Redding Real Estate – Short Sale Information – 25 Billion Dollar Mortgage Services Settlement!

Redding Real Estate – Short Sale Information – 25 Billion Dollar Mortgage Services Settlement–we have heard recently about the Justice Department’s Settlement with the Banks. Here are the details and the resources where you can find out more. It is hopeful that this effort will help distressed home owners stay in their homes. Here are the details of the Mortgage Services Settlement:

Mortgage Services Settlement–the United States Department of Justice announced a recent settlement with five major banks accused of robo-signing and other fraudulent foreclosure practices.

The $25 billion dollar settlement (with $4 billion pending other smaller banks (9) involved Bank of America, Ally, Chase, Citi and Wells Fargo.

Where the Money will go:

$5 billion consisting of $2000 payments to borrowers who were foreclosed on between January 1, 2008 and December 31, 2011 and who were subjected to the fraudulent practices.

$20 billion will be used towards foreclosure alternatives:

  • $10 billion will go to the borrowers who are delinquent on their mortgages.
  • $7 billion towards assisting homeowners through short sales, forbearance relocation assistance or other alternatives.
  • $3 billion will be spent helping borrowers who own more than the value of their home to refinance.

The time frames/deadlines from March 2012:

  • The Banks have 30-60 for the Banks to select an administrator to handle logistics of the settlement and to monitor compliance.
  • The next 6 to 9 months the settlement administrator and the Attorney General will identify homeowners eligible for immediate cash payments and notify them by mail.
  • It anticipated that the settlement will be completed within 3 years.

Clarification is made on the following:

  • Robo-signing practices are forbidden.
  • Dual-track Foreclosures (working with the homeowner on modification of the loan while simultaneously pursuing foreclosure) is forbidden.
  • Fannie Mae and Freddie Mac insured loans are not impacted by this settlement.
  • Special recourse is in place for Servicemembers who were charged over 6% interest rates after a valid request to lower their rates under the Servicemembers Civil Relief Act (SRCA) or who were wrongly foreclosed on.
  • Money will be distributed differently fro different states.
  • California will receive the most of any state $12 billion
  • Oklahoma was not a party to this settlement creating their own agreement worth $18.6 billion

Here are important links and phone numbers for more information on the Settlement:

  • Ally/GMAC 800 766-4622
  • Bank of America 877 488-7814
  • Citibank 866 272-4749
  • JP Morgan Chase 866 372-6901
  • Wells Fargo 800 288-3212

Official Site for the Settlement

http://www.nationalmortgagesettlement.com

To locate the Attorney General in your state

http://www.NAAG.org

To determine if a loan is ineligible due to insurance by Freddie and Fannie

http://www.fanniemae.com/loanlookup

http://www.freddiemac.com/mymortgage

As real estate professional who has achieved the Certified Distressed Property Expert (CDPE) designation,

it is my mission to give homeowners the gift of a fresh start or to find alternatives to foreclosure that allow you to remain in your home.

Contact me TODAY and let’s get started.

ar131436405533494 Redding CA   Short Sale Agent   Avoiding Foreclosure   Mortgage Services Settlement!

I am Jeanean Gendron, your Redding and Shasta County Specialist.

Visit my website to learn more about the Settlement and about Avoiding Foreclosure.

You can reach me at 530 276-7417. I answer my phone I hold the Certified Distressed Property Expert, CDPE and the Certified Investment Agent Specialist, CIAS designation. I have taken special training so that I may help my clients in all their Real Estate Investment needs.  Knowing the Alternatives to Foreclosure in this market is critical in helping my clients.

I am here to help.

I am HAFA Certified!

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What Is A CDPE? Certified Distressed Property Expert

CDPELogo ezr Redding CA   Short Sale Agent   Avoiding Foreclosure   Mortgage Services Settlement!

The Certified Distressed Property Expert Designation (CDPE) is verification that a REALTOR® has taken the initiative to become an educated and prepared advocate on the behalf of a homeowner in distress. Earned by completing a comprehensive curriculum via the Distressed Property Institute, real estate agents with the CDPE designation are equipped with the expertise to help distressed property owners avoid foreclosure.

As a CDPE designated REALTOR®, I am committed to helping people who are facing foreclosure by finding the right solution for their individual needs and seeing the issue resolved. A portion of my CDPE designation course work involved short sales. Previously, short sales were a rarely accepted alternative by lenders, but in today’s world they are increasingly becoming a viable option. Although more common in recent years, lender’s still want the right deal with the right paperwork, and most real estate agents without the CDPE designation do not know the specifics. The CDPE course has taught me how to submit the proper documents to a variety of lenders as well as negotiation skills, allowing for quick resolve to a short sale. The education of a CDPE designated agent is continual, as CDPEs from across the county provide information to the Distressed Property Institute for a continual flow of new information to share with other CDPE designated agents.

Redding Real Estate Short Sale – 2011 Wilder Drive Redding CA!

Redding Real Estate – Short Sale – 2011 Wilder – Redding CA – Short Sale Opportunity- Westwood Manor–nice community. Nice home with huge Family Room and good floor plan. Cozy fireplace in Living Room and free standing stove in Family Room. Remodeled kitchen.

2011 Wilder Redding CA 96001

Cute remodeled home in Westwood Manor.

2011 Wilder Redding CA 96001 Living Room

Lots of room in this home with the Living Room and a large Family Room.

2011 Wilder Redding CA 96001 Kitchen

Kitchen is off the Family Room for integrated living.

2011 Wilder Redding CA 96001 Family Room

Large Family Room offers room for toys and a free standing wood stove.

Redding Real Estate – Short Sale – 2011 Wilder – Redding CA – Short Sale Opportunity- Westwood Manor–An inground Gunite pool with Palm trees adds the finishing touches to this sweet home.

Priced at $165,000 – Call to Confirm Price.

Redding CA – Short Sale Success and Helping Sellers Facing Hardship–I have taken extensive training and continue to do so in order to help Sellers facing hardship. We have new Government Programs that are encouraging. Call today to learn more about your options. I hope we are seeing a trend with the banks to do loan modifications and short sales over foreclosures.

I am Jeanean Gendron your Redding and Shasta County Specialist. You can reach me at 530 276-7417.

I am HAFA Certified!

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Visit my main real estate website that provides you with the ability to Search the MLS and to set up an account so that you can save searches and select favorite properties. I also have many saved searches for you to take advantage of. There are saved City Searches and Community Searches. We also save Foreclosure Listings and Short Sale Listings.

Visit and learn more about The Shasta Lifestyle and the experience of living here in Shasta County.

Here are my blog sites:

The Gendron REO Connection

Short Sale Help for Sellers

Redding Real Estate Ramblings

Redding Properties and Land

Shasta Listings

Western Properties and Land

Northern California Properties

California Properties and Land

New Homes Shasta County

ReddingRealEstateLuxuryHomes.com

Redding Elegant Homes

The Redding Golf Lifestyle

Owning Your First Home

Redding Real Estate ~ The Long Road to Success for Short Sales!

Redding Real Estate ~ The Long Road to Success for Short Sales–As a short sale agent who has 100% approval rating, what is it that I do differently. First of all I understand and know my current market value and the banks financial model that will get the offer accepted.

Typically, the Bank will accept 80% of market value. 10% discount in the purchase price brings the buyer and the other 10% is made up of closing costs and commissions paid by the bank. There is some play in this financial model based on condition and location of the property.

As a short sale agent, I feel both a responsibility to the seller and to the bank to get the highest price offer possible. It means doing my research and knowing market value and the current market conditions to establish the financial model the bank will accept. Negotiation is a key element of how I have managed to maintain a 100% approval rating for the short sales I have done. Negotiation with the bank is crucial however it is the negotiation with other agents and their clients that seems to be the critical piece. I cannot tell you how many times in a day I have a conversation with another agent and explain the above model.

Redding Real Estate ~ The Long Road to Success for Short Sales–There is still a perception that you can low-ball short sales and foreclosures in this market. If the agent has done their work, this just is not true. I believe it is one of the single most mis-understood aspects of this current market. Getting the bank to approve the short sale is based on the above model. They care about the bottom line and you must be able to compelling prove your case for the short sale including the market value and the purchase contract you have accepted. Yes….in California the Seller still owns the home and we accept the best offer and open escrow (so that once accepted we can close quickly). In general, we are looking for all cash or conventional financing that CAN close quickly.

While I coach other agents in what the nature is of our getting an approval from the bank, I still get low ball offers and agents that don’t know how to be as effective with the bank as I have learned to be. I always request that agents call before writing, however sometimes they don’t. I received a conventional offer on one of my short sales the other day (agent did not call) and it was rather a low ball offer. We were at a higher price at the time and I explained that we were about 5% below market value (I always try to get market value and sometimes I do) and while their offer had much to offer, the lowest we would be able to go on this particular house was 10% below market value. The home is in a great location and good condition. She said we will just keep the offer where it is. The bank can always counter us.

Well needless to say her offer most likely will not be accepted and the bank will never see the offer. She obviously does not understand the nature of short sales and how to get them approved. Who knows maybe she will reconsider. I hope so. In the meantime the house is being shown 3 or 4 times a day. Offers will be coming.

Redding Real Estate ~ The Long Road to Success for Short Sales

I am Jeanean Gendron, your Redding and Shasta County Specialist. Your can reach me at 530 276-7417. I answer the phone. Visit my websites and blogsites to learn more about Redding and Shasta County Real Estate.

Visit my main real estate website that provides you with the ability to Search the MLS and to set up an account so that you can save searches and select favorite properties. I also have many saved searches for you to take advantage of. There are saved City Searches and Community Searches. We also save Foreclosure Listings and Short Sale Listings.

Visit and learn more about The Shasta Lifestyle and the experience of living here in Shasta County.

Here are my blog sites:

New Homes Shasta County Featuring Ochoa & Shehan Homes

Redding Elegant Homes

The Redding Golf Lifestyle

Owning Your First Home

Short Sale Help for Sellers

Jeanean Gendron ~ I love Redding and Shasta County, California

530 276-7417