Author Archives: Katerina Gasset
Author Archives: Katerina Gasset
Bank of America posted brand new videos that I found to be extremely helpful for agents, on several different complicated topics in regards to the rules of short sales. The first one and what I felt was most important is called, “Initiating the Short Sale”.
What exactly is a Short Sale?
An alternative to a foreclosure
An investor accepts an amount less than what is owed on the mortgage
Investor guidelines will determine the eligibility for short sale and foreclosure postponement
Short Sale Assistance:
– Can be up to #3,000 for Relocation
– Possibly eligible for HAFA (Home Affordable Foreclosure Alternatives) program
How to Qualify for HAFA:
– It must be your primary residence
– The mortgage must have originated on or before January 1, 2009
– Delinquencies or default must be foreseen
– All HAMP (Home Affordable Modification Program) options must be exhausted
– Unpaid principle balance must be less than $729,750 for 1-unit properties (varies per amount of units – cannot be more than 4)
“I would like to commend Michael Simonini of Showcase Realty for coming to my rescue and helping me favorably part with investment properties I had in North Carolina. In 2006, I purchased a few properties hoping to rent them but, was unable to do so; I found myself paying these mortgages on my own. After several years I was no longer in the position to continue making payments and therefore, started to receive foreclosure notices. For anyone facing foreclosure, you know how frustrating and difficult it is trying to work with your lender to salvage your credit and at the same time preserve your dignity. I reside in New York, which posses many challenges because I was not able to regularly travel to North Carolina in order to maintain these properties or meet with realtors to list these properties for sale.
“In December 2009, after countless hours of internet searches and telephone conversations trying to locate a realtor in North Carolina, I was referred to Showcase Realty by GMAC Mortgage. Showcase Realty was instrumental in successfully obtaining short sale on these properties. I am extremely grateful and fully satisfied with the high level of professionalism received from the staff at Showcase Realty. I can assure you, Showcase Realty will be by your side every step of the way in assisting to find a favorable solution for your situation. In the future, if I am in the position to purchase properties in North Carolina I will not hesitate to contact Showcase Realty. I am confident in highly recommending Showcase Realty for all your real estate needs.”
Brian M., New York
Buying a home is a difficult task for anyone, but is especially tough for those who have experienced a foreclosure or filed for bankruptcy. It may be difficult, but it’s NOT impossible! Here are some tips:
1. Wait A While
The waiting period after these situations can be anywhere from 1-7 years, but most people don’t know that this period can be waived or shortened if the foreclosure was due to “extenuating circumstances or hardship beyond his or her control.”
2. Clean Up Your Credit
Make sure to avoid any late payments on bills, rent, etc., and try to stabilize your employment to show that you are capable.
3. Consult a Professional
Consult a loan officer or mortgage broker for advice on your personal situation.
Short sales give homeowners an option other than going through the embarassment of foreclosures, while banks avoid the legal bills and maintenance costs the follow a foreclosure.
Short sales usually sell for more and get more money for the banks than foreclosures. In turn, banks often agree to drop any additional mortgages payments!
Many people feel that they are the only ones living paycheck-to-paycheck, but 61% of those surveyed said that they would not be able to keep up with their mortgage or rent payments within 5 months or less of being unemployed. This also includes those with higher annual incomes, who also admitted that they could not guarantee that they could afford the payment following losing their jobs.
There are several options to choose from when this occurs that is much less devastating then being foreclosed on, including special government programs like HUD’s Emergency Homeowners’ Loan Program.
If you cannot afford to keep your home, but still would like to refrain from the damage of a foreclosure – short sales are the way to go!
To learn more about short sales, how they will benefit you and the easiest way to go about doing it, visit Showcase Realty or call our short sale expert at 704-889-5600.
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