HAFA Short Sale Leaseback Program Information

Posted on Sep 26, 2012 in Roseville and Sacramento Short Sale FAQs

Thanks for coming to my blog today, I’m Mark Peek, your short sale specialist at Keller Williams in Roseville and Sacramento. I wanted to talk today about whether or not you can stay in your home after completing a short sale.

Typically when we do a short sale, the banks require an arm’s length transaction affidavit; most of them require all parties (agents, buyers, sellers) to have a notarized affidavit. This makes it a serious thing. Basically, they’re ensuring that there aren’t any business relationships or any other side deals going on that aren’t disclosed to the bank, such as the seller maintaining occupancy after the close of escrow or the seller renting the property back. This is with a standard, traditional short sale.

There is a short sale leaseback option available, however it depends on the investor and the home has to be sold to a qualified non-profit organization. If you think you might be interested or would like to see if you qualify for this, you could potentially, through a certain program in HAFA, do this. If you chose to do this, you wouldn’t sign an arm’s length affidavit and this deal would be fully disclosed to the lender. Not everyone will do this; it really depends on who your servicer and lender are. Do you qualify for this? Is this something you might be interested in? After your leaseback time period, you could possibly repurchase your home again at a price that’s determined by the non-profit.

If this is something you might be interested in or if you would like information on short sales in general, give me a call or click Start at the top of the page to provide your information. We can discuss whether or not doing a short sale with a leaseback might be a good option for you.

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Has Your Mortgage Recently Been Transferred To Rushmore Loan Management Services?

Posted on Sep 19, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek at Keller Williams Real Estate, your short sale specialist in Roseville and Sacramento. I’ve gotten a few requests from homeowners that are interested in doing a short sale with their new mortgage company. They had previously had a mortgage with Wells Fargo or Bank of America and in the past six months or so the servicing has been transferred over to a newer company called Rushmore Loan Management Services.

A lot of people aren’t aware of who they are or if they will work with them on their short sale. They do have a loss mitigation department, but it’s my understanding that most of the loans being transferred over to Rushmore are Fannie Mae loans. Fannie Mae has been transferring servicing and spreading it out, especially with the Big 3 banks, Chase, Wells Fargo and Bank of America. Rushmore is one of the new servicers that they’ve hired and it looks like they started transferring files over to them last year.

If you have a question about your specific mortgage or are considering a short sale with Rushmore, give me a call and I can fill you in on what you need to proceed with your short sale. Also, if you’re considering a short sale and you’re not sure if it’s the right choice for you, you can check out the short sale calculator on my website. It allows you to enter in your property information, get an estimated value and then it will tell you how long it will take for you to break even. A lot of people are using it because it breaks it down and gives you a great idea as to whether or not it’s best for you to stay in your home or do a short sale.

Again, this is Mark Peek with Keller Williams in Roseville and Sacramento. If you’d like to get in touch with me fill out the form on my website and I can follow up with you or you can simply give me a call. I look forward to working with you on your short sale.

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What Information Do I Need To Be Aware of When Completing a Short Sale with Fannie Mae or Freddie Mac

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

Hi this is Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. Today I would like to talk about some of the new changes that Fannie and Freddie have made to help streamline short sales. One of the things that they did is put out a set of guidelines to make it easier to get these through. One of the things is, if you have missed payments for a while, and if you are at least 90 days delinquent, you have a credit score that is below 620, you are going to require a whole lot less documentation than I’ve had to provide in the past on a short sale. From my understanding it’s about 90% less so we are basically just going to need an offer maybe a hardship letter and maybe a couple of other documents.

That’s good news which means that we are going to get short sale approvals with Fannie and Freddie a lot quicker than we have in the past. They are also taking a look at short sales for folks who are in imminent default. For example maybe you have an event that came up like a divorce, death, job loss, transfer. They are going to be looking at entertaining a non-delinquent short sale so you don’t necessarily have to miss payments to get your short sale approved if you meet certain criteria.

Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialists and we’re here to help. If you have any questions about how this might impact you or if you are considering a short sale, I definitely recommend taking advantage of the short or stay calculator on my website. If you have any specific questions about your mortgage you can give me a call or hit start here at the top of the page and we’ll get back to you as soon as we can. Thanks a lot and have a great day.

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Will My Credit Union Allow Me To Short Sale My Property?

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

Hello everyone my name is Mark Peek with Keller Williams Realty, your Roseville and Sacramento short sale specialist, thank you for your time today. I work with distressed property owners in the Roseville and Sacramento area every day and use this blog to keep homeowners up to date on their options for avoiding foreclosure. If your mortgage is underwater or you are already considering a short sale take a minute to browse my website to learn more about your options or to start your file today.

In my blog today I wanted to talk with Roseville and Sacramento homeowners who have their mortgage through a credit union about the option of a short sale. A credit union is unique in that the members of the union are considering the investors on your loan but I have still been able to get short sales approved. A credit union will normally be more stringent with their short sale guidelines and may also take their time reviewing your file to ensure a short sale is necessary. While I have not attempted one I assume Roseville and Sacramento homeowners who may be nearing default may have problems completing a credit union short sale. This means if you are still current on your payments but foresee an event in the near future that will cause you to miss payments a credit union will likely deny your short sale. In the end a Roseville and Sacramento credit union is just like any other bank in that they want to lose as little money as possible on your home and will consider a short sale if this is the case.

So if you have an upside down mortgage through a credit union and want to start your short sale today call or e-mail me to learn more. Thank you for your time today and I hope to hear from you soon at Keller Williams Realty here in Roseville and Sacramento.

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