Search Results for: HAFA

Water Front HAFA Approved Short Sale

1562 Bay Grove Road HAFA Approved Short Sale

Reduced to $209,000!

Amazing sunsets views of Bay from this water front home.If you are looking for a great buy on a water front home this HAFA approved short sale is a gem. 1562 Bay Grove Road offers breath taking Bay views and deep water canal frontage and access to Lagrange Bayou and Choctawhatchee Bay. Located within 10 minutes of the Emerald Coast Beaches, shopping, dining and entertainment this waterfront home has the most amazing sunsets that can be enjoyed from the massive 30×20 observation deck and boat dock allowing you to relish in the spectacular views of the bay. This large 1/2 acre lot resides on a deep water canal with 100 feet of waterfront and will accommodate a larger boat. It is a quick boat ride to the bay, Sandestin and the Gulf of Mexico.

This is a Bank of America HAFA approved short sale and will have a 24 hour turn around on offers. For more information on 1562 Bay Grove Road in Freeport FL please call Tracy @ 850-259-4270 or Craig @ 850-259-1788 or email us info@teambaranowski.com.

1562 Bay Grove Road
Offered at $209,000
3 Bedrooms, 2 Baths
1,619sf
0.53 Acres
Lot dimensions: 100 X 229 X 100 X 234
NO HOA
Built 1981

Short Sale

Fannie Mae and Freddie Mac HAFA Programs

The Home Affordable Foreclosure Alternative Program, HAFA became effective and April 5th 2010 and has been a welcomed relief for homeowners seeking viable foreclosure alternatives. The HAFA program scheduled to expire on December 31st 2012 streamlines the short sale process enabling approval within 10 days and waives deficiency judgments on the short sale. The HAFA program was not available for any loan that way backed by Fannie Mae or Freddie Mac and thus eliminated many homeowners that would have been eligible for the HAFA program. Our team has already successfully closed HAFA short sales and have over a dozen in the pre-approval process with several lenders. So far the program has been a success with our homeowners who qualify and is a much needed breath of fresh air to a very frustrating and stressful short sale process. 

On August 1st, 2010 Fanne Mae and Freddie Mac rolled out their own HAFA program for any loans backed by Fannie or Freddie. The Fannie Mae Home Affordable Foreclosure Alternatives (HAFA), which, like Treasury's Supplemental Directive 09-09 Revised, is designed to mitigate the impact of foreclosures on borrowers who are eligible for a loan modification under the Home Affordable Modification Program (HAMP), but ultimately were unsuccessful in obtaining one.

The Fannie and Freddie HAFA program will simplify and streamline the use of short sales and deed-in-lieu (DIL) options and use similar forms and timelines. Some of the major differences offered by the new Fannie Mae and Freddie Mac HAFA programs include, but are not limited to:

- Both institutions will pay the servicer a $2,200 incentive fee for successful short sales
- Both institutions will pay the servicer a $1,500 incentive fee for all successful DILs
- The Deed for Lease (D4L) is available for borrowers who request and are approved to remain in the property following a successful DIL

Specific details on these programs can be found by visiting the following links: eFannieMae.com.

Members of Team Baranowski are Certified Distressed Property Experts. We have over two years experience helping homeowners prevent foreclosures. If you or someone you know is in need of assistance or would like an assessment if you qualify for the HAFA program please give us a call at 850-259-1788 or email us at info@teambaranowski.com.

Bank of America Implements HAFA on Equator for Short Sales

I will be the first to step out on a limb and say that Bank of America short sales are getting better…significantly better. Bank of America has long has issues with their short sale process. I have personally heard from hundreds of frustrated buyers, sellers and Realtors across the country about the dismal record Bank of America has had with short sales.  My Bank of America Short Sale Blog posts continue to be the number one visited and most commented posts on my blog:

Bank of America formerly Countrywide New Short Sale Policies and Guidelines

Bank of America formerly Countrywide NEW NEW Short Sale Process…REOTrans.com

Bank of America and Equator (Formerly REOTrans)…Short Sale Nirvana?

It has been a long 6 months since the launch of the Bank of America and Equator short sale platform. Both Bank of America and Equator spent millions of dollars to develop a customized short sale system to handle the hundreds of thousands of Bank of America short sales. The learning curve has been steep, but we have seen significant changes with Bank of America and Equator…positive changes. All of our Bank of America short sales have been put into the Equator system and all of the files are moving through the system fairly efficiently. Click here to view a detailed Bank of America and Equator short sale training guide.

Equator Short Sale Training Guide

Equator Short Sale FAQ

I just received and email from Equator stating that ALL Bank of America Short sale are now required to go through Equator. Additionally, Bank of America will be participating in the Home Affordable Foreclosure Alternative HAFA program. This is exciting news and we are very optimistic that Bank of America will put the right foot forward and turn their disastrous history with short sales around.

Bank of America's HAFA Program Website gives homeowner's details on their support of the program.

Below is a copy of an email that I received on Friday from Equator.


Bank of America Home Loans will now be using Equator as the primary tool for short sales.  It is a self service portal that automates the short sale process.  This will streamline the process and improve the experience for both customer and real estate agents.

 

As a result, Bank of America will no longer be accepting faxed short sale documents, effective immediately you will need to upload those documents through Equator. Information to assist you with the Equator system can be found at www.bankofamerica.reo.com/shortsaletraining.

 

Once a short sale is initiated on a Bank of America loan, you can also access the educational guide within Equator.  It can be found within the "Upload 3rd Party Authorization" task.  This guide provides tips for avoiding delays and navigating system functionality.

 

To start a short sale today, go to www.Equator.com/

 

REMINDER: The federal government recently announced the short sale program guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program which will go into effect on Monday, April 5, 2010.  Bank of America Home Loans is implementing HAFA, the program designed to help those customers who were not eligible for the Home Affordable Modification Program (HAMP) or any other modification.  For more detailed information on the HAFA program, go to the National Association of Realtors site at www.realtor.org/government_affairs/short_sales_hafa.

 

Questions?  Please call the Bank of America Home Loans Short Sale team at 1.866.880.1232

About HAFA – Home Affordable Foreclosure Alternatives Program

Team Baranowski is CDPE-designated and the leading team for short sales in North West Florida!


What is HAFA?

The Home Affordable Foreclosure Alternatives (HAFA) Program was announced on November 30, 2009 in a HAMP Update titled Introducing the Home Affordable Foreclosure Alternatives Program.

HAFA is a government sponsored initiative overseen by the US Treasury Department. This initiative is administered by Fannie Mae and is targeted to assist all Home Affordable Modification Program (HAMP) eligible homeowners in avoiding foreclosure. Options for avoiding foreclosure include short sales or deeds-in-lieu of foreclosure.

Supplemental Directive10-18 offers incentives to lenders to assist homeowners in short sales or deeds-in-lieu. Lenders are encouraged to streamline the short sale process and are offered financial incentives to carry out these foreclosure alternatives.  The Home Affordable Foreclosure Alternative program evolved to solve the massive issue with short sales processes and procedures being lengthy, confusing and somewhat unmanageable. HAFA currently only supports conventional loans and does not apply to loans owned or guaranteed by Fannie Mae or Freddie Mac.

Details of HAFA

The Home Affordable Foreclosure Alternative Program HAFA was introduced to simplify and streamline the short sale process:

  • HAMP or Home Affordable Modification Program has had lack luster success and many borrowers that did not qualify for HAMP needed a viable foreclosure alternative
  • HAFA aims to standardize the short sale process and set limits on  approval time
  • All parties involved receive financial incentives to complete a short sale: borrowers, services, investors and real estate agents
  • HAFA mandates that borrowers be fully released from future liability for the debt
  • Borrowers must list their property with a licensed real estate agent and allows the borrower to receive pre-approved short sale terms prior to the property listing their property

HAFA provides financial incentives as follows:

  • Homeowners will have no out-of-pocket expenses and lenders will pay all servicing fees
  • HAFA qualified homeowners may receive $3,000 in Borrower Relocation Assistance after a short sale or deed-in-lieu has been completed
  • Servicers participating in the HAFA program receive up to $1,500 upon completion of a short sale or deed-in-lieu
  • Financial incentives for investors include up to $2,000 for those who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders

 Important HAFA documents

Important documents for the Home Affordable Foreclosure Alternatives HAFA program:

Am I Eligible for HAFA?

The good news is that most homeowners facing financial hardship are eligible. If you are eligible for HAMP but cannot pay your mortgage, then there is a good chance that you qualify for a short sale via the HAFA program. Unfortunately, loans owned or guaranteed by Fannie Mae or Freddie Mac do not qualify.

If you meet one or more of the requirements below then services must consider your eligibility for HAFA within 30 calendar days:

  • You request a short sale or deed-in-lieu
  • You are delinquent on a HAMP modification or are missing at least two consecutive payments
  • Do not qualify for a HAMP Trial Period Plan
  • Do not successfully complete a HAMP Trial Period Plan

How does my loan qualify for HAFA?

  • Your loan is not owned or guaranteed by Fannie Mae or Freddie Mac
  • Your property must be your principal residence
  • Your principal balance is equal to or less than $729,750
  • Your loan is delinquent or default is imminent
  • Your loan originated on or before January 1, 2009
  • Your total monthly mortgage payment exceeds 31 percent of your gross income

How do I Apply for HAFA?

Once you have determined that you qualify for HAFA, it is imperative that you contact your lender and notify them of your interest in participating in the HAFA program. If you are unsure whether or not your meet the eligibility requirement you can contact Team Baranowski for a free consultation. 

HAFA FAQ – For Homeowners

The Distressed Property Institute has put together a wealth of knowledge regarding the HAFA program. A FAQ for Homeowners can be read by clicking the links below:

Craig and Joe Baranowski of Team Baranowski are CDPE, or Certified Distressed Property Expert and have undergone extensive training for foreclosure avoidance options, specifically short sales. We are 100% focused on helping homeowners avoid foreclosure.

If you are a troubled homeowner, or have a family member or friend facing foreclosure, please give us a call for a confidential consultation about the possibility of a short sale.  Call Craig Baranowski at 850.259.1788 or email  us @ info@teambaranowski.com. Team Baranowski has a 100% success rate for all of our short sales for 2009!

This site, Craig Baranowski or Keller Williams Realty is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax adviser for more information.

    Home Affordable Foreclosure Alternatives Program HAFA Begins Today

    UPDATE: HAFA – Home Affordable Foreclosure Alternatives Program Detailed FAQ sheet

    "Let the Games begin" may be an appropriate launch slogan for the much anticipated Home Affordable Foreclosure Alternatives Program called  HAFA that officially launched on April 5th, 2010. This program, initially outlined in late 2009, is designed to streamline and simplify the short sale process. HAFA is also a response to the failed program called HAMP or Home Affordable Modification Program in which many homeowners in distress could not qualify for HAMP and thus became a dismal failure. The creation of HAFA appears to have risen like a Phoenix from the flames of the HAMP disaster.

    Effective today, the short sale process is simplified…well we sure hope so. The only problem: Many lenders don’t know it, and Realtors may have to convince them. As an example, Bank of America began processing all of their short sales through the Equator Platform in October of 2009. Five months later and endless hours of frustration with Bank of America's lack of knowledge about the Equator system…the new system is finally getting legs and short sales are processing quickly.

    The Home Affordable Foreclosure Alternatives (HAFA) program gives $3,000 to borrowers for relocation assistance, $1,500 to servicers for administrative and processing costs, and up to $2,000 to investors who allow up to $6,000 in short sale proceeds to be distributed to subordinate lien holders. The program was created to help stabilize distressed inventory such as underwater homes.

    Some lenders have already adopted HAFA rules, but April 5 was the deadline for participating servicers to implement HAFA. The program reportedly covers servicers handling more than 90 percent of all mortgages.

    However, the National Association of Realtors (NAR) says that it’s already hearing complaints from members. Many servicers say they haven’t even heard about the program, Realtors claim, so it’s clear that they won’t “hit the ground running.”

    Team Baranowski will carefully monitor HAFA implementation and report any new details on the program.

    Home Affordable Foreclosure Alternative Program (HAFA) Summary

    The program’s official name is the Home Affordable Foreclosure Alternatives Program (HAFA), and it’s part of an existing initiative, the Home Affordable Modification Program (HAMP). HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which cover over half of all U.S. mortgages; however, Fannie and Freddie will issue their own versions of HAFA in coming weeks.

    While HAFA’s goal is simple – increase the number of short sales and “deeds in lieu of foreclosure” by simplifying the process – the rules are complex, and it comes with 43 pages of guidelines and forms. Among other things, HAFA:

    • Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

    • Prohibits servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).

    • Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed.)

    • Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors.

    The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on Dec. 31, 2012.

    Read the HAMP NEWS RELEASE

    Read the complete 43 page SHORT SALE GUIDELINES

    If you are a troubled homeowner, or have a family member or friend facing foreclosure, please give us a call for a confidential consultation about the possibility of a short sale.  Call Craig Baranowski at 850.259.1788 or email  us @ info@teambaranowski.com. Team Baranowski has a 100% success rate for all of our short sales for 2009!

    This site, Craig Baranowski or Keller Williams Realty is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax adviser for more information.

    Distressed Property Expert – Team Baranowski

    Team Baranowski of Keller Williams Realty Emerald Coast specializes in DISTRESSED INVESTMENT PROPERTIES including Short Sales, REOs, Foreclosures and Bank Owned Property. The past 5 years have seen significant changes in our real estate market in South Walton Beach, Destin and Panama City Beach. Whether you are looking to buy or sell investment or distressed property along the Emerald Coast, Team Baranowski are the experts you can rely on. We have extensive experience working with investors looking to purchase Bank Owned Property and Foreclosures on the beach including beach front condos, vacation rentals, and second homes and sellers looking to market their distressed property. My name is Craig Baranowski and I am a Certified Distressed Property Expert, CDPE, Certified Investor Agent Specialist, CIAS and team leader for Team Baranowski of Keller Williams Realty Emerald Coast. We work one on one with our clients and leverage our extensive knowledge of the distressed property market to ensure your real estate transaction is successful. My team specializes in Short Sales, HAFA Short Sales, Streamlined Cooperative Short Sales, Bank Owned Property, REOs, Pre-Foreclosures and other Distressed Properties in the South Walton Beach area including: Santa Rosa Beach, Seagrove Beach, Seacrest Beach, Panama City Beach, Destin, Sandestin, Freeport, Scenic 30A, WaterColor, WaterSound, Rosemary Beach, Grayton Beach and Blue Mountain Beach.

    Bank of America to Pay Up to $30,000 in Short Sale Relocation Assistance

    Bank of America Announces Two Major Changes to Their Short Sale Programs

    Bank of America has announced to major changes to their short sale programs. First is regarding the Proactive Short Sale Pilot Program, and the second is BofA offering up to $30,000 in short sale incentives to the seller.

    Bank of America is placing more emphasis on their Proactive Short Sale Pilot Program. This pilot program, initially rolled out in Florida was designed to create much shorter short sale processing times and significantly increase the Bank of America short sale approval rate. Pre-approval of short sales allows most of the tedious paperwork to be completed before a contract is submitted on a property. Bank of America just announced that their Proactive Short Sale program is rolling out Nationwide. This is huge as time is running out for short sales as many of the bail out programs are expiring at the end of 2012!

    How do you initiate a Bank of America Proactive Short Sale?

    To initiate a Bank of America Proactive Short Sale a Realtor must submit the following paperwork in the Equator System:

    1. Listing Agreement
    2. IRS 4506-T Form
    3. Bank of America Third-Party Authorization Form
    4. Initiate in Equator as “looking for Pre-Approval”

    All of this documentation must be submitted in Equator. Bank of America requests that all communication to be done through Equator first. If there are additional questions, a Realtor can call Bank of America and speak with a Short Sale Specialist at 866-880-1232.

    The Second Bank of America National Announcement ties right into the Proactive Short Sale Program.  Bank of America’s Short Sale Relocation Assistance Pilot Program is rolling out Nationwide! The initial pilot program was rolled out in Florida. This is part of the Attorney General’s 25 Billion dollar settlement with Bank of America. This program provides homeowners with relocation assistance when they do a short sale with Bank of America.

    How much is Bank of America paying for Short Sale Relocation Assistance?

    Bank of America is pay anywhere from $2,500 to $30,000 for Short Sale relocation assistance depending upon the value of the property and the investor on the loan. To be eligible, participants MUST per-approved and participate in either the HAFA program or Bank of America’s proprietary short sale program. With a HAFA short sale, if you receive any relocation funds they get will be added to the HAFA relocation funds amount. For example, if you receive $5,000 in relocation assistance it will include the $3,000 given as part of the HAFA program. On the high end you could receive up to $33,000 in relocation assistance.

    How much time do I have to participate in the Bank of America Short Sale Relocation Assistance Program?

    Time is running out!! All short sales must be initiated by December 31st 2012 and must close by September 13, 2013. Shorts sales that are already in the system and with a contract are not eligible for the program.

    For more information on these programs please give Team Baranowski a call for a confidential consultation about the possibility of a short sale.  Call Craig Baranowski at 850.259.1788 or email  us @ info@teambaranowski.com.

    This site, Craig Baranowski or Keller Williams Realty is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax adviser for more information.

    Bank of America Ramping up Their Short Sale Program

    Bank of America is making positive strides with Short Sales

    Bank of America Short Sales Logo

     

    I have closed a lot of short sales. Specifically, I have closed numerous Bank of America short sales. My team and I have personally experienced the worst of the Bank of America when short sales were languishing in short sale purgatory for 12 months. We were there during Countrywide’s purchase by Bank of America. We were there during the transition to the Equator technology platform and we have personally experienced a positive evolution and optimization of Bank of America short sales. We have closed Bank of America HAFA short sales and Streamlined Cooperative Short Sales. Below are a few of our Bank of America blog posts that have received thousands of comments and discussions.

    In the past few months we have experienced a significant positive step forward in short sale processing by Bank of America. We are getting short sales approved in 3 to 4 weeks with Bank of America and have been increasingly optimistic about their commitment to continue to streamline their systems and processes.

    Recently, I attended a presentation by Bob Hora, Senior Vice President of Mortgage Servicing, at Bank of America. Bob is new to Bank of America and has executive experience working at Fannie Mae, GMAC and Wells Fargo. During this presentation it was clear that Bank of America is making a significant investment in foreclosure alternative programs such as short sales. Bank of America does not want to foreclose on property and neither do their investors who own the mortgages.

    Bob threw out some staggering numbers regarding Bank of America short sales. In 2009 Bank of America closed 40,000 short sales, 90,000 closed in 2010. In 2011, Bank of America will exceed 100,000 closed short sales! Many think that short sales may be going away, however Bank of America is preparing to close an estimated 170,000 short sales in 2012! That is an enormous 70% increase from 2011.

    Bank of America is executing a multi-pronged approach to ensure the 170,000 short sales in 2012 close as efficiently and quickly as possible. A critical component is with targeted solicitations and outreach to homeowners in distress and present them with foreclosure alternatives. Bank of America has created the Home Transition Guide and a very informative website dedicated to homeowners in distress @ bankofamerica.com/hometransition. This new Home Transition Guide and new website is designed to educate and empower the customer to know their options and prevent a foreclosure.

    Bank of America is committed to streamlining the short sale process for both the customer and the customers qualified Realtor:

    • Keep the agent and customer informed
    • Streamline the short sale process & timelines
    • Increase short sale approval rates
    • Assign specialists earlier in the process
    • Constant communication with agent
    • Commitment of increased staff for short sales
      • Over 3,000 short sale staff including a dedicated call center
    • Customer relationship modeling and single point of contact at BofA that will be with customer through the entire short sale process.
    •  BofA SLA – Service Level Agreement: 2 day response time goal or Realtor has a right to escalate.
    • Implemented a Closing Center of Excellence in Chandler Arizona. This group’s sole purpose is to close short sales.
    • Expanding staffing and aligning by investor type
    • Dedicated Customer Call Center
    • Improve the quality of service and performance of Bank of America short sale vendors

    Step up Education and Community Services

    •  Foreclosure prevention education
    • Awareness of community services
    • In-market support and outreach
      • Added 45 Customer Assistance Centers in Cities where customers can go in to get help with foreclosure alternatives
    • New Home Transition Guide and website to empower the customer with viable foreclosure alternatives.

    Bob Hora also discussed a few key reasons why short sales do not close including:

    • Homeowner disengagement
    • Foreclosure timeline – HAFA and Streamline short sales will postpone the foreclosure
    • Short sale cycle times
    • Multiple investors, lien holders and mortgage insurance companies can derail a short sale
    • Fraud checks & policies – NEW

    Bank of America also has made significant enhancements to their Equator short sale platform adding a Value Reconsideration Process where they can take a second look at valuations and get a quicker response to Realtors. Another critical piece is the ability to submit a new offer/ buyer without the short sale filing closing.

    In addition to all of these changes Bob outlined three new streamlined stages to short sale problem resolution:

    Short sale problem resolution 3 stages:

    1. Contact your short sale specialist thru Equator. Response in 2 days
    2. Escalate to team lead in Equator. Response in 2 days
    3. Short sale customer care 1.866.880.1232. Staff of 800 people dedicated to short sale customer care.
    4. Short Sale Super Team. Team of 120 people just to handle escalations. These are the best short sale specialists Bank of America employs.

    Overall, I was very please with the message Bob Hora conveyed regarding Bank of America’s commitment to streamline the short sale process. We have already experienced many of the changes first hand and look forward to continued postitive progress from Bank of America.

    CitiMortgage Short Sale Program Paying Borrowers for Short Sales

    Team Baranowski is a Certified CitiMortgage Short Sale Partner!

    CitiMortgage Short Sale ProgramWe have had significant inquires regarding the CitiMortgage Short Sale program from distressed property owners across the country. Team Baranowski has successfully completed CitiMortgage short sales under their new incentive program and we are qualified agent specialist in the program through Keller Williams. Every month CitiMortgage mails out foreclosure alternatives to distressed homes owners to participate in the CitiMortgage short sale program and Team Baranowski is one of the chosen partners for our area.

    What is the program?

    CitiMortgage, the servicing arm of CitiGroup,  has put together a program for distressed homeowners to list and short sell their property and be eligible for a cash incentive of up to $25,000.

    Many servicers are working to streamline the short sale process and offer incentives for Home Owners to sell their property and avoid foreclosure. The Federal Government has the Home Affordable Foreclosure Alternative (HAFA) program that many servicers participate in. However, servicers such as Bank of America also offer a Streamlined Cooperative Short Sale program as an additional alternative to the HAFA program and standard short sale.

    When we started short sales they were agonizingly slow taking 12 to 18 months to complete. Currently we can push through Bank of America short sales in 30 to 60 days and even faster under the HAFA and Streamline Cooperative Short Sale Program.

    CitiMortgage is offering financial incentives to borrowers to help reduce the short sale processing time. CitiMortgage’s short sale program on average is paying $12,000 in borrower cash incentives for short sales in 2011. Short sale incentives are offered to customers experiencing financial hardship who need funds to proceed with the short sale. The amount is agreed upon up front and distributed when the sale is completed. With the financial incentive borrowers submit the required documentation in a timely manner which is by far the most tedious and number one reason why short sales are unsuccessful.

    CitiMortgage Short Sale Program Sample Letter

    CitiMortgage Short Sale Program Letter of Authorization

    CitiMortgage Short Sale Program Requires a Qualified Realtor

    As part of the CitiMortgage Short Sale program, borrows must actively list their property with a qualified Realtor experienced in short sales. Part of the streamlining process, CitiMortgage has partnered with qualified Brokerages, such as Keller Williams Realty, to offer borrowers assistance from qualified Realtors who can help sell their property. To quality for the program Realtors must have short sale experience listing and closing a minimum of 3 short sales and must have approved certified short sale training. With each mailing to borrowers CitiMortage will supply names and phone numbers of qualified Realtors who can assist them in selling their property.

    Team Baranowski is a Qualified CitiMortgage Short Sale Program Partner. We are the leading short sale team in the Emerald Coast and were one of the first Certified Distressed Property Experts in North West Florida.

    If you are a distressed borrower and have a CitiMortgage, please give us a call to discuss the CitiMortgage Short Sale program – Craig Baranowski @ 850-259-1788 or Danny Margagliano @ 850-830-4747 or email us @ info@teambaranowski.com.

     

     

    Bank of America Short Sales Streamline Back Up Offers

    Bank of America Short Sale Equator and Back Up Offers

     

    Bank of America has streamlined short sales…again

    My team and I have had a very long relationship with Bank of America processing almost a hundred short sales with them. We have been through the dark days when they acquired Country Wide and we were pioneering short sales and the short sale process. Bank of America has come a very long way since then and they have worked hard to streamline a horribly inefficient process.

    First it was the fax nightmare as they transitioned their inbound fax service to India. I think that was the pinnacle of the Bank of America short sale nightmare waiting 3 weeks to find out if they received your paperwork only to find out they did not and you would have to re-submit and wait another 3 weeks. This process usually went on for several months until a negotiator finally gave you their direct fax line.

    The best thing Bank of America did to streamline the short sale process was to standardize and transition the short sale process onto the Equator system. Once this occurred the world of short sales with Bank of America had a glimmer of hope. Bank of America then participated in the HAFA program and began pre-approving short sales by doing all of the paperwork, market analysis and investor approval upfront. It greatly simplified the process for primary homeowners.

    Bank of America’s Streamlined Cooperative Short Sale program is by far the best thing since sliced bread. One piece of documentation for a seller to sign, no deficiency judgement, pre-approval on price and 24 hour turn around on offers…AWESOME!! This pilot program and is still being rolled out in a slow trickle.

    Recently, Bank of America has committed to make yet one more significant change in the short sale process…Back Up Offers. This is HUGE. I can not tell you how many times we had a buyer fall through days before we get final approval on a Bank of America short sale after tediously working the offer for 4 months. In the past, the file would be closed and you would have to start completely over. We and other agents would try every trick in the book to sneak a new offer in with the same terms. It was usually a fruitless effort and the process would have to start all over with a new negotiator and endure another long and arduous negotiation.

    Recently, Bank of America has listened to Realtor feedback and is now allowing back up offers to be presented when a buyer backs out of a contract. The Bank of America short sale negotiator will continue to work the file and the short sale process will continue as seamless as possible. This is a BIG deal! This saves months and months of work and ultimately will increase the success rate of Bank of America short sales.

    Bank of America continues to work only one offer at a time. A new back up offer can be presented under the following scenario:

    1.  The original buyer walked out during the short sale process and you have a backup offer ready to submit from a new buyer.
    2. The is a change in the buyer’s name during the process. This happens all the time due to financing issues or buying under an LLC or Trust.
    3. The original sh0rt sale offer was declined for being insufficient and you have a backup offer that can be submitted.

    Bank of America will give you 14 days to complete the paperwork and tasks with the new offer. If you are a buyer jumping in as a backup offer…make sure you submit and respond to all document requests immediately as time is of the essence.

    This new process Bank of America has implemented may seem like a small change, but it is a massive benefit for all parties involved in a short sale with Bank of America.

    Good luck and lets keep processing those short sales!

    Bank of America Pilot Tests New Cooperative Short Sale Program

    Well it appears Bank of America is yet again pilot testing another new short sale program. Bank of America seems to always be under fire for their lengthy short sale process with hundreds of thousands of homeowners in default. Our most popular blog posts and comments revolve around Bank of America short sales and frustration with their lengthy and confusing process. See related Bank of America Articles below:

    Bank of America's new pilot  short sale program is focused on helping homeowners avoid foreclosure. Bank of America has diligently worked to resolve issues with the traditional short sale process by implementing a paperless and streamlined short sale process on the Equator technology platform. This program has had it aches and pains, but is running fairly smoothly and has greatly reduced the time to process a short sale from a languishingly long 8 to 12 months to a more respectable 2 to 3 months.

    Prior to Bank of America rolling out the government’s Home Affordable Foreclosure Alternatives (HAFA) Short Sale program in April, they began Cooperative Short Sale pilot program. This program is structured similarly to HAFA in that Bank of America will work with the homeowner and agent prior to marketing the property to gain agreement on the terms of the short sale so that once an offer is received the approval is streamlined. The objective of the Cooperative Short Sale program is to utilize this program for customers that do not qualify or fallout of the HAFA program. HAFA is always considered first and no HAFA eligible loans will be included in the program.

    The Cooperative Short Sale program is still being developed and tested by Bank of America with a small number of homeowners. Some specific eligibility requirements will include asset reviews, no second liens or MI on the loan, and require participating investors.

    Bank of America Cooperative Short Sale Program similarities to HAFA include:

    * BofA will work with the customer prior to listing the home to help establish the listing price using a valuation to determine fair market value.
    * BofA will ask that the property be actively marketed for 120 days. If it does not sell in that time, we will consider a deed-in-lieu of foreclosure to satisfy the mortgage.
    * Since the appraisal and qualifications are completed upfront, short sale approval will take less than two weeks to complete.

    Results from the pilot test will be used to design the upcoming expansion of the program. Announcements will be made when we expand this program beyond the pilot and will outline details of the program.

    To read more about Bank of America's HAFA Program please visit their Website. Members of Team Baranowski are Certified Distressed Property Experts. We have over two years experience helping homeowners prevent foreclosures. If you or someone you know is in need of assistance please give us a call at 850-259-1788 or email us at info@teambaranowski.com.
     

    Sunset Beach Short Sale 32 Sunset Beach as Craig's Top Distressed Property Pick for June 14 2010

    HAFA Approved: 32 Sunset Beach Sold for $485,000!

    If you like the east end of Scenic 30-A by Rosemary Beach and desire the privacy of a gated community on the south side of 30-A then Care Free Cottage in the gulf front community of Sunset Beach is your opportunity to embrace coastal luxury living. This quaint 3 bedroom, 3 bath court yard home is in the private gated gulf-front community of Sunset Beach. One of the largest courtyard homes in Sunset Beach with an optimized floor plan adding additional space in the living room.

    Sunset Beach optimizes Care Free coastal living with their patio homes that are maintained by the community up to the first floor. This beautiful home is a fantastic buy on the south side of 30-A and a short walk to Rosemary Beach.

    32 Sunset Beach in Seacrest

    Homes in Sunset Beach

    A short walk down a cobblestone lane, lined by majestic grand palms will lead you to a gulf front pool and the sparkling gulf waters of the Emerald Coast. Wide walking and bicycling paths connect you with Rosemary beach 1/4 mile to the east, and Alys beach 1/4 mile to the west. This upscale community has everything nearby, and the beach and pool make the days easy and carefree. This home generated excellent rental income while on a seasonal rental program.

    32  Sunset Beach in Seacrest
    Built in 2003
    1,400 sqft
    3 Bedrooms, 3 Full Baths
    2 Stories
    Currently offered at $554,500

    If you are interested in this luxury home in Sunset Beach and would like to preview it or if you are interested in Team Baranowski listing your luxury home. Please give Tracy Baranowski a call at 850.259.4270 or Craig Baranowski at 850.259.1788 or email  us info@teambaranowski.com

    New Short Sale Guidelines Encourage Sweeping Changes to Short Sale Process

    It has been a very long year fighting everyday to save homeowners from foreclosure. It is a daily challenge to push short sales efficiently and effectively through the short sale process. I have been actively involved in national short sale advocacy groups and we have been demanding changes to a broken short sale process. Two years ago when we started our first short sales, it was a difficult path of paving a road never traveled. As short sales become more prominent we saw changes and guidelines help streamline and encourage lenders to participate in foreclosure prevention programs under the Making Home Affordable Program or Home Affordable Alternatives Program (HAFA). These programs encouraged mortgage modifications and offered some incentives for shorts sales and deed in lieu of foreclosures. However, the program struggled to offer real solutions to an epic problem plaguing our country’s real estate market.

    Today’s announcement by the Treasury Department is the next critical and potentially monumental step to making a difference in offering homeowners a real foreclosure alternative. With over 88% of our distressed inventory in Okaloosa, Walton and Bay County being short sales…this is a very significant and much needed change…or as I would call it the necessary lifeline to get through this current real estate crisis. The plan is designed to accelerate the necessary agreements between lenders, real estate agents, buyers and sellers.

    Here is a quick break down of the new guidelines…will it change short sales overnight? No. But we have yet to see the bulk of short sales and 2010 will be an epic year for short sales and foreclosures!

    The program’s official name is the Home Affordable Foreclosure Alternatives Program (HAFA), and it’s part of an existing initiative, the Home Affordable Modification Program (HAMP). HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which cover over half of all U.S. mortgages; however, Fannie and Freddie will issue their own versions of HAFA in coming weeks.

    While HAFA’s goal is simple – increase the number of short sales and “deeds in lieu of foreclosure” by simplifying the process – the rules are complex, and it comes with 43 pages of guidelines and forms. Among other things, HAFA:

    Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

    • Prohibits servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).

    • Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed.)

    • Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors.

    The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on Dec. 31, 2012.

    To qualify under the new guidelines:

    • The property must be the homeowner’s principal residence.
    • The homeowner is delinquent on the mortgage or default looks likely. Homeowner is insolvent.
    • The loan was made before Jan. 1 this year and is less than $729,750
    • The borrowers’ total monthly mortgage payment exceeds 31 percent of their before-tax income.

    Read the HAMP NEWS RELEASE

    Read the complete 43 page SHORT SALE GUIDELINES

    If you are a troubled homeowner, or have a family member or friend facing foreclosure, please give us a call for a confidential consultation about the possibility of a short sale.  Call Craig Baranowski at 850.259.1788 or email  us @ info@teambaranowski.com. Team Baranowski has a 100% success rate for all of our short sales for 2009!

    This site, Craig Baranowski or Keller Williams Realty is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax adviser for more information.

    Making Home Affordable Program

    December 1st, 2009 HAMP UPDATE – New Program Offers Borrowers Foreclosure Alternatives

    The program’s official name is the Home Affordable Foreclosure Alternatives Program (HAFA), and it’s part of an existing initiative, the Home Affordable Modification Program (HAMP). HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which cover over half of all U.S. mortgages; however, Fannie and Freddie will issue their own versions of HAFA in coming weeks.

    While HAFA’s goal is simple – increase the number of short sales and “deeds in lieu of foreclosure” by simplifying the process – the rules are complex, and it comes with 43 pages of guidelines and forms. Among other things, HAFA:

    • Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).

    • Prohibits servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).

    • Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed.)

    • Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors.

    The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on Dec. 31, 2012.

    Read the HAMP NEWS RELEASE

    Read the complete 43 page SHORT SALE GUIDELINES

    On February 18, 2009, President Obama announced his Making Home Affordable Program, designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages. This plan is designed to not only help responsible homeowners behind on their payments or at risk of defaulting, but prevents neighborhoods and communities from being dragged over the edge too, as defaults and foreclosures contribute to falling home values, failing local businesses, and lost jobs.

    More detailed information can be found at MakingHomeAffordable.gov.

    Guidelines to the Making Home Affordable Program

    The Obama Administration announced the new U.S. Department of the Treasury guidelines. These guidelines enable servicers to begin modifications of eligible mortgages under the Administration’s Making Home Affordable Program – announced by President Obama on February 28, 2009.

    Here are the key elements of the Obama plan summarized by the National Association of Realtors:

    1. The Home Affordable Refinance Program. Under this program, eligible borrowers may refinance loans that Fannie Mae or Freddie Mac (the government sponsored enterprises, or GSEs) own or guarantee.  The program can help homeowner-occupants who are current in making loan payments and have loan-to-value ratios (LTVs) above 80 percent but not more than 105 percent.  Cash out refinancings are not permitted.  The program ends in June 2010.

    2.  The Home Affordable Modification Program. This is a $75 billion program with lender, servicer, investor, and borrower incentives to make it work.  The program is limited to homeowner-occupants who are at risk of default or already in default and who have loans at or below the maximum GSE conforming loan limit of $729,750 (or higher for 2-, 3-, and 4-unit properties).  Loan modifications under the program may be made until December 31, 2012.

    3. More Support for the GSEs. President Obama also announced more support for the GSEs, including doubling of potential Treasury investment from $100 billion to $200 billion for each GSE, to maintain their positive net worth.  The plan also raises the cap on mortgages that the GSEs may hold in their portfolios by $50 billion to $900 billion.

    May 2009 – Obama Administration announces uniform Short Sale guidelines. Click here to read update.

    June 2009 – Relief for military homeowners in financial distress UPDATE. Click here to read update.

    If you are behind on your mortgage or know a friend that is behind on their mortgage please direct them to MakingHomeAffordable.gov. This is an excellent resource to determine if you are eligible for a Loan Modification.

    If you do not qualify for a mortgage modification and need to sell your property. Please give us a call. We can help!

    Our team has specialized training on helping homeowners who may be facing foreclosure. Please call us today for a no cost confidential consultation. We can be reached at: 850-259-1788

    If you or someone you know is looking at buying or selling distressed property…rely on the experts, The Distressed Property Experts!

    Note: The information provided is for informational purposes. No legal advise is given or implied. Please check with a qualified attorney in your area.