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Riverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in California Homeowners, keep your HOA dues current Want to know how to kill your chances of a successful short sale? Stop paying your homeowner association dues. HOA delinquencies can quickly balloon with fines and legal fees. And few lienholders on a home can be as strident and hardline as an HOA. It’s among the reasons that many short sales fail. The result can lead to foreclosure for a homeowner attempting to preserve their future ability to buy a home. In a short sale, banks often refuse to allow delinquent HOA dues to be paid from the proceeds of the sale. Since most HOAs won’t discount their payoffs, that means either a seller or buyer will have to come out of pocket to make up the difference. We’ve seen HOA fees in excess of $10,000, buoyed by excessive legal fees and outrageous fines. HOAs across the country are beginning to see short sales as a great way to recover unpaid fees, especially with low housing inventory. Some are even postponing their own foreclosure efforts to encourage delinquent homeowners to try to short sale a home, hoping for a speedier resolution. But a big HOA payoff can still endanger a valid short effort for a homeowner. And every dollar that goes to an unpaid HOA bill is a dollar that doesn’t go toward the unpaid mortgage. For homeowners who may have to pay income taxes on the bank’s loss, that could mean a bigger tax bill for a distressed homeowner. WHAT’S THE BIG DEAL? For homeowners, a short sale fends off a financially devastating foreclosure, limits damage to credit, and puts them back in the housing market more quickly as an able buyer – before home values again shoot through the roof. More importantly, a short sale allows a homeowner to exit their house on their own terms, with dignity intact. Banks prefer short sales because they net more money than through a foreclosure. It takes time and money to seize, repair, maintain, market and resell a property. And as many as half of loan modifications redefault within the first year, later turning into foreclosures and short sales.  But when you throw delinquent HOA bills into the mix, it can skew the numbers, perhaps even making foreclosure a better financial alternative than a short sale. And that’s not good for a homeowner. WHAT IF YOU’RE ALREADY BEHIND? For homeowners who have already missed HOA payments and can’t make up the back payments, there are solutions. Depending on the amount of the unpaid bill, an experienced short sale agent will know which of the three main strategies to employ to handle the issue. (By “experienced,” we mean they have closed at least 50 short sales and have a success ratio of at least 90 percent.) Anything less than those figures, and you should keep interviewing for a real expert, not just an agent who has paid for a weekend class and gotten a “short sale specialist” designation. Of course, the best solution is to keep paying your HOA dues, even if you are unable to keep paying your mortgage. Are you behind on your payments now? You need to know what could happen next. Call us today at 951-778-7900 to set up a 10-minute consultation. (Brian Bean and Timothy Hardin are Default Advocates and owners of Dream Big Real Estate. They can be reached directly at Brian@DreamBigRealEstate.com or 951-778-9700.) Brian Bean and Timothy HardinLicensed Default AdvocatesDRE Lic #01889132Info@DreamBigRealEstate.comWhat's happening in the Real Estate Market today? CLICK HERE for more information.Want to know if we're legit? Do your homework. Check us out at www.google.com www.yahoo.com www.bing.com. http://www.DreamBigRealEstate.comhttp://www.IEShortSalePros.comhttp://www.ShortSaleAndStay.comhttp://www.CaliforniaShortSaleDecision.com     Riverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in CaliforniaRiverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in CaliforniaRiverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in California Riverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in CaliforniaRiverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in CaliforniaRiverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in California ...read more

Riverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in California Homeowners, keep your HOA dues current Want to know how to kill your chances of a successful short sale? Stop paying your homeowner association dues. HOA delinquencies can quickly balloon with fines and legal fees. And few lienholders on a home can be as strident and hardline as an HOA. It’s among the reasons that many short sales fail. The result can lead to foreclosure for a homeowner attempting to preserve their future ability to buy a home. In a short sale, banks often refuse to allow delinquent HOA dues to be paid from the proceeds of the sale. Since most HOAs won’t discount their payoffs, that means either a seller or buyer will have to come out of pocket to make up the difference. We’ve seen HOA fees in excess of $10,000, buoyed by excessive legal fees and outrageous fines. HOAs across the country are beginning to see short sales as a great way to recover unpaid fees, especially with low housing inventory. Some are even postponing their own foreclosure efforts to encourage delinquent homeowners to try to short sale a home, hoping for a speedier resolution. But a big HOA payoff can still endanger a valid short effort for a homeowner. And every dollar that goes to an unpaid HOA bill is a dollar that doesn’t go toward the unpaid mortgage. For homeowners who may have to pay income taxes on the bank’s loss, that could mean a bigger tax bill for a distressed homeowner. WHAT’S THE BIG DEAL? For homeowners, a short sale fends off a financially devastating foreclosure, limits damage to credit, and puts them back in the housing market more quickly as an able buyer – before home values again shoot through the roof. More importantly, a short sale allows a homeowner to exit their house on their own terms, with dignity intact. Banks prefer short sales because they net more money than through a foreclosure. It takes time and money to seize, repair, maintain, market and resell a property. And as many as half of loan modifications redefault within the first year, later turning into foreclosures and short sales.  But when you throw delinquent HOA bills into the mix, it can skew the numbers, perhaps even making foreclosure a better financial alternative than a short sale. And that’s not good for a homeowner. WHAT IF YOU’RE ALREADY BEHIND? For homeowners who have already missed HOA payments and can’t make up the back payments, there are solutions. Depending on the amount of the unpaid bill, an experienced short sale agent will know which of the three main strategies to employ to handle the issue. (By “experienced,” we mean they have closed at least 50 short sales and have a success ratio of at least 90 percent.) Anything less than those figures, and you should keep interviewing for a real expert, not just an agent who has paid for a weekend class and gotten a “short sale specialist” designation. Of course, the best solution is to keep paying your HOA dues, even if you are unable to keep paying your mortgage. Are you behind on your payments now? You need to know what could happen next. Call us today at 951-778-7900 to set up a 10-minute consultation. (Brian Bean and Timothy Hardin are Default Advocates and owners of Dream Big Real Estate. They can be reached directly at Brian@DreamBigRealEstate.com or 951-778-9700.) Brian Bean and Timothy HardinLicensed Default AdvocatesDRE Lic #01889132Info@DreamBigRealEstate.comWhat's happening in the Real Estate Market today? CLICK HERE for more information.Want to know if we're legit? Do your homework. Check us out at www.google.com www.yahoo.com www.bing.com. http://www.DreamBigRealEstate.comhttp://www.IEShortSalePros.comhttp://www.ShortSaleAndStay.comhttp://www.CaliforniaShortSaleDecision.com     Riverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in CaliforniaRiverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in CaliforniaRiverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in California Riverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in CaliforniaRiverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in CaliforniaRiverside Short Sale | Orangecrest Short Sale | HOA Dues | HOA Foreclosure | Short Sale in California ...read more

Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700 21 Questions you absolutely MUST ask your Short Sale Agent before you hire them 2. How many short sales have you completed with my bank? While most banks have similar processes, there are differences from servicer to servicer. Your agent should understand those differences, and have strategies in place as well as past successes they can talk about. Short sales have become so commonplace that virtually every lender and servicer has a short sale department. That’s incredible when you think about it. In 2006, there were no short sale departments at your bank. Today, hundreds of thousands of people are employed by banks to handle only short sales. So the systems are entrenched. That has streamlined the process, but it can also be an obstacle, especially when you mix in the human element. People who work in the short sale department at your bank have a thankless job. Their duty is to recover the highest possible amount they can when a homeowner can’t make their mortgage payments. Their loyalty is to the bank, but most are good people who can empathize with a family who lost a job and are now losing their dream home. But these negotiators talk to real estate agents all day, everyday. You wouldn’t believe the abuse they take from some agents, who yell at them, curse at them, even threaten them. It’s a revolving-door job with extremely high turnover. Imagine what happens when a short sale agent runs into a bank negotiator who has just been screamed at by the previous caller. It can be difficult to get their cooperation. That’s when an agent’s experience becomes the critical piece to the puzzle. Agents who have completed at least 10 short sales with your bank will have developed good contacts at the executive levels. They have the ability to go around the obstacles, go outside the system, to find a friendly ear willing to hear their position. At the executive levels, it’s all about the money. Emotion is not a factor. The solution that brings the highest return to the bank is the one most likely to be approved. On the front lines, emotion is the obstacle. A good agent knows how to communicate professionally and without emotion. And they know how to get around the obstacles. Is a Short Sale Right for You? (Brian Bean and Timothy Hardin are Default Advocates and owners of Dream Big Real Estate. They can be reached directly at Brian@DreamBigRealEstate.com or 951-778-9700.) Brian Bean and Timothy HardinLicensed Default AdvocatesDRE Lic #01889132Info@DreamBigRealEstate.comWhat's happening in the Real Estate Market today? CLICK HERE for more information. Want to know if we're legit? Do your homework. Check us out at www.google.com www.yahoo.com www.bing.com. http://www.DreamBigRealEstate.comhttp://www.IEShortSalePros.comhttp://www.ShortSaleAndStay.comhttp://www.CaliforniaShortSaleDecision.com   Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700 Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700Short Sale Agent Interviews | Riverside Short Sales | Orangecrest Short Sales | Dream Big Real Estate | 951-778-9700  ...read more

Riverside Seller's Market | Riverside Real Estate | Orangecrest Home Prices Inventory shortage boosts seller equity, challenges buyers Housing inventory continues to shrink, pushing housing prices higher and making it more difficult for buyers to find homes. California foreclosure activity dropped again in January after a decline in December, according to online market tracker ForeclosureRadar. Banks foreclosed on 5,447 homes in January, down 7.8 percent from the 5,908 sales in December. Notices of default, meanwhile, declined 77.66 percent from January 2012 and 60.5 percent from the previous month. And notices of sale were down 65.65 percent from a year ago, 34.83 percent from the previous month. The slowdown in foreclosure activity over the past year, along with a decrease in the number of people attempting short sales, has created a severe lack of inventory in the Southland, particularly in the Inland Empire. Some neighborhoods are limited to about one-fifth the inventory expected in a “normal” real estate market. Based on the number of properties sold in the past year, some areas have only a few weeks inventory available. With an army of cash-toting investors in the market, homebuyers using financing to make their purchase are being squeezed out. “While the alphabet soup of federal programs has successfully prolonged, or catapulted delinquent homeowners out of the foreclosure process, the unintended consequence is now an acute lack of available housing inventory for sale,” according to a release from ForeclosureRadar. Pro Teck Valuation Services reported this week that housing prices are up in nearly every statistical region that it tracks. In 134 core-based statistical areas with at least 500 home sales in 2012, 123 reported increases in home prices, Pro Teck reported. The company focuses on suburban areas with at least 10,000 residents that are commutable distances to major cities. It charts the price paid per square foot of a home using information from more than 850 real estate multiple listing services. Nationally, the median price per square foot increased to $86.42 in 2012 from $81.08 in 2011, Pro Teck reported. Riverside’s price per square foot came in at about $114. But why are there so few homes for sale? It’s a complex situation, and there are many factors. Below are a few that have contributed: Foreclosure Settlement: Last year, five major lenders settled with 49 states and the U.S. Dept. of Justice over improper foreclosures and agreed to pay $25 billion for loan modifications and other workout solutions for distressed homeowners. Later in the year, 14 lenders and servicers agreed to pay another $9.3 billion in exchange for an end to a federal Independent Foreclosure Review. The lawsuits slowed the foreclosure process across the country, until the settlements set down specific guidelines to foreclose. Now the banks have a blueprint to go by, which could put foreclosure sales back on the fast track. Homeowner Bill of Rights: This monumental California legislation requires, among other things, a specific process before a bank can foreclose on a delinquent homeowner. Though the laws kicked in Jan. 1, banks were already putting systems in place and that slowed the number of foreclosure sales. Loan Mod Dreamers: In May 2012, Bank of America announced with great fanfare that it was sending principal-reduction letters to lucky homeowners as part of the DOJ settlement. Even though only a chosen few would actually qualify for a reduction in their loan amount, many homeowners who would have put their homes on the market for a short sale instead stayed on the sidelines hoping for their own “golden ticket.” Those homeowners eventually could enter the market this year with their short sales. Demand: Historically low interest rates, low home prices, rising rents and Wall Street money have all contributed to massive demand and little inventory. Hedge fund investors have flooded the market with cash offers in what could be considered a feeding frenzy. In the meantime, owner-occupant buyers often overbid list prices in an attempt to compete against the cash buyers. One thing is certain. The seller’s market is here, and barring a catastrophic world event or a steep rise interest rates, it could be here to stay. Homeowners who have weathered the economic storm or who purchased homes in 2010 and 2011 are likely enjoying equity in their properties and are perfectly positioned as move-up or move-down buyers. Want to know what your home is worth and whether you can take advantage of today’s higher prices? Call us today at 951-778-7900 to set up a 10-minute consultation. (Brian Bean and Timothy Hardin are Home Listing Specialists and owners of Dream Big Real Estate in Riverside, California. They can be reached directly at Info@DreamBigRealEstate.com or 951-778-9700.) Brian Bean and Timothy HardinLicensed Home Listing SpecialistsDRE Lic #01889132Info@DreamBigRealEstate.comWhat's happening in the Real Estate Market today? CLICK HERE for more information. Want to know if we're legit? Do your homework. Check us out at www.google.com www.yahoo.com www.bing.com. http://www.DreamBigRealEstate.comhttp://www.IEShortSalePros.comhttp://www.ShortSaleAndStay.com     Riverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home Prices Riverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home PricesRiverside Seller's Market | Riverside Real Estate | Orangecrest Home Prices ...read more

Riverside Real Estate | Home Values in Riverside | Riverside Homes For Sale Confidence is high on Inland Empire real estate The Southern California real estate market continues to pick up speed, buoyed by record levels of cash buyers and growing consumer confidence. But historically low housing inventory in the Inland Empire and stringent lender requirements may even have muted the number of sales. In Riverside and San Bernardino counties, most homes draw multiple offers as the throngs of buyers outnumber the available properties. In 2012, the number of California houses and condos purchased by cash buyers climbed to a record 145,797, according to DataQuick, a real estate information service. That was a 15.8 percent increase from the previous high of 125,812 in 2011. Cash buyers snapped up 32.4 percent of the 447,573 total homes sold in 2012, compared with a 30.4 percent share in 2011. “It’s clear that a lot of today’s housing marketing recover is being fueled by people putting their own money into homes,” DataQuick President John Walsh said in a news release. “Some cash buying is part of a normal housing market, but we’re at twice that normal rate. … Today, a lot of buyers are chasing what they view as the deal of a lifetime.” Meanwhile, the Improving Markets Index grew to 259 cities this month, up from 242 in January, according to the National Association of Home Builders. Sixteen California cities made the list, including Riverside. “The fact that all 50 states now have at least one metro on the improving list shows that the housing recovery has substantial momentum and continues to expand from one market to the next,” Rick Judson, 2013 NAHB chairman, said in a release. The improving markets index recognizes metropolitan areas that have made gains from their own low points in housing permits, employment and housing prices for at least six months. Riverside registered a 10.3 percent increase in housing prices since January 2012, a 3.3 percent increase in jobs since July 2011 and a 5.1 percent increase in housing permits since September 2011. CONSUMERS CONFIDENT Cash buyers aren’t the only group clamoring to buy homes. Housing giant Fannie Mae’s latest housing survey shows 41 percent of consumers think home prices will continue to increase in 2013, while only 10 percent expected prices to decline. And 23 percent of those surveyed said now is a good time to sell their home, while 69 percent said now is a good time to buy. “The housing market continues to firm, with consumer home price expectations for both rental and ownership properties near the strongest levels that we’ve seen in the survey’s two-and-a-half-year history,” Doug Duncan, chief economist at Fannie Mae, said in a release. California’s median home price increased to $275,000 at the end of 2012, a 10 percent increase from the previous year, DataQuick reported. The median price for all cash sales reached $205,000, up 17.1 percent year over year. Financed homes sold at a median price of $305,000, up 10.5 percent. According to the January Fannie Mae survey, 65 percent of consumers said they would buy if they were going to move. Only 30 percent said they would rent, while half said they expected rents to increase this year. At home, consumers were optimistic about their own pocketbooks, with 43 percent expecting an improved situation this year. That was up slightly from 40 percent in December. At the same time, 53 percent of those surveyed were pessimistic about the direction of the U.S. economy, but that was down from 54 percent in December and 61 percent a year earlier. “Concerns about job loss are waning as payrolls are growing – a trend that may give potential homebuyers more confidence that they can meet the financial obligation of homeownership,” Duncan said in a release. TOUGH MORTGAGE RULES DataQuick's Walsh attributed the boom in cash buyers to enthusiastic investors who perceive high returns on their investment, as well as to a difficult mortgage environment.  In fact, if loan requirements for financed purchases weren’t so restrictive, the pool of buyers might be even larger.  “… Since the ‘loans-gone-wild’ days of 2004-2006, the lending pendulum has swung to the opposite end of the spectrum,” Walsh said. “Even a lot of well-qualified buyers can’t get loans.” Added NAHB’s Judson: “We know that a key factor slowing this progress is today’s overly stringent mortgage standards that are keeping qualified buyers on the sidelines.” The next 12 to 24 months will be critical for first-time buyers and move-up buyers who are on the edge of qualifying for a home. “While the overall market is improving, sales levels are still below average, and prices (are) much closer to the bottom than to the peak,” DataQuick’s Walsh said. Local prices have increased more than 10 percent, and many Inland Empire homeowners are looking to move up, before prices shoot through the roof. Want to know what your home is worth and what you can afford? Call us today at 951-778-7900 to set up a 10-minute interview. (Brian Bean and Timothy Hardin are Home Listing Specialists and owners of Dream Big Real Estate in Riverside, California. They can be reached directly at Info@DreamBigRealEstate.com or 951-778-9700.) Brian Bean and Timothy HardinLicensed Home Listing SpecialistsDRE Lic #01889132Info@DreamBigRealEstate.comWhat's happening in the Real Estate Market today? CLICK HERE for more information. Want to know if we're legit? Do your homework. Check us out at www.google.com www.yahoo.com www.bing.com. http://www.DreamBigRealEstate.comhttp://www.IEShortSalePros.comhttp://www.ShortSaleAndStay.com     Riverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For Sale Riverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For SaleRiverside Real Estate | Home Values in Riverside | Riverside Homes For Sale   ...read more

 Looking for an executive single-story home   Schedule a ShowingFree List of Foreclosed Homes For Sale  Avoid Foreclosure  What is Your Home Worth?  Homes Close to Where You Work  Search All Homes For Sale   See Property Details Call 951-778-9700 for more information  on this or any other property. Visit Property Website     Courtesy: Brian BeanEmail Me Now951-778-9700Licensed In: CA License #: 01346382 40190 Torrey Pines Road, Murrieta,CA 92563 Bedrooms: 5 Bathrooms: 3 full List Price: $284,900  Living Area Approx: 2190   Looking for an executive single-story home with room for a mother-in-law or live-in assistance? This beautiful property is the perfect find. Right down the street from a park and elementary school, this 5-bedroom home has 3 baths and separate family, living and dining rooms. Picture it: Your family and best friends gather on a Saturday afternoon of pool-side barbecue. While you lounge under the patio cover with a cool beverage of choice, the kids splash around the in-ground pool (which just needs a new liner), the blue water sparkling in the warm sunshine. Later in the day, move the party inside to prepare dinner in the remodeled granite kitchen and to catch a movie in the oversized family room. A giant flat screen will fit perfectly on the wall. In the evening, retreat to the master suite, with separate shower and oval tub, perfect for bubble baths with that special someone. This floorplan includes the builder option for a fifth bedroom with its own full bath, separated from the rest of the sleeping areas for privacy and quiet.  Have questions? Ask me.      FREE REPORT FOR HOME BUYERS: HOW TO AVOID PAYING TOO MUCH  Equity or Negative Equity ...  We Can Help You With Both! Brian Bean&Tim Hardin | Dream Big Real Estate | 951-778-9700 | Brian@DreamBigRealEstate.com | 5898 Magnolia Ave., Riverside, CA 92508   Dream Big Real Estateis not associated with the government, and our service is not approved by the government or your lender. Equal Housing Opportunity ...read more

Short Sale Lease Back | Riverside Short Sale | Riverside Short Sale Agents First major lender certifies Short Sale Lease Back Program The first major lender has recognized the Short Sale Lease Back Program and will allow some qualified homeowners to stay in their home after a short sale. The lender announced this month that it will approve short sale lease-back transactions on certain loans that it owns, as long as the homeowner has a valid hardship and the short sale terms are acceptable to the bank. “This program is the win-win solution that has been missing for too long,” said Bob Irish, a Riverside real estate broker and architect of the program. “For some, the biggest fear is having to move. What if they didn’t have to move? It would prompt more people to raise their hand and ask for help, before the bank takes their house.” Though three servicers have approved individual transactions through the program, this is the first instance in which a major lender has certified the SSLB Program as a viable foreclosure alternative. THE BACKGROUND The SSLB Program was inspired by changes to the federal Home Affordable Foreclosure Alternatives short sale program. Program founders designed it to help distressed homeowners find an alternative to foreclosure and more quickly return to the housing market as buyers. A short sale occurs when a property is sold for less than is owed on it and the bank agrees to a discounted payoff. In recent years, banks and servicers have required that a short sale be an “arm’s-length” transaction, meaning the buyer and seller could not be related and could not have a prior agreement for the homeowner to stay in the property. The U.S. Treasury Dept. in March 2011 issued a supplement, or amendment, to the HAFA guidelines to allow “servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met.” It further strengthened that option in a November 2012 supplement that smoothed the process for such a sale. In December, Bank of America and Citi Mortgage accepted a short sale with a lease-back on a Riverside home in the program. Lender CalVet approved the program’s first transaction, on a Hemet home that closed in August. The SSLB Program, founded by Irish and Inland Empire real estate agents Jacob Swodeck and Brian Bean, began as a California pilot program in June 2011. The team plans to expand the program outside California in 2013. PROGRAM DETAILS The SSLB Program is monumental and game-changing, providing a more attractive solution for homeowners who cannot afford their homes but have valid economic hardships and steady incomes to afford a lease payment. Here is a program overview: Homeowners must work with a licensed agent who is trained and certified by the Short Sale Lease Back Program. A qualified non-profit would purchase the home in a short sale. The homeowner’s lenders must approve of the lease-back terms — the intent of the sale and tenancy cannot be hidden from the lienholders. The seller would lease the home for a minimum of three years, allowing their credit to heal so that they could qualify for a mortgage. Homeowners must attend ongoing HUD and financial-literacy counseling and speak with legal and tax experts to ensure the program is the right fit. If approved, the former owner might be allowed to repurchase the home at the end of the lease term. Not all homeowners qualify for the program. Borrowers must have sufficient income to afford the monthly rent payments in addition to their other debt payments. Homeowners who don’t qualify for the program can still complete a traditional short sale, which may include a relocation incentive from $2,500 to as much as $45,000, depending on their lender, loan amount and individual situation. Either option is better than a financially devastating foreclosure, which can crush a consumer’s credit, hinder their ability to find a future rental, and perhaps even impact their jobs. Banks prefer short sales over foreclosure and even loan modifications because they net 12 percent to 25 percent more money from them. DO YOU QUALIFY? The Short Sale Lease Back Program is now interviewing applicants. To qualify, homeowners must: Live in the property as their primary residence. Have steady, verifiable income. Have a valid hardship and be able to qualify for, and complete, a HAFA short sale. Want to know if you qualify? Call us today at 951-778-9700 to make an appointment for an interview. (Brian Bean and Timothy Hardin are Default Advocates and owners of Dream Big Real Estate. They can be reached directly at Brian@DreamBigRealEstate.com or 951-778-9700.)Brian Bean and Timothy HardinLicensed Default AdvocatesDRE Lic #01889132Info@DreamBigRealEstate.comWhat's happening in the Real Estate Market today? CLICK HERE for more information.Want to know if we're legit? Do your homework. Check us out at www.google.com www.yahoo.com www.bing.com.http://www.DreamBigRealEstate.comhttp://www.IEShortSalePros.comhttp://www.ShortSaleAndStay.comhttp://www.CaliforniaShortSaleDecision.com  If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours. Henry David Thoreau  Short Sale Lease Back | Riverside Short Sale | Riverside Short Sale AgentsShort Sale Lease Back | Riverside Short Sale | Riverside Short Sale AgentsSHORT SALE LEASE BACK | RIVERSIDE SHORT SALE | RIVERSIDE SHORT SALE AGENTSShort Sale Lease Back | Riverside Short Sale | Riverside Short Sale AgentsShort Sale Lease Back | Riverside Short Sale | Riverside Short Sale AgentsShort Sale Lease Back | Riverside Short Sale | Riverside Short Sale AgentsShort Sale Lease Back | Riverside Short Sale | Riverside Short Sale AgentsShort Sale Lease Back | Riverside Short Sale | Riverside Short Sale AgentsShort Sale Lease Back | Riverside Short Sale | Riverside Short Sale Agents ...read more

Short Sale Lease Back | Bank of America Short Sale | Brian Bean and Tim Hardin | Riverside Short Sales Bank of America approves short sale with lease back Another homeowner has completed a short sale in which their lenders have allowed them to stay in the property as a tenant and perhaps repurchase the home in three years. The sale was closed through the Short Sale Lease-Back Program, a California pilot initiative focused on helping distressed homeowners avoid foreclosure while they regain their financial footing. The short sale lease-back on the Riverside home, which was approved by Bank of America and Citi Mortgage, closed just days before the end of 2012. Two homes have now been successful in the program; the first sale closed in August and was approved by lender CalVet. The pilot program is monumental and game-changing, providing a more attractive solution for homeowners who cannot afford their homes but have valid economic hardships and steady incomes to afford a lease payment. A short sale occurs when a property is sold for less than is owed on it and the bank agrees to a discounted payoff. In recent years, banks and servicers have required that a short sale be an “arm’s-length” transaction, meaning the buyer and seller could not be related and could not have a prior agreement for the homeowner to stay in the property. Last year, changes to the federal Home Affordable Foreclosure Alternatives short sale program opened the door for a short sale without the arm’s-length requirement. The U.S. Treasury Department in March 2011 issued a supplement to its HAFA guidelines to allow “servicers the discretion to approve sales to non-profit organizations with the stated purpose that the property will be rented or resold to the borrower, so long as all other HAFA program requirements are met.” It further strengthened that option in a November 2012 supplement that smoothed the process for such a sale. The Short Sale Lease-Back Program was inspired by the Treasury’s action and created to work with lenders to allow a qualified homeowner to sell their property, rent it back for three years and perhaps even buy it back at a pre-determined price. PROGRAM DETAILS Here is an overview of the Short Sale Lease-Back Program: Homeowners must work with a licensed agent who is trained and certified by the Short Sale Lease-Back Program. A qualified non-profit would purchase the home in a short sale. The homeowner’s lenders must approve of the lease-back terms — the intent of the sale and tenancy cannot be hidden from the lienholders. The seller would lease the home for a minimum of three years, allowing their credit to heal so that they could qualify for a mortgage. Homeowners must attend ongoing HUD and financial-literacy counseling and speak with legal and tax experts to ensure the program is the right fit. If approved, the former owner might be allowed to repurchase the home, perhaps at a giant discount from what they once owed on it. Not all homeowners qualify for the program. Borrowers must have sufficient income to afford the monthly rent payments in addition to their other debt payments. Homeowners who don’t qualify for this program can still proceed with a traditional short sale, which may include a relocation incentive from $2,500 to as high as $45,000, depending on their lender, loan amount and individual situation. Either option is better than a financially devastating foreclosure, which can crush a consumer’s credit, hinder their ability to find a future rental, and perhaps even impact their jobs. Banks prefer short sales over foreclosure and even loan modifications because they net 12 percent to 25 percent more money from them. DO YOU QUALIFY? The Short Sale Lease-Back Program is now interviewing California applicants for qualification in this new program. To qualify, homeowners must: Live in the property as their primary residence. Have steady, verifiable income. Have a valid hardship and be able to qualify for, and complete, a HAFA short sale. Want to know if you qualify? Call us today at 951-778-9700 to make an appointment for an interview. ...read more

HAFA Short Sale | Relocation Incentive | Short Sale Lease Back | Riverside Short Sales Agents | Riverside Real Estate AgentsTreasury streamlines HAFA Short Sale Program The U.S. Treasury Dept. this week announced new guidelines to streamline and standardize the HAFA Short Sale Program, which provides a $3,000 relocation incentive for qualified homeowners. Among the changes, Treasury’s Supplemental Directive 12-07 to the Making Home Affordable Program shortened the decision timeline to “essentially 30 days,” in line with new Fannie Mae and Freddie Mac short sale rules, and will not require financial documentation from some distressed homeowners. Major changes to the HAFA program include: PRE-DETERMINED HARDSHIP: Borrowers with 90-plus-day delinquencies and a FICO score below 620 will be classified as having a “pre-determined hardship” with less required documentation. Homeowners who meet the criteria will only need to complete a Hardship Affidavit to be considered for HAFA approval. The current Request for Mortgage Assistance (RMA) form qualifies as a Hardship Affidavit, Treasury says. QUICKER ANSWERS: Servicers now have essentially 30 days to approve, reject or counter a HAFA short sale offer. For pre-approved HAFA short sales, in which the applicant has been prequalified for the program: If an offer meets the minimum price and terms of a pre-approved HAFA short sale, the servicer must issue the approval within 10 business days of receiving the offer. Offers less than the pre-approved terms must be acknowledged with an approval, rejection or intent to counter-offer within 10 business days of receipt, and the counter-offer must be generated within 30 calendar days. Servicers can accept lower offers “so long as the proposed sale is in the best interests of the Investor,” according to the MHA guidelines. For offers sent without a pre-approval: The bank must acknowledge receipt of a complete offer within 10 business days. If the seller is more than 90 days delinquent on their mortgage and has a credit score less than 620, the servicer must issue a short sale approval, rejection or counter-offer within 30 calendar days. For borrowers who are not three months behind and/or have credit scores above 620, the 30-day clock doesn’t start until the servicer receives a Hardship Affidavit completed by the seller and the buyer. In either case, the servicer can extend the 30-day window but must give written updates every 15 days until it reaches a resolution. EVERYONE SIGNS OFF: The buyer in a HAFA short sale will now be required to sign a new Hardship Affidavit in which they affirm that the sale is an “arm’s-length transaction” and they are not giving the seller any compensation. Previously, only the seller and real estate agents were required to acknowledge the arm’s-length requirement. LENDER BENEFIT: Treasury has increased the reimbursement to the lender for permitting part of the sale proceeds to pay junior lienholders, making the program more attractive for the banks. For HAFA short sales closed on or after Dec. 1, 2012, the first-mortgage lienholder will be reimbursed up to $5,000 of the $8,500 that it allows to a junior lien, such as a home equity line of credit or other second mortgage. That amount increases from the previous maximum of $2,000. SHORT SALE LEASE BACK: The supplemental directive adds the following specific language to the Making Home Affordable handbook: “The terms of any sale approved by the servicer that provides an option for the property to be sold to a non-profit organization with the stated purpose that the property will be rented or sold to the borrower.” In March 2011, Treasury first referred to this groundbreaking initiative in Supplement Directive 11-02, which introduced the concept to servicers. Servicers subsequently did nothing to implement the option in their HAFA guidelines. Other companies inspired by Treasury’s foresight recently launched programs in California. (Do you qualify for the new Short Sale Lease-Back Program? Call 951-778-9700 today for an interview.) Supplement Directive 12-07 now may open the door a bit further for this type of short sale. INVESTOR PURCHASES: HAFA currently prohibits a buyer form reselling a home within 90 days of the HAFA transaction. That time restriction has been shortened to 30 days, though a resale for 20 percent more than the previous purchase price would have to wait at least 90 days. The new short sale rules — which do not apply to loans owned or backed by Fannie Mae, Freddie Mac, the Veterans Administration (VA), the Dept. of Agriculture’s Rural Housing Service or the Federal Housing Administration (FHA) — kick in Feb. 1, 2013, though servicers can implement them immediately. A short sale occurs when a home is sold for less than is owed on it and the bank discounts the payoff. The HAFA Program earlier this year was extended through the end of 2013. HAFA requests must be submitted to a servicer by Dec. 31, 2013, and the transaction must be closed on or before Sept. 30, 2014.  Want to know if you qualify for the new HAFA Short Sale Program? Call us today at 951-778-7900 to set up a 10-minute interview. (Brian Bean and Timothy Hardin are Default Advocates and owners of Dream Big Real Estate. They can be reached directly at Brian@DreamBigRealEstate.com or 951-778-9700.) Brian Bean and Timothy Hardin Licensed Default Advocates DRE Lic #01889132 Info@DreamBigRealEstate.comWhat's happening in the Real Estate Market today? CLICK HERE for more information.Want to know if we're legit? Do your homework. Check us out at www.google.com www.yahoo.com www.bing.com. www.DreamBigRealEstate.com www.IEShortSalePros.com www.ShortSaleAndStay.com                   HAFA Short Sale | Relocation Incentive | Short Sale Lease Back | Riverside Short Sales Agents | Riverside Real Estate AgentsHAFA Short Sale | Relocation Incentive | Short Sale Lease Back | Riverside Short Sales Agents | Riverside Real Estate AgentsHAFA Short Sale | Relocation Incentive | Short Sale Lease Back | Riverside Short Sales Agents | Riverside Real Estate Agents HAFA Short Sale | Relocation Incentive | Short Sale Lease Back | Riverside Short Sales Agents | Riverside Real Estate Agents ...read more

Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale AgentsLow inventory wipes out foreclosure discount      With the number of homes available for sale at an all-time low, the price difference between standard “equity” sales and bank foreclosures has all but dried up.  Real estate evaluation service Zillow said this week that the average discount nationwide for foreclosure properties had decreased to just 7.7 percent. In the Inland Empire, where the market is sizzling, the discount is less than 2 percent.  “The smallest foreclosure discount is found in places where competition for homes is so high, people there are willing to pay the same amount for a foreclosure re-sale that they would for a non-distressed home simply to take advantage of historic affordability,” Zillow Chief Economist Stan Humphries said in a release. “Additionally, in areas such as Phoenix and Las Vegas, where not long ago one out of every two homes sold was a foreclosure re-sale, buying a foreclosure is no longer just for investors.”  According to Zillow, the smallest foreclosure discounts were estimated in Las Vegas (0%), Phoenix (0%), Sacramento (0.7%), Riverside (1.8%), San Diego (2.4%), Miami-Ft. Lauderdale (2.9%), Los Angeles (4.2%) and San Francisco (4.7%).  The largest discounts remain in Pittsburgh, PA (27.8%), Cleveland (25.8%), Cincinnati (20.2%), Baltimore (20%), New York City (15.5%), Detroit (15.2%), Charlotte, NC (15.1%), Boston (15.1%), Philadelphia (14.4%) and Minneapolis-St. Paul (13.9%). INVENTORY DOWN 64% Lack of housing inventory is driving the demand and increasing prices.  According to figures from the California Regional Multiple Listing Service, there were 6,272 homes on the market at the end of October in the 51 Inland Empire communities covered by the Inland Valleys Association of Realtors. Based on demand, that represents just a one-month supply. In October 2011, there were 17,470 homes on the market, a 3.2-month supply.  The average sales price across all those communities was $246,509, an 11.14 percent increase from October 2011. But prices have increased 15.6 percent since January of this year, when the average sales price was $213,197.  Economists and market pundits differ on the immediate future. During last week’s National Association of Realtors annual conference and expo, NAR Chief Economist Lawrence Yun predicted a 5.1 percent increase in median home prices for 2013.  Mark Vitner, senior economist with Wells Fargo, compared distressed homes to an “after-Christmas sale,” in which “most of the best stuff has been picked over, but make no mistake – they’ll be with us for awhile.”  Others argue that we are seeing a “false floor” in prices, propped up by a lack of available homes and a hungry throng of buyers hoping to snap up homes while interest rates are low.   ‘FRAGILE’ MARKET The housing market recovery is “fragile,” Yun said, and could tip either way depending on what happens to the credit market and the impending “fiscal cliff” – the label given to Dec. 31, 2012, when temporary payroll tax cuts, business tax cuts and consumer income tax cuts are scheduled to end, and new taxes related to President Obama’s health care law begin.  The laws of basic economics have contributed to increasing home prices, and they will continue to influence the market. Rising interest rates, inventory spikes, or a drop in consumer demand because of tax hikes could halt the housing recovery.  Is today the day to put your home on the market in your neighborhood? Call us today at 951-778-9700 and we’ll crunch the numbers for you.  (Brian Bean and Timothy Hardin are Default Advocates and owners of Dream Big Real Estate. They can be reached directly at Brian@DreamBigRealEstate.com or 951-778-9700.) Brian Bean and Timothy Hardin Licensed Default Advocates DRE Lic #01889132 Info@DreamBigRealEstate.com What's happening in the Real Estate Market today? CLICK HERE for more information.Want to know if we're legit? Do your homework. Check us out at www.google.com www.yahoo.com www.bing.com. www.DreamBigRealEstate.com www.IEShortSalePros.com www.ShortSaleAndStay.com           Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale AgentsForeclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents Foreclosure Discount Shrinks | Short Sale vs. Foreclosure | Riverside Home Prices | Riverside Real Estate Agents | Riverside Short Sale Agents   ...read more

Mortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale AgentsMortgage Forgiveness Act Possibly Headed for Extension A little bird told us this week that the federal Mortgage Forgiveness Debt Relief Act of 2007, which gives a massive tax exemption to some distressed homeowners after a short sale, will be extended before it expires at the end of this year. The word comes from a Democratic Congresswoman in the know about such things. But with political polarization still entrenched in Washington, D.C., we'll believe it when we see it. The Mortgage Forgiveness Act, which was signed into law by President Bush in 2007 and extended by President Obama in 2009, provides an income tax exemption for the "debt cancellation" that occurs after a short sale, foreclosure or loan modification with a principal reduction. The legislation expires Dec. 31, 2012.  When a bank forgives the debt on a home, it sends the borrower a 1099 for the amount of the loss. The IRS considers it income and assesses the "ordinary income tax" rate. That could mean a tax bill of $15,000 to $35,000 after a short sale in which the bank lost $100,000. Such a severe penalty is a slap in the face of hard-working homeowners caught up in the economic downturn that has forced many into pay cuts, furloughs and outright layoffs. The law covers: Debt cancellation on primary residences only. Investment properties and second homes do not qualify. The mortgage debt forgiven must have been used to buy, build or improve the home. Cash-out refinances to remodel may qualify, But cash drawn to pay off debt or buy "toys" is not eligible. The debt cancellation is limited to $1 million ($2 million for a couple filing jointly). Californians also enjoy the benefit of the Conformity Act of 2010, which provides the same taxpayer protections but applies to state income tax. It also expires at the end of this year. Several attempts have been made this year to extend the federal law. In February, President Obama included it in his federal budget, which has been locked in purgatory ever since. A bill backed by a bipartisan group in May never made it out of committee. But on Aug. 2, the Senate Finance Committee finally garnered the necessary votes to approve a bill that would extend the federal tax break through the end of 2013, buoyed by the National Association of Realtors and the National Association of Home Builders. The bill, which now heads to the full Senate, includes continued tax writeoffs for mortgage insurance and tax credits for home energy-efficiency improvements. Now, it's up to a lame-duck Congress to approve the extension before the year ends, possibly as part of the "Fiscal Cliff" Grand Bargain that must be made in the face of expiring tax cuts and new Obamacare taxes. One thing is clear: If these tax breaks are not extended, millions of homeowners who are upside-down on the mortgages and having difficulty making their loan payments will be saddled with financially devastating tax bills. And bankruptcy filings are likely to shoot through the roof -- again. BK filings already are up 900 percent since the housing crisis began in 2006. Want to know if you qualify for the Mortgage Forgiveness Debt Relief Act tax exemption? Call us today at 951-778-9700 and we'll help you sort it out. (Brian Bean and Timothy Hardin are Default Advocates and owners of Dream Big Real Estate. They can be reached directly at Brian@DreamBigRealEstate.com or 951-778-9700.) Brian Bean and Timothy Hardin Licensed Default Advocates DRE Lic #01889132 Info@DreamBigRealEstate.comWhat's happening in the Real Estate Market today? CLICK HERE for more information.Want to know if we're legit? Do your homework. Check us out at www.google.com www.yahoo.com www.bing.com. www.DreamBigRealEstate.com www.IEShortSalePros.com www.ShortSaleAndStay.com       Mortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale AgentsMortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale AgentsMortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale Agents Mortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale Agents Mortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale Agents Mortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale Agents Mortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale Agents Mortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale Agents Mortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale Agents Mortgage Forgiveness Debt Relief Act | Mortgage Forgiveness | Tax Exemption | Short Sale Tax Exemption | Riverside Short Sale Agents ...read more

Relocation Incentive | Short Sale Agents | Fannie Mae | Freddie Mac | Riverside Real Estate | Riverside Short Sales New short sale rules standardize seller cash incentives New short sale guidelines may make it easier for a distressed homeowner to receive cash to move after a short sale.Mortgage giants Fannie Mae and Freddie Mac on Nov. 1 launched a revamped and cohesive short sale program that, among other things, allows a short sale without missed payments and without requiring repayment of the loan balance.The government-sponsored enterprises formerly processed short sales under varying sets of rules and even had their own versions of the Home Affordable Foreclosure Alternatives (HAFA) program, which provided a $3,000 relocation incentive to the seller. But the guidelines were restrictive and many distressed home sellers were disqualified for the cash payments.Under the new guidelines, an owner-occupant home seller is entitled to a $3,000 relocation check to assist with relocation expenses, with the following exceptions:The borrower is required to contribute funds or execute a promissory note. In California, laws protect most home sellers from having to contribute funds or sign a promissory note.The borrower has military Permanent Change of Station (PCS) orders and receives a Dislocation Allowance (DLA) or other government relocation assistance.The servicer has knowledge that the borrower is receiving relocation assistance from another source. In this case, the $3,000 would be reduced by a like amount.Fannie and Freddie back about half of U.S. mortgages. For homeowners whose loans are not covered by one of the GSEs, many banks offer short sale programs that provide relocation incentives.OTHER BANK PROGRAMSHAFA PROGRAM: More than 40,000 short sales have been completed through the federal HAFA program, which provides a $3,000 relocation incentive for the homeowner.The U.S. Treasury version of the program allow $8,500 to satisfy junior liens, making the program a better alternative for California homeowners, who are more likely to have high-balance home-equity loans.Many banks participate in this program, though not all homeowners fit the mold.BANK OF AMERICA: The nation’s largest servicer offers the HAFA program along with several in-house programs. Its most prominent proprietary program is the “Cooperative Short Sale Program” with an “Enhanced Relocation Assistance” that ranges from $2,500 to $30,000.Bank of America launched the enhanced program nationwide in May. It applies to preapproved short sales (in which the short sale is initiated without an offer to purchase), and the incentive amount is based on the home value.Eligible homeowners must start their short sale before the end of 2012 and close by Sept. 26, 2013, to receive the cash payments.WACHOVIA: Wachovia Mortgage has been providing relocation incentives of $2,500 to $10,000 in a short sale for more than a year. The lender is well-known for its speedy response and no-nonsense negotiations.CHASE BANK: This lender offers relocation incentives up to $45,000. Not all Chase loans qualify for the incentive — To find out if you have one of these loans, call us today at 951-778-9700.CITIMORTGAGE: Citi says its average short sale incentive offer is $12,000 in cases where Citi owns the loan. The incentives are based on a variety of factors, including level of distress of the homeowner and loan characteristics.WELLS FARGO: Wells completed a trial program in Florida last year that offered $10,000 to $20,000 to a homeowner who completes a short sale or deed-in-lieu. The incentive is only available on first trust deeds that Wells itself owns, the lender said.This is not a comprehensive list, but these are good examples of the programs available to homeowners who are in danger of losing a home to foreclosure.WILL THE BANK COOPERATE?Despite what you may have heard, banks prefer short sales over foreclosure or even loan modifications. Why? It’s all about the numbers.Short sales net banks 12 percent to 25 percent more than they would gain from a foreclosure because of the time and expense to take back, repair, maintain, market and resell a property. And as many as half of loan modifications re-default within the first year, later turning into foreclosures and short sales.Thus short sales continue to increase, especially in Southern California, as lenders streamline processes and create attractive offers to help distressed homeowners. A short sale allows a homeowner to avoid a financially devastating foreclosure, limit damage to their credit, and re-enter the housing market much more quickly as an able buyer — before home values again shoot through the roof.More importantly, a short sale allows a homeowner to exit their house on their own terms, with dignity intact.Want to know if you qualify for any of these programs? Call us today at 951-778-9700and we’ll do the research for you.(Brian Bean and Timothy Hardin are Default Advocates and owners of Dream Big Real Estate. They can be reached directly at Brian@DreamBigRealEstate.com or 951-778-9700.) ...read more

Fannie Mae Short Sales | Freddie Mac Short Sales | Riverside Short Sale Agents | Brian Bean and Tim Hardin | Short Sale in RiversideFannie, Freddie now allow short sales on current loans Homeowners who are current on their mortgage payments but headed for trouble have new options this week.Mortgage giants Fannie Mae and Freddie Mac on Thursday launched a revamped and cohesive short sale program that now allows a short sale without missed payments and without requiring repayment of the loan balance.The new program comes in the wake of years of complaints about fragmented and outdated GSE policies and is designed to put both government-sponsored enterprises on the same page when it comes to short sales, with the same borrower qualifications, timelines and processes.The Federal Housing Finance Agency, which oversees Fannie and Freddie, announced the new guidelines in September to address the issues that distressed homeowners face in today’s real estate market.The new program guidelines include:NO MISSED PAYMENTS: Following in the footsteps of servicers and major lenders, GSEs will now allow homeowners who are current on their mortgages to complete a short sale … if they have a qualified hardship.What is a valid hardship for a short sale with no missed payments? Imminent default threats such as death of borrower, divorce, disability or a job relocation of at least 50 miles, to name a few.Some major banks already allow short sales on non-GSE loans with no delinquencies in an attempt to head off future foreclosure and a greater loss.HEADED FOR FORECLOSURE: Borrowers who are at least 90 days behind and have credit scores below 620 will have their short sales put on a fast track for approval, and they will not have to provide hardship documentation to qualify.ONE SET OF RULES: Servicers will have one set of clear guidelines to evaluate, process and execute short sales, eliminating the confusion that currently reigns on GSE programs.JUNIOR LIENHOLDERS: Second lienholders can receive 100 percent of the outstanding lien, up to $6,000, to approve a short sale. In California, the $6,000 cap can be lower than necessary, especially if the junior lien is a home equity line of credit with a balance greater than $100,000. Lenders often want 10 percent to 20 percent of an outstanding HELOC balance, creating situations in which a home buyer may have to contribute extra money toward that lien.But GSE programs previously allowed only 6 percent, up to $6,000, to junior lienholders.The HAFA short sale program recently increased its maximum-allowed junior lien payoff to $8,500 to deal with demanding juniors.ACTIVE MILITARY: Military personnel who have a permanent change of station order can short sale their home without missed payments and without the threat of having to pay the loan balance.These changes went into effect earlier this year.CONDENSED TIMELINE: The new guidelines fold in deadline restrictions that took effect in June. Servicers must respond to a short sale request within 30-60 days of receiving a complete package.If the servicer is unable to respond within 30 days, they will have an additional 30 days to evaluate the short sale, but they also must provide weekly updates during that period.A response could be an approval, rejection or counter-offer.NO DEFICIENCIES: Outside California, Fannie and Freddie will waive their rights to pursue homeowners for the balance of the loan after a short sale, though the seller may have to make a cash contribution or sign a promissory note.In California, state laws prevent lenders from pursuing the deficiency balance after a short sale, in most cases.Fannie and Freddie own or guarantee more than half of U.S. mortgages. The FHFA now oversees the agencies after a $170 billion government bailout in September 2008.“These new guidelines demonstrate FHFA’s and Fannie Mae’s and Freddie Mac’s commitment to enhancing and streamlining processes to avoid foreclosure and stabilize communities,” FHFA Acting Director Edward J. DeMarco said in a release.WHY SHORT SALE?Fannie and Freddie are putting more emphasis on short sales because they make the most financial sense.Short sales net banks 12 percent to 25 percent more than they would gain from a foreclosure because of the time and expense to take back, repair, maintain, market and resell a property. And as many as half of loan modifications re-default within the first year, later turning into foreclosures and short sales.Thus short sales continue to increase, especially in Southern California, as lenders streamline processes and create attractive offers to help distressed homeowners. A short sale allows a homeowner to avoid a financially devastating foreclosure, limit damage to their credit, and re-enter the housing market much more quickly as an able buyer — before home values again shoot through the roof.More importantly, a short sale allows a homeowner to exit their house on their own terms, with dignity intact.Want to know if you qualify for the newly updated short sale guidelines? Call us today at 951-778-9700, and we’ll do the research for you.Brian Bean and Tim Hardin, owners of Dream Big Real Estate in Riverside, are Default Advocates and ambassadors for Helping A Million Homeowners. They can be reached at 951-778-9700, PE@DreamBigRealEstate.com or at www.DreamBigRealEstate.com and www.ShortSaleAndStay.com. ...read more

19672 Allenhurst Street, Riverside, CABEAUTIFUL ORANGECREST HOMEBedrooms: 4 Bathrooms: 3 full, 1 halfLiving Area Approx: 2324 List Price: $Get Current PriceSchedule a ShowingSearch All Homes For SaleFree List of Foreclosed Homes For SaleAvoid ForeclosureHomes Close to Where You WorkWhat is Your Home Worth?See Property DetailsCall 951-778-9700 for more information on this or any other property.Visit Property WebsiteThis gorgeous home is located in the residential neighborhood of Orange Crest and has an attached 2 car garage, spacious backyard great for spending time with family and friends. This home offers 4 Bedrooms and 3.5 baths and has a total of 2324 sqft inside. Home is located close to parks, schools, and shopping.Have questions? Ask me.Courtesy:Brian Bean Email Me Now 951-778-9700 Licensed In: CA License #: 01346382What's your home worth? Call us Today at 951-778-9700 to find out.FREE REPORT FOR HOME BUYERS: HOW TO AVOID PAYING TOO MUCHDream Big Real Estateis not associated with the government, and our service is not approved by the government or your lender.Equal Housing Opportunity ...read more