to make mortgage payment
  • Mortgage originated on or before January 1, 2009.
  • Non condemned property
  • Balance of $729,750 on your primary residence or one-to-four unit rental property (loan limits are higher for two- to four-unit properties).

HAFA may or may not be extended at the years end, if you are in a tough position, you may want to consider applying sooner than later. Fill out the form below and you will be contacted shortly by a professional.

Short Sale Settlement

August 11, 2016 Blogs No Comments

Help Short Sale Settlement

Homeowners who have borrowed money via an instrument of mortgage or deed of trust have a financial duty to pay the note holder. The deed of trust or mortgage is recorded which secures their interest. During the financial crises it was further brought to light of many borrowers over leveraging and being provided with potentially predatory loans which when adjusted made the payments unaffordable to the borrower. Coupled with real estate prices going down many borrowers were pushed into foreclosure situations while holding underwater real estate assets.

Borrowers who have underwater and non performing homes often want to sell. When you can’t pay the debt on the home in full then a short sale settlement is needed. A short sale settlement is a process in selling the home for less than what is owed and shorting the lien holders on the home. The goal is to settle all debt with the lien holders on title. Short sale settlements exist to help borrowers reduce liabilities while liquidate non performing and underwater real estate assets. There are many benefits to a short sale when it comes to cutting losses, potentially reducing liabilities on the debt, receiving money from the bank and overall reduce hardship of the borrower.

If you need assistance with a short sale settlement, please fill out the form below.

Wholesaling Short Sales

August 3, 2016 Blogs No Comments

Wholesaling Short Sales Help!

Many investors are interesting in Wholesaling Short Sales; They come across underwater assets and place offers with the intent of selling the contract. The standard assigning of contracts does not work in the world of short sales. The banks are savvy and will not allow that verbiage or the assigning of contracts. Short sale reviews are buyer specific so if the buyer changes, the review will need to start back over. Also, a wholesale fee on the settlement statement likely will be denied by the mortgage servicer when asking for settlement statement approval to close.

Wholesaling Short Sales also faces other challenges. There is generally a 30 day deed restriction in transferring title. Some investors require that the property can not be transferred within 90 days for more than 120% of the purchase price. Banks have taken measures to prevent investors from Wholesaling Short Sales.

For questions on anything short sale related, feel free to fill out the form below and you will be contacted shortly by a specialist in our office.

Should I Pay My HOA Dues?

July 25, 2016 Blogs No Comments

Should I Pay My HOA Dues If I’ve Defaulted On My Mortgage?

This is a common predicament and question borrowers face when they own a property with a Homeowners Association and they have or will be in default on their mortgage on their property. “Should I pay my HOA dues if I have already defaulted on my mortgage?”, at the end of the day, if you can not make the payments that you are obligated to make then what are you supposed to do?; There are consequences and potential repercussions associated with those actions though. Some challenges owners face when they do not pay their HOA dues is that it will incur interest, late charges, and potential foreclosure fees, skyrocketing the balance to a point of no redemption in plain sight. When the borrower ultimately try’s to sell via a traditional or short sale, that balance will need to be paid or settled. If the train gets too far away and the HOA initiates foreclosure or places a lien on the property, it is one more thing a borrower needs to address.

Some HOA’s can be very aggressive and tough to negotiate with which is why many people are advised to make their HOA payments even when their mortgage is delinquent if they are seeking resolution with their property. A HOA who is owed money can play hardball on settling, making a sale extremely tough to complete as depending on the transactions circumstances and the numbers, getting the HOA the money they want can be difficult to accomplish.

For an expert opinion, help, or if you just need to be pointed in the right direction, fill out the form below for immediate assistance.

Los Angeles Short Sale

July 18, 2016 Blogs No Comments

Los Angeles Short Sale Help

High quality short sale help is tough to come by. Los Angeles Short Sales are often cutthroat so it’s important to have someone in your corner who has your best interest and same goals. Having an experienced team in your corner who has the experience to create a custom strategy to accomplish the party’s goals is very important. An experienced negotiator should know the following to be best equipped to create a game plan for success:

  • Mortgage Servicer Guidelines
  • Investor Guidelines
  • Relocation Incentives Per Investor Guidelines
  • Escalation Contacts Per Mortgage Servicer
  • California Short Sale Rules & Regulations
  • Initial Game Plan In Accordance With Bank Guidelines To Settle All Liens On Title

Knowing is half the battle, right in line with persistence, dedication, communication, and follow through.

For an expert opinion, help, or if you just need to be pointed in the right direction on a tough short sale case, fill out the form below for immediate assistance.

BSI Financial Short Sale

July 12, 2016 Blogs No Comments

BSI Financial Short Sale Help

British Standards Institution (BSI) Financial Services is a loan servicer and subservicer. Homeowners who have their mortgage account with BSI with an underwater asset will need to work with them to accomplish a short sale, loan modification, deed-in-lieu or other bank work out option. BSI participates in HAFA and we have been able to obtain homeowners $10,000 in relocation incentive if eligible and have the deficiency judgment waived. Just like any servicer, challenges can occur when working with BSI. Some common challenges in this industry are lack in communication, misplacement of documentation, and misinformation.

BSI Financial Short Sale help is not easy to come by as many people are not well versed in dealing with lenders in sensitive situations. Supporting distressed homeowners and assets should not be taken lightly so it’s important to have as much information and resources available to achieve desired results.

Questions on anything short sale or bank related? If so, please fill out the form below and you will be contacted shortly by a specialist.

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HUD Short Sale

HUD Short Sale Help!

The Housing and Urban Development is a government entity with goals of bolstering the housing market around the Nation while providing options for homeowners and the elderly. Two products associated with HUD are FHA loans and many Reverse Mortgage. The Federal Housing Administration is a branch of HUD and insures mortgages for FHA approved lenders. Reverse Mortgages are provided to borrowers and property meeting strict criteria.

A FHA or Reverse Mortgage short sale are both governed by HUD guidelines. If you want more information in regards to these guidelines it is recommended that you contact us or go to the respective government sites. The guidelines determine borrower eligibility for relocation money, minimum NET proceeds required for an approved short sale, occupancy time frames , plus much more.

If you are looking for information about anything short sale related, please fill out the form below and you will be contacted shortly.

Can A Trust Buy A Short Sale?

June 17, 2016 Blogs No Comments

Question: Can A Trust Buy A Short Sale?

At times we have had buyers ask us if a Trust can be the buyer of a property via a short sale. From our experience, the answer to the question; Can a Trust buy a short sale? Is no, generally a trust cannot be the purchaser. From what we have been told, by mortgage servicers, is that it is due to preventing potential arms length guidelines from being violated. A trust can be a complex document and it could very well hide interest in the entity for an individual who is not allowed to purchase the property who would otherwise fall outside of the arms length guidelines. A party would be recommend to purchase a property under their name(s) as an individual or another entity such as a LLC, LP, etc. In those entity’s it is often more clear who has interest in them as they will require the necessary articles and operating agreements showing all members interests.

If you are looking for information about anything short sale related, please fill out the form below and you will be contacted shortly.


VA Planet Home Lending Short Sale

June 8, 2016 Blogs No Comments

Help VA Planet Home Lending Short Sale!

A VA Planet Home Lending Short Sale can be one of the tougher short sales to work. A VA short sale governed by government guidelines is strict, but when the lender wants to make the guidelines for minimum NET harder to meet, it causes a further challenge. The mortgage lender and the representatives assigned play an important role in how smoothly a transaction moves. A VA Planet Home Lending Short Sale assigned representative may not be helpful so you may need to speak to the assigned underwriter who is truly familiar with VA guidelines. At times it appears only the higher ups truly know what is going on with an account. Planet Home Lending appears to service many Veteran Administration loan and they accept a standard short sale package. They will request the MLS listing history, showing log, and a 710 form.

If it is a VA loan they will request a VA appraiser to go out to the property to complete an appraisal. At times these appraisals are very strict and the Veteran Administration will issue a Notice Of Value upon return and the mortgage servicer will base what NET is acceptable based off that information. Generally VA will accept a minimum net of 85.05% percent of the appraised value. We have seen VA Planet Home Lending Short Sales require a higher NET in order to approve the transaction.

For help or any questions, please fill out the form below and you will be contacted immediately.

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