John Taylor

Short Sales in Lincoln, Rocklin, Roseville and surrounding areas. Home of Placer County Short Sales and Mike Toste, John Taylor, Realtors with Coldwell Banker Sun Ridge Real Estate. Over 800 closed short sales. If you are upside down on your mortgage, we can help you with a short sale. Visit our website at www.placercountyshortsales.com or call (916) 295-7299. Lic 01437241

Rocklin Real Estate professionals John A Taylor & Mike Toste are here to help you with the sale or purchase of your home in or around Rocklin, CA.

For Sellers, if you have negative equity, and just wish to get out of your mortgage, we are the #1 short sale experts in Placer County.

If you have equity, we can assist you with the sale of your home in a timely fashion, obtaining top dollar.

For Home Buyers, we have a team of dedicated and highly professional, experienced Realtors in and around the Rocklin area. With expertise and knowledge of all loan products and financing options available in today's real estate market.

Give us a call today at (916) 295-7299, or (916) 899-7330, or visit one of these websites:

www.PlacerCountyShortSale.com

www.MikeToste.com

We are available to assist you with any of your Real Estate needs, and we also have a network of professionals including Cpa's for tax questions, Attorneys for bankruptcy or other legal questions, and Loan Modification Specialists for Loan Mod questions and answers.

This is your one stop solution to ALL of your real estate needs!!

Don't hesitate to call with any questions, even if you are just curious about

Roseville Real Estate and Short Sales Expert Agents are available to assist you, with a simple no stress telephone call or email, if you prefer. Besides Roseville, CA we are experts in the entire County of Placer. Real Estate pro Mike Toste has been actively involved with Real Estate for over 10 years. Prior to becoming a Realtor, Mike Toste was a Manager of the Short Sale Department of a large financial institution, and was in charge of approving short sales, or denying them as well. Most short sale denials are due to the fact that the Realtor handling the short sale was lacking certain information or criteria.

Whether you have a home in Roseville with equity, or are upside down on your mortgage, call Mike Toste today at (916) 899-7330 for an expert opinion. All Placer County residents are encouraged to call, or visit one of the following websites for more information:

www.PlacerCountyShortSale.com

www.MikeToste.com

For professional assistance on HAFA (Home Affordable Foreclosure Alternative) and HAMP (Home Affordable Modification Program) in the Placer and Sacramento County areas including Roseville, Rocklin, Lincoln, Granite Bay, Citrus Heights, North Highlands, Sacramento and surrounding areas, contact Mike Toste at (916) 899-7330 or visit the website at www.placercountyshortsale.com or www.miketoste.com

Mike was a former Short Sale Supervisor of a large financial institution, in the Loss Mitigation Department before turning a Realtor, many years ago. Mike has the knowledge like no other when it comes to assisting you with the truth and your options when it comes to avoiding foreclosure or modifications.

In a brief description, the following applies to HAMP:

In early 2009, the National Association of REALTORS® (NAR) urged the U.S. Treasury Department, the Federal Housing Finance Agency, Fannie Mae and Freddie Mac to improve the short sales process.

NAR's concerns were first addressed on May 14, 2009, when the Obama Administration announced the outline of a program to provide incentives and uniform procedures for short sales and deeds-in-lieu (DIL) of foreclosure under the Making Home Affordable Program.

NAR kept in contact with the various agencies and departments during 2009 to keep them apprised of the problems REALTORS® were having with short sales and urged them to implement the program as quickly as possible.

Finally, on November 30, 2009, the Obama Administration released guidelines and uniform forms for its Home Affordable Foreclosure Alternatives Program (HAFA). Modified HAFA rules for loans owned or guaranteed by Fannie Mae or Freddie Mac will be issued in coming weeks. HAFA does not apply to FHA or VA loans.

HAFA, which will help homeowners who are unable to retain their home under the Home Affordable Modification Program (HAMP), provides incentives in connection with short sales and deeds-in-lieu of foreclosure.

The program: Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.

Uses borrower financial and hardship information already collected under HAMP.
Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

Requires borrowers to be fully released from future liability for the first mortgage debt and, if the subordinate lien holder receives an incentive under HAFA, that debt as well (no cash contribution, promissory note, or deficiency judgment is allowed).

Uses a standard process, uniform documents, and timeframes/deadlines.

Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to a $1,000 match for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders.

Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.
This new program took effect April 5, 2010, and sunsets on December 31, 2012.

TIMELINE

Notification

If a servicer has not already discussed a short sale or DIL with the borrower, it must notify the borrower in writing of these options and give the borrower 14 calendar days to respond, orally or in writing. If the borrower does not respond, that ends the servicer's duty to give a HAFA offer.

Servicers must consider HAMP-eligible borrowers for HAFA within 30 days after the borrower does at least one of the following: Does not qualify for a HAMP trial period plan Does not successfully complete a HAMP trial period plan Is delinquent on a HAMP modification (misses at least 2 consecutive payments)

Requests a short sale or DIL

Short Sale Agreement

The borrower has 14 calendar days from the date of the Short Sale Agreement (SSA) to sign and return it to the servicer. The SSA must give the borrower an initial period of 120 days to sell the house (extensions permitted up to a total of 12 months).

Purchase Offer

Within 3 business days of receiving an executed purchase offer, the borrower (or agent) must submit a completed Request for Approval of Short Sale (RASS) to the servicer, including a copy of the sale contract and all addenda buyer documentation of funds or pre-approval/commitment letter from a lender all information on the status of subordinate liens and/or negotiations with subordinate lien holders.

Within 10 business days after the servicer receives the RASS and all required attachments, the servicer must approve or deny the request and advise the borrower.

Closing

The servicer may require the closing to take place within a reasonable period after it approves the RASS, but not sooner than 45 days from the date of the sales contract unless the borrower agrees.

The servicer must release its first mortgage lien within 10 business days (or earlier if required by state or local law) after receipt of sales proceed from a short sale or delivery of the deed in the case of a DIL. Investor must waive rights to seek deficiency judgments and may not require a promissory note for any deficiency.

Who is eligible for HAFA?

The borrower must meet the basic eligibility criteria for HAMP: Principal residence First lien originated before 2009 Mortgage delinquent or default is reasonably foreseeable Unpaid principal balance no more than $729,750 (higher limits for two- to four-unit dwellings)

Borrower's total monthly payment exceeds 31% of gross income

How is the program being implemented?

Supplemental Directive 09-09 (November 30, 2009) gives servicers guidance for carrying out the program. A short sale agreement (SSA) will be sent by the servicer to the borrower after determining the borrower is interested in a short sale and the property qualifies. It informs the borrower how the program works and the conditions that apply.

After the borrower contracts to sell the property, the borrower submits a "request for approval of short sale" (RASS) to the servicer within 3 business days for approval. If the borrower already has an executed sales contract and asks the servicer to approve it before an SSA is executed, the Alternative RASS is used instead. The servicer must still consider the borrower for a loan modification.

What are the steps for evaluating a loan to see if it is a candidate for HAFA?

1. Borrower solicitation and response
2. Assess expected recovery through foreclosure and disposition compared to a HAFA short sale or deed in lieu of foreclosure (DIL)
3. Use of borrower financial information from HAMP
4. Property valuation
5. Review of title
6. Borrower notice if short sale or DIL not available (to borrowers that have expressed interest in HAFA).

What else should I know?

The deal must be "arms length." Borrowers can't list the property or sell it to a relative or anyone else with whom they have a close personal or business relationship. The amount of debt forgiven might be treated as income for tax purposes. Under a law expiring at the end of 2012, however, forgiven debt will not be taxed if the amount does not exceed the debt that was used for acquisition, construction, or rehabilitation of a principal residence. Check with a tax advisor. The servicer will report to the credit reporting agencies that the mortgage was settled for less than full payment, which may hurt credit scores. Buyers may not reconvey the property for 90 days.

Don't hesitate to call if you have any questions. (916) 899-7330

If you are looking for THE short sale specialist in Roseville, CA.... You have found the perfect team! Mike Toste was a former short sale negotiator for a large financial institution. He has got to be the most knowledgeable person in Roseville when it comes to short sales. Approving or disapproving short sales as the negotiations manager, Mike Toste knows all of the "ins and outs" of getting a short sale approval. Mike Toste will be straight forward with you. He has nothing to lose, or nothing to gain. Simply helping you get rid of your bad loan situation.

Upside down on your mortgage? Lost your job and cant afford the mortgage payment? Another hardship that you are not sure if you qualify for a short sale? A less experienced Realtor with short sales, or too busy to do negotiations yourself? Mike Toste will help. Call (916) 899-7330. Let him know that you heard of him on ActiveRain.

Mike Toste and our team have worked well together for over 6 years. Specializing in short sales in Roseville, Rocklin, Lincoln, Loomis, Penryn, Auburn, Granite Bay, and Sacramento areas.

Visit our websites at www.placercountyshortsale.com or www.miketoste.com if you would like more information. However, dont hesitate to make that phone call. Call (916) 899-7330 or (916) 295-7158.