2013 Short Sale Update

by qinfokusuma 29. January 2013 08:47

"SHORT SALE UPDATE"...Statistics show that the number of foreclosures the past year are down. Many experts believe this is due, in part, to the rising popularity and growing acceptance of short sales. Short sales have become the number one loss mitigation alternative for foreclosure prevention, and banks have finally began adopting more streamlined procedures to shorten the approval process and cushion the impact on the borrower. However, the ultimate responsibility still lies with the homeowner to become informed to take advantage of these alternatives. In general there are three categories of short sales which are:

1. HAFA (Home Affordable Foreclosure Alternative) - Sponsored by the Federal Government for eligible homeowners and usually includes seller relocation assistance of $3,000 and forgiveness of any deficiency balance. For more info, see here.

2. Cooperative Short Sales - Lenders such as Bank of America and Chase are currently offering seller incentives up to $30,000 to qualified homeowners who participate in their cooperative short sale program. In most cases, the bank will dictate the price and terms of sale. Some homeowners have received requests in the mail to participate in this program so do not throw away correspondence from your servicer. Contact your bank to get information on their cooperative short sale programs. See examples here.

3. Standard Short sales - Homeowner must generally document a hardship and there may not be incentives available. However, the types of acceptable hardships has expanded. If your loan is owned by Fannie Mae or Freddie Mac, they have updated their guidelines for traditional short sales. See example here.

Although not every property that is underwater will get their short sale approved, some of the factors that help increase the possibility of getting short sale approval include:

(A) Start early: In most cases, you no longer have to show serious delinquency to qualify for a short sale. Getting an early start will give you time to negotiate the short sale without the deadlines of foreclosure looming and you may qualify for incentives by starting early. On the other hand, banks may be less likely to approve a short sale if you have been delinquent for a long time.

(B) Find a broker who is experienced in short sales and persistent. Negotiating short sales is very different from standard real estate sales and you want someone with a proven track record for success specifically in short sales who is willing to put in the extra effort to be persistent, to "negotiate" and be engaged in the short sale process. Ask them for details on how their short sale negotiating process works, who will be doing the actual negotiating (not always who you think), and the frequency which they will follow up with the lender.

Attention SoCal Homeowners - Click here for professional short sale negotiation services

C) The less you are underwater, the better. If you have only 1 loan or 2 loans with the same lender, the better. However, if your short sale appears to be stalling or you are having trouble getting answers from your negotiator, don't be afraid, when the time is right, to have your file escalated to someone who can get you the right answers.

 

Tags:

Short Sale

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.

 

 

If you know of someone behind in their mortgage payments, 
or facing foreclosure. We Can Help! 
www.FreeShortSaleService.com
Free recorded message (talk to no one)
1-888-300-4632, enter ID#1002

 

 

 

 

Underwater Homeowners Breathe a Sigh of Relief as Congress Renews Mortgage Debt Relief Act!

by qinfokusuma 2. January 2013 13:55

On January 1, 2013, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes, is great news for struggling homeowners nationwide.

 

The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.

 

Under the Mortgage Forgiveness Debt Relief Act, any debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.

 

Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability.

 

As a Certified Distressed Property Expert (CDPE) agent, I am specially trained to help homeowners escape the threat of foreclosure. If you or someone you know is facing foreclosure, contact me for a private consultation. I can help find a solution.

 

 

RUDY L. KUSUMA, REALTOR®
Certified Distressed Property Expert
California Real Estate Broker Lic# 01820322
www.FreeShortSaleService.com

 

Free recorded message (talk to NO ONE)
1-888-300-4632, enter ID# 1002

 

Tags:

Foreclosure Prevention | Short Sale

Damage Control: Mortgage Relief Act Expires

by qinfokusuma 19. December 2012 14:58

 

After providing more than one billion dollars in tax savings to underwater homeowners, one of the best relief options for those facing foreclosure has been allowed to expire.

The Mortgage Forgiveness Debt Relief Act of 2007 was originally passed to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.

Under this legislation, any debt forgiven in a short sale, foreclosure, or loan modification, was exempt from federal taxes. With its expiration, however, a homeowner will once again have to report any forgiven mortgage debt as income.

For example, if a $150,000 mortgage loan receives a principle reduction of $25,000, the $25,000 must be reported as income. Similarly, if a house with the same mortgage goes through foreclosure, any amount of the $150,000 remaining after the house is sold at auction is taxable as well.

This tax burden can potentially add up to tens of thousands of dollars out of a distressed homeowner’s nearly-empty pockets.  That’s why it’s now more important than ever to avoid foreclosure and the huge tax liability that comes with cancelled or forgiven mortgage debt.

As a Certified Distressed Property Expert and a licensed real estate broker, I can help.  Contact me now to learn how you can save thousand in taxes and completely eliminate the threat of foreclosure.

Rudy L. Kusuma, REALTOR
California Real Estate Broker Lic# 01820322
wwww.FreeShortSaleService.com

Free recorded message (talk to NO ONE)
1-888-300-4632, enter ID# 1002

 

Tags:

Foreclosure Prevention | Real Estate News | Short Sale

Short Sale Incentives

by qinfokusuma 5. December 2012 14:37

For homeowners with depressed property values, banks are offering new, never before seen short-sale cash incentives.

Since the beginning of the foreclosure crisis, millions of homeowners have found themselves pinned in by their financial circumstances and chained to a mortgage in which they owe more than their home is worth.

But what really makes today a unique time for distressed homeowners is one simple fact: Banks are now willing to give the homeowner cash to sell the home they can no longer afford.

“Why would the bank be willing to pay me money?”

It is actually very simple. For the banks, it’s all about arithmetic. In a foreclosure, banks take the home from the homeowner and then sell it at auction. The bank keeps the money made at auction, but they also have to pay money on upkeep of the vacant property and expenses related to the sale.

For other options, like a short sale, the bank is not responsible for selling or maintaining the house because it is still owned by the original homeowner and it is the homeowner’s responsibility to find a buyer for the home. In almost every case, the final sale amount in a short sale is greater than the sale amount at a foreclosure auction.

Because of this simple fact, short sales have become the preferred foreclosure alternative for the banks. This is why they are willing to offer the homeowner cash to short sell their home: even with a cash incentive, the bank still recovers more money in the long run and the homeowner is able to walk away from their financial situation with some cash in their pocket and the opportunity for a fresh start.

“How much money will they pay?”

This varies from bank to bank, but the amounts can be surprising and almost every major lender has some sort of incentive. For instance:
Bank of America offers cash incentives $2,500 – $30,000, Wells Fargo offers cash incentives $3,000 – $20,000, CHASE offers cash incentives up to $35,000, CITI offers cash incentives up to $35,000

Other smaller banks also have incentives, and there are even government programs (like HAFA and HAMP) that allow owners to do a short sale and receive an incentive.

The clock is ticking, but there are more options available the sooner one starts. It is useful to consult to a licensed real estate broker and a certified distressed property expert to discuss specific foreclosure prevention options.

For more information, please contact Rudy L. Kusuma at 626-780-2221 or online at www.FreeShortSaleService.com

 

 

 

Tags:

Short Sale

TEAM NUVISION VIDEO

by qinfokusuma 13. November 2012 20:18

Learn How A Short Sale Can Help You Avoid Foreclosure

by qinfokusuma 10. November 2012 11:19

Feeling like there is no other option buy foreclosure can be an overwheling experience. Know that you are not alone! Thousands of homeowners in the Unived States are facing the same challenges as you every single day. Now more than ever before, there are solutions.

 

My name is Rudy L. Kusuma and I have been working with homeowners to avoid foreclosure since 2007. I specialize in complex transactions representing home owners;  In today's real estate market, I have successfully negotiated more than $30 million of distressed sales with lenders nationwide, including Bank of America, Wachovia, Wells Fargo, Citi Mortgage, CHASE, Bank of The West, East West Bank, HSBC, and many more.

 

You need help, guidance, and someone who understands the difficult choices you are facing about your home, your family, and your life. Quite often a homeowner facing a foreclosure thinks they have to go through the process alone, forced into a daunting situation caused by unforeseen circumstances beyond their control. Facing damage to your credit, and the possibility of not being able to purchase another home for up to 7 years can be a tough future to face., but by tapping into the expertise of a knowledgeable real estate professional, there are options available for you.

 

I provide you with information about how to SELL YOUR HOME, avoid forelcosure, determine if you qualify for a short sale and explain the effects a foreclosure or short sale can have on you, your credit and your family. My services are FREE to you! There are NO upfront fees or out-of-pocket expenses. My compensation is approved by your lender.

 

Even if you have NEVER MISSED A PAYMENT and need to SELL YOUR HOME QUICKLY, a short sale may still be an option for you!

 

Please know that all communication will be strictly confidential. I do not represent group of investors or third party negotiators. I am a REALTOR and a licensed calfironia real estate broker, who will market and sell your house DIRECTLY to the end user. I am a Certified Short Sale Specialist and handle all negotiations with your lenders myself. 

 

I help people sell their housesand guide homeowners through the short sale process!

 

Hear Directly from My Satisfied Clients:

 

My Satisfied Clients...Find Out What My Satisfied Clients Are Saying!

 

Proven Experience... Proven Results!

 

Yes it is important to verify the professional abilities of an agent before you hire one to represent you.

 

The only way to guarantee expertise is to hear directly from people who have had personal experience with the agent. Below you'll find several testimonies from clients to whom I have had the pleasure of serving.

 

 

"Rudy helped short sale my investment house in San Bernardino. In the current market condition and difficulty in short selling a house, Rudy managed to do the impossible with my property in San Bernardino. This property is located in as tough a neighborhood as one can imagine, but Rudy managed to skillfully bring all the different players on the same wagon and get the wheels rolling. Top notch negotiation skills with 1st and 2nd lender caving in to our requests and demands. I am not sure any other realtor can do what he just successfully did for my house. He is THE Short Sale Master! Awesome work!" -ISJ, Homeowner & Real Estate Investor, Rancho Cucamonga, CA.- click here for original source link 

 

"The short-sale process can be filled with highs and lows, nail-biting waiting periods and mad dashes for data and documents, along with the full spectrum of emotions. Fortunately, in Rudy you have a business partner who understands all the processes and timelines and who is so committed to customer service that he becomes a friend. Rudy is there to explain, encourage, cajole, and advocate. He never loses sight of the end objective and he will work tirelessly on your behalf. I frankly cannot imagine how I would have gotten through this without him. He is truly remarkable!" - Thomas LaFrance, Eagle Rock, CA. - click here for original source link 

 

"Rudy and his team are very professional, knowledgeable and responsive. He assisted my wife and I selling our rental property through a short sale process. He made us feel secure and confidence going through a process that was foreign to us due to his comprehensive knowledge of the process. He is also very patient and straight forward in explaining everything. He does not try to sugar coat any thing just to get our business. All in al, we are very pleased with the service provided by Rudy and his team."-Steve, Rosemead, CA. - click here for original source link 

 

"I was overseas when a friend recommended Rudy to sell my property that was underwater in value. He worked closely with my friend and gave her all the necessary advice and potential issues I was facing with trying to work with my bank directly for a loan modification. I had applied 4 times for a loan modification and even consulted a home loan modification organization. Rudy stepped in and got my house appraised, listed and approved for the sale price that he felt it would sell for in that area. In all, it took just a few months for Rudy to list and sell the property. Thanks Rudy for a great and wonderful job." -Mr. Rodriguez, Pomona, CA - click here for original source link 

 

Dear Rudy,

I encourage you to share this letter with any prospective clients.

It comes from the heart.

 Dear fellow homeowner:

There are few things more unsettling than finding yourself in the position of having to sell your home before you are ready. Nothing can prepare you for this. Last year I found myself in this situation. I had nowhere to turn and knew no one who had any answers. Perhaps, like you, I found Rudy Kusuma on the internet and I took a chance on him.

I am glad I did.

Rudy was spectacular. Not only did he know what he was doing- he is obviously a specialist in the field of short sales-but he makes you feel as though you were his only client. He answers all your questions, gives you sound advice, communicates clearly, frequently and quickly and is always pleasant.

My short sale nearly fell apart several times. There were several times I fully expected Rudy to call me to say, “I’m sorry, but it’s just not going to happen.”But Rudy worked miracles! I cannot recommend him highly enough!

Thank you, Rudy.

Gerard Babb

Pasadena, CA

- click here for original source link 

 

 

 

 

About:

Rudy L. Kusuma holds a California Real Estate Broker License #01820322. Rudy has the passion, knowledge, and experience helping homeowners to avoid foreclosure; He specializes in complex transactions representing owners in disposition of their assets. In today's real estate market, he has successfully negotiated more than $30 million of distressed sales with lenders nationwide, including Bank of America, Wachovia, Wells Fargo, Citi Mortgage, CHASE, Bank of The West, East West Bank, HSBC, and many more. You may reach him by telephone at 626-780-2221. His website: www.FreeShortSaleService.com

 

 

 

 

 

Tags:

Foreclosure Prevention | Short Sale | Special Reports - Home Sellers

Banks Offering Unprecedented Cash Incentives to Homeowners in Danger of Losing Homes to Foreclosure.

by qinfokusuma 1. November 2012 13:15

Alhambra, CA - November 1, 2012 – Distressed homeowners in San Gabriel Valley can now take advantage of historically unprecedented cash incentives to sell the home they can’t afford. Because of the unique nature of today’s market, new bank and government programs pay relocation incentives to homeowners who undergo a foreclosure alternative – most commonly short sales.

 

“For the banks, this is a case of simple math,” says Rudy L. Kusuma, Certified Distressed Property Expert and Real Estate Broker with TEAM NUVISION. “The costs incurred in a foreclosure include maintaining the vacant property and advertising the property themselves. Typically, the home sells for less than it does in a short sale.” Because of this disparity, most major banks offer thousands of dollars in order to entice distressed homeowners into proactively seeking a solution.

 

Bank of America, Chase, Citibank and Wells Fargo all offer thousands of dollars in cash incentives, and some amounts can go as high as $30,000. “The great part about this for homeowners is that a short sale often ends up being better on credit reports than a foreclosure, so receiving cash is just a bonus they receive for engaging in a solution that helps them out in the long run,” said Kusuma.

 

As a Certified Distressed Property Expert, Rudy L. Kusuma is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners regain peace of mind and a sense of stability for the future.

 

Rudy L. Kusuma has developed a free report entitled “Short Sale Incentives: Why the bank will give you cash to sell the home you can’t afford” that is accessible from his website, www.ShortSalePlatinum.com  

 

About

Rudy specializes in complex transactions representing property owners in disposition of their real estate, and has significant experience in pre-foreclosure sales, short sales, divorce sales, trust, and probate. Rudy has the passion, knowledge, and experience helping homeowners to avoid foreclosure. In today's real estate market, he has successfully negotiated more than $30 million of distressed sales with lenders nationwide, including Bank of America, Wachovia, Wells Fargo, Citi Mortgage, CHASE, Bank of The West, East West Bank, HSBC, and many more.

 

Rudy may be contacted by telephone at 626-780-2221

 

Tags:

Foreclosure Prevention | Mortgage Modification | Short Sale | Special Reports - Home Sellers

With the Mortgage Debt Relief Act set to expire, distressed homeowners are running out of time.

by qinfokusuma 30. September 2012 04:54

 

Alhambra, CA – September 29, 2012 – Distressed homeowners in San Gabriel Valley are on the verge of losing the relief they have received from the Mortgage Debt Relief Act. The law, enacted in 2007, helps distressed homeowners by relieving them of additional tax responsibility that often accompanies cancelled or forgiven debt.

 

“Before the Mortgage Debt Relief Act, many distressed homeowners would finish the arduous process of getting the bank to agree to some form of debt forgiveness, only to find that they owed thousands of dollars in tax liability.” says Rudy L. Kusuma, Certified Distressed Property Expert. “In most cases, it was like trading one unmanageable debt for another,”  Mr. Kusuma added.  

 

The Mortgage Debt Relief Act has provided opportunity for millions of distressed homeowners in the marketplace to take advantage of short sales or loan modifications without worrying how these actions will affect their future finances. The law is set to expire and time is running short for homeowners with unaffordable mortgage to take advantage of its benefits.

 

There is a bill in Congress that would extend the act through 2013, but it is unclear if it will pass. “During an election season where taxes have become very politicized, it is difficult to know if the extension will pass,” said Mr. Kusuma.

 

As a Certified Distressed Property Expert, Rudy L. Kusuma is knowledgeable of the entire landscape of foreclosure avoidance options and is distinctly qualified to negotiate with banks and help financially strapped homeowners regain peace of mind and a sense of stability for the future.

 

Rudy L. Kusuma has developed a free report entitled “This Sunset is Beautiful” that is accessible from his website, http://www.sangabrielvalleyshortsales.com/

 

 

About Rudy L. Kusuma

California real estate broker license# 01820322 

Rudy specializes in complex transactions representing property owners in disposition of their real estate, and has significant experience in pre-foreclosure sales, short sales, divorce sales, trust, and probate. Rudy has the passion, knowledge, and experience helping homeowners to avoid foreclosure. In today's real estate market, he has successfully negotiated more than $30 million of distressed sales with lenders nationwide, including Bank of America, Wachovia, Wells Fargo, Citi Mortgage, CHASE, Bank of The West, East West Bank, HSBC, and many more. 

You may reach him by telephone 626-780-2221, or online at www.FreeShortSaleService.com

 

 

 

Tags:

Foreclosure Prevention | Mortgage Modification | Real Estate News | Short Sale

A New Economic Stimulus Program: The "Short Sale Secrets" Video Series

by qinfokusuma 9. September 2012 11:20

Short sale your upside down home by December 30, 2012 to avoid owing taxes on the deficiency amount! You may qualify for thousands of dollars in relocation assistance that I can help you obtain.

 

Have you fallen behind on your mortgage payments?  Are you facing foreclosure?  Worried about your credit history?  Do you need to sell your home fast?  Are you embarrassed by the whole situation or even afraid to open your mail?

 

Well stop worrying...

 

As part of a new economic stimulus program, the acclaimed "Short Sale Secrets" Video Series is now being made available absolutely free.

 

In these easy-to-understand and straight-forward videos, you'll learn:

  • How to get out from under your house payments.
  • Why time is of the essence when you get behind on your payments.  (The clock may already be ticking and you might not even know it.)
  • How to stop the foreclosure process.
  • What a short sale is and how it is different than a traditional closing or foreclosure sale.
  • How a short sale can help you save your credit, avoid foreclosure and get you back on top of your finances.
  • How to successfully negotiate a short sale and avoid the most common pitfalls.
  • How to sell your home fast and get the cash you need.
  • How to choose the right professional with the right tools to guarantee a smooth and successful transaction.

Don't delay.  These videos are currently only being made available for a limited time as part of a pilot program and access could be discontinued at any time.

 

To get immediate access, go to my new website www.FreeShortSaleService.com

 

 

Information provided by:

Rudy L. Kusuma, REALTOR

California Real Estate Broker Lic# 01820322

Telephone:  888-258-3508

Cell: 626-780-2221

Website: www.FreeShortSaleService.com

 

 

A Success Website® Solution. ® and © owned by ConsulNet Computing Inc. 1998-2019.(All rights reserved)