banks give bad advice

Some may do it intentionally; some may just not have the systems in place to train their reps well. Some may be in fear of liability and only provide generic info. Either way, they all do it. They give bad, invalid or changing advice and info. This is unfortunate, disruptive and causes fear in the worried borrower. You need to be ready for this. You need to patient with this and you need to have a truthful person on your side to direct you to the truth. The worst “bad info” department at a bank will be the loan modification department. Many will tell you over the phone that they will help. When you then go onto their website or receive their loan modification packet you can read that they don’t do loan modifications. Why are they providing you with the info and the form then? Federal requirements to allow you to apply for a loan modification. They can take the application, they can provide the application and they don’t have to actually give you the loan modification. Unfortunately that makes it easier for scam artist's to take your money and promise to help. Please don’t be a victim of this common practice. IF you have tried that process you know what I mean. Once you understand that there is an investor on your loan you can directly go to the website for that investor to get the truth about timelines, policies and practices.

What can I do to update a space for little money that will have a big impact?

Lighting-The fixture or even just the bulb. Soft and pretty light can transform a space. Replacing or refinishing a fixture can transform the very style of a space.

Hardware-Cabinet pulls, door knobs & such. Replacing or adding cabinet pulls changes the entire function and look for a very small price.

Accents-Toss pillows, rugs, lamp shades & such. Taking down dated or disproportioned accents and adding those better sized for a space can change a room by tricking the eye to see more space or higher ceilings.

Window Treatments- Sometimes removing and sometimes adding. Something as simple as removing a dated window treatment or adding a simple modern panel can freshen up a room.

Paint-Changes everything. A bad color or sheen can change the way you feel in the space. The way light moves about in a space. A light reflective paint shade with a good undertone for the light in the space can brighten the entire feel.

Rates are unbelievable

If you have been considering a move I recommend making it. Rates are unbelievable. Our Salt Lake Valley market is revitalized also. The days of short sale dominated market may be behind us.

not just short sales anymore

The market seems to be happier and healthier. It’s not just the spring, it’s not just interest rates. It’s really better. I feel buyers that have been saving and saving and waiting and waiting are finally ready, willing and able to make the move. Multiple offers are everywhere. Regular sales are the majority in most demographics. A little bit of happiness has been injected into the process because of it. The market feels like real estate again, rather than the emotional draining and complex maze it’s been for so long. Though the government program to “help” homeowners still are not satisfactory and there are still people having to short sale, I am confident that the worst is over.

MHA Short sale or modification HAMP HAFA

My Short Sale and Selling Blog has info pertaining to the aspects of what I do as  realtor and short sale expert. I am listing links to the blog that deal directly with the Making Homes affordable options. Check them out. As always if you have a property you think might need to be short sold or if you just need answers and have questions email me.

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.

FORECLOSURE time line

Quick Facts

Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: Yes
Primary Security Instrument: Deed of Trust, Mortgage
Timeline: Varies
Right of Redemption: Yes
Deficiency Judgments Allowed: Yes

30 days-first late payment
60 days- legal letters begin to arrive, some may come from an attorney's office.
This IS NOT the start of foreclosure, just a warning.
90 days- NOD (notice of default) is recorded. Certified letter will be sent. the letter will either say NOD or substitution of trustee.
150 days a notice of sale will be posted. It will state the date of the foreclosure sale. It will be mailed certified mail and posted on the home.
180 days the home goes to sale. If sold at auction its processed by the servicer. If not it goes REO and is reverted back to the bank or investor on the note.

HAMP

You may be eligible for HAMP if you meet all of the following criteria: Home Affordable Modification Program (HAMP)
•• You occupy the house as your primary residence.
• You obtained your mortgage on or before January 1, 2009.
• You have a mortgage payment that is more than 31 percent of your monthly gross (pre-tax) income.
• You owe up to $729,750 on your home.
• You have a financial hardship and are either delinquent or in danger of falling behind.
• You have sufficient, documented income to support the modified payment.
• You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction

Your lender and investor must participate. The investor is the entity that supplied the funds for securing your loan. the servicer is the bank that services your loan. FHA, VA, USDA among others DO NOT participate in HAMP.

Thinking About Buying Your First Home?

Thinking about purchasing a home of your own? Keep these critical considerations in mind:

How long you plan to live in the home.
If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home.

The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.

How long the home will meet your needs.
What features do you require in a home to satisfy your lifestyle now? Five years from now? Depending on how long you plan to stay in your home, you'll need to ensure that the home has the amenities that you'll need. For example, a two-bedroom dwelling may be perfect for a young couple with no children. However, if they start a family, they could quickly outgrow the space. Therefore, they should consider a home with room to grow. Could the basement be turned into a den and extra bedrooms? Could the attic be turned into a master suite? Having an idea of what you'll need will help you find a home that will satisfy you for years to come.

Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Would you rate your financial picture as healthy? Is your credit good? While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates. If you have more than a couple of blemishes on your report, lenders like Quicken Loans may still provide you with a loan, but you may just have to pay a higher interest rate and fees.

Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow. This is a decision only you can make. Are you in a position where you expect to make more money soon? Would you rather be conservative and fairly certain that you can make your payment without stretching financially? Make sure that whatever you do, it's within your comfort zone.

simple steps to avoid making mistakes

Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible:

Get approved before you buy.
An approval means that a lender has reviewed your credit history, verified your assets and employment, and has approved your loan before you have found a home to purchase. As long as the home appraises for at least the purchase price, the loan should close.

Avoid The Most Common Buyer Errors

Avoid The Most Common Buyer Errors

•Paying too much
•Losing a dream home to another buyer
•Buying the wrong home

Buying a Home in Utah

Congratulations!  You have decided to purchase a home, or are thinking about buying one.  You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family.  When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours.  Over time, your home will increase in value.

Please contact me if you have any questions about buying a home in Utah.

Selling a Home in Utah

Selling your home is an involved process that affects your family and your future.  Before you begin this process, you'll want to ensure that you have the most up-to-date information.  When should you sell?  How do you get the best price? What kinds of renovations should be made prior to the sale? 

     Please contact me if you have any questions about selling your home. 

How to Not Pay Too Much for Your Home

Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture. At the same time, it’s an emotional period laden with difficult choices. You want to ensure that the home you purchase meets your family’s needs now, and in the future.

Each of these decisions often involves money. When you consider all that money represents, you’ll want to ensure that you don’t pay too much. This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process. These include such things as knowing what you want before you begin shopping, taking your time to shop, choosing the right realtor, and remaining objective while viewing potential homes. With this information, you’ll be closer to finding your ideal home.

Do you have the right agent on your side?

The short sale market and process is constantly changing and can be a long process. Making sure you have an experienced and knowledgeable agent handing your short sale will make all the difference. And this is where Jennifer comes in. She works with many banks and is up to date with every process and new short sale program that comes out. Having the right agent can determine the outcome and your overall experience.