I am short sale specialist in Houston, Texas which also include short sales in Tomball, Texas. I have short sale experience with FHA loans, Fannie Mae and Freddie Mac short sales.
I perform all the in house negotiations with the banks, so there is more controll and updates on the short sell is just a click away. There is no cost to you the seller for my services.
Short sales is a different animal in terms of needing a third party approval for the short sale, it
is not a traditional sale between sellers and buyers. With a short sale you are asking the lender
to approve the short sale and in most cases also asking for a waiver of deficiency.
Inventory homes in Tomball, Texas the days on the market average 76 days. With a short sale
in Tomball, Texas the days on market may be longer for the property to sell. Keep in mind there is a third party involved for the short sell approval process.
Work with a Realtor who has closed short sells in the Houston and Tomball area.
Visit my website at www.keystomyplace.com
Christina , SFR
Today I would like to talk about when a mortgage payment is considered late and what could happen.
Mortgage notes typically carry a 15 days grace period and some people play the float game from the 1st to the 15TH of each month. I know I have done it myself in thre past.
On the 16TH day a late fee is tacked on and maybe a gentle remainder call from the lender.
On the 30TH day it changes and the borrower is considred in default. On the 45TH day you may be receiving more phone calls to get in touch with the lender.
60-90 days have elasped since you missed your last mortgage payment and now the lender
will send out a notice of default letter, most of the times by certified mail. Giving the borrower a finite period to cure the situation.
Foreclosure is a legal event and there must be benchmarks that must be met. Once the remedial period has past the collection department will refer the file to their foreclosure department who will foward the file to a local attorney's office. Please note during this phase serious late fee's and legal fee's may be accuring.
My illustration is not by any means definite process, but an example of how it could happen this way, remember the lenders have programs to help homeowners who are in a distress situation.
If you just need help or have some questions please feel free to contact me by text,email or my phone.
Thanks for reading
Wanted to blog about to be on the watch for scam artist, people who prey on others
hardship. Yes folks these people can be really slick with promises that sound too
good to be true, and we still have people still being tricked by this deceptive
people. Take a moment and look for some of the signs, and RUN THE OTHER WAY !
1. A company/person asks for a fee in advance to work with your lender to modify, refinance or reinstate your mortgage *****RUN THE OTHER WAY
2. A company/person guarantees they can stop a foreclosure or get your loan modified***NO ONE CAN GUARNATEE WHAT THE LENDER WILL APPROVE***RUN
3. A company/person advises you to stop paying your mortgage company and pay them instead****STOP AND RUN THE OTHER WAY !
4. A company pressures you to sign over the deed to your home or sign any paperwork that you haven't had a chance to read, and you don't fully understand ***RUN AND SEEK LEGAL COUNSEL
5. A company claims to offer "government-approved" or "official government" loan modifications ***Please verify, you can check with your lender and remember you do not pay to benefit from any government program.
6. A company/person you don’t know asks you to release personal financial information online or over the phone ****STOP AND HANG UP THE PHONE!
** I have a list of HUD approved organizations on my website.
I would like to talk about some of the new changes in the HAFA program. You may of heard about the
HAFA program for Short Sales . One of the main attaractions would be the waiver of deficiency and the seller $ relocation money given to sellers once a successful HAFA short sale is complete.
If the loan is owned or guaranteed by Freddie or Fannie Mae they will have their own HAFA guideline.
Some highlights of then New HAFA program 2011
Program expires December 31, 2012
- Homeowners must meet the basic HAMP eligibility guidelines: primary residence, loan amount less than $729,750, facing a financial hardship situation, loan originated before January 1, 2009
Mortgage payments no longer have to be more than 31% of borrower's gross income.
2. Property no longer must have been occupied as primary residence within the last 12 months (previously, had to be owner occupied up until 90 days before the closing).
Visit me at www.keystomyplace.com
Christina Simmons, ABR,SFR,HRC
You just got notified of a pending sales date on your home. What do you do ? This can be a scary eye opening event for some people. You may have tried a loan modification and was denied, and now you received the notice of the pending sales date.
Now is the time to see if you can salvage your credit by doing a short sale. There may be time enough to try to post pone the sales date, but this would depend on the servicer and the investor who actually holds the note.
I have been able to post pone a sales date with less then a month notice , Remember it still depends on those two factors, and some lenders may want a contract before they will even try to post pone, and yes there are time when you have the sales date and the lender will not post pone.
You may have a small window to try to salvage your credit, from a foreclosure.
Call me today so we may discuss your options.
Christina Simmons, SFR,ABR
Homeowners facing a hardship don't wait to it's too late do anything about it. I understand some folks like to ignore it, and hope that it would go away, or they just keep telling themselves tomorrow I will call the bank, and tomorrrow never comes.
If you are in this situation or facing a hardship pick up the phone and call a Realtor or myself.
You want to work with someone who knows how to navigate through the short sale process.
If you have a sales date then you really want to pick up the phone, there still may be a chance to post pone the sell of your home, but you have to make the first move and I will do my best to help you through this process so that you will be able to move forward after the completion of the short sale.
Don't wait for the last minute to do a short sale call Christina Simmons, SFR,ABR
So you found your dream home and its perfect for you, but did you notice two houses down the overgrown grass and the oil stains in the driveway and not to mention the car in the driveway that is rusted that has two flat tires and the rain gutter hanging down over the entry way and the house across street with broken window and the side fence has missing pickets??
Okay I may of went over board, but the point I would like to get across to you when you are buying a home you are also buying into the community and into your subdivision. So take a
moment to see if there are potential situations that could cause buyers remorse.
1. Property maintenace: I like to call this pride of ownership. Look for signs of neglect of lawn care. Look at the homes down the street and behind you, closely look at the other homes in the area. Are there signs of peeling paint or missing sidings or missing a picket in the fence?
2. Whose living next to me ? Would you still be happy if you found out that your next door neighbor is a registered sex offender? There are public website you can check for if
this is important to you.
3. Service structures : Will you be near a city landfill or power plant? Are there train tracks nearby? Yes they offer a valuable service to the community, most people do not want to be
near them, and it could have a negative on the resell of your home down the road.
4. Foreclosure & vacant buildings: unfortunately foreclosures are the norm these days so that being said, investors like buying foreclosure if it makes sense to them, and some investors like to rent out the homes to renters.
If you don't own the home, how can you expect someone else to take pride of ownership. When I say pride of ownership, simply meaning the feeling of accomplishment in owning your own home. There are some great renters that take good care of their rental homes that will soon become homeowners one day.
So yes, you can love your perfect home, and I hope you take some of my suggestions into consideration when you are out looking for that perfect home.
Visit my website at www.keystomyplace.com
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This is a great time for buyers who have been waiting for the deal of the century, well I am not sure on the deal of the century, but I can tell you for first time home buyers there are down payment assistance programs with Harris county. If you are eligible for this program the grant is $9,500.00 for resell property and $ 14,200 for new construction. I have more information on this, if you are interested in the grant program. You don't have to pay the grant back as long as you live at the home for 5 years, I think this is wonderful for the first time home buyer.
Another deal blowing in the wind are $0 down move in with new construction or $500.00 total move in This is a wonderful incentive for any first time home buyer or a buyer who is looking to upgrade or downsize from their home with little money out of their own pocket. I have information on areas and builders who are offering this incentive to all buyers.
So Buyers you see, there are some wonderful incentives, contact me I will be happy to send you more information via email . I can also send you homes via email so you can see what is out there and what you get for the money.
Send me your homes search criteria via email or text and I will send you list of homes as they hit the MLS, you will be the first to view.
Consider me your exclusive buyers agent when you are ready to begin.
I wanted to jot this blog down since it is fresh on my mind. I have been a Realtor for the last six years working full time, and I've meet home owners who are in a distressed situation/hardship and they are not sure if their situation qualifies or would be considered a hardship with their lender.
So here goes the jot down for this blog, what is considered a" hardship" with lenders, and of course each person has their own hardship, and the list below will touch on what most lenders will consider a hardship
Next if you are in this situation or may know of person who may be in a hardship and need to do a short sale, call me or visit my website at www.keystomyplace.com 713-269-9235
Here is an example list of hardships that lenders consider during the Short Sale process:
- Adjustable Rate Mortgage Reset- Payment Scock
- Loss of Job
- Reduced Income
- Failed Business
- Job Relocation
- Death of Spouse or C0-Borrower
- Marital Separation
- Military Duty
- Reduced Income
- Medical Bills
- Damage to Property (natural disaster or unnatural)
- Other (Please Specify)
Hope this blog post was helpful.
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Direct 713-269-9235 or TEXT
Thought I write a bit about deficiency waiver on a short sale. There are different factors involved when it comes to who will be waiving the deficiency . First let me make this clear on a short sale you are asking the lender to waive the deficiency that is the difference from the short sale purchase amount (hopefully you have a contract) and the remainding balance that you still owe the bank.
When I said earlier about the different factors, one being who holds the note, and the other is there a sale date and some other factors too, but today I will talk about the HUD guidelines for homeowners who are in default with their FHA loan. If you are thinking that a short sale is your best option and you have a FHA loan you may want to ask your Realtor about the PFS program through HUD.
The Preforeclosure Sales Program allows a morgagor in defualt to sell his hor her home and use the sales proceeds to satisfy the morgage debt. Even if the proceed are less then the amount owed. REF: Mortagee letters 2003-19, 2008-43, and 2010-08
So if you are able to get the approval from HUD to particiapte in this program your outstanding balance will be waived, thats of course you complete the short sale with the approval in this program.
Some of the highlights in this program is 120 days to market your home, HUD will pay an additional amount up to $1,500.00 for the discharge of junior liens after the mortgagor incentive has been paid. HUD will pay up to 1,000.00 incentive to the mortgagor if closed within 3 month from the date of application; thereafter the incentive is reduced $750.00
Work with a Realtor who understands the emotional and financial complexities in a short sale. I would appreciate the consideration as your Realtor to help you through your short sale process.
Visit www.keystomyplace.com Best wishes
Christina Simmons, ABR,SFR
Direct 713-269-9235 or you may text me
Houston area down payment program for first time home buyers. Yes you may qualify for the grant money of either $14,200 or $9,500 this would depend on the property being new construction or resell home for the amount of grant given.The home needs to be 10 years or newer.
You should work with a Realtor who is familiar with this program. You will need to have the home inspected by licensed inspector with the state and then the city will also send out their housing inspector to make sure the repairs from the first inspection is completed.
I have pulled some information from the Harris county site to give you more information on this program.
I am Houston Realtor who has worked with the down payment assistance program .
Visit my website at www.keystomyplace.com
or call/text me at 713-269-9235Downpayment assistance is available to qualified buyers for homeownership.
The minimum requirements for the Harris County Downpayment Assistance Program:
DAP: $14,200 for new construction, $9,500 for resale properties
built within the current ten (10) years. You must live in the house
for five (5) years, which is the affordability period.
DAP for disabled borrowers: $14,400 for new construction
and $14,400 for resale properties built within the current ten (10) years. You must
live in the house for five (5) years, known as the affordability period.
Checklist to insure that you meet the minimum DAP requirements:
Buyer must meet income requirements (see income chart below)
Maximum sales price of homes must not exceed FHA 203(b) limits in Harris County
Home must be in an unincorporated area of Harris County (cannot be in the City
of Houston, Pasadena, or Baytown)
Homebuyer must be a 1st time homebuyer, or not have owned a home for
three years prior to applying for assistance, or have lost previous
home in extenuating circumstances such as a loss due to a fire, flood,
Buyer must be credit and program approved through one of Harris
County's approved mortgage lenders (see Approved Lenders button below)
Buyer must have at least $350 or 1/2 of lenders required down payment to
invest in the purchase
Buyer must have at least one credit score of 620
Buyer's debt to income ratio (DTI) cannot exceed 42%
Buyer cannot have more than $10,000 in liquid assets
Everyone in the household must be a U.S. Citizen or permanent resident alien
- To begin the DAP process, all applicants must attend a homebuyer
certificate program from a HUD approved homebuyer education
course provider (see button below) and select a Harris County
approved mortgage lender (see Approved Lenders button below)
- To participate in this program, you must live in the new or pre-owned house
for a minimum of five years
I have composed of the most frequent question I am asked from homeowners who are
considering a short sale. Here are the top five Short Sale questions I am asked often.
1. How does a short sale effect my credit ? Depending on how your Short Sale is negotiated with your lender it could have a smaller impact then not paying your mortgage and going into foreclosure.
2. Why is a Short Sale better then a Foreclosure ? Selecting to do a Short Sale you avoid the foreclosure stigma on your credit, and you may be able to purchase again in 2-3 years oppose to the 7 years with a foreclosure.
3. My foreclosure date is 2 weeks away, can I do a short sale ? Depending on the lender, you will need to submit a complete Short Sale packet and also your Realtor will need to send in a packet without this, they will not postpone. Some lenders will need a purchase contract to postpone the Sales date.
4. What are the tax consequences in doing a short sale ? You should always check with your tax person . The mortgage debt forgiveness act 2007 has positive tax consequences for those who participate in the Short Sale with owner occupied homes, again consult with your tax person.
5. I am current on my mortgage can I do a short sale ? In most case the answer would be Yes, if you can prove to the lender you have a hardship.
I hope my blog was able to shed some light on the Short Sale process.
I am a Houston Realtor please visit my website at www.keystomyplace.com
For any question you may have on the short sale process please email or call me with your questions. 713-269-9235 direct
Recap on what is in a short sale packet, I will be talking about the basic Short Sale packet
there may be a variation depending on the Servicer, but in general this packet will get you started. Don't forget to visit my website at www.keystomyplace.com
for more great information on this subject. Work with a Realtor who is familiar with the short sale process.
Letter of Authorization (for the Realtor to represent on our Behalf)
Hardship Letter: Bank will want to know why you can no longer afford to make your monthly payment; just because your house is worth less from drop in market will not be sufficient.
Tax Returns (Last 2 Years)
Bank Statements (Last 2 Months)
Pay Stub (Last 4 Paychecks)
Monthly Expense Sheet ( Financial worksheet )
Proof of Income & Asset Statement: Including, IRA, Life Insurance, stocks and Bonds, savings accounts and other home equity lines
CMA (Houses Sold from the past 6 months) Your Realtor will be able to provide
Listing Agreement ( Agreement between you and Brokerage to sell your home )
Offer/Counter-offer (if applicable)
Estimated Net sheet (HUD-1) - the sellers Title company will prepare this so the bank will know exactly what they will receive from a short sale net of costs
Pictures of the Repairs
Estimate of Repairs
Again this is the basic that will get you started in your quest for a sucessful Short Sale
approval from Sellers lender.
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Avoiding a foreclosure on your credit is something you should try to avoid, sometimes
it is unavoidable. When your loan modification does not work in your favor, you really have a few options left, deed-in lieu, Foreclosure, or Short Sale.
Isn't really at this point is to try and salvage your credit? Short Sale is less damaging on a persons credit then a Foreclosure. The turn around time period in buying a home after a short sale is less of a time period then a Foreclosure would be.
Doing a Short Sale there is a possibility that the lender may forgive the debt and waive a deficiency judgement, of course this would be up to the lender to approve this.
Avoiding a Foreclosure and salvaging your credit is something you want to consider when
your options for keeping your home and the modification did not work. Have an exit strategy.
Visit me on www.keystomyplace.com
Hope you found my blog to be helpful.
I am writing about a short time frame given to Realtors to market a sellers home before the sales date, sometimes I am only given less then a month to list and market for a short sale before the home goes to the sheriffs sale, and times have turned down the listing because of this and other added factors.
I would like to talk to sellers who have applied for their loan modification with their bank and
for whatever reason the loan modification did not work out for the sellers. Once you know
that the loan mod has been denied there are only few other options for sellers, one being a foreclosure or deed in lieu or a short sale.
The foreclosure clock does not stop and let me repeat this again the Foreclosure clock does not stop for sellers who have been denied and who are undecided on how to move forward at this point.
I have been contacted by sellers who have asked me to list their home for the short sale and
to have only less then a month to secure a buyer and to present the offer to sellers lender.
Before the home goes to the sheriffs sale. This is difficult at times given a short period to market the home.
There are factors to consider one being how long the home may sit in todays market.
Having a short period of time to secure a buyer in hopes to beating the sales date so that the
lender may have time to review the offer will take time, and I need for sellers to understand
I want to stress to sellers who are in this situation do not wait and let grass grow under your feet, yes you've been denied for the loan modification, now it's time to move forward and to salvage your credit by doing a short sale.
Sellers please take into account the time frame once you know that a short sale is your
means to salvage your credit, the Realtor will need time to market and to communicate
with your lender on the short sale.
Please visit my website at www.keystomyplace.com