Dallas Short Sale

Dallas Short Sale Realtors

Have you fallen behind on your mortgage payments, or are in danger of falling behind? If you are seeking a way to avoid losing your home to foreclosure, a Dallas short sale may be the solution you have been looking for!

A short sale takes place when a lender allows a homeowner to sell their home for less than they owe on their mortgage. The lender understands they will be better off financially by taking a “shorter” amount to pay off the loan than the proceeds they would receive from a foreclosure sale. Most foreclosures take years to complete and can cost the lending company a great deal of money.   A short sale is usually in both the home owner and lenders best interests.

Before a lender can agree to a short sale, the homeowner must prove that they are experiencing a financial hardship that prevents them from being able to afford the home or property. A financial hardship can include losing a job, going through a divorce, relocation for work, decreased salary or hours, unplanned medical expenses, etc. It is mandatory that the homeowner write a detailed  hardship letter explaining what the hardship is and how it is preventing them from making payments. This letter is one of many documents included in your short sale package.

Since a short sale is different than a traditional real estate transaction, it is recommended you find a licensed real estate agent that specializes in short sales.  Many homeowners make the mistake of thinking that they can deal with the lender on their own. This is not the case! Many lenders will automatically decline your application for a short sale unless a licensed real estate agent is representing you and your family. Honestly, there are just too many errors that can be made when preparing a Dallas short sale package and a hardship letter.

The entire short sale process is FREE to homeowners facing foreclosure. The lender takes responsibility for the closing costs, commission and any additional fees that comes with selling your home or property. A short sale will allow your credit to recover much quicker than a foreclosure, increasing your chances of buying a home in the near future. Do not hesitate to learn more about the short sale process and how it can work for you! Also inquire about any additional short sale incentive programs you may be eligible for.  Many lenders are so motivated to do a short sale there are cash back incentives of $3,000 up to $30,000 back to home owners to participate and complete a short sale.

Call us now to find out if you qualify for a short sale. Our Dallas short sale specialists are ready to offer you FREE short sale services! Do not wait until time has run out; call today to speak to a Dallas short sale realtor. 1- 877-737-4903.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

 If your home is in distress and you need a Dallas TX Short Sale Realtor, Call us now to see if you qualify for a Dallas short sale. Speak with a  Distressed Property Expert Certified in short sales or to find out more information on short sale incentives such as  the government program Texas HAFA Home Affordable Foreclosure Alternatives.

Copyright First Coast Realty Associates 2011

Dallas Texas Short Sale Question and Answers

• What does ‘short sale’ mean?

A short sale in real estate means your lender is willing to accept a smaller amount on your home in order to help you get out of it because of a financial hardship you may be going through, and they can avoid the costly amount a foreclosure would bring them. In most cases, it is usually not only the homeowner trying to avoid a foreclosure.

• How can I qualify for a Dallas TX short sale?

The main qualification for a Texas short sale is to prove that you are in some sort of financial hardship which may include: Divorce or separation, loss of employment, relocation or job transfer, medical expenses, active Military, etc.

• How long is the Texas short sale process?

In average, your short sale could take up to 6 months to finish depending on the situation. The timing of your short sale depends on a few things like, making sure your short sale package is complete and your hardship letter is written, your lender isn’t busy working on other short sales at the same moment, multiple liens, etc.

• What is my role in the Dallas Texas short sale process?

Your most important job is to gather the documents your lender has asked for in order to complete you short sale package. In your package they will ask for bank statements, tax returns, W-2’s etc. Financial documentation is crucial in the process. Your Dallas short sale Realtor will then list your home and once an offer is received, they will take care of all negotiations with your lender!

• Can my current Dallas Realtor short sale my home?

This depends on a few factors, but the most important would be your Realtors past experience with short sales. If your Realtor has only ever done one short sale or has never even done one, chances are it’s time to find the right Dallas short sale specialist to handle you case. Finding the right Texas short sale Realtor to successfully complete your short sale may be a tedious process to an outsider, but in reality, it’s one of the most important parts in a short sale. You want to make sure your agent is fully equipped to take on your short sale without hesitation and second guessing. You should feel at ease with your particular specialist. Our short sale experts are highly motivated and extremely hard working individuals who acquire the tremendous amount of experience it takes to complete a short sale. Contact us now!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need more information about how to do a Dallas Texas short sale? Are you looking for a Dallas Short Sale Realtor to help you with your short sale? We have highly experienced Short sale Realtors in Dallas TX. Call today if you need a Dallas Distressed Property Expert Certified in short sales or to find out more information on the government program Texas HAFA Home Affordable Foreclosure Alternatives.

Copyright First Coast Realty Associates 2011

The HAFA Short Sale Program

As part of President Obama’s answer to the economic crisis, homeowners may be eligible for the HAFA short sale program when opting for a short sale. HAFA stands for “Home Affordable Foreclosure Alternatives,” and aims to give less-fortunate homeowners a way to get a short sale approval within ten days of submitting all appropriate documentation, as well as incentives to help with relocation expenses at the end of the short sale. Let’s take a closer look at what the HAFA short sale program offers:

• It will allow borrowers to receive short sale terms which have been pre-approved by the government, even before listing up the property.
• The HAFA program uses standard documents, deadlines and processes that are found in regular short sales.
• It will provide various cash incentives when the short sale deal closes, depending on the borrower’s circumstances.

In order to be eligible for the HAFA short sale program, a borrower must meet the specific criteria outlined by the government:

• A homeowner’s mortgage amount must total to less than $729,750.
• The mortgage must have also originated on or before January 1, 2009.
• A borrower must be falling behind on mortgage payments, or close to declaring foreclosure.
• Only personal residences are deemed eligible for the HAFA short sale program; secondary residences, vacation homes or others do not qualify.
• The seller was, or would be, rejected for a HAMP loan modification.
• Any and all parties involved are required to sign an “arm’s length” affidavit. This essentially bans sellers from selling to people they know personally, or people they are related to by blood or otherwise.
• The buyer of the short sale property must also agree not to sell the newly-acquired property within 90 days of purchase.

Sellers who have taken out other kinds of loans from the government in the past may qualify for modified HAFA programs. If you have been rejected when applying for the HAMP program before, don’t worry; many homeowners who are rejected for a loan modification end up taking out a short sale instead.

The HAFA Short Sale Program: The Benefits

After finding out you are eligible for the HAFA short sale program, you may need to jump through a few legal and financial hoops to make sure your deal comes out smoothly. While a short sale is known for having many steps and somewhat of a wait for a close, the HAFA program ensures that sellers will be able to typically receive approval or rejection within in 10 days.

The HAFA short sale program also has provisions and benefits that a typical commercial short sale does not offer:

• Sellers will receive a cash incentive of $3,000 when the deal closes, in order to cover any expenses incurred in relocation.
• Lenders are required not to foreclose on a tenant while on the HAFA short sale program.
• Lenders who partake in a HAFA short sale waive their right to a deficiency judgment wherever such a practice is legal.

How It Works

Much like a regular short sale, borrowers will need to go through quite a bit when deciding on the HAFA program. Some steps of this process are unique to the HAFA short sale program, though:

• Borrower Solicitation – The government will also issue a special short sale package that will need to be filled out. Once the necessary      documents and forms are sent in, the borrower is assessed and a response is given.
• Assessment – The lender and government will then assess both the property being sold. They will also assess the total gains between a HAFA short sale, a foreclosure and a deed-in-lieu foreclosure.
• HAMP Assessment – If a borrower is planning to, or was already turned down, for the HAMP program, then his or her financial information will be used in order for further assessment.
• Property Inspection – Lenders will then put a value on the borrower’s property. Depending on the circumstances, the property may or may not be put up at going market prices.
• Notice to Borrower – A borrower who has submitted all the necessary requirements and assessments will then be able to go through with a short sale. Borrowers may also be notified that they may not be eligible for a deed-in-lieu.

Tips for a Successful Texas HAFA Short Sale

Lenders who choose to participate in the HAFA short sale program are watched closely by the government in order to protect borrowers. Even the smaller lenders who agree to the HAFA terms will be under strict regulation.

• Remember that if you have already accepted an offer for a commercial short sale, you may be disqualified from the HAFA program.
• Lenders, who participate in the HAMP, or Home Affordable Modification Program, are usually the same ones who participate in HAFA.     
• When looking to get a HAFA short sale, look to the banks, loaning institutions or other lenders you are borrowing from in order to check if they are participating in the program.

Contacting one of our experienced short sale Realtors will be a good start in your short sale process. Your specialist will be able to keep you up to date with each step of your short sale while also making sure you know that at the end of your short sale, incentives will be given to you to help you with your future moving expenses and/or paying off debt. Contact us now and let’s get your short sale approved!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

 Do you need a Dallas TX short sale on your home? We have highly experienced Short sale Realtors in Dallas TX. Call today if you need a Distressed Property Expert Certified in short sales or to find out more information on the government program Texas HAFA short sale program Home Affordable Foreclosure Alternatives. Our serives are 100% FREE to you!

Copyright First Coast Realty Associates 2012

6 Questions to Clarify Bank of America Short Sales

The intention of the Bank of America short sales program is to help homeowners who want to sell their homes primarily because it is already worth less than the balance of what they owe in their mortgage.  This normally happens when the real estate market begins to sink or in some cases can also be attributed to a lack of activity of the economy in general that causes some crunch in certain industries.  The motivation to hold a short sale is normally anchored on the need to settle mortgage debts by selling the property rather than face a foreclosure.

The completion of the short sale process prevents the foreclosure from pushing through as well as the homeowner from being evicted including the home being sold at a public auction or sale.  In some instances, depending on the financial condition of the homeowner, some type of relocation cost assistance may also be given.  It is important to realize that with a short sale, there are some credit, tax, and other implications that need to be considered.  Some questions about the Bank of America short sales program are:

1. What is the process involved in the short sale?

The first step that will be taken by the bank in the short sale process is to collect all the information that is necessary.  This is normally secured from the listing agent and the seller.  A negotiator will be assigned to ensure that the completion of the steps will be done within reasonable time.  The negotiator will also contact an agent to ensure that the BPO is completed.

The documentation will be reviewed based on the request of the seller, and if any pieces of information are missing, it will be requested prior to the continuation of the process.  The internal payoff numbers will be computed and a counter offer will be issued.  The pertinent file compilation will then be forwarded to the investor for evaluation whether the short sale should be accepted, countered, or rejected completely.  The agent will be notified promptly once a decision has been made.

2. What are the required documents from the seller?

It is necessary to initially establish that the existing loan does not fall under a VA or FHA loan, and the seller will not qualify under the HAFA Short sale program.  These are important aspects to clear up before applying for a Bank of America short sales program because they constitute a disqualification of the homeowner from the program.  Considering that they are financially strapped, unnecessary delays in the processing of their documents would be impractical and detrimental to their needs.

In general, the short sales program of Bank of America is fairly simple and straightforward.  The bank simply needs the seller to provide a short sale package that is made up of the bank statements, tax returns, W2 forms, payroll stubs, third party authorization, and most important of all, a hardship letter.  It is necessary that these components of the short sale package are complete before submission to the bank.

3. What are the duties of the agent during the short sale process?

For all homeowners who are carefully considering the Bank of America short sales program, it is vital to realize that the real estate agent is a critical component of the process.  In general, all communications during the entire short sale process is coursed through the real estate agent.  This is why homeowners need to be aware of the duties the real estate agent should perform.

The initial role is to list the short sale in the MLS in order to get some offers on the property.  Once an offer is received, the real estate agent is expected to advise the seller on how to deal with the offer and communicate with the representative of the buyer.  The qualification of the buyer via securing a preapproval letter must also be handled by the short sale agent. 

The drafting of the contract up to the final submission of the HUD before closing are part of the responsibilities.  These are complicated details that an average homeowner will not know how to handle.

4. What fees are excluded from the Bank of America short sales program?

It is important to understand that the guidelines for a short sale program can vary substantially among investors.  However, for most part, Bank of America does not shoulder any payment for home warranties including past due HOA fees, delinquent utilities, repairs, and pest work among others. 

The customary fees that are commonly countered out of the HUD would include notary fees, courier charges, recording fees, document preparation, and excess settlement fees.  It is important to clarify the actual guidelines of each investor before going any further with the process.

5. What are the duties of the seller?

In general, the duties of the seller in the Bank of America short sales program is the same as that with any type of short sale program with the exception of some specific details.  For one, with the Bank of America short sales program, the seller is required to use a different website for the uploading of relevant information.  The website to be used is explicitly identified as the homeowner portal for the Bank of America.

The seller is also required to create an account aside from uploading the requested documents by the investor.  The real estate agent should make sure that the hardship reasons supplied are acceptable and are part of those that are recognized by the bank. 

6. Is there a need for an experienced real estate agent?

First off, it is important for homeowners to understand that not all real estate agents are qualified to handle short sale transactions.  Basically, there are numerous specific aspects of the transaction that a real estate agent who does not have enough experience will never be able to understand.  This is why it is highly recommended to look for competent short sale specialist when using the Bank of America short sales program.

Homeowners should know how to screen real estate agents by asking them directly how many short sale transactions they have successfully closed.  It is equally important to get references for purposes of validation.  Basically, a real estate agent with an vast experience in short sale can accurately calculate the offer, knows his responsibilities, and keeps on pushing the transaction forward through constant communication with all parties involved.

These are all important questions that need to be answered in order to have a clearer picture of the short sale transaction the homeowner is entering.  This will also help you make an educated decision on whether the Bank of America short sales program is right for you. So, contact a short sale specialist who will make sure your short sale is their number one priority!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

 Are you a homeowner in distress because you have missed mortgage payments and would like to speak with a Texas short sale Realtor in regards to a  Dallas TX short sale? Our Short sale Realtors in Dallas TX are highly experienced and offer FREE short sale services! Call today if you need a Distressed Property Expert Certified in short sales or to find out more information on the government program Texas HAFA Home Affordable Foreclosure Alternatives.

Copyright First Coast Realty Associates 2011

Dallas Fed Bank CEO Says Housing Market Is In Motion Along Bottom

Chairman and CEO of Dallas Federal Reserve Bank, Richard Fisher says that the housing market is in motion along the bottom and aside from the slow growth; he is still against further quantities easing at the Fed.

Fisher stated that the process by which the Fed got mortgage backed securities and other assets to loosen fiscal burdens on financial firms left the financial system with enough liquidity to move forward. However, proceeds from those acquisitions are on balance sheets today, making it known that liquidity is not the problem. 

 Fisher said that the real issue is the state of uncertainty surrounding the nation’s economy due to lack of clarity over regulations and economic policymaking in Washington D.C. Fisher stated a slow housing recovery, but also said he sees the post recession housing slog as one with distinct regional differences.

While addressing a Dallas Regional Chamber crowd Tuesday, Fisher described Texas as a “job creation machine” that managed to maintain a relatively healthy economy and home values that never experienced the wild up-and-down price swings that plagued other foreclosure-ridden markets. Fisher stated that large welfare states and taxes are turning more residents to Texas and North Texas from U.S. foreclosure places like Michigan and California. Meanwhile the Fed suggested it will keep the federal proceeds rate close to zero through 2014, Fisher will continue to advocate for a less invasive monetary spot throughout the board.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you going through a Texas foreclosure? Do you need an experienced Dallas short sale specialist who is familiar with the Bank of America Equator short sale process to assist you with your short sale? Our Distressed property Experts are Certified in short sales and offer no cost assistance to you during your Texas short sale! Contact us today to speak with one of our Dallas TX Equator Realtors!

Copyright First Coast Realty Associates 2012

FHFA delays decision on Mortgage Principle Reduction Program

The Federal Housing Finance Agency delayed its decision to let principal reduction on Freddie Mac and Fannie Mae mortgages. American Banker initially reported the development on Friday. However, a spokesperson confirmed the delay. “FHFA continues to work on its principal forgiveness analysis and is in discussions with the Department of Treasury. A final determination on the Treasury proposal for triple investor incentives for (Home Affordable Modification Program) Principal Reduction Alternative is being deferred until we conclude these activities,” the spokesperson said.

The United States Treasury widened HAMP in January with intentions to boost principal write downs. Preliminary study results from the FHFA earlier in the month displayed the higher incentives could save Freddie and Fannie an estimated $1.7 billion. However, FHFA Acting Director Edward DeMarco stated a program like this one could only be limited to an estimated 700,000 loans. Taxpayers subsidizing the GSEs for the reductions may still lose $2.1 billion.

Only a small number of homeowners still current on their loan would have to strategically default to offset any savings to Freddie and Fannie. “DeMarco went to great lengths to detail operational difficulties in implementing this program,” said Isaac Boltansky, an analyst at Compass Point. “In our view, this delay is likely due to increased scrutiny of the full analysis by the Treasury Department in advance of its release and continued pressure from administration officials.” DeMarco has always favored principal forbearance to reduce monthly payments for homeowners instead of writing off the principal all together.

 In his own speech earlier this month, he said it may be considered as comparable shared appreciation program. “One of the concerns is the FHFA is doing this analysis on a very macro level. There are clearly times where forgiveness can work on a loan-by-loan basis, but it’s a tougher call if you did it across the board,” Mills said. “This is complicated analysis. It’s difficult to know all the factors.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you going through a Texas foreclosure? Do you need an experienced Dallas short sale specialist who is familiar with the Bank of America Equator short sale process to assist you with your short sale? Our Distressed property Experts are Certified in short sales and offer no cost assistance to you during your Texas short sale! Contact us today to speak with one of our Dallas TX Equator Realtors!

Copyright First Coast Realty Associates 2012

Chase Completes 61% of Delinquent Mortgage Liquidations

In 2011, JPMorgan Chase completed 61% of its delinquent mortgage liquidations, which is more than any servicer according to data collected by the banks securities research group.  Since the robo signing halt put a hold on the foreclosure process, the biggest servicers moved to short sales over REO.

By the conclusion of 2011, servicers were finishing short sales on more than half of their inventory of home loans more than sixty days late or in foreclosure already, according to the report. Back in 2008, short sales took an estimated 25% of all liquidations. Short selling homes were a result of a 56% loss on the loan, almost 15% lower than and REO sale, according to Chase analysts. Analysts at Chase, whom were using the Lender Processing Services data, broke down which servicers were doing majority.

 Behind Chase, Bank of America completed short sales on 52% of its liquidations, Ally Financial and Wells Fargo both had a hand in short sales on more than 41% of their resolutions. Firms that were not even involved in the rob o signing investigation from the attorney general turned to short sales.  Ocwen Financial Services used short sales the least, closing them on an estimated 25% liquidations, due to the company being more geared toward modifications and REO.

“Given that liquidation is inevitable for so many borrowers, investors in distressed assets should look to servicers who are more aggressive about pursuing short sales, where severities are lower,” analysts said in the report. “In general, there has been a trend of increasing short sales, and the percentage of all liquidations that goes through short sales is over 45% now.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

 Are you going through a  Texas foreclosure? Do you need an experienced Dallas short sale specialist who is familiar with the Bank of America Equator short sale process to assist you with your short sale? Our Distressed property Experts are Certified in short sales and offer no cost assistance to you during your Texas short sale! Contact us today to speak with one of our Dallas TX Equator Realtors!

Copyright First Coast Realty Associates 2012

Encouraging Lawmakers to extend Mortgage Debt Relief Act

The Treasury Departments Office of Homeownership Preservation called on mortgage servicers to add pressure on Washington to prolong the Mortgage Debt Relief Act of 2007, which is scheduled to expire at the end of 2012.

Laurie Maggiano spoke Tuesday at SourceMedia’s annual mortgage servicing conference in Irving Texas. Maggiano is the office director of policy and said the Treasury is working with counterparts such as the Mortgage Banking Association and Hope Now to encourage lawmakers to make the extension. The 2007 federal provision gives homeowners the ability to exclude debt reduction income resulting from mortgage restructuring or foreclosure.

If it expires, homeowners and servicemen who get settlement payments and mortgage debt forgiveness for wrongful foreclosure after 2012 we be subject to federal income tax. “I encourage you strongly to make your voices heard on Capitol Hill,” Maggiano said to the audience of mortgage service professionals.

“We’re not supposed to lobby, but this is something we feel strongly about.” Lawmakers who introduced the new bill said it is intended to “protect homeowners and service members who were wrongly foreclosed on and entitled to relief under the historic national mortgage settlement from additional tax burdens.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

 Are you a Dallas Texas homeowner who is facing a Texas foreclosure? Do you need an experienced Dallas short sale specialist who is familiar with the Bank of America Equator short sale process to assist you with your short sale? Our Distressed property Experts are Certified in short sales and offer no cost assistance to you during your Texas short sale! Contact us today to speak with one of our Dallas TX Equator Realtors!

Copyright First Coast Realty Associates 2012

Conflicting Expectations on Principal Reductions

Mortgage policy analysts have conflicting expectations for principal reduction on Fannie Mae and Freddie Mac loans following the release of preliminary reports from their regulator Tuesday. The early results have shown an increase in incentives from the Treasury Department that would save the GSEs an estimated $1.7 billion if principal reduction is adopted under the Home Affordable Modification program. However, Federal Housing Finance Agency Edward DeMarco’s support for the idea came to a halt there. The study showed a $2.1 billion cost to the taxpayer for the incentives, and only a small percentage of underwater borrowers in the U.S. would benefit 700,000 of the 11 million in negative equity.

The analysts at Bank of America drew from DeMarco’s repeated concerns about moral hazard that principal write downs may be a little too risky for the GSEs. “He expressed specific concern about keeping the remaining borrowers current on their mortgages, most of whom have always been current. He clearly expressed concern about incentivizing these borrowers to claim hardship or go delinquent on their mortgage,” BofA analysts said.

“We conclude from his preliminary remarks on the incentive approach to principal forgiveness of GSE loans that there will be zero to minimal scale of such an approach.” “We think a change in policy to allow more principal reductions is coming but expect it will be announced later in the month,” according to KBW.  “Recovery in the housing market is extremely important, yet there are more cost-effective and efficient options other than principal reductions for borrowers and American taxpayers,” according to a statement from the Amerian Bankers Association.

 “In most instances, principal reductions through Fannie Mae and Freddie Mac are not a feasible solution because they increase — rather than limit — taxpayers’ liability, raise the cost of credit and create improper incentives for borrowers.”  “Our conversations with contacts lead us to believe that his speech has done little to relieve pressure for him to embrace principal reduction,” Boltansky said. “DeMarco is still facing considerable pressure from the White House, Treasury and a formidable block of congressional Democrats. We believe that if he refuses to adopt principal reduction as a means of foreclosure prevention that the likelihood of him being relieved of his position is extremely high.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Dallas Texas homeowner who needs information on a Dallas TX short sale? Our Short sale Realtors in Dallas TX are highly experienced and offer FREE short sale services! Call today if you need a Distressed Property Expert Certified in short sales or to find out more information on the government program Texas HAFA Home Affordable Foreclosure Alternatives.

Copyright First Coast Realty Associates 2012

Bank of America Reaches out to Homeowners

Bank of America has started working with housing nonprofits to reach out to homeowners whose loan file may be eligible for review under federal consent orders with the nation’s largest mortgage servicers. Eleven counseling agencies and 200 local nonprofits received $3 million in grants from Bank of America. The other larger agencies gathered an estimated $250,000 each.  

 “We’re working with nonprofits to expand local outreach and help guide eligible customers to the review process,” said Noelle Bell, a spokeswoman for the bank. Bank of America funded a toll free hotline which was established by the national Foundation for Credit Counseling.

The Counselors meet with homeowners to help them fill out their forms and determine if they can request for review without receiving one. However, review forms must be postmarked by July 31. Bank of America is working with NID-Housing Counseling Agency and its network of national housing counselors to find potentially harmed borrowers as well.

To settle alleged foreclosure abuses, the top fourteen mortgage servicers, who include BofA, hired independent consultants to conduct a review of 4.3 foreclosures for probable problems and remediation. “I’m confident we will have a significant impact to help homeowners become aware of their options. We applaud Bank of America’s continued effort to be proactive in this area, and we’re honored to partner with them,” said NID Executive Director Jacqueline Carlisle.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Dallas Texas homeowner who needs information on a Dallas TX short sale? Our Short sale Realtors in Dallas TX are highly experienced and offer FREE short sale services! Call today if you need a Distressed Property Expert Certified in short sales or to find out more information on the government program Texas HAFA Home Affordable Foreclosure Alternatives.

Copyright First Coast Realty Associates 2012

Five largest Servicers Settlement Approved

A Reuters’ article that was published Thursday evening said the $25 billion settlement received an approval from a federal judge on Wednesday, but the announcement was not made public until Thursday. U.S.

District Judge Rosemary Collyer approved the national, historical settlement, which was originated by federal officials and 49 state attorney general’s against the top five biggest servicers; Bank of America, Citigroup, JPMorgan Chase, Wells Fargo and Ally Financial.

The investigations surrounding the settlement involved issues with foreclosure abuses and servicing issues such as robo signing, lost paperwork, and problematic modifications. The settlement was filed in federal court in the month of March and an agreement was established in February after more than a year of negotiations.

Oklahoma was the only state to stay out of the agreement, with the states Attorney General Scott Pruitt making the choice to seek out a spate settlement leading to %18.6 million. In a statement, Pruitt said the settlement he wants would provide for Oklahomans who were victims of misconduct “while not exceeding the appropriate role and authority of state attorneys general.” Calling the approval “a victory for American homeowners,” HUD Secretary Shaun Donovan in a statement said, “we know that now the real work begins to hold these servicers accountable and ensure that the nearly 2 million homeowners who are expected to receive help and relief actually get it.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Dallas Texas homeowner who needs information on a Dallas TX short sale? Our Short sale Realtors in Dallas TX are highly experienced and offer FREE short sale services! Call today if you need a Distressed Property Expert Certified in short sales or to find out more information on the government program Texas HAFA Home Affordable Foreclosure Alternatives.

Copyright First Coast Realty Associates 2012

Bank of America Equator short sale process and Realtor

The Equator short sale platform was designed to speed up the short sale process and make it a smoother transition for all parties involved. Bank of America is amongst other banks that are currently using the Equator short sale process to enhance short sales. There are great benefits to this program such as:

Status tracking

24/7 access to the short sale system

Direct communication with the short sale negotiator

Documents are uploaded directly to Equator instead of faxing

Streamlined approval process

Historical view of offers and counter offers

Bank of America has its own uniqueness to the Equator short sale system and is most attractive to buyers. In the beginning phase, usually the Dallas short sale specialist will be asked to provide the first five digits of the buyers social security number along with other information like birth date, address, phone number and of course, loan number.

The reason why the Equator short sale process is so exciting is because it allows individuals to upload documents from the computer to the bank while also having the ability to check on their status as frequent as they would like. The tasks in which are involved in this process are of the usual tasks in a traditional short sale. First, a 3^rd party authorization will be needed in order for your Dallas short sale specialist to work on your behalf. After that will be the offer worksheet which is likes your HUD 1. This information will help the lender see its probable net on the short sale. Following these will be the task of uploading the MLS sheet, purchase contract, HUD 1, property photo and MLS number. This can usually take up to 5 days.

After this will come the Broker Price Opinion. During this time you should probably upload documents like, bank statements, tax returns, hardship letter and financial worksheet. When you are searching for a Dallas Equator Realtor, make sure you are asking for credentials to verify their experience. Our Dallas Texas short sale specialists are advanced in the Equator process and know the ins and outs of short sales. If you are looking for an experienced professional who can help get you out of your current situation while managing to make the transition a smooth one, then contact us today! Our highly experienced short sale agents offer no cost assistance to you!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Dallas Texas homeowner who needs information on a Dallas TX short sale? Our Short sale Realtors in Dallas TX are highly experienced and offer FREE short sale services! Call today if you need a Distressed Property Expert Certified in short sales or to find out more information on the government program Texas HAFA Home Affordable Foreclosure Alternatives.

Copyright First Coast Realty Associates 2012

Saxon Mortgage Services layoffs will effect 680 employees

Ocwen Financial Corp. will lay off 680 employees at Saxon Mortgage Services in the month of May reported a filing with the Texas Workforce Commission last week.

Ocwen bought out the Fort Worth Texas based firm from Morgan Stanley in October to board $26,6 billion in new mortgage servicing rights. According to the notice, the layoffs are expected to start May 28 and will go on through the rest of 2012.

After purchasing Litton Loan Servicers and HomeEq last year, Ocwen became the largest servicer of subprime mortgages throughout the country.  In its year end financial filing, Ocwen paid $34 million in severance and lay off expenses tied to the Litton acquisition and another $32.9 million after the HomeEq buy.

Amongst the 5,063 Ocwen employees as of December 31, more than 840 worked in the United States, not counting the Saxon Office. More than 4,100 are employed in India with the rest in Uruguay operations which was set up in 2008.

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Mortgage Rates on the Climb

Mortgage rates are continuing to increase with a 30 year fixed rate mortgage above the 4% benchmark for the first time since October 27, 2011, said a Freddie Mac’s Primary Mortgage Market Survey.

“Bond yields rose over the past two weeks in part due to an improving assessment of the state of the economy by the Federal Reserve, better than expected results of commercial bank stress tests and the likelihood of a second bailout for Greece,” said Frank Nothaft, VP and chief economist for Freddie Mac. 

The thirty years fixed rate averaged 4.08% for the week ending March 22. Just last week the 30 year averaged 3.92% and during this time last year it averaged 4.81%.  However, the 15 year fixed rate stayed below 4% and average out about 3.30% which is up from the previous week when it was nearly 3.16%. In the previous year at this time, the 15 year fixed rate was around 4.04%.

Bankrate, which provides data by the top 10 banks and thrifts in the top 10 markets, made a report saying the 30 year fixed rate mortgage climbed 14 basis points to 4.29%, which became a five month high. The 15 year fixed rate made a rise of 3.48%, which is up 10 basis points, and the five year ARM also saw an increase of 10 basis points to 3,24%.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Dallas Texas homeowner who needs information on a Dallas TX short sale? Our Short sale Realtors in Dallas TX are highly experienced and offer FREE short sale services! Call today if you need a Distressed Property Expert Certified in short sales or to find out more information on the government program Texas HAFA Home Affordable Foreclosure Alternatives.

Copyright First Coast Realty Associates 2012