Miami Short Sales Now In Reach of Homeowners with Perfect Payment History

Miami Short Sales Now in Reach of Homeowners with Perfect Payment History

Posted on October 29, 2012 by EdLucas

As of November 1^st of this year, new guidelines from Fannie Mae and Freddie Mac will allow Miami homeowners experiencing financial hardship to qualify for short sales even if they have never missed a mortgage payment. Previously an unblemished payment history would have disqualified homeowners from the possibility of obtaining a short sale. The need to prove substantial hardship is still required but this change will allow many Miami homeowners to qualify for a short sale that would not have been possible before the new rules took effect.
In addition to this much needed change officials of the FHFA (Federal Housing Finance Agency) report that they are currently “in discussions with the credit industry” to find ways to preserve the credit rating of those homeowners whom undergo a short sale but also have never missed a mortgage payment in the past.

For more check out http://miamishortsale.info/

Chase Short Sale FAQs

Frequently Asked Questions

Selling your home for less than you owe

How do I start the process?

First, submit your request now to find out if you are eligible to sell your home for less than you owe and avoid foreclosure.
Next, start your search for a real estate agent as soon as possible. Look for an agent who has experience working with mortgage companies on home sales. If you have trouble finding a real estate agent, you can call us for help finding an agent to list and sell your home quickly.
Once you have found a real estate agent, send us your listing agreement and we will help you list your home at a price that's comparable to similar homes for sale in your neighborhood – even if the price is less than what you owe on your mortgage.

Are there any other benefits to this program?

You may be eligible for the government's Home Affordable Foreclosure Alternatives (HAFA) program, or other programs that provide additional options and financial incentives to avoid foreclosure.
If you qualify to sell your home for less than you owe through the HAFA program, you may receive financial assistance to help with relocation

For More Short Sale FAQ's answered by Chase bank click here: https://www.chase.com/chf/mortgage/hrm_shortsale

HAFA short sale rules may help sellers

By Michele Lerner • Bankrate.com

Highlights

• Home Affordable Foreclosure Alternatives program changes rules.
• Borrowers, lenders incentivized to avoid foreclosure.
• Predefined steps intended to speed and facilitate short sale process.

Homeowners struggling to sell their homes in a short sale are getting some relief, thanks to the federal government's Home Affordable Foreclosure Alternatives, or HAFA, program.
Up to now, many short sales -- in which the lender accepts a sale of the property for less than the full amount owed -- have taken months to complete. Sometimes, the complex and lengthy process has failed, resulting in foreclosure.

HAFA establishes streamlined short sale rules and incentivizes borrowers and lenders to work together to avoid foreclosure. The rules -- in effect between April 5, 2010, and Dec. 31, 2012 -- also are intended to speed up the short sale process.
"The streamlined short sales process will definitely help homeowners," says David Liniger, Re/Max International chairman and co-founder.
Prior to HAFA, homeowners often listed their home for sale without an idea of what the lender would accept.
"A lot of sellers and their Realtors have not been able to sort out the problems with short sales and have given up on the process because, even after sending in the correct paperwork, they have sometimes waited three or four months for their lender to respond," Liniger says.
Under HAFA, borrowers receive preapproved short sale terms from the lender prior to putting the home on the market.
Lisa Matykiewicz, a Realtor and Certified Distressed Property Expert in Gilbert, Ariz., says the updated short sale rules establish an easy-to-understand process with predefined steps that "make it easier for everyone to understand."

Eligibility requirements

The HAFA guidelines apply to lenders who voluntarily participate in the HAMP program. The Department of Housing and Urban Development says more than 100 servicers have signed up to participate in HAMP, covering more than 89 percent of mortgage debt outstanding in the country.
To be eligible for HAFA, homeowners must first apply for a loan modification through the Home Affordable Modification Program, or HAMP. Owners who do not qualify for a loan modification or miss payments during the initial loan modification period qualify for HAFA.

Other HAFA requirements include:

• Property is principal residence.
• Mortgage originated before Jan. 1, 2009.
• Mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.
• Borrower is delinquent or default is foreseeable.
• Homeowner demonstrates hardship.
• Borrower's total monthly housing payment exceeds 31 percent of gross income.
• Unpaid principal does not exceed $729,750

According to HAFA rules, lenders now must offer a short sale in writing to the borrower within 30 days if the borrower does not qualify for or complete a loan modification. Borrowers then must respond within 14 days to the lender's short sale agreement.

"I think it's great that the lenders in this program have to offer a short sale before going to foreclosure," Matykiewicz says.
When a purchase offer is made, borrowers must submit the sales contract to the lender within three days, along with the buyers' mortgage preapproval and the status of negotiations with other lien holders on the seller's property.
Finally, lenders must approve or deny the contract within 10 days.
HAFA rules also state that lenders must release borrowers from the obligation to repay the difference between the sales price and the loan amount. No deficiency judgments are allowed for a first or second loan.

Other incentives

In the past, short sales were especially difficult for homeowners with more than one loan on their home, since the home sale typically repaid only the first mortgage. HAFA's financial incentives include a payment of up to $3,000 for second mortgage holders.
"Second trust lien holders are often owed five or 10 times that $3,000 payment," says Liniger. "But if the property goes to foreclosure, the second trust holder is not likely to get any money at all. This at least guarantees they get something."
Other HAFA financial incentives include $1,000 to loan servicers to cover administrative fees, up to $1,000 for mortgage investors who agree to share short sale proceeds with second lien holders and $1,500 to the homeowners for relocation.
"The moving expense allocation acts as an incentive for them to stay in the property until the short sale goes through," says Liniger. "Owner-occupied properties are usually in better condition than vacant homes."


Read more: http://www.bankrate.com/finance/real-estate/hafa-short-sale-rules-may-help-sellers-1.aspx#ixzz2GvkYtnE7
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Evening swim anyone?

Verify Your Agent!!!!!

Honesty is important in any profession, but it's paramount in an industry such as real estate. When you buy or sell a home, you're most likely handling the most substantial financial transaction of your life. And unfortunately, the real estate agent industry is saddled with a poor reputation -- not unlike that of lawyers or even car salespeople -- because some agents don't know the difference between truth and lies. Part of the problem is the vast numbers of unscrupulous people who figure the real estate profession offers them a fast track to easy money. It's not difficult, in many states, to obtain a real estate license. Professional standards and educational requirements are at a minimum. Any kid over the age of 18 who doesn't have an FBI record in California can get a real estate license, for example, providing the kid takes a couple of real estate classes and passes an exam. Even high school dropouts qualify.

Which Real Estate Agents Are Trustworthy?

You rarely hear about the honest agents in the news as most coverage is devoted to agent arrests and shady scams. But that's because truthfulness isn't newsworthy. The truth is about 10% of the agents do 90% of the business, and that top 10% are more likely to be the type that buyers and sellers can trust. Many home buyers and home sellers say they want their real estate agent to be honest, ethical, professional and experienced.

What Do Real Estate Agents Lie About?

Mostly, themselves, if you're lucky. Real estate agents often misrepresent their experience and credentials on their web sites and / or blogs. Some spend inordinate amounts of time posting online to obtain maximum search engine exposure. Others pay for commercial rights to rank high in Google and Yahoo. Agents expend this effort and expense to get you to click on their site. You may wonder, and rightly so, if you can trust the agent's web site. Just because it's on the Internet doesn't make it true. I run across hokey real estate agent sites all the time in Sacramento and also nationally. The bottom line is if your agent isn't presenting a truthful picture of herself or himself online, what else is your agent likely to lie to you about? Here are misrepresentations to look for on a real estate agent's web site / blog:

• Real Estate Experience If you can't easily spot a reference to the number of years the agent has been licensed to sell real estate, it's because the agent has none or very little (under five years) experience. The agent may toss other numbers at you such as how long they have lived in the state or the number of years the agent was employed somewhere else. But only one thing counts, and that's solid real estate experience. Tip: Experience is important because it means an agent should be able to anticipate problems and prevent them from manifesting. It also means you're relatively assured that over the years your agent has learned how to handle just about any type of potential difficulty without running elsewhere for advice.
  
• Real Estate Listings Most agent web sites feature that agent's active listings. You should check for a link to "my listings," to determine whether that agent even has any listings. Only a select few, such as exclusive buyer broker agents, refuse to take listings. Listings are the backbone of experienced real estate agents. If you can't find a link, it's because the agent has no listings. Tip: Some agents without listings advertise other agent's listings. Read through the listings carefully to see if they belong to that agent. They may not. If you can't tell, call the office number and ask for the name of the listing agent -- you may discover it's probably somebody else. Some agents misrepresent all their company listings on their site as their own, when they are not.
  
• Real Estate Specialty Agents generally advertise their specialty, whether it's a neighborhood, type of property or specific types of buyers they may represent. For example, an agent might claim to be a specialist at selling homes in a trendy neighborhood but haven't to date. Or agents may try to market themselves as an exclusive home specialist by showcasing only high end homes on their web site, yet they have never sold a home in that price range. Still, other agents may advertise that they are FHA specialists but have yet to close an FHA transaction.

Puffery is the shameless new PR. Tip: Be aware that one sale does not a specialist make. Agents sometimes have difficulty drawing the line between what they aspire to become and what they are actually are, so don't be fooled. Agents can get sued for pretending to be a neighborhood specialist, but that doesn't stop some from misleading you.

_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

THIS ARTICLE WAS FOUND AT THE FOLLOWING WEB ADDRESS. READ MORE AT: http://homebuying.about.com/od/realestateagents/a/063008-LiarAgts.htm

10 Things To Keep In Mind When Buying A House

10 Things To Keep In Mind When Buying A House

By Chris Morran on April 29, 2010 5:20 PM

Short URL: http://con.st/10005163

(coffeego)

Buying a home is a trying and complicated process. It often strains relationships and puts an enormous amount of stress on buyers physically, mentally and financially. That's why the folks at the Boston Globe have put together this list of 10 things to keep in mind as you weather the home-buying storm.
1. Get your financing in order
"The seller wants to know that if they do accept the offer, that barring catastrophic title issues or inspection issues, the deal is going to go through," said Gary Dwyer, broker-owner of Buyer Agents of Boston. Another expert recommends having a full pre-approval within the past 30 days: "Six months is no good anymore, because the rules keep changing."
2. Understand your time horizon
"As a shorter-term buyer, you might consider whether the place is a good investment, and if it's the kind of property that's going to be attractive for the next buyer...A house near train tracks, for instance, is probably not what most people are looking for. But for someone who's planning to stay longer, a good school system or larger lot size might make up for the trains thundering past."
3. Know the overall market conditions
Investigate what comparable properties have sold for over the past three to six months, Dwyer advises. If you're not working with an agent, sites with pricing information such Zillow.com or Trulia.com could help.
4. Search and buy within your means
"If the housing crisis has taught us anything, it's that buying with the expectation that prices will continuously go up — and that if you can eke out the payments each month, you'll be in a good spot in the long run — isn't such a good idea."
5. If you're waiting for prices to go lower, think again
Real estate is a bit like the stock market, Hillman says, in that it's unpredictable. Though some people might be waiting on the sidelines for housing prices to dip lower, she says, "looking at the numbers, I can't see them continuing to go down."
6. Don't get too sucked in by appearances
Buyers should keep in mind that many sellers will try to present their homes in the best possible light. "If the house has been staged, what [potential buyers] forget is that all that stuff is going out when [the sellers] leave," says Needham realtor Harriet Lieb. "Sometimes you're better off buying something that needs a little decorating, because it's going to take on your own look anyway."
7. Have questions prepared
"Sellers and their agents should be prepared to answer questions including how old the roof, heating system, hot water heater, and windows are; if the basement has taken water in the time the seller has been there, and if there's a sump pump; and what utilities and homeowner insurance generally cost... If there's been recent renovation work, buyers should find out of all building permits have been signed off and if all of the contractors and sub-contractors have been paid in full. If there's a pool, buyers should ask if the seller has a permit from the city or town."
8. If you're thinking of buying a brand new house...
Consider that a home that's been lived in has been tested, says Lieb. The seller will be able to tell you if the basement takes on water in a rainstorm, for instance.
"People will pay a lot of money for a brand new house. I tell people, it's only new once. It's like a car — you drive it out of the lot, it's not new," she says.
9. If you're buying a condo, know the rules
"Condo lending rules have become more stringent, making it difficult for some would-be buyers to get financing. Lenders generally want buildings to be at least 50 percent owner-occupied, Dwyer says."
10. Think about a home's intrinsic value
"[Buying a home] has always been a consumption decision and an investment decision," says Nicolas Retsinas, director of the Joint Center for Housing Studies at Harvard. In recent years, "we moved that dot along the continuum, and it became an investment decision... Questions such as 'Is this where I want to raise a family' and 'Is this close to the things that are important to me' will factor more into the decision."
10 things to know if you're buying a home now [Boston.com]

Press Release: A Short Sale is Always the Better Option

                                                                                For more information, please contact: 

Thomas Curry, P.A. , CDPE

                                                                                 Realtor, SFR, ABR

Certified Distress Property Expert

              954.336.9593

                                                TCurry954@comcast.net

Short sale is always a better option than foreclosure for homeowners in distress

  Fort Lauderdale, FL – 07/30/2012 – When homeowners find themselves facing foreclosure, it can sometimes be difficult to get out from under the weight of the pressure and stress. Homeowners who find themselves in this circumstance are often blind to the options that are available to them.

“Many experts have popped up on the news saying some untrue things about foreclosures and short sales. In reality, a short sale is always the better option for numerous reasons,” says Thomas Curry, CDPE P.A. RE/MAX Consultants Realty I.

“Most people know that a foreclosure is bad for your credit,” said Curry “but not many people realize that it can affect things like current and future employment as well.”  

As a Certified Distressed Property Expert (CDPE), Thomas Curry has intimate knowledge about the benefits of a short sale over foreclosure. “These benefits are nothing new,” Thomas Curry said, “but there is so much misinformation out there that it is easy to be misled.”

A Certified Distressed Property Expert (CDPE) is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help struggling homeowners regain peace of mind and a sense of stability for the future.

Thomas Curry has developed a free report entitled, “The Foreclosure Fairytale,” which is accessible from his website, http://hosted.cdpe.com/thomascurry.

The report provides a thorough rundown of all of the ways that a short sale is more beneficial to homeowners than foreclosure.

For More Information About

Thomas Curry

RE/MAX Consultants Realty I
Please Visit:  http://www.thomascurry.com/ and click the "About Agent" tab.

For more information about the CDPE Designation, visit http://www.cdpe.com/.