Arizona Short Sale

Today is a very unique installment, because the idea for this installment is that Kevin will not speak. If he does, Kevin and Fred might end up in a courtroom. They were really fired up about this state of affairs when it happened. So, they had to delay a little bit before chatting about it today.

Kevin and Fred have a folder with Aurora Loan Services. To be sincere, Aurora does a great job of setting up files and ordering BPO’s. Nonetheless, their procedure as a whole is getting poorer. It seems that they have a glitch processing their short sale files. There is a BPO and the folder is verified. All that is left to do is forward it to the investor or make a judgment. Nonetheless, they like to tell people that they will just look at files in a timely manner if there is a foreclosure sale date approaching. Kevin and Fred are being told that they have to wait 90 to 120 days for your folder to get reviewed.

The folder that we have had a giant problem with has now been escalated to a Senior VP at Aurora. We are tired of having to dispatch emails because they can not procedure short sale files. The Senior VP only wanted to inform us to back off. She didn’t care about the information of the folder. In addition, this Senior VP decided to have an attorney call Kevin and Fred. The lawyer told them that they can not call members of senior management anymore.

Plainly, the problem is not with Kevin and Fred. Aurora seems to have exceptional setup, but they do a terrible job of reviewing files. Kevin and Fred are not asking for exclusive attention. They just want Aurora to enhance their procedure, which would benefit everyone. We understand that Aurora is overwhelmed with files. Nonetheless, they need to work on finding solutions rather than sitting on their hands.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Maricopa – Foreclosure Short Sale Phoenix

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

For property owners in Queen Creek, AZ who are trying to avoid foreclosure, there is some great news. However, even if you avoid foreclosure, you may not be in a great situation with respect to your loan and the value of your home. Over the last few days this has been discussed at government meetings. Optimists think that the housing market is getting better, but it still doesn’t help you avoid foreclosure or increase the value of your home.
This is fantastic news for homeowners that are trying to avoid foreclosure in Phoenix Arizona, but possibly not in other states. Chew on this fact for a second. While many counties, cities, states, and municipalities are in worse condition, they are also trying to avoid foreclosure. Even after the government has tried to help people avoid foreclosure, things haven’t really changed.
The economy is still in the tank, and people are losing their jobs everywhere. Giant companies that we have known and trusted are closing their doors. This constant state of financial burden only creates more mortgage problems and more people trying to avoid foreclosure.
Those are just some of the reasons that some people in Queen Creek, Arizona can not seem to avoid foreclosure and keep losing their homes. People with mortgages can’t afford to make the payments and therefore can not avoid foreclosure. You can’t avoid foreclosure if you can’t make the payments.
Some families choose to default on their payments or just abandon the property knowing that they can not avoid foreclosure.
Some people don’t realize that it isn’t necessary to just walk away to avoid foreclosure. There are several other ways to give yourself a fighting chance. Also, the foreclosure process can take several months and sometimes even years. So, even in you can not avoid foreclosure, you can still stay in your house for a while. Many people are finding alternative ways to avoid foreclosure now.
Many people think that when they stop making payments they will be forced from their homes. It just simply doesn’t happen like that. The Sherriff isn’t standing at the bank the day your payment is due to see if you paid.
The short sale process has become a popular one for people that want to avoid foreclosure. It will allow you to sell your home, and not have to owe the bank any money. You win and the bank wins so that you don’t have to find any legal action. Avoid foreclosure with a short sale.
The temptation is to find a quick fix. That can lead to being scammed by somebody that just wants your money and will leave you with nothing. The short sale process has a proven track record of providing relief for those trying to avoid foreclosure and those banks that simply want their money. They will be tough to deal with, but if you find a short sale specialist to help avoid foreclosure, there is a very high success rate.
If you are the one that needs to avoid foreclosure, try the short sale. It is an effective method to avoid foreclosure.

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

In select cities across the nation, the average house price increases nearly 20% every year. Drastic price increases makes it difficult for some to afford a new home. Fortunately, there are ways to purchase a home at market value. For years, real estate investors have taken advantage of bank owned properties. Because of an increase of online services offering foreclose listings, it has become effortless to find an affordable home.

What are Foreclosed Homes and Listings?

When a homeowner can no longer afford to make monthly payments, the bank or financial institution that financed the loan will repossess, or reclaim the property. Once the lender has possession of the property, the goal is to recoup their money. Usually, the lender is not looking to make a huge profit; they simply want to resell the property. Thus, it is possible to purchase a foreclosed home at a huge discount. These properties are ideal for real estate investors and bargain shoppers.

Foreclose listings include detail information about foreclosed properties for sale. For those looking to buy a foreclosed home, lists should serve as a primary resource. There are many kinds of foreclose listings. Certain listings are outdated and offer little help. On the other hand, if you choose a reputable listing company, you can expect an up-to-date housing list on a monthly basis.

How to Find an Online List of Foreclosed Homes

Various companies offer online listings of foreclosed homes. If you are a new investor, or just want to purchase a bargain home, these lists are valuable. Housing lists consist of a large database of homes for as little as $10,000. The list will include property description, sale price, agent contact information, etc.

Accessing a listing of foreclosed homes online is more beneficial than investing in print lists. If subscribing to an online service, you are able to search foreclose properties from across the country. Moreover, online services include the most recent listings.

Performing an online search for “foreclosed homes” will present pages of foreclose listing services. Membership fees are required by some online services before access is granted. However, fees are very reasonable and worth the investment. Trial memberships are also offered by some online listing services.

View our recommended source for the largest list of foreclosed homes online. Carrie Reeder is the owner of ABC Loan Guide, your sources for information about Home Mortgage Loans and lenders online.

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Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

We are setting out on day 2 with Trent Chapman and we’re amazed by the number of appearances Trent has had on shortsalepowerhour.com. We asked Trent to come back to chat about the Short Sale Genius Designation course. Everybody knows that we are not big fans of designations. We have contributed on our own designation recently, but we stole that from Trent. However, Trent has decided to do a real designation. The designation is for realtors who work with troubled properties.

The designation is different from other designations. With other designations, you go to a class and take an exam and obtain your designation. With the Short Sale Genius designation, there are unique levels based on how many short sales you have completed.

If you take the class you will get a general designation, but it will also make a note of how many short sales you have completed. Trent just figured that taking a class and passing a test didn’t make any person an expert. So, he decided to introduce a little bit of common sense and integrity into the process.

On a different note, software is something that lots of other realtors ask about. Trent offers software that is state of the art with features that assist the realtor that is doing a few transactions or hundreds. His software essentially coaches you along in the short sale route. There are red flags that let you know if a file is out of compliance or taking overly long. There is also a feature that permits the house owner to log in and see the status of their file. It was purposely created for short sales. Check out the theshortsalegenius.com

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Fountain Hills – Avoid Foreclosure Arizona

Do you currently find yourself behind on your mortgage and facing an impending foreclosure? Are you living in fear that you may not be able to avoid foreclosure and soon find yourself without a place to call home in Queen Creek, Arizona? Is it possible that you will have to find yourself residing in a place that is new and uncomfortable to you? You need to know that there are several ways to avoid foreclosure and save you house from being foreclosed on. You just need to know the options that are available, what you watch for and what needs to be done going forward. The following are several options available to you. Not all of them are great options, but none the less, they are options. Carefully weigh them and determine which is the best for you.
Loan Modification, the option worth considering
To avoid foreclosure in Queen Creek, AZ, consider contacting your mortgage lender and request a loan modification. This option is alright for those that are not quite making the payments on their existing mortgage. Many times, to avoid foreclosure by using loan modifications, you must meet several requirements. You will need to take the total amount of your mortgage, insurance, and taxes and compare them to your income. If they are more than thirty percent of your income, you may qualify for a modification to avoid foreclosure. However, you may also be required to be in a financial bind that there is not an immediate resolution to.
Bankruptcy, the option to NOT consider
To avoid foreclosure, you can file bankruptcy. This does some major damage to your credit score and can effect your ability to do a multitude of things that could lie in your future. So, while there are very few reasons to consider this a true option, it is, none the less, still an option to avoid foreclosure.
Short Sale of your home, the BEST Option
The short sale of your home is a unique and fairly unknown way to avoid foreclosure. The short sale helps you get the most out of a bad situation. Mortgage lenders will often, though sometimes reluctantly, find this to be the best option for their interests also. So, the short sale is a win/win situation for the lender and the home owner. Here’s a brief synopsis of how it works. The home owner, facing a mortgage that is far greater than the value of the home or facing a mortgage that they can not afford to pay, finds a buyer for their home. The buyer agrees to a price for the home that will not pay off the existing mortgage. The bank, wanting to recoup as much in the sale of the home as they can, will also choose to avoid foreclosure and forgive the remainder of the mortgage. In this way, they will gain more from the sale of the home than they would if the home were sold at foreclosure. So, to avoid foreclosure the bank and the home owner agree to the sale.

Loss mitigation is the process of helping home owners that are delinquent in paying their mortgage and are close to foreclosure. Loss mitigation is used by home owners in Phoenix, Arizona to save their home and of trying to stop the foreclosure before it happens. It is an intervention created to help homeowners avoid foreclosure through third party that helps with loss mitigation. Even though you may think that loss mitigation is a new process, it has been around for many years, and has the potential to save lots of money and headaches.
Foreclosures are destroying the housing market in Phoenix, AZ. That is why loss mitigation is so important. Because foreclosures are higher than ever, loss mitigation specialists are busier than ever. With ARM still going up, we will very likely see the highest foreclosure rates in history. Loss Mitigation is the best method of halting the foreclosure process leading to the sale of your property at auction. The reason for Loss Mitigation is foster an agreement between the homeowner and the bank that put a permanent end to the foreclosure process.
Homeowners often believe that they can refinance with another lender or even with their same lender. However, because there is a good chance that you have already missed a few payments, your credit score will likely not allow you to refinance. Therefore, the only real option available to you is loss mitigation.
With loss mitigation, the lender can help the borrower avoid foreclosure. With each different situation and lender, the rules of loss mitigation are different. One of the more popular choices for loss mitigation is the short sale of your home. Remember that the home owner and the bank BOTH stand to lose thousands of dollars if your situation goes to foreclosure. So, the short sale can be a very effective loss mitigation technique.
With both lenders and borrowers looking for ways to come out of this with as little damage as possible, loss mitigation is on the forefront of both party’s minds. So, taking advantage of the benefits of a short sale can be a win-win situation for both parties. While the bank will still be taking a loss in most situations and the home owner will have a black mark to their credit score for a few years, it is considerably better than the alternatives.
People searching for loss mitigation are growing in numbers. With banks not wanting to take on the responsibility of owning your property, now is the time to consider a short sale as a means of loss mitigation. With foreclosure and bankruptcy being the dark ending for many people, loss mitigation in any manner is ultra important during your time of need. Because no ending to the financial situation you are in will be without pain, it is crucial that the loss mitigation technique you choose is one that eliminates as much of the loss and heartache as possible.

Short Sale Power Hour is delighted to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has exhausted loads of time educating agents how to escalate. He provides a form letter on his website, theshortsalegenius.com, to provide people an illustration of how to convey the escalation message to the lender. Essentially, it gives a broad script as to how you can clarify that the short sale is better than foreclosure.

Unfortunately, since too many people have just copied and pasted the document, Matt Vernon may have a problem with it. For those that don’t know, Matt Vernon is a big shot at Bank of America. So, Trent will be contacting Matt Vernon to discuss the escalation letter.

The inspiration behind the letter is that Trent wants to aid agents in knowing how to escalate. When you are addressing someone that is higher up in the lender, you want to make the account as short as possible. We recommend that you tell them the following. This is the property. It has been listed for ‘x’ days. We have an offer. It’s full market value. Here is the fair market value based on these comps. Then you provide them the facts. With a short sale, you will earn this much capital and if this forecloses, you will earn this much capital. That is the essence of the email.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Scottsdale – Short Sale Arizona

Home owners in Phoenix, Arizona looking to obtain approval for short sale homes need to consider several factors. Short sale homes are on the rise in many parts of the country. This is largely due to the fact that many lenders, such as banks and mortgage companies are taking possession of hundreds of homes due to defaulting mortgages and foreclosure proceedings. So, it only makes sense that these banks do not want MORE homes on their books.
For those that are unfamiliar with short sale homes, a short sale is a process where a home owner has a mortgage that is more than the value of the home. With short sale homes, the home owner can put the house up for sale with the hopes that a low sale price will attract an eager buyer in a short time frame.
In many cases in Phoenix, AZ, short sale homes are priced well below what the home owner owes on the mortgage. The lender will generally allow short sale homes so that they get something out of the situation, instead of getting very little in foreclosure. Bear in mind, however, that the lender must agree to short sale homes. The home should not be put on the market until that approval is made.
When you consider short sale homes as a means of avoiding foreclosure you can help keep your credit report in good standing. Where as, with a foreclosure, your credit will be ugly for a while. You will need to convince the bank that if they allow short sale homes, it would be in their best interest. Because of current market conditions, most lenders already realize this fact.
When buyers consider whether they want to short sale homes, they shold get an appraisal and a market analysis of their homes. This can cost a few hundred dollars, but it is well worth the money when you consider the alternative, foreclosure.
With your new appraisal, go to the lender and ask them to approve of the short sale homes agreement. Explain to them why you need to use the short sale homes process and you may need to provide a hardship letter that details why you can not afford to pay your mortgage any more. The hardship letter is a formality, because the banks have enough foreclosed homes already, but you should still give them a detailed account of your financial troubles.
The loss mitigation department at your lender or bank will usually handle the short sale homes. They are sometimes tough to deal with. So, it may be in your best interest to find a real estate agent that deals with short sale homes. Often times the mitigation department will be more comfortable dealing with someone that is familiar with short sale homes.
With a poor economy and an even poorer housing market, foreclosures are increasing daily. Short sale homes offer the lender and the home owner a way out.

Today, Kevin and Fred have decided to cover a subject that they have never covered in the past. In addition, they haven’t ever discussed it in one of their Crush It courses. The subject is post short sale approval problems. In essence, you already have an approval from the lender and problems occur. How do you handle them? What is actually happening out there?

With a transaction that closed yesterday, our escrow official was looking to get the final HUD approval from our negotiator at Citi. It was closing today. The negotiator denied the final HUD in spite of the fact that all of the provisions were met. The most horrible part was that the negotiator wasn’t willing to verbalize in plain english to make clear that the HUD had to look a precise way. It is critical to note that just because the transaction is approved, it does not mean it is closed.

Appreciate that your approval note at most lenders states that they have to approve of the final HUD. Because the approval letters don’t identify what they are paying and what they are not paying, you may not know if they will approve it.

We had another post approval difficulty of late, with an approval from the coordinator. We scheduled the closing. About a week into the closing, we got a shout from a different negotiator that introduced themselves as the the new negotiator for this file. She asked for a number of documents so that she could get the file accepted. When we told her that we already had the file accepted, she let us know that that approval was no longer valid because they never got the file accepted from the investor.

This is the type of stuff that is happening out there that you will not here in a regular short sale training lecture. The point is that there are post approval problems and you are going to have to work with them if you desire to be successful in this industry

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Queen Creek – Foreclosure Short Sale Phoenix