There is no loan to speak of enforeable under the state code or non judicial forelcosure provisions .
Ask for cash ...talk to the RE agent handling the thieft of the homes title from title holder .
Not intended as legal advice and only for information purposes . Call an attorney for legal advice
Here is a summary of the Short Sales and Deed-In-Lieu of Foreclosure program announced by the Making Homes Affordable program.
First, something really important: Your servicer (lender) cannot require a cash contribution or promissory note from you AND must give up any right to pursue a deficiency judgment against you. This would apply to the first mortgage, not a second or HELOC.
REQUIREMENTS FOR CONSIDERATION:
Â· The property is owner-occupied
Â· The mortgage loan is a first trust deed originating before 1/1/2009
Â· The mortgage is in default, or default is reasonably foreseeable
Â· The current unpaid balance is equal to or less than $729,750
Â· The borrowerâ€™s monthly mortgage payment exceeds 31% of his/her gross monthly income
The servicer has thirty days from receipt of your request to consider your request. If itâ€™s granted, then the owner will have to put together a financial information package. With this in hand, along with a BPO and some title work, the servicer will decide whether or not to approve your request. Itâ€™s unclear how long the lender/servicer has, and this part of the process has always been sticky.
IF YOUâ€™VE BEEN APPROVED:
The servicer will provide you with a Short Sale Agreement outlining the requirements of each party. Below are a few examples. You must sign and return this agreement, along with your listing agreement, to the servicer within fourteen days.
You and the servicer will agree on a list price. Keep in mind a BPO will have already been ordered, so this price will be close to a servicerâ€™s drop dead, take it or leave it threshold.
Â· Your property must be marketed for 120 days at minimum
Â· Allowable transaction costs must be outlined
Â· A clear and agreed-upon real estate commission for the listing broker
Â· A letter of authorization from you allowing the servicer to communicate with the broker
Â· An agreement releasing you from a deficiency on the first mortgage (NOT the second)
Â· Confirmation that you will receive $1,500 from Making Homes Affordable for relocation expenses
Â· What monthly mortgage payment will be required from you during the marketing period
Thereâ€™s more, including what impact a short sale will have on your credit. There are also other timelines to be met and guidelines on what to do with second trust deed holders (including HELOCâ€™s). But the above is the gist of it. Here's a link, if it fits in Trulia's box:
Cut and paste. I have yet to see the foreclosure I can't get stayed, and I'm sure there are lots of people out there better than I am. So don't worry about the two months, but definitely intercede ASAP. There are too many default notices in 97229, more are on the way, and Wells doesn't want any more houses. They want deposits and checking accounts and performing loans.
I'm running out of space, but good luck to you. You very definitely have options, and with some work, you can put this behind you.
Terradigm Real Estate Consultancy
Even though you had a short sale fall through - 2 months is still lots of time to successfully get another short sale approved and see a successful sale. Not only does my team list REO's, but we also list pre-foreclosure/short sale properties and have an experienced Short Sale Negotiator that works with us to get these through....we have about 30 short sale homes currently for sale. If you aren't already working with another Realtor - we'd love to help!
Kelly Gebler, Broker
Keller Williams Realty
Ive seen homeowners negotiate CFK before auctions when they agreed to simply do a deed in lieu. Ive seen them come straight from a lender through an atty but most are given by the real estate broker whom is charge of the listing if its a short sale. This initially comes from the real estate brokers pocket and is re imbursed, which is one reason why most real estate people are not assigned many REOs and/or Shorts, but thats another subject.
My advice to ANYONE in default is to call a title company and check to see if MERS was incolved. Just say MERS and the title company will understand. So far, every borrower with whom Ive been involved who had MERS in their paperwork were able to stop the process. In some states, the lender will take months then agree NOT to foreclose, meaning the borrower actually 'wins' the suit but then the lender turns around and files a JUDICIAL FORECLOSURE is that state allows it. From there, one can argue the MERS issue and either lose the property at the initial trial or have it referred to a higher court, which means the suit goes into an abyss that is backlogged up to a year in some counties. I know people who have lived for free for almost 2 years this way. Am I saying people should try to screw the lenders over for free living? No way---the borrowers signed the paperwork obligating themselves to the loan. Its when the lenders deliberately take months to fool around with peoples requests for loan mods then turn them down and demand huge back due payments plus atty fees that they deserve to be sued and stretched out.
I used to see CFK as high as $5,000 but lately its about $1,500, which doesnt even pay for 1/2 of a normal families moving company fee.
I was told about C4K from their attorney.
After calling around through Wells Fargo I got this number 866-518-2164 and was told to email my name, and exact address to 'email@example.com' but they forwarded it to 'FHARAP@wellsfargo.com'. I got this reply back the same day:
From: FHARAP@wellsfargo.com [mailto:FHARAP@wellsfargo.com]
Sent: Tuesday, June 14, 2011 9:06 PM
Subject: FW: Cash for Keys Program
***This email does not constitute a binding cash for keys agreement. The information provided in this email is for reference only. ***
a. We will offer you $1,000.00 to vacate the property in 30 days. This is reportable income.
b. The property must be in broom swept condition free of all exterior and interior debris, as well as free and clear of any damages such as Fire, Flood, Earthquake, Tornado, Hurricane and Boiler Explosion.
c. All built-in appliances and fixtures must be left in the property, as well as any landscape. Lawn must be mowed.
This offer is valid until 6/22/11. If offer is not accepted by that time, the offer will no longer be available and eviction will proceed as and when appropriate.
Please reply to this email if you have any questions, or if you are interested in accepting this offer.
Hopes that helps someone. I know I searched forever to try to get some answers as to what would happen.
And don't give up on a short sale just yet. The bad news is that most of them have failed, but the good news is that the trend is going the other way. You have two months. The market is going to pick up, here, in the next few weeks, as it always does in spring. I don't know your address, but your zip code is a good one--close in, really good schools, etc. Here's what's in your favor: The bank does not want your house, believe me, unless you have a lot of equity.
Call Open Door or go to their website http://www.opendoorcc.net. They have HUD-trained foreclosure counselors who can give you some new ideas either online or over the telephone. But with two months--jeez, I'd give it another try.
It's unlikely that walking into a branch office will help. They will just have to call the same phone number you did and will likely face the same wait times. You do have a few options. Please call us directly to discuss your specific situation. Our services are FREE to homeowners. We look forward to hearing from you.
Eli Givoni, Director
Short Sale Department, LLC
Serving all 50 states
Most lenders offer $500 to $2,500. But understand, the offers are really from a broker who represented the trustee sale. Why is a broker involved in a trustee sale....think about it .
** Not intended as spam. Should not contact for assistance with a cash for keys settlement unless through your RE Agent or an attorney.
We have a full time negotiator and are batting over 90% on getting sales closed. Put our combined 40 years of experience to work and give me a ring in confidence. Better yet we are the leading Brokerage in this area and are based out of the Bethany Village Mall.
Give me a call and lets see what I might be able to do to help you ok??? NO obligations what so ever.
Re\Max Metro Gold
Re\Max Lifetime Achievement Award
First Weber Group
Certified Distressed Property Expert
2 months is a lot of time and you and your agent should be aggressively pricing the property to get another buyer. With an offer to the bank foreclosure can be postponed and I hope your agent is experienced with short sales.
Other options are:
Deed-in-lieu of foreclosure just as bad as foreclosure.
Loan modification â€“ it will stop foreclosure as long as you keep making payments.
Bring loan current.
Short sale is your best option in my opinion.
Have you tried to modify your loan using the Making Home Affordable Plan? There is a Short Sale provision if you do not qualify for the Modification. You make reduced payments (31% of your gross income) while the home is being sold at a Bank pre-approved sale price. Once sold the bank pays you $1,500 to move.
I'd love to help, but if your currently under contract with another realtor I am prohibited from doing so. See http://www.jamesjwhite.com for more information or give me a call at 503-539-3819.