Redding CA Short Sale Agent - Bank of America Tightens Up Their Short Sale Approvals--I have recently gotten three short sale approvals from Bank of America. The short sales varied on the time tables for getting approval. We got approval on one in 30 days; one in 60 days and one in 120 days. Getting approval depends on many things. We seem to see those owners who have remained currently on their mortgage and negotiated with the bank to do a short sale getting their approvals faster. It is important to be in touch with your lender and to communicate. Your recovery is directly associated with taking responsible action in cooperation with the bank. That net effect will be a less severe hit to your credit and your ability to recover your financial stability.
I currently have clients that are now ready to get back in the market of home ownership. They have rebuilt their credit and can buy more house that they could before. I am working with several younger clients to take advantage of the low interest rates to buy with FHA loans and to live in the house 3-5 years and then buy again. The original purchase now becomes an investment property and they are on their way to building generational wealth. Repeated every 5 years and utilizing the tax breaks from 1031 Exchange, we have an infrastructure that helps the investor leverage tax benefits to establish wealth. We should all be doing the same thing.
Getting some of the older short sales done appears to be harder. I recently had a short sale that the seller had not made a payment going on over a year. We submitted everything to the bank. The bank countered and we accepted the counter. It then went to the Investor for approval and languished there for 90 days until we lost the Buyer. Why this occurred is not clear. Was it the age of the delinquency or something on the Banks side (robo-signing issues). We won't know.
This is certainly not enough data to establish or to determine a policy change on Bank of America's part but it would seem to be the case. I will continue to watch just how long it takes to get approvals.
If you are in a situation where you have suffered a hardship and are struggling with your mortgage there are several reasons that you should consider the short sale in 2012. CA SB 458 signed by California's Governor Jerry Brown and passed in 2011 prohibits second lien holders from suing the homeowner after the closing of escrow on a short sale for any unpaid balance. It is unknown if this law will be extended. The Federal SB 931 will also expire at the end of 2012. Again, we do not know if these laws will be extended. We will hope so.
The steps that are important for you to know are that you have options. You will want to speak with your lender to see if you can qualify for the new short refinance program being offered. You will want to explore loan modification options with your lender. There may be new opportunities for both these options due to the recent Obama 26 Million Dollar settlement with the Major banks over "robo-signing". It is really only a drop in the bucket but it is a beginning and it hopefully, will help many people stay in their homes.
I will be sharing information on this "Settlement" and what it will mean to those in hardship. My hope is to see the real estate market return to a stable and attainable goal for all people.
As real estate professional who has achieved the Certified Distressed Property Expert (CDPE) designation, it is my mission to give homeowners the gift of a fresh start or to find alternatives to foreclosure that allow you to remain in your home.
Contact me TODAY and let’s get started.
I am Jeanean Gendron, your Redding and Shasta County Specialist.
You can reach me at 530 276-7417. I answer my phone I hold the Certified Distressed Property Expert, CDPE and the Certified Investment Agent Specialist, CIAS designation. I have taken special training so that I may help my clients in all their Real Estate Investment needs.
Knowing the Alternatives to Foreclosure in this market is critical in helping my clients.
I am here to help.
I am HAFA Certified!
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What Is A CDPE? Certified Distressed Property Expert
The Certified Distressed Property Expert Designation (CDPE) is verification that a REALTOR® has taken the initiative to become an educated and prepared advocate on the behalf of a homeowner in distress. Earned by completing a comprehensive curriculum via the Distressed Property Institute, real estate agents with the CDPE designation are equipped with the expertise to help distressed property owners avoid foreclosure.
As a CDPE designated REALTOR®, I am committed to helping people who are facing foreclosure by finding the right solution for their individual needs and seeing the issue resolved. A portion of my CDPE designation course work involved short sales. Previously, short sales were a rarely accepted alternative by lenders, but in today's world they are increasingly becoming a viable option. Although more common in recent years, lender's still want the right deal with the right paperwork, and most real estate agents without the CDPE designation do not know the specifics. The CDPE course has taught me how to submit the proper documents to a variety of lenders as well as negotiation skills, allowing for quick resolve to a short sale. The education of a CDPE designated agent is continual, as CDPEs from across the county provide information to the Distressed Property Institute for a continual flow of new information to share with other CDPE designated agents.
