Tag: Underwater

Time May Be Running Out To Complete A Short Sale On Your Metlife Mortgage

Hello everyone this is Kelly Cook with the KC Real Estate Team, your :k1: short sale specialist, thank you for checking out my blog today. I work with The Real Brokerage in :k1: and our team is dedicated to helping distressed property owners avoid foreclosure through the short sale process. If you are behind on your mortgage or just have questions on how a short sale works please take a minute to browse my website for more information or call me today to arrange a free consultation.

For my blog today we are talking about working with Metlife on a short sale file and some of the experiences I have had in the past. Metlife is a huge financial company but have been buying up mortgage portfolio’s for only a few years. I have worked with Metlife a lot in the passed but as of January 2012 they will no longer be servicing mortgages. I would like to think that our team constantly calling and working on short sales with Metlife is behind this decision and all of the other short sales here in :k1:. There are still plenty of loans that Metlife is servicing and if you have questions on your Metlife loan we are the team in :k1: for you. Their short sale department has improved dramatically over the years and we now look forward to working with Metlife on a short sale file. If you are unsure if a short sale is right for you take a minute to browse my website to learn more. There you will find a great new tool called the Short Or Stay Calculator which will give you a big picture idea of when your home may be an asset again.

We have the experience and dedication to get you out from under your mortgage and hopefully moving on to your next home. If a short sale isn’t right for you there are still plenty of other options for avoiding foreclosure. Thank you for your time and I hope you have a great day.

What Happens To My Short Sale If My Loan Gets Sold

Hello everyone my name is Kelly Cook with the Cook & Associates Real Estate Advisors, your :k1: short sale specialist, thank you so much for joining me today. My team and I work with The Real Brokerage and I use my blog to provide valuable information to distressed property owners on their options for avoiding foreclosure. If you can no longer afford your mortgage, or if a short sale simply makes business sense, give me a call or browse my website to learn more about your options.

For my blog today I wanted to discuss what happens if your loan has been sold and you need to complete a short sale. This is somewhat of a niche question but believe it or not it does happen to :k1: homeowners quite often. Thankfully it does not change your ability to complete a short sale on your distressed property. It simply requires our team to find the new owner of the mortgage note and find out how their short sale process works. I just had this happen to a homeowner recently and once we found the loan everything went great. If you have already started the short sale process we will need to re-submit your file but that will only take an extra day or two.

If you have any questions on this topic or if it has happened to you, please give me a call to get your file started and approved quickly. If you have a minute fill out our short sale contact form on my website and we will be in touch with you shortly. You can also call our office or e-mail me at anytime to learn more about the short sale process. I want to thank you for your time today and I hope to hear from you soon at the Cook & Associates Real Estate Advisors.

New Help for Homeowners Underwater

Just yesterday the Federal Housing Finance Agency (FHFA) announced that they would be making changes to a govement program that could help homeowners who are underwater with their mortgages.  With mortgage rates so low lately, many homeowners are trying to refinance but are unable to because their home will not appraise at an appropriate price.  This is unfortunate for them because the change in market is no fault of their own however they are penalized for it.

The program FHFA is proposing to change is the Home Affordable Refinance Program (HARP).  Currently, this program aims to help borrowers who are in this specific situation referred to before, wanting to refinance but running into problems because their home value has dropped.  Because FHFA has seen so many instances where HARP could have helped homeowners but they were unable to meet the guidelines, FHFA is going to be changing some of those guidelines.

A couple of the items they have agreed to change are the cap that disqualifies any homeowners who mortgage exceeds 125% of the property value and appraisal requirements.  Previously, if a homeowners mortgage exceeded 125% of the property value that homeowner would not be eligeable to participate in the program.  They have not stated an exact change, but FHFA will be altering that cap so more homeowners can participate.  Also, in many circumstances they have stated they may not even require an appraisal.

So, what does this mean for homeowners underwater??  Well, just like many of the other goverment programs that have been rolled out to help the housing market, only time will tell how affective these changes may be.  The majority of the other programs has failed to meet expectations or keep promises made in the beginning.

The main homeowner this will help is those who are underwater on their home but do not financially qualify for a short sale.  The HARP program should be able to help those homeowners adjust their mortgage to the current housing market state and then be in a better position to sell in the future.  This, in turn, then should lower the number of short sale as we move into the next few years.

Researches say these new guidelines could help an additional 1 million homeowners of the 11 million who are underwater.  Yes, you read that right, only 1 million of 11 million.