Have We Ever Had a Successful Three Lien Short Sale Completed with Bank of America?

Posted on Jan 6, 2013 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek here with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. I wanted to talk today about a three lien short sale. So three different folks have to agree to the short sale. In this case it was Bank of America, a Citi down payment assistance program and a 3rd lien was from a housing fund from a local hospital based on the sellers employer. So in this case we have to have all three parties agree to the short sale and we also have a low dollar property. It can present a little bit of a challenge especially if you are looking to do a lien release from a Citi program. Every Citi program is different for their down payment assistance and if they do a lien release for a partial payment, if they want a full payment or if they are still requiring the borrower to meet certain guidelines. In this case the borrower had to actually meet income limitations so they couldn’t make over a certain amount of money.

So we are basically looking for a very small window of opportunity here. Only certain buyers are going to meet the criteria and in this case, the buyer did. So we have a payoff to Bank of America and in this case the city down payment assistance program will remain in effect. They won’t require a lien release or any kind of payment to it. The lien will stay in effect and will actually subordinate to the new loan and we were able to remove the third lien completely. So this was definitely a challenging short sale and every one of them poses their own certain issues and things that come up. This one was quite unique. I haven’t actually had a Citi program that still remained in effect. Usually we are able to pay them off and for a discount they will release the lien and we can just close it out. In this particular case they are holding their down payment assistance or their lower income housing liens. They are requiring a full payout or the buyer has to qualify under those criteria. If you have any specific questions about liens on your property for a short sale and you are wondering how this is all going to make sense and is it possible. I can tell you that I haven’t seen a situation that we haven’t been able to solve yet. Again, I’m Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. Give me a call today and we can talk about your situation. I’m sure we can find a way around it. Thanks and have a great day.

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Recent Short Sale Shows Benefits Of Cooperative Bank of America Program

Posted on Jan 6, 2013 in Roseville and Sacramento Short Sale FAQs

Hello everyone Mark Peek here with Keller Williams Realty in the Roseville and Sacramento region thank you for your time today. I work with distressed property owners every day to help find the best alternatives to foreclosure and use my blog to share valuable information. If you are currently behind on your mortgage or can no longer afford your monthly payments take a minute to browse my website or call me directly to chat with an experienced short sale agent about your options.

For my blog today I wanted to talk with Roseville and Sacramento property owners who have their mortgage through Bank of America about completing a short sale. Bank of America has recently rolled out a new program called the Cooperative Program that provides some great benefits for homeowners who qualify. In order to qualify for this program your Roseville and Sacramento property must be both serviced and owned by Bank of America. Some of the incentives involved include an expedited short sale process and relocation assistance for the borrower. In some cases Bank of America can offer additional relocation assistance and I have had clients receive up to five thousand dollars to help with moving expenses. One thing that is very different about Cooperative short sales is the home must meet a selling price set by Bank of America in order to be approved. This means the home will need to be in a condition that would allow someone to move in without any major repairs needed.

To discuss your Bank of America mortgage or to find out if you qualify please fill out a contact form on my website or call me directly. On my website you can also find our Short Or Stay Calculator that can help you determine if a short sale is right for you. Thank you for your time today and I look forward to helping you soon with any Roseville and Sacramento real estate questions.

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Another Recent Short Sale Success With Bank Of America

Posted on Nov 29, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek with Keller Williams Real Estate, your short sale specialist in the Roseville and Sacramento area. Thanks for joining me today. I’d like to talk about a recent short sale success with Bank of America. This particular short sale had two loans, a Bank of America first and second loan. Typically your Bank of America first and second liens are negotiated together, which is one of the nice things that Bank of America does so we don’t always have two different negotiators for our file. There are certain cases, such as with a line of credit being with certain investors, that have to be negotiated separately, but for the most part these can be negotiated together making the short sale much easier.

In this particular case, the hardship is what I really wanted to focus on today. It was a voluntary relocation. What does that mean? They simply chose to not live in this house anymore; that was their reason for leaving and for the short sale. They wanted to relocate to a different area, were underwater on their mortgage and because they couldn’t afford to do a traditional transaction, they sought out a short sale, were approved and we just closed it. This just goes to show that some banks, like Bank of America, are willing to work with the homeowner to get the short sale approved.

If you have any specific questions about whether or not you might qualify for a short sale, give me a call and we’ll talk about it. We can see if you are a candidate for a short sale whether it’s Bank of America, or any other bank. I can help you determine your hardship if need be and get your short sale approved with your lender. If you’re also on the fence about whether a short sale is best for you, check out my short sale decision calculator to find out your property value as well as when your home will become an asset again.

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Is Auction.com the Method to Go with When Completing a Short Sale on My Home?

Posted on Nov 22, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. Today I want to comment on an announcement I saw recently. Bank of America is recommending some sellers use a company called Auction.com, if you’ve ever heard of them. Auction.com is a company that used to sell lots of foreclosure properties. They used to take over a huge place and would attract a large number of investors and it would be one day at a certain time. Typically what would happen in these is there would be a highest bidder that would commit and they would have to sign over a deposit. Unfortunately what we have noticed with these transactions in the past is that the buyer ends up being a lot lower offer than what we would get on the normal market.

One of the things about short sales is the bank still has to agree to the price. They are still looking for a fair market value. So in this case, Auction.com is basically catering to mostly investors and they deem a lot of properties as cash only. The other thing that’s bad with them is they dictate what title company you can use. They will dictate a title company that is completely out of area with exurbanite fees and then at the end of the day, only half of their buyers actually stick and close the transaction. So one of the things I’m telling you is, if you get this notice in the mail, they are offering to have you sell the property through Auction.com, it is not a win-win situation for you as the homeowner.

So if you have any specific questions and you got one of those notices and maybe they are suggesting a short sale for you, I do not recommend that. If you would like to talk to me more about it in detail, I would be happy to. Again, this is Mark Peek with Keller Williams, 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.

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