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Bank of America Will Pay More Than $6k to a Junior Lien Holder on a Sacramento Short Sale

29 Jun

Bank of America Will Pay More Than $6k to a Junior Lien Holder on a Short Sale in Sacramento

Bank of America bringing a big pile of cash to pay of your junior lien during your Sacramento Short Sale

I have heard this time and time again: “Bank of America does not EVER pay more than $6000 to a junior lien holder during a short sale”.  I have been told this by negotiators, asset managers, attorneys, CPAs, homeowners, Real Estate agents and the list goes on…..

This is just plain not true.

Just to today I had this happen:
Just got off of the phone with a negotiator from Specialized Loan Servicing, they held a $142k junior lien on a short sale we have been negotiating, her words to me were “Wow, I have never seen Bank of America allow 10% to a junior lien, that must be due to your mad negotiating skills!”.

Click on the link to see a copy of the approval letter from Bank of America we received in June.

Last month we had clients who had a 1st lien with Bank of America for $414k and a junior lien of $100k with GMAC, which had ballooned to over $120k with all the late payments and penalties. Now the original negotiator at Bank of America said “We will only pay them $6k… blah blah blah” and GMAC negotiator was standing firm that they would not take a penny less than $12k and change…. we were at an impasse…. so we escalated the file, got it into the hands of a negotiator who understood the numbers and got Bank of America to agree to pay what GMAC was demanding….

Click on the link to see a copy of the approval letter from Bank of America we received in May

This is a lesson to agents, don’t believe what the banks tell you…. Banks DO NOT WANT TO FORECLOSE…. Keep pushing and pushing.

For those people with big junior liens there is hope if you use an agent who understands the way the banks really think and can keep pushing to get the short sale done. Once this short sale closes, due to California state law our client will have gotten rid of $309,000 in negative equity and will have ZERO tax liability and no chance of a deficiency judgement. Most of the time a short sale just plain makes sense.

 

Foreclosure Prevention & Alternatives – What You Need to Know in 2012

12 Jun

Foreclosure Prevention & Alternatives - What you need to know in 2012

5 Steps to a Successful Short Sale – Solving Your Mortgage Crisis

19 Jan

Solving Your Mortgage Crisis Just Got Easier

5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be Tips for qualifying for a short saleaware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?

You must:

  1. Have a verifiable hardship, like unemployment, medical bills, or relocation
  2. Must have a monthly income shortfall
  3. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale: (more…)

A Sacramento Loan Mod Horror Story with Bank of America

3 Aug

“In the long run it [the loan mod] was garbage…and a complete waste of time….”

-John & Tanesha Chuma

 

Listen to some of my clients candidly discuss their experience trying to get their loan modified by Bank of America.

Short Sale Success in Rocklin

3 May

“Any help anybody needs, Peter is a great person for that…”

-Elpidio Plasencia

Take a moment and listen to a Elpidio & Hortencia, a couple of our satisfied clients give a testimonial about how we were able to help them successfully short sale their home in Rocklin and the troubles they had with other agents and their lender PHH mortgage. Doing a short sale does not have to be a difficult thing as long as you choose the right professional to work with you.

Where is the Real Estate Market Headed? Short Sale or Loan Mod?

10 Mar

Where is the market headed?

Which often leads to: Are we at the bottom?  Will homevalues start increasing?

These are not just common questions I hear everyday, they are VERY important questions to anyone who owns or is planning on owning real estate in the next decade.

While many folks out there keep guessing, I’ve found it much more productive to actually look at the facts and take educated action.

Key indicators help us identify when the market ‘might’ begin to recover:  Consumer spending, consumer debt levels, Government intervention (which has ‘propped up’ our falling Real EstateMarket), standard Real Estate Cycles and Stock Market trends all play a major role in our current economic woes and the length of this real estate down turn.

Historically, when home values decline, they go downsteadily for about 5 years.  This down turn, on a national level, started about mid 2006 which, based on this trend, would put us at the ‘bottom’ around 2011 or 2012. (more…)

5 Reasons to Short Sale NOW Instead of Waiting

3 Feb

Take action

It is time to take action!

I should really have this post written by a neutral third party because many of you reading this will think….

“What else would a Realtor advise?  Doing short sales is how you get paid….”

I can certainly understand that frame of mind, but read on to understand why NOW is the time to short sale your property if you are upside down in equity and are having trouble paying your mortgage.
(more…)

4 Key Reasons to DO a Short Sale vs. Foreclosure

19 Jan

man weighing options

Weigh your options carefully....

Short Sale Vs Foreclosure

Sometimes you may wonder….

“why bother with the hassle of a short sale when I can just let the bank foreclose…”

I would like to examine the key effects the decision to choose a short sale over a foreclosure can have on your life. (more…)

How much time do I need to stop my foreclosure?

18 Jan

Hourglass in Bank

Do I have enough time to stop my foreclosure?

In a perfect world we would prefer 30+ days before a trustee sale to give us enough time to list the house, get an offer and submit the short sale package to the bank in order to give the lender enough time to postpone the trustee sale.

Unfortunately we rarely live in this perfect world.

We have, in the past, managed to get a trustee sale postponed with a 2 weeks notice.   Back in November 2010 we received a panicked call from a prospective client who owned a property in Elk Grove, he had received a “Notice of Trustee Sale” while he was out of town (more…)

How long after a Short Sale before I can buy again?

14 Jan

Home Buyers

How long after a short sale will we need to wait until we can buy again?

This is a complicated question.

The main reason for that is for all the waiting periods I have seen quoted by Fannie Mae (they provide the lending guidelines for conventional loans) and FHA (they provide the lending guidelines for FHA loans) they do allow for exceptions that could reduce the waiting period if the borrower can document extenuating circumstances.  I will go into what would count as an extenuating circumstance in a little more detail at the end of this post….
(more…)

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