Mortgage settlement leaves most homeowners to fend for themselves and convinces other that they will get helped falsely

The landmark $25 billion settlement reached by the federal government, 49 states and the nation's five biggest banks will provide long-overdue relief for hundreds of thousands of homeowners who have been struggling to navigate the mortgage mess created by lenders.The wider impact for most homeowners, along with the housing market and economy, will be much more limited.

“You’re hardly skimming the surface,” said Paul Dales, a housing economist with Capital Economics. “It could help some people a lot, individually. But in terms of the big-picture, overall economy and housing market, it’s really just a drop in the ocean of the problem.”

The settlement takes a multipronged approach to try to unravel the aftermath of a housing market collapse that resulted in more than seven million foreclosures, created a legal morass for lenders and left a red tape nightmare for millions struggling to hang onto their homes.

Short Sale DETAILS, Detailed

Selling a short sale is a totally different thing than selling a standard sale.

Your agent for both buying and selling needs to fully understand short sales. If they do not you may be financially harmed.

Don't do a short sale or purchase a short sale if you don't understand all the emotional, monetary and instability that a short sale will bring.

Pricing- the price a short sale is listed at is set by the seller, though the bank may have previously approved the price things change every time a new offer is presented or a current value expires. A "good deal" is a fantasy until the bank approves that price in writing. Don't get fooled by price.

Maintenance Issue's- Sellers in short sales are emotionally and financially burdened. Some have personal issues or health issues. All are losing their home. The usually don't have the means to maintain the home. The condition may be poor and get worse throughout the process. Items like utilities, HOA payments and such may become a problem for them. Therefore a buyer needs to understand and be prepared for getting utilities current, taking over the costs, paying for appraisal condition repairs them, AS-IS sale, unexpected repair and financial costs.

Conditional issues- condition may be poor, or distressed. Properties may be vacant. The bank may at any time change the locks or shut off the water & winterize the home. Getting that reversed required a licensed plumber and will likely become the buyers cost and responsibility. If the locks get changed a HUD key will open the door.

Personal strain- As previously stated sellers in short sales are emotionally and financially burdened. Some have personal issues or health issues. All are losing their home. The usually don't have the means to maintain the home. Some get hostile or very upset when a buyer seems to be happy to be getting the property at such a great deal. Please be sensitive to the fact that the sellers are losing their home and being displaced. Their home ownership dream compromised and they are sad, angry and need to be respected.

Instability- nothing is for sure until in writing, then the process still needs to be monitored and bad things can still happen. Foreclosure date may be posted, unforeseen items can arise. All parties need to be focused until it’s a matter of record (closed & recorded).

Inexperience or lack of information- the list agent MUST be skilled! The entire process rests in their hands. FULL disclosure is required. If they don't know what they are doing, are seemingly untruthful or don't communicate things that the seller and buyer need to know then DON'T place on offer on that home or list with that agent. If you have a family or friend that's a realtor and you feel badly not using them simply pick the BEST agent for the job and ask that agent to give a referral fee to the friend. That keeps the love alive and prevents a lot of problems.

The WAIT- Short sales take forever. There are great big gaps with no news. Don’t show buyer short sales that needs to be in a home in 4o days. Don't get hostile with a listing agent that is dealing with the bank. Even the best SS agents can speed up most of the steps. Also a guesstimate on time is just that. There are so many steps and phases that have so many different departments and people involved. Be patient or don't get involved with short sales.

IF you get approved for HAFA and close under HAFA short sale

HAFA is a deficiency free short sale that actually provides $3000 to sellers for relocation expenses. You have to qualify for the program and it does add significant time to the process. Some lenders will not participate and some investor do not participate.



To find out if HAFA is possible for you can call your lender. The person you speak to may not have all the information required to correctly advise you. They also cannot tell you over the phone if you WILL get HAFA approved. That process takes a while.



A HAFA short is done a different way than a traditional short. With HAFA you must fill out a packet for both HAMP (modification) and HAFA (sale) at once. The RDC or third party that facilitates HAFA and HAMP with your lender and investor work your information for a determination of approval. It’s very hard to and slow to get HAFA with Fannie Mae as the investor. Easier if it’s Freddie Mac. You must be late to be considered with Freddie Mac, not with Fannie Mae.

5 tips to ensure your home sells in the winter

It's not peak selling season, but these smart strategies will help you make sure your home looks good even when the weather is dreary.

The fall home-selling season is a lot like the college football season — both normally end around Thanksgiving, but a smaller postseason keeps going long after that.

It used to be that spring and summer were the hot times to buy or sell houses, but people are much more mobile now. If you want to sell your house these days, you don't necessarily have to wait until spring to put it on the market.

PLEASE avoid being the victim of a scam [Video to avoid modification scams]

PLEASE watch this video and DONT sign anything that seems to good to be true. DONT pay anyone for services!! If you are in trouble you are a target for scam artists. Unfortunately there are people that seek to take advantage of your unfortunate position. Help & advise should be free. If the person you are seeking help with tells you something that seems too easy or without risk you may be taken advantage of by their "solutions". The an sewers and solutions always come with risk, and effort. Please never trust anyone that you think is not telling you all the risks. I know you just want to keep your home and have the solutions be easy and feel good. That may not be possible. You need truth and real education on your specific fact dependant situation. Watch this video. If you want eduction on your situation you can email me confidentially. I wont pressure you to do anything, wont try to charge you for advice or information and will try NOT to have to sell your home if possible. below the video link is my email address and the things I need to know to answer your questions.

VIDEO- How to Avoid a Scam in Modifications

House Committee Advances Bills To Alter Dodd-Frank

WASHINGTON -- The U.S. House Agriculture Committee passed six bills Wednesday that would change aspects of the derivatives section of the Dodd-Frank financial regulatory law or other laws that affect the way regulators are writing the rules.