Wells Fargo Short Sale Process: new Equator Low Doc Process

Wells Fargo Short Sale: new Equator Low Doc Process

Effective 2-15-13, for all loan portfolios except FHA, agents will no longer be receiving the following tasks within Equator

·         Hardship Reasons

·         Financial Information

Equator has removed these tasks in order to provide agents a better experience when navigating through Equator and to provide agents a quicker response and decision timeframe for their short sale.

On 2-15-13 Agents will receive the following task instead:

·         Upload Required Documents

Prior to agents receiving this task, Wells Fargo will review the file in order to request only the documents needed to review that specific file.   This avoids agents from having to upload blank or search for and upload potentially unnecessary documents.  

What does this mean for you as an agent?

If we don’t need a document, we won’t ask for it, and you won’t have to find it.    This will allow your file to move quicker through our processing pipeline and get an approval even faster!  

More Approvals = More Closings! 

How does this affect your current files?

As with any transition there will be impacts, and we have done everything to ensure a smooth transition for agents.  However, any active files will have to be converted to the new Equator Low Doc Process.  

Each file still requiring documents will be systematically reverted back and will restart its lifecycle within Equator, while this sounds tedious; it will be very quick and is the best solution to ensure a smooth transition.   

Agents will be sent the following tasks:

“Upload 3^rd Party Authorization”

“Borrower Contact Information”

“Is there an Offer”

Once the tasks are completed each file will end up right back in its respective workflow.

Florida Hardest-Hit Fund Program (HHF)

New! Florida Hardest-Hit Fund Program Announced to Help Troubled Homeowner’s.

Florida Hardest-Hit Fund Program(HHF)created as foreclosure prevention assistance program that provide temporary assistance to eligible homeowners

Two programs available:

Unemployment Mortgage Assistance Program (UMAP)

Loan funds can be used to pay monthly mortgage and escrowed mortgage-related expenses (i.e., property taxes, homeowner insurance, and mortgage insurance) until the homeowner can resume payments or for up to 18 months, whichever occurs first.

Mortgage Loan Reinstatement Payment Program (MLRP)

Loan funds can be used to bring the past-due first mortgage current; up to four months will be paid.

Homeowners who qualify for financial assistance may receive up to 18 months of monthly mortgage payments and/or funds to pay past due mortgage payments to bring the mortgage current; these funds are paid directly to the loan servicer/lender.

You must meet all eligibility requirements to be considered for the program. Please review all criteria prior to applying for HHF assistance.

The web-based application process for Florida Hardest-Hit Fund financial assistance opened for Lee County homeowners on Monday, October 25. In the meantime, for a complete list of all requirements click here

$3,000 Short Sale relocation assistance for homeowners

$3,000 Short Sale relocation assistance for homeowners

HAFA Relocation Incentive

Currently, all across the United States, thousands of houses are being foreclosed. If you are one of the individuals that are a facing hard economic times and missing mortgage payments, the government has issued an incentive to short sell your home instead of going to foreclosure. HAFA, or Home Affordable Foreclosure Alternative, is offering a $3,000 relocation assistance for homeowners. This money is to help you out in terms of moving and relocation costs. If you short sell your house, this money is guaranteed, no hidden fees, circumstances, or agenda.

Upon closing of the house, the servicer is bound to pay the borrower the relocation costs immediately, and must reflect doing so on the HUD-1 Settlement, more commonly, the closing statement. If the homeowner has yet to vacate the premises, than the Relocation Incentive must be paid within five days upon leaving the property. Same applies if the Deed-in-Lieu is not conducted at a formal closing, than the servicer must mail the check to you, the borrower, within five days.

Short selling and foreclosing on your home is extremely draining, physically and emotionally. The HAFA Relocation Assistance is merely an incentive to assist you and your burden. The $3,000 may be used towards any aspect of moving: moving vans, security deposit, lease application, so on and so forth. Although nothing can take away the pain associated with short selling your house, this one act may prove to be very helpful in reducing your troubles. You are not alone in this process.

If there are any questions regarding the government’s HAFA Relocation Incentive, feel free to contact Komelot Inc. We are a Real Estate Investing Group that specializes in all aspects of the short sale and foreclosure market. If you need help short selling your house, we are the answer. Please feel free to email, call, or visit our website at www.komelot.com

SHORT SALE GUIDE FOR SELLER IN JACKSONVILLE, FLORIDA

SHORT SALE GUIDE FOR SELLER IN JACKSONVILLE, FLORIDA:


It is no secret that in today’s economy many people are struggling to make mortgage payments. What are you to do if you find yourself in similar situation? Are there other options except Short Sale available? Will this adversely affect my credit score? Losing a house is scary and confusing. If you are careworn with a similar situation, trust me, you are not alone. The following will not only explain what a Short Sale consists of, as well as, the certain advantages over foreclosures.

I. SHORT SALES: Help for the Burdened Seller

In a struggling economy, Short Sales have become all too common In Jacksonville, as well as, across the United States. You may be asking, what exactly is a Short Sale?

Short Sales are Sales of real estate in which more balance is owed on the property than the potential Sale proceeds. The remaining loan balance after a property is sold through foreclosure called the deficiency.

When executed properly, most lenders will dismiss the deficiency. The only evidence of a Short Sale will appear on your credit report. However, do not be weary. A Short Sale will result in fewer points deducted than a foreclosure.




The difference between a foreclosure and a Short Sale in Jacksonville, FL or any other city is the difference between “being hit by a train or a bus.”


Once you, the seller, decide that a Short Sale is the best choice for you, call a professional, who can help you with the Short Sale process. If you don't know anybody who works in the Real Estate Industry, call any Real Estate Agency, and a Realtor who specializes in Short Sales. The Realtor will give you general information about the process and will help you to start the process, by first making a listing agreement.

Please note: In order to have a Successful Short Sale transaction you need to have an offer from the buyer for Short Sale.

Remember, no offer, no Short Sale!

When you are working on your Short Sale package, be truthful!

Do not lie, dismiss, or try to cover up any financial problems. It will be to your best advantage to be completely honest. Remember to include a hardship letter that explains why you are struggling to make payments to the mortgage company. Remember, do not be ashamed. Countless Short Sales and foreclosures happen every day.

The Short Sale itself will be the first, productive step to ease your financial burden and hopefully earn you more financial freedom in the long run.


SHORT SALES: Deficiency Judgment in Florida

As mentioned above, in most normal Short Sales in Jacksonville, Florida , the lender will dismiss your deficiency. However, Florida is one of the Recourse States and deficiency judgment in Florida DOES exist. If instead you foreclose on your house, in the state of Florida, it is your responsibility to repay the deficiency. Some lenders will still dismiss the deficiency; however, some will seek to recover it.

Once the foreclosure is complete, a lender can seek a judgment against you, and motion for a lawsuit. The lender has the legal right to seize your bank account and wages up to twenty years, and adversely affects your credit score for seven years.



Deficiency is a scary and serious process.
Be well-informed of what your choices and consequences. In the case, a foreclosure seems inevitable, look into the possibility of Short Sale through a loss mitigation company .

Short Sale may not save your home, but will rid you from the possible deficiency judgment. Furthermore, although Short Sales will lower your credit score, the option of Short selling will not nearly hinder your credit score as much as a foreclosures would. Improvements in credit score will happen in as little as one to three years. Seek help and answers immediately if you are finding yourself in a struggle to make payments.

GET FREE SHORT SALE EXPERTS HELP in Jacksonville Florida NOW!
We are a group of certified loss mitigation consultants, Realtors and Investors who work as a team in Jacksonville FL in order to provide superior solutions to our customers' needs.

When it comes to Short Sales, our experience and expertise make the difference.
Call us today: 904-588-5888

Short Sale Package

Beside Short sale offer, the lender will require additional documents.

Different lenders require different documents but here are a number of common credentials included in the Short Sale Package:

1.      Hardship Letter

2.      Two months bank statements

3.      Two recent pay stubs

4.      Borrower Financial Information

5.      Homeowners Association Information

6.      Recent mortgage statement or coupon

Short sales in Jacksonville Florida and Short sales in Jacksonville Beach Florida – What, How and Why.

Short sales in Jacksonville Florida and Short sales in Jacksonville Beach Florida.

If you have looked at anything to do with the Jacksonville Florida Real Estate Market or Jacksonville Beach Real Estate market you have probably heard of short sales in Jacksonville Florida and short sales in Jacksonville Beach Florida.

With a multitude of medians for communicating information available now days I seem to see a lot of misleading information in the media and on-line.

My intent is to try and give those interested in buying or selling a short sale a better understanding to the

following questions:

- Who participates in a short sale?
- What a short sale?
- How long does a short sale take?
- When can I participate in a short sale.

I do not believe anyone should ever take the advice from one source in such decisions. I highly recommend that you cross-reference the general scenarios I am providing you with your attorney and your CPA to see if it makes sense with your specific situation. The following is also non-comprehensive, and there will be follow-up posts that will go into further depth and understanding of each section.

I can also tell you that patience will be the key to success for anyone interested in participating in a short sale in Jacksonville Florida or Jacksonville Beach Florida. The short sale process is going to take time to complete the transaction. This statement is true for both the buyer and seller of a short sale.
 
WHAT IS A SHORT SALE?



Three things make up a short sale:
 
1. The current owner owes more than the current market value of the property.
2. The Lender agrees to forgive a portion of the loan to align itself with the market value of that particular property.
3. It is a pre-foreclosure activity.

I want to STRESS the issue and idea of patience required to buy or sell a short sale in Jacksonville Florida and to buy or sell a short sale in Jacksonville Beach Florida.

We had a short sale in Jacksonville with Bank of America that was approved in 45 days, and we’ve had some short sales in Jacksonville Florida that have taken over 6 months just to make direct contact with the correct person for that lender.

Dealing with a short sale is not a simple task. Banks and lenders were not, and some still are not, set up to handle the sheer magnitude of the requests for short sales that they are receiving. I think we may be beating a dead horse in regards to the general difficulty associated with selling your home as a short sale, but let us now take a moment to look at some specific issues that may make getting your short sale approved more difficult than normal.
 
Common challenges related to getting a short sale in Jacksonville Florida approved.
 

 
Private Mortgage Insurance (PMI)

If you purchased PMI on your loan then the mortgage insurance company will also have to approve the short sale. In this kind instance the mortgage insurance company will be paying the lender the difference in the loss (difference between the net sales price and what you currently owe on the loan). This means the mortgage insurance company will want the property in question to sell for as much as possible, and may hold you the seller liable to pay back some of the difference.
 
 
Multiple mortgages or investors

In many instances you will find that the company you are sending your monthly payment to sold your note to a secondary investor, usually before you even made your first payment. In these cases the secondary investors must also approve and sign off on the short sale (part of the long time line process).
 
If you took out a second mortgage on your house with a different lender than your original mortgage this will complicate the process of getting your short sale approved. The second note holder usually holds out for a fiduciary representation in exchange for accepting the short sale. The first note holder may, but is not obligated to, offer a settlement amount to the second note holder.

Inevitably you will need to get the approval of both lenders to successfully close the short sale process with a clean title in tact to give to the buyer.
In some instances the second note holder has accepted the sale provided that the seller agrees to owe a note to them and pay a fee to help mitigate the loss.
 
Why would a lender want to do a short sale in the Jacksonville in the first place?

The Primary reason a lender would approve a short sale is to mitigate their loss on the transaction. The process of foreclosure is not a cheap endeavor, and if the market price is still falling it is in the lenders best interest to sell as soon as practicable. If the lender feels it is in the best interest of their bottom line to accept a short sale then they will.
 
I am neither an attorney nor a CPA, and this post is not intended to be or to provide legal advice of any kind. I insist that you talk with your attorney and your tax accountant to determine if a short sale is the best solution for you.

Find out more about Short Sale Options in Jacksonville Florida

If you are planning on listing your home as a short sale in Jacksonville Florida or Jacksonville or you are planning on listing your home as a short sale in Jacksonville Beach Florida or in surrounding area make sure you hire an agent who knows how to properly handle short sales and has the experience to get the job done. We are doing successful short sales. To find out more click hereshortsale Jacksonville florida .

Komelot – Real Estate Solutions Group

Short Sale Question & Answer

Q: Can the lender go after my spouses assets for a Deficiency Judgement?
A: They cannot go after you unless you are on the note and mortgage.

answer
Q: Am I personally liable in Florida for more than the home’s value at the time that the loan is repaid if I am doing Short Sale.
A: Florida is Non-Recourse Mortgage State with Anti-Deficiency Statutes.

In a non-recourse mortgage state, borrowers are not held personally liable for more than the home’s value at the time that the loan is repaid. The lender may recoup some of its loss through foreclosure. However, the lender may not sue the borrower for additional funds. If the foreclosure sale does not generate enough money to satisfy the loan, the lender must accept the loss. Each non-recourse state has its own anti-deficiency statutes that prohibit lenders from seeking judgments.

Short sale in Jacksonville, Florida. Is there other options except short sale available?

We Just published a new Special Report called, "5 Ways To Stop Foreclosure in Jacksonville Florida or Short sale, Is there other options except short sale."


Press Release: Short sale in Jacksonville, Florida. Is there other options except short sale available?

Even in good markets average time a typical house takes to sell is about six months. And that’s homes in great condition. Unfortunately, in today’s market, many homes remain unsold for much longer periods of time. Even immaculate move in ready homes sit unsold and often unseen, let alone homes in less than perfect condition.

Especially in today’s economy homeowners often get into situations where they need to sell a house in quickly. For many going the traditional route and working with a real estate agent, or trying to sell the home themselves “by owner” is the only option considered.

This is fine in a strong market or if the home has a lot of equity where the homeowner can dump the property at a heavily reduced fee. But if this is not at scenarios a homeowner must look for different, faster alternatives.


This report addresses Foreclosure or Short Sale situations and more.

The Report also tells how you can quickly sell your home in today’s turbulent market and even avoid foreclosure by doing Short Sale.

This FREE Special Report reveals several unique solutions for home sellers who in Foreclosure, Short Sale situation and want (or need) to sell a property quickly no matter the situation.

To get your FREE copy, simply visit our website : http://www.GETQUICKHELPNOW.COM/
to download this special report immediately.

With questions about avoiding foreclosure or doing Short Sale
email us at:
Expert@komelot.com

or call: (904)469-0080

What is my options when trying to resolve a foreclosure situation?

Question: "What is my options when trying to resolve a foreclosure situation?"

Answer:

* Repayment Plans
* Loan Modifications
* Forebearance Agreements
* Reinstatement of Loan
* Partial Claim (Only Available with FHA and meeting qualifying criteria)
* Deed-In-Lieu of Foreclosure
* Short Sale/Pre Foreclosure Sale
* Refinance your Loan
* Lease Option