Short Sale Process Cut in Half or More, Freddie Mac Says

DAILY REAL ESTATE NEWS | WEDNESDAY, JANUARY 23, 2013

Short sales are getting much shorter, Freddie Mac says. The mortgage giant launched a Freddie Mac Standard Short Sale program on Nov. 1 that sought to speed up the short sale process and make it easier and more transparent. 

"We estimate that the time to complete a short sale will decrease by approximately 50 percent to 75 percent," as a result of the changes, writes Tracy Mooney, Freddie Mac’s EVP in a recent blog post.

Among the changes that took effect Nov. 1, 2012: 

• Mortgage servicers have 30 days to make a decision on a short sale once they receive an application. If they need to negotiate with a third party, they have 30 additional days. A final decision on the short sale must be made within 60 days. 
• Mortgage servicers are required to acknowledge they received the short sale application within three days of submission. Servicers must provide weekly status updates if they end up needing more time to review the application past the initial 30-day period.
• Mortgage servicers have authority now to approve short sales when qualifying financial hardships for home owners who are past due or current on their mortgage payments. 
• Mortgage servicers are also now able to approve short sales without seeking a separate review by the mortgage insurance company.
• Following a short sale, home owners may be able to qualify for up to $3,000 in relocation assistance. 

Source: “The Shorter Short Sale: Long on Borrower Benefits,” Freddie Mac Executive Perspectives Blog (Jan. 22, 2013)

This valuable information is brought to you by Amanda Brown at Nevada Realty Solutions.  Call us know for your short sale help!  702-496-7416

Bank of America sends Amanda Brown, Short Sale Expert in Las Vegas an Exclusive message

LAS VEGAS HOMEOWNER, LISTEN UP.  For the first time Fannie Mae and Freddie Mac are offering moving relocation assistance with their short sales.   What does this mean to you?  If your mortgage is owned by Fannie Mae or Freddie Mac you might qualify to receive up to $3,000 at closing of a successful short sale.   Call the Las Vegas Short Sale Experts at Nevada Realty Solutions, The  Amanda Brown Team to start your short sale and see if you qualify!

Exclusively for: | AMANDA BROWNForward a Friend Short Sale Agent Update January 18, 2013 Fannie Mae and Freddie Mac announced changes to their servicing requirements for short sales. Please be aware of the following key changes for all parties involved in a short sale. These changes apply to all Fannie Mae and Freddie Mac short sales, with an offer and without an offer. Relocation Assistance: The borrower may be entitled to an incentive payment of $3,000 from Fannie Mae / Freddie Mac to assist with relocation expenses following successful completion of a short saleunless: The borrower is required to contribute funds or execute a promissory note. The borrower has Permanent Change of Station (PCS) orders and receives a Dislocation Allowance (DLA) or other government relocation assistance. The servicer has knowledge that the borrower is receiving relocation assistance from another source other than the servicer. Note: If the borrower receives relocation assistance from a source other than Fannie Mae / Freddie Mac or the Servicer, the difference in the relocation assistance amount up to the $3,000 incentive maximum may be provided. If the borrower will receive relocation assistance from a source other than Fannie Mae / Freddie Mac or the Servicer and the amount is equal to or greater than $3,000, no relocation incentive will be provided. The Amanda Brown Team Nevada Realty Solutions Amanda Brown 702-496-7416 brownnvrs@gmail.com Like us on Facebook Follow us on Twitter lasvegasshortsalesnow.com

Bank of America sends Amanda Brown an exclusive message, Investors transferring services of a loan

When you have a loan on your home, one important thing to remember: the bank you write a check to every month most likely does not own your loan.  There are thousands of investors who have an interest of some sort in all the home loans.   These investor could be Fannie Mae, Freddie Mac or smaller private investors.  Regardless of who the investor is, many times through the life of the loan, the servicer will change.  We are seeing this more now than ever as investors are packaging up their troubled loans and transferring the servicing to different companies.

Why is this important for you to know?
It is happening more and more as a homeowner get's delinquent on their mortgage.  So if this happens to you make sure you keep copies of your paper work that is sent to you.

What happens if this happens and I am doing a short sale?
There is a very good chance that while doing a short sale your loan could be transferred to another servicer.  If this does happen you are still able to short sale your property.  However, the short sale will have to start from the beginning once the transfer is complete.  It can take up to 60 days for a transfer to be complete.

I know this can be very frustrating, especially if you are in the middle of a short sale

But take a deep breath and know there are experience teams out there such at The Amanda Brown Team who can help you.  Call us at 702-496-7416.

See below more information provided by Bank of America about transferring of a servicer.

Exclusively for: | AMANDA BROWNForward a Friend Short Sale Customer/Agent Care 1.866.880.1232 8 a.m. - 10 p.m., Mon. - Fri., ET 9 a.m. - 5:30 p.m., Sat., ETbankofamerica.com/shortsaleagent
Short Sale Agent Update January 8, 2013 Bank of America services mortgage loans for hundreds of investors. As a part of normal servicing, investors may decide to release or transfer servicing from Bank of America to another company. Servicing may be transferred on first, second or stand-alone liens. The new servicer should continue with the short sale. Some key activities that may occur during servicing transfer: Bank of America will send the homeowner a letter 15 days before the servicing transfer date. Bank of America may call the agent to advise of the impacts to the short sale. The new servicer will send a letter or statement advising the homeowner where to send payments. Action Required Review the Frequently Asked Questions document. Advise the homeowner to maintain all contact information and letters related to the servicing of their mortgage. Collect all servicer contact information and letters from the homeowner frequently throughout the short sale. Contact the new servicer with the homeowner to determine the options available to the homeowner. Keep in mind that it takes 30 days or more for the new servicer to access the loan. The Amanda Brown Team Nevada Realty Solutions Amanda Brown 702-496-7416 brownnvrs@gmail.com Like us on Facebook Follow us on Twitter lasvegasshortsalesnow.com

In Las Vegas’ real estate market, short sales have become the norm

If you want to buy a house in Las Vegas, be prepared to be patient.

Short sales, which can take up to a year or longer to close, have soared to record levels in the valley. They now account for almost half of all home sales and show no signs of slowing.

In a short sale, lenders agree to sell a house for less than what’s owed on the mortgage. Buying one typically involves mountains of paperwork, repeated phone calls with bankers, back-and-forth letters with sellers and other seemingly endless frustrations.

The rising short-sale comes amid plunging sales of foreclosed homes, which once were a big source of local inventory. But just because short sales now dominate the market, it doesn’t mean they’ve become any faster to process.

It still can take six months to a year — if not longer — to complete a deal.

Despite the headaches, many buyers don't shy away from short sales. Almost all of the homes listed for sale in Las Vegas get multiple offers.

Cash investors are behind most of the deals. They look for cheap homes to pick up in bulk to rent out for profit.

“With inventory as low as it is, people are getting whatever they can,” said Kelley, the Greater Las Vegas Association of Realtors’ president last year.

Short sales accounted for a record 46 percent of all home sales in the valley last month, up from about 27 percent a year earlier. The previous record was 44.8 percent in September, according to the association.

Because the valley is filled with so many underwater borrowers, whose debt exceeds their homes’ value, the trend is expected to continue.

About 63 percent of valley homeowners with mortgages wereunderwater in the third quarter of last year, according toZillow. Las Vegas had the highest rate of underwater borrowers in the country during that period.

Meanwhile, foreclosures made up just 9.5 percent of all sales in the valley last month, down from more than 50 percent a few years ago. The drop is due largely to Nevada’s “robosigning” law, which took effect in October 2011 and forces banks to provide more paperwork before seizing a house. Violations can lead to criminal or civil penalties.

Bankers want to unclog the massive pipeline of homes awaiting foreclosure and are discussing how to tweak the law in the coming months, when the Nevada Legislature is in session. But until changes are made, banks will continue to pursue short sales instead of foreclosures, real estate agents said.

Under government pressure, banks have been forced to improve their processing, but it’s still a frustrating system for buyers, sellers and real estate agents to navigate. Each major bank has its own requirements for short sales, and there is no uniform set of paperwork.

Article brought to you by Las Vegas INC. 

http://www.vegasinc.com/news/2013/jan/18/las-vegas-real-estate-market-short-sales-are-norm/

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Bank of America sends Amanda Brown an exclusive message

If you have a mortgage with Bank of America, in Las Vegas, Nevada and are interested in short selling your home, CALL NOW, 702-496-7416.  They will not be able to hold foreclosure sale dates if you are doing a cooperative short sale any more.  Don't let anymore time pass!

Exclusively for: | AMANDA BROWNForward a Friend Short Sale Customer/Agent Care 1.866.880.1232 8 a.m. - 10 p.m., Mon. - Fri., ET 9 a.m. - 5:30 p.m., Sat., ETbankofamerica.com/shortsaleagent Short Sale Agent Update January 17, 2013 The Bank of America Cooperative Short Sale Program may be able to help your clients complete a short sale if they owe more on their mortgage than their house is worth and do not qualify for the Home Affordable Foreclosure Alternatives (HAFA) short sale program. This program can streamline the approval process and offers financial assistance to help homeowners with relocation and moving expenses. As of January 15, 2013, there will no longer be a temporary foreclosure hold during the Cooperative Short Sale property marketing phase. We may begin or continue the foreclosure process up until a submitted offer to purchase the property is approved by all relevant parties.  Any existing short sale will not be impacted by this change. Please remind homeowners to pay close attention to foreclosure notices.To learn more about the program view the quick reference guide on the Agent Resource Center. For questions about active Cooperative Short Sales, please contact your short sale specialist.

The Amanda Brown Team
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Amanda Brown
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What do clients say about Amanda Brown, Short Sale Expert!

Woohoo!!!! Thanks so much Amanda for helping Bruce and myself through this whole process. You were very instrumental in making this happen with comfort and reassurance we greatly appreciate it!!  - Satisfied Client

Interested is seeing why so many client are happy with The Amanda Brown Team in Las Vegas with their short sales.  Call Amanda Brown at 702-496-7416.

We have helped over 250 homeowners in they're housing situation.


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brownnvrs@gmail.com
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Bank of America reduces mortgages by $155.6 million in Nevada, $4.5 billion in U.S.

Want to see if you qualify, call me at 702-496-7416, Amanda Brown and I can give you local names and contact who can help you with Bank of America.

http://www.lvrj.com/business/bank-of-america-reduces-mortgages-by-155-6-million-in-nevada-4-5-billion-in-u-s-179376091.html
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The Amanda Brown Team

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Amanda Brown

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The Las Vegas Short Sale Experts!: The Las Vegas Short Sale Experts!: Bank of America...

The Las Vegas Short Sale Experts!: The Las Vegas Short Sale Experts!: Bank of America...: The Las Vegas Short Sale Experts!: Bank of America reduces mortgages by $155.6 millio... : Bank of America reduces mortgages by $155.6 milli...

The Las Vegas Short Sale Experts!: Bank of America reduces mortgages by $155.6 millio...

The Las Vegas Short Sale Experts!: Bank of America reduces mortgages by $155.6 millio...: Bank of America reduces mortgages by $155.6 million in Nevada, $4.5 billion in U.S. Want to see if you qualify, call me at 702-496-7416...

What do clients say about Amanda Brown!

What are client's saying about the Amanda Brown Team! Click below to see!!

http://lasvegas.craigslist.org/rts/3346573459.html

Call Amanda NOW for short sale help
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he Amanda Brown Team

Nevada Realty Solutions

Amanda Brown

702-496-7416

brownnvrs@gmail.com

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lasvegasshortsalesnow.com

The Las Vegas Short Sale Experts!: 2012 Changes

The Las Vegas Short Sale Experts!: 2012 Changes: The Amanda Brown Team Nevada Realty Solutions Amanda Brown 702-496-7416 brownnvrs@gmail.com Like us on Facebook Follow us on Twitter ...

The Las Vegas Short Sale Experts!: Bank of America offer's relocation asst.

The Las Vegas Short Sale Experts!: Bank of America offer's relocation asst.: Are you wondering if you could get money from your short sale?  Well, if your loan is with Bank of America you have a very good chance that...

The Las Vegas Short Sale Experts!: What do clients say about Amanda Brown!

The Las Vegas Short Sale Experts!: What do clients say about Amanda Brown!: What are client's saying about the Amanda Brown Team ! Click below to see!! http://lasvegas.craigslist.org/rts/3346573459.html Call Aman...

The Las Vegas Short Sale Experts!: Bank of America reduces mortgages by $155.6 millio...

The Las Vegas Short Sale Experts!: Bank of America reduces mortgages by $155.6 millio...: Bank of America reduces mortgages by $155.6 million in Nevada, $4.5 billion in U.S. Want to see if you qualify, call me at 702-496-7416...

Bank of America offer's relocation asst.

Are you wondering if you could get money from your short sale?  Well, if your loan is with Bank of America you have a very good chance that you could get Relocation Assistance after the short sale, up to $30,000.  

Qualified homeowners who initiate a pre approved price short sale could be eligible to receive anywhere from $5,000 to $30,000 at closing.  It all depends on their investor they have involved. 

This is a limited time offer to distressed homeowners.  So don't wait.  Call the team that has helped over 200 Las Vegas homeowners get out of their stressful situation,  The Amanda Brown Team 702-496-7416.

We look forward to hearing from you. 

The Amanda Brown Team
Nevada Realty Solutions
Amanda Brown
702-496-7416
brownnvrs@gmail.com
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Upside Down on your home!

Upside Down on your home!

High interest rate!

Feel like you are trapped!

Watch this video and than call Sean Uyehara at 702-336-4980 to see if you qualify for a lower interest rate on your Las Vegas home!

http://www.youtube.com/watch?v=HwWy9YYAiv0&feature=colike

Brought to you by:


The Amanda Brown Team
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Amanda Brown
Short Sale Specialist
702-496-7416
brownnvrs@gmail.com
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What to look for when hiring a short sale agent!

Short Sale expert Amanda Brown talks about what to look for when hiring a short sale agent to help you with during your difficult time in Las Vegas.

http://www.youtube.com/watch?v=Ceqp2gWOOhs&feature=plcp


The Amanda Brown Team
Nevada Realty Solutions
Amanda Brown
Short Sale Specialist
702-496-7416
brownnvrs@gmail.com
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2012 Changes

The Amanda Brown Team
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Amanda Brown
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brownnvrs@gmail.com
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In 2012 there were big changes in the real estate market for Las Vegas.  The reason for the changes actually started in 2011 when a new law was past called AB 284.  This law affected how a bank can foreclose on a homeowner.  Therefore with the new law many banks slowed down their foreclosure process to make sure they were in compliance with the new law.  Well as the year went on, foreclosures slowed down, which caused their to be less inventory in Las Vegas and with supply down and demand high that of course affects the prices.  2012 was the first time since 2004 where we have seen this kind of price increase.  Please see attached an article recently published in the Las Vegas Review Journal talking more about the 2012 Las Vegas Housing Market.

Las Vegas housing saw transition from foreclosures to short sales in '12

What happens to my credit in a short sale? Foreclosure?

The Amanda Brown Team
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Amanda Brown
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One of the biggest questions I get from my clients when they are considering doing a short sale is what will happen to my credit?  So many clients are worried about how low their score will go, how will they get their score back up, when will they be able to buy again?  I understand, it is a very scary situation.   Coming from a family who always prided themselves on having good credit I am finding that this is not just something my family believed in, but most American's.  It is like a status symbol if you have good credit.

Well, with the change of the housing market many American's have had no choice but to let their credit go.  It is a choice of do we not pay the mortgage or do we not eat?  Do we pay the mortgage but have no electricity?  These are real questions my clients have asked me about.  I always tell them you need to take care of your family first.  Everything else can be fixed.

But luckily doing a short sale is not as bad as you may think for your credit.  There are ways to work on getting it fixed and getting your score back up.  Patti Martinez from  E Credit talks about what we can do to get our credit back on track.

http://www.youtube.com/watch?v=ThDEqQm2Ezw&feature=youtu.be

Want to find our if your property taxes can be lowered in Las Vegas? Here are the 11 steps to find out!

This valuable information is brought to you by The Amanda Brown Team at 

Nevada Realty Solutions

Call us to learn how we can help you, 702-496-7416

Dear Valued Past Client,

I hope all is well.

Now is the time of year that Clark County residents can contest their property taxes.  But HURRY you only have until January 15^th to get the process started.

We all know that property values are not what they used to be and the assessor seems to be behind in reducing the property taxes to what they should be.

While there are no guarantees, many Clark County property owners have followed the simple process below and have been successful in getting their annual property taxes reduced.

Good luck, and here is the process, simplified.

1.      Notice of Property Value cards were sent from the Clark County assessor on 12/12/12 to the mailing address of the property owner.

2.      Check your mail and review the property value stated on the card.

3.      If you did not receive a card, call the Assessor at  702-455-3882 and request another.

4.      If you agree with the value, have a great 2013 and call me if you need anything.

5.      If you disagree with the property value, contact the Assessor at 702-455-3882 and let them know you would like to start the appeal process.

6.      They will send you a form in the mail.  Keep an eye out for this form, because it has a serial number on it that ties to your appeal.

7.      Fill out the form and send it back.  Ask your friendly, neighborhood real estate agent “me” to provide some comps of like properties so that you have support for your claim that the value is too high.

8.      Send back your dispute. 

9.      Chances are they will call you to inform you that you will need to go to a meeting to discuss the appeal.  You might, but I think they say that to deter you from continuing the process.

10.  If you agree to the meeting and they ask you to go, take your comps with you.

11.  If not you will get a notice by phone or mail that your appeal has been processed and hopefully it is with the good news that your taxes have been reduced!

Bank of America sends Amanda Brown, Short Sale Expert in Las Vegas an Exclusive Message!

When you are one of the top Short Sale Agents in Las Vegas, you get emails like this:  Exclusively for Amanda Brown from Bank of America!  Don't let another minute go by if you are considering short selling your primary residence.  Call me know for a free consultation at 702-496-7416!  Or you can e-mail me at brownnvrs@gmail.com Like us on Facebook Follow us on Twitter

Exclusively for: | AMANDA BROWNForward a Friend Short Sale Customer/Agent Care 1.866.880.1232 8 a.m. - 10 p.m., Mon. - Fri., ET 9 a.m. - 5:30 p.m., Sat., ETbankofamerica.com/shortsaleagent

Short Sale Agent Update January 4, 2013 Bank of America would like to inform the real estate agent community that Congress has extended the certain provisions of the Mortgage Forgiveness Debt Relief Act through the American Taxpayer Relief Act of 2012 until December 31, 2013. This act benefits qualified homeowners who may have otherwise owed taxes on forgiven debt after going through a short sale. Homeowners will continue to receive their 1099-C forms. Please keep in mind that homeowners should always consult their tax advisor so they can evaluate their personal situation and understand their tax payments

Tax Relief Act Extension

Congress, finally on January 2, 2013 past for the Tax Relief Act to be extended till the end of this year. What does this mean for a homeowner?  If you have a primary residence in Las Vegas, North Las Vegas or Henderson and have considered doing a short sale on your primary residence, now is the time to list it.  With the home being your primary residence you won't have to pay taxes on the difference in the short sale, as long as you property closes escrow by 12-31-13.  If you are interested in learning more, please call me on my call phone at 702-496-7416.

Amanda Brown
Nevada Realty Solution
brownnvrs@gmail.com


http://www.loansafe.org/sign-of-relief-for-homeowners-as-mortgage-debt-relief-act-is-extended-throughout-2013

http://youtu.be/_Me8T6oSUSE