Happy June 1! Good news to share if you are a home owner in 4S Ranch. Inventory of homes for sale is down. The number of pending sales and number of homes sold in the last 6 months are up. Contingent short sales are also up. I’m happy to report many of them are now closing escrow. Banks are working hard to get short sales approved. There is still a lot of misinformation out there about short sales. Bank of America had a very good workshop to help train agents to correctly use their Equator System (Used by B of A, Wells Fargo, Nationastar Mortgage and others to process short sales). They told us what forms we needed to use and how to fill them out. Bank of America is trying very hard to cut their short sale approval time down to 30 days. Bank of America’s message was very strong and direct they want to complete as many short sales as possible. To Bank of America short sales are plain and simple Debt Settlement. What they are interested in finding out is there a real Hardship and what are the Net Proceeds.
If you are a distressed home owner the Making Home Affordable Program web site show different options if you have a hardship. The HAFA program is designed for homeowners with hardships who don’t want to be foreclosed on but can’t make their monthly payments. When you sell your home and close, HAFA program provides up to $3,000 in relocation assistance. Contact your lender to see if you are eligible. No one with a hardship should have to face the stress of foreclosure, there are options available to you. I heard it directly from Bank of America in plain English. Banks want to complete short sales.