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Ask Joe Weekly Vlog–How Do I Short Sale To Avoid Foreclosure?

Joe Martin — Mon, 02 Aug 2010 01:35:49 +0000

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

What are your thoughts regarding the HAFA program for Short Sales?

Joe Martin — Sat, 17 Apr 2010 22:19:40 +0000

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.

Short sales in the Phoenix housing market

Joe Martin — Sat, 30 Jan 2010 01:19:40 +0000

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.

What to do if you owe more than your home is worth

Joe Martin — Wed, 06 Jan 2010 17:39:05 +0000

If you have a Phoenix area home that you owe more than it is worth, welcome to the club. You are actually in the majority of home owners in the area. But what do you do? We are going to be holding a free Real Estate Awareness Luncheon on January 14th to discuss your options. Here is what we will be discussing.

Cutting edge industry professionals will be at your fingertips at
NO COST to you!

* Learn how to unlock your IRA/401K to purchase real estate *
* Learn how to buy properties at pennies on the dollar *
* Learn what 5 short sale mistakes you must avoid *
* And…much, much more! *
* See agenda below… *

Presenters: Real Estate Attorney–Mary T. Hone , Tax Expert–Paul B. Sundin, Certified Distressed Property Expert–Joe Martin, Sr. Finance Strategist–Ron J. Kuhn, and Commercial & Residential REO Specialist–Dean J. Essa unveil how you can reduce, if not totally eliminate your liability and capitalize on the benefits of today’s distressed market!

Seating is limited and you do need to register for the event.

The event will be held at Fidelity Title in Tempe from 11-2 on January 14th. Register here.