Archive for the ‘affidavit’ Category

What’s The Huge Deal With Arms-length Transactions Within The Short Sale World?

Monday, May 14th, 2012

Hey, I am Jesse Moore and that is Dennis Pearce and we are with Pickett Street Properties. We are one of Seattle’s leading short sale teams. Right now we are going to speak about arms-length transactions and what that means within the short sale process. Arms-length within the authorized sense actually talks about not having relation to on this case a seller. The banks are going to take a dim view on someone who is making an attempt to sell to family. It is a method for the financial institution that’s approving a short sale to make sure there’s less chance of fraud.

I can think of some examples. A husband and spouse divorce, the wife retains the home and the husband isn’t on the mortgage. The wife is in a state of affairs where she needs to sell the house and the ex-husband tries to buy the house. This is unlikely to happen. They want to make sure that the whole lot is completed properly and so they don’t want the properties in collusion. The explanation it’s a requirement by the financial institution is to verify there is no short sale fraud going on.

What it’s good to know in case you are contemplating a short sale or in case you are within the short sale process is you cannot list the property with a family member. Some arms-length definitions even include plutonic relationships that means friends and enterprise relationships as well. We’re primarily talking about blood relatives. Be mindful you will probably be required to sign an arms-length affidavit. You do not want to sign it having it state that it is an arms-length after which have it not be. That is considered mortgage fraud and I consider the FBI tracks it.

When you’ve got any questions on short sales or the short sale process, please give us a call. Again we are Pickett Street Properites, one of Seattle’s leading short sale groups and we’re right here to assist you. Thanks and have a fantastic day.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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Info Concerning The Principle Reduction Program And The Keep Your Home California Program And How They Can Assist You

Friday, April 27th, 2012

Hello, I am Mike Rigley and I am an authorized default advocate distressed property expert and a short sale specialist. I’m one of California’s leading short sale teams. Welcome to our video blog. As default advocates and short sale specialists, we want homeowners to know all of their options whether or not you are behind in your payments or probably going through foreclosure or possibly just owe more than your house is worth, we’re here to help.

At present I want to speak about the Keep Your Home California Principle Reduction Program or PRP. The Principle Reduction Program by way of Keep Your Home California gives help to eligible owners who’ve experienced an economic hardship coupled with a severe decline in the home’s value.

Homeowners who qualify for the PRP could be eligible for as much as $50,000 in help from Keep Your Home California. PRP requires a dollar for dollar match from the participating servicer so the entire amount of reduced principle may very well be as much as $a hundred,000, that is substantial. Homeowners must be in the low to moderate income bracket of a hundred and twenty% or less of the housing and community development area median income. one hundred twenty% of the HCD median income for a family of four in Sacramento County is currently $ninety one,320. You may want to complete a signed hardship affidavit and third party authorization documentation documenting the rationale for the hardship. You will want enough income to maintain the modified mortgage payments. You should agree to offer all obligatory documentation to satisfy the program guidelines established by Cal-HAFA.

Your mortgage have to be delinquent or susceptible to eminent default as substantiated by your hardship documentation. Loans in foreclosure are eligible. Sadly owners in an active bankruptcy are usually not eligible for this program. At present there are 12 lenders nationwide who’re participating within the PRP. To search out out if your lender is participating in this system and to see when you qualify, call 1-888-317-9376 for a free confidential consultation. Once more, I’m Mike Rigley, certainly one of California’s leading short sale groups and we think it is vital that you understand all your options. Hope to talk to you soon.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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