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Bank of America Anounces Pre-Approval on Short Sales

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TRUSTEE SCAM ALERT - March 2011

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3 Reasons the Term “Strategic Default” Is Misleading

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Clay & Kathie Kime — Tue, 12 Apr 2011 18:26:00 GMT

Great News for distressed homeowners with Bank of America serviced home loans. What was one of the least efficient administrative processes for handling short sales has now been transformed into one of the premier leaders in short sale processing.

Bank of America has continued to improve the short sale process so agents can help homeowners avoid foreclosure. Starting thi smonth (April, 2011) a series of technology enhancements are being implemented to improve the short sale process.

Integrated Technology for Deals With an Offer and Without an Offer:
Agents can now initiate a short sale in Equator prior to marketing the property. The benefits of this type of "pre-offer program" include understanding the terms of the short sale and gaining investor agreement for a list price upfront in the process. In addition, the homeowner may qualify for a cash incentive and have their deficiency waived.
Short Sale Specialist Assigned Earlier in the Process:
If a short sale is initatied with an offer, a short sale specialist will be assigned in Equator earlier in the process. If a short sale is initiated without an offer, agents should be aware that many initial steps in the process require homeowner contact to determine program eligibility. Once the appropriate short sale program has been identified, a short sale specialist will be assigned and Equator will launch the agent tasks.

Homeowner Documentation:
Short sale specialists are able to identify earlier in the process which homeowner documents, if any, are required. Depending on the homeowner's situation, the amount of documentation required may be significantly reduced. However, the short sale process will not move forward until all required homeowner documentation is provided.
Initial Offer Evaluation:
If an offer is submitted that is significantly lower than current values, the offer may be rejected and the agent will be notified in the Equator portal. The Submit Short Sale Offer task will reopen and a new offer must be submitted.

Action Required:

Agents should renegotiate with the buyer to agree on the highest and best offer and execute the new signed contract.

In order to complete the task, all supporting documents must be updated to reflect the current offer details.

Stay tuned for future communications and educational materials related to this series of technology enhancements.

Clay & Kathie Kime — Thu, 07 Apr 2011 19:20:00 GMT

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22310-Alexandria (Tiers of Manchester Lakes)

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Welcome to 6039-C Curtier Dr. - Manchester Lakes Finest Address!

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	Address: 6039-C Curtier Dr. Type: Residential Style: Single Story Bedrooms: 2 Bathrooms: 2 Suite: No Living Area: 1,002 square feet Year Built: 1987 More Details

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	Top floor 2BR/2BA condo with spiral stairs leading to awesome loft boasting cathedral ceiling, fireplace, floor-to-ceiling windows & skylight! Updated Kit w/Granite Countertop. Charming balcony with great view of Pond. Heat/AC & Washer/Dryer replaced 2010. HWH replaced 2005. Huge storage room. Garage! Light & bright home! <1 mile to Metro Rail! Short Sale by highly experienced CDPE Agents More Description

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Clay & Kathie Kime — Wed, 23 Mar 2011 21:31:00 GMT

The newest scam targeting distressed homeowners is the “trustee” scam.

THE SCAM: The scammer convinces you that you can send letters and filings that can eliminate your home loan and the banks’ right to foreclose for non-payment. In fact, they want you to believe that you can gain free-and-clear title to your home, while wiping out the debt and never making another payment.

They will likely sprinkle in a few Bible verses to convince you that God says it's OK not to pay and try to steal your house from the bank with tricks and deception.

THE CON: The first thing they will try to convince you is that the bank never actually loaned “money” to you to purchase the property. They will say that the bank only “extended credit” and that the funds stated to be repaid in the loan are actually “your” money and not the banks. FACT: The bank did loan “money” for the purchase of your property. When you went to closing, the seller received the “money” for the property that your bank advanced on your promise to repay. There were hard dollars involved.

The scammer will tell you that you can challenge the naming of the "Trustee" in your Deed of Trust. FACT: While one can “challenge” anything, you cannot change or revoke it without the bank’s written agreement.

The scammer will tell you that you can challenge the Power of Attorney granted in the Deed of Trust. FACT: While one can “challenge” anything, you cannot change or revoke it without the bank’s written agreement.

The scammer will tell you that if you give them a deadline to respond – and they don’t – that the Bank has tacitly agreed with your complaint and argument and becomes bound to your assertions. FACT: Nothing could be further from the truth. NOTE: When a bank or a trustee gives the borrower a time period to dispute a claim or intended action, it is because there are statutory consumer protection laws that take precedence (are superior to) over simple contract law, which the bank has to follow.

THE DUPE: Next the scammer will provide you with sample letters and filings, and for a fee (an advance fee from you of typically $2,000 - $4,000) they will help you craft your own letters and filings to your bank. This is the part where they get paid and you get the shaft.

THE DAMAGE: Once you stop paying your loan installments, your credit will begin to suffer damage. Each missed payment and the longer previous missed payments remain outstanding, the credit damage is compounded and compounded. Each bank and underlying investor (owner of the loan) are different, but eventually they will all take severe action to foreclose, seize your home and evict you and your personal property by police and sheriff force.

By the time you realize you have been taken by the scammers, your credit is totally ruined, your home has been or will be foreclosed on and you will suddenly realize that “you paid them” to get you into much deeper trouble than you ever thought possible.

NEVER PAY ANYONE ANY FEE IN ADVANCE FOR FORECLOSURE AVOIDANCE.

Clay & Kathie Kime — Wed, 16 Mar 2011 19:08:00 GMT

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22033-Fairfax (Fairfax)

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Welcome to Penderbrook

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	Address: 12157 Penderview Terrace Type: Residential Style: Apartment Bedrooms: 2 Bathrooms: 1 Suite: No Living Area: 876 square feet Year Built: 1988 More Details

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	Charming, light filled 1-Bdrm w/separate, priv Den (w/doors) off Liv Rm. Den features flr-to-ceiling windows! Fireplace! Built-in Workspace. Professionally updated Kit & Bath! Balcony. Washer/Dryer in unit. Outstanding community w/pool & clubhouse. Minutes to Rte 66, 50, Fairfax County Parkway. Outstanding Golf Course Community with resident discounts and priority. More Description

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Clay & Kathie Kime — Tue, 15 Mar 2011 22:01:00 GMT

In a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of Americans would consider “strategic default”—another term for walking away from your mortgage—if they were underwater (owed more on their home than what it was worth).

Now that more than one in four American homeowners is “underwater,” we feel that it’s important for the community to know the truth about strategic default.

The truth is the foreclosure process carries with it credit issues, current and future employment challenges, issues with security clearance and possible debt collections.

That’s why it is vital to explain the 3 reasons why the term “strategic default” is misleading:

There’s nothing strategic about defaulting on purpose, especially when you have options like short sales, mortgage modifications, and refinance (just to name a few) that may keep you from foreclosure.

1. The waiting periods to apply for a new mortgage loan are at least five years less in a short sale vs. a foreclosure.

2. A foreclosure will show up on your credit report every time you apply for a home loan, car loan, new job, etc., and will affect your financial situation for many years to come.

3. If you are underwater and can no longer afford your mortgage payments, you need to create a genuine strategy to avoid foreclosure, helping to provide stability for you and our community.

If you have any questions about what steps you or someone you care about should take next, contact us today!

Caution: There’s no strategy in ruining your credit

Walking away from your mortgage can be incredibly dangerous when considering your financial future.

In a “strategic default,” homeowners simply choose to walk away from their mortgages—in other words, move out and stop paying. This is often done when a homeowner owes more on the home than it’s worth or is “underwater.” Most of these homeowners do not understand that walking away will expose them to foreclosure, which carries credit issues, current and future employment challenges, issues with security clearance, and possible debt collections.

Due to current economic conditions, one in four American homeowners have found themselves underwater on their mortgages, and millions can no longer afford to make their payments.

Fortunately, you have options to avoid foreclosure and protect your financial future.

Solutions for Financial Stability

Short Sale

Generally considered one of the most viable alternatives to foreclosure, short sales allow homeowners to minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, short sales allow borrowers to qualify for a new mortgage in as little as two years, as opposed to five years or more after a foreclosure.

Demystifying Short Sales There are many myths about how short sales work, including

the rumors that they have the same affect on your credit as foreclosure and are impossible to complete. We can show you how that’s just not true, and how securing a loan for a home in the future is much quicker after a short sale rather than a foreclosure. New bank and government short sale programs have also made the short sale process a more streamlined, efficient process for all parties to the transaction.

Benefits of Short Sales

• Avoid foreclosure at no cost to you

• Lesser impact on credit scores

• Security clearance protection

• No challenges to future employment

• Retain some control over the sale of your property (vs. public auction)

• The ability to negotiate away a deficiency judgment (collection of your mortgage debt)

• Shorter waiting periods to get another mortgage

Other Alternatives to Foreclosure

Reinstatement

A reinstatement is the simplest solution for a foreclosure, but often the most difficult to achieve. The homeowner simply pays the total amount past due (including late fees) to the lender.

Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these.

Deed-in-Lieu

Also known as a “friendly foreclosure,” a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process.

Forbearance

A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back-payments over a period of time.

Rent the Property

This option does not require lender approval, but does require the homeowner’s ability to rent the house for enough money to cover the monthly mortgage payment.

Servicemembers Civil Relief Act

If a member of the military experiences financial distress due to deployment—and their debt was entered into prior to deployment—he or she may qualify for relief under the Servicemembers Civil Relief Act.

Bankruptcy

Many believe bankruptcy is a “foreclosure solution,” but this is only true in some states and situations. Entering bankruptcy can be a risky and costly process. Be sure to seek the advice of a qualified bankruptcy attorney when pursuing this as an option.

Refinance

Refinancing means you will acquire a new loan based on your current credit standing. If you have already missed mortgage payments, your credit score may make it difficult to find a loan with cheaper payments.

Knowing that foreclosure can be avoided gives you the ability to develop a realistic strategy to plan for a future that is both financially stable and full of hope.

The Government and Lenders Want to Help

Since the beginning of the mortgage crisis, millions of Americans have faced mortgage challenges. For the last four years, lenders have faced an equally daunting challenge of a managing the sheer number of borrowers who weren’t able to pay their mortgages. Lenders are not in the business of owning real estate, and are motivated to find solutions that would benefit all parties involved. In a short sale, even though lenders lose a part of their investment, they recover more funds than in a foreclosure. Homeowners are also able to keep foreclosure off their credit reports.

Today, lenders are becoming increasingly equipped to streamline the short sale process, and have developed new processes to help facilitate this foreclosure solution.

In addition, the government’s Home Affordable Foreclosure Alternatives (HAFA) program offers cash incentives to lenders and homeowners to successfully complete a short sale or deed-in-lieu.

The program requires the waiver of a deficiency judgment, meaning the lender must forgo its right to pursue any losses they incur from the short sale.

Give the Green Light to Financial Stability

When you have options to avoid foreclosure, you will soon realize that there’s nothing strategic about “strategic default,” or walking away. We can help you form a real strategy based on your circumstances, and help put you back on the road to financial stability. The sooner you call us, the more time we’ll have to act and move toward a more promising future.

IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Clay & Kathie Kime — Mon, 14 Mar 2011 23:01:00 GMT

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20148-Ashburn (Residences at Brambleton)

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42642 Highgate Terrace. Amazing End-Unit w/Gararge

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	Address: 42642 Highgate Ter. Type: Residential Style: Single Story Bedrooms: 3 Bathrooms: 3 Suite: No Living Area: 1,752 square feet Year Built: 2007 More Details

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Clay & Kathie Kime — Mon, 14 Mar 2011 18:43:00 GMT

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20177-Ashburn (Parkside at Ashburn)

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21802 Dragons Green Square

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	Address: 21802 Dragons Green Square Type: Residential Style: 3 Story Bedrooms: 2 Bathrooms: 2 Suite: No Living Area: 1,195 square feet Year Built: 2001 More Details

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	Beautiful 3-Level, Garage Townhome in the gated community of Parkside at Ashburn. 2 Bedrooms and 2 Full Baths. Neutral Colors, 2-Car Garage. Kitchen with Gas Cooking and Center Island with a Breakfast Bar. Large Living Room with Gas Fireplace. Good Size, separate Dining Area. Two large bedrooms, two Full Baths on the upper level. Full-Size Washer and Dryer on Bedroom Level! Lower/Entry Level Foyer with door to Garage and a seaprate den/office. All this located just steps to the clubhouse and pool complex which also offers a Fitness Center and Party Room. More Description

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Clay & Kathie Kime — Mon, 07 Mar 2011 21:37:00 GMT

5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.

If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?

You must:

Have a verifiable hardship, like unemployment, medical bills, or relocation
Must have a monthly income shortfall
Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale:

Contact us so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale
Gather financial information (i.e., bank statements, pay stubs) from at least the last three months
Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford
Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
Set realistic expectations and work with us, the lender, and the buyer to the satisfaction and benefit of all parties involved

Lenders Ramp up Staffing to Assist in Processing If you thought you were alone in your financial struggles, think again. Over 2.5 million homeowners defaulted on their mortgages in 2010 due to unemployment or other unexpected challenges.

Lenders are working hard to increase their resources in handling the sheer volume of defaulted mortgages across the country.

We are in regular contact with these lenders and, as you can imagine, they’d like to avoid
the high costs of foreclosure and facilitate as many alternatives as they possibly can.

Home Affordable Foreclosure Alternatives (HAFA)

The federal government has also made foreclosure avoidance easier through recently enhanced programs. HAFA is a federal initiative put in place to benefit homeowners who do not qualify for mortgage modifications and would like to pursue short sales.

This program is designed to expedite foreclosure avoidance options for homeowners in need. HAFA promotes the swift execution of a short sale or deed-in-lieu through financial incentives to all parties involved, facilitating the transaction.

In a deed-in-lieu of foreclosure, the property is given fully to the lender because the homeowner can no longer make payments, and the property is then sold to retrieve part of the loan balance owed. A deed-in-lieu, however, may have some of the same effects as foreclosure on your credit report.

Cash Benefits of HAFA

1. $3,000 CASH to homeowner to cover relocation expenses

2. $1,500 CASH to lender to cover transaction expenses

3. $6,000 CASH to junior lien holders

Another significant benefit of a HAFA short sale is the requirement that lenders and junior lien holders waive their right to a deficiency judgment. This means your lender can’t collect the portion of the mortgage not covered by the transaction.

Such protection allows you to more quickly regain financial stability and move on with your life.

What If My Home Doesn’t Sell?

If you attempt a short sale under HAFA and a transaction does not close by the program deadline, the lender will receive your deed-in-lieu of foreclosure.

This will provide you with effectively the same result, since you will have a more positive solution to foreclosure, your mortgage debt will be forgiven, and you will receive the $3,000 incentive to help with moving costs.

Keeping Up to Date

Over the past few years, government and lender programs have undergone numerous enhancements and expansions. As CDPEs, we keep close attention to the changes as they happen, so that you can get the most relevant, current information and the best possible service. If you would like to find out more about these programs, or if someone you know needs assistance in avoiding foreclosure, please don’t hesitate to contact us.

More Foreclosure Options are Available

Call us today to find out about even more foreclosure alternatives that are available to you if you qualify. We can help you develop a strategy to take advantage of the many foreclosure avoidance programs available to the millions of Americans just like you who are struggling toward a more stable financial future. Together, we can put you back on track to financial stability.

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today. We can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.

Clay & Kathie Kime — Mon, 28 Feb 2011 21:26:00 GMT

Do You Qualify for a Short Sale?

Do you have …

Financial Hardship:

    Severe Illness,
    Military Sservice,
    Insurance or tax increase, etc. (Ask us for full list of acceptable hardships)
    Monthly Shortfall
    Business Failure,
    Job loss,
    Wage reduction,
    Divorce, etc.

    Insolvency: you currently owe more money than you have, or you are about to reach that point

Saying yes to any of the above means you may qualify for a short sale

Short Sale Benefits

The financial implications of short sales are always less severe than the implications of foreclosure. Your credit score, credit history, employment applications, and future chances of acquiring a loan all benefit from completing a short sale rather than being foreclosed upon.

A short sale is when the lender agrees for the property to be sold at a price lower than the mortgage balance owed.

A deed-in-lieu is when the lender receives the house deed in place of the mortgage balance, although in some cases the lender will still pursue the homeowner for the leftover mortgage balance, which is called a deficiency judgment.

A short sale or deed-in-lieu through the government’s Home Affordable Alternative Project prohibits the participating lender from pursuing a deficiency judgment!

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Clay & Kathie Kime — Fri, 18 Feb 2011 22:59:00 GMT

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22204-Arlington (Arlington)

SALE PENDING
$549,900 Exceptional Value

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Welcome to Court des Maison at Kenton Square

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	Address: 1317 Glebe Rd., S. Type: Residential Style: Townhouse Bedrooms: 3 Bathrooms: 4 Suite: No Living Area: 2,592 square feet Year Built: 1969 More Details

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