HOME AFFORDABLE FORECLOSURE ALTERNATIVE (HAFA)

“HAFA”

HOME AFFORDABLE FORECLOSURE ALTERNATIVE

The Good Hoods Group | http://short-salesandiegohome.yourkwagent.com | 619.928.9006

New Law for Homeowners!!

With loan modifications falling at an alarming rate, the government established a real alternative to foreclosure. When you enter the HAFA program, your current foreclosure date is suspended. You can stay in your home during the entire process while we sell your property for the current market value and your bank pays for everything. You walk away debt free, and the government may pay YOU UP TO $3,000 for completing a successful short sale (rules and regulations apply).

The whole process is COMPLETELY FREE for you!

The government knew they had to act, and finally did by initiating HAFA. HAFA allows the homeowner to sell their home for the current market value and walk away from the home debt free, and because of the MORTGAGE DEBT RELIEF ACT that was currently extended for another year, the homeowner will NOT have to pay the tax difference for the loss! The bank will forgive the difference between the sales price and the loan amount, pay the Realtors fees, and every other fee involved, and agree to NEVER PURSUE the homeowner for an deficiency judgment EVER!!!

Want to know more? Have questions? Reach out to us today at 619.928.9006 or visit us at http://short-salesandiegohome.yourkwagent.com

Helping families in distress is what we do best. The Good Hoods Group believes that no one should have to weigh these financial options alone and know that having an advocate on your side can not only help you best resolve your situation, but allow you to more quickly find peace of mind as well.

The Good Hoods Group is simply a team of generalists. We are a team of specialists. When you choose to work with an agent at The Good Hoods Group, you get an agent who knows the ends and outs of a short sale and the home affordable foreclosure alternative program, an administrative team that are specialist in dotting the i’s and crossing the t’s, you get a leadership team that supervises the transaction from the moment you contact us to the moment it closes. And we stay in touch to make sure you are always looked after. You also get a master negotiator that understands the art of the deal.

Our Family Looking Out For Yours! We invite you to also share this valuable information with anyone you know who is facing a mortgage crisis. Everyone deserves a resource they can trust.       

Seven Must-Know Facts About San Diego Short Sales and Foreclosures

Seven Must-Know Facts About San Diego Short Sales and Foreclosures | The Good Hoods Group | http://short-salesandiegohome.yourkwagent.com | San Diego Short Sale Specialist | 619.928.9006

In the wake of a challenging and swiftly changing society, it’s estimated that our current market one out of seven homeowners are unable to make their current mortgage payments. For consumers faced with this frightening and stressful situation, the good news is that no one has to go at it alone. Having the advocate, armed with all the right information and documentation can make the difference between avoiding foreclosure and successfully negotiating a sale of your house.

Let’s take a look at seven must-know facts about San Diego short sales and foreclosures and hopefully open a few doors to answers and options for you:

1. Foreclosure is not your only resource: With the Presidential administration, the Federal Treasury, Fannie Mae, Freddie Mac, FHFA, HUD, as well as the nation’s servicers and lenders – including investors – all lined up with a renewed and direct focus on doing what’s necessary to keep properties out of foreclosure, there’s never been more help for homeowners in trouble than there is today. Consider this: according to one national study, lenders lose an average of 19% on short sales compared to an average of more than 40% on foreclosures. That’s powerful!

2. It is important to know what you don’t know: As a consumer in the throws of financial crisis, it’s very difficult to be objective and to see every side of the equation in front of you. Working with a real estate professional who specializes in short sales allows you greater bargaining power, clearer insight and the advantage of having an experienced professional negotiate on your behalf. Much as you would hire an attorney to represent you in a court of law, having an experienced agent in your corner is not only a comfort, but your best recourse for ensuring your family’s interests are protected.

3. Not just ANY agent: The difference between working with a designated short sale or distressed property expert and just any agent is enormous. Without the proper training systems and solutions in place, you could be at risk of additional financial burdens. Lenders are increasingly specific  on what it takes to push through the many options that are available to you. Short sales, for example, have just a 20% closing ratio on average when submitted by an untrained agent, whereas that closing ratio can jump to 80-90% with the proper system and training.

4. Know the difference between a short sale and foreclosure: The primary difference in the two lies in the effects on your long-term consumer credit. Let’s take a look at some of the differences:

• Short Sales: Negotiated settlement, seller’s credit is bruised – not ruined, no attorney fees, peace of mind, you can buy again in two years, all liens are negotiated
• Foreclosure: Court settlement, seller’s credit damaged long-term, usually large attorney fees, very little peace of mind, buy again in 10 years, all liens are exhausted

5. The three stages of foreclosure. It’s fairly simple: Pre-foreclosure, foreclosure and post-foreclosure. It is in this first stage where a homeowner can get help to lessen their credit damage and get out from under a tough situation. Obviously, the earlier in the process you ask for help, the more options will be available to you.

6. Documentation is critical. When you’re dealing with financial institutions, documentation is everything. Be prepared to furnish the following at the very least: the last two years’ tax returns, two months of latest pay stubs, and six months of recent bank statements, together with a short sale letter of explanation. Every lender is different, and an experience distressed property specialist will instruct you every step of the way on exactly what documentation you’ll need to prepare an acceptable hardship package. Keep in mind, in today’s often bogged down system, it doesn’t pay to take any short cuts. Follow your agent’s advice to the letter to better your chances at a successful resolution to your mortgage crisis.

7. Be careful. Unfortunately, the current financial crunch being felt by so many in a shifting economy can bring out the very unscrupulous in our society. There are a tremendous amount of predatory characters out there eager to take advantage of families experiencing tough financial decisions. You’ll find them asking for money up front, or your signature which can remove you from the deed to your property but not the mortgage. Always talk to an experienced real estate agent or attorney before signing anything.

Helping families in distress is what we do best. The Good Hoods Group Believes that no one should have to weigh these financial options alone and know that having an advocate on your side can not only help you best resolve your situation, but allow you to more quickly find peace of mind as well.

The Good Hoods Group, an  award winning and experienced short sale team in San Diego is here if you need answers to all the many questions you might have. We invite you to also share this valuable information with anyone you know who is facing a mortgage crisis. Everyone deserves a resource they can trust.

We look forward to helping you. Give us a call today at 619-928-9006!

San Diego Short Sale Specialist, James Renfro Realtor

619.928.9006-http://shortorstay.com/thegoodhoodsgroup/– When Ready to sell your San Diego Home – if you owe more than the mortgage, we can help. Call us to discuss short sale options. San Diego Short Sale specialists with Keller Williams Realty. If you are looking to buy, feel free to use our Online California MLS search and Property Finder at http://buy-sellsandiegohomes.com – It’s FREE and Online NOW.

▶ ▶FREE SHORT SALE KIT ★DON’T BLINK – YOU’LL MISS IT★

Facing San Diego Foreclosure? San Diego Short Sale Specialists Can Help

 

HELPING HOMEOWNERS * HARDSHIP * HEALING * HAPPINESS

San Diego Short Sale Specialists – We can help

• Do you owe more than your home is worth?
• Have you received a notice of default in the mail?
• Do you want, need, or are being forced to move?
• Did you buy an investment property that you need to unload?
• Are you in a divorce situation?
• Recently unemployed?
• Have you fallen on medical hardship?

If you answered yes to any of these questions above, you may want to consider a short sale in San Diego! Do you need to sell your home, but owe more than it’s worth? You are not alone. Many people are stuck in unaffordable loans, or simply need to move. Our qualified team of San Diego Short Sale Specialists can help short sell your home. We handle all bank negotiations so you can move on with your life. Call 619.928.9006 Now. We Can Help. Don’t wait until it’s too late. Act Now!

 

What is a San Diego Short Sale?

 

A San Diego Short Sale occurs anytime the value of the property is less than the amount owed to the lender and the lender agrees to write off the difference. In other words, the homeowner is “upside down” on his loan. Short sales may be forced by a variety of situations: job loss, loss of income, divorce, medical bills, or changing payments on adjustable rate mortgages (ARMs).

 

Why would a lender agree to a San Diego short sale? Lenders make their own business judgments when accepting or rejecting short sales. Lenders are in the business of making and servicing loans, not taking properties back through foreclosure and reselling them. They want to avoid spending time and money to foreclose, evict borrowers, and resell properties. They want to avoid paying property taxes, insurance, maintenance and repairs. They want to avoid risking theft and vandalism to the property. Before the mortgage lenders will consider a short sale, they need to know financial information about the seller amd why the seller cannot pay the loan. The seller will need to submit information to the lender to assist the lender in deciding whether to accept a short sale.

 

Need to sell –  but owe more than your property is worth? We can help! With one of the highest success rates in closing San Diego Short Sales, The Keller Williams and Good Hoods Group are on your side.

▶ ▶FREE SHORT SALE KIT ★DON’T BLINK – YOU’LL MISS IT★

 

Visit http://shortorstay.com/thegoodhoodsgroup/ or Call 619-928-9006 to sell your property today.

 

Keller Williams Realty San Diego

 

San Diego Short Sale Specialists

 

680 Fletcher Pkwy #100

El Cajon, CA 92020

(619) 928-9006

Credit Consequences for San Diego Short Sales

http://shortorstay.com/thegoodhoodsgroup/ – 619-928-9006 – Credit Consequences for San Diego Short Sales

Yes, it’s time to start thinking about Short Sales Again. San Diego is changing it’s laws again and Foreclosures will begin early 2013.

This question is asked very frequently and involves a number of unique variables. The first thing to keep in mind is that the moment you are 30+ days behind on your mortgage payment, your bank has the right to report to all of the credit bureaus that you are 30 days behind on your payments. When a late payment is reported to three major credit bureaus, it does have a direct affect on your credit.

Credit Consequences for San Diego Short Sales

After going through a San Diego Short Sale or a Foreclosure in California, most people have multiple 30, 60, and 90+ day late payments reported on their credit report. When the actual Short Sale is completed, most banks will report to your credit report that your account was “paid in full for less than the full amount.” Your credit report may also be marked as “settled.” It is important to keep in mind that each lender has a different way of reporting that a Short Sale was done, but this is the most common language used. If your home were to go to Foreclosure you would most likely see the bank report “Foreclosure” on your credit report. It is difficult to gauge how much damage will be done to your credit score when comparing a Short Sale to Foreclosure.

Credit Consequences for San Diego Short Sales

Credit experts will agree that neither a Short Sale nor a Foreclosure is favorable to your credit or credit score, however, the time impact of a Foreclosure is much worse.

We strongly advise you to work with a credit and Credit Scoring Expert for more specifics on this topic, and ways in which to improve your credit after the Short Sale is complete. Recently, many of our clients were able to Short Sale their homes without ever missing a payment. Therefore, they do not have any late payments reported to their credit. When there are no late payments on your mortgage, your credit score is generally not affected. It is possible to maintain a high credit score by completing a Short Sale without missing payments on your mortgage and other bills. Please be aware though, that your lender will still report that a Short Sale was done. So, while you may not see your credit score drop if you continue to make payments through the completion of the Short Sale, you’ll still likely have your account marked as “paid in full for less than the full amount” and/or “settled.”

Why Would a Bank Say Yes?

With foreclosures on the rise in the US, banks are looking for any way they can to minimize their foreclosure losses. Basically, it is much more cost effective for a bank to agree to a…

What About Taxes?

There may be tax ramifications to a Short Sale but every situation is unique. You may have heard, “Don’t do a short sale because you will get a 1099 and have to…

Does This Hurt My Credit?

This question is asked very frequently and involves a number of unique variables. The first thing to keep in mind is that the moment you are 30+ days behind on your mortgage…

What is a Short Sale?

A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. In…

Considering a San Diego Short Sale? Don’t consider a San Diego Real Estate Agent, Choose a Team, Choose a Force!!! You need as much support on your side as you can get in a short sale transaction.

619.928.9006 – Call Right Now.

Credit Consequences for San Diego Short Sales
Are you ready? Let’s talk.

619.928.9006 – http://shortorstay.com/thegoodhoodsgroup/contact-us/

What is a Short Sale? San Diego Short Sale Specialist Answers The Question…

James Renfro|The Good Hoods Group|http://shortorstay.com/thegoodhoodsgroup/| (619)928-9006

WHAT IS A SHORT SALE?

San Diego Short Sale Specialist Answers The Question…….

WHAT IS A SHORT SALE?

A “Short Sale” (Also referred to as: “Negotiated Settlement”, “Short Pay”, or “Pre-Foreclosure”) occurs when a Lender agrees to accept less than the amount owed on the original note or total payoff, as an alternative to foreclosure. If the property is worth less than the amount owed on the loan, even a foreclosure would result in a loss for the Lender. Often a Lender’s bottom line will dictate the benefits of accepting less money in a sale now versus the cost of the foreclosure process and selling the home as its new owner.

HOW LONG WILL IT TAKE?

The Short Sale negotiation process can be rather lengthy. It may take several weeks to several months for an approval. Many Lenders will have several layers of bureaucracy, insurers, and investors to maneuver through in order to get a Short Sale approved. It is important to be patient during this long process.

BUT MY HOUSE IS GOING TO FORECLOSURE, WILL I HAVE ENOUGH TIME?

Maybe – Maybe Not. Accepting a buyer’s offer WILL NOT automatically stop the foreclosure process. However, many times a Lender can be persuaded to delay the foreclosure to allow an attempt to negotiate the Short Sale. There are no guarantees, but many sellers have been successful.

HOW DO I KNOW THIS WILL WORK?

There are no guarantees. No promises will be made. A missed payment means the Lender has the option to foreclosure. Presenting alternatives to the Lender that highlight the benefits of the Short Sale as opposed to moving forward with a foreclosure is part of the negotiating process. We are skilled at what we do, but NO GUARANTEES will be made concerning the Lender’s acceptance of the Short Sale.

WILL I GET ANY MONEY FROM THE SALE?

Not unless you are apart of a Government Short Sale Incentive Program. A universal requirement of Lenders when approving a Short Sale is that the owner/borrower will not get any proceeds from the sale of the property. The Lender will be accepting a loss on your loan; they will most certainly allow you to profit from the situation.

WHAT HAPPENS IF THIS DOESN’T WORK?

Your house will likely go to foreclosure. A Short Sale is something tried after you have exhausted your other options.

WHAT IS A “RELEASE”?

A Lender may offer a release” which is a security instrument against the property in exchange for a repayment of less than the total amount of the loan. A release will allow the property to be sold without paying off the obligations of the loan. A release will allow the property to be sold without paying off the obligations of the loan. However, the loan is not satisfied. Advantages: A successful Short Sale will allow the property to be sold thus avoiding foreclosure . Disadvantages: The remaining debt on the property (sometimes called a “deficiency”) still exists.

You are still liable for the loan and still owe the money to the Lender. Reality: The California Revised Statutes allow certain time periods for first and subordinate lien holders to pursue a deficiency judgment. Keller Williams and its associates recommend sellers seek the advice of a qualified expert on deficiency judgments.

WHAT IS A SATISFACTION?

A Lender may agree to accept less than owed as complete and total satisfaction of the loan and release its lien against the property. Advantages: Your note and obligation to the Lender are satisfied for less than you owed. When the property is sold, the debt is paid off completely. Disadvantages: You may have some tax consequences as a result of the debt relief. Keller Williams and its associates recommend you discuss potential consequences with a qualified tax adviser.

HOW CAN I HELP?

The Lender will require a review of financial package that usually includes: two (2) months of bank statements, two (2) months of paycheck stubs, two (2) years of tax returns, a Financial Worksheet and possibly other information. The leading reason for delay and eventual denial of a short sale approval by the Lender is due to the Seller’s failure to cooperate and/or deliver the necessary documents in a timely manner.

To help your success in this Short Sale, please immediately collect as much of this information as possible, complete the attached “Financial Worksheet”, and return it to this office. These things will help increase your likelihood of a successful Short Sale.

There are times when tough questions deserve an honest answer. A question homeowners like yourself are asking every day is, “Do I short sale my home or stay and tough it out?” Either way, to make the best decision, you should have all of the information in front of you.

Please take a moment out of your day to try out the Short or Stay Calculator.

Being able to see the current market value of your home and projecting when your investment will break-even and become an asset again is invaluable to your decision making process. With the Short or Stay Calculator you’ll be able to do so in a matter of minutes.

Short Sale As An Alternative To Foreclosure

Short Sale as an Alternative to Foreclosure

The Benefits Of A Short Sale and Where To Get Help?

619.928.9006 | http://shortorstay.com/thegoodhoodsgroup/ | San Diego Short Sale Agent Team Getting YOU Results

What is a Short Sale? –

A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property. In addition, the property owner cannot afford or chooses not to repay the liens full amounts. Therefore, the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt. Any unpaid balance owed to the creditors is known as a deficiency.

Short Sale vs. Foreclosure – How does it help me? –

Are you delinquent on your mortgage payments and facing foreclosure? Some lenders will agree to accept the proceeds of a short sale and forgive the rest of what you owe them on the mortgage. With foreclosures on the rise on the US, banks are looking for any way they can to minimize their foreclosure losses. Basically, it is much more cost effective for a bank to agree to a short sale rather foreclosure on a home.

Effects of a Short Sale on your credit –

Lenders report to credit bureaus differently, with some not reporting a short sale at all. However, with a foreclosure a FICO score can drop considerably about 200-400 points. Generally, a foreclosure will remain on your credit report in the trade-lines section for 7 years.

Buying again after a Short Sale – 

Depending on if your payments had fallen behind 30 days late and the lender does not require that you pay back the loan; you may buy another home immediately. In other cases you may have to wait 2-3 years. In the case of a foreclosure, it takes 5-7 years to become eligible to buy another home.

Benefits for a Short Sale –

• Retain some dignity in knowing that you sold your home.
• You won’t suffer the social stigma of the “F” word: foreclosure.
• No mortgage payments to make, unless you choose to make them.
• You will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years.
• If your credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, you will be eligible to buy another home immediately.

HAFA Short Sale Program –

The Home Affordable Foreclosure Alternatives (HAFA) program is for homeowners who are eligible for the government Home Affordable Modification Program (HAMP), but are not able to secure a permanent loan modification or cannot avoid foreclosure. HAFA provides protection and money to eligible homeowners who decide to do a Short Sale.

Short Sale Help –

If you are considering doing a short sale on your home then it will help to get some FREE advice and find out the details of how a short sale may benefit you based on your individual mortgage and financial situation. Act NOW and call us today at 619.928.9006 or visit our website at http://shortorstay.com/thegoodhoodsgroup/ and get a FREE report of an estimated market value of your home.

~SAN DIEGO SHORT SALE AGENT, SHORT SALE PACKAGE, PROCESS~

619.928.9006- http://shortorstay.com/thegoodhoodsgroup/ – When Ready to sell your San Diego Home – if you owe more than the mortgage, we can help.

The SHORT Sale Hardship Package and FREE Short Sale Kit

1. Call 619.928.9006 to speak with a San Diego Short Sale Specialist and Request your San Diego Short Sale Kit.

2. Complete the Quick Qualifier with the Short Sale Agent to determine if you would be a good candidate for a Short Sale in San Diego and what short sale program may apply.

3. Consult with your attorney and CPA in regards to your specific situation. Remember, San Diego Real Estate Agents are not trained nor licensed to give advice on legal ramification or credit consequences of a short sale. We do have an attorney standing by to consult with you. Ask the agent about it when you call 619.928.9006

4. Meet in our office with the short sale listing agent to authorize the listing and prepare your short sale hardship package. This is where your help truly starts and the Short Sale Process gets underway.

5. We Market your home aggressively using our Comprehensive Good Hoods Method to Marketing homes for Sale in San Diego.

6. We find you a Ready and Willing Buyer

7. Your designated Good Hoods Group Short Sale Manager will work with the negotiators to determine and discuss the San Diego property value and the buyers offer as well as your hardship situation.

8. We receive your approval letter and present to you for decision making.

9. It is suggested that at this time you meet with your attorney and accountant to determine your choices now that the terms are stated in writing from the lien holder(s)

10. CLOSE the short sale transaction and you are able to move on with your future.

DON’T WAIT – CALL 619.928.9006 TO REACH A
SHORT SALE SPECIALIST IN SAN DIEGO
or visit us at http://shortorstay.com/thegoodhoodsgroup/

THE GOOD HOODS GROUP – James Renfro