How to be Successful with your Wells Fargo and HAFA Short Sale on your Home

Posted on Oct 27, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mike Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. I want to talk to you today about recent success with a Wells Fargo first lien and second lien that was a line of credit short sale. What was really nice about this was not only were these folks underwater by let’s say the property value was half of what their mortgage was with both liens together. Not only that but these folks stayed current on their mortgage. they stayed current and I got the short sale approved on the first and the second lien and we are scheduled to close in a couple of weeks. So if you have a situation and you feel like you want to do a short sale and you want to be current, give me a call and I can talk you through it and see if you might qualify to get your short sale approved while staying current on your payments.

some of you may be wondering what the advantages are to staying current on your payments. Well, the advantages are first of all, if you don’t miss any payments, then your credit score isn’t going to be dinged as much as if you did. the real advantage is this, if you have a special hardship that can qualify for this, then you can potentially purchase another property right after the short sale closes. That’s pretty powerful because not only can you get rid of underwater debt, you can become a buyer in this market. Please give me a call and let me know of any questions you might have and we can see if you might qualify for a short sale where you can stay current on your payments and buy again right away. Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist. Please contact me today and I can help you decide if a short sale is right for you.

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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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