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In GA, Foreclosure can happen in 30 days.  We can stop it, the sooner the better.

Avoid Deficiency Judgements

We can’t gaurantee anything but we’ve never had a client face a deficiency, period.  (Over 200 clients)

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Foreclosure is what happens if you do nothing.  You are in control with a short sale.

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The Jarvis Team has not lost a home to foreclosure since 2009.

Short Sales In 2014

Short Sales In 2014 are very different then they were in 2008, but there are some similarities.  Many of the banks (and attorneys for that matter) have begun to reduce their work staff as short sales have decreased.   However, that doesn’t mean that there are no more short sales in 2014.  Short sales are still common and in Georgia real estate, they make up about 20 to 30% of the market.  So what’s different Short Sale “Decisions” Take Less Time Overall Banks and Investors are making decisions faster.  Their process is more straightforward.  This is true of most banks, such as Bank Of America and Wells Fargo but Ocwen is still going to take a long time dealing with Pakistani outsourcers. Short Sale Lenders Are Looking For Some Return Most short sales lenders are asking for money, that doesn’t mean they mandate it,  it just means they will ask.   We haven’t had any clients pay out of pocket but most have been asked. Short Sale “Cases” Are Harder You have to prove the financial hardship.  No more strategic short sales.  If you can’t prove it then you’re out of luck. Luckily, proving the financial hardship is relatively easy.  If you can barely make payments, then you’re in good shape for a short sale....

Are Banks Still Accepting Short Sales?

One of our most recent posts (“Back on the Market”) was about 2090 Brickton Station and how it come back on the market. Are Banks Still Accepting Short Sales? YES! The challenge with short sales has actually never been the bank’s willingness to do them, it’s been either the seller’s lack of knowledge (or the listing agent they chose) or the buyer backing out of the transaction.   This is why the Jarvis Team has a 90% success rate with short sales. I know some people wonder Are Banks Still Accepting Short Sales? because they heard that the tax exemption will end or that HAFA ended but the truth is, that they are  still vaiable.  They are and they probably will for at least another year or so. It’s still the best option for those under water and struggling to make the mortgage payments.   Obviously, selling traditionally is the best but a short sale is the next best option for those in a hardship. Most areas prices have increased as noted in our latest GA Real Estate Market Update, but areas such as Lawrenceville and Snellville continue to struggle. Just because banks are still accepting short sales doesn’t mean they are easy.  In fact, although the process is more streamline, the qualifications are a bit tougher.  You need to be able to demonstrate you cannot afford the home with your income (do not count savings). Contact us if you have any questions!      ...

Bankruptcy, Short Sale Or Foreclosure

Bankruptcy?  Short Sale Or Foreclosure? For the longest time it seemed like if you filed for bankruptcy there didn’t seem to be any reason to do a short sale.  Afterall, your debt is gone and that’s kind of the whole point of the short sale is to get the debt, gone.  In this case it’s not all about the debt.  Bankruptcy affects your credit in a HUGE way, it pretty much eliminates you from buying another home with financing (and credit cards, etc) for at least 3 or 4 years (3 years from discharge). A foreclosure will prevent you from buying a home with financing for up to 7 years! You might think to yourself, “well I’ll be sitting out for 7 years due to my bankruptcy, so a foreclosure can’t hurt me.”   If you thought that, you’d be wrong.  You might have noticed some of your neighbors have no jobs and are at home and yet no one has evicted them.  It can be a big win for the bank, they have someone take care of the property and they’ll get to foreclosing when they feel like it.   The result?  Let’s go to an example: Say you filed bankruptcy in 2006.  The bank took their sweet time foreclosing, so your debt slate is clean but the home still remains an “asset,” since the bank never took back possession.  Let’s say you get clear in 4 years, sometime in 2010.  The bank now decides to foreclose because the see the market starting to come back.  Yep, you guessed it, now you have a bankruptcy that has faded...

Back on the Market!

We’re usually focused on answering questions here, but although we’re not happen at the circumstance we do want to alert you to a great property that has popped back up on the market. 2090 Brickton Station, Buford, GA 30519 – This short sale is approved and ready to close.  It’s a large, wide open home with some minor repairs needed.  It features 4 large bedrooms and 2.5 baths, but it’s the huge kitchen that opens completely to the family room that will have you excited.  There’s a nice large room on the main level as well. This home goes to the Buford high school district and is in a very convenient neighborhood.  Check it out before it is under contract like so many other...

Automatic Fannie Mae Short Sale Approval

I had a recent conversation with a negotiator that was servicing a file with Fannie Mae and told me the ways you can get an automatic short sale approval from Fannie Mae.  I should correct myself and say “approved of” but only the value and the offer are needed if you have one of these 4 circumstances.  In each instance, the borrower can remain current if they choose and still qualify.   Death of the Borrower – In this case if anyone dies that is on the mortgage then they will do the short sale.  This one is pretty obvious financially, but likely the hardest one to get a seller motivated for.  LongTerm or Permanent Disability – This one is less obvious.  The reason for this one is there is a presumption that your income is effected.  This could be the opposite of true.  As long as you have proof of a disability that is long term in nature, that is the only requirement.  In fact, you could have had a large settlement and your disability might be something painful but not something that would take you out of the workforce.  In this case, you still qualify! Another sad one is Divorce.  Here the only thing needed is a divorce decree.  For “automatic” status you both must be on the loan.   However, income changes, etc aren’t factored into the approval only that there’s a divorce for the parties on the loan. Long Distance Job | Relocation – This is the one that’s a doozy!  Let’s say you get a promotion and your income doubles or triples.  If you have to...

Does Freddie Mac Pursue Deficiency Judgments?

Does Freddie Mac Pursue Deficiency Judgments? In a short sale, it’s a pretty common question to ask whether or not, Does Freddie Mac Pursue Deficiency Judgments? Luckily for us there’s a clear definition already out there for this. Chapter 55.3.1: IRS Form 1099-C, Cancellation of Debt (04/25/06) states that the Servicer must report cancellations of Borrowers’ mortgage debt on IRS Form 1099-C, Cancellation of Debt, as required by the Internal Revenue Code.  Under 55.3.1.d .6 it defines a short sale (not by name) as “A discharge of indebtedness under an agreement with the debtor to cancel the debt at less than full consideration. Most of the time you want to get it in writing and possibly reviewed by an attorney but this is pretty clear that a short sale completely cancels the debt.  The way it’s worded above, it’s worth pointing out that your credit report often reports a short sale this way as...

When To Short Sale Your Home

When To Short Sale Your Home We’ve covered When To Short Sale Your Home before but it’s a question that’s worth reviewing, especially given the recent changes in the short sale process.  The answer is roughly the same. If you are using your savings to pay your mortgage (or lost your job or will lose your ability to pay the mortgage) then it’s likely time to short sale and do it now.  Here’s 3 reasons you need to short sale ASAP! The banks/lenders/investors are getting more aggressive.  They aren’t letting people ride out years of payments anymore.  While there are some that can tie up the process, overall, they are moving much quicker when you get behind and VERY fast if they find out that you are unemployed. The debt forgiveness act was extended one year.  There’s no gaurantee that this “easy” button for the tax question will be around after 2013. The real estate market is improving.  This is actually great news.   The only challenge is that it will likely leave some people as “tweeners” or people stuck in the middle of an improving market that didn’t improve enough for them to sell as a short sale.  See the closer you are to breaking even with the bank, the more likely they are to tell you to suck it up and pay it since their loss is much less. There are other solutions that can often be better than a short sale, but if you are upside down and pulling from savings, then the answer is NOW to the question of When to short sale your...