Your Check Is In The Mail!

Posted on April 20, 2013 by

There is a possibility that you may be receiving a check in the mail as “Compensation” from the banks for a short sale, denial of loan modification, foreclosures, bankruptcy, or a myriad of other actions by the bank for which they deem you may have been harmed……

Hello – losing a home and getting this compensation is too little too late for many of my clients but I just wanted to let you know what is in the wind in case you do receive a check from the Federal Banking Regulators – the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System.

I have heard that the check will range from $300 up to $125,000 –

If your loan was serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Stanley, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo you should be receiving a check soon.

If your loan was serviced by EverBank/EverHome Mortgage Company, Financial Freedom (OneWest), GMAC Mortgage, and IndyMac Mortgage Services (OneWest), the Independent Foreclosure Review process continues. More about the continuing reviews.

The Paying Agent will be Rust Consulting Inc…… This will NOT cost you any money – do watch out for scammers.

Here is another link if you care to research it further – do pass this on to friends or family that may have gone through any of these processes in 2009, 2010 or 2011.
Correcting Foreclosure Practices

Thank You, Dawn

Dawn O’Neal & Tom Binder
Broker~Owner~REALTORS®
CELL 408.221.0575 & 408.826.9193
Realty World Executive Advantage
DRE #01101500 & #01710719
OFFICE 408.923.7758 FAX 408-923-7758
http://www.DawnOneal.com

Exceeding Expectations ~ ALWAYS! TM

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Posted in Foreclosure, Investors - Investment Income, Lenders & Loans, NOD-Notice of Default, NTS-Notice of Trustee Sale (Foreclosure), Personal Opinions, Real Estate - Sellers & Buyers, REALTOR®, Seller Disclosure, Short Sales | Tagged , , , | Leave a comment

BANK OF AMERICA SHORT SALE ASSISTANCE $5K TO $30,000

Posted on September 12, 2012 by
Short Sale Relocation Assistance Program:
Your clients could receive $5,000 to $30,000 in relocation assistance

Financially distressed clients want to avoid foreclosure. So…

That’s why Bank of America is excited to offer enhanced relocation assistance. Qualified homeowners who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property, depending on the investor involved.

AFTER contacting your REALTOR® they will initiate a Preapproved Price Short Sale on the Equator website.

Determining eligibility is easy:

Once your REALTOR® has initiated the short sale on Equator, Bank of America will quickly evaluate the homeowner to determine if they qualify for the enhanced relocation assistance.

The homeowner must participate in one of the Preapproved Price Short Sale Programs, such as:

  • HAFA (Home Affordable Foreclosure Alternatives)
  • Bank of America’s Cooperative Short Sale Program

Specific investor participation and eligibility criteria do apply to these programs. Call your agent to help you with these conditions.

Homeowners not meeting eligibility requirements for the enhanced relocation incentive may still qualify to receive $2,500 – $3,000 in relocation assistance from government- and bank-sponsored programs.

Frequently Asked Questions:

Q: How can I find out if my loan qualifies for this limited time offer?
A: Your REALTOR® will call a Bank of America short sale specialist.

Q: Do I have to do anything special when initiating or completing the short sale?
A: No. But act quickly by contacting your REALTOR® to initiate the short sale on Equator. This is a limited-time offer.

Q: If a short sale is initiated with an offer, will it qualify for this enhanced relocation assistance?
A: No. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.

Q: Is the enhanced relocation assistance eligible to non-owner-occupied properties?
A: Yes, it is available to non-owner-occupied properties.

Q: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.

Q: Can the relocation assistance funds be used to pay off existing liens?
A: Yes, the homeowner may use funds to pay off existing liens or to help with relocation expenses.

Q: Is the enhanced relocation assistance added to any other incentives, such as the HAFA or Bank of America Cooperative Short Sale Program incentives?
A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for $5,000, then $3,000 will be from the HAFA funds and the remaining $2,000 will be from Bank of America homeowner incentive funds.

If you have questions, first contact your REALTOR®/short sale specialist.

Your REALTOR® also has contacts for urgent needs (such as a foreclosure postponement) or for escalation of a short sale. Don’t delay – contact today!

Click here to read the full press release.

* The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $5,000, but no more than $30,000. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which include but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by Sept. 26, 2013. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability.

Thanks, Dawn

Dawn O’Neal & Tom Binder

Exceeding Expectations ~ ALWAYS! TM

REALTOR®-Broker~Owner REALTOR®, SRES®

DawnTom
Check out my BLOG at Dawn O’Neal – Experienced California REALTOR®

1-408-923-7758 O 1-408-923-1333 F

1-408-221-0575 DAWN-Cell

1-408-826-9193-TOM-Cell)

www.DawnOneal.com

DRE License #01101500 & #01710719

Realty World Executive Advantage

GRI®, CRS®, LTG®, RRC®, PMN®, ASP®, e-PRO®, SRES®, CIPS®, TRC®,


Platinum Equator Certified
SHORT SALE CERTIFICATIONS – HELP With The UTMOST DISCRETION!
SFR®, CHS®, CDPE®

www.Delinquent-Mortgage-Options.com

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®

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I need your help to help a deserving client avoid Foreclosure!

Posted on June 24, 2012 by

Here are the full questions & answers related to the Petition I have submitted for assistance in helping a client prevent a Foreclosure that should never happen! Find the petition at :

http://www.change.org/petitions/help-save-this-family-from-foreclosure?share_id=iGqkvcTcnK

QUESTIONS:

I’m confused by this Dawn. It looks like they have already left the house and are faced with a more difficult situation then a foreclosure. Will they still be responsible for costs associated with losing the house, and if so, how will the bank collect given their financial situation? We already know that the banks don’t care or this would have been settled by now, and the petition will probably have little or no effect at all. I’d like to help, but can’t figure out what this will accomplish? Jerry

ANSWERS:

Hi Jerry – Thanks for asking these question….. I am new to this Petition approach so I am learning as I go here too. Any suggestions are always welcome to help. I set this up because I have to do SOMETHING to try and help these clients!!!

Yes, they have left the house and have another place to live – Thank God for their family helping them!

Here is how I perceive the situation:

IF they do a short sale:

1. The possibility of the HOA lien being paid is greater because the buyer has offered to pay this

2. If not a short sale, that lien will become an outstanding lien against them.

3. With a SS, their credit will be less impacted and they can possibly buy again in a shorter period of time

4. They also feel like they have at least done the best they can, under the circumstances, to pay off a loan commitment they undertook and due to job loss, market adjustements and now health issues, can no longer keep.

IF IT GOES INTO FORECLOSURE:

1. Their credit will be affected for a much longer period of time

2. After 12/31/12 –IF the Debt Foregiveness Act is not extended, this client – but moreso anyone else that goes through this same scenario – MAY BE subject to taxable debt forgiveness in a foreclosure – (This may also affect the short sale forgiven if it is not extended but the amount is much greater in a foreclosure than a short sale obviously.)

IN ANSWER TO YOUR QUESTIONS WHAT I HOPE TO ACCOMPLISH:

1. At this point, the debt forgiveness act is still in effect so the biggest issue will be the foreclosure affecting their credit adversely

2. What I am trying to accomplish here is to get the Foreclosure Stopped before 7/2/12

3. AND – Get help from the Government Agencies that are also being sent this petition to step in and work with Ocwen to accept the short sale and close this chapter in their saga of challenges.

Additional FREE Information can be found at http://hosted.cdpe.com/169014/Foreclosure-Solutions.aspx 

Posted in Foreclosure, NOD-Notice of Default, NTS-Notice of Trustee Sale (Foreclosure), REALTOR®, Short Sales | Tagged , , , , , | Leave a comment

CLIENT QUESTION RE ACCEPTING OFFERS

Posted on June 1, 2012 by

A question that comes up often from Sellers is: How many open houses do you usually have or should I ask at what point do you determine when to look at offers or if you should wait for more?

Hello M/M Seller – In days gone past, a “normal market”, holding offers was just not done. You took the first offer – dealt with it – and it was either countered or accepted and the next offer/agent waited patiently. Of course, it has always been the case that if one offer has been received but not presented yet to the seller, and another agent called and said they had an offer to present, the first agent would be notified that another offer had been received and then both offers were presented to the seller at the same time and the seller decided how to proceed – their agent of course is there to help them analyze, look at quality of paperwork and pre-approval status of buyers.

Choices would include:

· Accepting one to work with and the 2nd (or more) offer could stand as a backup offer

· Countering the first received and waiting to see if they accepted before proceeding with others

· Countering both/all and if all come back accepted then seller would decide which offer they chose to accept

· Again – each situation is different and the agent helps the seller analyze and decide what to do.

Now, with the multiple offer situations, we have a better opportunity to get the best price for you and hold off taking offers for a set time – which in this case would be the weekend’s open houses – and then set a deadline for all offers to be submitted by Monday at noon.

The catch 22 comes when:

#1 SCENARIO:

· IF we have buyers that are getting a loan

· And IF they go over the list price

· And IF the appraisal comes in lower than that

o Then you either have to come down to that price OR

o Buyer has to bring in the difference

o (EXAMPLE: LIST IS $875,000 – SAY WE GET AN OFFER FOR $890,000 – SAY THE APPRAISAL COMES IN AT $870,000

§ YOU EITHER COME DOWN TO $870,000 OR BUYER CAN WALK or

§ BUYER BRINGS IN THE EXTRA $20,000 BETWEEN APPRAISAL OF $870,000 AND THEIR OFFER OF $890,000 OR THEY CAN WALK

§

#2 SCENARIO:

· IF we get and all cash offer with no appraisal necessary, we are good to go.

Bottom line is each listing and offer situation is different. With calls already coming in we expect we will have pretty active open houses this weekend and I would suspect we MAY have a couple offers. That being said, will keep you updated as we progress.

IF we get only one offer in the 4 days it is on the market, no reason not to work with that agent and that buyer who is genuinely interested in the property and get it into escrow quickly and sold quickly….. that is the optimum choice here.

It is really so difficult to have 10 offers come in and then we have 9 families that are disappointed – so let’s pray we get one REALLY GOOD offer from someone who really wants it!!!

Thanks,

Dawn

Dawn O’Neal & Tom Binder

Broker/Owner & REALTORS®

Check out my BLOG at Dawn O’Neal – Experienced California REALTOR®

1-408-923-7758 O 1-408-923-1333 F

1-408-221-0575 DAWN-Cell

1-408-826-9193-TOM-Cell)

Dawn Tom

www.DawnOneal.com

DRE License #01101500 & #01710719

Realty World Executive Advantage

GRI®, CRS®, LTG®, RRC®, PMN®, ASP®, e-PRO®, SRES®, CIPS®, TRC®,


Platinum Equator Certified
SHORT SALE CERTIFICATIONS – HELP With The UTMOST DISCRETION!
SFR®, CHS®, CDPE®

www.Delinquent-Mortgage-Options.com

Exceeding Expectations ~ ALWAYS! TM

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®

We would love your review

or LIKE

Posted in Personal Opinions, Real Estate - Sellers & Buyers, REALTOR®, Seller Disclosure | Leave a comment

Referral List For Those Helping Loved Ones &/or Seniors

Posted on May 27, 2012 by

Resources to assist with clearing out/selling/moving seniors for relocation

THE FOLLOWING RESOURCE LIST IS PUT TOGETHER BY TOM BINDER AND DAWN O’NEAL FROM PERSONAL ASSOCIATION, INDUSTRY REPUTATION, REFERRALS, OR KNOWN BUSSINESS ASSOCIATES.  IT IS ALWAYS GROWING AND CHANGING – IF YOU HAVE ANY QUESTIONS OR COMMENTS OR ADDITIONS, PLEASE CALL, EMAIL, OR FAX AND LET US KNOW.  IT IS NOT A COMPLETE LIST – JUST A START OF HELPFUL PEOPLE WHO HELP SENIORS AND WE HOPE THIS WILL ASSIST YOU TOO………………………..

Dawn O’Neal  & Tom Binder
Broker/Owner & REALTORS®

Check out my BLOG at Dawn O’Neal – Experienced California REALTOR®

 
1-408-221-0575 DAWN-Cell   1-408-826-9193-TOM-Cell
Emails  Dawn@DawnOneal.com    Tom@DawnOneal.com
Websites: www.DawnOneal.com AND
www.Delinquent-Mortgage-Options.com
DRE License #01101500 & #01710719
Realty World Executive Advantage
 
GRI®, CRS®, LTG®, RRC®, PMN®, ASP®, e-PRO®, SRES®, CIPS®, TRC®,

Platinum Equator Certified SHORT SALE CERTIFICATIONS – HELP With The UTMOST DISCRETION! SFR®, CHS®, CDPE®
 
Exceeding Expectations ~ ALWAYS! TM
 
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS® Find us on:
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Tom works in the industry and is a wealth of information regarding Assisted Home Care agencies, In Home Care Agencies, and Care Facilities in Santa Clara, San Mateo and surrounding counties.  If he does not KNOW an answer to your question, he knows whom to call for assisting you!

Dawn has been a REALTOR® in Santa Clara, San Mateo and surrounding counties since 1990 and able to help if you have ANY real estate questions or needs.  We are both SRES® (Seniors Real Estate Specialist certified).

(We DO NOT have a financial interest in these companies nor receive financial kickbacks for referring!)

 

Resources to assist with clearing out/selling/moving seniors for relocation

  1. Transitions Plus; Senior Move Specialist
    1. Rebecca Stover; cell: 408-455-3406; Office: 408-626-7384
    2. Offers complete project planning for a senior move; initial assessment/counseling meeting; can project value of personal property; advise on downsizing for move to assisted living; will do boxing/packing; arrange estate/garage sale; arrange for liquidation of unsold items; arrange for hauling and disposal (chemicals, paints, etc).
    3. After initial assessment, provide estimate of net cost or net proceeds.
  1. Unexpected Treasures; Estate Sales and Custom Liquidation
    1. Judy Johnson
    2. 555 Bryant Street, Ste 116,Palo Alto, 94301
    3. (O) 650-637-8891; Cell 650-346-6884
    4. Process: once family has identified what will not be available (either moved/moving with the senior or going with someone else) UT will assess what could be sold via their estate sale channels, and what needs to be liquidated.  Our experience with one client was that they charged $2,500, and returned to the seller any sales proceeds over that amount.
  1. Gentle Transitions; Special Relocation Services
    1. Contact phone: 800-619-3049
    2. Typically work with senior to select goods to be moved, and goods to be liquidated; tag goods to be moved; help with layout in new living facility; move goods; unpack at new facility; set-up and arrange all furniture, even hang pictures.
    3. Re:Reno; they can connect with a similar company inRenoto do the “move in” part if that is necessary.
    4. Do not do sales of unwanted property; do not do appraisals.
  1. The Wolfe Packers; Senior Downsizing and Relocation, Estate Sales and Liquidations, Cleanout Services.
    1. Margaret Wolfe; 408-772-3434
    2. Mostly just packing, debris removal, shipping
  1. Discovery Shop;American Cancer Society
    1. Lucy Derkach, Manager; 408-265-5535
    2. Saleof cleaned up used goods in Discovery Shop
    3. Will visit to assess what they can take and sell in the shop; then will come pick up goods with truck if necessary.
    4. All volunteer; all proceeds from donated property to American Cancer Society.

(We DO NOT have a financial interest in these companies nor receive financial kickbacks for referring!)

Posted in NAR-National Association of REALTORS®, Personal Opinions, Real Estate - Sellers & Buyers, REALTOR®, Seniors and Senior Services | Tagged , , , , , , , | 2 Comments

HAFA Eligibility Checklist

Posted on May 22, 2012 by

I just listened to a webinar that mentioned that the HAFA (Home Affordable Foreclosure Alternatives) program has been exteneded through the end of  2014 CORRECTED – SHOULD BE  2013.  Now IF the Debt Forgiveness Act is extended also, we will have a couple more years to help people through this market.    That being said, here is a 6 point checklist to see if you qualify for the HAFA $3,000 at the close of a short sale.

1. Is the (1st) loan owned or guaranteed by FannieMae or FreddieMac?
Yes  No
a. www.fanniemae.com/loanlookup b. https://ww3.freddiemac.com/corporate/

2. Is the property the primary residence & does the borrower still reside there
Yes  No (90 day exception may apply)

3. Is the mortgage a “first lien” mortgage? Yes No

4. Is mortgage delinquent, or is default (missed payments) reasonably forseeable?
Yes No

5. Is the current unpaid principal balance equal to or less than $729,750?
Yes No

6. Does the borrower’s total monthly mortgage payment exceed 31% of their gross monthly income? Yes No

Answer Key: 1. No 2. Yes 3. Yes 4. Yes  5. Yes  6. Yes
If your answers match the above answer key, you may qualify for HAFA.

Next Step is to contact me, or your qualified Short Sale trained REALTOR® to see if you are better off to try for a loan modification, principal reduction, refinance or short sale before you are faced with foreclosure or bankruptcy – neither of the latter two will help your credit.  Also, IF you have a Security Clearance, and you are having financial difficulties, PLEASE call immediately.  This is nothing to leave to chance.

 
Dawn O’Neal
Broker/Owner & REALTORS®
Check out my BLOG at Dawn O’Neal – Experienced California REALTOR®
1-408-923-7758 O   1-408-923-1333 F
1-408-221-0575 DAWN-Cell
Dawn@DawnOneal.com    www.DawnOneal.com
DRE License #01101500
Realty World Executive Advantage
GRI®, CRS®, LTG®, RRC®, PMN®, ASP®, e-PRO®, SRES®, CIPS®, TRC®,
Platinum Equator Certified
SHORT SALE CERTIFICATIONS – HELP With The UTMOST DISCRETION!
SFR®, CHS®, CDPE®
www.Delinquent-Mortgage-Options.com 

Exceeding Expectations ~ ALWAYS! TM

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®

Posted in FHA & VA Loans, Foreclosure, Investors - Investment Income, Lenders & Loans, NAR-National Association of REALTORS®, NOD-Notice of Default, NTS-Notice of Trustee Sale (Foreclosure), Real Estate - Sellers & Buyers, REALTOR®, Security Clearance, Short Sales | 1 Comment

INVENTORY Info Request from READER

Posted on May 21, 2012 by

QUESTION FROM NEWSLETTER READER 5/21/12:

I wonder if you could give your thoughts on the amount of “shadow” inventory for the south bay. I guess shadow inventory would include REO, pre-foreclose, & short sale. Why is inventory so low?

Thanks, READER

MY ANSWER:

Hi READER – without my crystal ball, I cannot say for sure but my “thoughts” are, from all I have heard in the industry, that we are in for another 4-5 years of upside down mortgages in the valley. There are 1 million people in San Jose, and 1 out of 5 is either behind on their mortgages or close– that equals 200,000 homes. Banks have been holding onto the inventory because of the robo-signing investigation and now that it is over, we hear they are going to be releasing them soon.

Rumor has it that some of the big banks are starting to do what they should have long time ago and that is to try to help the homeowners hang onto the houses instead. IF that works, some people are going to hang on for as long as they can to see if they can get some of that help.

Bank of America is offering to pre-approve short sale prices to speed up that process and also offering a possible $2,500 to $30,000 for relocation expenses; Chase has a similar program and I have seen $20,000 given to the seller in escrow at a short sale close.

An economist I heard just recently said that we are NOT going to see the inventory from the bank increase our inventory and then I read another missive online yesterday where a different economist said we ARE going to see the inventory soon. So bottom line is there is no concrete answer.

Inventory is also low because homeowners see their equity affected by the short sales and REO’s in their neighborhood and do not feel it is a good time to sell. With the recent reporting of multiple offers, more sellers are going to reconsider and we should start seeing more inventory soon – along with the homes that go on the market when kids are out of school and parents want to move to another school district before school starts.

Thanks,

Dawn

Dawn O’Neal & Tom Binder

Broker/Owner & REALTORS®

Check out my BLOG at Dawn O’Neal – Experienced California REALTOR®

1-408-923-7758 O 1-408-923-1333 F

1-408-221-0575 DAWN-Cell

1-408-826-9193-TOM-Cell)

Dawn Tom

www.DawnOneal.com

DRE License #01101500 & #01710719

Realty World Executive Advantage

GRI®, CRS®, LTG®, RRC®, PMN®, ASP®, e-PRO®, SRES®, CIPS®, TRC®,


Platinum Equator Certified
SHORT SALE CERTIFICATIONS – HELP With The UTMOST DISCRETION!
SFR®, CHS®, CDPE®

www.Delinquent-Mortgage-Options.com

Exceeding Expectations ~ ALWAYS! TM

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®

We would love your review

or LIKE

Posted in Foreclosure, Investors - Investment Income, Personal Opinions, Real Estate - Sellers & Buyers, REALTOR®, Short Sales | 2 Comments