If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales. Also make sure to read our reviews on Yelp, Google, Zillow and Kudzu.

The email from Bank of America:

Short Sale Relocation Assistance Program:  Clients Can Receive Up To $2,500 to $30,000 in relocation assistance 

Your financially distressed clients want to avoid foreclosure. You want to help them. So do we!

That’s why Bank of America is excited to announce that for a limited time, we are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property. 

Don’t miss this limited-time offer to get your distressed clients the help they need by initiating a preapproved price short sale today at agent Equator. 

Determining your clients’ eligibility is easy:

•Once you initiate the short sale on Equator we’ll evaluate the homeowner for this offer quickly to determine if they qualify for the enhanced relocation assistance.

•The homeowner must participate in one of the preapproved price short sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or Bank of America’s proprietary program. Specific investor participation and eligibility criteria do apply to these programs.

Have an active preapproved price short sale? Don’t worry.

Bank of America is reviewing all current, in-process preapproved price short sale agreements to determine who is eligible for this limited-time offer.  Eligible homeowners actively participating in a preapproved price short sale program (such as HAFA or Bank of America’s proprietary program) will receive a letter if they qualify for the additional relocation assistance.  The relocation assistance will be paid at closing.

Frequently Asked Questions:

Q: How can I find out if my client qualifies for this limited time offer?

A: Call a Bank of America short sale specialist at 1.866.880.1232 Monday – Friday 8 a.m. – 10 p.m.; Saturday 9 a.m. – 5:30 p.m. Eastern.

Q: Do I have to do anything special when initiating or completing the short sale?

A: No. But act quickly by initiating the short sale at agent.equator.com.  This is a limited-time offer that your clients won’t want to miss out on.

Q: If a short sale is initiated with an offer, will it qualify for this relocation assistance?

A: No. This relocation assistance is only available on preapproved price short sale programs.  Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.

Q: Will the relocation assistance funds be reported on the HUD-1?

A: Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.

Q: Can the relocation assistance funds be used to pay off existing liens?

A: Yes, the homeowner may use funds to pay off existing liens or to help with relocation expenses.

Q: Is the relocation assistance added to any other incentives, such as the HAFA or Bank of America proprietary program incentives?

A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive.  For example, if the homeowner is eligible for a $5,000 homeowner incentive, $3,000 will be from the HAFA incentive, and $2,000 will be from the homeowner incentive.

Q: Is the enhanced relocation assistance available for other programs?

A: Currently, the enhanced relocation assistance is only available to short sale programs initiated without an offer. However, as we gauge the success we may extend this incentive to other programs.

Questions? 

Homeowners and agents may call 1.866.880.1232 to speak to a Bank of America short sale specialist about this exciting limited-time preapproved price short sale program offering.

*The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $2,500, but no more than $30,000. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which includes but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by September 26, 2013.  If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability.

“Although this has been the case in each of the last two years, the difference this year is that stabilization is occurring without the support of tax credits and in spite of a declining share of REO sales.” “While housing prices remain flat nationally, in many markets tighter inventories are beginning to lift home prices,” said Anand Nallathambi, president and chief executive officer of CoreLogic. “This is true in Phoenix, New York and Washington, for example, which all reflect higher home price values than a year ago. A continuation of this trend will be good for our industry across U.S markets.”

Highlights as of March 2012

-          Including distressed sales, the five states with the highest appreciation were: Wyoming (+5.9%), West Virginia (+5.3%), Arizona (+5.1%), North Dakota (+4.7%) and Florida (+4.5%).

-          Including distressed sales, the five states with the greatest depreciation were: Delaware (-10.6%), Illinois (-8.3%), Alabama (-8.0%), Georgia (-7.3%) and Nevada (-5.8%).

-          Excluding distressed sales, the five states with the highest appreciation were: Idaho (+5.4%), North Dakota (+5.1%), South Carolina (+4.7%), Montana (+3.5%) and Kansas (+3.4%).

-          Excluding distressed sales, the five states with the greatest depreciation were: Delaware (-7.6%), Alabama (4.1%), Nevada (-3.9%), Vermont (-3.9%) and Rhode Island (-2.9%).

-          Including distressed transactions, the peak-to-current change in the national HPI (from April 2006 to March 2012) was -33.7%. Excluding distressed transactions, the peak-to-current change in the HPI for the same period was -24.5%.

-          Of the top 100 Core Based Statistical Areas (CBSAs) measured by population, 57 are showing year-over-year declines in March, eight fewer than in February.

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales. Also make sure to read our reviews on Yelp, Google, Zillow and Kudzu.

Trulia’s Jed Kolko and other economists are expecting the housing prices to increase even sooner. In the first quarter of 2012, according to Trulia, the national average of housing prices has already increased 1.4% compared to the last three months of 2011. “This is a strong indicator that we will start seeing home price indexes, like the S&P/Case-Shiller, start to report home price increases this summer,” Kolko said. Though prices will increase, home buyers who have been waiting to make a purchase should not worry if they are not yet ready. Analysts are predicting that price increases should be modest in most markets. For example, Hoffman predicts a 3% increase from the year 2012 to the year 2013. On the other hand, David Stiff, chief economists for Fiserv, believes that prices will show change in the last quarter of 2012 and that they will rise 4.2% by September of 2013.

If you are considering purchasing a home, you can search all San Diego Homes at www.MySDNow.com. Also, make sure to read our reviews on Yelp, Google, Zillow and Kudzu.

(Click The Image For Full Size)

Purchase After Short Sale or Foreclosure

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales. Also make sure to read our reviews on Yelp, Google, Zillow and Kudzu.

In other words: A responsible homeowner, who made their payments on time and received a loan mod for their primary residence will now have to wait three (at least) years before they can purchase their NEXT home (or refi their current residence).

The only exception to the rule: If a homeowner received a loan modification on an “investment property/second home” may receive financing on another property (primary residence only) on a case by case basis (underwriter’s discretion) within 2 years.

Here are the Fannie rules:

o Refinance transactions: On previously modified loans…refinancing is not permitted.

o New purchase transactions: When a borrower’s current residence (previous loan) was modified AND the property is being retained as a 2nd home/investment property…financing for another home…will NOT be permitted.

o New purchase transactions: ..When a borrower’s previous loan was modified AND the property is being sold…the borrowers loan application …should be treated with caution and reviewed for delinquencies and short payoffs.

o New purchases of 2nd home or investment properties: When a borrower’s current residence (owner occupied) has been granted a loan modification… financing for the next home will not be NOT permitted.

o Refinances where another property (not the subject property) has a loan modification should be reviewed with “caution” to ensure that there was no short refinance (treated as a short sale).

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales. Also make sure to read our reviews on Yelp, Google, Zillow and Kudzu.

Make sure to read what other clients have been saying about our services!

Yelp – San Diego Short Sale Experts

Google – San Diego Short Sale Experts

Zillow – San Diego Short Sale Experts

Kudzu – San Diego Short Sale Experts

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales. Also make sure to read our reviews on Yelp, Google, Zillow and Kudzu.

In March of 2012, the number of borrowers throughout the U.S. who were more than 90 days late on their mortgage payments, the number of homes in foreclosure, and the REO or real estate owned assets dropped to 7.0%. This was a decrease of 0.5% since March of 2011. As measured in the distressed clearing ratio, in March the nationwide inventory of REO assets increased slower than the pace of the REO sales. To calculate the distressed clearing ratio the number of REO sales is divided by the number of completed foreclosures.  The distressed clearing ratio from March 2012 was 0.81, which was an increase from the 0.76 calculated in February 2012.

Highlights as of March 2012:

•For the 12 months ending in March the five states that had the highest number of completed foreclosures were: California (150,000), Florida (92,000), Michigan (62,000), Arizona (58,000) and Texas (57,000). When compared to all completed foreclosures nationally, these five states account for 49.1% of that ratio.

•When comparing the percentage of U.S. homeowners who where more than 90 days late on their mortgage payments, the homes in foreclosure and the REO’s, February 2012-March 2012 was at 7.0%, which was a 0.5% decrease since March 2011.

•The five states with the highest foreclosures rates throughout the U.S. were: Florida (12.1%), New Jersey (6.6%), Illinois (5.4%), Nevada (4.9%) and New York (4.9%).

•The five states with the lowest foreclosures rates were: Wyoming (0.7%), Alaska (0.8%), North Dakota (0.8%), Nebraska (1.1%) and South Dakota (1.4%).

•Of the top 100 markets measured by the Core Based Statistical Areas population, 35 are showing an increase in the year-over-year foreclosure rate in March 2012. This is 2 more than the 33 recorded in February 2012.

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales. Also make sure to read our reviews on Yelp, Google, Zillow and Kudzu.

Banks have also begun to realize the benefit of a short sale vs. having a property go into foreclosure.  A foreclosure takes longer for them to recoup their money and can cost over $50,000 to process.  In addition to the benefit to the banks, a short sale is much more favorable for a homeowner. It allows them to control the sale of the home, protect their credit from the severe impact of a foreclosure, and avoid possible tax and legal ramifications.  With a foreclosure it can be 7-10 years before you can purchase a home again, vs 2-3 after a short sale.

The banks must follow the guidelines in the Servicing Guide Announcement SVC-2012-07

Fannie Mae HAFA – Servicer Evaluation of Borrower Response Package (BRP)

-  Within 3 business days of receipt of the BRP – The servicer must acknowledge receipt of the BRP to the borrower either verbally or in writing.

-  Within 5 business days of receipt of the BRP – If the servicer determines that documentation is missing, the servicer must send an Incomplete Information Notice to the borrower.

- Within 5 business days of a decision but in no event more than 30 calendar days after receipt of a complete BRP – The servicer must send an Evaluation Notice to the borrower.  If the servicer determines a HAFA Short Sale is the most appropriate foreclosure alternative, the HAFA Short Sale Agreement (Form 184) and the HAFA Request for Approval of Short Sale without Short Sale Agreement (Form 185) should be included with the Evaluation Notice.

Within 30 calendar days after receipt of the complete BRP but in no event more than 60 days after receipt of the complete BRP – If the servicer is unable to fully evaluate the borrower for a HAFA, including preparation of the Form 184 and Form 185, an extension of 30 calendar days is permitted as long as the servicer provides weekly verbal or written status updates to the borrower. All communication must be documented in the mortgage loan servicing file.  The servicer must send the Evaluation Notice no later than 60 days after receipt of the complete BRP.

- Within 14 calendar days after return of a fully executed Form 184 – The servicer must allow the borrower 14 calendar days to return a fully-executed Form 184 with required documentation.

- Within 10 calendar day extension of return of fully executed Form 184 – If necessary, the servicer may allow the borrower up to 10 additional calendar days to complete the Form 184 submission.

-  Within 10 business days of receipt of the Form 185 – The servicer must respond with a decision of approval or denial.

*If the offer results in net proceeds equal to or greater than the minimum acceptable net proceeds (MANP), the servicer must approve the short sale.

*If the offer does not result in net proceeds equal to or greater than MANP, the servicer must provide a counteroffer with the denial.

* The MANP should not be disclosed to the borrower.

- 5 business days after communicating a counteroffer – The servicer must request a response from the borrower on the purchaser’s decision of a counteroffer.

- Within 10 business days after receipt of revised offer – The servicer must respond with a decision on a revised offer from the borrower.

*If the offer results in net proceeds equal to or greater than the MANP, the servicer must approve the short sale.

*If the offer does not result in net proceeds equal to or greater than the MANP, the servicer may provide a counteroffer with the denial.

*The MANP should not be disclosed to the borrower.

Fannie Mae’s Non-HAFA Preforeclosure Sale – Prior to Receipt of a Preforeclosure Sale Offer

-  Within 3 business days of receipt of the BRP – The servicer must acknowledge receipt of the BRP to the borrower either verbally or in writing.

-  Within 5 business days of receipt of the BRP – If the servicer determines that documentation is missing, the servicer must send an Incomplete Information Notice to the borrower.

-  Within 5 business days of a decision but in no event more than 30 calendar days after receipt of a complete BRP – The servicer must send an Evaluation Notice to the borrower. The Evaluation Notice should include the approved model language provided on eFannieMae.com.

Fannie Mae’s Non-HAFA Preforeclosure Sale – Preforeclosure Sale Offer Received with a BRP

-  Within 3 business days of receipt of the offer  The servicer must acknowledge receipt of a short sale offer.

-  Within 5 business days of receipt of the offer  If the servicer determines that documentation is missing, the servicer must send an Incomplete Information Notice to the borrower.

-  Within 5 business days of a decision but in no event more than 30 calendar days after receipt of a complete BRP – The servicer must respond to the short sale offer with approve, approve with conditions, deny with counteroffer, or “still under review.”

-  5 business days after communicating a counteroffer If the response is “deny with counteroffer,” the servicer must request a response from the borrower on the purchaser’s decision of a counteroffer.

-  Within 10 business days after receipt of revised offer The servicer must ensure that revised offers are evaluated within time frames that enable a decision to be communicated to the borrower within 10 business days after receipt of the revised offer.

-  30 calendar days after receipt of the BRP  If the servicer responds with “still under review,” an extension of 30 calendar days is permitted as long as the servicer provides weekly verbal or written status updates. All communication must be documented in the mortgage loan servicing file.

-  Within 60 calendar days of receipt of the BRP and offer – The servicer must respond with a final decision.

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales. Also make sure to read our reviews on Yelp, Google, Zillow and Kudzu.

Or, you may find a lot of information that you’ll be glad you found up front vs. first hand as you go through the transaction.  We will never bad mouth any of our fellow agents, but can let you know that you definitely want to make sure you choose your agent wisely.

Yelp, Google, Zillow and Kudzu are all excellent review sites. Make sure to read what other clients have been saying about our services!

Yelp – San Diego Short Sale Experts

Google – San Diego Short Sale Experts

Zillow – San Diego Short Sale Experts

Kudzu – San Diego Short Sale Experts

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales. Also make sure to read our reviews on Yelp, Google, Zillow and Kudzu.

Make sure to read what other clients have been saying about our services!

Yelp – San Diego Short Sale Experts

Google – San Diego Short Sale Experts

Zillow – San Diego Short Sale Experts

Kudzu – San Diego Short Sale Experts

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales. Also make sure to read our reviews on Yelp, Google, Zillow and Kudzu.