Keisha Mathews & Co Realty Group has partnered with National Mortgage Forgiveness Plan (NMFP) to assist homeowners who are experiencing a hardship and can no longer continue to pay their mortgage. There are still homeowners who have fallen on hard times. There is help available and now incentives for homeowners to short sale rather than just walk away or do nothing.

Our goal is to find out what’s most important to you and help you acheive that goal. There are many options for someone in this position and we would like to help you find the right one for you that fits your circumstances. Please click on our website below. There is great information to assist you. If you are already behind on your payments, dont wait. Call today. It doesn’t cost you anything for a consultation, Neither does it cost you anything for a short sale if we decide that is your best option.

http://elkgrove.mortgageforgivenessplan.com//

Elk Grove and Sacramento Homeowners – Sellers

I have a report which explains in detail why prices have gone up and why your home might be worth more than you think! The report is entitled, “3 Reasons Your Home May Be Worth More Than You Think” and I believe you’ll be surprised by when you download and read the report. Once you are done, contact me today for a free market analysis.

Actual check received today by one of my past clients who completed a short sale. Envelope reads “Important Payment Agreement Informaton Enclosed” from the Office of the Compftroller of the Currency and the Board of Governors of the Federal Reserve System

In most cases, eligible borrowers will receive a letter with an enclosed check sent by the Paying Agent–Rust Consulting, Inc. Some borrowers may receive letters from Rust requesting additional information needed to process their payments. Rust is sending all payments and correspondence regarding the foreclosure agreement at the direction of the OCC and the Federal Reserve.

Borrowers can call Rust at 1-888-952-9105 to update their contact information or to verify that they are covered by the agreement. Information provided to Rust will only be used for purposes related to the agreement.

Watch out for scams. Beware of anyone who asks you to call a different phone number than the number above or to pay a fee to receive a payment under the agreement.

SO WHAT’S THIS ALL ABOUT
The Federal Reserve Board issued enforcement actions against four large mortgage servicers
–GMAC Mortgage, HSBC Finance Corporation, SunTrust Mortgage, and EMC Mortgage Corporation–in April 2011. Under those actions, the four servicers were required to retain independent consultants to review foreclosures that were initiated, pending, or completed during 2009 or 2010. The review was intended to determine if borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies that may have occurred during the foreclosure process.

A number of servicers supervised by the Office of the Comptroller of the Currency (OCC) were also required to conduct independent reviews.

The deadline to request an independent review was December 31, 2012.

multiple-offers, Sacramento Listing Agent, Elk Grove Listing Agent

Some buyers in hot markets with a low inventory of homes for sale are losing out over and over in multiple-offer competitions. You can improve your chances of having an offer accepted by clearing up any issues that might cause a seller to look askance at your offer when compared to one from another buyer.

If your purchase offer is littered with contingencies that protect you, the sellers are more likely to see the contract as risky, especially if they are looking at other offers that contain fewer contingencies.

A clean contract is free of contingencies, which can give buyers a competitive advantage, especially if they are offering less than full price or are in competition with other buyers.

Timing is everything in the home sale business. Buyers often lose out on the opportunity to make an offer on a listing because they are traveling for business or vacation. One partner may see the home of their dreams, but the other won’t be back in town to take a look for days or weeks.

Making an offer contingent on the absentee buyer’s approval of a property is risky from the seller’s standpoint. If the seller accepts the offer, he takes his home off the market not knowing if the absentee buyer will like the house enough to buy it.

It would be very difficult to get such an offer accepted if there are multiple offers from buyers who have all seen the property. The Internet can give a great introduction to a listing, but it usually doesn’t include photos of items that might cause you to pass on the property, like a neighbor’s home that is in poor repair or a location close to a noisy freeway.

Some buyers buy property without having seen it. To get an offer accepted, these offers usually have a generous price, and close quickly. The buyers may later find problems that they could have discovered had they seen the property before making an offer. It’s better for both buyers and sellers if all potential buyers have seen the property before an offer is made.

HOUSE HUNTING TIP: Try to anticipate if there is any condition of your home purchase that would cause the sellers to shy away from accepting or countering your offer. If such conditions exist, try to address them before you make an offer.

For example, let’s say your parents are willing to give you a large amount of cash for a down payment to make your offer more competitive. Make sure this will be acceptable to your mortgage lender.

Find out what verification the lender will require from your parents. If the lender needs a gift letter that stipulates you don’t need to repay the money, have your parents write this letter and include a copy with your offer.

Sellers are always concerned about the buyer’s financial capability to close the transaction. Your offer should include a letter from your lender stating that you are preapproved for the financing that you need. The letter should stipulate that the lender has verified the cash you need for the down payment and closing costs.

If the verification of funds needed to close is not included in the preapproval letter, make a copy of a bank or brokerage statement that verifies the amount you need. Black out the account number and include a copy of this with your offer.

In some areas, buyers are making offers without any contingencies. That is as clean as it gets. However, there can be problems with contingency-free offers. Buyers can feel pressured into waiving an inspection contingency because they’re sure they can’t compete unless they do. The sellers could end up in a legal hassle with the buyers after closing if problems arise that weren’t disclosed to them.

THE CLOSING: Buyers should ask the sellers for permission to preinspect the property before they make an offer without an inspection contingency.

Elk Grove Short Sale Agent, CDPE

For homeowners who are in danger of losing their home to foreclosure, it is common to feel like you are alone and that there is no one to help. This simply isn’t true. There are real people who have been in the same situation who have found solutions. Take, for example, Punipuao W. of Hawaii.

Punipuao found herself struggling to keep her home after her husband passed away. “With only my income, I was no longer able to make my monthly mortgage payment,” she said. Faced with the prospect of losing the home she and her husband had bought together, she began looking for alternatives to help her keep the home.

She pleaded with the bank for relief, “but their responses gave me little information and even less hope.”

The prospect of losing the home she and her husband had shared for over 20 years was difficult. “I was so distraught,” she said. “I did not know where to turn.

“Then, one day, my miracle came through a red envelope in the mail.”

In the envelope was a note from a local real estate agent with the Certified Distressed Property Expert designation (or CDPE). This designation meant that the agent was trained specifically to help people like Punipuao. She called the agent.

“About four hours after I made the call, he was at my door offering help. I told him my story.” In merely two days, she received a call from the bank saying that the president of the bank was reviewing her file. “That was a good sign,” she said.

A few days after that, Punipuao had been approved for a trial loan modification. “There were many tears of gratitude at the miracle that came to me in the form of my agent. I thank god for sending me that miracle.”

Punipuao’s story is just one of many. I have a report entitled “From Foreclosure to Freedom” which tells other stories of real homeowners who faced foreclosure and found relief. Download the report, read the stories, and then contact me for a free, confidential consultation.

Elk Grove, Sacramento, Short Sales, SOLD

(Guest article, Dian Hymer – Client Direct)

In low-inventory markets that are now common in many areas of the country, buyers might be prone to jump at a listing they wouldn’t even consider if there were a lot of homes for sale.

This desperate approach to homebuying could cause you problems down the line when you need to sell and you realize you paid too much, overlooked property problems, or bought in the wrong location.

A listing that has been on the market for a long time could indicate a problem. Is the listing not selling because it’s priced too high and the seller is stuck unreasonably at a high price?

Does the property have problems that can’t be remedied for a reasonable price? Or is the deferred maintenance so widespread that buyers are turned off, particularly if the listing is priced too high for the market and the amount of work that’s required?

In some areas, it could be none of the above. The reason the listing hasn’t sold could have to do with a slow market where it takes a long time for listings to sell, particularly if they are at the high end of the market.

HOUSE HUNTING TIPS: Before taking the leap and writing an offer on a listing that has been on the market awhile, find out why it hasn’t been selling. Ask the listing agent if the seller has received offers and why they didn’t end in a ratified contract.

The seller’s agent may be reluctant to have this discussion. In that case, let your agent know what price you’d be willing to offer. Ask your agent to find out if the seller’s agent thinks it’s worthwhile to make an offer.

Listing agents usually want to take a low offer to the seller in writing. So you may have to go through this process to even find out if there’s a chance of buying the listing for a reasonable price.

The seller could flatly turn the offer down. But if the listing doesn’t sell for several more months, the seller might soften her stance.

A listing that is difficult to get in to see is another red flag. Does the seller really want to sell? If not, you could waste a lot of time trying to buy a home you’d love to own, but end up with nothing but frustration.

Another type of listing to be wary of is one that is on and off the market repeatedly. This is typical behavior of a seller who wants to sell only for a certain price that is too high for the market. It is also characteristic of homeowners who want to sell only if they have a place to move to and they can’t afford to buy another home until they’ve sold their current home.

These are maybe sellers who can also waste a lot of your time and emotional energy. Some sellers try to sell contingent on finding a replacement home. If you go into contract to buy a home with this contingency, you should also have a contingency in the contract that lets you out of the contract if you find another home to buy before the sellers find a replacement home. You should also get a break on the price to compensate for the uncertainty.

A listing that has been back on the market (BOM) over and over could signify a problem. Find out the reason why the deals didn’t stay together. Was the seller unrealistic about negotiating on defects discovered during inspections? Was there a problem with the buyer’s financing? Did the appraisal come in low? Or was it just the seller’s bad luck.

THE CLOSING: For peace of mind, investigate carefully before you buy.

Dian Hymer is a real estate broker with more than 30 years’ experience, and is a nationally syndicated real estate columnist and author.

Maximizing Curb Appeal
Before potential buyers even see what the home has to offer, they view its exterior.  As a result, an unkempt or unattractive view of the outside of the home could potentially result in a missed opportunity.  To show the house in its best light, consider the following:

* Move all materials, including garbage cans and gardening supplies, from the front yard and into a garage or shed

* Mow the lawn and weed and maintain all planted areas

* Replace any outdoor light bulbs that are not working

* Sweep walkways and steps, and remove all small items from the porch or patio

* Replace worn or badly stained door mats

Once a potential buyer enters the home, they need to determine if it will meet their needs and expectations.  Give them the best view of the home’s interior by following these steps:

* Remove the home of any clutter by limiting decorative objects and clearing all unnecessary appliances from the kitchen countertops

* Rearrange or remove furniture to highlight the space in a room

* Review each room and clean or vacuum if necessary

These tips can help ensure you receive the highest price possible for your home.

Elk Grove Short Sale Agent – March CDPE Scam Alert

For distressed homeowners in danger of losing their home, there are already a lot of problems. The last thing a homeowner in this situation needs is to fall victim to a scam. Unfortunately, people in this situation are often the most vulnerable to a kind of fraud called “mortgage relief fraud.”

Fraudsters will prey on people who are looking for a loan modification, short sale or other foreclosure alternative because these are the most common options for distressed homeowners. As a result of this distressed property situation in the county of Sacramento, rental scams are also becoming more common.

There have been legal cases brought against many, but scammers always try to stay a step ahead of law enforcement. Even though many of them have been caught, there are still people who prey on vulnerable homeowners with too-good-to-be-true promises.

In fact, in a recent example highlighted in the New York Times, con artists told homeowners that they represented the bank and that the homeowners were already approved for a loan modification. Only after the homeowners paid thousands of dollars up front did the truth come to light.

FREE REPORT: Elk Grove Short Sale Agent – March CDPE Scam Alert

I have a report that outlines the most common forms of mortgage relief fraud. Contact me (keisha.mathews@century21.com) for a free copy of the report and/or for a free confidential consultation to ensure that you or someone you know doesn’t become the next victim!

Elk Grove, CA Real Estate – Short Sales

The Jr Lienholder in the past has been very difficult to deal with. However, recently, most Jr Lienholders are very cooperative in the short sale approval process. This is due to new laws (state and federal) and incentives being offered to the Jr Lienholder for their cooperation.

For example, the jr lienholder currently can be offered up to $8500 through the HAFA short sale program (if the seller qualfies for the program). In addition, there is typically an unspoken threshhold which the Sr Lienholder is already willing to go to offer a payoff to the Jr Lienholder. So, it is safe to say that there is already some money there for the Jr Lienholder, most of the time, not always.

Then you have the Jr Lienhodler from hell, like Franklin Credit. I must say, it took over one year (and I’m assuming some personnel turnover) to get them to approve as Jr Lienholder on a file we closed several years ago. Needless to say, things with them have not changed. I was contacted by an agent from So Cal who was going through a very similar and painful experience with Frankline Credit – their tactics have not changed. They are a mostly non-negotiable, non-cooperative, non-customer friendly credit collector. I don’t mean to sound so negative about them, but these are the facts. If things have changed with them and I am wrong, please, please, please correct me.

So, how do you prepare a buyer going into a short sale situation with a jr lienholder? In our Short Sale Offer Submisison Addendum, we let the buyer know that there may be a possibility that they may be asked to pay any additional fees which the Sr Lienholder does not approve, as long as the Sr Lienholder approves of the buyer paying those fees. That normally works out fine. When we are negotiating a short sale, we always begin negotiations with a small amount to the Jr Lienholder ($3000). That is traditionally the standard amount most Sr lienholders will approve to the Jr Lienholder. From there, if the Jr requires more, we submit that to the Sr lienholder first, then if more cash is required, we go to the buyer. Buyer is lready prepared, so no surprises there.

However, most Jr Lienholders that I am dealing with will now accept the standard $3000 payoff. Not always the case, but we can usually work something out if they require more.

Note also that SB 458 prohibits the seller from being required to make a contribution to the sale in order to attain an approval. It is the seller’s discretion as to whether they are able and willing to contribute In most cases the seller is not in a finanical position to make a contribution.

So the above are a few ways in which you can prepare yourself as a buyer, or buyer’s agent when representing a buyer in a short sale, and contending with the Jr Lienholder. If my colleagues out there have any additional advice to offer, I’d be happy to hear about it!