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!

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!

Senate Bill 931 – California Anti Deficiency

Senate Bill 931 – California Anti Deficiency

What does this mean for California and the increasing number of homeowners in financial distress who want to avoid foreclosure and find short sales to be a dignified option?

Senate Bill 931 was filed with the Secretary of State and approved by Governor Schwarzenegger on September 30, 2010.  This new law became effective January 1, 2011.

New Law effective January 1, 2011

Governor Approves SB 931

Senate Bill 931 adds a new provision to California’s Anti Deficiency Statutes, Code of Civil Procedure Section 580e.  Section 580e provides that a lender who holds a first deed of trust on residential property and agrees to a short sale is not allowed to seek a deficiency judgment or otherwise attempt to collect the balance of the loan after agreeing to approve a San Jose short sale.

This is an important piece of legislation even though it did not receive much fanfare. Many lenders that previously agreed to short sales would “reserve their rights” as to any deficiency, as a condition of the short sale approval. Reserving the right leaves the question of whether or not a lender, after a short sale closes, could seek to recover the balance of the loan after they had agreed to accept less in the short sale.

The provision of the code does not limit the ability of the first deed of trust or first mortgage to seek damages if the Trustor commits fraud with respect to the sale or waste with respect to the real property.

The section does not apply if the Trustor is a corporation or political subdivision of the state.

There is no mention as to if Section 580e of the Code of Civil Procedure is retroactive, or not. Short sale agents and/or negotiators best practice would be to ensure language to the effect that the lender is forgiving the balance is included on short sale approval letters scheduled to close before the end of 2010.

San Jose Short Sales – Agent Short a Full Deck

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!


San Jose Brickyard


San Jose Condos for Sale


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$220,000
Condominium
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2 Bedrooms
2 Bathrooms
Interior: 1000 sqft
Lot: 750 sqft
Location
1060 S. 3rd St
161
San Jose, CA 95112
USA
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Kathleen Daniels, CDPE, CHS, RDCPro

Kathleen Daniels, CDPE, CHS, RDCPro

Intero Real Estate
(800) 972-1822
Kathleen@ExclusiveSanJoseHomes.com
http://www.ExclusiveSanJoseHomes.com

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San Jose Short Sales – Borrowers Sue Wells Fargo

San Jose Short Sales – Borrowers Sue Wells Fargo

One of my morning routines is to spend an hour or so reading updates on what’s happening in the world of banks, lenders, servicers, Robo-Signing, foreclosures, short sales, etc. This is what I refer to as “The Land of Oz” because when dealing with Big-Bad-Banks we are often dealing with people without hearts or brains.

As I was perusing DSNews, one headline caught my eye:

Defaulted Borrowers file Lawsuit against Wells Fargo.

After working San Jose Short Sales for over two years, I am intrigued by reading that borrowers are taking action against their beloved banks and loan servicers and attempting to hold them accountable for their dubious business practices. There is rarely a day that goes by that I do not hear about yet another way a borrower is screwed-over by their BIG-BAD-BANK.

This morning a DSNews article reported that a law firm filed a class action suit against one of the Biggest of the Badest Banks – Wells Fargo Bank and America’s Servicing Company (“ASC”), its servicer.

The premise of the lawsuit is that America’s Servicing Company told borrowers they would not be eligible for a loan modification as long as they were current on their payment. The effect of this advice was to encourage borrowers to default on their mortgages if they wanted a loan modification.

The claim in the class action lawsuit is that America’s Servicing Company induced borrowers to default on their mortgages in order to charge penalty and fees associated with the late payments. Bad-Bad-Bad!

“As a loan servicer, ASC generates a significant portion of its revenue from fees, penalties, and interest collected on the non-performing loans it services. Consequently, it is in ASC’s financial interest to avoid, delay, and deny loan modifications and to pursue foreclosures because doing so will lead to increased revenue.”

OUCH – Truth Hurts those Big-Bad-Banks!

A Borrower, who has not defaulted, yet is financially distressed and facing imminent default may be eligible for a loan modification if financial hardship can be demonstrated, according to the Home Affordable Modification Program guidelines. Guess who determines financial hardship? BIG-BAD-BANKS!

Alleged in the class action lawsuit: “By making loan default a prerequisite for modification, without regard to whether a borrower otherwise qualified for a modification due to financial hardship, ASC caused borrowers to unnecessarily suffer ruined credit and subjected them to significant fees, penalties and interest.”

Wells Fargo said: “We believe, as we have from the beginning of this crisis that it is in our customers’ and the country’s best interests to assist customers who can afford their homes – with some help – to remain in them. And, it is our goal to exhaust all options before moving a home to foreclosure sale.”

I say the proof is in the number of successful loan modifications – which relatively speaking – are very few indeed!

Are you facing foreclosure? You can avoid foreclosure. There are foreclosure alternatives that can help save your credit.

Call 1-800-972-1822 or visit San Jose Short Sales and request a free consultation to discuss foreclosure alternatives.

Search San Jose Homes for Sale – including short sales.

San Jose Short Sales – Borrowers Sue Wells Fargo Bank – by Kathleen Daniels, San Jose Real Estate Agent

San Jose Short Sales – $300 buys Short Sale Approval

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

Berryessa Homes


Berryessa Homes
San Jose Short Sales
Overview

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$411,000
Single Family Home
Main Features
3 Bedrooms
3 Bathrooms
Interior: 1583 sqft
Lot: 5,663 sqft
Location
1414 Donohue Drive
San Jose, CA 95131
USA

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Kathleen Daniels, CDPE, CHS, RDCProKathleen Daniels, CDPE, CHS, RDCPro

Intero Real Estate
(800) 972-1822
Kathleen@ExclusiveSanJoseHomes.com
http://www.ExclusiveSanJoseHomes.com

Listed by: Intero Real Estate – Kathleen Daniels

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1414 Donohue Drive

San Jose Short Sales – San Jose Condos


2br/2ba + Loft & Garage Condo in Berryessa – San Jose CA


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$285,000
Condominium
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2 Bedrooms
2 Bathrooms
Interior: 1178 sqft
Lot: 871 sqft
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2573 Alveswood Circle
San Jose, CA 95131
USA
To get updates on open home dates and other property events, please click the “Like” button below:


Kathleen Daniels, CDPE, CHS, RDCPro

Kathleen Daniels, CDPE, CHS, RDCPro

Intero Real Estate
(800) 972-1822
Kathleen@ExclusiveSanJoseHomes.com
http://www.ExclusiveSanJoseHomes.com

Listed by: Intero Real Estate – Kathleen Daniels

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