Detroit Short Sale

Bank of America Equator
Short Sale Process and Realtor

Banks are using a program that has been designed to help the short sale process move at a faster rate. This program is called the Equator short sale platform. Bank of America tends to stand out a little more when it comes to this process because of their unique attributes in the process. The Bank of America Equator short sale process has many positive things to keep in mind, such as:

Status tracking

24/7 access to the short sale system

Direct communication with the short sale negotiator

Documents are uploaded directly to Equator instead of faxing

Streamlined approval process

Historical view of offers and counter offers

The Bank of America Equator short sale process is most attractive to buyers. In the beginning phase of the process the Detroit short sale specialist will be asked to provide the first five digits of the buyer’s social security number as well as another personal information such as birth date, address, phone number and loan information.

The system will allow parties to upload documents from the computer straight to the bank, while having the ability check the process often. There is a check list of items that will need to be handled like a 3^rd party authorization in order for the experienced Equator short sale Realtor to work on your behalf. After this, a offer worksheet will be provided which is most like a HUD 1. This will help the bank get an idea of the net on the short sale.

Once that part has been finished, a Broker Price Opinion will be brought about and during this it should be mentioned to upload documents like pay stubs, bank statements, tax returns, hardship letter and a financial worksheet. The BPO will move at a great pace. Bank of America has saved a great deal of time for parties involved in the short sale process by introducing the Equator short sale process. An offer could be approved within 27 days, however times may vary.

When it comes to finding a Realtor who is going to work on your behalf and nearly ensure a successful completion of your short sale, it is important to go with experience. Ask for credentials; after all, this is your future. Our Detroit Equator short sale specialists offer no cost assistance to you and have closed hundreds of Detroit hort sales while also helping many homeowners look to a brighter future! Contact us today!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need to know your options on how to stop foreclosure on your Detroit MI home? Contact our short sale specialists! We offer FREE short sale services to you! Our Detroit area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Michigan Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a Michigan Short Sale!

Copyright First Coast Realty Associates 2012

It’s not a hidden fact that Detroit’s real estate market is suffering worse than many others. This results in a shockingly high foreclosure rate, but that can be changed. A short sale is a way to stop Detroit foreclosure and takes place when a lender allows a borrower to sell their home for less than they owe on the property. The lender understands they will be taking a loss, but this loss is still less in most cases than the amount they will lose if they pursue a foreclosure. Most of the time, lenders choose to release the borrower from the deficiency amount that is owed. In some rare instances lenders may require borrowers to pay back a portion or the entire amount over an extended period of time. We are seeing this happen less and less.

The first step is to hire a Detroit short sale Realtor. This real estate agent will walk you through the entire short sale process, providing FREE help along the way. Don’t trust just any agent to properly short sale your property. It takes an experienced short sale specialist to successfully complete the process in the smallest amount of time possible.

On average, the short sale process takes around six months to complete. We have seen some transactions take over a year while others close in two months. The duration depends on many different factors like the number of mortgages on the property, the listing agent’s competency, the home’s attractiveness, and the list goes on. Since each missed mortgage payment can cause a decrease in your credit score, it’s a good idea to begin the short sale process as quickly as possible.  When it comes to short sales and your financial future, there is no substitute for experience.  We have helped hundreds of area home owners avoid foreclosure with a short sale.  Contact us to speak to a local Detroit short sale specialist to offer no cost assistance.

Detroit Michigan short sale question and answers

• What is a short sale in real estate

A short sale in real estate is when a homeowner is in some kind of hardship and can no longer afford to keep their home, so they seek the approval from their lender to sell the home below its original value. More than likely a lender would agree to a short sale because of the massive expense of a foreclosure proceeding.

• How do I qualify for a Michigan short sale?

In order to qualify for a short sale you will typically need to have some kind of financial hardship that has set you back and has cause you to no longer be able to afford your home. Examples of these hardships might be: divorce or separation, Active Military, excessive medical bills, death of a family member, job loss, relocation or job transfer, etc.

• What will I need to prove my hardship?

Your lender will usually ask you to provide what is called a short sale package. In this package will be your hardship letter which will explain how you got into your hardship and what you have tried to do to get out of it. The package will also contain several financial documents validating your financial situation. These documents will usually include bank statements, W-2’s, tax returns, pay stubs, etc.

• Can I still do a short sale if I am in the process of foreclosure?

Yes, as I stated earlier, the foreclosure process is quite costly. A foreclosure process costs a lender about $58,000, and not to mention, too many foreclosures look bad to a banks investors!

• Who can help me with the Michigan short sale process?

One of the first things a homeowner should do when choosing a short sale over a foreclosure, is to get in contact with a Michigan short sale Realtor. But first, it is important to make sure you choose the right short sale specialist for your short sale. Not just any Realtor can successfully close a short sale. Our short sale experts take passion in what they do, and they work hard with their given experience and determination. Your short sale is a big step into your future, you have already been through enough, now let us take this financial burden away, and complete your short sale in the fragile manner it deserves! Contact a Detroit MI short sale Realtor now!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you want to stop foreclosure on your Detroit MI home? Our Detroit area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Michigan Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

Detroit Michigan Short Sales: Various Cash Back Incentive Programs

Homeowners having difficulties paying back the loans for their houses, as well as other debts alongside a mortgage, may be eligible for certain cash back incentives when choosing a short sale. This can range between a government-sponsored short sale program or even an incentive from commercial banks and mortgage companies. However, government short sale programs have only taken effect in recent years, meaning many home owners may already be deep in debt with commercial banks and loaning institutions. Since homeowners who have many debts might have loans spread across more than one financial establishment, banks have come up with their own way to ease off the pressure.

Here are a few commercial banks that offer cash back incentives when performing a short sale.

• Bank of America – While their reputation has been less than stellar in the last few years, Bank of America has since relegated the task of short sales to Equator.com. This new contract has made a short sale done with Bank of America something to look out for, whether or not there are cash incentives involved.
• Chase Bank – This bank is often touted for its maximum cash incentive rate of $30,000 for closing out a short sale. Also, if you have an aging loan taken out at Washington Mutual, then you may be eligible for cash incentives at Chase bank when taking out a short sale.
• Wachovia Bank – Now owned by Wells Fargo, Wachovia can offer cash incentives to borrowers who have taken out loans at either bank. While certain criteria are met, (such as meeting a deadline for a short sale) homeowners will receive cash incentives ranging in the thousands of dollars during a closeout.

Government Short Sale Incentive Programs

The HAFA program was introduced in 2009 as a way of helping homeowners who are behind on their debts and mortgages. A lot of homeowners who are denied a loan modification naturally gravitate to a short sale anyway, making it a viable option for some.

The HAFA short sale program offers the following cash back incentives to borrowers:

• $3,000 to help a borrower relocate to a different home.
• $2,000 is also given to investors who allow up to $6,000 in proceeds which are signed off to subordinate lien holders on a one-for-three matching basis. This means investors will receive $1 for every $3 spent in junior lien releases.
• $1,500 for lenders or service providers, in order to cover processing and legwork fees.

In addition to cash back incentives, the HAFA program advertises a few other advantages:

• It will grant borrowers to pre-approved short sale terms, even before their property is listed.
• Lenders are required to waive the right to a deficiency judgment before participating in the HAFA program.
• A HAFA short sale deal also has the advertised incentive of closing out within ten days of application.
• It also uses many of the same documents and processes common in a commercial short sale.

Eligibility for Michigan short sale Cash Back Incentive Programs

While these short sale cash back incentives may seem inviting, getting them will be easier said than done. With commercial banks, the rules for eligibility may vary from bank to bank, so read all of the fine print, and ask for advice from a financial professional to make sure of the terms. Otherwise, you may end up deeper in debt than you already are.

• Some commercial banks may require a short sale to close out within a set date or time period before a borrower can receive a cash bonus. As your house is already bought out on a loss, banks will need to secure their investments somehow.
• Taking a commercial short sale may not make you eligible for a government short sale, or vice versa. For example, you cannot submit an approval for a short sale with Bank of America if you have already taken out a short sale with the HAFA process.
• Some banks may offer varying amounts of cash incentives when advertising their short sale services. Wachovia in particular may offer $1,000 to $7,500 if a seller is able to close out by the date agreed upon in a contract. Meeting other terms and conditions, like agreements with subordinate lien holders, may also net certain cash amounts.

Government-sponsored short sale programs are also subject to strict criteria in order for cash incentives to be paid off, no matter which party wants it. Here is an example of criteria taken from the HAFA short sale process:

• A homeowner’s mortgage must have originated before January 1, 2009, and must total to less than $729,750.
• Borrowers must be on some kind of financial hardship.
• Buyers must not sell the property within 90 days of purchase.
• Only primary personal residences are eligible for a short sale.

Another example from the Transition Assistance Program in California, which provides up to $5,000 in cash incentives per household:

• A homeowner must qualify as a low-to-moderate income household.
• A Hardship Affidavit must be filled out.
• Homeowners whose military service has run them into financial hardship are eligible.
• Homeowners must not have declared bankruptcy or a foreclosure.
• A homeowner’s mortgage loans must also at risk of imminent default.

Contact our Network of incredibly experienced Detroit short sale specialists now, and let’s get your short sale completed and your incentives delivered!

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

If you are a homeowner who is searching for options to stop foreclosure on your Detroit MI home, then contact our specialists! We offer FREE short sale services to you!  Our Detroit area Distressed Property Expert Certified short sale real estate agents are here to help, and are Certified or trained in the Michigan Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2012

Detroit sees Fall in Foreclosure Sales

In April, Foreclosure sales in the Detroit market showed relatively better conditions in the suburbs rather than in the inner city.

Sales from foreclosures decreased 14.7% in the metro area and 31.5% in inner Detroit from the previous year, according to April home sales data through Realcomp. Metropolitan median prices saw a big positive jump reaching 18.6% from April 2011 to a still modest $70,000.

However, in inner Detroit which includes Hamtramck, Highland Park and Harper Woods, prices increased only by about 2.3% to a $9,000. Foreclosure sales despite the down fall, maintained to make up the bulk of inner Detroit home sales, making up for 64% of all deals last month.

 Foreclosures in the metro area made up a smaller, portion accounting for 43% of all sales. All home sales fell 2.2% in metro Detroit and 22.2% in the inner city from April 2011. Non foreclosure sales shot up 10%  in the metro area.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Detroit homeowner who might be facing a Detroit Michigan Foreclosure on your home? Are you in need of a Detroit short sale specialist to assist you with your Michigan short sale? Our experienced short sale Realtors in Detroit MI are familiar with the Bank of America Equator short sale platform and offer no cost assistance for you in your short sale! Contact one of our Detroit Equator Realtors today!

Copyright First Coast Realty Associates 2012

March 2011.

HAMP Slows Down, HAFA Hold Steady

The Home Affordable Modification Program, also known as HAMP, continues to add homeowners to its roster each month, however the pace has slowed. A report released on Friday by the Treasury and HUD displayed 19,940 permanent HAMP modifications were granted during the month of March. Raphael Bostic, HUD assistant secretary, says fewer borrowers are falling behind on their mortgage these days.

“We’re making important progress in providing relief to homeowners under the Obama administration’s programs,” Bostic said.  At the end of March, 794,748 homeowners in active permanent HAMP Modifications and 76,218 of these had payments cut down on a second lien or the lien went away all together through the second Lien Modification Program (2MP) of the government’s mortgage relief effort.  Bostic adds that in addition to HAMP modifications, borrowers are finding relief through the Home Affordable Refinance Program (HARP).

An estimated half of a million families have been through HARP, saving an average of $2,500 a year.  Though he described these efforts as providing “significant positive benefits,” Bostic followed that with an appeal to lawmakers to help improve program results. “[W]e are asking the Congress to approve the President’s refinancing proposal so that more homeowners can receive assistance,” he said.

Since the HAMP activity has slowed down, other government assisted foreclosure alternatives have help steady. During the month of March, 4,486 borrowers received a short sale or deed in lieu of foreclosure through the Home Affordable Foreclosure Alternatives Program (HAFA). There were 4,340 HAFA deals put in place the month before and 5,447 the year before in

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Detroit homeowner who might be facing a Detroit Michigan Foreclosure on your home? Are you in need of a Detroit short sale specialist to assist you with your Michigan short sale? Our experienced short sale Realtors in Detroit MI are familiar with the Bank of America Equator short sale platform and offer no cost assistance for you in your short sale! Contact one of our Detroit Equator Realtors today!

Copyright First Coast Realty Associates 2012

March 2011.

Ocwen Shares Profit with Altisource

Ocwen Financial Corp which is the largest subprime servicer is still growing and as this happens, its primary asset manager Altsource gains.

Altisource reported a net income of $25.2 million in the first quarter which is up more than 70% from the initial $14.8 million in profit reported last year. In 2009, Altisource grew off of Ocwen to become a publicly traded REO and title insurance company.

Although business ties may remain Ocwen continues to buy mortgage servicing rights. New revenue comes down to Altisource for taking care of properties Ocwen foreclosed on. Revenue at Altisource tallied up to $108.5 million which is now up 51%.

 “The year-over-year growth in net income and service revenue is primarily from the increase in Ocwen’s residential loan servicing portfolio,” Altisource said in its release Thursday. More than 6,000 REO properties were sold by Altisource through its web based portal during the quarter; however no comparative figures were given for the previous period.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Detroit homeowner who might be facing a Detroit Michigan Foreclosure on your home? Are you in need of a Detroit short sale specialist to assist you with your Michigan short sale? Our experienced short sale Realtors in Detroit MI are familiar with the Bank of America Equator short sale platform and offer no cost assistance for you in your short sale! Contact one of our Detroit Equator Realtors today!

Copyright First Coast Realty Associates 2012

Home Prices Drop to Recession Lows, S&P

In the latest Standard & Poor’s/Case-Shiller national indices, home prices dropped to post recession lows. Home values in nine metro areas also saw record lows. S&P said its 10 city composite index experienced an annual home price decrease of 3.6% in February, while the twenty city composite index declined 3.5% from a year before.

This is however a slight improvement from January when the indices declined 4.1% and 3.9%, year over year. “While there might be pieces of good news in this report, such as some improvement in many annual rates of return, February 2012 data confirm that, broadly-speaking, home prices continued to decline in the early months of the year,” said David Blitzer, chairman of the index committee at S&P Indices.

 “Nine MSAs — Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa — hit new post-crisis lows. Atlanta continued its downward spiral, posting its lowest annual rate of decline in the 20-year history of the index at -17.3%.” The Atlanta metro area saw the worst, with experiencing a year over year price decrease of 17.3%. Five metro areas saw positive annual returns including Denver, Detroit, Miami, Minneapolis and Phoenix. Blitzer added, “Atlanta has now recorded five consecutive months of double-digit negative annual rates and seven consecutive monthly declines.

On the other hand, Phoenix has posted two consecutive months of positive annual rates, with its latest being positive 3.3%, and five consecutive positive monthly returns.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you a Detroit homeowner who might be facing a Detroit Michigan Foreclosure on your home? Are you in need of a Detroit short sale specialist to assist you with your Michigan short sale? Our experienced short sale Realtors in Detroit MI are familiar with the Bank of America Equator short sale platform and offer no cost assistance for you in your short sale! Contact one of our Detroit Equator Realtors today!

Copyright First Coast Realty Associates 2012

Metro Detroit Existing Home Sales Sore by 6.4%

Like usual in Detroit, good fortune smiled more on the metropolitan housing market than the inner city. Metropolitan Detroit existing home sales increased by 6.4% in the first quarter from the previous year, however inner city transactions saw a decrease of 1.7% over the same period according to Realcomp.

The multiple listing service measure homes sales in Southeast Michigan and said the median price in metro Detroit rose 9.9% to $63,300 over the same period. Median sales price in inner Detroit, which also involved the cities of Hamtramck, Harper Woods and Highland Park, dipped 6.1% to $8,700.

An analysis for March gave an even bleaker assessment of the inner Detroit market. Sales dropped 13.1% from March 2011, and median price fell 10.1% to $7,650.  Foreclosure sales more than doubled non-foreclosure deals.

Metro Detroit sales jumped just 0.8% for March but maintained its year over year growth.  Prices jumped 18.7% to $68,850, and the number of listings on the market dropped 20.4% from the year before.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you possibly facing a Detroit Michigan Foreclosure on your home? Are you in need of a Detroit short sale specialist to assist you with your Michigan short sale? Our experienced short sale Realtors in Detroit MI are familiar with the Bank of America Equator short sale platform and offer no cost assistance for you in your short sale! Contact one of our Detroit Equator Realtors today!

Copyright First Coast Realty Associates 2012

Wells Fargo Sees a $4.2 billion Earning in First Quarter

The largest bank in the United States, Wells Fargo, reported their record earnings for the first quarter. The San Francisco based bank earned $4.2 billion, which is a 10% jump from the $3.8 billion profit one year before.

Revenue spiked to $21.6 billion in the first quarter from $20.6 billion the previous year. It is the biggest quarterly revenue in more than two years, the bank stated. Wells Fargo held an estimated $2 billion in provision for credit losses at the end of the first quarter.

It did however release $400 million from its loan loss reserve, when compared to $600 million release in the three months before. Chief Financial Officer Tim Sloan of Wells Fargo said he expects expenses to decrease by as much as $700 million in the second quarter.

An estimated $100 million in expenses during the first quarter came from consent orders signed with federal regulators last spring to come to a settlement about mortgage servicing issues. Mortgage originations amounted to $129 billion in the first three months of 2012, which is an increase from $75 billion in the same period last year and up $121 billion in the last quarter.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need to know your options on how to stop foreclosure on your Detroit MI home? Contact our short sale specialists! We offer FREE short sale services to you! Our Detroit area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Michigan Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a Michigan Short Sale!

Copyright First Coast Realty Associates 2012

Ally Financial To Leave Its Share Of the Marketplace

One of the largest banks, Ally Financial, will soon take leave of mortgage broker dealer activities and leave its share of the marketplace.

A spokesperson said in an email to MReport late Monday that the Detroit based company “recently decided to exit its mortgage-related broker dealer activities, and will be winding down that operation in an orderly manner.” 

 “These activities are no longer strategic for Ally, and as a result it will refocus resources, capital and attention toward initiatives that more directly support the key franchises,” the spokesperson added. However, Ally Financial stated that it will continue to operate broker dealer activities in the insurance part of the marketplace.

 The company has reported on many occasions the continuance to experience problems which are related to the fallout from subprime mortgages. The Walla Street Journal reported that the federal government owns 74% of the company, the result of more than $17 billion in bailout it gathered to withstand the financial crisis. Many expect that Ally Financial wil file for bankruptcy for the Residential Capital mortgage subsidiary it owns to focus on online banking and automobile lending, according to the publication.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need to know your options on how to stop foreclosure on your Detroit MI home? Contact our short sale specialists! We offer FREE short sale services to you! Our Detroit area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Michigan Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a Michigan Short Sale!

Copyright First Coast Realty Associates 2012

Nonprofit Accuses Wells Faqrgo of Discrimination

Wells Fargo is facing allegations of an act of discrimination in its maintenance of previously foreclosure property in minority neighborhoods, according to a complaint to be filed with the Department of Housing and Urban Development on Tuesday.

 The National Fair Housing Alliance, a consortium of more than 22 nonprofits, spent majority of the past year seeking and investigating the largest mortgage servicers and the upkeep of REO. Clues showed homes in predominately while neighborhoods gathered more regular maintenance and efforts to sell than vacant homes in minority communities, said a report released last week.

 An estimated 54% of white neighborhoods reported routine and consistent REO maintenance, which compared to just 30% in minority communities, according to the overall findings. Amongst these numbers, 40% in white neighborhoods saw home improvement contractors, compared to the 20% in predominately African American or Latino areas.

 “We also take steps to help consumers and nonprofits purchase REO properties in order to advance neighborhood stabilization,” the spokeswoman said. For its part, the NFHA said its report “offers disturbing evidence that the same banks that peddled unsustainable loans to communities of color and triggered the current foreclosure crisis are now exacerbating damage to those communities.”

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need to know your options on how to stop foreclosure on your Detroit MI home? Contact our short sale specialists! We offer FREE short sale services to you! Our Detroit area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Michigan Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a Michigan Short Sale!

Copyright First Coast Realty Associates 2012

UWM to add USDA Loan Products

United Wholesale Mortgage is adding a new mortgage loan product to its portfolio in Michigan. The company announced that they will begin offering loans from the United States Department of Agriculture. UVM wants to enhance its existing government platform of Federal Housing Administration and Veterans Affairs loan programs through the extension of USDA loans.

The USDA products from UWM will be comprised if a 30 year fixed rate with zero percent down mortgages with finance closing costs, competitively low rates, and financed appliances with minimal restrictions. UWM has hopes of giving brokers another way to accumulate market share. Adding USDA to our portfolio of products gives our brokers the ability to expand their client base and capture more market share,” said UWM’s president, Mat Ishbia. 

Continuing his commentary, Ishbia added, “Our goal is to help brokers grow and maintain their business by providing them with a wide array of products and cutting edge technology. We want brokers across the country to think of UWM as their one-stop shop for success.”

 “The USDA product is a substantial part of the purchase business in many areas throughout the country, and these loans offer incredible benefits to borrowers,” Ishbia noted in closing.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you need to know your options on how to stop foreclosure on your Detroit MI home? Contact our short sale specialists! We offer FREE short sale services to you! Our Detroit area Certified Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Michigan Home Affordable Foreclosure Alternatives, or HAFA Government short sale program. Contact us now and see if you qualify for a Michigan Short Sale!

Copyright First Coast Realty Associates 2012