Phoenix Homeowners Assistance Event, February 3 – 7.

Chase is holding an event for struggling Phoenix Homeowners. If you are considering doing a loan modification or currently working on one, or simply struggling with your payments and your currently have a home loan with Chase you may want to attend this Phoenix event. You can take the Chase loan modification eligibility assessment here.

Did you know Chase offers cash incentives to struggling Phoenix homeowners?

In many instances, it may be time to consider a short sale, especially if you believe that you will continue to have trouble paying your mortgage even after a loan modification. Chase is offering cash incentives to qualified homeowners that facilitate and close on a short sale.  If you are considering a short sale and you want more details on the cash incentive and/or eligibility programs, contact us ASAP for a free evaluation by a Certified Distressed Property Expert (CDPE).

Details of the Chase Phoenix Homeowners Assistance Event;

Location:
Wyndham Phoenix
50 East Adams Street
Phoenix, AZ 85004
Monday-Thursday: 8 a.m.-12 a.m.
Friday: 8 a.m.-10 p.m.
Saturday: 8 a.m.-5 p.m.
Click here for more details

Phoenix Homeowners considering short sales have 3 important things to understand…

1.) as a Phoenix homeowner you do have options

2.) time is not on your side

3.) contact an experienced Certified Distressed Property Expert (CDPE) to facilitate a short sale.

*One of the biggest obstacles when facilitating a short sale is Phoenix homeowners contact us too late to save the property from foreclosure.

Table of contents for Listing Your AZ Short Sale

1. Tips for Listing Your AZ Short Sale
2. What To Expect After Listing Your AZ Short Sale

Gearing up for your AZ short sale transaction can include quite the waiting game.

Assuming you have already completed the steps outlined in our previous post in this Listing Your AZ Short Sale Series you should now be ready for your Realtor to submit your short sale package to the bank(s). Some banks will not accept any documents from your short sale package until you have a fully executed offer and others will accept the intial package upfront and accept an offer on the property after the fact.

It can not be stressed enough that when listing your AZ short sale each bank is different, however, waiting times for your file to be assigned to a negotiator once the complete package is submitted ranges from 30 to 90 days on average.

It is helpful to have a Realtor call in for updates on your AZ short sale progress on a regular basis.

Many Realtors work in conjunction with a negotiator as well that will call in several times a week to get updates. It is important that your Realtor does this or has the manpower/team/negotiator in place to do this

Getting to a ‘bank approved’ price on your AZ short sale will require patience.

Once a negotiator is assigned to your account the bank will order an appraisal or get a Brokers Price Opinion (BPO) to help determine what the home is “worth” in the current real estate market.  Then they will supply to you in writing either an acceptance of the current offer with a demand letter or with a counter identfying the bank approved price that they are willing to accept for the AZ short sale.

Closing on your AZ short sale will most likely take place X days after bank acceptance and varies by Buyer

A Short Sale Addendum will be included with the Buyers offer and states when the closing date will be or it can be X days after the bank acceptance.  The bank may also state a closing date with their acceptance notice. There will be an inspection period unless otherwise waived just like normal transactions.  The bank and the Buyers are pretty much negotiating at this point and banks rarely if ever negotiate any repairs in an AZ short sale.

Table of contents for Listing Your AZ Short Sale

1. Tips for Listing Your AZ Short Sale
2. What To Expect After Listing Your AZ Short Sale

Prior to listing your AZ short sale, know your options…

Assuming that you already consulted a tax attorney and real estate and/or bankruptcy attorney to consider all your options and understand all your consequences to listing your home as a short sale and you decide that a short sale makes the most sense for you, below are the three steps to take next…

Once your ready to move forward with listing your AZ short sale, don’t wait until the last minute.

Many times, are instructed during a loan modification to suspend payments on their mortgage.  If this is your scenario a trustee sale date is probably forthcoming on your home so don’t delay in moving forward with the short sale process. Once a short sale is facilitated, in most cases the trustee sale date can be postponed. However, if there is not enough time to list your home and secure an offer the trustee sale date may come and go while you are attempting facilitate your short sale.

Contact an experienced Realtor that has short sale experience when listing your AZ short sale

When it comes to short sales not all Realtors are alike. Certified Distressed Property Experts (CDPE) is a designation that many experienced short sale agents share. This part should go without saying. If you need assistance with taxes you contact a Certified Public Accountant (CPA). If you need assistance with tax legal issues you contact a tax attorney. If you assistance with real estate legal issues you contact a real estate attorney and if you need help with listing your AZ short sale you contact a local Certified Distressed Property Expert.  In addition to short sale experience your Realtor should be knowledgeable within your area, accountable and have an extensive online marketing strategy.

Start putting together a short sale package prior to listing your AZ short sale

When listing your AZ short sale you will need to put together a short sale package for your Realtor to submit to your bank for consideration. The short sale package typically consists of  the following;

1. Hardship letter
2. Last two paystubs
3. Last two tax returns
4. Last two bank statements from every account
5. Third party authorization letter
6. Listing agreement
7. Contract from buyer

Each bank is different and sometimes they will only allow an individual versus a trust or an LLC to purchase the property.  There may be additional forms to complete depending on the banks requirements which your Realtor will guide you. Item 6 and 7 above illustrate why you need to enlist a Realtor ASAP in order to proceed with listing your AZ short sale.

• Do not wait until foreclosure is imminent to initiate a short sale.
 
• The seller’s agent bears the brunt of responsibility for making sure the sale is completed. When choosing an agent, ask for references from previous short-sale clients and other proof of expertise, such as Certified Distressed Property Expert certification.
 
• Be prepared to prove financial hardship. Lenders usually require the two most recent tax returns, bank statements, loan statements, pay stubs or other proof of income, along with a hardship letter explaining your circumstances, a detailed description of the home’s current condition, closing documents from the home purchase and authorization for your representative to negotiate with the lender.
 
• Contact the primary mortgage lender for instructions on submitting a short-sale application. Be sure to include every document the lender requires.
 
• The seller or representative should call the lender every day until a short-sale negotiator is assigned, and then call the negotiator every day until he or she orders an appraisal or broker price opinion of the home’s value.
 
• With an appraisal and comparable buyer’s offer in hand, negotiate with the lender for approval.

•Consult with a real estate attorney and tax attorney so you know completely the possible consequences of selling your home as a short sale.

Let’s face it, as easy as it may seem to just walk away from a home, the haunt of a foreclosure goes on for years to come, affecting credit and even employment, in some cases. Many people are not aware that foreclosure even can affect their security clearance levels and future employment.

Foreclosure is certainly not the best option, particularly with the advent of HAFA.

Obviously, foreclosure can’t always be avoided, but knowing your options before going into an “ostrich mode” would well be worth the time invested, particularly in light of HAFA, which will even provide relocation assistance money and eliminate the hovering concern of a deficiency judgment when a short payoff has been accepted.

Personally, I’m so adamant about informing the public about their options, I’ve setup a “Home Rescue Network™” at www.AzSPO.com to provide Phoenix area homeowners who owe more on their homes than they are worth (or are behind on their payments) a comprehensive list of their options to avoid foreclosure and a quick questionnaire to help them determine if they are eligible for the new government programs available.

With our National network of top agents around the country, we’re able to refer homeowners to the experts in their area to further educate and help them rescue their homes from the black hole of foreclosure.

Homeowners or Agents who would like more information can email me at RescueTeam(AT)AzSPO.com.

I believe HAFA will help simplify and streamline the use of Phoenix area short sales and the deeds-in-lieu of foreclosure options with the use of the top features HAFA possesses, including:

1.Providing financial incentives to borrowers, servicers AND investors
2.Requiring servicers to release borrowers from future liability for the debt (no deficiency judgments)
3.Using standard processes, documents and timeframes to help streamline and standardize the normally daunting short sale process
4.Complementing HAMP by providing workable alternatives to homeowners who are HAMP eligible
5.Eliminating the need for additional analysis on eligibility by utilizing financial and hardship information collected in conjunction with HAMP
6.Allowing the homeowner to receive pre-approved short payoff terms prior to the property being listed

With more than 11 million homeowners in negative equity positions on their mortgages (that’s roughly 24 percent of all properties with a mortgage), I look forward to seeing what HAFA will be able to do to help borrowers avoid foreclosure and how the goals of HAFA to standardize the process flow, minimize the performance timelines and standardize documentation of short sales will play out.

A good majority of Phoenix homeowners never attempt a short sale prior to going into Foreclosure. This weeks topic for Ask Joe Weekly Vlog focuses on this troubling statistic in an effort to help Phoenix area struggling homeowners understand their options to avoid foreclosure and the benefits of a short sale.

If you have a real estate question don’t forget to Ask Joe here.

www.youtube.com/watch?v=KyHDAIxAssc

Chances are you or someone you know is facing hardship and possible foreclosure and the key is to understand your options before you have none. 

Avoid Phoenix Foreclosure and Short Sale Your Home: FREE -Home Rescue- Report

Let’s face it, selling your home is not easy – it takes time and when you add the stress of economic instability, possible unemployment or health issues, along with family pressures, it can be overwhelming.    

Some benefits of doing a short sale would be:
 
-They are able to eliminate the social stigma of that dirty word: Foreclosure
-They potentially eliminate any “deficiency judgments” against them after the sale
-They have less of a “hit” on their FICO score versus a foreclosure
-They may qualify for HAFA and gain government relocation assistance.
- They will be eligible, under Fannie Mae guidelines, to buy another home in 2 years instead of 5 to 7 years
-If their credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, they will be eligible to buy another home straightaway
-Can protect the homeowners security clearance versus a foreclosure
-Can prevent potential challenges of employment versus a foreclosure
 
Overall the benefits of a short sale can lead to the home selling at a higher price which in turn reduces deficiency liability, looks better on a credit report and is easier to recover from than a foreclosure.  

There are programs that are available for struggling homeowners who seek it.  The next step is to understand your options and learn what you can do next. Get your FREE Report 

Please forward this blog post to any friends, family members, or neighbors that may need help and guidance.

With More Than One in Seven Mortgages Not Being Paid, Local Broker Offers Free Resources to Struggling Homeowners

In response to community needs, new website educates struggling homeowners on options to foreclosure.

MESA, AZ – May 25, 2010 – Local real estate broker and Certified Distressed Property Expert^®, Joe Martin of RE/MAX Diamond, responded to new mortgage delinquency numbers by creating a new information website for Phoenix Metro, Scottsdale and East Valleyarea homeowners facing financial hardships. ~www.AzSPO.com~ contains vital facts about the options available to distressed homeowners.

 “With more than 14 percent of mortgages in default status, there are a significant number of homeowners who are facing foreclosure,” Martin said. “When faced with the possibility of foreclosure, I’ve seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a real estate agent. By offering free information on more beneficial options, I know I can help our community’s homeowners.”

The Mortgage Bankers Association’s First-Quarter 2010 National Delinquency Survey announced that more than 14 percent of mortgage loans are not current on payments. More specifically, 10 percent of prime loans and more than 40 percent of subprime loans are delinquent.

“Whatever their best option is, the most important thing homeowners can do is educate themselves before making a decision,” Martin said.

~www.AzSPO.com~ acts as a central location for information on the issues and options for struggling homeowners, putting all the necessary information in one, easy-to-use location. The information and materials located on the site are regularly updated to reflect market changes, trends, new lender requirements and industry updates.

Alex Charfen, co-founder and CEO of the Distressed Property Institute said that more than seven out of 10 homeowners in foreclosure proceed without any visible assistance.

“Agents with the Certified Distressed Property Expert^® designation are helping distressed homeowners understand that there may be options available to them,” he said. “Martin has been trained to help homeowners avoid foreclosure, and this online education resource is a valuable public service.”

The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market.

From April’s Monthly Foreclosure.com “Ask Joe” column

My first thought is that of hope. I sincerely hope the majority of homeowners who currently allow their homes to go to foreclosure without ever exploring their options to avoid foreclosure will educate themselves and take advantage of the many viable alternatives available to them.

Let’s face it, as easy as it may seem to just walk away from a home, the haunt of a foreclosure goes on for years to come effecting credit and even employment, in some cases. Many people are not aware that foreclosure even can affect their security clearance levels and future employment. Foreclosure is certainly not the best option, particularly with the advent of HAFA.

Obviously, foreclosure can’t always be avoided, but knowing your options before going into an “ostrich mode” would well be worth the time invested, particularly in light of HAFA, which will even provide relocation assistance money and eliminate the hovering concern of a deficiency judgment when a short payoff has been accepted.

Personally, I’m so adamant about informing the public about their options, I’ve setup a “Home Rescue Network™” at www.AzSPO.com to provide homeowners who owe more on their homes than they are worth or are behind on their payments a comprehensive list of their options to avoid foreclosure and a quick questionnaire to help them determine if they are eligible for the new government programs available.

With our National network of top agents around the country, we’re able to refer homeowners to the experts in their area to further educate and help them rescue their homes from the black hole of foreclosure. Homeowners or Agents who would like more information can email me at RescueTeam@AzSPO.com.

I believe HAFA will help simplify and streamline the use of short sales and the deeds‐in‐lieu of foreclosure options with the use of the top features HAFA possesses including:

1. Providing financial incentives to borrowers, servicers AND investors
2. Requiring servicers to release borrowers from future liability for the debt (no deficiency judgments)
3. Using standard processes, documents and timeframes to help streamline and standardize the normally daunting short sale process
4. Complementing HAMP by providing workable alternatives to homeowners who are HAMP eligible
5. Eliminating the need for additional analysis on eligibility by utilizing financial and hardship information collected in conjunction with HAMP
6. Allowing the homeowner to receive pre-approved short payoff terms prior to the property being listed

With over 11,000,000 homeowners in negative equity positions on their mortgages (that’s roughly 24% of all properties with a mortgage), I look forward to seeing what HAFA will be able to do to help borrowers avoid foreclosure and how the goals of HAFA to standardize the process flow, minimize the performance timelines and standardize documentation of short sales will play out.

The number of active short sale listings in the Phoenix MLS is on the rise every month. As more people look to sell their home and realize they are underwater, they are turning to short sales as a possible solution. Over the next 2-3 years short sales will likely become as common of a word for home sellers and buyers as foreclosure has been over the last two.

What is a Short Sale?
A short sale is program that allows the homeowner to sell their home
for less than the amount owed on their mortgage.

How do I qualify for a Short Sale?
If you have an involuntary hardship and can no longer afford the monthly payments or you’re unable to sell your home for the full amount owed on your mortgage.

How can I benefit from a Short Sale?
You can benefit by avoiding foreclosure and/or minimize the effects on your credit.

How does a Short Sale work?
We will be in close contact with your existing bank to obtain a Short Sale approval, upon listing your home.

What other details should I be aware of?
Be sure to contact us directly to go over all the details you should be aware of with a short sale.

How can the Homestyle Team help with your Short Sale?
Our “Home Rescue” Team are Certified Distress Property Experts who will do what it takes to get results.