Maribel Hill
Maribel Hill Realty Specializing in Dallas' finest neighborhoods since 1992.
Maribel Hill 214-628-6333 Email Maribel

Short Sale May Stop Foreclosure!

 Forms to DOWNLOAD!

April 8th, 2010-

Locate and Download the New Short Sale Borrower and Servicer FORMS HERE.   Please download your BORROWER forms, fill out, and then fax to 1-866-428-8188,com or scan and email to: mh@maribelhill.

I, for one, am thrilled about the changes! The current process tends to frustrate both buyers and sellers… and that's a Lose-Lose for everyone involved, including us... :). Short Sales may be able to overcome the negative stigma it is trying to shed.

Remember… one must be UNDER CONTRACT by April 30th, 2010 to qualify for the Homebuyer Tax Credit of $8K, or $6500 for move up buyers. Remind your Friends and Family who are looking to buy or sell a home. This is the last time to ‘move’ on it. The deadline is at the end of this month. Call or email me with any questions.

 Let's hope it works!

 Happy Reading!

~Maribel

 

 April 5th, 2010-

SELLERS and BUYERS! Educate yourself on the new  Short Sale process, effective today. Watch this REALTOR TV Video.

The changes are a refreshing turn of events. Hopefully, it will streamline the short sale process so that sellers and buyers can get to the closing table... more efficiently. It will take some time to implement. Many large lenders are already on board... that's a good sign.

Bringing Real Estate News to you,
~Maribel

 

 

New Home Affordable Foreclosure Alternatives Program (HAFA) rules for Short Sales effective April 5th, 2010!

 

Watch this VIDEO from RealtorTV on the new legislation for streamlining the short sale process.

Here is the official HAFA website for you to educate yourself on the short sale process. Please call or email me with any questions.

Enjoy!

~Maribel

 

 
Prior to April 5th, 2010...
Short Sales may stop Foreclosure??? Here's how...
We are here to help you in times of trouble, and it doesn't matter where in Texas you are! Whether you are a homeowner in distress, or an investor looking to buy a home in short sale, we can help facilitate your goal. Short Sales can be tedious.
There are many ways to lose a home but losing it in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy and/or foreclosure proceedings. One of those options is called a "Short Sale." When lenders agree to do a short sale in real estate, they are accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose. However, we Realtors at Maribel Hill Realty can walk you through the short sale process as quickly as possible with few headaches. We work quickly with lenders to work the best deal out for you, our client. That's our committment to you! So call or Email us right now, and we can immediately begin the short sale process, and hopefully save your credit!
Below are some helpful tips in the Short Sale process:
Rules of Thumb for Working a Short Sale:
  • Absolutely NO SELLER concessions, including a Home Warranty, points, pre-paids and/or closing costs.
  • Seller must accept the terms before the contract is presented to the Lender (Third Party) for approval. Once the Seller accepts the terms, his/her property will be officially pending. Earnest money will be collected and the buyer is expected to complete due diligence. The contract will need to be approved with a contingency of final approval of the Lender (Third Party).
  • The contract must contain within it a contingency clause that states it must receive third party approval. (This usually takes 2-6 weeks).
  • Be sure to allow enough time for the Lender to perform due diligence before closing. A good rule of thumb is six weeks.
  • Ask Maribel Hill Realty for a recommendation of a Title Company. A title company who is proficient in short sales is required!
  • Inspections are fine and encouraged. However, the Lender will not pay for any repairs to the property. The home must be sold AS-IS.
Maribel Hill Realty will write the offer, negotiate on your behalf with the lender, and get your home SOLD, therefore stopping foreclosure! It will also help you avoid ruining your credit with a foreclosure or bankruptcy. So Call or email right now! We are here to help!
Short Sale FAQS
Question: What is a short sale?
Purchasing a distressed property for a discount directly from a lender,not the homeowner, is considered a short sale. Usually there is little or no equity in properties that are in the foreclosure process because the homeowners owe more than the amount of the loans. In these cases, lenders will sometimes accept discounts on mortgages to avoid potential foreclosures and bankruptcies. The reasoning behind this is that banks and lending institutions don't like bad loans on their books. These lenders are not in the business of selling real estate. Finally, it can cost them considerably more time and money to sell these properties at the conclusion of the foreclosure process. Therefore, if opportunities emerge in which lenders can sell distressed properties without registering big losses,
they will do it.

Question: Can a home seller sell a home for less than its mortgage?
Answer: Yes, in some case you can sell your home for less than what you still owe on the mortgage. But it is complicated and depends on the lender. This situation is known as a "short sale." Sometimes a lender will be willing to split the difference between the sale price and loan amount, which still must be paid.
A short sale may be more complicated if the loan has been sold to the secondary market because then the lender will have to get permission from Freddie Mac, the two major secondary-market players.
If the loan was a low down payment mortgage with private mortgage insurance, then the lender also must involve the mortgage insurance company that insured the low-down loan.
c 2000 Inman News Features
All Rights Reserved
Question: How does a home go into foreclosure?
Answer: Foreclosure proceedings usually begin after a borrower has skipped three mortgage payments. The lender will record a notice of default against the property. Unless the debt is satisfied, the lender will foreclose on the mortgage and proceed to set up a trustee sale.
c 2000 Inman News Features
All Rights Reserved
Question: How does someone sell a slow mover?
Answer: Even in a down market, real estate experts say that price and condition are the two most important factors in selling a home.
If you are selling in a slow market, your first step would be to lower your price. Also, go through the house and see if there are cosmetic defects that you missed and can be repaired.
Secondly, you need to make sure that the home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and listings on the local multiple listing service (MLS) and on the Internet.
Another option is to pull your house off the market and wait for the market to improve.
Finally, if you who have no equity in the house, and are forced to sell because of a divorce or financial considerations, you could discuss a short sale or a deed-in-lieu-of- foreclosure with your lender.
A short sale is when the seller finds a buyer for a price that is below the mortgage amount and negotiates the difference with the lender.
In a deed-in-lieu-of-foreclosure situation, the lender agrees to take the house back without instituting foreclosure proceedings. The latter are radical options. Your simplest, and in many cases most effective, option is to lower the price.
c 2000 Inman News Features
All Rights Reserved
Question: How long do bankruptcies and foreclosures stay on a credit report?
Answer: Bankruptcies and foreclosures can remain on a credit report for seven to 10 years.
Some lenders will consider an borrower earlier if they have reestablished good credit. The circumstances surrounding the bankruptcy can also influence a lender's decision. For example, if you went through a bankruptcy because your employer had financial difficulties, a lender may be more sympathetic. If, however, you went through bankruptcy because you overextended personal credit lines and lived beyond your means, the lender probably will be less inclined to be flexible.
c 2000 Inman News Features
All Rights Reserved
Question: When does foreclosure begin?
Answer: Lenders will initiate foreclosure proceedings when homeowners become delinquent in their mortgage obligations, usually after three payments are missed. The lender will then notify the buyer in writing that he or she is in default. The lender can request a trustee's sale or a judicial foreclosure, in which the property is sold at public auction.
A borrower can cure the default by paying the overdue amount and the pending payment after the notice of default is recorded, usually no later than a few days before the property's sale.
Some sales allow the successful bidder to take possession immediately. If the former owner refuses to vacate the premises, the court can issue an unlawful detainer that allows the sheriff to come out and evict them.
Borrowers should do everything they can to avoid foreclosure, which is one of the most damaging events that can occur in an individual's credit history.
c 2000 Inman News Features
All Rights Reserve
 
 
 
Maribel Hill,  CRS, GRI, e-PRO
Dallas Realtor®
(214)727-5754
 
 
 

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