Bank of America HAFA Short Sale – Closed 1-27-2012

February 2, 2012 By San Jose Short Sales Leave a Comment

San Jose Short Sale Agent

Closes HAFA Short Sale with Bank of America on 1-27-2012

: Get The Help You Need NOW

Short Sale time frames will most definitely vary depending on the number of loans and who services the loans.

Below is an outline of the time frame for closing a short sale. This property qualified for, and was approved as a HAFA short sale. The property is located in Milpitas, California.

San Jose short sale agent helps another homeowner avoid foreclosure with a Bank of America HAFA short sale.

List Date: 8/19/2011
List Price: $369,000
Price Reduced: $358,888 on 9/3/2011
Sale Date: 9/15/2011
Number of Offers: 3
Days on Market: 27
Price Increase 12/2/2011: $370,800 – mandated by AMS Servicing policy
Conditional Lender Approval 1^st Lien with Bank of America: 12/22/2011
Lender Approval 2^nd Lien with Wells Fargo: 1/6/2012
Final HAFA Approval with Bank of America: 1/23/2012
Sales Price: $358,888
Close of Escrow: 1/27/2012
List to Close: > 5.0 months
HAFA Incentive to Borrower: $3,000.00
Bank of America HAFA short sale servicer: AMS-Servicing

Working with AMS Servicing was extremely challenging. Without Bank of America escalation support this file would not be closed today.

A proven strategy for a successful short sale is to require the purchase agreement time line to begin the day following receipt of the the first lien approval. As shown on the short sale time frame above, the file was ready to be closed by the time the final approval letter was issued. The file was closed within 3 days of receiving the final approval.

You can save your home from foreclosure. Get the help you need now. Don’t wait until you run out of time. Call your local San Jose short sale agent who is trained, certified, experienced, with a track record of helping homeowners avoid foreclosure.

Call 1-800-972-1822 today!

Filed Under: San Jose Short Sales Tagged With: AMS Servicing, avoid foreclosure, hafa short sales, San Jose Short Sale Agent, San Jose Short Sales

Sign Petition to Extend the Mortgage Debt Forgiveness Act

February 2, 2012 By San Jose Short Sales Leave a Comment

Petition to Extend the Mortgage Debt Forgiveness Act

On December 31, 2012 the Mortgage Debt Forgiveness Act of 2007 is scheduled to expire. As a San Jose Real Estate Agent-Broker, who manages many San Jose short sales, I recommend signing the petition to extend the Mortgage Debt Forgiveness Act of 2007.

“The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home’s value or the taxpayer’s financial condition.” Source: irs.gov

How does extending the mortgage forgiveness and debt cancellation act help homeowners who want to avoid foreclosure with a short sale? Upon completion of a short sale, lenders issue homeowners a 1099. Simply stated, the loss to the lender on a short sale becomes the gain, or income, to the homeowners.

With mortgage forgiveness and debt cancellation the income realized by a modification of the terms of the mortgage (short sales modify the terms of a mortgage) is excluded. In other words, the debt relief act allows the exclusion of income on certain cancelled debt on a principal residence.

Mortgage Forgiveness and Debt Relief relates to taxes. Therefore, to fully understand if you qualify to exclude income on cancelled debt on a principal residence, you definitely need to consult with a licensed tax adviser who is well versed in foreclosure tax laws. San Jose short sale agents are not licensed to give tax or legal advice.

IRS Publication 4681 – Rev. 1/24/2011 – Cancelled Debts, Foreclosures, Repossessions, and Abandonments (for individuals) in preparing 2011 Tax Returns.

Avoid Foreclosure – get the help you need now!

Call San Jose short sale agent, Kathleen Daniels today for a free consultation!

1-800-972-1822

Filed Under: San Jose Short Sales Tagged With: mortgage debt forgiveness, Petition to extend mortgage debt forgiveness, San Jose Real Estate Agent, San Jose Short Sale Agent

San Jose Short Sale Closes on 1-6-2012

January 17, 2012 By San Jose Short Sales Leave a Comment

San Jose Short Sale Closes on 1-6-2012

Bank Of America Short Sales

Short Sale time frames will most definitely vary depending on the number of loans and who services the loans.

Below is an outline of the time frame for closing a San Jose short sale. This property did not qualify for a HAFA short sale. The property is located in the Evergreen Community in San Jose, CA.

List Date: 10/15/2011
List Price: $399,999
Number of Offers: 1
Sale Date: 10/20/2011
Days on Market: 6
Lender Approval 1^st Lien with Bank of America: 12/8/2011
Lender Approval 2^nd Lien with Bank of America: 12/2/2011
Sales Price: $400,000 – Cash Purchase
Close of Escrow: 1/6/2012
List to Close: <3 months

You can save your home from foreclosure. Get the help you need now. Don’t wait until you run out of time. Call your local San Jose short sale agent who is trained, certified, experienced, with a track record of helping homeowners avoid foreclosure.

Call 1-800-972-1822 today!

Filed Under: San Jose Short Sales Tagged With: avoid foreclosure, hafa short sales, San Jose Short Sale Agent, San Jose Short Sales, short sales

San Jose Short Sale Agent Closes Another HAFA Short Sale

January 16, 2012 By San Jose Short Sales Leave a Comment

San Jose Short Sale Agent Closes Another Short Sale

HAFA Short Sales

Short Sale time frames will most definitely vary depending on the number of loans and who services the loans.

Below is an outline of the time frame for closing a San Jose short sale. This property qualified for, was approved as, and closed as a HAFA short sale.

List Date: 10/2/2011
List Price: $368,888
Number of Offers: 3
Sale Date: 10/12/2011
Days on Market: 10
Lender Approval 1^st Lien with Bank of America: 12/9/2011
Lender Approval 2^nd Lien with Bank of America: 12/10/2011
Sales Price: $370,000
HAFA Incentive to Borrower: $3,000.00
Close of Escrow: 1/6/2012
List to Close: 3 months
Bank of America HAFA short sale servicer: UTLS

Working with UTLS was extremely difficult. Thankfully Bank of America is now managing their HAFA short sales in-house provided there is an offer on the property at the time the short sale is initiated.

Call 1-800-972-1822 today!

Filed Under: San Jose Short Sales Tagged With: avoid foreclosure, hafa short sales, San Jose Short Sale Agent, San Jose Short Sales

Another San Jose Short Sale Closed by Short Sale Agent

August 8, 2011 By San Jose Short Sales Leave a Comment

Short Sale time frames vary depending on the number of loans and who services the loans.

If all short sales were processed like Wachovia short sales then this short sale agent would enjoy managing short sales! Truthfully, short sales are work, work and more work. No one really knows how much work goes into processing a short sale until one actually processes a short sale.

Below is an outline of the time frame for this Blossom Valley home short sale. It was not a HAFA short sale. The property was an investment property and not the sellers primary residence.

List Date: July, 4, 2011
List Price: $153,000
Sale Date: July 8, 2011
Days on Market: 4
Lender Approval: July 18, 2011
Number of Days to Obtain Approval: 7 days
Close of Escrow: August 8, 2011
Sales Price: $145,000
List to Close: 5 weeks to the day!

Documents Required:

1 page Wachovia Fast Track Form which took approximatley 1 minute to complete.
Non-HAFA participation letter. This was to ensure the file was not automatically routed to HAFA and slow the process down.
Third Party Authorizaton
Listing Agreement
Purchase Agreement
HUD
Buyers Proof of Funds

That’s all folks. No tax returns; No pay stubs; No bank statements; and No B.S.

BUT WAIT, THERE’S MORE!

Seller Incentive if closed within 30 days of approval: $3,000.

Agent Incentive if closed within 30 days of approval: 1% of Sales Price or $1,450.00

Wachovia Short Sales – This Short Sale Agent’s Dream Come True!

You can save your home from foreclosure. Get the help you need now. Don’t wait until you run out of time. Call your local short sale agent who is trained, certified, experienced, with a track record of helping homeowners avoid foreclosure.

Call 1-800-972-1822 today!

Filed Under: San Jose Short Sales, Short Sale Listings

5543 Judith St. – San Jose Short Sale

July 7, 2011 By San Jose Short Sales Leave a Comment

5543 Judith St. # 3, San Jose 95123

Beautiful Blossom Valley

Blossom Valley San Jose Condo for Sale

2 Bedrooms

1 Bathroom

903 Square Feet

1 Car Covered Carport

List Price: $148,000

All Cash or Conventional Loan

Investment Opportunity Knocks!

Blossom Hill Estate – HOA Fees $265/month

Kathleen Daniels, San Jose Homes for Sale | San Jose Short Sale Agent

Filed Under: San Jose Short Sales

Short Sales Agent Closes HAFA Short Sale

June 25, 2011 By San Jose Short Sales Leave a Comment

If you are having difficulty managing your mortgage payment and don’t know what to do, then you need to understand your options.

You can avoid foreclosure by taking the right steps now to get the information you need.

Call Kathleen Daniels today for a free no-obligation consultation. 1-800-972-1822

Foreclosure Alternatives

Short sales are not easy. They require patience and a lot of work. It all pays off in the end.

It paid off for Campbell California homeowners who made the all important call to Kathleen Daniels.

Timeframes will most definitely vary depending on the number of loans and who services the loans.

Below is an outline of the timeframe for this Campbell Home which was eligible for and approved for a HAFA short sale.

List Date: 2/25/2011
List Price: $589,000
Sale Date: March 6, 2011
Days on Market: 9
Lender Approval: May 25, 2011 (Wells Fargo Home Mortgage – 1st Mortgage | Chase – 2nd Mortgage
Close of Escrow: June 24, 2011
Sales Price: $620,000
List to Close: 4 months
HAFA short sale: Sellers received $3,000 for relocation expenses

You can save your home from foreclosure. Get the help you need now. Don’t wait until you run out of time. Call your local short sale agent who is trained, certified, experienced, with a proven track record of helping homeowners avoid foreclosure.

Call 1-900-972-1822 today!

Filed Under: San Jose Short Sales

Successful San Jose Short Sales

June 4, 2011 By San Jose Short Sales Leave a Comment

San Jose Short Sales

List Date: 1-16-2011

Sale Date 3-15-2011

Days on Market: 58

Lender Approval Date: 4-15-2011

Close Date: 6-3-1011

Sales Price: $375,000

FHA Financing

Don’t wait until it’s too late. Understand your options. Avoid Foreclosure.

Call today for your free – no obligaton consultation!

1-800-972-1822

Downtown San Jose Condo

Overview

$389,000

Condominium

Main Features

3 Bedrooms
3 Bathrooms
Interior: 1404 sqft
Lot: 1,307 sqft

Location

San Jose, CA 95112
USA

To get updates on open home dates and other property events, please click the “Like” button below:

Kathleen Daniels, CDPE, CHS, CSSN, RDCPro

Intero Real Estate
(800) 972-1822
San Jose Short Sales
San Jose Homes for Sale

Listed by: San Jose Homes

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Filed Under: San Jose Short Sales

San Jose Short Sales – Agent Short a Full Deck

December 15, 2010 By San Jose Short Sales Leave a Comment

San Jose Short Sales

Agent Short a Full Deck?

It makes perfect sense that a seller or home buyer may not clearly understand short sales. It seems that I find myself explaining short sales on a daily basis.

What baffles my mind are the Agents who write offers on short sales and believe that because the offer is ALL CASH the Banks will allow the property to be sold significantly below market value.

Adding to my confusion is why an agent would submit an ALL CASH offer in December 2010 and provide a letter from the bank dated 6-25-2010 which verifies LESS funds than the all cash offer price. Not only is the verification of funds letter nearly 6 months stale … I’m wondering if the agent understands San Jose short sales.

To be clear, when a lender approves a short sale, the lender agrees to accept less than what the seller/borrower owes on the property provided the offer to purchase is a fair market value offer and is supported by a loan approval letter and proof of funds to close the transaction.

It appears the agent who wrote the offer may simply be short a full deck in her understanding of real estate and short sales.

Short Sales are not a Real Estate Board Game. Short Sales are designed to help homeowners avoid foreclosure. Most homeowners choose short sales among the foreclosure alternatives.

Buyers making offers on short sales need to choose an agent who understands the short sale process. and how to write an offer.

San Jose Short Sales Listing Agent, Kathleen Daniels is committed to helping homeowners avoid foreclosure. It is important that only strong offers be considered and that the buyer and the buyer’s agent understands the process … short sales are no joking matter.

Facing Foreclosure?

Call 1-800-972-1822 for a free consultation to discuss your options!

Filed Under: San Jose Short Sale Agents, San Jose Short Sales, Short Sale Buying Tagged With: foreclosure alternatives, San Jose Short Sales, short sales

San Jose Short Sales – $300 buys Short Sale Approval

December 12, 2010 By San Jose Short Sales Leave a Comment

San Jose Short Sales – $300 buys Short Sale Approval

San Jose Short Sales kicks some Short Sales Bootie! When to going gets tough – the tough get going!

The Short Sale saga continues San Jose Short Sales – When Best Efforts Fall short

We got a third buyer into contract; submitted the offer to the new servicer (RCSI); and got the Trustee Sale date postponed for the third time.

RCSI declined the file and closed the file.

WHAT!?

We were told that the notes say that the offer needed to be at $XXX,000 to be considered. A message was sent to the negotiator to DISCUSS the file with us. It’s so easy for them to just close a file and move on. Negotiator did respond.

We just don’t give up. When the going gets touch … the tough get going, tough, tough. When the going get tough, the tough get ready …

We escalated the file. We spoke with a manager whose brain activity measured above “brain dead.” We got the file re-opened with a counter offer $50,000 over the offer price. This was $30,000 less than the first counter offer which was $80,000 above market value. Make sense? Of course is doesn’t make any sense. Add to that, prior to getting the trustee sale date postponed … the opening bid was over $120,000 LESS than the counter offer.

The buyers needed to come up $50,000 OR we needed to get an appraisal to support the buyers offer. No buyer would pay what the bank was demanding. If a buyer were “brain-dead” enough to offer that much, the buyers appraisal would, shall we say, have some issues.

We asked the sellers to pay $300 for an appraisal which was our only hope of getting the short sale approved and the sellers desire to avoid foreclosure. The sellers agree to make the investment as their last hope to avoid foreclosure.

I called my appraiser who completed a rush appraisal on Saturday afternoon and had the written report to us that evening. It certainly helps to know appraisers who are willing to work weekends and do what is necessary knowing time is of the essence. We uploaded the appraisal on Sunday so the negotiator would have it first thing Monday morning.

Sellers paid $300 for a full appraisal which did support the purchase price of $50,000 less than the banks counter offer. Short sale was approved at the offer price.

Next phase of the San Jose Short Sales challenge – Will the Buyer stick and close?

San Jose Short Sales – $300 Buys Short Sale Approval – by Kathleen Daniels, San Jose Real Estate Agent

Filed Under: San Jose Short Sale Agents, San Jose Short Sales Tagged With: avoid foreclosure, San Jose Short Sales, short sales