Ocwen Short Sale - Now what??

Westminster, CO - When one has completed a Successful Short Sale, it really does feel very good.  Especially, when that lender was Ocwen Financial!!
This time is no exception!!   After waiting for an approval of our HUD-1, since we closed in Escrow (In Colorado, escrow is a dirty word, the lender funds on the same day we close and disburse funds), it started at Noon on Friday, and ended with an approval on the following Tuesday late afternoon.
You ask WHY the delay?   Very simple, explanation!!  Ocwen is the "Al-Quaeda" of the Financial world!!  Yet, I digress!!   Again, the great news is that we had a successful short sale closing with a HAFA approval, and this includes a HELOC loan as the 2nd lien holder.

Another thing to remember is that the Loss Mitigation Dept is located in India!!   Only a company like Ocwen, would use this process to work issues in the United States.  Nothing is so disconnected than to deal with folks that DO NOT understand our contracts!!

There are always learning curves with any short sale process, and we did learn some things with Ocwen that we feel an obligation to share.

First, after having a short sale and HAFA approval from Ocwen and the 2nd lien holder, Ocwen decided to deny the HUD-1 for approval until we removed the Seller Concession of $1,500 that they had approved with their short sale letter.  As always, they feel it is their right to unilaterally change an agreement, after the fact!!

So, 2 important elements to remember when working a Short Sale with Ocwen is to understand they do not allow Seller Concessions, and the other important element is to give yourself TIME to work a short sale, when the borrower is in default.  If the "foreclosure notice" has been recorded, Ocwen will NOT postpone a foreclosure sale date.... EVER!!!




Along with understanding the fact that Ocwen does NOT allow Seller Concessions,  at what percentage of the contract value do they allow in selling costs.

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With the argument over our Seller concessions, we discovered that the Line Item on the HUD-1, in this case line item 508, had to be changed to ZERO.  We learned how to get around the seller concession amount by working it in a different manner on the Seller debit on page 2 of the HUD-1.

By performing this change, we were looking at the 4 line items that Ocwen was concerned about.  Those line items fall under the 500 section on the front page of the HUD-1.  They were lines 502, 506, 508 and 511.  The costs on these lines are very important.  They cover such things as the commissions to the title policy cost to the taxes.



We have found that knowledge on what Lender you are working a short pay-off with, can add valuable negotiations to your short sale process.

Remember, the GOAL is to help the distressed Home Owner to Avoid Foreclosure!

Stop Foreclosure in Westminster with a Short Sale.

HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Thanks for reading this,  Dan Hopper,
Your Real Estate Advocate:


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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

Thank you for reading, "Ocwen Short Sale - Now What??"

A SHORT SALE IN WESTMINSTER REACHES SUCCESS!

   Westminster, CO - It is very exciting to complete a Short Sale with a successful conclusion for all parties.
We are pleased to satisfy the real estate needs of another client that had to relocate out of state for employment!!
Again, this short sale was not unique in it's own issues in order to obtain a short sale approval from a 1st and 2nd lien holder. They will always have their challenges and we are here to ensure they could worked properly for the benefit of our client!
For more details on this Real Estate Short Sale and more blogs:  Westminster Stop Foreclosure Blog

Review the property details in the video, below!!

Search Westminster properties under $250,000.

This listing has it's story, and it's tale of success with many entities involved with a Short Sale.

When working with a short sale property you need to discover what liens and lien holders are involved. In this case, we had a 1st with Ocwen and a 2nd with Wells Fargo that was a HELOC.

We were very surprised and pleased that the WF HELCO did not require a promissory note to release the lien. Not all HELOCs will do that!! With our Short Sale team we were to get this done and the 1st lien holder with short sale approvals in less than 90 days.

Stop Foreclosure in Westminster with a Short Sale.

You do learn that not just working with the short sale lenders has it's issues, but then you have a Buyer that must obtain a loan after the short sale is approved by the lien holders.  Remember, the buyer's lender will NOT work the loan until they have received the s/s approvals.  So, we must work within a time frame as agreed upon in the s/s approvals.  Sometimes, that means working to a 30 day closing process!!

Property Inspections for Buyers:

I find it a better situation when any buyer that is serious to work an offer on a short sale, perform the Property Inspection, first, prior to our short sale team working that offer to the short sale lenders for approval.  WHY?  It reduces the time to work the loan process after the s/s lender approvals!!

Since, the buyer must perform an inspection, get it done right up front!!  That way we are not working a buyer with the s/s lenders and once the approval is received, the buyer will NOT walk doing an inspection!

Trust me ... you do NOT want to start the short sale approval process OVER again, after receiving an approval.  This can cause delays up to 8-12 weeks with some lenders!!!
Lender Appraisals:

Now, we must get the buyer's loan appraiser on board!!  In most cases, we usually get an appraisal that satisfies the contractual value in a timely manner.  Lately, we have had a slow time in getting appraisers to accept the orders in a timely manner causing delays in the appraisal.

In some cases, we have had the appraiser create a condition on the appraisal!  Especially, with the FHA loan appraisals.  You do your best to address property concerns at the time of placing a property on the market, but there situations that do not allow for repairs or replacements to take place.  In this case, our Sellers had to relocate out of state for employment.

We had some appraisal conditions that needed to be corrected and a reinspect by the appraiser to satisfy the loan conditions for a Full Loan Approval.  The Buyers took on that challenge and made those necessary repairs, i.e:  some painting and replace some deck boards. 

Another reason for a Successful Short Sale closing!!  We had ALL PARTIES on board to make this happen!   GREAT JOB!!

HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Thanks for reading this,  Dan Hopper,
Your Real Estate Advocate:


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FOLLOW DAN HERE:

Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

Thank you for reading, "A SHORT SALE IN WESTMINSTER REACHES SUCCESS!"

48 Hours To Final Blessing and Disbursement!

Westminster, CO - That is right, 48 hours to review a final HUD-1 in order to get a Short Sale lender to review, what they had previously agreed to, based on their Short Sale Approval letter, or HAFA agreement, or whatever!!

In Colorado, we do our best to ensure that we have our final HUD-1 prepared 48-72 hours prior to the actual closing date.  We are a "good fund" state, or best way to describe is we do not close in "escrow".  Escrow is a dirty word in Colorado for real estate closings.   We like to have the loan funds available so that the Title company can disburse funds on the same day that the buyer and seller close.

With that being said, when we have a situation where the buyer's lender does not have the loan funds wired for the scheduled closing or we are waiting that 48 Hours for the Short Sale Lender to Bless our final HUD-1.  It can cause the Title Rep to create an "escrow agreement" ( BOOOOO HISSSSSSSSSS).  So, we can close all the loan docs and real estate docs, waiting for funds to appear (wire or by check) or the HUD-1 blessing by the Short Sale lender. 

Lenders usually do not like to have their loan packages sit for more than 48-72 hours, OR they will start the new closing figures for prorations!  YUCK, we do not like that.

NOW, let's focus in on this 48 or 72 hour rule by these short sale or Loss Mitigation Depts at the Lenders.  Almost ALL of the lending institutions request that we give them this time frame for review of the HUD-1 and bounce it against their short sale approval figures.  No problem, there.

We tend to get confused as the whether or not that means they need 48 hours to review OR is that they will not review until 48 hours has passed!!  Needless, to say ... we do get confused when we cannot obtain an answer during this period of review, and trying to satisfy their agreement requests and meet their due date of funds!!

We have a great Short Sale team working on the short sale process and we usually have a great success in making the time frame and blessing of the HUD-1 work to satisfy the closing date and time.

Every now and then, we do come across some frustrating circumstances and we make NOTE of the lenders that work to their own beat of the drum.  Otherwords, they DO NOT comply with their own rules.  WHAT A SURPRISE!!

GETTING A FINAL BLESSING WITHIN THE 48 HOURS IS A CHALLANGE.

HIRE A SHORT SALE TEAM THAT UNDERSTANDS THE RULES AND THE EXPERIENCE TO DEAL WITH THE PROCESS OF OBTAINING SHORT SALE APPROVALS TO ASSIST THE HOMEOWNER IN STOPPING A FORECLOSURE!!

Thanks for reading this,  Dan Hopper,

Your Real Estate Advocate:

Search for homes, foreclosures, below:

    


FOLLOW DAN HERE:

Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

Thank you for reading, "48 Hours To Final Blessing and Disbursement!"

2012 Economic Outlook in the Broomfield / Westminster, CO Areas!

Westminster, CO - As fall looms on the horizon the 2012 Economic Outlook in the Broomfield/Westminster real estate market continues to show improvement over 2011.

Through August/2012 Broomfield/Westminster single family home sales are UP 13.12% compared to through August/2011; attached unit sales are UP 6.68% for the same time periods; the overall market is UP 12.13%.

The Absorption Rate (the time it takes for the market to fully turn) currently stands at 72 days for Broomfield/Westminster single family homes. At the end of August/2011 the Absorption Rate for Broomfield/Westminster single family homes was 117 days.

Active single family home listings are up 7.98% (798 vs. 739) when comparing August/2012 to July/2012. At the end of August/2011 there were 1,141 active single family home listings in Broomfield/Westminster That equates to 30.07% fewer single family homes available for sale at the end of August/2012 than at the end of August/2011.

At the close of 2012 there will be less than 650 single family homes on the market for sale in the Broomfield / Westminster area.

Below is a brief overview of average single family and attached unit values for the Broomfield/Westminster area for the past two years.

(Information is from MetroList, the Denver Metro MLS.)

Single Family             2011(Thru August)               2012 (Thru August)
    Area                       Average SalesPrice               Average Sales Price                  % Change
Broomfield....................... $184,392........................... $204,132.........................+10.70%
North Suburban Central.... $181,053........................... $196,717.........................+8.65%
North Suburban West........ $203,455........................... $224,775.........................+10.47%
===== ===== =====
TOTAL    $189,608 $207,318 +9.34%
Attached Units
Broomfield....................... $110,810........................... $115,082.........................+3.85%
North Suburban Central.... $97,824............................. $112,180.........................+14.67%
North Suburban West........ $109,526........................... $134,481.........................+22.78%
===== ===== =====
TOTAL    $104,072 $123,373 +18.54%

View Broomfield / Westminster Areas! in a larger map

Look for the Broomfield/Westminster real estate market to continue its customary path this fall as sales activity and inventory levels decline through the balance of the year.

Home mortgage interest rates should remain around 3.5% to 4% for the traditional thirty-year fixed-rate
loan.

New home construction will continue to increase across the Denver Metro area, Boulder Valley, and Northern Colorado as new subdivisions come on-line and in-fill projects are built out.

As noted by the chart above, home values have increased over the past year in Broomfield/Westminster. With the increase in sales activity and decrease in available inventory … scarcity will create demand!!

© 2012 RE/MAX Alliance. All rights reserved.

Thanks for reading this,  Dan Hopper.

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Thank you for reading, "2012 Economic Outlook in the Broomfield / Westminster, CO Areas!"

A Blue Moon for Neil Armstrong! An American Hero!

Westminster, CO - This year was unique in the since that this last month of August, we had a "blue moon" take place. NO, the moon is NOT blue... it is a term used to define when you have 2 full moons occur in the same month.

Was it coincidental that on this day, August 31, 2012, we witnessed the Blue Moon and recognized the American Hero, Neil Armstrong's passing?

This reminds me of that special day, in 1969 when we got to see Neil step down onto the Moon, and hear those famous words, "That's one small step for (a) man, one giant leap for mankind." I hope to see a resurgence into the NASA space program, what a shame to eliminate this funding!!

Thanks for reading this,  Dan Hopper.

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Dan Hopper specializes in assisting home owners to avoid Foreclosure in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

Important Notice

Dan Hopper, Remax Alliance, and the Stop Foreclosure help are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Dan Hopper's personal views and do not reflect the views of RE/MAX Alliance.

A Blue Moon for Neil Armstrong! An American Hero!