Time is of the essence. There are several options to avoid foreclosure.

Click here

HAFA Short Sale Program Offers Homeowner Benefits and Incentives.

Click here

Short Sale and Foreclosure Specialist--San Fernando Valley, CA

(Updated April 29, 2012) Homeowners who wish to apply for a HAFA Short Sale or HAMP loan modification should use the new RMA Form since it includes now a document checklist, Rental Property Certification, Dodd Frank, hardship affidavit, principal residence information and is now 7 pages.  With the new changes in HAMP, rental properties and second homes will now be eligible.  Before, only principal residences qualified for HAFA Short Sales.
 
Other recent changes are occuring as a result of the $25 billion settlement between the U.S. government and state attorneys general and the country’s five biggest banks [Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc. (formerly GMAC)] for foreclosure processing problems that came to light about 18 months ago gives lenders three years to provide financial relief to financially troubled home owners.  A recent investigation by HUD shows the mortgage servicing violations during the foreclosure process.

I feel this will help to get more approvals for loan modification, refinance and short sales.  I am hopeful that the money makes it’s way to help more struggling homeowners stay in their homes.  I would expect that the settlement provides lenders and investors enough financial incentive to proceed with more loan modifications, short sales, and foreclosures, which will help support the housing market recovery.

Here are some details on the banks settlement which provides financial relief to borrowers.
$10 billion will go toward reducing the principal on loans for borrowers who, as of the date of the settlement, are either delinquent or at imminent risk of default and owe more on their mortgages than their homes are worth. At least $3 billion will go toward refinancing loans for borrowers who are current on their mortgages but who owe more on their mortgage than their homes are worth. Up to $7 billion will go towards other forms of relief, including forbearance of principal for unemployed borrowers, anti-blight programs, short sales and transitional assistance.

Read the details of the settlement from the U.S. Attorney General’s office at: http://www.justice.gov/opa/pr/2012/February/12-ag-186.html

Short Sale Expert | Avoiding Foreclosure

(March 22, 2012) Recent data released from Core Logic shows that approximately 11 million homes are underwater or have negative equity and of the homes with a mortgage, approximately 23% have a negative equity.  This shows that the real estate wealth effect that homeowners had experienced previously in their homes, for the most part has been lost.  For those who are underwater, it may be time to consider options and alternatives, especially if a payment has been missed or being faced with foreclosure.
 
An important first step is to find out if you are eligible for any MHA (Making Home Affordable) program, you can check to see if your lender is on the list of MHA Participating Loan Servicers. One of the greatest successes I had was getting a permanent HAMP loan modification for a client in the Arleta / Pacoima area and thus saving their home from foreclosure.  Another success was getting a client in Simi Valley into the HAFA program despite them being denied or kicked out of the program by their lender.  Agents who are authorized third parties as well as homeowners are able to open an escalation with the HAMP Solution Center if they are being reviewed for the Making Home Affordable program or doing a HAFA short sale.  This is a big help when there is a trustee sale in the near future and also to put pressure on servicers who do not follow the program guidelines for the Making Home Affordable program which includes the HAFA Short Sale Program.  
 
It is very important for homeowners to contact a real estate agent at the point you are not making payments or before and if you receive the HAFA solicitation and you wish to participate in the program since they will be required to "enlist the services of a real estate professional" like myself.  This solicitation letter typicaly comes after being denied for a loan modification.  Homeowners can request HAFA consideration even if you weren't solicited by just using the RMA Form if they wish to proceed with a HAFA short sale. Under HAFA, homeowners may be able to avoid a foreclosure by selling the home as a “short sale” (where the value of the home is less than the remaining amount of the first mortgage). Click Here for More HAFA Program Information. 
 
The Home Affordable Foreclosure Alternatives (HAFA Program), established by the US Treasury Department is primarily designed for homeowners with a documented hardship who are unable to stay in their home.  I have been able to help homeowners complete HAFA Short Sales in the San Fernando Valley and Simi Valley.  Successful HAFA or traditional Short Sale transactions have been completed in Northridge, Granada Hills, Chatsworth, West Hills, Van Nuys, Sylmar, Lake Balboa, Porter Ranch, Pacoima, Arleta and Reseda.  Also, I am currently working with buyers in the area or Granada Hills, Northridge, Chatsworth, Sylmar, Winnetka, Canoga Park, West Hills and Lake Balboa area which can make it very easy to find a buyer quickly once the listing is given and the property is put on the market.

 MHA Complaint and Escalation Process for Homeowners

With so many lenders showing a reluctance to give loan modification and even a reluctance to put clients under the HAFA short sale program, I have opened escalations with the HAMP Solution Center when the lenders are not following the guidelines, not meeting timelines, etc.  Some other objections I am hearing from lenders for not allowing homeowners into the HAFA program are the following:
  1. If the loan has a trustee sale which is 60 days or less away, Bank of America has a policy that will not allow you into the HAFA program.
  2. If a homeowner fails to return the HAFA solicitation document within 14 days.  This document is typically sent via Fed Ex or UPS after a homeowner is denied for a Making Home Affordable Loan Modification.  Failing to return this important document is grounds for them to decline you for the program so if you received this solicitation, call me immediately so I can help you decide if a short sale is right for you.
  3. Failing to return the Alternative Request for Short Sale Form which the lender sends to you once you have received an offer on the property.  This document needs to be completed by the homeowner with the assistance of the real estate agent.  It is also usually sent overnight and must be completed and returned immediately since there is only 14 days to return it to the lender according to the MHA guidelines.

For those who are not qualified for the HAFA program, for example with JP Morgan Chase; If I am able to get what the bank considers a reasobable offer, banks are typically ready to postpone these sale dates if there is an offer which they feel is within the range of fair market value.  Of course there are no guarantees but banks typically prefer not to have to get involved in the sale of real estate unless they have to.  Also, second lienholders who are facing being wiped out by foreclosure are sometimes willing to take much less than what's owed rather than getting nothing.  In order to determine the fair market value, the lender will order either a drive by or interior broker price opinion or full appraisal.  Homeowners should not delay because this determination of market value must be completed for the bank to determine if they are willing to postpone the trustee sale.

If you are having mortgage difficulties, you can take action to resolve things and move on by agreeing to sell the home and ask the lender to settle the debt for less than what is owed.  This allows you to have the account show "Paid in Full for less than the full balance".  This is much less damaging than a foreclosure or repossession by the bank. The fact that you have found my website shows that you are seeking to get information. Studies show that the most homeowners first contact a real estate professional, like myself to assist them with the property.

Homeowners can have a tremendous burden lifted by allowing myself to guide you, submit the documents to the lender, market and find a qualified buyer, manage the property until the close of escrow.  In a short sale, there is no cost to the homeowner since the lender must agree to pay the real estate brokers commission.  I feel rewarded when I know that I have transfered some of the burden so that homeowners can move on with their life while we work through the completion of the short sale.
 
I have provided specific information on some of the cities of the San Fernando Valley, Simi Valley or Santa Clarita Valley on the following pages:  Burbank, Calabasas, Canyon Country, Chatsworth, Encino, Glendale/La Crescentia, Granada Hills, Holmby Hills/Bel Air/Beverly Hills, Lake Balboa, North Hills, Northridge, Mission Hills, Pacoima, Porter Ranch, San Fernando, Sherman Oaks, Stevenson Ranch, Santa Clarita, Sylmar, Tarzana, Valencia, Van Nuys, West Hills, and Woodland Hills.  As a member of the National Association of Realtors, I pride myself on following the 2012 Code of Ethics.  Excellent service, professionalism, hard work, and honesty are some of the kind feedback I have heard from past clients.  I have great referrences which can be found on my testemonials page at http://www.jasonhector.com/testimonials.html
Please join me on Twitter, You Tube and Facebook:
 
Jason Hector doing business as Action Investments is not associated with the government and our service is not approved by the government or your lender and even if you accept this offer and use our service, your lender may not agree to change your loan.
Foreclosure or Short Sale?

CA Foreclosure Timeline

Alternatives to Foreclosure


Short Sale Specialist | San Fernando Valley, Santa Clarita Valley, and Simi Valley | About Us | My Listings | Testimonials | Probate Sales | Commercial Real Estate | Bank Owned | REO Broker | Bank of America | Citimortgage | Citibank | GMAC | Ally Financial | JP Morgan Chase | Wells Fargo Short Sales | For Asset Managers | Areas Serviced | Burbank | Calabasas | Canyon Country | Chatsworth | Encino | Glendale | La Crescentia | Granada Hills | Home Buyer Info | Holmby Hills | Bel Air | Beverly Hills | Lake Balboa | Van Nuys | Mission Hills | Arleta | Pacoima | North Hills | Sepulveda | Northridge | Porter Ranch | Porter Ranch Gated Communities | San Fernando | Sherman Oaks | Simi Valley | Moorpark | Thousand Oaks | Stevenson Ranch | Valencia | Santa Clarita | Stuidio City | Universal City | Sylmar | Kegel Canyon | Lake View Terrace | Tarzana | West Hills | Winnetka | Canoga Park | Woodland Hills | Avoiding Foreclosure | Avoiding Foreclosure Scams | Check my NPV | HAMP Loan Modification Tool | Foreclosure Timeline | Fannie Mae Loan Lookup | Freddie Mac Loan Lookup | HAFA Short Sales | Foreclosure Alternative | HAFA short sale program has helped thousands | HAFA Short Sale Time Periods | HAMP Modification Program | HARP Refinance Program | Loan Programs | Jason Hector Featured in the Daily News | Keep Your Home California Program | Cal HFA | MHA Programs are helping struggling homeowners | Free Avoid Foreclosure Handout | Free Foreclosure Prevention Seminar Flyer | Saturday, April 28th, 2012 | Property Search (California RETS - Residential) | Property Search (California RETS - Residential Income) | Complaints | Escalations | Free Short Sale Seller Tips Handout | Green Resources | Foreclosure Resources | Foreclosure Options | Legal Service Referrals | Short Sale Forms Library | Short Sale Process | Short Sale Resources | Seller Information | Understanding a Short Sale | Contact Us | 2012 Realtor Code of Ethics and Standards of Practice | 2012 Privacy Policy | Los Angeles Attractions | Foreclosure Prevention Seminar
Site Map | E-Mail
Porter RanchNorthridgeChatsworth


Logo
Jason Hector, CA Dept of Real Estate License #01481898
11630 Seminole Cir • Northridge, CA 91326
Office: (818) 626-6469 • Cell: (818) 357-9658
Fax: (866) 791-3290