I am SO close to approval on a great short sale listing I have. It has been in negotiations with the bank since July/August. We’ve finally made headway with the bank and we are all hopeful for a formal approval with full release of lien and debt for my sellers! It made me think of the process and how I truly hope that 2010 is the Year of the Short Sale and we get this figured out! So here is the latest to help;
Guidelines Aim to Ease Short Sales
The Obama administration laid out final guidelines on Monday that should make it easier for some financially troubled borrowers to sell their homes.
The guidelines are designed to encourage the use of short sales, transactions in which the borrower with lender approval sells the home for less than what is owed on the loan. The program also makes it easier for borrowers to voluntarily transfer ownership of properties through a “deed in lieu of foreclosure.”
Short sales can result in higher prices than foreclosures and can be less damaging to local neighborhoods, in part because homes aren’t left vacant and exposed to vandalism. But these transactions are often difficult to complete.
Under the plan, borrowers will receive $1,500 from the government if they sell their homes for less than the amount of their mortgages. Mortgage-servicing companies will also receive $1,000 for each completed short sale. The program is open to borrowers who may be eligible for the government’s loan-modification program, but don’t end up qualifying, or are delinquent on their modification, or request a short sale or deed-in-lieu transaction.
The short-sale program is the latest addition to the Obama administration’s $75 billion foreclosure-prevention plan, which includes incentives for mortgage companies and investors to rework troubled loans. The government first said in May that it would include short sales in the program, but it has taken months to finalize the details.
Under the new guidelines, second-mortgage holders can receive up to $3,000 of the sales proceeds in exchange for releasing their liens. Investors who hold the first mortgages, meanwhile, can collect up to $1,000 from the government for allowing such payments.
Borrowers who complete a short sale under the program must be “fully released” from future liability for the debt, according to the guidelines.
Printed in The Wall Street Journal, page A6
If you or anyone you know is having financial difficulties making their mortgage payment, please contact me to discuss if you can qualify for short sale at danielle.ervin@yahoo.com or 714-747-4663.
Helping you build your dreams!
Danielle Ervin
Like this:
Be the first to like this post.
About Danielle
I joined Prudential California Realty in 2008 and quickly became a top producer in the company! In 2009, I earned the “Leading Edge Society” award and in 2010 and 2011, I received the prestigious “Presidents Circle” award. I started The Ervin Group with my business partner, and husband, Julian Ervin in 2010. Prior to joining Prudential, I worked for top producers in both Oregon and Manhattan Beach, CA real estate, earning me invaluable experience. I use these experiences to offer you the most professional real estate services available in your marketplace.
I pride myself on providing you with a high level of client service, which she learned in a previous career in luxury hospitality (Four Seasons Hotels). I also have a Bachelors Degree in Political Science from The University of Redlands. This has helped shape her expertise in marketing, negotiations, and client appreciation efforts. In addition, I bring honesty, integrity, and an unsurpassed work ethic to every transaction. My passion for the business is what helps me continue to grow!
Real Estate is my full time job. I have professional connections and expertise that have taken years to build. I can offer you the following information FREE of charge or obligation;
· Current Market Analysis (including comparables and pricing)
· Current loan rates and lending information from lenders I trust
· Access to all available properties in the MLS throughout California. I can set you up to search like an agent too!
· Professional and discreet short sale counseling
· Connections to agents nationwide… if you need a GREAT agent anywhere in the US, I can help you find one
I am pleased to offer you the most professional real estate services available. I bring honesty, integrity, and a work ethic that gets results with every transaction. I have strong experience in marketing, negotiations, and client service. As your Realtor, I will go the extra mile in helping you purchase a new home or sell your existing one. Your best interests are my #1 priority. With the backing of the most respected, savvy, and up-to-date company in the area, I can help make your dreams a reality.
Call me today at; 714-747-HOME (4663) or email; danielle.ervin@yahoo.com.
Pingback: Stop Foreclosures – Do Your Part to Stimulate the American Economy « JillBerni’s Blog