San Jose Short Sales

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.

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!

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!

Another San Jose Short Sale Closed by Short Sale Agent

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!

5543 Judith St. – San Jose Short Sale

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

Short Sales Agent Closes HAFA Short Sale

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 consultation1-800-972-1822

HAFA Short Sale

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!

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