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By: barbaraamstadter On: May 24th, 2010
In: Sellers, foreclosures, real estate, short sales, uncategorized,
Having earned the CDPE designation was a great step in a quest to help homeowners facing foreclosure. Recently I added to that designation with the SFR which is the National Association of Realtors course with certification upon passing course materials and exams for those agents interested in working short sales. It stands for Short Sale Foreclosure Resource.
Sellers facing foreclosure deserve representation by knowledgeable agents. The vast majority of agents certainly want to do a good job for a seller in distress. Wanting to do a good job and having specialized training are distinctly different. The details, follow-up and timelines in the foreclosure process are very precise and require specialized training to insure the greatest possibility of success.
An agent would be much better advised to refer short sales to a verifiable short sale specialist, earn a referral and praise from their clients for their help than muddle through an unfamiliar process and possibly end up with less than a favorable result.
Keep Your Eye on The Foreclosure Numbers
By: barbaraamstadter On: May 9th, 2010
In: foreclosures, real estate, short sales,
Foreclosure trends for the month of February, 2010 show 47, 035 Notices of Default nationally, with 30, 881 in California and 1, 573 in Orange County. Notices of Trustee Sales show 86,595 nationally, with 26,591 in California and 1,493 in Orange County. Bank owned properties nationally came in at 80,232 with 12,591 in California and 400 in Orange County.
According to many real estate experts, 2010 will be a good time to buy a foreclosure or pre-foreclosure home, an investment property or a vacation rental.
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.
California Foreclosure Activity Rises in First Quarter
By: barbaraamstadter On: May 8th, 2010
In: Buyers, Sellers, foreclosures, real estate,
California Foreclosure activity has risen in the first quarter of 2010. California, thus, maintains its status as the nation’s foreclosure leader for the 16th consecutive quarter. There had been a 17% decline in the number of foreclosures in the third and fourth quarters of 2009, but the numbers began moving up again in the first quarter of 2010.
Are we headed for a new real estate decline? The rise in foreclosures coupled with the end of the first-time homeowners tax credit may see a waning demand for homes. This could lead to another softening of prices.
There is a lot of confusion between HAMP and HAFA
By: barbaraamstadter On: May 5th, 2010
In: Sellers, banks, foreclosures, real estate, short sales,
There is a lot of confusion between HAMPand HAFA. HAMP is the Home Affordable Modification Plan and HAMP is the Home Affordable Foreclosure Alternative program. Under one program (HAMP) you are trying to get a loan modification on your loan/s. Under the other program (HAFA) you are trying to find an alternative to a foreclosure by selling your home using the short sale process or giving your property back to the bank using a Deed in Lieu of foreclosure.
If you qualify under HAFA to sell your home and your lender is identified as subscribing to the HAFA program, you, as the borrower will be fully released from all liability for repayment of the loan.
Because, in any case, there could be significant tax and credit issues, it is always best to check with your attorney and tax advisor as to your personal situation.
What is HAFA?
By: barbaraamstadter On: May 4th, 2010
In: Sellers, foreclosures, real estate, short sales, uncategorized,
The Short Sale Seller Interview
By: barbaraamstadter On: April 27th, 2010
In: Sellers, foreclosures, real estate, short sales,
Interviewing the seller in pre-foreclosure is an important part of the short sale process. Not all sellers will qualify.
There are 9 Ways to Avoid Foreclosure
By: barbaraamstadter On: April 27th, 2010
In: foreclosures, real estate, short sales,
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.
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.
