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Bank of America Home Loans

April 20, 2012

 

Single Family Home Rate Sheet

 

PURCHASE

Conventional Loans (Loans at or below $417,000)

Assuming 740 Credit Score

In most cases requires 10% down

    30 Year Fixed   3.750% 1 pt                                                                         5/1 ARM    2.375% 1 pt                     

                                  3.875% 0 pt                                                                                              2.750% 0 pt

 

Government Loans – FHA – VA

 

       30 Year Fixed      N/A @  1 pt                                       5/1 FHA ARM     2.875% 1 pt

                                          3.750% 0 pt                                                                       3.125% 0 pt

 

JUMBO 30yr (80% ltv)                                                 CHFA

(Assuming 740 Score for Jumbo Loans) 4.250% 2 pt                Home Opener Plus 

                                                          4.125% 1 pt                    4.500% 1pt

                                                          4.375% 0 pt                               60 day lock  

                                                                                         

REFINANCE

 (Loans at or below $417,000)

Assuming 740 Credit Score and 80% LTV (95% FHA) & 90 day lock.

      Conventional Loans                                 FHA Loans

 

    30 Year Fixed                4.000% 1 pt                                     30 Year Fixed     N/A @ 1 pt

                                               4.125% 0 pt                                                                 3.750% 0 pt

 

Not for Public Distribution. This is for use by mortgage professionals only.  Not all borrowers will qualify for all products.  Alternative products may be available such as reduced doc, and/or stated income. For specific loan information, call Ross Barrett or Calvin Craig.

 

Ross Barrett 720-842-4002 / 303-931-3883     Calvin Craig 720-842-4009

 

Rising Short Sales

The growing number of short sales and the lengthy foreclosure process is a sign that the U.S. is working through its inventory of distressed properties.  Is there really a looming shadow inventory on the REO market?  The number of short sales deals have been surpassing the REO deals for the most part, but seminars on real estate investing say otherwise.

While lenders usually require short sellers to demonstrate hardship, such as inability to pay or the need to relocate for work, they don’t always file default notices.

Bank of America

Bank of America reports all short sales including those without a default, completed 10,447 in January — almost double the number reported by other sources — In the first quarter, BOA also had 3,100 deeds in lieu reported where borrowers give-up their properties prior to foreclosure- deed restrictions apply

“Bank of America is placing some emphasis on short sales and deeds-in-lieu as a preferred method to avoid foreclosure. They have been testing a short sale incentive payment program and a deed-in-lieu for rent in some states for several months.”

The company, which cut back on originating mortgages after its 2008 takeover of Countrywide Financial Corp. suited up with more than $40 billion in costs estimates.

Wells Fargo actually surpassed Bank of America in the fourth quarter of last year to become the largest U.S. mortgage servicer because they are originating more home loans in 2009-2012, according to data compiled by Bloomberg.

BOA short-sale activity is consistent with the delinquency and foreclosure statistics, which have been below industry averages

In 2006 and 2007 BOA took an average of 403 days after a notice of default for Bank of America to complete a short sale. That’s more than twice as long as the 193-day average for mortgages controlled by government-sponsored enterprises Fannie and freddieand the FHA.

As part of an effort to expedite the short sales process, mortgage companies will be required to respond to offers on short sales that have government-sponsored programs within 30 days and approve or deny them within 60 days, the FHA announced on April 17. We shall see…

The average U.S. short sale price was $180k in January. Discounts on short sale averaged 17 percent last year despite what the late night infomercials say…  Not 60%.  

The number of U.S. short sales peaked in the first quarter of 2009 then plunged when President Obama promoted loan-modifications like HARP to help reduce the amount of foreclosures. Short sales will probably exceeded loan modifications as only 25% of those who apply get a modification and only 25% of the 25% are able to keep up with their loan mods.

 By Brian Kaley @ www.kjhomefinder.com

 

BOA New Rules Coming April 13 2012

3/22/2012

Bank of America Refines the Short Sale Process

Every day, Bank of America works with agents like you to help homeowners complete short sales. On April 14, we will strengthen our partnership through an improved task flow in Equator.

The new Bank of America short sale process will enable short sale specialists to complete tasks such as document collection, valuations and underwriting at the same time, reducing the time from initiation to closing.

Before April 13, you must complete the Submit Short Sale Offer, Upload Offer Documents and Upload Supporting Documents tasks in Equator for all short sales submitted with an offer. Your file may be declined if these tasks are not completed prior to April 13.

Starting April 14, you’ll see several changes:

Five documents will be required for short sales initiated with an offer:

• Purchase Contract including Buyer’s Acknowledgment and Disclosure
• HUD-1
• IRS Form 4506-T
• Bank of America Short Sale Addendum
• Bank of America Third-Party Authorization Form

We are requiring the new Bank of America Third-Party Authorization Form for short sales initiated beginning April 14.

All messaging will remain in Equator.  Agents will receive a standard notice to log in and retrieve their messages.

New Timeframes:

• Five (5) days to submit a backup offer when a buyer has walked

“In a real estate man’s eye”

“In a real estate man’s eye, the most valuable part of the city is where he has a house to sell… I find this quote to be very true.. if you have a good agent.  The purpose of your agent is to get your house sold so you can move on with your life.  Therefore the agent must make your home and your needs the number one priority. Finding a good agent is like finding a needle in a haystack… they all say the same thing. “I am educated, I have skills, I can help” but that is not always the case. Choosing an agent can be a grueling task. Who is qualified, who has your best interest at heart, who can make your life easier. Not many agents I know pose those qualities. Here are a few questions to ask when searching for your agent.

1. How can you make my short sale as painless as possible?
2. How can you help me?
3. What are your goals for my short sale?
4. What makes you a better agent then the rest?
5. What is your track record?

Those 5 basic questions will weed out the good from the bad.  When in doubt always trust your inner voice and that gut instinct.

Insite from Nicole Pitman of www.kjhomefinder.com

nicole@kjhomefinder.com

Short Sale Colorado Employee of the Month

Key Concepts Employee of The Month (March) Glenn Twist 5 Years of Service- Thanks Glenn

About Glenn Twist:
Glenn Twist is the property preservation specialist at Key Concepts. Glenn has over 30 years of experience maintaining homes from lawn care to winterizations to FHA qualifications. Glenn is a specialist in almost any realm of repair and is a perfectionist in his work. There is no job he cannot complete. Glenn started property preservation fresh out of school and has taken his trade to a new realm of perfection. He studies new and improved ways to complete all tasks to ensure a property is functioning and fully preserved to the banks expectations. Glenn is a great asset to Key concepts and we are very pleased to have him as part of our team.

Glenn Twist- Property maintenance, trash, and lawn services, moving.
720-690-0873 $25.00 monthly lawn service with listed clients.

glenn@kjhomefinder.com

Yard care in a short sale situation…

Are you going to mow the yard I ask my husband..” nope” he says. Well I guess that just leaves me…. But do I really care about my yard??? I mean come on now there is an episode of Big Rich Texas on and I totally want to watch that. Plus I am short selling my house so what does it really matter? It does matter quite a bit in a traditional sale, but does it really in a short sale? Yes and no! By keeping your property maintained  it certainly makes it easier on your skilled short sale specialty agent when ironing out the cash due at closing portion by avoiding costly county liens which will be due on closing- no surprise. Keeping it cleaned up allows for your property to be shown with better curb appeal and for possible buyers to see what possibilities lay in your yard. Everyone has that house on the block that they wish the owners would just do something with their yard and you can, but will it benefit you. In order to get a better (lower is always better) price on the short sale and keep potential buyers in waiting it is good to sometimes NOT keep-up on that lawn. I always say… the uglier the house then easier it is to sell. This may be key in helping you get out of your lock and hold contracts with the bank and get you on the road to success in rebuilding your life.

When it is necessary to pick-up that yard call Glenn Twist http://www.kjhomefinder.com/Nav.aspx/Page=%2fPageManager%2fDefault.aspx%2fPageID%3d2109236

Specializes in scrapping trash from foreclosures and short sale

 

Short Sale Colorado Processing centers ??? Who does their thinking!?!?!?!

Short Sale Processing Services can add weeks or months to a short sale. In my opinion an agent with 20 or more short sale listings will need some help in processing the paperwork and keeping up on deadlines. The processing portion of short selling is time consuming but necessary. The issues that I have come across with processing centers is that they do not really strategize the complexities of the sale and when you think that they are doing what is in your best interest they truly are not. Most do not have a clue as how to sell a property or evaluate the situation at multiple perspectives and do not even get me started on the perception of time. Critical thinking is an art that must be weaved into the tapestry of the short sale transaction.

This is why it is important to have a short sale agent who is prime in there game and who has an in-house assistant or office processor. As for agents: I think it is better to train a competent assistant or take on less files than it is to rely on those so-called “short sale processing centers” who likely are not in-the-know. For sellers: interview multiple agents and find the ones who know the market, know who to contact at the bank and who has a SPOFC Single Point Of Contact (bank’s appreciate that).  There are good agents and trust me you can tell the good from the bad. Be sure they will keep you informed when you have questions, will tell you what the banks are saying and will do what it takes to get the job done.  The best short sale agents will not only have an in house negotiator like we do but will also have a fantastic open relationship with other negotiators as well. They are able to stay on the negotiators to get your deal closed.

Final Thought: Processing centers… good? Bad?  Actually both. Good if you have a good solid processor who checks facts with the listing agent and is ready to assist you. Bad if the processor is new or does not have a clue. Choose wisely.

Brian Kaley

www.kjhomefinder.com

Spring Into Short Sale Colorado

Spring is Near… oh wait spring is here! Why right now is the prime time to short sale your home?

So you have had some hard times, they no longer have to be especially with spring here.  You have gotten the bank notices, you have tried to catch up but you are just unable to do so.. you see no way out.. well have no fear because along with us and mother nature you too can become part of the short sale Colorado club.

Statistics prove that 74% of Colorado residents prefer to purchase their homes in the spring and summer months.  There is just something about the trees budding and flowers blooming that make potential home buyers want to start browsing what homes are currently on the market.  Everyone wants a great deal and short sales are always a great deal. They help you get out of your contract with the banks while helping another get into their dream home.

Spring is the perfect time to short sale your home because the buyer is able to see potential in the yard, the interior etc. Spring brings that fresh scent into your home and awakens its personality. Thus causing buyers to want to get into a home as quickly as possible. Meaning you could be done with the harassment from the banks in only a very short time. Imagine it….  you may be able to get a full night’s sleep again without having to worry if tomorrow the bank will be trying to lock you out of your house.

So spring into action and get your short sale listed asap and you too can be on the road to recovery by the time fireworks are  firing and the hot dogs are grilling.

Nicole Pittman

www.kjhomefinder.com

 

HAFA Short Sales- Updates for 2012

New updates
• HAMP & HAFA extended to Jan 1 2013
• Jr liens can get up tp $8500 instead of $6000
• No more occupancy requirements for short sales
• $3000 moving incentive only availably to occupied properties (too bad- new rule)
• Request pending for program to be released to Jan 1 2015
Now if they would just postpone foreclosure dates then we can try to commit to their standards and long wait times imposed my Jr liens and other mortgage companies. Short Sales in Colorado really need the help of Fannie Mae and Freddie Mac. They could really save some money and time if they could just work smarter and start postponing foreclosure dates. What is the point in not extending foreclosure dates anyhow?

Brian Kaley
Short Sale Colorado
www.kjhomefinder.com

To short sale or not to short sale… What is the answer?

This is a question that comes to everyone’s mind when facing the possibility of losing one’s home.. Well we at Key Concepts are here to help and give you an answer of what is best for you and your family. Every situation has its own circumstances, loss of job, injury’s, divorce… the list goes on and on In today’s market it is hard to find a knowledgeable agent educated in the short sale process as well as having knowledge of what the banks want. We at Key Concepts pride ourselves on not only being sympathetic to your situation but your needs as well.
It usually starts like this you get that dreaded notice from the bank.. you are at least 30 days past due on your mortgage, where do you turn? What do you do? This blog has been created for you to be informed on if you like hundreds of others should join the short sale Colorado club. Once you receive your notice the time has come to act. The faster you contact us the more time you have to plan your move and the longer you have to stay in your home without the harassing calls from the bank. Once contacted our staff flips into action and is more than happy to listen to your situation. We then can give you the best ideas… short sale, deed in lieu etc. Most times if you act quickly enough a short sale will be your best solution.
Our agents will meet with you have some paperwork to get you started and get your home listed. This is a free service with no cost to you. We work around your schedule unlike some agents of the short sale Colorado club. We do not just operate the 8-4 we are available whenever you need answers. Once your home is listed with us the showings begin and as long as all goes well you will be on your way to creating a new life.
We work a special group of bank negotiators who communicate directly with your bank to see what they are willing to do to help get you out of your home and on to a new chapter of your life. Banks do not want your life to be over they do for the most part understand that these are indeed hard times and things do happen. We keep you in the loop the whole way so that you know and understand each step as you are going through it. We understand that this is a hard time in your life and the last thing you need is more fear added to your daily plate of life. Communication with your agent is key.
So if you do decide to join the short sale Colorado club let us do all the foot work for you. You can be on your way to creating a fresh start for you and your family in a matter of time. But the time is now and you must act quickly. We look forward to helping you rise up from the ash in these troubled times.

Nicole Pittman
www.kjhomefinder.com