Bank of America Leading in Short Sales

by mchupa 20. April 2012 12:36

                                                                                                                                                                                                                                                                                                             Bank of America is leading the way in short sales according to a recent article posted.  As people continue to face mortgage troubles Bank of America is becoming more accommodating and approving more short sales as an alternative to foreclosure.  We have been getting more HAFA approved short sales accepted through Bank of America than any other bank.  Bank of America is also offering their own short sale incentive program as well.  For those negotiating short sales we would love to hear how your experience has been with Bank of America recently.  Your comments are appreciated. 

If you are a struggling homeowner with Bank of America or another servicer and you would like to know your options please contact us at: 702-800-5744 or visit us at Foreclosure Alternatives.

244 more days until the Debt Forgiveness Act expires!

 

AB 284 and How It's Effecting Our Market

by qnicholasc 12. April 2012 13:55

 

 

As we have discussed in previous posts Las Vegas inventory is dwindling. As of today we have a little less than a 6 week supply of homes which is determined by the average number of homes we sell each month. Demand to buy is at an all time high. We are listing properties and within hours receiving multiple offers. I have heard properties receiving 25 offers! What has caused this to happen? October 1, 2011 Assembly Bill 284 was put into effect. Since then we have seen a steady decline in Foreclosures being filed. What is AB284? Basically it has made the guidelines stricter for banks to foreclose on homeowners and requires that proper documents are available showing that the bank has the right to foreclose. Many believe that this will allow many homeowners to be able to stay in their home for up to 2 years without making a payment! Sounds good right? Not really. There are a couple major things homeowners need to consider.

 

1. The Debt Forgiveness Act expires at the end of 2012. How does this affect you? Well if you owe $200,000 and your home eventually forecloses and is sold say for $100,000, the IRS looks at the $100,000 deficiency as earned income that you will be taxed on! The IRS is on the top of my list of people not to piss off or owe money too.

 

2. Banks have already started Judicial Foreclosures. Basically after milking the system and not paying your mortgage for 2 years the bank will take you to court to foreclose and seek full deficiency! Now you could potentially be on the hook for A LOT of money. You will most definitely need an attorney and I doubt they will come cheap in this case.

 

3. Closure. Many people are in this mortgage struggle voluntarily and involuntarily. Sure it's great to not have to make your mortgage payment and have some extra cash or maybe you need it to live on. At the end of the day do you want to go to sleep worrying about the above mentioned risks or be able to take advantage of starting over now with no worries? The banks are working with us to help homeowners either modify their mortgages or short sale their homes. The benefits of short sale are that we can negotiate full deficiency waiver and while the Debt forgiveness Act is in place you would not owe the IRS. I know I would sleep better not worrying about my mortgage company suing me or owing taxes on money I do not have to the IRS.

 

Our goal is to educate homeowners on all their options and help inform them of consequences they may be faced with if they choose to not act. We will show you all of your alternatives and we never charge.  Our services are completely free.  If you are struggling or would like help navigating through this difficult situation call us. Do not wait until it's too late call today.

 

Melissa & Nick Chupa, Broker/Owners of Sovereign Realty

 

702-800-5744

 

 

Las Vegas Housing Inventory Keeps Dropping

by qnicholasc 10. April 2012 09:13

 

Housing inventory levels in Las Vegas have continued to drop consistently week after week since October 1, 2011.  Many believed that there would be a wave of foreclosures to hit the market with the "shadow inventory".  However banks seem to be rolling out many more programs in lieu of flooding the market with foreclosures.  More so banks are working with homeowners to prevent foreclosure.  For those who do not qualify for or want a loan modification the banks have been easier to work with in short selling their homes.  Check out the article in the Review Journal.  In many cases we are getting banks to not only accept the short sale, wave the deficiency judgment but also give the seller relocation funds.  If you are struggling with your mortgage or would just like to weigh your options contact us today for a confidential consultation.   Our services are free and at no time should you ever have to pay anyone to do a modification or short sale.  For more resources visit Foreclosure Alternatives or call us at 702-800-5744.

 

New Changes with HAFA to Help Prevent Foreclosure

by qnicholasc 6. April 2012 08:34

 

There have been some great new changes to the government programs HAMP and HAFA. The Home Affordable Foreclosure Alternatives (HAFA) Program provides additional options to avoid costly foreclosures and offers incentives to borrowers, servicers and investors who utilize a short sale or deed-in-lieu (DIL) to avoid foreclosures. This program has allowed many homeowners to short sale their home rather than foreclose. This program has offered full release of any deficiency judgment and provided seller incentives (money) to complete the short sale.

 

Most recently they issued a supplemental directive with the following changes:

 

They are no longer occupancy requirements to be eligible.

 

They have increased the amount a servicer may authorize to pay any subordinate mortgage holder up to $8,500 in exchange for lien release and full release of borrower liability.

 

Mortgage holders can now report to credit bureaus in two ways: 1. Paid or closed account/zero balance. 2. Account paid in full/a foreclosure was started.

 

They have also extended the deadline for this program till the end of 2013.

 

Although they have extended this deadline there is no news in regards to the Debt Forgiveness Act being extended. HAFA releases you from your mortgage company pursuing any deficiency where as the Debt Forgiveness Act releases you from IRS ramifications, as they see the deficiency as earned income. This could leave many homeowners owing the IRS a substantial amount of money if they do not act quickly and the Act is not extended.

 

If you are facing foreclosure or have thought about short selling your home please contact us TODAY so that we can give you all the alternatives. There are many companies popping up charging money for this FREE service and many more portraying themselves as experts with little or no experience.

 

We have closed 100's of short sales and specialize in HAFA with a 100% success rate. Many can say it but we can prove it.

 

Call us today for a confidential consultation. 702-800-5744

 

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