Tuesday, March 22, 2011
What is a HAFA short sale?
A lot of the banks are participating in the HAFA short sale program. (Home Affordable Foreclosure Alternatives). If you are in a situation facing foreclosure, this is a good alternative. It is much easier than the traditional short sales have been and provides some other benefits as well:
1. It prevents foreclosure and gives the home owner some control over their housing transition. The timelines are predetermined and are much shorter than other short sales have been.
2. Debt forgiveness. The first lien debt is forgiven and incentives are provided to the investor to help the process of negotiation of the subordinate lien holders. The subordinate lien holder must also agree to release its lien and waive all future claims againt the borrower.
3. Relocation support. The borrower (home owner) will receive a $3,000 relocation benefit at the close of the short sale transaction to help with relocation expenses.
4. Pre approved terms prior to listing. You can request a preapproved price from the lender prior to listing.
Do you want to know if you may qualify for this HAFA short sale? Contact me and we can discuss it. It will depend on who the lien holder is and also the type of loan you have on the property. Also, other factors involved are:
1. The property is your principal residence.
2. The mortgage loan is a first lien mortgage originated on or before Jan. 1, 2009.
3. The mortgage is in default or default is reasonably foreseeable.
4. The current unpaid balance is equal to or less that $729,750.
Brandi Herrera
Your HAFA certified specialist
1. It prevents foreclosure and gives the home owner some control over their housing transition. The timelines are predetermined and are much shorter than other short sales have been.
2. Debt forgiveness. The first lien debt is forgiven and incentives are provided to the investor to help the process of negotiation of the subordinate lien holders. The subordinate lien holder must also agree to release its lien and waive all future claims againt the borrower.
3. Relocation support. The borrower (home owner) will receive a $3,000 relocation benefit at the close of the short sale transaction to help with relocation expenses.
4. Pre approved terms prior to listing. You can request a preapproved price from the lender prior to listing.
Do you want to know if you may qualify for this HAFA short sale? Contact me and we can discuss it. It will depend on who the lien holder is and also the type of loan you have on the property. Also, other factors involved are:
1. The property is your principal residence.
2. The mortgage loan is a first lien mortgage originated on or before Jan. 1, 2009.
3. The mortgage is in default or default is reasonably foreseeable.
4. The current unpaid balance is equal to or less that $729,750.
Brandi Herrera
Your HAFA certified specialist
Thursday, February 10, 2011
Uh oh! It looks like the bank is foreclosing on my home! What are my options?
If it looks as though your home is facing foreclosure, there are some options to this situation. Try to look at the situation from a financial situation rather than an emotional one. Also, act quickly as time is of the essence!
Nine options when facing Foreclosure
1. Do Nothing-If you do nothing, you will likely lose your home at the foreclosure auction. This will affect your credit and loan applications generally ask if you have ever been foreclosed upon. There are other damaging effects for foreclosure.
2. Pay off/ Refinanace-Completely paying off the entire loan plus any default and fees. This is usually accomplished by refinancing. With this option, you need to have equity in the home.
3. Reinstatement- Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.
4. Loan Modification-Contact the existing mortgage company and see if you qualify for the modification. This can include refinancing or extending the length of the loan.
5. Forbearance-Lender may be able to arrange a repayment plan based upon your financial situation. Contact the existing lender to see if you qualify.
6. Partial Claim- This would require that you take out a 2nd loan for the back payments, costs, and fees.
7. Deed in Lieu of Foreclosure- Give the property back to the bank instead of the bank going through the process of foreclosure. Banks require that the loan payments be current, home in good condition, taxes be current. Most people ask me if this has ever happened???
8. Bankruptcy- This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.
9. Sale- If you have equity in the home, this would be a conventional sale which would allow you to walk with profits from the sale. If you owe more than your home is worth, you have 2 choices. The first is a short sale where I work with your lender to accept less than what is owed. The lender pays realtor fees and other fees that go along with the sale. The other choice, is to do a conventional sale and bring in the extra amount that is needed to pay your loan in full. This is usually not an option with most people especially if you are not able to make your house payments.
Let me know if you have any questions on any of these!
Brandi
Nine options when facing Foreclosure
1. Do Nothing-If you do nothing, you will likely lose your home at the foreclosure auction. This will affect your credit and loan applications generally ask if you have ever been foreclosed upon. There are other damaging effects for foreclosure.
2. Pay off/ Refinanace-Completely paying off the entire loan plus any default and fees. This is usually accomplished by refinancing. With this option, you need to have equity in the home.
3. Reinstatement- Paying the entire default amount plus interest, attorney fees, late fees, taxes, missed payments and fees.
4. Loan Modification-Contact the existing mortgage company and see if you qualify for the modification. This can include refinancing or extending the length of the loan.
5. Forbearance-Lender may be able to arrange a repayment plan based upon your financial situation. Contact the existing lender to see if you qualify.
6. Partial Claim- This would require that you take out a 2nd loan for the back payments, costs, and fees.
7. Deed in Lieu of Foreclosure- Give the property back to the bank instead of the bank going through the process of foreclosure. Banks require that the loan payments be current, home in good condition, taxes be current. Most people ask me if this has ever happened???
8. Bankruptcy- This option can liquidate debt and/or allow more time. I can refer you to a qualified bankruptcy attorney.
9. Sale- If you have equity in the home, this would be a conventional sale which would allow you to walk with profits from the sale. If you owe more than your home is worth, you have 2 choices. The first is a short sale where I work with your lender to accept less than what is owed. The lender pays realtor fees and other fees that go along with the sale. The other choice, is to do a conventional sale and bring in the extra amount that is needed to pay your loan in full. This is usually not an option with most people especially if you are not able to make your house payments.
Let me know if you have any questions on any of these!
Brandi
Thursday, January 20, 2011
Tuesday, January 18, 2011
My Resume
I am providing my resume to buyers and sellers interested in hiring a realtor. I understand that it is an important decision and would like to show my qualifications as a full-time and experienced agent.
1675 Robb Drive Suite #6 Reno , NV 89523
Real Estate School
Brandi Herrera
1675 Robb Drive Suite #6
Office 775-827-6644
Cell 775-846-1132
Email: brandi.herrera@bhghome.com
Objective:
To represent the buyer or seller in the home buying or selling process.
Education:
Bachelor of Science degree-Elementary Education 1994 University of Nevada Reno
Work Experience:
Realtor, Reno, Nevada
Successfully working with home buyers and sellers to facilitate the purchase or sale of their home. As a seller’s agent, I am a marketing expert in the local community by using a well developed marketing plan. My home marketing plan entails virtual tours, thorough exposure to the online resources and websites, open houses, good representation on the MLS, promotion with direct mailings, email flyers to local agents and brokers, and multiple quality photos of the home. Representing the seller, I negotiate the best terms possible for my clients. I work with the buyer’s lenders, home inspectors, and title company to ensure a flawless and easy sale. In a short sale situation, I work with the bank negotiators to obtain a short sale approval that is acceptable with the sellers. As a buyers agent, I help locate a property for purchase by communicating with the buyers and understanding their home needs. I work with the lenders to make sure the buyer’s understand what is required of them and that they are comfortable with the purchase price. I coordinate appointments with the buyers to show them homes and act as a liaison between all parties involved.
Realtor, Reno , Nevada : Prudential Nevada
A full time realtor working with buyers and sellers in the Reno/Sparks area. During this time I gained and utilized many skills involving the home selling and purchasing process. These skills involved communicating with clients, attention to details, excellent interpersonal and negotiation skills, and understanding client’s needs and building excellent rapport with all clients and customers. My client follow through allowed me to be one of the top realtors in this area. I also maintained the relationships I made by keeping in touch with my clients over the years. I also did relocations and was requested by potential buyers and sellers who were relocating.
Teacher: Reno , Nevada
A career as a teacher in grades K,2,3,4,7th grade English, and Special Education. These positions prepared me for many of the skills required as a realtor such as time management, paperwork, and working with people. I gained a great desire to have attention to detail. It also allowed me to be an expert in the area as I taught at many of the local schools.
Professional Affiliations:
National Association of Realtors, Nevada
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