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Short sales are going to be a big part of the lending business in the upcoming months. Don't despair if you think the sellers of short sales cannot purchase for another 2-3 years, there is a situation where a borrower can purchase again following the short sale.
Here are the details:
1) A borrower CANNOT take advantage of an FHA mortgage if they are short selling to take advantage of the declining market conditions AND if the new purchase is at a reduced price, similar or superior property within reasonable commute distance. In other words there needs to be a solid reason for the short sale and the new home size, condition and commute distance will need to be brought to the attention of an underwriter to show that the borrowers are not trying to purchase more for less.
2) ELIGIBLE: If the proceeds of the short sale serve as payment in full (lien extinguished in full -- no lien / loan to be subordinated) and that the existing mortgage and any installment debts were paid as agreed for 12 months preceding the short sale. If the installment loan is due at the end of a month, then paid as agreed within 30 days be sufficient. Documentation on this point is critical, so prepare a borrower to provide the 12 months of payment and billing information for the installment debts along with the mortgage payments.
3) AND the borrowers must have the capacity to afford the new loan.
Call me to list your property or if you have any questions about the process. Laure McElwee, Realtor (S)
'Lava Laure'
Sun and Sea Realty, Inc. 75-6547 Naniloa st. Kailua Kona, HI. 96740 808.217.0429undefined
866.404.4789 Fax
LavaLaure@Yahoo.com
I Love referrals!
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New on the market! Large side by side lot for sale is very desire able area of Hawaiian Ocean View Estate. Each lot listed for $15,000. Corner lot and adjacent gives you plenty of room to build your dream home. Buy both for 30,000! Hawaiian Ocean View estate is a rural community approx. 1 hour south of Kailua Kona on the Big island of Hawaii. The shopping center servicing the area now has 3 grocery stores, an Ace hardware, various shops such as solar works/vet/nail salon/gift shop, 3 gas stations and much more. Come enjoy the tranquility and the lifestyle of Ocean view yet be only 30 mins from several sandy beaches black and white! Lovely spot you can call home Owner may consider financing with substantial down payment Contact lava Laure @ 808-217-0429 Laure McElwee, Realtor (S)
'Lava Laure'
Sun and Sea Realty, Inc. 75-6547 Naniloa st. Kailua Kona, HI. 96740 808.217.0429undefined
866.404.4789 Fax
LavaLaure@Yahoo.com
I Love referrals!
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One of a Kind "Hawaiian Style Home"
• 950 sq. ft., 1 bath, 2 bdrm single story - $299,000 - 50K price reduction! Captain Cook, Hawai'i - SHORT SALE!
One of a Kind Hawaiian Style Home in Paradise!
Enjoy the panoramic ocean views from living, kitchen, master bedroom and lanai. Pride of ownership is evident in this free flowing split-level charmer which features floor to ceiling glass in living area facing the ocean, Saltillo tile & Sisal floors, Siltstone countertops in kitchen with stainless steel fridge and gas range, new washer/gas dryer and stage water filtration system.
Tropical bamboo furniture included in sale.
The Kona Paradise community is located 34 miles south of Kailua Kona. Pebble beach is just at the bottom of the hill and is ideal for snorkeling, diving and swimming. Some resident also have their boat moored at pebble beach during the summer months. Nearby is the King Kamehameha trail which is a great hiking spot.
Home has been a vacation rental for over 3 years and is immaculate.
Sq footage does not reflect laundry, workout & storage areas below house.
Priced to move fast!
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PODCAST EPISODE 22: DAVID DURKEE - IMPORTED CHINESE DRYWALL Center for Disease Control and and Prevention (CDCP) has received about 2,276 reports from residents in 32 states, the District of Columbia, and Puerto Rico who believe their health symptoms or the corrosion of certain metal components in their homes are related to the presence of drywall produced in China. State and local authorities have also received similar reports.  Center for Disease Control
Laure McElwee, Realtor (S)
'Lava Laure'
Sun and Sea Realty, Inc. 75-6547 Naniloa st. Kailua Kona, HI. 96740 808.217.0429undefined
866.404.4789 Fax
LavaLaure@Yahoo.com
I Love referrals!
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FEDERAL SHORT SALE GUIDANCE PROGRAM AVAILABLEOn November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). Short sale procedures for loan servicers are standardized in guidelines under the federal government's Making Home Affordable loan modification initiative for troubled home owners. The guidelines create a path for a short-sale or deed-in-lieu of foreclosure for eligible borrowers for whom loan modification isn't a viable option. The guidelines provide $1,500 in federal funds to help borrowers relocate, $1,000 to help servicers offset their processing costs, and up to $1,000 to investors to secure release of subordinate liens. The guidelines prohibit a reduction in agreed-upon commissions (if they're not more than 6 percent) and take effect April 5, 2010, but can be implemented by servicers at any time. Fannie Mae and Freddie Mac are expected to follow this release with their own rules based on these guidelines. View Press Release Supplemental Directive 09-09: Entire Guideline Laure McElwee, Realtor (S)
'Lava Laure'
Sun and Sea Realty, Inc. 75-6547 Naniloa st. Kailua Kona, HI. 96740 808.217.0429undefined
866.404.4789 Fax
LavaLaure@Yahoo.com
I Love referrals!
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NEW RESPA RULES RECEIVES 120 DAY PERIOD OF RESTRAINT On January 1, 2010, HUD will require that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. Closing agents will also be required to provide borrowers a new HUD-1 Settlement Statement that clearly compares consumers' final and estimated costs. HUD announced a period of "restraint" in enforcing the new Real Estate Settlement Procedures Act (RESPA) rule, which will go into effect on January 1, 2010. The period of restraint will last for 120 days. Enforcement restraint will be shown for FHA approved lenders acting in good faith to comply with the new rule, including the mandatory Good Faith Estimate and the HUD-1. With the assistance of Suzette Nasser, Vice President and Senior Title Officer at Title Guaranty of Hawai'i, three videos were developed to provide HAR members with brief overview to help you understand the changes. Please take a few minutes to view these videos: Good Faith Estimate (GFE) HUD-1 Settlement Statement Access YouTube Videos on HUD's Mortgage Reform Laure McElwee, Realtor (S)
'Lava Laure'
Sun and Sea Realty, Inc. 75-6547 Naniloa st. Kailua Kona, HI. 96740 808.217.0429undefined
866.404.4789 Fax
LavaLaure@Yahoo.com
I Love referrals!
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FHA CONDO CHANGES AND GUIDANCE FAQsFHA released a frequently asked questions (FAQ) document on the new condominium rules. The FAQs provide some additional guidance to the rules, announced in Mortgagee Letter 2009-46A and Mortgagee Letter 2009-46B. On November 6th, the Federal Housing Administration (FHA) finally issued major changes to its revised guidelines on mortgage insurance requirements for condominium associations. The original guideline revisions were first proposed back in June (under Mortgagee Letter 2009-19). The new guidelines go into effect on December 7, 2009; however, some of the requirements are phased in through January 31, 2010. For a new condominium to qualify for FHA financing the following guidelines apply, effective February 1, 2010: 50 percent of the total units must be presold before FHA financing is approved 50 percent of the total units must be owner occupied No more than 10% of units may be held by a single investor Unit owners must obtain individual HO-6 insurance policies if the master policy doesn’t cover interiors Recertification is required every two years
Projects that received approval between October 1, 2008 and December 7, 2009 will be "grandfathered" and will have to follow the new guidelines’ recertification process. Because the Administration is extending the "Spot Approval" process through January 31, 2009, we highly recommend any association that was contemplating obtaining FHA certification to act without delay before the comprehensive certification process is enacted. for more information contact me at 808-217-0429 Laure McElwee, Realtor S
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Aloha, If you are facing forclosure, it can be a very difficult time for you and your family; If you are a seller looking into short sale as an alternative for foreclosure from your lender, you need to utilize the help of a professional Realtor who you can trust "Short sale" is definitely the better way to go if you want to save your credit and avoid a foreclosure. What is a short sale? A short sale is a workout program that allows a borrower to sell the property, even if the proceeds are less than the loan payoff, due to low property value. Upon final approval, a short sale can help homeowners avoid further collection activity or foreclosure action, which can result in adverse credit reporting and possible tax liabilities. How to get started: contact a Realtor and list the property for sale as soon as possible. Homeowner at time of property listing should have the following documents are required to begin the short sale application: signed and dated financial worksheet last 3 months bank statements letter of authorizing the Realtor access to the information on the account with the lender (s) including property address, borrower's last for digit of the SS#, and the full account number for each loan on the property Letter of hardship explaining why the homeowner is unable to continue making payments on the property
Realtor lists the property and once a written offer has been received from a buyer the following additional documents are needed: fully executed listing agreement Net sheet / HUD showing pay off to each lender fully executed purchase contract
buyer's qualification letter or proof of funds if cash offer. The Realtor will have to create a market analysis of the property and include it with the package when faxing to the lender. Once the Realtor representing the seller(s) has all the above items, those documents are then faxed to the lender for the 1st and 2nd mortgage if applicable. The customer service team reviews the documents and assigns a negotiator to the loan. This process can take up to 30 days. The negotiator assigned to the short sale will then start communication with the Realtor and ask for any additional documents if needed. The negotiator will then sent to the investor for approval. This last process can take up to 30 days. Count on the total process taking 60 or more days. If the homeowner received a foreclosure notice, it is important to replay immediately to the Realtor so that it can be addressed with the negotiator of the 1st mortgage to have the date postponed. The date is usually postponed 7 days prior to foreclosure day. The Realtor has to make numerous weekly inquiries to make sure the process is being followed. This is a very labor intensive and time consuming process for the Realtor; once an approval is received from the investor, the sale is usually concluded withing 45 days from that date. If you have any questions regarding the process of the "Short Sale" or want to list your property today, call me at 808-217-0429 I hope this information is helpful. Laure McElwee, Realtor (S)
'Lava Laure'
Sun and Sea Realty, Inc. 75-6547 Naniloa st. Kailua Kona, HI. 96740 808.217.0429undefined
866.404.4789 Fax
LavaLaure@Yahoo.com
I Love referrals!
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Large home on 6+ acres
• 1,589 sq. ft., 2 bath, 4 bdrm single story -  MLS® $353,600 Hawaiian Ranchos, Hawaiian Ocean View - Rare in Ranchos with approx. 6.32 acres of land. Built in 2007, this 4 bedroom/ 2 bath HPM "Wai'Olu" house comes with all the modern amenities, privacy and more. The Home is built on 3 acres of land and must be sold with adjacent 3 acres(2 separate title)
The Hawaiian Ocean View Ranchos community is located approx. 1 hours south of Kailua Kona in Kau on the Big Island of Hawaii. It is a quiet and peaceful community with a new grocery store, 2 restaurants, a post office, ace hardware, gift shop and more...
tennant occupied - short notice possible
owner financing available Property information
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Hawaiian Ranchos, Hawaiian Ocean View - Announcing a price reduction on 92-8687 Macademia drive, a 1,589 sq. ft., 2 bath, 4 bdrm single story. Now MLS® $353,600 - . Property information
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• 3,282 sq. ft., 4 bath, 5 bdrm 2 story split - $724,800 - REDUCED 450K Komohana Kai, Kailua Kona - Welcome home to Kekai place
Come enjoy all that the Kona coast has to offer at its best from this very unique home
Enjoy the spectacular views from this one of kind split level Lucky Bennett designed home. Features include 5 bedrooms, 4.5 baths, private master suite, guest wing, pool, spa, koi pond, 2 large covered lanai, and more.
Separate living area below house for guests or extended family (Ohana).
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Komohana Kai, Kailua Kona - Announcing a price reduction on 76-6216 LEONE, a 3,274 sq. ft., 3 bath, 4 bdrm 2 story split. Now $950,000 - . Property information
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Kona Coffee Villas, Holualoa - Announcing a price reduction on 79-7199 MAMALAHOA HWY C-322, a 853 sq. ft., 2 bath, 2 bdrm single story. Now $159,000 - . Property information
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Hualalai Village, Kailua Kona - Announcing a price reduction on 75-346 HUALALAI RD, a 862 sq. ft., 2 bath, 2 bdrm single story. Now $299,000 - . Property information
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• 1,032 sq. ft., 2 bath, 3 bdrm single story - $210,000 Hawaiian Ocean View Estates, Hawaiian Ocean View - Nicely designed, with special features, well built family home on one easy to maintain landscaped acre. Newer appliances, newer paint. Ched designed easy layout kitchen. Double French doors lead out from living room (open beam ceilings) to large lanai. Open and airy, light and bright throughout. Great location, level street and lot all close to highway just one block away. approx 19000 gallon tank.
Loans available no money down loans call for information
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