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!

 

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.

 

CLICK HERE TO DOWNLOAD THE ORIGINAL FROM CA DRE LEGAL COUNSEL

 

 

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
Site: www.ShortSalePlatinum.com

 

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 www.MyHouseSaved.com

Mortgage Modification Explained

by qinfokusuma 12. June 2012 11:31

This video describes what mortgage modification is, and how it can be a great option to avoid foreclosure as long as you can truly afford a "modified" or reduced payment. 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 www.MyHouseSaved.com

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 www.MyHouseSaved.com

 

 

 

 

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 www.ShortSalesPlatinum.com

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

 

Time is Running Out: How the Mortgage Debt Relief Act can save you!

by qinfokusuma 6. June 2012 14:30

Time is Running Out: How the Mortgage Debt Relief Act can save you!

 

In 2007, the Mortgage Debt Relief Act was passed in an attempt to help the millions of homeowners who, due to the housing crisis and economic crash, suddenly found themselves in danger of losing their home to foreclosure.

 

The act has helped many distressed homeowners find solutions to avoid foreclosure and opened up options to them that were previously unavailable.

 

However, the Mortgage Debt Relief Act was always intended to be a temporary solution and it is now set to expire at the end of 2012. For distressed homeowners, this means that time is limited for you to take advantage of this program.

 

Time is running out. But there is still a chance to change your financial direction and avoid foreclosure.

 

-Rudy L. Kusuma, CDPE
Team NuVision Foreclosure Prevention Unit
Real Estate Broker Lic# 01820322
Free foreclosure prevention resources for home owners: www.ShortSalePlatinum.com
Take Action! Call me direct 626-780-2221

 

Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away.

by qinfokusuma 5. June 2012 09:58

Escape Your Unmanageable Mortgage: Getting free doesn’t have to mean running away.

Perhaps you have heard about it.

 

On the news, a reporter tells a story about how the housing crisis has caused some homeowners to simply walk away from their homes. It sounds crazy, but many people are being led to believe that walking away from their home is a good (or even the best!) option.

 

It is called Strategic Default. For distressed homeowners who believe that they have no good choices left, the idea of walking away free of consequence may sound like a relief. The reality, however, is that choosing strategic default has serious repercussions on your credit.

 

THERE ARE BETTER OPTIONS AVAILABLE!

 

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to escape from unmanageable mortgages without running away.  

 

Facing your problems head-on is always the best solution. Let me help.

 

-RUDY L. KUSUMA, CDPE
Team NuVision Foreclosure Prevention Unit
Real Estate Broker Lic# 01820322
Free foreclosure prevention resources for home owners: www.ShortSalePlatinum.com
Take Action! Call me direct 626-780-2221

 

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