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Time To Foreclose In Folsom; How Long Till The Bank Forecloses?

08-19-11
Forth Hoyt CRS

Information above is from foreclosureradar.com and shows the time to foreclose in Folsom from month to month

Folsom Short Sale Specialist and Foreclosure Option Expert Forth Hoyt Reports on the variations in Foreclosure Time Lines in Folsom.

As a Folsom Certified Short Sale Specialist and agent who specializes in Folsom short sales, I get questions all the time about "how long is it taking for banks to foreclose in Folsom"?


Well,the answer is; it depends on when you ask...

The chart above shows three lines;

-The Time To Foreclose; The average number of days between the filing of the Notice of Default and the final Foreclosure auction in Sacramento County that occurred during the specified month- tons of variances, from a low of 195 days to a high of 314 days...

-Time to Resell; these two graphs chart the average number of days between the final sale at auction and when the property was resold by the bank or 3rd party-

-This graph helps to illustrate one of the most significant benefits of doing a short sale in Folsom- the time it takes to get a bad home loan situation behind you through the foreclosure process has been as high as 314days!! And that's AFTER the foreclosure process has begun! Take into consideration tht the bank cannot legally file the foreclosure proceedings until after the homeowner is at least 60 days behind...

That means that the homeowner can go way over 1 year without making a payment,eighteen months of credit hits... at least 15 months of negative reporting on the homeowners credit report! Can you imagine the effect on their credit score?

Our average time to do a short sale in Folsom is three to six months on average, sometimes much, much faster. We closed our fastest short sale in just 58 days. That's less than two months, from the time we took the listing to the time the sale recorded.

It is possible to do a short sale and the credit reporting agencies are alerted to the sale without ever having a late payment recorded!

That's 1/3 to 1/2 the time of the Average Foreclosure Time In Folsom!

Want to know about your articular bank? More questions on your particular situation?

Can you qualify for a short sale? Do you have a hardship for a short sale? Can you qualify for government short sale programs?

CHECK ELIGIBILITY NOW

What about short sale relocation assistance? Get these questions answered here at Forth Hoyt's Sacramento Short Sale Center. Take action, find out more about your options and learn if you are eligible. If your situation is urgent, or you have further questions, feel free to Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

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Documentation The Bank Needs For a Short Sale

08-18-11
Forth Hoyt CRS

I get asked all the time: "what information will the bank need for a short sale and when do I need to send it to the bank?"

Here is how I answer that short sale question:

The short sale transaction requires exactly the same documentation as any other Real Estate transaction with one additional form required; The Short Sale Advisory and Addendum. This document stipulates that there is no Ratified Contract until there is "third party approval" (until the bank says o.k.).

The Short Sale Offer must represent the highest sales amount possible for the Mortgage Holder "Investor" or they may opt to take the property back in foreclosure and market it themselves... So it is imperative that the short sale seller picks an agent with both great marketing ability and negotiation skills.

The SECOND part of the TRANSACTION is between you, (the seller) and your mortgage holder(s): also known as the "investor". This transaction is handled by the Servicer (the entity you actually make your payments to or "the bank") and may also any Mortgage Insurance Company that either you the seller or the mortgage holder "investor" may have placed.

If you have more than one loan, both Investors and both Servicers and both Mortgage Insurance Companies and any other lien holders you may have will be involved and must give their OK to the sale-

This is where your Short Sale Specialist makes a difference. Our education, designations and experience are used to negotiate and achieve the best results for you and your family, as well as your mortgage holder and the buyer.

In order to get your file assigned to a short sale negotiator, an entire, complete, concise, indexed and well organized “Short Sale Package” must be submitted to your bank(s).

Your part, (the seller’s part) of this package includes;

1. Two Most Recent Pay Stubs

2. Last Two Months Bank Statements (all pages, even if blank)

3. Last 2 years Tax Returns (All Pages, must be signed, even if Electronically filed.)

4. Hardship Letter (must be dated and signed)

5. Financial Worksheet (USUALLY Bank or Servicer Specific)

In most cases, there are additional documents needed, each bank/ servicer has their own guidelines and required documents. These additional documents will be provided by us and may include:

7. RMA (Request For Modification Form)

9. Hardship Affidavit

11. Hardship Worksheet

12. Copy of your most recent mortgage statement.

4. Utility Bill (ONLY FOR HOMEOWNER OCCUPIED: TO PROVE YOU LIVE THERE)

5. 2009 and 2010 W2's

6. 4506-T

The ‘Short Sale Package’ is a compilation of:

(a) Your Financial Information (above)

(b) the buyer's offer, signed and accepted by you, the seller, as well as proof of funds and/or approval letter from the buyers lender

(c) a NET SHEET (prepared by a Title Company) showing what offer will "net" the bank, according to the offer and the allocation of closing costs (the bank will pay all of your closing costs out of their “net”

(d) a copy of the listing agreement,

(e) a copy of the MLS listing, and the MLS history and showing report

All of this information; usually several hundred pages is faxed/emailed or uploaded

to the bank/ servicers and the short sale negotiations begin.

Questions on government Short Sale Programs?

New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

More questions on your particular situation?

Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

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Who Owns My Mortgage; Freddie Mac or Fannie Mae or?

08-03-11
Forth Hoyt CRS
Who Owns My Loan? Fannie Mae or Freddie Mac?
Who owns your home loan; Fannie Mae or Freddie Mac?

As a Sacramento Short Sale Specialist and a Sacramento Area Multi-Certified Short Sale Negotiator, there are several tools we use nearly every day in our research of the mortgages in the short sale files we are negotiating.
One example are the easy quick links that Fannie Mae and Freddie Mac have provided for homeowners to look and see if they are tho owners of their note, or are the "investor", Loan modification and short sale guidelines and policies are very, very investor and servicer specific, so it is a very good idea to know who it is we are dealing with.
You know, loans are bought and sold every day, some times several times during the length of a loan. It is also becoming more and more common for loans that have gone late, or even defaulted loans to be sold just before or during the foreclosure process.
Some estimates are that somewhere between 70% to 90% of home loans are now owned by Fannie Mae and Freddie Mac, so most short sale and loan mod deals are processed according to their guidelines... I Use these links nearly every day, finding out who owns the loans (who the "investor" is) on the home loans I am negotiating short sales on.
Loan modification and short sale guidelines and policies are very, very investor and servicer specific, so it is a very important for us to know who it is we are dealing with. Some estimates are that somewhere between 70% to 90% of home loans are now owned by Fannie Mai and Freddie Mac, so most short sale and loan mod deals are processed according to their guidelines...
So who owns your loan Fannie Mae or Freddie Mac?
So what do we do if they are not Fannie Mae or Freddie Mac? We have a form signed ( we got the form from one of the first Short Sale Certification Courses I took the very same day we take the listing that we mail to the the bank, requesting in writing that they tell us; it is signed by the homeowner and the bank must respond within 21 days of this written request. So we have already requested the information in writing for our short sale client, and we will eventually find out who it is.
One of the earliest strategies I learned from one of my first Short Sale Specialist courses: If we get an offer and start negotiating with the bank before they respond to our written request, we just ask the bank; we always ask... "so; who owns this note? ...who is our investor?" every single time we get on the phone with them (twice per week). Servicers train their staff not to tell us, they usually say "sir that request may only be made in writing by our customer" but by asking every single time, usually we can get someone to just slip and tell us, or luck out and get a new employee who forgets they aren't suppose to tell us...
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California’s New Short Sale Law; SB458 Prohibits Recourse, Anti Deficiency On Second Mortgages

08-01-11
Forth Hoyt CRS
965315 300 SB458, Californias New Short Sale Law Prohibits Recourse and Anti Deficiency On Second Mortgages

What Happens To Second Mortgage on a Short Sale?

Can My Second Mortgage Come After Me After I Do A Short Sale?

Will My Second Loan Try To Collect?

Can My Lender Sue ME?

Will I have To Pay My Lenders Back After A Short Sale?

What Is The Short Sale deficiency law In California?

How Can I Find The Best Short Sale Agent?

What Is The Newest Law Regarding Short Sales In California?

As a Sacramento Area Short Sale Specialist, Multi-Certified Short Sale Negotiator and Experienced Short Sale Agent, I must stay abreast of the continuous changes in California Foreclosure Law and must understand how these new laws are going to affect short sales. One of the latest laws that affect short sales is SB458; Sacramento’s Newest Short Sale Deficiency Law that went into effect immediately the same day it was signed; July 15, 2011.

You see, on January 1, 2011 the first Short Sale Recourse Law In California went into effect. SB 931 (2010) was put into law and it became Civil Code of Procedure 580(e). It requires that any first lender that agrees to a short sale accepts the agreed upon short sale payment as payment in full of the outstanding balance. That meant there was no recourse on first mortgages in California… but unfortunately, the rule did not apply to junior lien holders.

This new law: SB 458, Extends the Anti-Recourse Protections of SB 931 to Second Mortgages and ALL JUNIOR LIEN-HOLDERS and prohibits a deficiency judgment coming from any junior lien holder, including all related claimants, investors or insurers! With this new law, there is also no recourse on second mortgages in California!

Questions on your particular situation?

Contact us today at Forth Hoyt’s Sacramento Short Sale Center

Or find out here about New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?

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Closing A Short Sale Transaction Is Actually SuccesfullY Negotiating Two Transactions Simultaneously

07-09-11
Forth Hoyt CRS

http://wereheretohelp.org/reports/

Sacramento Short Sale Specialist Forth Hoyt Answers more questions about short sales.

I have completed nearly every Short Sale Certification and Designation class I have ever come across.

I can truthfully say there is not a question about short sales I have come across in several months that I didn't know the answer for or at least knew where to get the answer quickly. I am constantly getting questions on Short Sales and especially from the Sacrametno Area Considering a Short Sale.

One of the most frequently asked questions I get is "what information will the bank need for a short sale and when do I need to send it to the bank?"

Here is how I answer those particular short sale questions:

A short sale is actually two transactions happening more or less simultaneously;

The FIRST part of the TRANSACTION is just "Real Estate 101"... it is the transaction between you, (the seller) and the buyer. Just like any other real estate transaction, this requires the listing agreement, sellers disclosures (provided by you) and also the Natural Hazard Zone Disclosures typically provided by a third party.

The short sale transaction requires exactly the same documentation as any other Real Estate transaction with one additional form required; The Short Sale Advisory and Addendum. This document stipulates that there is no Ratified Contract until there is "third party approval" (until the bank says o.k.).

The Short Sale Offer must represent the highest sales amount possible for the Mortgage Holder "Investor" or they may opt to take the property back in foreclosure and market it themselves... So it is imperative that the short sale seller picks an agent with both great marketing ability and negotiation skills.

The SECOND part of the TRANSACTION is between you, (the seller) and your mortgage holder(s): also known as the "investor". This transaction has many "midle men" and is handled by the Servicer (the entity you actually make your payments to or "the bank") and may also any Mortgage Insurance Company that either you the seller or the mortgage holder "investor" may have placed. If you have more than one loan, both Investors and both Servicers and both Mortgage Insurance Companies and any other lien holders you may have will be involved and must give their OK to the sale-

This is where your Short Sale Specialist makes a difference. Our education, designations and experience are used to negotiate and achieve the best results for you and your family, as well as your mortgage holder and the buyer. In order to get your file assigned to a short sale negotiator, an entire, complete, concise, indexed and well organized “Short Sale Package” must be submitted to your bank(s). Your part, (the seller’s part) of this package includes;

1. Two Most Recent Pay Stubs

2. Last Two Months Bank Statements (all pages, even if blank)

3. Last 2 years Tax Returns (All Pages, must be signed, even if Electronically filed.)

4. Hardship Letter (must be dated and signed)

5. Financial Worksheet (USUALLY Bank or Servicer Specific) In most cases, there are additional documents needed, each bank/ servicer has their own guidelines and required documents. These additional documents will be provided by us and may include:

6. RMA (Request For Modification Form)

7. Hardship Affidavit

8. Hardship Worksheet

9 . Copy of your most recent mortgage statement. 4. Utility Bill (ONLY FOR HOMEOWNER OCCUPIED: TO PROVE YOU LIVE THERE)

10. 2009 and 2010 W2's

11. 4506-TDocument giiving the :investor the ritght to order your original tax returens from the IRS

The ‘Short Sale Package’ is a compilation of: (a) Your Financial Information (above) (b) the buyer's offer, signed and accepted by you, the seller, as well as proof of funds and/or approval letter from the buyers lender (c) a NET SHEET (prepared by a Title Company) showing what offer will "net" the bank, according to the offer and the allocation of closing costs (the bank will pay all of your closing costs out of their “net” (d) a copy of the listing agreement, (e) a copy of the MLS listing, and the MLS history and showing report All of this information; usually several hundred pages is faxed/emailed or uploaded to the bank/ servicers and the short sale negotiations begin.

More questions on your particular situation? Contact us Today At Forth Hoyt’s Sacramento Short Sale Center

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