short sale colorado

The Reverse Mortgage (HECM) Inherited

First the the potential to be “bad”. “Probate or Reprobate? Reverse Mortgages- is your inheritance in FORECLOSURE??

Continued from How to Handle an Inherited Reverse Mortgage good or bad on Coloradosbest.tv with Paula Haddock.

The upside of the HECM planning.  The potential pitfalls of the Reverse Mortgages Inherited followed by t

Many people who have inherited a home with an HECM have been happy with the results, but… some have not.  The Maturity Rate aka “Due on Death Clause” can put some unsuspected heirs in foreclosure/trustee/probate, etc. While some people say they could not have cared well enough for their elders in any other way (financially)- others say they are left in the dark-side of  “reverse mortgage foreclosure limbo”.

Statistics show that a majority of our people (meaning us) are more afraid of running out of money than dying *AARP.   In terms of long-term healthcare coupled with an HECM one should also seek a good financial plan/planner and/or an attorney who specializes in Estates, Wills, and Trusts.  In all cases seek an to find a “single-point ” (or points) representative for the real real estate connected with a HECM or Reverse Mortgage.  Early planning for the disposition of  Real Property at the “Origination of the Reverse Mortgage” can help with the high costs of some may inherit in regards to Property Maintenance, Taxes, County Violations and Vacant Property Insurance , etc.  “NO CLOSURE COULD MEAN A FORECLOSURE”.  This pertains only to the Residential Property  of the estate, so other estate planning is essential. Reverse Mortgage and often times these homes have equity- so lengthy disputes could cost valuable time!  A “Personal Representative” can help with the acceleration clauses within the mortgage deed of trust  of the HECM- Oftentimes there will be as a rider connected to the title or deed depending on the State in which the property is located. This is similar to a NED (Demand Notice) in terms of regular foreclosure filings.   A qualified, Legal Advisor, Title Officer, Real Estate Broker or Tax Professional can help obtain these for you. A qualified Mortgage Loan Originator can help explain the terms to you and your “loved ones” as well.

*HECM (Home Equity Conversion Mortgage)

Looking for more information on Reverse Mortgage? Call Susan Oberbillig
Susan M. Oberbillig
President, Paragon Mortgage Services, Inc.
Colorado Mortgage Loan Originator License #: LMB100016681, NMLS ID#50785
California Mortgage Loan Originator License/Registration #: CA-DOC50785
Florida Mortgage Loan Originator License/Registration #: LO2082
Idaho Mortgage Loan Originator License/Registration #: MLO-4775
Utah -DRE Principal Lending Manager License/Registration #: 62176

Susan M. Oberbillig, President, Licensed MLO, NMLS ID#50785
9200 East Panorama Circle
Lobby Suite 170
Greenwood Village, CO 80112-3491
Phone: (303) 727-2407
Fax: (303) 727-2400
E-mail: susan@paragon-loans.com

President

Paragon Mortgage Services Inc

National NMLS ID# 50785

CO Licensed Mortgage Broker:  LMB100016681

9200 East Panorama Circle Suite 170

Greenwood Village, CO  80112

* http://www.hud.gov HUD OMB 2505-0586, 2502-0524

Freddie Mac Forms

http://www.freddiemac.com/sell/forms/index.html

 

Seller/Servicer Guide Forms

The use of Single-Family Seller/Servicer Guide (Guide) forms by Freddie Mac-approved Sellers and Servicers is subject to the terms and conditions of the Purchase Documents, as that term is defined in our Guide. To learn how to print the Guide forms, view our Printing Instructions.

Seller Forms

Back to top

Servicer Forms

 

Marketing Kits

Cost-Effective, User-Friendly Marketing Materials You Can Customize

http://www.freddiemac.com/singlefamily/kits.html#standardshortsale

in the header for Foreclosure and Bankruptcy – Short Sale Research

http://www.freddiemac.com/learn/pdfs/service/fcl_resources.pdf

 

Effective Foreclosure Time Line Management

 

http://www.freddiemac.com/learn/pdfs/service/eff_timeline_mgmt.pdf

 

New HUD FHA short sale requirements went into effect October 1

 

Important change regarding new HUD FHA short sale requirements

Underwater Mortgages and the Moratorium 2009-2013- are we expecting another flood of foreclosures OR SHOULD WE WAIT FOR THE MARKET TO IMPROVE?”

Key Concepts Segment on CO Best OCTOBER 16

 

Topics questions and bullets:

Why putting the stop on foreclosures in 2009 didn’t stop the crash.

· Should homeowner’s be aware of the “National Mortgage Settlement” IFR (Independent Foreclosure Review)??  and, Kelli, can you tell us about that? (Kelli talks about IFR)

· Is there REALLY a phantom or shadow inventory?? What does this mean and how can we be informed?

· How has this affected your role as a short sale specialist? And what does this mean for those wishing to short sale a home in the 6 months? Should we wait for the market to improve? Or get out now?

· Who qualifies for relief or benefits at this time? And what can Key Concepts do to help?

Paula ends with: The IFR is helping homeowners by regulating mortgage servicers. Learn how an experienced short sale agency can overturn a bank’s timetable during the short sale approval process through the IFR standards. If you don’t know the rules you cannot call the bank’s out on it! Call Key Concepts Today for a FREE consultation.

Props and field equipment: I will bring my rubber duck on the show for props. For THE NEXT show we have a rubber duck costume rental reserved and MARY, KELLI, AND ANN and I would like to reserve a cameraman for “man-on-the-street interviews” like we did on Tom’s show in the past. We will be asking folks on the streets of down town Denver about which direction they thing the housing market/economy is going- last quarter? Next year 2014??

 

From: Sullivan, Mark [mailto:Mark.Sullivan@kwgn.com]
Sent: Monday, October 14, 2013 3:38 PM
To: Key Concepts
Subject: RE: Key Concepts Segment on CO Best

Love it!! good job girls…..

The Equator Process

Overview:
Page Content
1 Initiation
2 Offer Submission
3 Document Collection/Valuations
4 Offer Analysis
5 Closing
6 SS Complete
Banks That Use Equator for Short Sales

Select Lender or Servicer
Lenders and Servicers
  • Bank of America
  • Wells Fargo
  • ASC
  • Carrington
  • Nationstar Short Sales

By continuing, you agree this Short Sale submission is being done at the request of the Borrower and that the Borrower has requested you be their representation in a possible Short Sale transaction.

NOTE: By completing this submission process, you are requesting a Short Sale. Final determination of whether the property in question qualifies as a Short Sale is at the discretion of the Lender and/or Servicer.

 

Reason For Default

 

Unemployment

Excessive Use Of Credit

Curtailment Of Income

Payment Adjustment

Illness Of Borrower

Illness In Family

Death In Family

Martial Difficulties

Loss Of Renters/Tenants

The Short Sale Guru Course

Release Date 10/31/2013


Kelli, Ann and Miles and Glenn share their expert strategies in this informative guide. They explain the tricks-of-the-trade, the importance of a Single Point of Contact business model, and more…
Together they have mastered almost every short sale combination imaginable. This guide is jam-packed with case studies and relevant data sure to put you in the edge of the competition.

Kelli has been selling short sale and other distressed properties for the last 8 years, you will see that she is truly a master of distressed properties. Learn all of their combined-expert short sale strategies.  In this guide you will learn the “secret sauce HUD formulas”, “the smooth operator” and the “double-down-flip-tricks”… and more.
Email us to pre-order your copy… kjhomefinder@msn.com


$550 for the ebook, Audio and Video eworkbook, form generators, and other downloads.
DeluxE Training Kit with 12 Coaching Coaching Sessions $1299

STATISTICAL DATA CONTRIBUTING TO THE NATIONAL HOUSING CRISIS

 

An ongoing research project. Collection of statistical data contributing to the housing crisis:

 

www.kjhomefinder.com  www.coloradohomeandauto.com

www.shortsalemonthly.com

 

http://www.995hope.org/contact-us/media-contact-form/: WASHINGTON, D.C., July 16, 2013 – The Homeownership Preservation Foundation (HPF), an independent national nonprofit dedicated to helping distressed homeowners navigate financial challenges and avoid mortgage foreclosure through its HOPE™ Hotline at 888-995-HOPE™, announced today that the Bank of America Charitable Foundation awarded the organization a $250,000 grant. The funds will be used to support […]

August 03, 2012 National Mortgage Settlement Public Service Announcement Featuring the Homeowner’s HOPE Hotline Read More – See more at: http://www.995hope.org/news-center/mortgage-related-news/#sthash.kTmsE7tN.dpuf

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:

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

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