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Shortsale BuyBack

posted Jul 2, 2011, 9:36 PM by Massey Kouhssari   [ updated Jul 2, 2011, 9:42 PM ]

Short Sales 

Are you a home owner who is upside down on your mortgage and
fear you could lose your home to foreclosure of short sale?

WE HAVE GREAT OPTONS FOR YOU!

How would you like to stay in your home for the next 3 years, eliminate all
your negative equity and have first option to repurchase at fair market value?


REALTORS® Do you have a Short Sale listing where the homeowner wants to stay in the home?
SHORT SALE BUYBACK PROGRAM
Call 877-410-6663 today for more information!
  • Homeowner needs to be 60 days late or more
  • Must be owner occupied, SFR or Condo (Condo Associations must meet current FHA guidelines)
  • Home must be in marketable condition
  • Property must be a minimum of 20% upside down
  • NO CREDIT PULLED, NO FICO IS TAKEN INTO CONSIDERATION
  • Must qualify with Pay Stubs, Tax Returns (2 years), or 6 months Bank Statements at
    40 DTI (total housing expense)
     or below
  • Self-employed OK if Tax Returns or Bank Statements show DTI of 40% (total housing expense) or below
  • Homeowner pays Rent based on current market value, Taxes, Insurance, HOA and Home Warranty (required)
  • Will work with property values of $100,000 to $729,750+ Call if you have a property over the maximum amount
  • Investor Will hold for up to 3 years and then homeowner gets first option to buyback
  • Homeowner can have a co-signer to qualify or re-assign at any time
  • Can qualify if in Chapter 7 or Chapter 13 Bankruptcy
  • Future appreciation goes to homeowner with this exception - They can buyback at today's appraised value + 3% per year

This program is available in the following States:CA only


REALTORS® Do you have a Short Sale listing where the homeowner wants to move
We’ll get you an offer within 24 hrs.
Call 877-410-6663 today for more information!
  • Our offers go up to 85% of BPO.
  • Offer with LOI showing Proof of Funds upon request.
  • All negotiations are handled at no cost to the seller. Express Short Sale System will work with holder of 1st, 2nd, HOA, taxing agencies, creditor lien holders, hazard insurance, title, PMI carrier, FNMA, FHLMC, etc. You have the assurance of working with a professional negotiator and the Listing Agent can work on getting more listings.
  • We handle 100% of filing of paperwork (packaging, documentation, weekly follow-up.)
  • Properties are accepted AS-IS, with no contingencies.
  • Listing Agent and Buyer's Agent split commission 50/50.
  • We sell all properties to retail buyers under Fair Market Value.
  • Any unapproved short sale can be dealt with by various means, including Debt Elimination or Equity Holding Trust.
  • We pay all costs for refurbishment, if any and all other related costs.
  • Upfront cost of $99.00 applies to all files that reach Phase II (call for details)

This program is available in every State in the United States.

On January 1, 2011, California Senate Bill SB931 went into effect and stops deficiency judgments on short sales and foreclosures in California on all first mortgages. This means a lender cannot pursue a deficiency judgment whether the loan was purchase money or a refinance.

California Senate Bill SB931 added Section 580e to the California Code of Civil Procedure. The first part of the bill is similar to Code of Civil Procedure Section 580d, which says:“No judgment shall be rendered for any deficiency upon a note secured by a deed of trust or mortgage upon real property or estate for years therein” when the mortgagee or trustee sells the property with the "power of sale" verbiage in the mortgage or deed of trust.

The Legislation applies to any note secured by a first deed of trust or first mortgage for a dwelling of not more than four units. It protects Homeowners as well as Investors, as it is not limited to consumer transactions, nor limited to homeowner occupied dwellings.

Are you a current homeowner facing a Short Sale or Foreclosure?
You need to educate yourself on the option of a Short Sale vs. Foreclosure.

Foreclosure
Short Sale

Resident owner not eligible for a FNMA backed for 5 years.

Eligible in 2 years.

Investor owner not eligible for a FNMA backed loan for up to 7 years.

Eligible in 2 years.

On future credit applications one will have to answer YES to the question that asks. “Have you had a property foreclosed upon, or relinquished a “Deed in Lieu.”

There are no such questions regarding relinquishment of a property by short sale.

A homeowner’s FICO Score may be lowered anywhere from 250 to 300 points or more.  One’s credit score will generally be adversely affected for up to 5 years.

Only late payments on mortgages will appear.  After the sale the debt is reported as “paid as agreed”, “paid as negotiated”, or “settled by compromise”, only lowering the score by 50 points or so.

A foreclosure can remain in one’s credit history records for up to 10 years.

A short sale is not reported in one’s credit history.  It’s shown as a charge-off and its effect might last only 12 to 18 months.

Other than a serious misdemeanor or felony conviction, a foreclosure is a primary issue to obtaining (or keeping) a Security Clearance.  If one is a police officer, in the military, in the CIA, FBI or in any position requiring clearance, clearance is revoked and the position may be terminated.

A short sale does not challenge most security clearances in that there has been a bona fide offer and compromise regarding indebtedness. In other words, the loan was paid as agreed.

Employers are actively checking credit on employees in sensitive positions.  In many cases, a foreclosure can be a reason for immediate termination.

A short sale is not reported as a foreclosure on a credit report and is therefore not a challenge to employment.

Many employers are requiring credit check on all new employees and a foreclosure is one of the most detrimental entries one can have.

A short sale is not reported on a credit report and is therefore not a challenge to future employment.

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