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Aug 08 2011

Law Office of ALG & Associates Comments on Changes to HAFA Rules for Approval of Short Sales

Posted by Usual in Lender Approved Short Sales, tags: Approval, Associates, Changes, Comments, HAFA, Office, Rules, Sales, Short

Law Office of ALG & Associates Comments on Changes to HAFA Rules for Approval of Short Sales

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Home Page > Law > Law Office of ALG & Associates Comments on Changes to HAFA Rules for Approval of Short Sales

Law Office of ALG & Associates Comments on Changes to HAFA Rules for Approval of Short Sales

Posted: Mar 01, 2011 |Comments: 0
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On February 1, 2011, new rules for the approval of short sales under the Home Affordable Foreclosure Alternatives program went into effect. The rule changes include:

· Monthly Gross Income. Although borrowers must provide updated financial information, servicers are no longer required to verify borrower’s financial information or to determine if the borrower’s total monthly mortgage payment exceeds 31% of the borrower’s monthly gross income. Borrower need only provide demonstrable evidence of hardship by signing a hardship affidavit or request for modification and affidavit.

· Vacant Property. To be eligible, the property must be or must have recently been the borrower’s principal residence. A property that is vacant or has been rented to a non-borrower is eligible if the property was owner occupied within 12 months of the date of the short sale agreement and the borrower has not purchased a replacement property. The borrower no longer has to show that his or her relocation was due to re-employment or transfer of employment. Similarly, servicers no longer need to verify the number of miles the borrower moved from the property.

· Release of Subordinate Liens. Subordinate liens will continue to be paid in order to priority. The 6% percent on payments to subordinate lienholders has been eliminated. Servicers now have the discretion to pay subordinate lien holders up to the $6,000 aggregate cap. Investors remain eligible for incentive reimbursements up to one-third of the cost of releasing the subordinate liens.

· Response to Request for Approval of Short Sale. Within 30 days of receipt of an executed sales contract and short sale packet, the servicer must communicate approval or disapproval of the sale or provide a counter offer.

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· Real Estate Brokerage Commissions. The real estate commission that may be paid shall be the amount indicated in the listing agreement between the borrower and the listing broker, provided that such commission shall not exceed six percent of the contract sales price. When the servicer has retained a contractor to assist the listing broker with the transaction, the servicer must include a statement in the short sale agreement that any associated vendor fees will not be charged to the borrower or deducted from the real estate commission.

· Alternative Deed-in-Lieu Programs. Deed in lieu agreements between servicers and borrowers that provide an option for the borrower to continue to occupy the property on a rental basis (deed-for-lease) or provide an opportunity for the borrower to repurchase the property at some future time are eligible for financial incentives under HAFA. At the discretion of the servicer in accordance with investor guidelines, the borrower relocation incentive may be paid either upon the successful closing of the deed in lieu transaction or at a future time when the borrower vacates or repurchases the property. Conditional deed in lieu agreements that allow a borrower to reinstate the original loan following some period of rental occupancy are not eligible for HAFA incentives unless and until the deed in lieu is final and the borrower no longer has the option of reinstating or modifying the original first mortgage lien.

· Borrower Notices. When a borrower who was not previously evaluated for modification requests a short sale or deed in lieu and the servicer determines that the borrower meets the HAMP eligibility requirements and will be solicited for HAFA, the servicer must notify the borrower verbally or in writing of the availability of HAMP and allow the borrower 14 calendar days from the date of the notification to contact the servicer by verbal or written communication and request consideration for HAMP. This Supplemental Directive clarifies that this notification may be given simultaneously with the servicer’s consideration of the borrower for HAFA.

These rule changes are intended to facilitate short sales and decrease the time for approval. However, in a recent survey by Equi-Trax, 53.6% of persons surveyed indicated that short sales transaction take, on average, 4 to 6 months.

Law Office of ALG & Associates commented that “these rule changes will greatly speed up the processing time for short sales.” However, Law Office of ALG & Associates cautioned that “it has never been more important to find an experienced short sale specialist” as the “these rules will only assist knowledgeable practitioners.” Law Office of ALG & Associates attributes delays in short sale approvals “not only due to lenders but also due to poorly worded and poorly documented short sale requests from inexperienced professionals.”

Looking for a short sale specialist in Los Angeles? Contact Law Office of ALG & Associates at 888-LAW-3111.

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What are tax implications of short sale ?
What are the repercussions of a short sale ?

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New Rules Designed To Speed Up Short Sales

Posted by Usual in Lender Approved Short Sales, tags: Designed, Rules, Sales, Short, Speed

New Rules Designed To Speed Up Short Sales

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Home Page > Law > New Rules Designed To Speed Up Short Sales

New Rules Designed To Speed Up Short Sales

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Posted: Feb 12, 2010 | Views: 118 |

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Homeowners left hanging while their banks consider whether to approve the short sales of their property may benefit from new federal guidelines that give lenders a 10-day limit in which to respond to purchase offers.

In a short sale, the homeowner sells the property for less than what is owed on the mortgage, and the lender forgives the difference. Many of the single-family mortgage holders in Florida owe more than their homes are currently worth.

While short sales are considered an ideal solution for banks and for homeowners on the verge of foreclosure, the deals often drag on as lenders take weeks or months to decide how best to proceed. Frustrated buyers sometimes walk away during the delays. And, in some cases, lenders insist that the borrowers share in the financial loss, which holds up the transactions even longer. As a result, homes stay on the market, prolonging the housing downturn.

The Treasury rules, in addition to imposing a 10-day deadline for bank decisions, call for sellers to receive $1,500 moving allowances—and for the sellers to not have to repay any of the debt. Also, lenders will get $1,000 to cover administrative and processing costs, while investors owning the mortgages will receive a maximum $1,000 for allowing as much as $3,000 of a short sale’s proceeds to be distributed to less senior lenders.

KALIS & KLEIMAN is recognized and experienced foreclosure prevention attorneys. Neal Kalis and M. Scott Kleiman pride themselves on not just being lawyers, but being lawyers and trusted counselors. The firm’s personal attention to its clients’ needs and desired results produces a customized approach that this firm delivers to each case. Neal and Scott are both AV-rated, which indicates that an attorney has reached “the height of professional excellence” and is recognized for the “highest skill and integrity.” They have more than 50 years of combined experience, and they have participated in thousands of transactions, settlements and trials. KALIS & KLEIMAN will help you through the entire process in order to help you reach an outcome that is the most beneficial to your financial future. KALIS & KLEIMAN has earned a reputation of legal excellence and a history of successfully managing Foreclosure Defense cases.

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KALIS & KLEIMAN was founded in 1996 and is headquartered in Davie, Florida, at 7320 Griffin Road, Suite 109. Attorney Neal Kalis and M. Scott Kleiman can be contacted at (954) 791-0477. Additional information about the law Firm of Kalis & Kleiman may be obtained from the firm’s website at www.kaliskleiman.com.

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
What are tax implications of short sale ?
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Source: http://www.articlesbase.com/law-articles/new-rules-designed-to-speed-up-short-sales-1853926.html

Article Tags:
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Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2011 Free Articles by ArticlesBase.com, All rights reserved.

KALIS & KLEIMAN was founded in 1996 and is headquartered in Davie, Florida, at 7320 Griffin Road, Suite 109. Attorney Neal Kalis and M. Scott Kleiman can be contacted at (954) 791-0477. Additional information about the law Firm of Kalis & Kleiman may be obtained from the firm’s website at www.kaliskleiman.com.

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Dec 27 2010

Dan Rochon - NBC Nightly News w/ Brian Williams - New Rules for Short Sales

Posted by Usual in Short Sales, tags: Brian, News, Nightly, Rochon, Rules, Sales, Short, Williams

NBC Nightly News features a Virginia short sale client of Dan and Traci Rochon with Keller Williams Realty in Alexandria, VA. Learn more at www.GreetingsVirginia.com

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Sep 13 2010

Short Sales Get New Rules - How to Avoid Foreclosure

Posted by Usual in Lender Approved Short Sales, tags: Avoid, Foreclosure, Rules, Sales, Short

Families under water in debt and facing foreclosure have several different options. You may have seen commercials for debt negotiation, or you may have heard about loan modifications. There is also a practice called short selling, that the Home Affordable Foreclosure Alternatives (HAFA) program gave new rules. These new regulations are good for some homeowners, but others still won’t qualify.

A short sale is when you and your lender make an agreement to sell your home as a way to avoid foreclosure. Don’t think that the bank is doing you any favors by offering you a short sale—banks tend to just offer short sales when they believe they can lose less money. Short sales benefit both the bank and the borrower—the lender won’t lose as much money as they do in foreclosure, and your credit history won’t have the typically big impact of a foreclosure. But, the borrower does not keep the house, and the borrower may still have to pay the deficiency, or the difference between the lower selling price and the higher value of the mortgage.

These are a few things that HAFA changed to make short sales more efficient:

1. Pre-approved terms of sale. Before, many people just walked into a short sale without knowing whether their lender would accept the terms of the sale of the house. Now, this rule makes it so banks are less inclined to just back out of a sale for any reason whatsoever because they have terms that are spelled out beforehand.

2. Eligibility requirements. A lot of people - just like with loan modifications—apply for a short sale who weren’t able to qualify. Today the qualifications for short sales are clear. In order to be approved according to the new regulations, your mortgage must have been signed prior to 2009, the unpaid principle must be under $720,750, and the house must be your primary residence.

3. The lender has to do more work. Thankfully, a lender has to approve or deny a short sale within 10 days–also, they will be required to offer a short sale to people facing foreclosure. One of the best parts of this plan for homeowners is that lenders aren’t allowed to collect deficiency balances for the first or second loan. These new rules will help many people who face foreclosure today, but unfortunately, a short sale isn’t going to get everybody protection from foreclosure. There will still be those hard working folks who wont be approved for a short sale for whatever reason and need another way to get protection from foreclosure.

A lot of times short sales can be more beneficial than a foreclosure, but for families who cant get one there are other possible options. Moreover, you get a protection from creditors in a Chapter 13 bankruptcy that you may not get in a short sale. Your harassing creditor calls will stop. More than anything else, though, you can get protection from foreclosure in a Chapter 13 bankruptcy. Chapter 13 bankruptcy can offer hardworking families the fresh start they need to put debt behind them and to stay in their home.

Jim Brown is the founder and owner of Castle Law Office of St. Louis, P.C. He has been filing bankruptcy cases in Missouri since 1994 and has released several publications based on his experience. You can find these publications and more information by visiting his website at http://www.CastleLaw.net .

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May 08 2010

New rules making tax-credit closing deadlines tough to meet

Posted by Usual in Lender Approved Short Sales, tags: closing, deadlines, Making, meet, Rules, taxcredit, tough

New rules making tax-credit closing deadlines tough to meet
For thousands of home buyers who scrambled to meet the April 30 federal tax-credit deadline for completed contracts, a new challenge is looming: Can they nail down their mortgage financing and get to closing before the program terminates?

POLL Southwest Florida Realtors optimistic about new rules for short sales

Posted by Usual in Bank approved short sales, tags: about, Florida, optimistic, POLL, Realtors, Rules, Sales, Short, Southwest

POLL Southwest Florida Realtors optimistic about new rules for short sales
In the past, there has been nothing “short” about the time it takes to close a short sale, if it happens at all. Federal legislation that took effect Monday could change that – at least for sellers who qualify. Locally and nationally, the new program has the potential to revolutionize the short sale process, if it’s implemented the right way by lenders

New Tax Rules for Short Sales - Foreclosures

Posted by Usual in Short Sales, tags: foreclosures, Rules, Sales, Short

Suzy explains the past tax consequenses of a short sale and how the new “Mortgage Forgiveness Debt Relief Act of 2007 HR 3648″ helps people trying to complete a short sale More information at: sccrealestateuncensored.com/2007/mortgage-forgiveness-debt-relief-act-2007/ micasamidinero.com/2007/mortgage-forgiveness-debt-relief-act-2007/

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Posts Tagged “Rules”

Law Office of ALG & Associates Comments on Changes to HAFA Rules for Approval of Short Sales

New Rules Designed To Speed Up Short Sales

Dan Rochon - NBC Nightly News w/ Brian Williams - New Rules for Short Sales

Short Sales Get New Rules - How to Avoid Foreclosure

New rules making tax-credit closing deadlines tough to meet

POLL Southwest Florida Realtors optimistic about new rules for short sales

New Tax Rules for Short Sales - Foreclosures

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