San Jose Short Sale Agent Closes Short Sale in San Jose on 12-20-2012

San Jose Short Sale Agent Closes Short Sale in San Jose on 12-20-2012

Short Sale time frames will most definitely vary depending on many variables such as the number of loans; who services the loans; and the short sale listing agent’s experience with short sales, to name only a few.

Below is an outline of the time frame for closing a San Jose short sale. The property qualified for, and was approved as a HAFA short sale.  The property is located in San Jose, California 95128.

  • List Date: 10/5/2012
  • List Price: $189,000
  • Sale Date: 10/16/2012
  • Number of Offers: 13
  • Days on Market: 11
  • HAFA Approval with Wells Fargo Home Mortgage: 11/21/2012
  • Lender Approval on Second Lien with Wells Fargo: 11/27/2012
  • Sales Price: $207,000
  • Close of Escrow: 12/20/2012
  • List to Close:  2.5 months
  • HAFA Incentive to Borrower: $3,000.00


San Jose Short Sale – SOLD!

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!

 

 

Can I Do a Short Sale?

Do I have to be late on a mortgage payment to apply for a short sale?

Many homeowners and borrowers think that they need to be delinquent or late on a mortgage payment or two before they can ask for a short sale. But this just isn’t the case. At this point though, many homeowners simply neglect to have any communication with their lender and eventually will be foreclosed on.

A foreclosure is much harder on your credit history and report than a short sale. Especially if you are up-to-date and current with your mortgage payments, a short sale may not be nearly as bad of hit as if you were delinquent or fell into foreclosure. Simply walking away from the property is one of the worst things you can do.

If you are currently up-to-date with your mortgage payments but are finding it more and more difficult each month to make that payment or you have a large balloon payment coming up and certain circumstances are making it very difficult to make your payment each month, a short sale may be the relief you need.

The first step is to talk to a short sale specialist or agent in your area that knows the process, the details behind each transaction, and can communicate to your lender on your behalf. They will discuss your options and if you choose to stay in the home, the lender may offer you alternatives such as a refinance, mortgage modifications, or other programs currently available.

If a short sale does seem inevitable, you will need to write a letter of hardship to the lender explaining the difficulty you are having paying your mortgage payment. Many times job loss, medical bills, or other hardships can cause bills to back up and makes it difficult to come up with the mortgage payment each month. Simply communicating this to your lender and allowing them to decide whether this is a true hardship with the amount of income and the amount of debt you currently have, can alleviate a load of stress off of your mind.

If however, you do make enough in your current income and occupation, do not have a lot of debts or foresee debts in the future, and can reasonably make your mortgage payment each month, the lender is not likely to allow a short sale to continue.

The very best option is to contact a short sale agent or your lender to discuss options and the steps involved that you will need to take to get on the short sale path quickly and efficiently.

Do I Need a Short Sale Agent?

Do I Need a Short Sale Agent?

 

                 Selling your home as a Short Sale by no means requires that you find a Short Sale Agent but, it is likely one of the smartest things you can do. Agents that specialize in Short Sales can definitely make the process much easier and a lot smoother. However, don’t be fooled, just because an agent takes a course in Short Sales and/or receives a certificate for completing a course by  no means defines them as a Short Sale Specialist.

                The benefits of hiring an experienced Short Sale specialist surmount the benefits of hiring a regular agent or an agent that just completes a course. What can an experienced Short Sale agent do for a seller that a regular agent cannot? A Short Sale Agent that has sold other homes in your area can assist you in pricing your Short Sale correctly. Pricing your home for the right price is extremely important. If not priced within reason, there is a better chance your lender will deny your application for Short Sale. Short Sale Agents are most likely familiar with the Short Sale processes of the major banks in your area (even though they are frequently changing) and they tend to have a better understanding of what is going to be required to complete the Short Sale process.

If the Short Sale Agent has sold other homes in your area, they should have the knowledge to best market your home and the “know how” to keep a potential buyer interested during the approval process. An experienced Short Sale agent should also be able to identify potential problems that may arise quickly and resolve the issue before becoming an issue. A good Short Sale Agent will be able to answer your questions, usually by heart as well as provide you with all of the important details such as fees that you will be required to pay and may also be able to get you money back at closing. Generally, an experienced agent will have gained the respect of other Realtors® who trust that they will handle the process quickly and efficiently; trust in an agent can go a long way.

Your San Jose Short Sale Agent

For the best service and local information for San Jose California, feel free to visit or call anytime. I not only know the area, but know the real estate market and can help you buy, sell, invest or quickly get out of any home or property. I am a short sale expert but can also help you purchase or sell any home or property in the entire San Jose area.

Where to Live in San Jose

Moving? Short Selling your home? Know where to go.

Finding the right place to live can be difficult in any city, especially a large city. Considering all the important factors in order to help you find the right fit for you and your family can be extremely frustrating. Providing an overview of the best places to live in San Jose, CA will hopefully assist you making your decision. Of course, I would love to have you decide for yourself!

Downtown San Jose is in the heart of it all, near the Guadalupe River Park and Gardens, plenty of nearby shopping, dining, entertainment, art galleries, theaters, and historic architecture there is rarely a dull moment. The traffic is usually a problem but, there are ample options with public transportation, biking or walking. Downtown San Jose has been experiencing a bit of a facelift and the redevelopment has begun to attract more retirees. However, the cost to live in Downtown San Jose is rather expensive whether buying or just renting.

Willow Glen is in the southwest region of Downtown San Jose by the Guadalupe River and it is the location of some beautiful homes. This area has its own downtown district providing a variety of shops, antique stores, restaurants, etc. Willow Glen provides a residential area that is attractive to both families and retirees; however it’s one of the more expensive areas in which to live.

Almaden Valley and Cambrian Park, located in the southern part of Downtown San Jose offers beautiful views of the Santa Cruz Mountains and Santa Teresa hills.  Almaden has plenty of recreational sites in the area and the schools have a great reputation.

North San Jose is more affordable than the other areas of San Jose; this area’s population houses a large amount of the Silicon Valley workforce. The north area has plenty to offer with shopping, restaurants, etc. Included in North San Jose are communities such as Sunnyvale, Mountain View, Palo Alto and Santa Clara.

     One of the more popular areas to live in San Jose with a diverse ethnicity is West San Jose. This is a mostly residential area that includes Cupertino, home to many of the bigger companies such as Apple Inc. Families with children in school consider this community due to the reputation as one of the best schooling systems in the country.

Finally, Santa Clara offers a mostly residential area that is more affordable. Santa Clara is very appealing to a wide variety of families with its close proximity to large companies such as Yahoo and Intel. Santa Clara has plenty of the basic amenities of a city such as shopping, restaurants, entertainment, etc.; however it is also home to the famous amusement park, Great America.

Everyone has different wants, needs, and desires regarding where they live. One person may have a priority of being close to work for a shorter commute and another person’s priority is to find a safe environment with good schools for their children, making it difficult to ask the question “Where should I live in San Jose?” But to get an answer that is right for you and your family it’s best to discuss the options and prices with a San Jose Realtor®. Getting a better idea of what to expect in some of the best areas in San Jose should help you make the right decision. Photo by Sean O’Flaherty

Your San Jose Short Sale Agent

For the best service and local information for San Jose California, feel free to visit or call anytime. I not only know the area, but know the real estate market and can help you buy, sell, invest or quickly get out of any home or property. I am a short sale expert but can also help you purchase or sell any home or property in the entire San Jose area.

CalHFA Debacle with San Jose Short Sale

CalHFA Debacle with San Jose Short Sale

My client requested a loan modification from CalHFA and was denied.

The reason stated was “large surplus of funds.”

Client contacted me to assist with a San Jose short sale.  Value of property is $180,000.

 Loans on property:

  • 1st with CalHFA in the amount of $309,000
  • 2nd with CalHFA in the amount of $15,000
  • 3rd with CalHFA in the amount of $15,000
  • 4th with the City of San Jose in the amount of $65,000
  • 5th with the Housing Trust of Santa Clara County in the amount of $6,500

    • Total Loans = $410,500

 Property was listed and short sale package submitted.  Short sale DENIED.  Reason: “large surplus of funds.”

I don’t know what financial documents the person was looking at because the package I submitted clearly shows a shortage of funds. 

The clown said to me, and I quote: “Often times borrowers overstate their financials. We go by the bank statements. The borrower over stated food costs.”  Huh?

My response:  Really.  If there is a large surplus of funds, and you go by the bank statements, then why are there numerous over draft fees showing on the bank statements? 

The more questions I asked the more I realized I was speaking with an idiot! 

Not uncommon when working with lenders and servicers.  The problem is the people working the files don’t have a clue what they are doing. San Jose short sale agents know more than the people assigned to work the files.

After twenty plus minutes going over the financial documents I uncovered the fact that he failed to factor in $1,210.00 which was listed on the financial statement under credit cards/loans.  The borrower has been paying this amount on a debt consolidation for nearly one year.

Drum roll please!  This amount clearly shows on the bank statements, which “they go by.”  However, because Mr. Bright One did not see it on the credit report, he unilaterally decided it was “overstated” and denied the short sale.

After sending him more “proof” of the debt consolidation he reopened the file and sent it to the loan modification department (again)!

Now that they are factoring in the $1,210 payment for debt consolidation, the borrower qualifies for a loan modification

They recommend that the borrower work with Keep Your Home California to get a $50,000 principal reduction.

You do the math!

CalHFA states that they will not approve a short sale if a borrower qualifies for a loan modification.  If the borrower does not want a loan modification they will foreclose.

I was told by another Bright One at CalHFA “we are human and we make mistakes.”

Yes, indeed you do. You made two of them back to back and you were paid to do it!  You had all the documentation in your possession and you still could not connect the dots. Adding insult to injury, rather than picking up the phone and asking a few questions, you simply DENY and close the file. 

The bottom line:  I have spun my wheels working a short sale only to discover that the two people who have touched my clients file can’t find their ass with both hands.

The borrower did all the right things.  The San Jose short sale agent did all the right things.  Is it any wonder why some people simply walk away and let their home foreclose? It’s no wonder in this case.  CalHFA left the homeowners with no viable option other than the forced foreclosure which CalHFA will proceed with.

CalHFA Debacle with San Jose Short Sale – CalHFA opts to foreclose rather than cooperate with a San Jose short sale!

San Jose Duplex for Sale


San Jose Duplex for Sale


Overview
Maps
Photos
Description
Neighborhood

$595,000
Multi Family
Main Features
3 Bedrooms
2 Bathrooms
2 Units
Interior: 1,149 sqft
Lot: 6,534 sqft
Location
1295 – 1297 Branham Lane
San Jose, CA 95118
USA
To get updates on open home dates and other property events, please click the “Like” button below:


Kathleen Daniels, CDPE, CHS, CSSN, RDCPro

Kathleen Daniels, CDPE, CHS, CSSN, RDCPro

KD Realty
(800) 972-1822
http://www.ExclusiveSanJoseHomes.com

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

San Jose Short Sale Agent

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

Don't Wait Until You Are Out of Time
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 1st Lien with Bank of America: 12/22/2011
  • Lender Approval 2nd 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!

Sign Petition to Extend the Mortgage Debt Forgiveness Act

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

San Jose Short Sale Closes on 1-6-2012

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.

Alternatives to Foreclosure

  • List Date: 10/15/2011
  • List Price: $399,999
  • Number of Offers: 1
  • Sale Date: 10/20/2011
  • Days on Market: 6
  • Lender Approval 1st Lien with Bank of America: 12/8/2011
  • Lender Approval 2nd 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!

San Jose Short Sale Agent Closes Another HAFA Short Sale

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.

Alternatives to Foreclosure

  • List Date: 10/2/2011
  • List Price: $368,888
  • Number of Offers: 3
  • Sale Date: 10/12/2011
  • Days on Market: 10
  • Lender Approval 1st Lien with Bank of America: 12/9/2011
  • Lender Approval 2nd 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. 

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!

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