Hi, this is Mark Peek with Keller Williams Real Estate, your Folsom short sale specialists. I wish to speak to you at the moment a couple of short sale that just got closed. It is a VA short sale and it’s sort of interesting. The borrower made their payments to a company referred to as Mortgage Investors Corporation and they’re truly sub servicing for GMAC. GMAC is the actual servicer of it and VA is backing the loan. So we acquired this one authorised and there have been no issues with it. This was most likely one of the easier short sales if you want to call any of them easy. The VA really put an affordable value on the property, one which was affordable market value and we had clients that were willing to pay it. This one actually closed out pretty quickly.
When you have a VA short sale that you have some questions on or if it is another GMAC file or some other servicer out there, feel free to give us a call and we can help you with that. When you’ve got any particular questions or in case you are contemplating a short sale and not likely sure if it’s the most suitable choice for you, I highly suggest our short or stay calculator on our website. For those who plug in your data, it provides you with an in depth report on whether or not a short sale is likely to be the correct choice for you. It should inform you how long it may take you to break even and how long should you wait. It’ll also provide you with some appreciation low, mid and excessive appreciation differences. We will not actually project accurately obviously the future and how much pricing may go up or how fast it might go up or if the charges might change. So, attempt that calculator, it’s a terrific instrument to provide you a better concept of whether or not a short sale might be right for you. Again, I’m Mark Peek with Keller Williams Real Estate, your Folsom short sale specialist and I am right here to assist answer any questions it’s possible you’ll have. Thanks and have a fantastic day.
Hello my name is Mark Peek at Keller Williams Real Estate, the short sale expert for the Folsom area. Today’s video is about a SunTrust FHA short sale that we have been handling. We found ourselves in a situation where there were some guidelines in place by HUD that didn’t quite make sense.
The short sale was actually declined because of two guidelines in place by HUD; if those guidelines were not met, then SunTrust was afraid that HUD wouldn’t pay out the claim for the short sale deficiency. In this case, the seller has two FHA home loans, but the reality was that their employer moved them to a new location across the country, so they purchased a new house and rented the other house out for approximately two years. They got into a situation where they could not afford both payments. There is a guideline that says you can not rent the home out for more than 18 months to be eligible for a short sale. The other guideline is that you can’t have two FHA home loans and qualify for a short sale. This doesn’t really make sense because in the long run, HUD is going to pay out on this claim if the house goes to foreclosure. By appealing this directly to HUD, I was able to get a variance on this case because we have an involuntary relocation; it was not the sellers intent to do this. HUD granted a variance and the short sale was then approved by SunTrust.
I just wanted to let you know that guidelines are there for a reason, but they’re not set in stone. There are certain situations that can affect whether or not these guidelines can be bent at all. If you have any questions regarding an FHA short sale, or any other type of short sale, feel free to call me, send me an email or click Start Here at the top of the page and type in your information. I look forward to hearing from you and working with you on your short sale.
Hello everyone my name is Mark Peek with Keller Williams Realty in Folsom thanks for your time today. I use my weblog to keep Folsom householders informed on their choices for avoiding foreclosure and learn how to get out from beneath their mortgage debt. If you are struggling to pay your mortgage and able to sell your house please browse my website or call my office to talk with an experienced agent today.
For my blog topic I wanted to speak about a recent short sale I closed by way of Specialized Mortgage Servicing and some unique features that made this very memorable. This particular Folsom residence needed a good amount of repairs in order to be lived in and by chance we were capable of sell it as is. However, the market value of the house set by Specialized Mortgage Servicing was a lot larger than the actual value given the needed repairs which affected our negotiations. This property additionally had a federal tax lien on the property which needed to be released before we may complete the short sale. In addition, this borrower was capable of qualify for some relocation assistance which helped them discover a new property to rent. This short sale took some further work however this demonstrated the significance of showing the lender your true property value. In case you are contemplating a short sale and your own home needs significant repairs contact me to discuss the impact on your short sale.
For extra data or to find out if a short sale is right for you go to my website and try my Short Or Stay Calculator today. This free tool will provide you with a real time assessment of what your own home is worth at the moment and also under different recovery scenarios. Thank you for your time and I look forward to helping you with your Folsom real estate problems in the future.
Service Released Bank of America Mortgages and Short Sales and the way that May Affect You and your State of affairs
Hello, I’m Mark Peek with Keller Williams, your Folsom short sale specialist. At the moment I wish to discuss Bank of America being serviced released. Have you ever received a letter just lately from Bank of America about your loan being serviced released? This implies it is being transferred to another servicer. So if you are in the midst of a short sale, this might affect you quite a bit. If your loan is actually transferred to a brand new servicer, you could have to start out your file over again from scratch with the new servicer. A whole lot of instances when servicing is transferred over, the documents will nonetheless go with the file but unfortunately the servicer desires to check on the previous servicer’s message over their file and ensure all the things in there is up to par.
So if you have any questions about service released to either Greentree or lots of them are being transferred over to Seterus, so when you have any questions about that and the way it might affect you, feel free to give me a call. Also, if you are considering a short sale and not sure if it’s the suitable determination for you, I highly recommend the short sale decision calculator on our website. It will provide you with an thought of how long it should take so that you can break even. It’s going to also help you figure out whether or not a short sale might be right for you. Again, I’m Mark Peek with Keller Williams Realty, your Folsom short sale specialist and I’m here to help. Thanks and we look ahead to talking with you soon.