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Wells Fargo got the Case, Mortgage brokers are to be blame

Wells Fargo got the Case, Mortgage brokers are to be blame.Just last July, Wells Fargo & Co. was accused of biased lending. The said company paid $175 million just to resolve the issue. What’s worse is that it puts the blame to independent loan brokers for selling their mortgages, and this in turn closed the opportunity for extensive mortgage operation.

For these mortgage brokers, whose making an income by mediating between borrowers and lenders, this resulted in a negative flow of revenues. It also ended their work with the large banks, making Wells Fargo, one of America’s major wholesalers, as their last.

The housing downturns have left several mortgage brokers to conclude wholesale lending, and the current experience is just a major setback. It changes how they operates that these brokers feel they are being blindsided.

Way back year 2008, brokers handled about 27 percent of the amount of total mortgage but today, it lessened to 10 percent

Recent years, the quantity of people who assist home loan has dramatically gone down. This would drop extensively since Wells Fargo is out of the loop. Wells Fargo have helped many broker-related situations, funded a total of $7.4 billion in the first quarter of 2012.

Gainesville Realtors® are left with no choice but to turn to minor lenders who might be stress out to handle what Wells Fargo put behind. There are homebuyers who prefer brokers to deal straight to the banks because brokers can give mortgage proposals that are priced less than retail lenders. However, the amount of Gainesville Realtors® has shrunk in the past years, and they have been blamed for several mortgage disasters.

Tom Goyda, spokesman of Wells Fargo, said that by removing the system they are committed to fair and responsible lending.

There are federal regulators who blamed Wells Fargo for charging African-American and Hispanic borrowers with higher rates than those qualified Caucasian borrowers.

What mostly concern brokers Gainesville Realtors® are the processing time of the loan, it might be slower. They are also worried that Wells Fargo might end or regulate their connections to correspondent lenders because numerous major banks have already chosen to do so.

Wells Fargo still does business with correspondent lenders because these lenders grant and fund loans in their own label before trading a mortgage to a lender. Wells Fargo is so far backed up with the amount of incoming leads that they have failed to process loans in time. I had one loan that took over 90 days. I flipped the buyer to another lender but I wanted to see how bad the service from Wells Fargo was going to be so I left the file open with them. It took over 90 days without resolution; they lost my business needless to say.

I received excuses that they were overloaded, backed up, etc. Guess what guys, people need jobs, how about you hire. This is not just a local Gainesville Florida problem. I had the same issues with Wells Fargo in the Orlando area.

Wells Fargo and these correspondent lenders have mutual interests where brokers can still propose mortgages to clients. If the bank were to discontinue this relationship, it could produce problems for many clients.

Other lenders are already reluctant to work with Wells Fargo because a possible litigation might ensue. These might cause regulators to pursue other lenders for their transactions.

Other Articles to Read:

Bank of America’s Cooperative Short Sale Program

Banks Are Calling Homeowners To Solicit Short Sales

Options To Prevent Gainesville Foreclosure when Unemployed

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville Short Sale Buyer Advantages

Gainesville Short Sale Buyer Advantages Some Gainesville Realtors® may even advise prospective Gainesville home buyers to stay away from short sale listings. It is the agent’s option to understand and work with short sales. But if the buyer is interested, the agent could refer the buyer to an experienced Gainesville short sale agent. If you are an agent not offering a short sale, then tell the buyer outright that you are not going to show them any short sale listings.

As a buyer, here are the benefits of buying a Gainesville short sale

Buying a short sale means getting a good deal on a home that is not a foreclosure. Since you are allowed to inspect the home’s condition, you are most likely getting a home that is in better shape than a bank owned. As with a foreclosed home, banks do not disclose the history and condition of the property.

If you have ever wondered how much you have “saved” from buying a Gainesville short sale, well it’s usually 10% to 20% less of the normal market value of the neighborhood. You may not have made a “steal of a deal” as with a foreclosed property but you will get great value for your money in the long run.

This kind of a deal is a great buffer in case your local real estate market spirals down.
Buying a short sale requires a lot of patience for the buyer and agents. It is highly advisable that you refer to an experienced Gainesville short sale agent since they have a proven experience in handling short sales.

A Hint to buyers: Before making an offer on a short sale listing, take notice of the following considerations about the listing agent:

  • Will they be involved with the short sale process?
  • How many short sales have they closed?
  • Are they helpful and cooperative on first contact?

If you are the buyer’s agent, you have to make it a point that your buyer understands the short sale process. Your buyer has to patient during the complex and quite lengthy process of acquiring a short sale property, make sure you have their commitment to cooperate until closing.

Take note that the buyer must also be able to close immediately once the seller’s lender approves the short sale since most of the short sale acceptance letters requires a 30-day closing. Remind the buyer to secure their funds first hand.
Gainesville Short Sale Buyer Advantages

Other Articles to Read:

More homeless? Where will the mortgage settlement fund go?

My Gainesville Short Sale Appraisal Came in Low, Now What?

Where will the mortgage settlement fund go?

When Can you Own a Home Again After Foreclosure?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Gainesville – Bank of America Cooperative Short Sale Program

Gainesville – Bank of America Cooperative Short Sale Program – The bank of America’s new Cooperative Short Sale Program is designed to increase its bottom line profit and through this, homeowners/borrowers will benefit as well, since it makes the short sale process less difficult to handle. This is good news both for Gainesville short sale agents and home sellers and buyers.

The bank makes more money with short sales than foreclosures. The Bank of America would gain control of the whole short sale undertaking once it has the authority to pick the short sale list price and through the Cooperative Short Sale, it will be able to approve the short sale earlier.

The Cooperative Short Sale would also help patch certain setbacks that the bank had faced such as:

– A bad reputation for delayed processing of short sales;
– Incorrect short sale pricing by short sale agents (Gainesville short sale agents) due to the uncertainty of how to handle short sales; and
– Buyers were giving lowball offers due to the period it takes in buying a short sale.

So, what specific benefits can homeowners get from the Bank of America’s Cooperative Short Sale program?

First and foremost, sellers will receive a moving allowance worth $2,500. The Bank of America will no longer demand for the deficiency payment and it will be the one to set the listing price of the home – reevaluation of the price happens every 2 weeks until the buyer comes. And lastly, the bank will not foreclose on your home.

This Cooperative Short Sale Program by the Bank of America will help thousands of Gainesville FL homeowners and Gainesville short sale agents.

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Gainesville – Distressed Sales Still Depress Home Prices

Gainesville – Distressed Sales Still Depress Home Prices – According to CoreLogic’s December 2011 Home Price Index, prices of homes nationwide went down almost 5 percent from 2010 to 2011. The culprit, according to CoreLogic, is likely to be the high prevalence of distressed sales. Prices dropped only by 0.9 percent if you eliminate distressed sales in the picture.

Downward pressure on home prices is expected to continue until distressed sales go down, according also to CoreLogic. Prevalence of foreclosures,such as Gainesville foreclosures, continues to restrain home prices from going up.

The states highly affected by this decline since the peak of the housing boom are Arizona, Florida, Nevada, California, and Michigan. High occurrence of foreclosures have been recorded in these states as well, according to a study presented by AOL Real Estate in February this year.

It is reported that in 2012 and 2013, millions more homes are expected to be added to the 2 million homes bugged down by foreclosure in 2011.

Filings of foreclosure – Gainesville Foreclosure– significantly declined in 2011 and it has been believed by experts that this event was due to the government’s initiative to repress banks from foreclosure abuses which include “robo-signing” – bank employees sign foreclosure documents without careful review.

Other Articles to Read:

Gainesville Short Sale Buyer Advantages

Short Sale Process – What to Expect

Gainesville Short Sales Hiring Incompetent Short Sale Agent

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

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Gainesville Short Sales – Freddie Mac Relief Save Your Home

Gainesville Short Sale – Freddie Mac LP Relief Program Can Save Your Home

If you are a homeowner in distress with your Freddie Mac loan – you currently have an upside down mortgage or currently have an adjustable rate mortgage where payments continue to increase, then the Freddie Mac LP Relief Program is just what the Dr. ordered.

Gainesville short sale agents reveals the insider information on the new Freddie Mac Relief Refinance Mortgage, it is the Home Affordable Refinance Program (HAFA). It offers aid from simplified appraisal requirements, standard mortgage insurance, and no maximum loan to value ratios.

For borrowers who make on-time payments yet are unable to refinance because of declining Gainesville property values, the Freddie Mac LP Relief Program may save your day by helping you to refinance into a better mortgage so you will be eligible for long term successful home ownership.

Gainesville homes for sale showcases this new program and its new extensions:

Eligibility requirements for mortgage:
You must be a first lien, owned by Freddie Mac.
Your Freddie Mac closing must be on or before May 31, 2009.
You must be seasoned for a span of three months.
The mortgage being refinanced is eligible for refinancing if it has mortgage insurance.
The mortgage being refinanced is ineligible for refinancing if the mortgage has recourse, indemnification or other credit enhancements.

Benefit for borrower (must result in one of the given benefits)
You will receive a reduction in interest rate.
You will receive a replacement of an ARM.
You will receive a reduction in the amortization term of the first lien mortgage.
You will receive a reduction in the monthly principle and interest payment of the first lien.

No maximum LTV (Loan to Value) ratio for fixed-rate mortgages
For ARMs, the maximum LTV ratio is 105 percent.
For mortgages with LTV ratios lower than or equal to 80 percent, the maximum TLTV or (HTLTV High Loan to Value) ratio is 105 percent.
For mortgages with LTV ratios higher than 80 percent, no maximum TLTV and HTLTV ratios will exist.

Other Articles to Read:

Gainesville Florida Lease Deposits During Foreclosure

Gainesville Florida Renter Rights During Foreclosure

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville FL Foreclosure News – Loan Modification Failures Are Rising

Gainesville FL Foreclosure News reveals that foreclosures are on the rise while alternative modifications on these loans are declining. As of November 1, based on the Treasury Department data, about 10.6% of the 615,000+ abolished HAMP trials reached completion of the foreclosure process; this surpasses double the 4.4% of failed HAMP trials foreclosed on as of November of 2010.

Based on the Treasury data, about 39.7% of the cancelled HAMP trials have gone through the bank’s own private programs (we are seeing a sign here), dropping from 45.4% over the same time frame. As compared to last year, more of the Home Affordable Modification Program trials through foreclosure by Mortgage servicers have failed. It takes on average about 684 days in Gainesville Florida for a home to foreclose.

Although lower, foreclosure completions as a percentage of borrowers never accepted into HAMP trials are still on the rise. As of November 1, about 7.6% of 1.8 million borrowers denied a HAMP trial were able to finish the foreclosure process and this is a 5% increase from last year. Considered flat over the last year, about 26.5% of these borrowers were given alternative modifications.

The rising foreclosure completions on failed HAMP trials came about at almost every large servicing store taking part in the program and the highest increase has been observed by the Citigroup. About 13.5% of the 71,808 HAMP trials that Citigroup cancelled were able to complete the foreclosure process as of November 1, which is a 3.1% increase from the prior year.

As compared to 1.9% last year, about 9.3% of failed HAMP trials have gone through foreclosure at the Bank of America, they are the largest participant in the program. With an increase of 11.3% from 6.2% at JPMorgan Chase; and 12.8% increase from 6.4% at Ally Financial through the same time duration. OneWest Bank held the highest percentage in the program they are up by 10% from last year. OneWest foreclosed on more than 19% of the 20,000 failed HAMP trials. No wonder why Gainesville Florida homeowners are frustrated. At 6.7% – almost the same from last year – Wells Fargo obtained one of the lowest percentages of completed foreclosures on such modifications. This may indicate that the data is starting to rebound the higher re-default rates and that servicers are defining poorer performing private modification.

As compared to a 31% re-default rate for other private programs, 17% of the 108,000 HAMP modifications that started in the second quarter of 2010 have gone about 60 or more days behind through the year.

We will start seeing more Gainesville short sales and foreclosures on the market.

Other Articles to Read:

Gainesville Short Sales Update: If You Have A Short Sale Or Foreclosure, You May Owe Federal Income Taxes In 2013

Options To Prevent Gainesville Foreclosure when Unemployed

Real Estate Agents In Gainesville: Understanding FICO Scores

Gainesville Florida Lease Deposits During Foreclosure

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

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Options To Prevent Gainesville Foreclosure when Unemployed

Options To Prevent Gainesville Foreclosure when Unemployed

Unemployed and Facing Foreclosure

There have been rules by FHA obligating lenders to extend their fortitude to homeowners who are unemployed for the span of 12 months. These rules took effect in July 2011 and are geared toward giving assistance to unemployed homeowners for them to make it through the economic depression.

The original fortitude timeline was limited to four months but the timeline for most homeowners had been extended to 12 months after the prolonged state of unemployment. More than 45% of the unemployed have been hunting work for more than 24 months.

Short Sale Agents in Gainesville believe that homeowners will be given more chances to find employment during this time of economic depression if the timeline for the fortitude will be extended.

In order to prevent foreclosure, a time of review at the end of the 12 months has been implemented to assist the homeowners.

Short Sale Agents in Gainesville Florida are encouraging those FHA borrowers who are having difficulties on their mortgages during extended unemployment status to call their lenders rightaway – now that a special fortitude option is being offered. An FHA borrower will be qualified in getting more assistance than would be available once a loan default process is enforced when they take the time to notify the lender about the unemployment status.

Other Articles to Read:

Know Your Options

Loan Modification Failures Are Rising

Mortgage Relief For Unemployed

Refinancing Balloon Mortgages

Call Stephanie Anson today at 352-535-0620 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.

  

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3 Questions You Should Ask Before Hiring a Gainesville Short Sale Agent

Gainesville Short Sales – 3 Questions You Should Ask Before Hiring a Gainesville Short Sale Agent

It is imperative that as a Gainesville homeowner you do your research prior to choosing an agent to work with when considering to short sale your home. Choosing the right agent can make the difference between the success or the failure on your short sale. There is much at risk and you have much to lose if you do not do your due diligence. The short sale can be denied and the home foreclosed resulting in a deficiency that can lead to wage garnishment. It will have a huge impact on your credit and you will not be able to buy another home for over 5 years or more. If you hold a financial position or security clearance you may lose your job and or clearance.

It is just as important that your agent knows how to evaluate the buyer and buyer’s agent to ensure the proper expectations are set. Nothing worse than getting close to the approval letter for the buyer to walk or only be half interested and find this out after spending many hours and time working through the short sale process.

So here are the questions I would ask an agent before hiring any agent!

Question #1: How many short sales have you listed and sold in the past 6 months?
Banks are consistently changing their policies and procedures and you will want an agent that is familiar and experienced in managing these updates.

Question #2: In the past, what lenders have you negotiated short sales with?
There are many small short sale bank lenders, however, your agent should be familiar with the largest banks policies and procedures. Lenders such as Bank of America, Chase, Wells Fargo and SunTrust are the most prominent with short sales

Question #3: What is your success rate on getting short sales approved? Look at the agent’s track record and ask for specifics about how the transaction was processed, the challenges and how they were able to overcome them. Hard work is shown through diligence and persistence.

Other Articles to Read:

What is a Short Sale?

Short Sale Process – What to Expect

Short Sale Top 10 Questions

Do I Have to Pay for the Real Estate Agents Commission?

 

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.

Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.