Shortsalenurse's HAFA Blog

May 18, 2012

Sitting on the Doc of the Bay Hoping this Short Sale will go away!

Sitting by the dock at the bay hoping this short sale will go away.  This week my problem file is with GMAC Mortgage who states they are servicing a loan for IMPAC Mortgage.  The NOTICE OF DEFAULT however does not clearly name IMPAC as the owner.  But I have lots of E Mails that say IMPAC.  It is my understanding the true owners name is supposed to be on the NOD.

There are two issues with this file one is that there is no relocation funds for the Seller / Homeowner and the other is they waited till they presented the approval to take commission dollars away from the real estate agents.  This may or may not be legal but I for one do not think it is MORAL.   As many great men have said doing what is legal is not always the best standard to follow.   Even this very week Bank of America announced relocation fees on some transactions that will go as high as $30,000.00 and HAFA is set at $3000.00.   3000 times by the current approval I hold still comes out to ZERO dollars for my client.  Is that an error.   Well that is what I am trying to find out.  In my view I have a duty to my client to try to make sure there is not some mistake.  How do you feel.   Here are two videos that I hve posted to try to put a human face on the subject.  If I get as satisfactory correction to this I will post it, and if I do not, well excuse me I do not even what to think to think negative.   Some higher power will not allow my unemployed client to hit the streets without having something in his pockets.   San Diego and California Mortgage Lenders at not that cold hearted!

George Kenner, Broker Associate  Lic. 01229951 619-723-5714


December 20, 2009

Enter the Bermuda Triangle a Foreclosure and Exit as a Short Sale

Looking at the “Matrix of Numbers” is very important when your trying to solve any problem, so lets address two numbers.   At the time this is being written (Dec 19, 2000)  there are 19,495  properties in San Diego County that are in the formal process of foreclosure.  (this number can be verified at www.ForeClosureRadar.c0m)  This number is twice what is available in the Multiple Listing Service. The main stream media has labeled this  as the shadow inventory.  In this broker’s opinion  the  shadow inventory  being twice as large as the MLS,   is like a rouge elephant who is walking towards the housing market.

Foreclosure  is a rough process that no one enjoys , the banks hate it because they end up with destroyed properties,  the Sheriff hates it when he arrives to remove the people, the people hate it because losing ones home is very emotional. The Local Government of course would have difficult times dealing with homeless people.   The Foreclosure Process  is truly the Bermuda Triangle of home ownership and the responsibilities that come along with it for everyone involved.

So now our economy has established the problem lets evaluate the solution that the Government and banks have presented.   In early 2009 the Treasury introduced a Program called the Foreclosure Alternate Program.   This established that it would be better for the Banks to leave people in their homes while a “Short Sale” could be arranged for.  Implementation of the program has been slow but as unemployment has risen and property values have fallen making that shadow even larger.     I will compare this to being bounced around in the Bermuda Triangle but the exit is about to arrive.   The Treasury has set a date (Apri 2010)  and guidelines  for  the Banks to follow established Short Sale Protocols.

The  April 2010 date  seems to coincide with the the actions of the major banks and Fannie Mae who have suspended foreclosures during the holiday season.   Of course this reprieve for family’s over the holidays will come an go as the clock ticks.

I can only speculate but I believe  that shortly after the holidays the Government will be discussing the Foreclosure Alternative Program in the Media with a much greater frequency.  Trade organizations  like the California Association of Realtors are now sharing what they know with their members about the program.  They have  posted the broad programs as they have been presented to them on the internet.

This article was written by George Kenner, Broker Associate at Keller Williams Realty in La Mesa.   He like  all the other Realtors at Short Sale Nurse specialize in this market area.   Their experience and professional contacts can aid anyone though what feels like the Bermuda Triangle, call them today for a free consultation.

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“Good Night Mrs. Kalabash where ever you are.”

Lic. 01229951

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