Certified HAFA Specialists Are Trained To Close Your HAFA Short Sale in West Sacramento
Certified HAFA Specialist Specializing in West Sacramento
What are the HAFA Benefits? Can I Do A HAFA Short Sale?
West Sacramento has become a Short Sale Hotbed… HAFA is making Short Sales Easier!
West Sacramento HAFA Certified Short Sale Specialist and Expert HAFA Short Sale Negotiator Forth Hoyt Explains The Benefits Of HAFA.
A moving, evolving and improving system; HAFA is definitely getting better and better, moving towards becoming the solution it was supposed to be when it was first rolled out.
You see, the HAFA Government Short Sale Program was created in the wake of a Failing HAMP loan modification program that is only providing less than 50% of its applicants with any type of successful modification.
…and of those 40ish% of homeowners that are successful, less than 3% receive any type of principle reduction to their loan -so less than 1 in 100 loan modification applicants get what they need as far as a long term, sustainable solution…
So you can see why the government had to step in and attempt to set up a program that would streamline and systematize the very hard to manage and difficult Short Sale Process.
HAFA is a last-ditch effort to keep homeowners out of foreclosure, after failing a loan modification attempt.
Designed by the Administration and funded by the Treasury, The HAFA Program, which took effect April 5, 2010, provides servicer, seller and Investor( whoever actually owns the note) benefits
When HAFA was first introduced, these servicer, seller and lien holder incentives were touted as being designed to simplify and streamline the use of short sales and deeds-in-lieu of foreclosure. A great deal of hoopla and fanfare over the new program made it sound like the HAFA program was going to be the short sale Garden of Eden.
What a joke-
I personally was talking sellers out of using HAFA because I had several terrible experiences with the program and thought it was not only a waste of time, but nearly guaranteed that the homeowners wold end up with a foreclosure on their credit-
However, in the last several months there have been major changes to the HAFA program and the way it is being administered and currently I have three HAFA short sales that are moving along nicely and look forward to an approved HAFA short sale in just a few days.
What in the World Is HAFA?
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What do I need to do to be considered for HAFA?How do I find out if I can do HAFA?
Contact you bank(‘s) or servicer(‘s) immediately and ask if you qualify and/or if your investor(‘s) is/are participating in HAFA.They will tell you that homeowners must be evaluated for HAFA within 30 calendar days of the following:
The borrower does not qualify for HAMP.
The borrower does not successfully complete a HAMP Trial Period.
The borrower is delinquent on a HAMP modification.
The borrower requests a short sale or Deed-in-Lieu of Foreclosure.
Are you in,West Sacramento, Folsom, Granite Bay, El Dorado Hills, Natomas, Roseville, Elk Grove, Mather, Lincoln, Rocklin, or any other Sacramento area? We really are here to help!
More Questions About your Situation? Talk To A Certified West Sacramento Foreclosure Prevention Expert and HAFA Specialist Today!
El Dorado County Approved And Pended Along With Closed Short Sales
Looking For Short Sale Information in El Dorado County?
Need Short Sale Market Stats or Short Sale Market Information For El Dorado Hills? Sacramento Area Multi-Certified Short Sale Specialist Forth Hoyt Shares Short Sale Market Facts for El Dorado County and El Dorado Hills
The Short Sale is becoming a more viable foreclosure option in El Dorado Hills and El Dorado County. Short Sales are going pending and approved in El Dorado County much much more successfully than in the past. See the graph above and the chart below that illustrate that short sales are going pending and approved much more that in the past.
1 month
1 year
May 10
June 10
% Change
June 09
June 10
% Change
For Sale
187
203
8.6%
227
203
-10.6%
Sold
40
46
15%
21
46
119%
Pended
59
98
66.1%
48
98
104.2%
With the short sale being approved, going pending, and actually closing escrow in El Dorado County so much more frequently and consistently, I wondered how they were doing as a foreclosure option in El Dorado Hills? So lets take a look at El Dorado hills short sale information
The Chart Below shows that El Dorado Hills has an inventory of Active Short Sales that is barely more than 1/4 of the active short sales in El Dorado County, yet Pended and Approved Short Sales and Closed Short Sales that is nearly half of the entire El Dorado County Short Sale Inventory for these categories!
El Dorado Hills Short Sale Market Stats for 6/09 to 6/10
With so much talk about short sales as an option to foreclosure, and with many new Government short sale Programs it’s nice to see they are actually closing and getting short sale approval on more and more short sales.
New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For? CHECK YOUR ELIGIBILITY NOW
When you look at the year over year numbers, you can really see that short sales in El Dorado Hills are definitely trending upward and being successfully used as an anti-foreclosure tool in El Dorado Hills
The Chart above and graph below show that, not surprisingly,nearly half of the pended short sales in El Dorado County were short sales that were approved and went pending in El Dorado Hills.
1 month
1 year
May 10
June 10
% Change
June 09
June 10
% Change
For Sale
55
68
23.6%
79
68
-13.9%
Sold
12
20
66.7%
5
20
300%
Pended
19
46
142.1%
18
46
155.6%
With so much talk about giving homeowners foreclosure options, stopping foreclosure and working homeowners to avoid losing their homes, (except for a principle reduction loan modification that makes sense!) you might think that the foreclosure filings such as notice of default and notice of trustee sales in El Dorado Hills And El Dorado County would both be down. NOT THE CASE! Foreclosure filings for both El Dorado Hills and El Dorado County are both way up, yet the postponement of the El Dorado County Trustee Sale (at the courthouse steps) have just continued…
New December statistics paint 2009 as the year when
Sacramento County home prices finally ended a dramatic four-year free fall.
Median sales prices for new and existing homes combined rose 0.6 percent in 2009, property researcher MDA DataQuick reported Thursday. The percentage represents a welcome change for thousands of anxious Sacramento County homeowners who saw their values drop 20 percent in 2007 and plunge another 37 percent in 2008.
The newest numbers reveal a 2009 real estate market prodded by government stimulus, more than five months of interest rates below 5 percent and plenty of cheap bank repos in its early months. The year also brought an $8,000 first-time homebuyer federaltax credit and several months of a similar $10,000 state tax credit for buyers of new houses.
Prices for Sacramento County resale homes alone closed at $178,000 for the year, up 2.4 percent from the start of 2009, DataQuick reported. It was a second straight month to beat the previous year – after 41 months of annual losses.
“That’s probably because of the slowdown in (bank repo) sales,” said Bob Bronswick, Roseville-based president and chief operating officer of Coldwell Banker Residential Brokerage. “And if you look at it, our primary market is entry level. There’s been such demand for it, and prices over the asking price. We’ve garnered a lot of multiple offers.”
DataQuick analyst Andrew LePage said Sacramento County sales under $100,000 fell from a year earlier while rising slightly in the $500,000 and $800,000 categories.
The reversal of a long downward trend in prices appeared inside a December report showing that capital-area homeowners closed 40,534 escrows in 2009. The tally was 496 escrows shy of 2008 in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties, DataQuick reported. While robust for a market pocked with foreclosures, job cuts and anxiety, the annual total was one of the lowest since 1998, DataQuick records show.
“Everything I have in escrow right now is a short sale,” said Roseville-based ReMax real estate agent Jaye Crews. Those are sales, increasingly common in distressed newer neighborhoods, in which banks accept offers below what they’re owed. For Crews, short sales and first-time buyers have largely taken the place of her earlier bread and butter – move-up buyers.
The Sacramento Association of Realtors says one in four December sales in Sacramento County and West Sacramento were short sales. DataQuick said Thursday that 50.6 percent of Sacramento County sales were bank repos. That’s down from 71 percent as 2009 opened.
This continued prevalence of short sales and repos shows that the market – while it’s more stable – is still not normal. Collectively, Sacramento, Yolo, Placer and El Dorado counties remain mired in 12.4 percent unemployment.
As 2010 begins, almost 12 percent of the four-county region’s mortgages are late, in the foreclosure process or tied to bank-owned homes, according to First American CoreLogic. That’s a sizable increase from 7 percent at the beginning of 2009, when unemployment was 8.7 percent.
DataQuick reported that 3,450 new and existing homes changed hands in December in the eight-county region, beating 3,183 sales in November. December sales normally rise from November.
While prices have largely stabilized in Sacramento County they’re still under pressure in Placer County, where homes are more expensive. Prices in Placer County finished 2009 down 13.6 percent.
“A lot of stuff is still highly discounted in Lincoln Hills,” said Crews. “We’re definitely seeing stability in markets and places where there aren’t a lot of houses for sale. But, boy, in those new-home tracts even six or seven years old. Ouch.”
With so many newer houses being resold, new homes accounted for just 9 percent of capital-area sales in 2009. That’s down from 25 percent market share in the boom that spanned 2002 to 2006.
Many in real estate circles believe 2010 will proceed with less artificial stimulus. The federal tax credit expires at the end of April. And Wednesday, the Federal Home Administration, which insures many first-time buyer loans, announced it will charge higher fees and require higher down payments from buyers with credit scores below 580. At least 40 percent of Sacramento-area loans in 2009 were FHA loans.
Its easy to understand why; in most cases, you cannot come close to buying a new home for what you could buy a re-sale for here in the Sacramento area.
I have said for a long time that our entry level price range must eventually “bounce” here in our Sacramento housing market in and get back in line with replacement costs. When the supply of repos and short sales slow, the prices must recover to be closer with new construction. I mean it’s almost ridiculous: In some neighborhoods, if someone gave you the lot, paid for the permits and gave you a truckload of lumber, you still couldn’t build a new house as cheap as you could just buy a re-sale home!
Michael Shaw of the Sac Bee wrote a great little piece the other day and I am including it here:
November new-home sales in Sacramento were 32 percent lower than the same month in 2008, according to figures released by California Building Industry Association on Wednesday.
A total of 141 new homes of all types were sold in the four-county region, compared with 181 sales the year before. The average price paid for those homes, however, inched 2.8 percent higher to $329,300.
The association reports home sales figures compiled by analyst Hanley Wood Market Intelligence, which tracks new home communities with more than 10 units.
In the state, the November sales rate at California new-home communities was 4 percent lower than 2008
Short Sale Help Is On The Way! BofA Implements The REOTrans Equator Short Sale Process Module.
Sacramento Short Sales are here to stay… and with more and more defaults and homeowners in foreclosure, short sales will become even more and more rampant in Sacramento.
Bandk of Amerioca Short Sale System
Short Sale Help
The problems with most Sacramento short sale transactions are the extremely slow communication, processing, negotiating and approval of short sale files.Even though their are several banks that have been really good to work with; Wachovia has been good for a long time, Chase is becoming a breeze; Wells Fargo is getting things lined up, and now even Freddie Mac and Fannie Mae are pledging to help the Short Sale Process to become smoother.
The “writing is on the wall” for 2010 to become the year that servicers, banks, institutions and secondary investors all get their act together to help make the short sale process more mainstream, less painful, confusing and stressful for buyers!
Over the last few years; often times, after Sacramento buyers have written offers on two, three, even four or more short sales without success, they just quit looking at short sales altogether and look for an REO or equity sale…
We will Surely look back at 2010 as the year the game changed… as more and more banks implement systems to make the Short Sale Processmore streamlined, easier to manage and even transparent; more like traditional real estate transactions! Sacramento’s real estate market will see a huge change as Bank of America gets its act together and starts closing short sales faster and more consistently
The new Equator Short Sale Processing Module (formerly known as REOtrans) has been launched as the industry’s first short sale processingonline portal. The amount of people I talk to here in the Sacramento area just amazes me; its like one of every three or four people I visit with about their mortgage have a BorA or Countrywide BofA
Although Equator has declined to name the lender, the new Internet based platform, as recently reported by the San Francisco Chronicle, will be used by Bank of America. A representative from BofA recently told the Chronicle that they were using the Equator platform to manage the short sale process. Great news, as Bank America is hands down the WORST bank to deal with on short sale files right now!
The Short Sale platform will allow everyone involved in the transaction to work together, in real time with access to all documents, processing requests etc. and will be a huge asset in helping to shorten the time frames of short-sale approvals.
“This is the first time that short sales have been handled through an electronic platform,” said Equator CEOChris Saitta. “With our new system, everyone works together in real time, dramatically improving communication and approval timeliness for our client, its borrowers, vendors, and real estate agents.”
Just think– The short sale process becoming more like traditional real estate!
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Forth Hoyt CRS, RDCPro SRES, e-PRO, Master’s Club
Certified Preforeclosure Specialist
Our Mission Statement:
We Care…
About our clients; their dreams, their goals, their needs… About everyone involved in every transaction…
My team works constantly to improve our systems and services;
WE DO IT RIGHT!!
Going well beyond the standard level of service provided by most agents, we are continuously changing, growing and updating in our pursuit of excellence; we remain focused on education, training and renewing our commitment to quality. We strive to provide the best service,the best advertising, the best, most up-to-date exposure techniques, most in-depth market knowledge and the best Real Estate advice around…Period!
As we guide you through the real estate process, we’ll get you the best deal in the least amount of time, with the fewest hassles, and we’ll have fun doing it! We’ll provide a level of service that makes it very easy for you to refer your friends and family to us!
The Foreclosure market here in Sacramento is currently drying up… very few homes coming on the market as REO or bank-owned, fewer foreclosure filings, Multiple offers for the homes that are priced right, and an overall sense of “wait and see” seems to be on most potential buyers’ minds right now.
The banks have been rescheduling foreclosure sales or Trustee Sales at the county courthouse for so long, that now the foreclosure departments just haven’t been scheduling them in the first place– kinda makes sense, if all your going to do is reschedule it and put it off anyway; why spend the time and money on scheduling it in the first place?
If the number of buyers at the foreclosure sale (trustee sale) is any indication– there must be many investors who believe the prices are not going much lower, or who think there may be some up-tick in the market sometime soon: the number of buyers has tripled or quadrupled in the last several months and continues to grow, according to friends who attend the sales down at 720 9th St. downtown Sacramento (address for the Sacramento County Municipal and Superior Courts). they say tat over 90% of foreclosure sales are postponed still, or re-scheduled, usually for only 30 days at a time…
In other Sacramento area real estate news: According to OBSNews
An amendment co-authored by Sacramento Congresswoman Doris Matsui (D–California) has been based by the House of Representatives and was added to the Wall Street Reform and Consumer Protection Act (H.R. 4173) yesterday. The act requires mortgage servicers or lenders who are participating in the Making Home Affordable Program (HAMP) to publicly report their progress in helping responsible homeowners stay in their homes. The amendment was introduced by Congresswoman Matsui with Rep. Betty Sutton (D–Ohio) and Rep. Kathy Castor (D–Florida), and debated on the House floor. Passage of H.R. 4173 is expected today.
“Too many families in my district of Sacramento have faced foreclosure on their homes as a direct result of the economic meltdown,” stated Matsui. “There is another uptick in foreclosures expected that could affect as many as 4.5 million homeowners over the next two years. The Making Home Affordable Program holds the potential to greatly reduce these figures, and my amendment will ensure accountability on the mortgage industry. Transparency will incentivize the mortgage industry to help responsible homeowners stay in their homes.”
SACRAMENTO, Calif. – (Business Wire) The California State Department of Real Estate (DRE), the state department that issues licenses to real estate professionals and protects consumers in real estate transactions, has intensified its efforts to ensure all consumers receive the protection they deserve.
Real Estate Commissioner Jeff Davi said recently “The economic downturn coupled with the unprecedented number of foreclosures has created a rich environment for scammers who have come up with a variety of schemes to take advantage of desperate and financially stressed homeowners, not only must we take aggressive regulatory action against these con artists but we must educate and provide homeowners with the necessary tools to protect themselves against scammers who have charged thousands of dollars in upfront fees and deliver nothing in return.”
Loan modification scams in particular are plaguing of course, California, Nevada and Florida, but also other states as well…
One of the biggest steps that the DRE here in Sacramento has done recently to combat these scams is to re-write the most recent Public Service Announcement in Spanish, the PSA is a comprehensive document warning consumers of loan fraud. Now the DRE has also expanded its Spanish language Website to educate consumers on how to avoid falling victim to a loan scam.
If Sacramento area real estate buyer trends have any resemblance to the national trends, things may be heading into a long, slow spell…
Even with mortgage interest rates are at their lowest levels in five weeks, a seasonally adjusted index of home purchase applications was at its lowest level since 2000, the Mortgage Bankers Assn. said in a report yesterday.
The closely watched Freddie Mac report on rates also came out Thursday, showing 30-year fixed home loans at an average of 4.91% this week for borrowers paying 0.7% in up-front points and fees to lenders.
So even though mortgage rates are so low, home sale mortgage applications are declining —
So even with the government’s $8,000 tax credit for first-time home buyers has been extended, and a $6,500 credit for many move up buyers, the numbers are way down…
A consensus poll of real estate agents with Keller williams realty in the Sacramento area revealed today that the tax credit pulled forward demand, got people to buy earlier, and that there will likely be a lull in buyer traffic at the end of 2009 into 2010.
The tax credit for first time buyers remains the same, $8,000, but now current homeowners who buy a new residence can qualify for a tax credit of $6,500 under the program. First time homebuyers are defined as not owning a home in the past three years. Current homeowners are those buyers who have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years. This means someone who sold their home 2-years ago but lived in it for 5-years before they sold are eligible for the tax credit if they buy a new home.
Add the fact that we are going into the slow time of the year, It seems that buyer activity here in the Sacramento valley for first time and move up buyers alike may definitely be going into a bit of a dormant stage.
Disclaimer: The information contained on this website is deemed reliable but not guaranteed in any way. This information is not to be taken as legal advice
