Fannie Mae and Freddie Mac Short Sale updates

by qinfokusuma 18. January 2013 12:44

Fannie Mae and Freddie Mac announced changes to their servicing requirements for short sales. Please be aware of the following key changes for all parties involved in a short sale. These changes apply to all Fannie Mae and Freddie Mac short sales, with an offer and without an offer.
  • Title Transfer requirement change:
    • The buyer is prohibited from selling the property for any sales price for a period of 30 days from the date of the deed.
    • After a 30 day period, and until 90 days from the date of the deed, the buyer is further prohibited from selling the property for a sales price greater than 120% of the short sale price.

Note: The above restrictions will run with the land and are not personal to the grantee.

Below is an example on how to calculate the 120%:

    • Purchase Price is $100,000.00
    • 120% of the purchase price would be 
      $100,000.00 X 1.2 = $120,000.00


  • Relocation Assistance:
    • The borrower may be entitled to an incentive payment of $3,000 from Fannie Mae / Freddie Mac to assist with relocation expenses following successful completion of a short sale unless:
      1. The borrower is required to contribute funds or execute a promissory note.
      2. The borrower has Permanent Change of Station (PCS) orders and receives a Dislocation Allowance (DLA) or other government relocation assistance.
      3. The servicer has knowledge that the borrower is receiving relocation assistance from another source other than the servicer.

Note: If the borrower receives relocation assistance from a source other than Fannie Mae / Freddie Mac or the Servicer, the difference in the relocation assistance amount up to the $3,000 incentive maximum may be provided. If the borrower will receive relocation assistance from a source other than Fannie Mae / Freddie Mac or the Servicer and the amount is equal to or greater than $3,000, no relocation incentive will be provided.



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Loan Mods Take a Nosedive, Short Sales Skyrocket

by qinfokusuma 13. August 2012 11:07

When it comes to figuring out what the real estate market looks like, among the best resources to use are statistics from the Office of the Comptroller of the Currency (OCC).


The OCC recently released their mortgage metrics report for the first quarter of 2012, and the numbers tell a compelling story.


According to the report, loan modifications dropped 36.7% from last year and completed foreclosures rose from last year by 2.67%. Out of the gate, this might seem like bad news, but there’s more to the story. The truth is the rate at which completed foreclosures is rising has slowed down from last year, and newly initiated foreclosures have dropped 8.1%. And the best statistics we saw was that short sales rose 19.7%!


It’s no secret that 2012 hes been the year of the short sale so far. Every short sale represents someone getting out of a distressed property and getting new owners into a home. We love to see that this number has risen so much, and we look forward to seeing it continue.


If you would like more information on short sales, you can download our FREE Short Sale Video Series"Avoid Foreclosure, Save Your Credit, and Event Put Some Cash in Your Pocket!"



Courtesy of:

Rudy Lira Kusuma, CRS

Certified Distressed Property Expert

California Real Estate Broker License# 01820322

Telephone: 626-780-2221




Short Sale vs. Foreclosure: Who Wins?

by qinfokusuma 6. July 2012 15:06

One of the most frequent questions we’re asked is if a short sale has the same effect on a consumer’s future credit as a foreclosure. The answer is…ABSOLUTELY NOT!

When it comes to credit reporting, a short sale will most likely have a much less catastrophic effect than a foreclosure. As of right now, short sales are not listed as “short sale” on your credit report, but as paid as agreed, paid as negotiated, or paid for less than the original amount.

Also, If you are considered current with a short sale, you still have the ability to apply for an FHA loan, while having a foreclosure on your credit report stays there for a mandated 7 years. Not to mention, with a foreclosure, you must go through months of delinquency notices and in many cases a court appearance, which is also reported on your credit report.

If you’d like to learn more about the misconceptions of short sales, check out our FREE report, The Seven Most Dangerous Short Sale Myths by clicking here!


Your Ticket to Freedom from Mortgage Frustration

by qinfokusuma 30. June 2012 16:41

In the news, there is talk of a housing recovery. Experts feel more optimistic about the state of housing industry in America. However, if you or someone you know is one of the millions of homeowners who is stuck with a home on which you owe more than the property is worth, the feeling of helplessness can be overwhelming and frustrating.


Many people don’t realize that just because they are in danger of losing their home to foreclosure doesn’t mean they have to wait around for it to happen. With help, they can take matters into their own hands.




As a Certified Distressed Property Expert (CDPE), I make it my business to know all of the ins-and-outs of the options that are available for people who are in danger of losing their homes and help the challenges head-on.


Take a look at the information on this site and then Contact me today to schedule a free, confidential consultation.


RUDY L. KUSUMA 626-780-2221
Certified Distressed Property Expert

Free Special Reports available at


California Real Estate Broker License Number 01820322


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Foreclosure Prevention | Short Sale

Consumer Alert: What You Can Do to Protect Yourself from Getting Ripped Off in Real Estate and Home Loan Relief Scams

by qinfokusuma 30. June 2012 11:15


It is really difficult to identify a “surefire” way to detect fraud in the area of real estate and mortgage relief services. But there are some red warning flags to look out for so that you do not become the latest casualty of the scammers. Those things include:


1. Advice that you can “walk away” from your home loan and repair your credit by quitclaiming your property to some third party.


2. Assertions that you can “delete” or fully satisfy your mortgage by assigning it to a third party.


3. Claims that you can get your home “free and clear” by suing your lender for something like failing to get your approval to assign the loan to some other party.


4. Letters that appear to be from a government agency claiming to help you obtain mortgage relief assistance, or offers of “official government assistance” or “government approved” mortgage relief.


5. Requests that you pay only in cash, or by wire transfer or a cashier’s check.


6. Discussions of “side deals”, paying for something “outside of escrow” or “after closing”.


7. An unwillingness to meet in person.


8. “Attorney-backed” or “attorney affiliated” entities that do not disclose the name or names of California licensed lawyers who are responsible for those entities.


9. The use of more than one contract for the same services.


10. Advice that you do not need to read an agreement that you have been asked to sign. Always remember that you should not be pressured into entering into an agreement that you do not read and understand.


11. Unsolicited help, such as people showing up at your home, or cold-calling you and professing their expert services. You need to fully research all of those who you consider paying for real estate and mortgage relief services.


12. Unqualified guarantees or promises that the service provider can get your loan modified, that they can get a short sale approval for you, or that they can stop a foreclosure action.


13. Requests that you provide personal financial information over the phone or over the Internet.


14. Requests for upfront payment before any services have been provided.


15. Requests giving the service provider a power of attorney.


16. Statements that you must act immediately, or without any delay.


17. Requests that you must sign a deed of trust, grant deed, quitclaim deed, or any document that has not been fully completed (such as where lines are left blank).


18. Advice that you should not talk with your lender, servicer, attorney, accountant, and/or anyone else.


19. The use of lofty language that you cannot understand.


20. Advice that you can make some false statements in documents to get mortgage relief since “everybody is doing it”.


21. Assertions that they have found some secret loophole in the banking laws that will help you eliminate or modify your mortgage.


22. Assertions that you can avoid foreclosure by giving “fractionalized” interests in your property to persons or entities that are in bankruptcy.


23. Assertions that you are a “sovereign person” not subject to the laws of California or the United States.


24. Assertions that bankruptcy is an easy fix and will save your home from foreclosure. Filing for bankruptcy is a major event, with large implications for your life and credit, and it does not wipe out your secured mortgage lien. Bankruptcy should not be taken lightly, or commenced without serious contemplation and the advice of a credible and reputable bankruptcy specialist.





Foreclosures spike 9% in May

by qinfokusuma 21. June 2012 16:17

Foreclosure filings in May spiked 9% compared with a month earlier, according to an industry group.

RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January.

Bank repossessions climbed steeply, up 7% to 54,844, after hitting a four-year low in April.

The industry had anticipated that there would be a new wave of foreclosures once the industry resolved the "robo-signing" issues, which came to light in late 2010. A settlement was finalized last April.

CLICK HERE FOR ORIGINAL SOURCE LINK  - CNNMoney Les Christie June 14, 2012

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Short Sale Update: Changes to 2nd Lien Deficiency Waiver Guidelines

by qinfokusuma 15. June 2012 11:20

Bank of America has extended additional support to homeowners by agreeing to enhanced 2nd lien deficiency waiver guidelines.

Basic qualifications:

* The short sale must be initiated on or after June 1, 2012

* The 2nd lien must be attached to a 1st lien mortgage owned by Bank of America.

This waiver enhancement, based on the Department of Justice settlement, went into effect on June 1, 2012. 

To determine your eligibility, please contact:
Rudy L. Kusuma
Team NuVision Foreclosure Prevention Unit
Cell: 626-780-2221


Short Sale vs. Foreclosure

by qinfokusuma 12. June 2012 11:43

We go over the key differences between short sale and foreclosure in today's real estate market.

Rudy L. Kusuma hold the Certified Distressed Property Expert (CDPE) designation are trained to help homeowners navigate alternatives to foreclosure, and can provide answers to the many questions surrounding America's foreclosure crisis. Call Rudy 626-780-2221  - to learn more, go to

What is a Short Sale?

by rudylk 12. June 2012 11:23

This video describes a short sale, a real estate transaction where the bank will accept less than what is owed to them when a home is sold. Rudy L. Kusuma hold the Certified Distressed Property Expert (CDPE) designation are trained to help homeowners navigate alternatives to foreclosure, and can provide answers to the many questions surrounding America's foreclosure crisis. Call him direct at 626-780-2221  - to learn more, go to





Lenders Providing Large Cash Incentives to Homeowners for Short Sales

by qinfokusuma 7. June 2012 15:28

Cash up to $35,000 to Home Owners

In recent news, major publications including USA TODAY and CNNMoney have spotlighted the incentives provided by banks. These incentive programs, which offer anywhere from around $2,000 to upwards of $35,000, are intended to provide homeowners with the resources and motivation to pursue a short sale.

As banks look to ramp up short sales, such incentives are becoming more frequent. JPMorgan Chase began their incentive program last year, for example, and Bank of America (which plans a 60-70% increase in short sales this year) piloted a program in Florida this past December. Wells Fargo offers incentives as well, though primarily in states where the foreclosure process is particularly lengthy.

For banks, short sales can be a cheaper alternative to foreclosure. The foreclosure process is lengthy and costly, so much so that providing up to a $20,000 alternative for a short sale is still a cheaper option.

In USA TODAY’s article “Lenders paying borrowers to do short sales,” Jim Gillespie, chief executive of Coldwell Banker, is quoted as saying “It’s a lot cheaper to shell out $10,000 or $20,000 to someone than it is to go through a long foreclosure.”

In addition to the cost of the foreclosure process itself, foreclosed properties sell for less than short sales on average. According to the National Association of REALTORS®, foreclosed properties sold for 22% less than conventional sales, while short sales sold for around 14% less.

For more information on Short Sale and other foreclosure prevention options, visit

or Call 626-780-2221 (direct telephone to Rudy L. Kusuma, Foreclosure Prevention Expert, CA DRE# 01820322)


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