Kemp Hooper

There are 697,000 reasons some Americans are fearful over their future today. That's the staggering number of jobs lost in the private sector for the month of February, according to ADP Employer Services. And the trend isn't our friend: in January there were 614,000 jobs lost, so the February number shows that more jobs are being lost, not less. Economists had expected about 610,000 private sector jobs so the higher number was an unwelcome surprise to many.

Mortgage applications dropped for their second week in a row, according to the Mortgage Bankers Association. The index dropped 12.6% to 649.7 last week. Why the heck would they drop when interest rates are so low? Many analysts point to the "fence sitters" that are waiting for further details from the Obama Administration's $275 billion loan modification and interest rate reduction plan.

And it looks like some form of "cram downs" will be approved by Congress. For a quick recap: a cram down occurs when a bankruptcy court judge reduces the principal amount owed on a loan and forces the bank to accept it. A cram down is also referred to as a judicial mortgage adjustment. Some have argued that cram downs would increase interest rates as it brings uncertainty to the end purchaser of a mortgage backed security. But a compromise appears to have taken place that the bank's lobbyists can live with.

The revised method now would require proof that the borrower attempted a loan modification or short sale - they have to show that all of their financial documents were provided to the lender. The lender would then have to show that they attempted a workable modification, which the bill currently defines as offering payments of no more than one third of the borrower's income. And the bankruptcy court judge would be told to deny a cram down in any case where the borrower was deemed to have been able to afford the loan.

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Welcome to YOUR source for Charleston, SC Real Estate Information


Kemp and the Coastal One Day Funding team utilize the latest technologies, market research and business strategies to meet your expectations. However, most importantly, we listen and that means we find solutions that are tailored to YOU.

Here you will find all Charleston and Mt. Pleasant area homes, properties and real estate for sale including Isle of Palms, Daniel Island, Sullivan's Island, N. Charleston, James Island, Johns Island, Summerville, Goose Creek, Johns Island, Kiawah Island, Hollywood, Meggett and the entire Charleston, Dorchester and Berkeley Tri County Area.

Whether You are buying, selling or investing in Real Estate, the Coastal One Day Funding team is dedicated to helping You every step of the way. You can count on our knowledge, experience, and enthusiasm to help you realize your Real Estate Dreams. We are master negotiators who specialize in Short Sales, Foreclosures, and International relocation.

Get the help you need from Certified Short Sale Specialists!

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What is a short sale?
A short sale is an alternative for sellers who are facing FORECLOSURE and are interested in protecting their GOOD CREDIT.
In a short sale the lender is accepting less than the total amount due.
EXAMPLE: If the unpaid balance of a loan is, say, $200,000 and a property sells for $165,000, under a SHORT SALE the lender might accept $165,000 as payment in full. THATS A DIFFERENCE OF $35,000 in SAVINGS to a potential BUYER AND $35,000 less that the SELLER WILL NOT HAVE to PAY BACK!*

Remember, not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; more importantly--NOT ALL SELLERS nor ALL PROPERTIES QUALIFY for a short sale.
If YOU know you OWE MORE than what your PROPERTY IS WORTH, a SHORT SALE may be your BEST OPTION.
BUYERS! Banks will avoid foreclosure if possible, and BELIEVE IT OR NOT, selling the property as a SHORT SALE which is essentially at a discount--in some cases PENNIES ON THE DOLLAR--is still LESS EXPENSIVE than FORECLOSING!
Each situation is unique and requires PERSONALIZED attention BY SOMEONE WHO is FAMILIAR with the PROCESS. Like ALL REAL ESTATE TRANSACTIONS, there are LEGAL RAMIFICATIONS. Fortunately we have SUCCESSFULY sold MANY SHORT SALES and are CERTIFIED SHORT SALES SPECIALISTS!
To see if you qualify...
Just fill out the form below to designate your interest in SHORT SALES either as a SELLER interested in selling a SHORT SALE, or a BUYER interested in BUYING SHORT SALE PROPERTIES, and click the SUBMIT button at the bottom of the page.
It is recommended that you enter a VALID email address AND phone number as oftentimes emails are blocked due to spam guard \or discarded as junk email. Should there be any problems with the email it may be necessary to contact you by phone.

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When you request the short sale or workout packet from the lender,
you will receive all the necessary paperwork the lender needs in
order to get the approval to sell the house at a discount. This
extra paperwork or "documents" will vary with each lender. There
are also some documents you can send to help build your case even
though lenders will never ask for these.

Here is a list of common documents the lender may require.

- HUD-1: sometimes called a settlement/closing statement or net
sheet. Shows how much lender will net from your offer.
- Income Statement: This tells the lender what income/assets the
seller has.
- Hardship Letter: Explains the sellers hardship.
- Purchase and Sale Agreement
- Bank Statements
_ Tax Returns
- W-2's
- Listing Agreement

Here is a list of documents you can send to support your case.

- Pictures
- Low Comps
- Newspaper ads that show how soft the market is
- List of repairs

The key to making this work is just giving the lenders what they
want if it supports your case. If the documents they ask for are
not available, let them know why. Any missing documents requested
by the lender, may result in the possible denial or delay of your
request. You are building a case here and you want to make the
seller looks as destitute as possible, so some of the documents you
may want to leave out if it hurts your case.

For example, they may not have any pay stubs because they have been
out of work for a while. They may not have any bank statements
because they have not made any money. They may not have filed
taxes last year, so you can't send those either. Make sure you
explain to the lender in your cover letter why any of these
documents they requested are not included.

One of the best things you can do to build your case is by sending
pictures or photos of the property. Take pictures of all the
repairs and clean up work that is needed. The nastier the photos,
the better your case. Also, you should send low comps. The lower,
the better. If you cannot find any low comps do not send any.
Send a list of all the repairs and how much it will cost to fix
them. Even if the house is in good condition, you may still want
to get an estimate on new carpet throughout the house, new paint,
granite countertops, tile floors, and so forth. These are all
considered supporting documents. Send all that you can if they
help you get the short sale.

The hardship letter is one of the key ingredients to making this
work. You want this letter to sound as bad as possible. Here is a
sample.

SAMPLE HARDSHIP LETTER


To Whom It May Concern:

We have had difficulty selling our home now for 8 months. Just
recently, we have received an offer to purchase our home. Please
work with our buyers, they've offered us more than anyone else and
we are desperate. We do not have the ability to make payments on
this property.

My wife and I have been unemployed for several months now and the
future is not looking good. Our attorney has advised us to file
bankruptcy, however, we'd like to avoid this if possible. If
ABC123 Mortgage will accept the offer to reduce the mortgage payoff
as full settlement of the debt, our buyers will take the house in
the condition it's in and we can avoid the foreclosure auction.

The property needs a great deal of work and repairs, and we just
simply cannot afford to fix all the problems.

Please accept this payoff, this may be our last chance. Your help
is greatly appreciated.

Sincerely,

Henry B. Late
Jane B. Late

This will get you started off on the right foot. The last and I
would say most important piece to the whole short sale is the BPO.
Everything hinges on the BPO. This is what makes a good deal bad
or a good deal better. The better you become at influencing the
BPO to come in low, the bigger profit margins you will receive.
This is a crucial step.

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According to USA Today, foreclosure fillings surpassed 3
million in 2008, a 81% increase from 2007 and a hair-raising
225% from 2006.

Sounds pretty bad, doesn't it?

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