Hi, this is Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. I want to talk to you today about a short sale that just got closed. It’s a VA short sale and it’s kind of interesting. The borrower made their payments to a company called Mortgage Investors Corporation and they are actually sub servicing for GMAC. GMAC is the actual servicer of it and VA is backing the loan. So we got this one approved and there were no issues with it. This was probably one of the easier short sales if you want to call any of them easy. The VA actually put a reasonable value on the property, one that was reasonable market value and we had buyers that were willing to pay it. This one actually closed out pretty quickly. If you have a VA short sale that you have some questions on or if it’s another GMAC file or some other servicer out there, feel free to give us a call and we can help you with that. If you have any specific questions or if you are considering a short sale and not really sure if it’s the best option for you, I highly recommend our short or stay calculator on our website. If you plug in your information, it will give you a detailed report on whether or not a short sale might be the right decision for you. It will tell you how long it’s going to take you to break even and how long should you wait. It will also give you some appreciation low, mid and high appreciation differences. We can’t really project accurately obviously the future and how much pricing might go up or how fast it might go up or if the rates might change. So, try that calculator, it’s a great tool to give you a better idea of whether a short sale might be right for you. Again, I’m Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist and I’m here to help answer any questions you may have. Thanks and have a great day.Read More
Hi this is Mark Peek at Keller Williams Real Estate, your short sale specialist for the Roseville and Sacramento area. Today’s video is about a SunTrust FHA short sale that we’ve been working through. We came up against a situation where there were some guidelines in place by HUD that didn’t quite make sense.
The short sale was actually declined because of two guidelines in place by HUD; if those guidelines weren’t met, then SunTrust was afraid that HUD wouldn’t pay out the claim for the short sale deficiency. In this case, the borrower has two FHA loans, but the reality was that their employer transferred them to a new location across the country, so they purchased a new home and rented the other home out for about two years. They got into a situation where they couldn’t afford both payments. There is a guideline that says you can’t rent the home out for more than 18 months to be considered for a short sale. The other guideline is that you can’t have two FHA loans and do a short sale. This doesn’t really make sense because at the end of the day, HUD is going to pay out on this claim if the home goes to foreclosure. By appealing this directly to HUD, I was able to get a variance on this file because we have an involuntary relocation; it wasn’t the borrowers intent to do this. HUD granted a variance and the short sale was then approved by SunTrust.
I just wanted to let you know that guidelines are in place for a reason, but they’re not set in stone. There are certain circumstances that can change whether or not these guidelines can be bent at all. If you have any questions about an FHA short sale, or any other type of short sale, feel free to give me a call, send me an email or click Start Here at the top of the page and enter in your information. I look forward to hearing from you and working with you on your short sale.Read More
Hello everyone my name is Mark Peek with Keller Williams Realty in Roseville and Sacramento thank you for your time today. I use my blog to keep Roseville and Sacramento homeowners informed on their options for avoiding foreclosure and how to get out from under their mortgage debt. If you are struggling to pay your mortgage and ready to sell your home please browse my website or call my office to chat with an experienced agent today.
For my blog topic I wanted to talk about a recent short sale I closed through Specialized Loan Servicing and some unique aspects that made this very memorable. This particular Roseville and Sacramento home needed a fair amount of repairs in order to be lived in and luckily we were able to sell it as is. However, the market value of the home set by Specialized Loan Servicing was much higher than the actual value given the needed repairs which affected our negotiations. This property also had a federal tax lien on the property which had to be released before we could complete the short sale. In addition, this borrower was able to qualify for some relocation assistance which helped them find a new property to rent. This short sale took some extra work but this demonstrated the importance of showing the lender your true property value. If you are considering a short sale and your home needs significant repairs contact me to discuss the impact on your short sale.
For more information or to find out if a short sale is right for you visit my website and try my Short Or Stay Calculator today. This free tool will give you a real time assessment of what your home is worth currently and also under different recovery scenarios. Thank you for your time and I look forward to helping you with your Roseville and Sacramento real estate problems in the future.Read More
Service Released Bank of America Mortgages and Short Sales and how that Might Affect You and your Situation
Hi, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist. Today I want to talk about Bank of America being serviced released. Have you received a letter recently from Bank of America about your loan being serviced released? This means it is being transferred to another servicer. So if you are in the middle of a short sale, this could impact you quite a bit. If your loan is actually transferred to a new servicer, you may have to start your file all over again from scratch with the new servicer. A lot of times when servicing is transferred over, the documents will still go with the file but unfortunately the servicer wants to check on the previous servicer’s message over their file and make sure everything in there is up to par.
So if you have any questions about service released to either Greentree or a lot of them are being transferred over to Seterus, so if you have any questions about that and how it might affect you, feel free to give me a call. Also, if you are considering a short sale and not sure if it’s the right decision for you, I highly recommend the short sale decision calculator on our website. It will give you an idea of how long it’s going to take for you to break even. It will also help you figure out whether or not a short sale might be right for you. Again, I’m Mark Peek with Keller Williams Realty, your Roseville and Sacramento short sale specialist and I’m here to help. Thanks and we look forward to speaking with you soon.Read More