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HR 3648 – Placer County

19 Nov

About Program 3648

The federal government enacted H.R. 3648, the Mortgage Forgiveness Debt Relief Act, to help stem the tide of foreclosures by removing the tax burden resulting from debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with short sales. H.R. 3648 has been extended through 2012 under The Emergency Economic Stabilization Act, H.R. 1424. The Obama Administration has continued to pursue the foreclosure problem with the Financial Stability Plan that helps homeowners and lenders find solutions and alternatives to foreclosure.

Program 3648 is a privately sponsored nation-wide initiative to reach out to homeowners who are struggling with their mortgage payments and provide them with the information, guidance, and actual work that is required to avoid foreclosure. Certified Program 3648 Representatives volunteer their time to assist as many homeowners as possible and all services provided by Program 3648 are always free for every homeowner.

Our website provides you with the information, tools, and resources you need to understand the programs and options that are available to you. You can also link-up with a local Certified Program 3648 Representative that can discuss your specific situation and work directly with your mortgage company, on their behalf, at no charge.

Our mission at Program 3648 is to help millions of homeowners avoid foreclosure and take advantage of the programs that have been instituted to help them. We realize that the only way that we can accomplish this goal, is though a ground army of volunteers that are willing to go directly to homes, hold homeowners hands, and walk them through the process of working with their lender, and proactively remedying the mortgage problem.

Some Short Sales Do Finally Get Approved

8 Sep

Anyone involved in the short sale process knows there is NOTHING short about a short sale.

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

It can take 2 months, or longer, for the lender, or servicer, to process all the documentation that the seller/borrower has provided to make their decision.  During this time the broker/agent and the seller/borrower are providing information to the servicer and are waiting  “on hold” for hours on end as they call in to push the deal through the maze.  Also, the policies the lender’s are dealing with may change during that time period and then you may have to start all over.

It is not for the timid, or the weak . . . but it can be done!  Congratulations to one of my sellers who just had their short sale approved without any contribution, in the form of a note or cash, on their part!

Short Sales – do any of them ever close?

20 May

Most do not close with the first buyer who went into contract and some never close before the trustee’s sale date.

And, most certainly aren’t short!  That’s right!  It used to be that there was nothing short about a short sale [asking the lender(s) to accept less than the amount owing on a home and allow the sale to go through.]  But, enough pain and some lenders are shortening the process. Now it can take only 6 months instead of 8!  Well, in some cases less.  It is a usually much better solution for all involved than going through foreclosure. [Note - you need to contact your CPA and Attorney for tax and legal advice and the consequences of a short sale or foreclosure.]

But, buyers beware – the “short” in short sale means the “lender is going to be asked to take it in the shorts”!  The list price may not be real, it may be unrealistically low to get the home into contract and you may not know for months how the lender feels about the list price.  If you are holding out for this home how many other great opportunities did you pass up waiting for this short sale to work it’s way down the stack in the loan servicer’s office.

Don’t get me wrong, some short sales actually do close, but most not to the first buyer that went into contract.  Usually the first buyer has gotten tired of waiting and moved on.  When the bank comes back with it’s response to the short sale the listing agent then knows how the bank feels about price “at that moment in time”.  The next offer accepted by the seller will then be forwarded to the bank and in most cases the process starts all over again – another 2 months plus for a response.

The new HAFA program will make it simpler for those homes and sellers that qualify – but until it shakes out . . . find be an eager seller who does not have a short sale and close the sale!

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