Riverside County Short Sale Specialists

Bank of America Tests New Co-Op Short Sale Program

Wed, 29 Sep 2010 03:18:31 GMT

Bank of America tests new co-op short sale program

Ruben & Bibi Gonzales 951-587-2042

Bank of America Puts Short Sales Ahead of REO

Bank of America is launching a new cooperative short sale program that will target 2,000 pre-screened homeowners, said Matt Vernon, the REO and short sale executive at BofA.

In an exclusive interview with REO Insider, Vernon said the bank pre-screened these borrowers who have been considered for a modification under the Home Affordable Modification Program (HAMP) and a short sale under the Home Affordable Foreclosure Alternatives (HAFA) program. They have either fallen out of both programs or failed to qualify.

“The big question we’re looking to answer is customer responsiveness,” Vernon said. “These are not customers who are seeking short sales but rather distressed customers who are on the road to foreclosure, and we want to provide them an alternative. Our goal is to provide a tailored program with incentives that are attractive to homeowners experiencing a true hardship.”

Under this “test umbrella” for future programs, no new documents are needed from the seller since they already submitted their financial information to the bank. BofA is waiving deficiencies, or the difference between what the home sells for and how much is left on the mortgage. Vernon said his department will assign a short sale specialist to work with the real estate agent and the homeowner to market the property for 120 days.

Letters have already gone out to the homeowners, and they have 120 days to list the property. Vernon said they are looking at a six month program. The bank will be working with the homeowners’ real estate agents, meaning the bank will not be selecting agents to work with the homeowners.

Once sold, the former homeowner receives a $3,000 relocation fee, and the real estate agent gets a 6% commission. If it doesn’t sell, BofA will accept a deed-in-lieu of foreclosure in order to satisfy the mortgage.

Vernon said the homeowners targeted are heavily concentrated in the sand states California, Florida, Nevada and Arizona.

“It’s a small test of customers who have been pre-screened,” Vernon said. “We’ve also worked with an investor to get their approval in the program before hand. This allows us to test and learn. Our hope and desire of this is that this pilot and others will help us design expansion of these programs in the future.”

That investor held a stake in the original mortgage that is now in default. Lenders need approval from these investors for a short a sale to go through. It has been one of the major hurdles in the short sale process.

The industry is beginning to recognize short sales as a serious alternative to foreclosure. According to the real estate data and service provider CoreLogic, short sales in the US have tripled since 2008. Freddie Macrecently reported that its short sale figures were up 600% from two years ago and said in its Q210 financial statement that it completed 22,117 short sales in the first half of 2010, up nearly 180% from 7,914 in the first half of 2009.

In Q210, BofA completed more than 25,000 short sales, almost three times the amount done in the same quarter last year. Roughly 90% of the short sales are performed on the Equator platform, and Vernon said by the end of the year, the entire short sale business will be.

“Bank of America is committed to constantly improving the short sale process for our customers and our real estate business partners,” Vernon said. “We continue to test new ways of completing short sales to provide customers with a dignified exit and help avoid foreclosure.”

Ruben & Bibi Gonzales-CDPE-Certified Distressed Property Experts

“Short Sale Specialists Of Riverside County”

951-587-2042

Bank of America Puts Short Sales Ahead of REO

Wed, 29 Sep 2010 03:05:14 GMT

Bank of America Puts Short Sales Ahead of REO

Bank of America, one of the largest lenders in the U.S., has instituted a policy of liquidating as many assets saddled with defaulted loans as possible before repossession, said Matt Vernon, the short sale and REO executive at BofA.

Vernon took the position at BofA in February. He has since announced plans to add 1,000 employees to the short sale staff. BofA currently holds more than 477,000 loans eligible for the Home Affordable Modification Program (HAMP), and has provided more than 600,000 modifications through HAMP and its own programs.

But Vernon said BofA will continue to make the short sale push when he spoke on a panel at REO Expo.

“We’re going to do everything possible to liquidate property prior to foreclosure,” Vernon said. “REO will still be available, but we will do everything we can to do short sales.” Vernon said the goal is to get as close to market value as possible, or even over market value. “Short sales is not an investment strategy to get homes on the cheap,” he said.

He added that agents who want a part of that market need to make short sales a major part of their business strategy through 2010 and into 2011.

Not just agents, but other companies in the default space were listening as well. Danielle Washburn, assistant vice president at Lender Processing Services Asset Management Solutions said lenders are beginning to put more emphasis on short sales because of recent efforts from the current Administration.

The Treasury Department launched the Home Affordable Foreclosure Alternatives (HAFA) program in April to provide incentives to servicers to provide short sales and deeds-in-lieu of foreclosure.

“Because of programs like HAFA, the process is getting easier,” Washburn said. “But they remain very complex. There are sometimes 10 decision makers with just one transaction, the lender, the buyer, the seller, MI [mortgage insurer], investors and more. Just one of them can stop the whole deal.”

Milton Shaw, senior vice president of LPS Asset Management Solutions, said modifications and short sales through HAMP or HAFA could just be delaying the inevitable foreclosure and REO process, and the real estate business is growing frustrated with the delays.

“There’s just been an incredible amount of frustration,” Shaw said.

Both Washburn and Shaw agreed that more short sales will be on the way as HAMP continues to underwhelm both the industry and the public. In implementing the push for short sales, Vernon said a lot has been learned from HAMP.

“We are learning from the past where we struggled mightily,” Vernon said, “and from now as we still struggle. We need the best to execute these transactions.”

Ruben & Bibi Gonzales - Certified Distressed Property Experts
"Short Sales Specialists of Riverside County"
951-587-2042

New Government Program to Help Homeowners Avoid Foreclosure

Tue, 29 Jun 2010 17:42:05 GMT

There is big news for homeowners in America. In an effort to slow the rising number of foreclosures, a government-backed program has been released: the Home Affordable Foreclosure Alternatives Program (HAFA). Basically, the program aims to save as many Americans from foreclosure as possible, which also saves the overall value of the surrounding communities.

HAFA offers a $3,000 homeowner incentive for successful short sales or deeds-in-lieu, and also guards the homeowner from harmful lender actions.

Here’s an introduction video that may be of interest:

Distressed homeowners no longer have to pay California state income tax on debt forgiven

Thu, 22 Apr 2010 20:41:47 GMT

Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law yesterday, Senate Bill 401 generally aligns California's tax treatment of mortgage debt relief income with federal law. For debt forgiven on a loan secured by a "qualified principal residence," borrowers will now be exempt from both federal and state income tax consequences. The existing federal exemption is for indebtedness up to $2 million, whereas the new California exemption is for indebtedness up to $800,000 and forgiven debt up to $500,000.

"Qualified principal residence" indebtedness is defined as debt incurred in acquiring, constructing, or substantially improving a principal residence. It includes both first and second trust deeds. It also includes a refinance loan to the extent the funds were used to payoff a previous loan that would have qualified.

The tax breaks apply to debts discharged from 2009 through 2012. Californians who have already filed their 2009 tax returns may claim the exemption by filing a Form 540X amendment.

Taxpayers who do not qualify for the above exemptions (e.g., second home or rental property) may nevertheless be exempt under other provisions. Most notably, taxpayers who are bankrupt are exempt from debt relief income tax. Also, taxpayers who are insolvent are exempt from debt relief income tax to the extent their current liabilities exceed current assets.

For more information about mortgage forgiveness tax consequences, go to California Franchise Tax Board's Mortgage Forgiveness Debt Relief Extended webpage and the Internal Revenue Service's Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage. The full text of Senate Bill 401 is available at www.leginfo.ca.gov.

If your struggling don't wait till it gets really bad, take a proactive approach, it's it time you did something about your financial situation. The Ruben & Bibi Gonzales Team are here to show which programs you may quailify for, whether its keeping you in your house with a HAMP MHA Loan Mod, or a HAFA approved short sale.

The Ruben & Bibi Gonzales Team provide free consultations in a effort to ensure you make an informed decision. For more information on HAFA go to the HOME page of this website www.TemeculaPreForeclosureSpecialists.com to see which program you may quailify for. Click on the Government Programs Eligibilty link in the upper right corner of the page

Options and Solutions

Thank you for visiting this site and taking the first step toward finding answers. We appreciate what it has taken for you to come here, and commend your efforts to get the facts about your situation. The current real estate environment can be frustrating, with misinformation and conflicting plans for how to proceed.

As real estate agents, what Bibi and I often see in troubled homeowners is a belief that they are alone with their challenges. Regrettably, over 70% of homeowners in foreclosure proceed without ANY visible assistance. This is not acceptable for the communities we serve.

That's why we've developed this site: to ensure you get the valuable resources that can reduce your financial strain and change your life for the better. As CDPE's we know the options for homeowners in foreclosure or delinquent on their mortgages, and we can send you a report detailing this information, prepared just for you.

Simply enter your information below and click "Send."

Bibi and I hope that you will review this information carefully, so that your next steps are the right steps toward a real solution.

Let us help you evaluate your options and get back on track to a solid, stable future.

Hidden Costs of Bankruptcy

Considering filing for bankruptcy? There may be alternatives you've never considered …

If you are having trouble paying your mortgage and are possibly considering bankruptcy, there may be better solutions for your particular circumstances. I've created the free report available on this page, "The Hidden Costs of Bankruptcy," to provide more information.

Alternatives to foreclosure, such as conducting a short sale and moving into a rental residence with less expensive payments, may offer the breathing room you need to reorganize your finances.

To get your free report, fill out the form below and click send. However, if your situation is urgent and you need immediate assistance, please don't hesitate to contact me.

I'm here to assist you.

Don't Walk Away From Your Mortgage

Stop Don't Walk Away From Your Mortgage

At a Crossroads?

Walking away or "strategically defaulting" on your mortgage is not the answer. You will find that there is nothing strategic about foreclosure, especially when there are solutions to avoid it.

You should know that you have options, and that you are not alone. More than 25% of American homeowners now owe more than what their homes are worth, and millions more are having a hard time paying their mortgages.

I've developed a free, detailed report on foreclosure alternatives you can download below. Download it today and give yourself a green light for a solid financial future.

The sooner you take this step, the more time you'll have to act and move toward a more promising tomorrow.

Caution: Protect Yourself Against Mortgage Relief Scams

The Federal Trade Commission (FTC) has issued regulations protecting consumers against mortgage relief fraud. Due to the growing number of scams that are designed to take advantage of homeowners in distress, the government wants to make sure you won’t be a victim.

As a CDPE, I am fully compliant with the FTC regulations, and want to help you avoid being taken advantage of by unscrupulous individuals or companies, as well.

In fact, I’ve developed a free, detailed report that explains the warning signs of potentially fraudulent activity so you can protect yourself and the ones you love.

If you are facing an unaffordable mortgage and need help from someone you can trust, please contact me today.

I’m here to help.

Government Program Surveys

Are You Eligible?

The government programs currently available to homeowners can be valuable resources, but only if you know which ones are right for your situation.

That’s why we’ve created this free resource that lets you find out which programs you’re eligible for. Read the descriptions for each program to see which one fits your situation, then fill out the corresponding survey to see if you are eligible.

Are you eligible?

The good news is that programs exist for a variety of situations, and even more options are available beyond those programs. As a CDPE-designated agent, we can provide all of your possibilities and help you get moving toward a solution.

If you would prefer not to include your phone number we understand, please use this number 951.587.2042 to receive your report.

Is your Mortgage out of Balance with Your Budget

Is your Mortgage out of Balance with Your Budget?

Today's homeowners have a lot to fear. Budgets are tight and it doesn't take much before "barely getting by" tips into avoiding collector's phone calls, sleepless nights and falling further behind.

Many homeowners don't think it's possible to tip the scales back in their favor so they simply give up.

You do not have to lose your home to foreclosure!

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I am uniquely qualified to help homeowners as they attempt to bring balance back to their budgets.

If you, or someone you care about feels like the scales are weighted against them and need help, contact me today for a confidential consultation!

Feeling Trapped by Your Mortgage?

Feeling trapped by your mortgage?

Education is the Key

If you or someone you know feels like a prisoner to unaffordable mortgage payments, you should know that education may be the key to financial freedom. You have options available that can help ease the worry of making payments or losing your home to foreclosure.

To find out more about the options you have to choose from, download the free report I've created at the bottom of this page.

In fact, this entire website has been created exclusively for homeowners like you who need a trusted source for viable solutions to foreclosure.

If you have questions about the information you find here, or would like to get started in creating a plan, call me today.

The more proactive we are, the better chance you'll have in finding financial freedom and stability.

Need a Helping Hand?

Compassion and connections to untangle your complicated mortgage challenges

If you or someone you care about is falling behind on your mortgage and owes more on your home than it is worth in today's market, you are not alone.

In fact, 6.3 million homeowners are in some stage of foreclosure right now.

As my recent report points out, there are currently 10.9 million homeowners in the United States who owe more on their mortgage than their home is worth in today's market.

Far too often, homeowners in this situation feel that they have no other choice but to let their home fall into foreclosure.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I am tapped into the best solutions for helping financially distressed homeowners to make a fresh start. If you'd like to learn more, I invite you to access my free report: "Need a Helping Hand? If the market and your mortgage have tossed you a curve, you are not alone."

Contact me today and let's get started!

Short Sale vs. Foreclosure

Foreclosure or Short Sale: Understand the Differences

Underwater on your mortgage? Facing foreclosure? Avoiding foreclosure through a short sale can have many benefits for your future financial stability.

We created this site to help spread the word about the options to avoiding foreclosure, and a short sale has many benefits. A successful short sale can reduce the damage to one's future loan eligibility, credit rating, employment, security clearance and more.

For a free report on the differences between short sales and foreclosure, fill out the form below and click "Send". If your situation is urgent, feel free to contact us immediately. We are ready to help you take action and secure a more secure financial future.

As CDPE-designated agents, We have been trained to pursue foreclosure alternatives, and we're here to help.

Mortgage Payments Weighing You Down?

Give Yourself and Your Family the Gift of a Fresh Start to 2012!

If you've spent too much of 2011 living under the dark cloud of an unaffordable house payment, you're in good company. Current estimates are that more than 25 percent of all homeowners in this country would net less on the sale of their home than the amount they owe on their mortgage, and 6.3 million homeowners are in some stage of foreclosure.

The good news is that you have options. Helping homeowners to avoid foreclosure has actually emerged into the spotlight of as a national priority, with major banks, the Federal government and many state and local agencies offering more assistance than ever before to financially strapped homeowners.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I am tapped into the full scope of solutions for helping financially distressed homeowners to make a fresh start. If you'd like to learn more, I invite you to access my free report: "Mortgage Payments Weighing You Down? Give Yourself the Gift of a Fresh Start."

Contact me today and let's get started!

On the Edge of Losing Your Home?

When you or someone you know is pushed to the edge of foreclosure, it is vital to know that you have options.

It is my duty as a real estate professional to reach out to distressed homeowners. As a CDPE designated agent, we have received extensive training to help homeowners avoid foreclosure.

We created this site to provide a lifeline of information regarding alternatives. From short sales to loan modifications, we can provide information to help.

For a free report on foreclosure alternatives, fill out the form below and click "Send." Take action today and avoid falling into foreclosure. We're only a phone call or email away.

Credit Score Issues

Don't Let Your Credit Score Drop Unnecessarily

Avoiding foreclosure now could make or break your attempts to get a loan in the near future and determine whether you can get affordable interest rates.

That's why we've made this site available for anyone in our community struggling with mortgage payments. Foreclosure alternatives like short sales and deeds-in-lieu allow homeowners to avoid many of the damaging effects of foreclosure. In addition, short sales may have less of an impact on credit scores than foreclosure.

To get all the information on how these options affect your credit score, fill out the form below and click "Send". If you need immediate assistance, contact us right away.

We are here to assist you.

If you would prefer not to include your phone number we understand, please use this number 951.587.2042 to receive your report.

Are You Living Under the Cloud of an Unmanageable Mortgage

An Unmanageable Mortgage Clouds Everything

When families are tapped out financially and faced with the uncertainty of not knowing how much longer they'll be able to stay in their home, the prospect of planning or having a positive outlook on the future seems out of the question.

Many financially strapped homeowners feel frozen in action and it's no wonder, but here's the most important point that you need to know:

Even though millions of homes have been lost to foreclosure, you and those you care about absolutely do not need to add to that statistic.

More help is available now than ever before.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, I am adept at navigating among the full range of solutions for helping financially distressed homeowners to make a fresh start.

If you, or someone you care about is looking to get out from under the cloud of unmanageable mortgage contact me today for a confidential consultation!

At the End of Your Rope?

Free report details 10 ways to alleviate the stress of an unaffordable mortgage payment.

Millions of homeowners across the nation are experiencing difficulties paying their mortgages. If you or someone you care about is feeling the stress of an unaffordable mortgage, please take the time to review the report found on this website.

As a Certified Distressed Property Expert (CDPE), I've been extensively trained to counsel and guide homeowners through their options. There are dignified solutions available to help people get back on path to financial stability. My clients have found strength in the knowledge that they are able to take an active role in avoiding foreclosure.

They know that avoiding foreclosure is key in providing for a brighter future. Foreclosure can wreak havoc on credit and affect current and future employment status in addition to many other long-lasting side effects. In the report, I demonstrate just how harmful foreclosure is in comparison to an extremely effective alternative called a short sale.

I can help you or someone you care about create a strategy for living a life without the burden of missed payments. Call me today, and let's work together to put you back on the path of financial stability.

Is Your Mortgage Payment Dragging You Down?

One in seven mortgages in this country is headed toward foreclosure.

If you or someone you care about is feeling burdened by a mortgage that is unaffordable, I can help.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, it is my mission to help homeowners avoid the financial devastation of foreclosing on their home. In the process, I help them move forward on a positive path. If you'd like to learn more, I invite you to access my free report: Is Your Mortgage Payment Dragging You Down?

As my report points out, there are currently 6.5 million mortgages in the country that are delinquent or in foreclosure. Stemming the tide of foreclosures has become a national priority because a foreclosure is nothing short of a disaster for all concerned – families, communities, the real estate market and the national economy as a whole.

As a CDPE, I am tapped into the most up-to-date solutions for financially distressed homeowners, and am distinctly qualified to work with you to determine your best possible option.

Contact me today and let's get started!

Freezes in Foreclosure

Think a Foreclosure Moratorium Will Save Your Home?

Think Again.

You may have heard news that politicians are requesting a federal moratorium on foreclosures and wonder what this means to you, especially if you are behind on mortgage payments. The reality is that a foreclosure freeze is not the answer to your problem. However, there are steps you can take to avoid foreclosure.

On the site below I've listed 5 steps to Avoid Foreclosure, which starts out with the proactive approach in avoiding foreclosure—taking action!

I have created this site to provide a source of empowerment and education. From short sales to loan modifications, I can provide information to provide a genuine sense of hope.

For a free report on the Five Steps to Avoid Foreclosure, fill out the form below and click "Send." Remember, a moratorium won't save your home—only you can! I'm here to help.

Cash for Short Sales

Short Sales are More Valuable Than Ever!

Avoiding foreclosure is always a smart move, but now there are incentives that make it an even better one.

Short sales and deeds-in-lieu are dignified solutions to foreclosure, and now the government is making them easier and quicker through the Home Affordable Foreclosure Alternatives Program, or HAFA, which also gives the homeowner $3,000 for participating.

With the free report provided here, you can learn all the benefits of completing a HAFA short sale. Simply fill out your information below for details on the program and how you would benefit.

Please read this report to learn the facts, and contact us to start exploring solutions.

If you would prefer not to include your phone number we understand, please use this number 951.587.2042 to receive your report.

Make Financial Stability Your Resolution

Foreclosure Stress Never Goes on Holiday

If a foreclosure is threatening your happy holiday, you should know you're not alone. Millions of Americans are in the same situation, and it is my goal to help ease the stress that comes with the threat of foreclosure for as many as I can reach.

As a CDPE-designated agent, I help struggling homeowners navigate the various options they have to avoid foreclosure. One possible option is a mortgage modification, which makes monthly payments more affordable.

For more information regarding this and other solutions, please download the free report located on this site.

If you need immediate assistance, please feel free to contact me throughout the holiday. I'm here to help. Make financial stability your resolution for the New Year!

Mortgage Crisis Easier

Solving Your Mortgage Crisis Just Got Easier

If you are having trouble making your mortgage payments, the strain of figuring out what to do can be overwhelming.

Why do it alone when you can have a dedicated, extensively trained professional on your side at no cost to you?

Both lenders and the federal government are putting new systems in place to help you avoid foreclosure. For access to free, detailed information explaining these programs, simply download the report below.

On this website, you can find information regarding all of your options. When you call me to find out what you can do to take advantage of these options, I will show you how having straightforward solutions to your mortgage challenge can help you to breathe a little easier.

For more specific information and to see if you qualify, please, call me today! The sooner you call the sooner you can breathe a sigh of relief!

Feeling Financially Squeezed

Feeling Financially Squeezed?

Escape the Grip of Forecloure

If you are struggling with the emotional stranglehold of foreclosure, I'm here to help. With my assistance, we can start the process of putting you back on the path to stability.

As a CDPE, I have extensive training to serve the needs of homeowners in circumstances where they feel they have no options. The reality is that you have many.

Because millions of Americans are struggling with unaffordable mortgage payments, lenders are more than ever encouraged to work with homeowners to find a solution that benefits all parties.

To find out more about foreclosure alternatives that are available to you, click and download the free report I've created on this website.

Call me today. The sooner we get started the more time we'll have to devise a strategy to help you breathe a little easier and restore hope for the future.

A Dignified Solution

You Deserve a Dignified Solution

The economy today has been especially hard on homeowners. We meet people every day who thought they made a responsible decision on their mortgage loan, only to be hit with the unexpected.

The first and best move to make in this position is to educate yourself on what your options are based on your financial situation. Avoiding foreclosure is always something worth pursuing if you can, and there really are dignified alternatives available.

To get our free report on all the options and benefits of avoiding foreclosure, fill out the form below and click "Send". If you need immediate assistance, please contact us right away.

We're here to help.