Mortgage Deal Means More Foreclosures

fox8.com

By Chris Isidore, CNNMoney

NEW YORK — Even as the $26 billion mortgage settlement helps hundreds of thousands of troubled homeowners, it will bring a wave of new forclosures.

Many lenders held off on reposessing homes during the complex negotiations between 49 state attorneys general, and federal officials.

That’s left a backlog of troubled loans, many of which won’t be helped by measures in the deal that will let homeowners refinance or reduce the amount of their mortgage.

“The bottom line is that 2012 will see a lot of foreclosures that should have taken place in 2011 and didn’t,” said Rick Sharga, executive vice president for Carrington Holdings, a real estate finance firm.

Daren Blomquist, vice president of RealtyTrac, online marketer of foreclosed properties, agrees that much of last year’s 34% drop in foreclosure filings was likely due to…

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Suspects Still Sought In Denver-Area Drug Probe

CBS Denver

DENVER (AP) — More than a dozen suspects are still on the wanted list as part of what authorities are calling one of the biggest drug busts in Denver’s history.

Authorities said Thursday federal, state and local agents were pursuing 17 more suspects. So far, they say officers have seized 26 kilograms of cocaine, a kilo of crack cocaine, a pound of methamphetamine and more than $400,000 in cash.

More than 500 law enforcement agents arrested 80 people during the drug sweep.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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Short Sales in Denver –Sean Zweifel

Frequently Asked Question About the Short Sale Process

 

Question: What is the difference between the deficiency balance and the taxable consequences?

Response: The deficiency balance is the difference of what you owe on the house and what the bank takes at the time of the sale. For example; if you owe 150k and the bank takes 120k the deficiency balance is 30k. So with that the taxable consequence is on the 30k as the IRS views that as income. One can not have both but will have one or another, depending on our situation the best possible result from our experience is the taxable consequence as when that happens you will get a 1099 from the bank in which the bank has forgiven the deficiency.  A good CPA can help you with your taxable consequence with different ways to accommodate you.

Question: How long with the process take?

Response: The process can take up to 4-6 months from the day of listing to close. Once an offer is submitted, depending on the bank the process with the bank may take up to 2-4 months. Each bank has different criteria along with guidelines that affect the approval time.

Question:  What do I have to do or how does this work?

Response: The short sale process is no different from selling your house via a regular sale. The only difference is that the bank will decide on the purchase price of the home. They come up with the price using several different methods.  You will show the home just like a normal sale, the agent has a showing service that will call you to confirm the showing.  No individual(s) will just show up at your home, if they do please direct them to the agent or showing service number on the For Sale sign. NO ONE CAN COME IN UNLESS THEY HAVE CLEARED WITH THE SHOWING SERVICE OR AGENT! We do, at times get feedback from the showing agent that will help us sell your house better.

Question: Will the Sheriff show up at my home and just kick me out?

Response: NO!  The Sheriff will not just show up and kick you out. The foreclosure process is such that it takes time for the bank to get the home back. The bank files what is called the NED or the “Notice of Election and Demand” this document is filed with the public trustee indicating when the foreclosure sale date will occur. This date has to be at least 110 days from the day you receive said document. Even if the date is set the bank has the ability to keep pushing the date out when an offer is in play. So if for some reason the agent or Denver Home Rescue is unsuccessful with the short sale the bank has to formally evict you so that could take anywhere from 2-4 weeks to accomplish this. No one can just show up and kick you out unless you have been properly notified through the court system. Along with that worse case scenario, the bank will end up listing said property and you could work out an agreement to get out of there in a timely manner.

Question: WHOO HOO I got an Approval!!

Response: That is great but the process is not over yet. We will still continue to market the property for other offers…many offers is the best scenario. At times there is drop out of buyers due to certain circumstances that are uncontrollable by the agent and Denver Home Rescue. That is why we continue to market it and get those offers in so we can always have a back up deal.

Question: Will I be able to buy a home again?

Response: yes, a short sale appears better on your credit as, depending on the bank it will report as “debt negotiated” or “debt settled.” We have had clients come back to us in two years to purchase another home! If you foreclose on your home you are looking at a minimum of four years.  So a short sale is the better than walking away from your home.

There are many questions that can arise during the process and we can address all of them. Please do not hesitate to contact Home Rescue with those questions as we are here to help in the best possible manner. Home Rescue has successfully negotiated over 100 short sales with a 90% success rate. We are not here to say we are perfect as there are many variables that go along with this process that can affect the outcome. We do work hard to provide the best possible outcome for all parties.

We understand that this is a long process and at times can be discouraging along with stressful but we have experienced that the homeowner(s) that have dealt with the situation head on they come out ahead.  Letting time go by is not the answer. Deal with it and move on you will bounce back in a better situation if you do the right things.

 

 Home Rescue Team

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