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.
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:
- 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.
- 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.
- 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.htmlPlease 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.
