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Posts Tagged ‘banks’

List of HAFA Lender Participants and Borrower Guidelines

By: barbaraamstadter On: May 8th, 2010
In: banks, foreclosures, real estate,

The list of lenders participating in HAFA (Home Affordable Foreclosure Alternative) is quite extensive. Remember, participation in HAFA by the banks is voluntary. Those lenders participating in HAFA have guidelines they must adhere to, if they are to be compensated under the HAFA program for their participation.

A homeowner who meets the criteria of HAFA may participate in the HAFA program, EVEN, if they have been turned down for a modification under the HAMP (Home Affordable Modification Program) program.

A homeowner who meets the following criteria might want to find out, if their bank is a participating bank. The homeowner must qualify as follows:
1. The borrower must have a genuine hardship or an impending hardship.
2. The residence must be the borrower’s primary residence.
3. The mortgage is delinquent or will be delinquent in the foreseeable future.
4. The unpaid principal balance may not exceed $729,750.
5. The total mortgage payment must exceed 31% of the Gross monthly income of the borrower.

Because the list of lenders participating is so extensive, please send us an e-mail request to Barbara@barbaraandSusi.com or Susi@barbaraandsusi.com and we will send you the list immediately.

What is a Short Sale?

By: barbaraamstadter On: April 20th, 2010
In: real estate, short sales,

So many people don’t understand short sales. I thought it would be nice to give you some information.

Pre-foreclosure timeframes in California

By: barbaraamstadter On: April 12th, 2010
In: foreclosures,

Pre-foreclosure timeframes in the State of California are as follows:

  • You stop paying your mortgage for about two months
  • The Bank files a NOD (Notice of Default) against your property and the clock begins to run
  • 90 days after the bank files the NOD, the bank can then file a “Notice of Trustee’s Sale”
  • 15 days after the bank files the “Notice of Trustee’s Sale”, the ability to redeem a property goes away
  • 21 days after the bank files the “Notice of Trustee’s Sale”, the bank may sell your home at auction.

What we are seeing in practice is that the banks are not sticking to the 21 days to sale after filing the “Notice of Trustee’s Sale”, but are using an arbitrary number of 31 days.

Because the banks are so inundated with requests for short sales and loan modifications, the extra 10 days has been added most of the time to accommodate them. The sale date can be postponed by the bank and often is, if there is a short-sale in progress. Don’t become complacent just because a sale date has  been postponed. The bank filed the original “Notice of Trustee’s Sale” to keep the clock running and to have control of the process. At anytime the bank can move to force the sale.

Many sellers don’t realize they have options when their home enters the foreclosure process. They do have options and it is in their best interest to seek them, even when they are not sure, if they can be helped.

Credit card companies

By: barbaraamstadter On: March 24th, 2009
In: uncategorized,

How much sense does it make for the credit card companies to unilaterally raise interest rates to a level of usuary (in my opinion) when people are struggling in an extremely challenging economy? It is a complete recipe for further disaster. We bail out the banks, so they can stick it to us with their greedy practices. Where is the American taxpayer’s “bail out”?  I believe most cardholders really want to pay their bills and, if the companies would work with them, they would be made whole. Instead they push people to the edge until they force them into bankruptcy and, for some, suicide. 100% of nothing is still nothing, when that happens. This is a time in America when we all have to work together and help one another. Somehow that message has escaped the banks whose poor business decisions and greed have devastated many, affected everyone and have done it in a cavalier manner.

I, for one, look forward to the day when I never will use a credit card again. Maybe they have done me a favor after all!!!



Barbara Amstadter

Named 2009 "Realtor of the
Year", Barbara

Amstadter is a name well recognized in the local community. She served as a co-founder of the "Committee of 4000", representing the owners of 4000 leasehold parcels in a legal fight for "leaseholder" rights. She helped negotiate the final monetary settlement, the largest in US history at the time.

Susi Scholl

Susi brings extensive
backgrounds in escrow

and new home sales to the 22 year successful partnership of Barbara and Susi. She is, also, a recipient of the 15 year "Legend" award (bestowed on only 3 agents out of 66,000 worldwide at the time). Susi and Barbara have been ranked in the top 1% of realtors internationally year in and year out.

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