Solving Your Mortgage Crisis Just Got Easier

Solving Your Mortgage Crisis Just Got Easier

5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?

You must:

  1. Have a verifiable hardship, like unemployment, medical bills, or relocation
  2. Must have a monthly income shortfall
  3. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale:

  1. Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale
  2. Gather financial information (i.e., bank statements, pay stubs) from at least the last three months
  3. Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford
  4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
  5. Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today. I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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The Foreclosure Fairytale

The Foreclosure FairytaleThe Foreclosure Fairytale

There is a lot of misinformation out there.

I would not be surprised to find out that you have heard that a foreclosure is sometimes the best option for you. Nothing could be further from the truth. For the vast majority of homeowners out there who are in danger of losing their homes, a short sale represents a vastly superior option.

The reality is that a foreclosure is a devastating option.

As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I have put together all of the benefits of a short sale over a foreclosure in a free report that is available to anyone.

Take a look at my site and download a copy of my free report entitled “The Foreclosure Fairytale” Then contact me for a free, confidential consultation.

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It’s time to take another look at short sales

Short sales becoming more streamlined

It’s time to take another look at short sales

As recently as a few months ago, if you would have told a real estate agent who specialized in short sales that they’d be raving about a lender’s stellar service and rapid approval times—not to mention significant cash incentives for financially strapped homeowners for pursuing a short sale—you’d have gotten some strange looks.

That’s all changed.  And it’s changed faster and to a greater extent than most real estate professionals ever could have imagined.

With a glut of bank-owned properties dragging down the recovery of the real estate market, as well as the national economy, major lenders are more eager than ever before to avoid foreclosure. So they’ve sharpened their focus on short sales. Big time.

The biggest lenders in the country have staffed up to ensure rapid processing of short sale applications. They’ve ponied up with cash incentives at closing for homeowners who pursue a short sale. And they’re proactively reaching out to CDPE agents and putting them in touch with delinquent borrowers.

This is big news and the media has not really caught onto it yet. What’s important for you to know is that whatever you’ve read or heard in the past about long lag times and frustrations with short sales is probably no longer the case.

As a member of the CDPEAdvanced community, I’m tapped into major lenders and on top of major developments affecting short sales and bank-owned properties.  I invite you to visit my website www.AvoidingForeclosureSanDiego.com to learn more and feel free to contact me any time at 619-994-5515 or MEHAYWOOD@QFRE.NET  if you or anyone you know is struggling with an unmanageable mortgage.

 

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Bank of America promises up to $30k in short sale bonuses

Banks offer cash for completed short sales

Incentive helps bank minimize losses.

 Bank of America launched a nationwide program that offers delinquent mortgage customers an opportunity to prevent foreclosure, minimize damage to their credit scores and walk away with some extra cash for relocation expenses.  With an already strong and solid short sale initiative, this short sale relocation assistance program has already led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012.

In order to qualify, borrower must work proactively with the bank to obtain a pre-approved sales price prior to submitting a purchase offer for review and approval.  To be eligible for this program, the short sale must be initiated by the end of this year and close escrow by September 26, 2013. 

The relocation assistance provides borrowers anywhere from $2,500 to $30,000 at the completion of a qualifying short sale.  The average payout has been around $12,000. 

In addition to the relocation assistance being offered to qualifying short sales, there has been a significant decrease in the time it takes to approve a short sale.  The process has been streamlined by real estate agents’ use of the Equator system – which keeps banks and agents in communication about the status of a short sale. 

In our experience with Bank of America short sales, we have had approvals come in as little as a few weeks.  We have also seen the relocation assistance payments be presented to sellers, often times on top of the HAFA incentive payment being offered.

If you would like to see if you are eligible to participate in this program, contact us.

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Fire Season is approaching, be prepared!

Wildfire season is approaching, are you prepared?

Things you can do around your home to prevent wildfires.

 According to website www.readyforwildfire.org :

Cal fire warns that this fire season may be especially dangerous, as the winter months were relatively dry. Much of the vegetation from the 2007 fires has returned. So, it is not a matter of if we are going to have a large fire…but when!  It is important for us to be prepared.

Preventative steps to make your home defensible:

  • Remove all dead plants, grass and weeds
  • Remove dead or dry leaves from your yard, roof and rain gutters
  • Keep trees trimmed so they remain a minimum of 10 feet from other trees
  • Remove branches that hang over your roof. Keep dead branches 10 feet away from your chimney
  • Relocate wood piles into an area at least 30 feet away from the house.
  • Remove vegetation and items that could catch fire from around and under decks

Assembling an Emergency Supply Kit (as per Cal Fire)

  • Three-day supply of non-perishable food and three gallons of water per person. 
  • Map marked with at least two evacuation routes
  • Prescriptions or special medications
  • Change of clothing
  • Extra eyeglasses or contact lenses
  • An extra set of car keys, credit cards, cash or traveler’s checks
  • First aid kit
  • Flashlight
  • Battery-powered radio and extra batteries
  • Sanitation supplies
  • Copies of important documents (birth certificates, passports, etc.)
  • Don’t forget pet food and water!

Always keep a sturdy pair of shoes and a flashlight near your bed and handy in case of a sudden evacuation at night.

 For other tips in preparation for fire season, such as evacuation guides and the best emergency supply kits, http://www.readyforwildfire.org/defensible_space

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Gorgeous New Listing in the Del Sur Community

Priced to sell quickly! – $679,000
Broker Open House, Wednesday, March 16th 1-4pm
Click to view
View the Virtual Tour
Located in the eco-friendly, master-planned community of Del Sur, this move-in ready home is located on a corner lot. Pride of ownership is evident as the original owner highly upgraded this Davidson-built home featuring gorgeous wood-plank flooring, slab granite counters, beautiful cabinetry and stainless steel appliances in the oversized kitchen. Formal living room, dining room and courtyard area wired for speakers are perfect for entertaining. Loft area upstairs is large enough for a pool table. Retreat to the huge master bedroom with fireplace. Two additional bedrooms connected with Jack & Jill bathroom complete the second level. Steps away are beautiful green belt, park and community pool. Residents of Del Sur enjoy over 1,000 acres of preserved open space and 18 miles of trails that connect to beautiful Black Mountain. Del Sur also offers weekly farmers market, parks and pools throughout the community and ?The Ranch House? – the information center and residents club. Conveniently located to the 15 & 56, and 4S Commons, this offering should not be missed.
Beautifully upgraded
Gourmet Kitchen
Steps from park and pool
Relaxing Master Bedroom with fireplace
Distressed Wood Plank Flooring
Interior Courtyard Area
Corner Lot
Large loft area upstairs

MLS:
110013714
Sq Ft:
2888
Yr Built:
2006
Bdrms:
3
Baths:
2.5
Pool:
Yes – Community
Parking:
2 Car Garage
Asking:
$679,000
15646 New Park Terrace
San Diego, CA
92127
MaryEllen Haywood
619-994-5515
Lic#: DRE #01264878
QualityFirst Real Estate
2763 Camino Del Rio South
Suite# 300
San Diego, CA92108

619-667-3377
 

 

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Mary Ellen Haywood
CA BRE License #01264878
Mobile:619-994-5515

Pacific Sotheby’s International Realty
810 West Washington Street
San Diego, CA 92103

Office: 619-269-2277
eFax: 619-819-9910

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