Natomas Loan Modifications- How To Modify Your Loan
September 9th, 2011 Categories: Loan Modification, Mortgage and Loans
Cuccessful Loan Modifications are difficult
What is your successful Natomas loan modification going to look like?
Loan modification, the systematic alteration of contractual mortgage loan agreements, has been around in the United States for over 70 years. During the Great Depression many loan mod programs were sponsored and executed at the state level in an effort to reduce levels of loan foreclosures.
Natomas Foreclosure Options Expert, Certified Foreclosure And Short Sale Specialist and Successful Short Sale Agent Forth Hoyt Provides Information on Successfully Negotiating a Loan Modification With your Bank… and gives access to a free report entitled “Your Guide To A Successful Loan Mod”
It uncovers the truth about loan mod’s: only a modification that provides a long term, sustainable solution can be considered a success…
Here is just a part of Section One:
You, Your Family and your Mortgage
Begin With The End In Mind
What is your goal? What’s the target? What exactly do you want/need in order for you to make it? Know your outcome!
What is your successful loan modification going to look like?
Take a hard, realistic look at your situation and ask yourself what changes your bank would need to make in order for you to manage your payment. Keep in mind that if you can get the changes you need in the form of an affordable payment, the duration of the payment adjustment must provide you enough time to get back on firm financial footing. Otherwise, you will be right back in a bad situation before you know it. So you must have a goal: what changes do you need and how long do you need them? What Will your Secessful Loan Mod Look Like? How Will You Know If Your Loan Mod Is A Success?
Win-Win or No Deal
These decisions and clearly defined expectations of your outcome are not easy to make, but they are necessary. By knowing the minimum modification, the minimum amount of time you will settle for, you can move forward knowing that anything less is a waste of time. When you what you want and need you are on your way towards recovery. Just remember, treat it like a business decision. Be realistic, know what you need, and don’t settle for a solution that is not really a solution.
You are NOT the Villain Here
American families are facing more economic difficulty than at any time in the past 70 years. Not since the Great Depression have there been so many families facing serious many financial obstacles.
A large part of the problem was brought on by the financial market excesses of the first six years of the 21st century (2001 thru 2006). Real estate values reached dizzying levels, leading American Families to feel intoxicated by the “wealth effect.” And, everyone wanted in. As prices went up, the mortgage industry came up with new and creative loan programs that made it possible to buy homes that people really couldn’t afford. Make no mistake, these programs were not designed for the common good, these creative loan products were not driven by the desire to increase homeownership for the benefit of society. No, the loans were originated, packaged, sold, chopped up, repackaged and sold again with one thing in mind — quick and substantial profit.
It’s true, many American families may have made choices that were not as responsible as they should have been. However if the go-go loans had never been created and the call centers and telemarketers pushing the toxic loans never existed, most of those same American families would have continued to live within their means. But instead, the entire mortgage, real estate and banking and investing industries pushed these programs: from loan officers, appraisers, real estate agents and brokers, mortgage bankers, underwriters, Wall Street entrepreneurs and many others all played their parts.
Much of the mortgage mess we are dealing with now is a direct result of a mortgage industry that during those first several years of this century to completely abdicated their responsibility to verify a borrower’s ability to pay when making a mortgage loan.
Need how to loan mod How-To’s?Looking for someone to give you the how to loan mod step-by-step? Continue reading or order your Loan Modification How To’s Here: Guide to A Successful Loan Mod
More Questions on your Particular Situation?
Contact us today at Forth Hoyt’s Sacramento Short Sale Center
Or find out here about New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?
I am not an attorney, and you should talk to one!! Call for a referral!
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West Sacramento Certified HAFA Specialist Answers HAFA Questions
September 1st, 2011 Categories: Sacramento Foreclosures, Sacramento Real Estate, sacramento short sale, Short Sales
- 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.
What Other Government Programs Do You Qualify For? CHECK YOUR ELIGIBILITY NOW!
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!
Contact us Today At Forth Hoyt’s Sacramento Short Sale Center
Or Find if you qualify for your 1st or 2nd Lien Modification Program (2MP) harp
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Sacramento County Foreclosure Time Lines For Periood Ending July 2011
August 26th, 2011 Categories: 1
Sacramento Short Sale Specialist and Foreclosure Options Specialist Forth Hoyt Reports on the average days to foreclose in Sacramento County.
Time To Foreclose in Sacramento has stayed fairly stable- the Sacramento County Foreclosure Timeline has fluctuated from a low of 223 days to a high of 314 days- These are the average number of days the foreclosure process is taking in Sacramento County from the
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Short Sale Specialist And Expert Short Sale Negotiator Gets West Sacramento Short Sale Approval
August 18th, 2011 Categories: 1
West Sacramento Short Sale Specialist gets Another Short Sale Approval in West Sacramento!
This was a great transaction! Great property, very attentive sellers who were more than willing to provide any and all documentation the bank needs for the short sale, and a great buyers agent who was always easy to reach and very professional! Will Short Sales in West Sacramento always be this easy?
This short sale in West Sacramento was at 2819 Swift Street, had two loans, one with Litton and one with Nationwide Credit.
This was my third Litton Short Sale and first Nationwide Credit Short Sale, and second approval as a short sale agent in West Sacramento.
Both banks were very easy and fast- this short sale closed in 118 days start to finish!
As a Certified Short Sale Specialist, I get people that call me from all over with Short Sale questions about the short sale process, many times from people trying to decide if the short sale is worth all the work; asking “what are the benefits of a short sale?”
Many of these people have recently been underwater West Sacramento homeowners who are considering a short sale, either because they have to move, and are upside-down, have had an unforeseen drop in income or significant increases in expenses from illness or family issues, some are looking at retirement and won’t be able to make their payment once their income drops…
West Sacramento has become a hotbed of Short Sales! I have had five short sale listings in West Sacramento in the past few months, two are already closed, both in less than 4 months start to finish… one is approved now, two more are being negotiated and one is still without a buyer.
Questions on government Short Sale Programs? Talk to an expert short sale agent in West Sacramento
New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?
More questions on your particular situation?
Contact us Today At Forth Hoyt’s Sacramento Short Sale Center
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Moving Away And Upsidedown… Can I Short Sell My El Dorado Hills Home?
August 15th, 2011 Categories: 1
Can I Short Sell My El Dorado Hills Home?
As a Certified Short Sale Specialist and a Realtor who focuses on Folsom, El Dorado Hills, and the surrounding communities of Orangevale, Fair Oaks, Granite Bay, Mather, Rocklin, Roseville, Sacramento, Carmichael and even Natomas, Elk Grove and West Sacramento, I am constantly being asked about the qualifications for a short sale.
How Do I Find Out If I Can I Short Sell My El Dorado Hills Home?”
What if I have to move away from El Dorado Hills and I’m upside down?
- Who can I ask about a short sale possibility in El Dorado Hills?
How do I find out if short sale is even possible for me in El Dorado Hills?
Is there someone in who can tell me if I can short sell my El Dorado Hills Home?
There is so much misunderstanding when it comes to how the banks decide who has a hardship for a short sale and who does not…
What constitutes a hardship for a short sale?
There can be many reasons for a bank to consider your situation and approve you for a short sale in El dorado Hills; many different scenarios would be grounds to let you short sell the house, but it all boils down to a financial problem…
A quick snapshot of your situation is outlined in your hardship letter. A great hardship letter is the cover letter for your short sale file: What is a Hardship Letter? The Short Sale Hardship Letter Sets The Stage. It quickly tells your story to the bank servicer and investor and all who is involved with your transaction.
The hardship may show up in different scenarios and there are several different reasons for a hardship, but it all boils down to the fact that you cannot continue to pay your mortgage. You are either behind or going to be behind sometime in the future.
Does your situation include a move for work reasons? A drop in income or an increase in expenses? Are you looking at retirement and a reduction of income? Did your life plan include selling your property to help fund your retirement? Do you need to downsize? Do you have children that have developed special needs or sre there family health issues that have come up unexpectedly?
There are many, many different scenarios where a short sale is a perfect solution. However there are also many new issues regarding short sales that homeowners need to consider when making a decision to do a short sale; Here are a few:
New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?
Can My Second Loan Sue Me? Whats The New Law In California Regarding Short Sales?
Questions on your particular situation? Would you like to see if you can Short Sale on your El Dorado Hills home?
Contact us Today At Forth Hoyt’s Sacramento Short Sale Center.
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EL Dorado Hills Short Sale Information and Reports
July 30th, 2011 Categories: 1
- El Dorado Hills Short Sales Are A Better Choice
Are Short Sales in El Dorado Hills Increasing? Yes, and here’s why:
El Dorado Hills Expert Short Sale Negotiator and Certified Short Sale Specialist Forth Hoyt Reports on Short Sales in El Dorado Hills
I had two different El Dorado Hills homeowners not yet in Foreclosure call me recently to talk about their situation and ask “can we qualify for a short sale in El Dorado Hills?”
Both homeowners occupied their homes as their primary place of residence, both had faced a substantial decline in household income, both were looking at retirement in a few years and upside down by a long way!
Both homeowners asked “are we candidates for a short sale? Can We Even Qualify For A Short Sale?”
In both instances I answered “absolutely, you have definitely got a documentable and substantial hardship for a short sale; as long as you are committed and will be responsive and reasonable with the bank , servicer and investor’s frequent requests for updated documentation and proof of your situation.”
These are the types of people who absolutely fit in the “short sale sweet spot”, they are highly qualified for a short sale; people who are struggling now to make payments, who are foregoing home maintenance, putting off home repairs, falling behind on other debts… and are looking at an even lower monthly income at retirement in the next few years.
It seems that even those who have never lost a job, but their spouse has, or have seen reduced over-time, or a failed home-based business, or spouses that are no longer working part time are finding their credit cards reaching their limits. And definitely no longer enjoying home appreciation that can no longer be tapped periodically to pay credit cards or upgrade automobiles…
More and more of the El Dorado Hills prospects for a short sale that I talk to are still current but have reached the end of their rope… and many of them made substantial down payments and were counting of home equity for their retirement and are having a hard time facing the fact that they have to let their home go.
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California’s New Short Sale Law Stops Recourse on Second Mortgages
July 29th, 2011 Categories: 1
Non Recourse Laws for Short Sale Junior Mortgages
Can a second loan collect after short sale? Do Junior Loans or Second Mortgages have collection rights?
Not any more! but what will the newest California short sale law do to the actual short sale negotiation process? Will the short sale process in California be effected by the newest short sale law SB458?
As a Sacramento Professional Short Sale Negotiator and Sacramento Short Sale Specialist, I spend a large part of my day on the phone with first and first and second mortgages, servicers and investors, negotiating short sales for my clients here in the Sacramento area.I find myself constantly helping to train the people I am negotiating with, sending them information and explaining how short sales work in Sacramento.
From an email from California Association of Realtors on July 15, 2011: “Effective immediately for transactions closing escrow from this day forward, both senior and junior lien-holders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.”
The bill would also prohibit the holder of a note from requiring the trustor, mortgagor, or maker of
the note to pay any additional compensation, aside from the proceeds of the sale, in exchange for the written consent to the sale.
Contact us today at Forth Hoyt’s Sacramento Short Sale Center 916-316-3810
Or find out here about New Government Foreclosure Prevention Program Eligibility- Which Programs Do You Qualify For?
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Short Sales On El Dorado Hills Luxury Homes
July 26th, 2011 Categories: Foreclosure News
Beautiful El Dorado Hills Home
El Dorado Hills Certified Short Sale Specialist and Expert Short Sale Negotiator Forth Hoyt Explains to Luxury Home Owners Thinking Of a Short Sale that in many ways, Higher Priced Short Sales are easier to negotiate than their counterparts…
The Luxury Short Sale is many times the easiest short sale to negotiate- well maintained properties that need no repairs, sophisticated, well informed buyers and educated sellers who have done their homework and know how the game is played all make for a much easier transaction.
Investigating a Short Sale on your on your Upside Down Luxury Priced El Dorado Hills Home?
Contact us Today At Forth Hoyt’s Sacramento Short Sale Center
Once your El Dorado Hills Short Sale Specialist Agent has determined whether or not your situation fits a short sale and that the banks will likely approve your hardship, I will put your short sale in Sacramento on the market and go to work on compiling a KILLER SHORT SALE FILE.
What documents go in a short sale package? El Dorado Hills Certified Short Sale Specialist and Certified Short Sale Negotiator Forth Hoyt talks about the benefits of putting together a “killer” short sale file.
A well organized, complete, well thought out, strategically orchestrated, professional looking short sale package (the Killer Short Sale File) allows the bank or servicers short sale negotiator to have everything they need to to begin the process of negotiating your short sale with the investor (the owner of your note). Organized, concise, indexed and complete, a killer short sale file sets your file apart from the norm and makes the negotiators job easy- So your short sale file stays at the top of the stack and gets the most attention because your short sale is the easiest to work!
What is the first element of a great package? Your Hardship Letter; What is a Hardship Letter? The Short Sale Hardhip Letter Sets The Stage
Looking for a Great Short Sale Agent In El Dorado Hills?
More questions about your particular situation? Contact us today at Forth Hoyt’s Sacramento Short Sale Center or call 916-316-3810
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Another Wells Fargo Short Sale In Natomas Closed!
July 15th, 2011 Categories: 1
Another Natomas Condo Short Sale!
Natomas Condo Short Sale With Wells Fargo
As a Sacramento Short Sale Specialist, I get calls all the time from homeowners in Natomas who are upside down. Because many Natomas Builders used Wells Fargo to finance their new construction homes during the building boom, Wells Fargo is many times their bank. Wells Fargo has recently implemented many brand new short sale systems and procedures that will surely help Natomas Short Sales.
Wells Fargo short sales are becoming easier and easier to close. They have become one of me and my team’s favorite lenders to work with.
As a Natomas Area Certified Short Sale Team, we specialize in Short Sales. We stay abreast of the many changes and “moving targets” of lenders through our many certified short sale designations and certifications from banks and lenders, hours of education classes, Keller Williams Short Sale Specialist Groups and collaboration through nation-wide Short Sale Specialist forums .
Questions on your particular situation? Contact us today at Forth Hoyt’s Sacramento Short Sale Center.
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Another successfully negotiated a short sale for this home in Fair Oaks!
July 4th, 2011 Categories: Short Sales
Fair Oaks Short Sale Agent Negotiates Another Successfull Fair Oaks Short Sale
As a Fair Oaks Short Sale Agent, when I meet with a new client, they often feel helpless and overwhelmed by the bills that just keep coming in. It’s very rewarding to help them get clear on their options during our first meeting together.
Many walk away from our appointment relieved they now know what they can expect and have a plan to prevent a foreclosure.
This short sale in Fair Oaks was a tough one! This home was in need of repairs, so we needed a buyer who could pay cash or use hard money to finance this home. Short Sales That Require Repairs are never easy, and although every short sale has their hurdles… we were able to maneuver around the repair issues by finding a buyer with the right financing for this Fair Oaks Short Sale.
There is nothing better than helping a client out of a stressful situation. Most of my clients come to me when they have exhausted all their options and many feel stressed out and frustrated.
My job is to help my clients get out from under their mortgage they can no longer afford.
I have put together a great short sale information website that will tell you more about the option of short sale and how it can prevent a foreclosure. It’s a great resource! www.WereHereToHelp.org !
We have helped many families in Fair Oaks short sale their home. We can help you too! Give us a call and let’s get started!
By the way…
What is the HAMP/ HAFA Program? What about the Second Lien Modification Program (2MP) Or Home Affordable Refinance Program (HARP)
Forth Hoyt, Sacramento Certified Short Sale Agent And Expert Short Sale Negotiator Explains The Many New Government Anti Foreclosure, Government Loan Modification And Government Short Sale Programs
There are a number of government anti foreclosure programs available to provide you with solutions. These government programs have been getting a lot of attention lately. Especially the HAFA government short sale program. See which homeowner options program below matches your situation best, and then take the survey to see if you are eligible for government programs.
Check HAMP program eligibility. Check HAFA program eligibility, and HAMP eligibility guidelines.
Take action, find out more about your options and learn if you are eligible. If your situation is urgent, or you have further questions, feel free to Contact us Today At Forth Hoyt’s Sacramento Short Sale Center
The newest Anti Foreclosure and Short Sale programs that the government has rolled out recently:
Home Affordable Foreclosure Alternatives (HAFA)
Home Affordable Modification Program (HAMP)
Home Affordable Refinance Program (HARP)
Second Lien Modification Program (2MP)
More Questions?
Contact us Today At Forth Hoyt’s Sacramento Short Sale Center
Or
Find if you qualify for your 1st or 2nd Lien Modification Program (2MP) harp
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