TO RENT THIS VILLA, PLEASE CALL DEBBIE SOLANO AT 918-724-8201.
It’s Turtle Nesting Season in Cancun. The beach will be dark. When you come home from a night on the town, go outside and look up at the stars from the balcony and then scan the beach and see if you can see any little groups of people. This will be at about 11:30 pm. That means a turtle has come up out of the ocean to lay her eggs. You can then go out on the beach and watch, but don’t take pictures. The whole event takes about two hours. The beach guards are trained to retrieve the eggs and move them to the turtle nursery. Look for the nursery along the wall at the south end of the beach in front of the “A” building.

Click here to see a photo of the hotel on the official reservations website for the Royal Sands Resort & Spa.
Click here to see a photo of the hotel from the air on the Trip Advisor Review page.
Click here for photos and information about the Royal Resorts.

Here is a tour of the best villa in Cancun — beachfront penthouse Villa 5725 in the “I” Building at the Royal Sands Resort and Spa— for rent in 2017 during Week 22 (June 3 to June 10). I am renting it directly so that you would go as my guest instead of me. The staff will treat you as an owner. If you are interested, please call me at 918-724-8201.

If you rent this villa from me, you will not have to go all-inclusive unless you want to opt-in for at least three days and pay additional fees. You can add all-inclusive dining, spa, and golf packages. I’ve never done any of the all-inclusive packages, and so I have no opinion. We usually cook in our villa or eat at whatever restaurant we feel like going to. It is so easy to get anywhere in Cancun from this hotel. We usually don’t rent a car unless we plan on taking day trips that are not part of tours.

The first thing you do is find out who your concierge is and pick his brain. Get buddy buddy with him because he knows everything you need to know for survival and fun. He is your ticket. Also, attend the member’s meeting on Sunday morning. It is information and won’t be a sales meeting. It is important to know where to go and where not to go, what’s new, what’s in, and what’s out. Things change.

The maid comes every day except on Sunday (unless you go opt-in for all-inclusive, in which case you get maid service on Sunday too).

I have owned this unit since the resort first opened in 2000. I love it and hate it when I cannot go. I have never once regretted purchasing this unit. I really think it’s the best villa on the island. It is located at the 13.5 kilometer mark in the Hotel Zone, with Kukulcan Mall immediately to the north and the Ritz Carlton to the south (on the other side of a few very nice private beachfront homes). Here is a video of this villa as it appeared in 2015. According to the latest annual report in 2017 there should be a new table that seats six on the main balcony and I have also been told that the furniture is supposed to be different. Every couple of years the bedspreads change.

If you think of the Hotel Zone in Cancun as an island shaped like the numeral seven, then this hotel is located at the center of the long side of the “7,” facing the Atlantic Ocean (the Carribbean), of course.

Then if you think of the Royal Sands Hotel & Spa as a resort shaped like the letter “W,” then the “I” building is the center building at the top of the “W” between the two pools. There are only two villas on the top floor of the “I” building: Villa I-5725 is the south villa overlooking the Phase 1 pool. It’s up there with the paragliders and the seagulls. Can you say “quiet” and “private?”

Here is a video that will knock socks off. As an owner, we have been privileged to go on the “Back of the House Tour.” The Royal Resorts was developed by four retired US Air Force officers and the entire place is run with military precision. Watch this video to see how the operation works “behind the scenes” at the Royal Sands.” The hotel was fifteen years old when I took this video. It is unbelievable how clean the basement of this hotel is.

This is a very family friendly resort. This video is a family’s home movie of their vacation. . They obviously were doing the all-inclusive thing. Watch this video to get a view of both pool areas. You will also notice the difference between an ocean-view villa on a lower floor and the beach-front villa on the top floor.

Here is another nice video tour of the Royal Sands.

When you rent my villa directly from me I will do an “owner loan” and will send you a confirmation letter that you will give to the front desk at the hotel upon checking in. You will be at the Royal Sands in my place and therefore you will be treated as an owner while you are there.

This means you will NOT have to go all-inclusive unless you opt-in to do so. I don’t recommend going all inclusive since it is so easy to go off site to eat any time you want. It is too much fun to say, “Where do you want to go for dinner?” You can still order room service or eat in any of the restaurants.

There is a grocery store in the hotel and so you can buy anything you need to eat in your villa and cook your own meals.

If you were to go directly to the hotel website and rent a beach-front villa for the week, you would have no choice but to go all-inclusive. Since the villa sleeps 6 people, this would cost $7,546.70. Here is a screen shot from the hotel’s rate page as of May 5, 2017:

ACTIVITIES

Free Activities

Click here for detailed description of activities, including:
Yoga
Zumba / Pilates
Water Volleyball
Beach Volleyball
Water Aerobics
Poker
Spanish Lessons
Snorkeling
Tennis
Sailboats on the Lagoon (across from the Royal Sands)
Bicycles (at the Royal Cancun)
Kayaking (at the Royal Haciendas and at the Royal Cancun)
Karaoke

Activities with Extra Charges

Painting of Ceramic Pottery by the Pool
Scuba lessons
Tours and water sports — see Thomas More
The Fitness Center (this is included if you go all-inclusive, but costs a small fee per day if you don’t go for the all-inclusive Refine Package.)
The Spa

The perfect spot for an unforgettable Cancun vacation with family or friends, The Royal Sands® sits at the center of Cancun’s finest beach offering breathtaking views of white sand and sparkling turquoise waters, with shopping and entertainment close by. Spacious, fully equipped suites, five-star amenities, exceptional service and hospitality set it apart from other Cancun resorts.

Enjoy fun-filled days on the beach or by the pool during your Cancun family vacation. Keep busy with daily activities, sports and classes or soothe body and soul at the Spa. A varied dining scene, sports bar with weekly karaoke nights, supervised kids club, free Wi-Fi and a fitness center are some of the many services it offers you and your family.

AIRPORT TRANSFERS
Have a stress-free start to your Cancun vacation. Book your transportation from Cancun Airport to The Royal Sands online with Thomas More Travel.

GROCERIES
There is a grocery store in the hotel with reasonable prices. Go down early at 7:00 a.m. when they open and get the best choice of breakfast pastries.

Walmart in downtown Cancun — take the bus there when you first arrive. Buy your groceries for the week and then take a cab home. Don’t buy too much because you will end up eating in Cancun restaurants. Any unopend food you do not eat, leave in the villa for the maid to take home to her family at the end of the week.

EATING OUT

As a guest of an owner, you do not have to go all-inclusive. However, you can opt in, if you like. This is a great idea if you drink a lot or want lots of room service. I like the freedom of eating what I want.


Your room card will work at any of these restaurants in this photo. You will pay the bill at the end of the week.

ROYAL DINING

Here is a link to all the “theme nights” at the Royal Resorts restaurants. Plus, we always like to go to the J.W. Marriott on Sunday nights for their seafood buffet.

Dine on fresh seafood and Italian pasta dishes at La Veranda or enjoy a tasty poolside cookout with live Mexican music. Discover the vibrant flavors of traditional Mexican cuisine in a romantic candlelit setting at Hacienda Sisal. Sunday brunch at the Hacienda is a Cancun dining highlight, don’t miss it.

RESTAURANTS & Bars
A WORLD OF VARIETY, TEMPTING FLAVORS AND SOMETHING FOR EVERYONE
A world of tempting dining choices awaits you at Royal Resorts. Enjoy precious moments with family and friends during your Cancun or Riviera Maya vacation. Savor every bite, the flavors are delectable, the settings are spectacular and the service matchless.

There’s something for everyone and you can try a different restaurant every night. Indulge with your favorite International dishes, Italian classics and traditional Mexican recipes. Dine on fresh Caribbean lobster tail and seafood or the finest cuts of tender beef cooked to perfection. You’ll find something you like on all the restaurant menus, from prime steak and grilled shrimp to pizzas and pastas.

For an unforgettable evening of fine dining, visit Hacienda Sisal, Captain’s Cove and El Conquistador, three top Cancun restaurants, or try Los Murales at The Royal Haciendas® in the Riviera Maya.

A romantic beach dinner is a wonderful way to celebrate a special occasion. Fine food, candlelight, starlight and the sound of the waves breaking on the shore, it doesn’t get any better than this.

Satisfy your cravings for a BBQ with one of the poolside cookouts during the week. There are also theme nights with sumptuous seafood, Italian, Asian and Mexican buffets on different evenings, some with live piano, jazz or Mexican music.

Restaurants at the Royal Sands

This is where you go in the hotel if you don’t want to order room service or cook in your villa.

La Veranda

Family friendly and casual, serving International favorites, seafood, steaks, fajitas and more. Dine inside or on the poolside terrace.


Dress code: Casual. No swimsuits or bare feet. Men must wear a t-shirt or shirt, no sleeveless vests or tank tops | 7 a.m. – 10 p.m.

Weekly events

Sunday: Fajita Night
Monday: Caribbean Buffet
Tuesday: Italian Seafood Buffet with live piano music
Wednesday: Asian Night
Thursday: Prime Rib Night
Friday: Poolside BBQ with live Mexican music

The Char Hut

This is the restaurant at the little pool in Phase 2.
Char Hut
Serving burgers and poolside snacks, poolside. Incredible views of the Caribbean. | 9 a.m. – 5 p.m.

Royal Resorts Fine Dining

These are the really high-end restaurants in the Royal Resorts galaxy of restaurants. Use your room card to charge to your bill at these Cancun restaurants. You will be billed at the end of the week when you check out. You must have your concierge make a reservation for you OR book online.

Captain’s Cove

You have to eat here at least once every time you come to Cancun.
Captain’s Cove
From 2 p.m. to 11 p.m.
Lagoonside, opposite the Cancun Maya Museum
Here is the full menu.

El Conquistador

El Conquistador — now at the Royal Islander
From 5 – 10 p.m., closed Saturday
At The Royal Islander®
Here is the full menu.

Hacienda Sisal

Hacienda Sisal — right out in front of the hotel on the other side of the spa
From 2 p.m. to 11 p.m.
At The Royal Sands®
Here is the full menu.

Los Murales

Los Murales is Deb’s favorite, but you will have to drive or take a cab.
From 5 – 10 p.m.
At The Royal Haciendas® just north of Playa del Carmen
Here is the full menu.

Trip Advisor Reviews

Here is a link to Trip Advisor’s webpage for the Royal Sands. In the Trip Advisor photo my villa is on the top floor facing the beach on the left side of the little building between the pools in the Trip Advisor photo below (Villa I5725). (We were the only ones up there until they built Phase 2 of the hotel and now there are two units up on the 7th floor of the “I” building.) Yes, it is beachfront penthouse with high ceilings. Since we own it, you don’t have to go all inclusive unless you want to buy the various packages (golf, spa, meals, etc.). We usually cook in the villa and do the restaurants in Cancun. This resort is at 13.5 kilometer mark just south of Kukulcan Mall and just north of the Ritz Carlton (at the center of the long side of the island, if you think of the island as an island shaped like the numeral seven.) We rented our villa for $1,700 for the week in 2000, but then we bought it. We will rent it for $2,000 for this week this year (Saturday to Saturday June 3rd to June 10th, 2017). You can go on YouTube and google The Royal Sands and look for my videos and you will see the views from my balcony of Punta Cancun to the north and Punta Nizuc to the south. The villa has two bedrooms, two bathrooms, a full kitchen, three TVs, etc. It sleeps 6 adults. There are two murphy beds in the living room. Call me at 918-724-8201 if you know anyone who is interested. This is paradise!

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It’s a Sign of the Times!

Most of us grew up thinking that if we planned well and played by the rules, we’d never have to stand by as our financial lives unraveled.

But upheaval on Wall Street, unacceptable rates of unemployment and plummeting real estate values have taken their toll.

Since 2007, 7.9 million homeowners have lost their homes to foreclosure. Current estimates are that one in four homeowners owe more on their mortgages than they could get from the sale of their home. Millions more homes will be lost to foreclosure before this real estate crisis runs its course.

The sad fact is that foreclosure is not an isolated event. For months leading up to the loss of a home, financially strapped homeowners live under a cloud of uncertainty. And then for many years afterwards, the blow to credit gets in the way of buying another home or buying anything on credit. Foreclosure even complicates employment prospects.

The impact of foreclosure is huge and the sad fact is that it’s often avoidable.

As a real estate professional who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially strapped homeowners with options to foreclosure, ensure that they steer clear of scams, and help navigate them through the solution that best meets their needs.

Among the most important facts to keep in mind: the sooner help is sought, the better the options.

These are tough times, but more help is available than ever before.

If you or someone you care about is ready to navigate away from the dark cloud of an unmanageable mortgage and realize that hope and blue skies are within reach, contact me today and let’s get started.

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Perhaps you may want to consider selling your farm, ranch, or midtown Tulsa home now while there are many buyers out in force taking advantage of record-breaking low mortgage rates.

Call Debbie Solano today at 918-724-8201 to list your midtown Tulsa home.

Get Shortlink: http://tulsashortsaleagents.com/?p=348

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Copyright© 2013 by Debbie Solano — ALL RIGHTS RESERVED — Tulsa Short Sale Agents — It’s a Sign of the Times

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10 Options to rescue you from the brink of foreclosure.

On the edge of losing your Tulsa home to Foreclosure? Here are 10 Options to rescue you from the brink of foreclosure.

On the Edge of Losing Your Home to Foreclosure?

Click here to download a flyer and read about 10 options to rescue you (or someone you know) from the brink of foreclosure.

Homeowners having financial difficulties typically struggle to make their mortgage payments. Often they mistakenly believe they have no options other than to allow the bank to foreclose on their home. Nothing could be further from the truth.

There are at least ten different alternatives to foreclosure. Here is a list of options for homeowners:

  • Short Sale
  • Reinstatement
  • Forbearance or Repayment Plan
  • Mortgage Modification
  • Rent the Property
  • Deed in Lieu of Foreclosure
  • Bankruptcy
  • Refinance
  • Servicemembers Civil Relief Act (SCRA) (for military personnel only)
  • Sell the Property

Slipping toward foreclosure can lead to feelings of anxiety, depression, and loss of self-esteem. Don’t give up.

There are options available to help millions of homeowners rescue themselves from the brink.

Since it is crucial to act before a foreclosure takes place, now is the most important time for you to review the following options and solutions.

As a Certified Distressed Property Expert (CDPE), I am trained in assessing all foreclosure alternatives and pursuing the best solution for your own financial situation.

  1. Short Sale

    A short sale allows the homeowner to avoid foreclosure, minimize financial damage and move on from a burdensome, unaffordable mortgage.

    In many cases, a short sale allows the borrower to qualify for a new mortgage in just 24 months, as opposed to five years or more after a foreclosure.

    A trained real estate agent can negotiate a short sale with your lender if you have three qualifications.

    • First, you must show some type of financial hardship.
    • Second, you must have a monthly shortfall, meaning your monthly expenses are greater than your monthly income.
    • Finally, you need to prove that your debts are greater than the value of your assets (certain investments, property, etc.).
  2. Reinstatement

    A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult for homeowners to achieve. The homeowner simply pays the total amount past due (including late fees) to the lender.

    This solution does not require the lender’s approval and will “reinstate” a mortgage up to the day before the foreclosure sale.

  3. Forbearance or Repayment Plan

    A forbearance or repayment plan involves negotiating with the mortgage company to allow the homeowner to repay back-payments over a period of time.

    The homeowner typically makes current mortgage payments in addition to a portion of the back-payments owed. This option requires lender approval.

  4. Mortgage Modification

    A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these.

    These changes require lender approval and typically result in a lower payment for the homeowner and a more affordable mortgage.

  5. Rent the Property

    This option does not require lender approval, but does require the homeowner’s ability to rent the house for enough money to cover the monthly mortgage payment.

    It is important to remember that there may be unexpected costs associated with the maintenance of a rental property in addition to the monthly mortgage payments. Homeowners should take this into consideration when deciding whether this option will work for them.

  6. Deed in Lieu of Foreclosure

    Also known as a “friendly foreclosure,” a deed in lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process.

    Lender approval is required for this option, and the homeowner must also vacate the property.

    A Deed in lieu can potentially lessen the damage to a credit score and future loan eligibility, and sometimes the lender will forgo their right to pursue a deficiency judgment, meaning the homeowner will not be responsible for further payments.

  7. Bankruptcy

    Many have considered and marketed bankruptcy as a “foreclosure solution,” but this is only true in some states and situations.

    This does not require lender approval, but you must have non-mortgage debts that you claim as a hardship.

    Entering bankruptcy can be a risky and costly process. Be sure to seek the advice of a qualified bankruptcy attorney when pursuing this as an option.

  8. Refinance

    As opposed to mortgage modification, refinancing means you will be acquiring a new loan based on your current credit standing.

    If you have already missed mortgage payments, your credit score may make it difficult to find a loan with cheaper payments.

  9. Servicemembers Civil Relief Act (SCRA)

    (for Military personnel only)
    If a member of the military is experiencing financial distress due to deployment—and that person can show that the debt was entered into prior to deployment—he or she may qualify for relief under the Servicemembers Civil Relief Act.

    The American Bar Association has a network of attorneys that will work with servicemembers to help qualify them for this relief.

  10. Sell the Property

    Homeowners with sufficient equity can list their property with a qualified agent who understands the foreclosure process in their area.

    Unfortunately, many homeowners in today’s market have experienced a decline in home value and may owe more than what the home is worth.

Pull Yourself Back From the Brink

If you are on the edge, you have no time to waste. Call me today; I’m here to lend a hand.

Place Your Confidence in CDPE

With the right assistance, the stress of facing foreclosure becomes manageable. CDPE- designated agents have received the knowledge and training necessary to assess all possible foreclosure alternatives and pursue homeowners’ best options.

A CDPE- designated agent attends several days of intensive, thorough training on foreclosure avoidance and how to negotiate short sales efficiently and ethically. The highly regarded CDPE logo means you are working with the most informed, up-to- date resource available.

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Perhaps you may want to consider selling your farm, ranch, or midtown Tulsa home now while there are many buyers out in force taking advantage of record-breaking low mortgage rates.

Call Debbie Solano today at 918-724-8201 to list your midtown Tulsa home.

Get Shortlink: http://tulsashortsaleagents.com/?p=311

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Copyright© 2013 by Debbie Solano — ALL RIGHTS RESERVED — Tulsa Short Sale Agents — On the Edge of Losing Your Home to Foreclosure?

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Oklahoma is a Judicial Foreclosure State.

If you are behind on your mortgage payments
, you probably already are aware that you might lose your house because of non-payment of your debt to your lender.

Have no fear. Oklahoma is a judicial foreclosure state. The chances are good that you will have the opportunity to go through the judicial foreclosure process, which allows homeowners to have due process.

Having said that, there is a possibility that there is a “right of sale” clause in your mortgage.

Oklahoma allows both judicial and non-judicial foreclosure of real property.

In non-judicial foreclosures, the mortgage gives the lender a “right of sale” and the lender can sell the house without having to sue the homeowner who is behind on mortgage payments. However, if there is no “right of sale” clause, then the lender must file a lawsuit against the delinquent homeowner in order to take back the house.

— Dan Nunley, What happens during the “judicial foreclosure” process in Oklahoma?

Don’t Move Out

You are better off staying in the house until you are thrown out. Nobody can throw you out without due process.

  1. If you are a homeowner living in a house that might be foreclosed on, stay there until the sheriff comes and tells you to leave. That would be a few days before the confirmation hearing, which is usually two to three weeks after the sheriff’s sale.
  2. If you are a tenant living in a house in danger of being foreclosed on, stay there. Laws in Oklahoma will protect you through the foreclosure process. You will pay the homeowner until he loses the house; after the confirmation hearing you will pay the mortgagee or the new owner of the home — whoever purchased the house at the sheriff’s sale (usually the bank or the guarantor).

Not every state is a judicial foreclosure state. Oklahoma is one only a handful of states that are considered foreclosure states.

That means that in Oklahoma, nobody can take your house away without going through a legal process of foreclosure. That’s due process.

File for a Homestead Exemption

If you have a homestead exemption, only the mortgagee can take away your house. The mortgagee is the one who owns the note. Think of Monopoly when you turn over the cards.

  1. The bank is the mortgagee.
  2. The homeowner is the mortgagor.

Note to self: file for your homestead exemption at the Tulsa County Tax Assessor’s Office or at the tax assessor’s office in whatever county you happen to live.

Find Out What Legal Options Are Available

  1. Pick up the rock and look underneath it.
  2. Face your fear and discover what is there and what your options are.
    1. Call a Tulsa, Oklahoma lawyer who can advise you with regard to consumer issues, bankruptcy, and foreclosures
    2. Call your lender (the bank, mortgage company, or lender) or guarantor. Lenders and guarantors encourage homeowners to reach out early to their lender or servicer if they face any hardship affecting their ability to pay their mortgage.
    3. Call the Help for Homeowners Hotline: 888-995-HOPE

Perhaps you may want to consider selling your midtown Tulsa home now while there are many buyers out in force taking advantage of record-breaking low mortgage rates.

Call Debbie Solano today at 918-724-8201 to list your midtown Tulsa home.

Get Shortlink: http://tulsashortsaleagents.com/?p=202

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Copyright© 2012 by Debbie Solano — ALL RIGHTS RESERVED — Tulsa Short Sale Agents — Oklahoma is a Judicial Foreclosure State

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Are you Going through a Divorce or Other Significant Hardship and Need to Do a Short Sale? Do you have a conventional loan backed by Fannie Mae or Freddie Mac? If so, then read on. These new guidelines will significantly help you through the important task of property division during your divorce.

New Fannie Mae and Freddie Mac Guidelines for short sales will go into effect on November 1st allowing people going through a divorce or other significant hardship to seek a short sale even though they are not behind on their mortgage payments.

This is a huge change in the guidelines that will significantly help couples going through a divorce or other significant hardship to sell their homes.

Here is the announcement as it appeared online yesterday on the Oklahoma Association of REALTORS® website Opening Doors:

New Fannie Mae and Freddie Mac Short Sale Guidelines Announced
August 21, 2012

Washington, DC – The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac are issuing new, clear guidelines to their mortgage servicers that will align and consolidate existing short sales programs into one standard short sale program. The streamlined program rules will enable lenders and servicers to quickly and easily qualify eligible borrowers for a short sale.

The new guidelines, which go into effect Nov. 1, 2012, will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their mortgage if they have an eligible hardship. Servicers will be able to expedite processing a short sale for borrowers with hardships such as death of a borrower or co-borrower, divorce, disability, or relocation for a job without any additional approval from Fannie Mae or Freddie Mac.

“These new guidelines demonstrate FHFA’s and Fannie Mae’s and Freddie Mac’s commitment to enhancing and streamlining processes to avoid foreclosure and stabilize communities,” said FHFA Acting Director Edward J. DeMarco. “The new standard short sale program will also provide relief to those underwater borrowers who need to relocate more than 50 miles for a job.”

The new guidelines:

  • Offer a streamlined short sale approach for borrowers most in need: To move short sales forward expeditiously for those borrowers who have missed several mortgage payments, have low credit scores, and serious financial hardships the documentation required to demonstrate need has been reduced or eliminated.
  • Enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales: Common reasons for borrower hardship are death, divorce, disability, and distant employment transfer or relocation. With the program changes, servicers will be permitted to process short sales for borrowers with these hardships without any additional approval from Fannie Mae or Freddie Mac, even if the borrowers are current on their mortgage payments. Borrowers will now qualify for a short sale if they need to relocate more than 50 miles from their home for a job transfer or new employment opportunity.
  • Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes: Servicers will evaluate borrowers for additional capacity to cover the shortfall between the outstanding loan balance and the property sales price as part of approving the short sale.
  • Offer special treatment for military personnel with Permanent Change of Station (PCS) orders: Service members who are being relocated will be automatically eligible for short sales, even if they are current on their existing mortgages, and will be under no obligation to contribute funds to cover the shortfall between the outstanding loan balance and the sales price on their homes.
  • Consolidate existing short sales programs into a single uniform program: Servicers will have more clear and consistent guidelines making it easier to process and execute short sales.
  • Provide servicers and borrowers clarity on processing a short sale when a foreclosure sale is pending: The new guidance will clarify when a borrower must submit their application and a sales offer to be considered for a short sale, so that last-minute communications and negotiations are handled in a uniform and fair manner.
  • Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale. Previously, second lien holders could slow down the short sale process by negotiating for higher amounts.

This alignment comes as part of a broader FHFA effort, the Servicing Alignment Initiative, to streamline Fannie Mae and Freddie Mac programs for short sales and other foreclosure alternatives to assist struggling homeowners. FHFA announced guidelines in June that establish strict timelines for servicers considering short sales. Servicers are required to review and respond to short sales within 30 days of receipt of a short sale offer; they must provide weekly status updates to the borrower if the offer is still under review after 30 days, and they must make and communicate final decisions to the borrower within 60 days of receipt of the offer and complete borrower response package. These borrowers will not be eligible for a new mortgage backed by Fannie Mae or Freddie Mac for at least two years after a short sale.

FHFA encourages homeowners to reach out early to their lender or servicer if they face any hardship affecting their ability to pay their mortgage.

Link to Fannie Mae guidance available Aug. 22 (fhfa.gov)
Link to Freddie Mac guidance

Perhaps you may want to consider selling your midtown Tulsa home now while there are many buyers out in force taking advantage of record-breaking low mortgage rates.

Call Debbie Solano today at 918-724-8201 to list your midtown Tulsa home.

Get Shortlink: http://tulsashortsaleagents.com/?p=157

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Copyright© 2012 by Debbie Solano — ALL RIGHTS RESERVED — Tulsa Short Sale Agents — Are you Going through a Divorce or Other Significant Hardship and Need to Do a Short Sale?

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What is a Short Sale?

A short sale is one among many strategies to avoid foreclosure.  For many homeowners it is a last ditch effort to sell a house at market value before it goes to sheriff sale.  It helps the seller stay out of foreclosure while the buyer gets a home that is priced by a motivated seller at a price point at or below market value. 

Usually a short sale cannot be negotiated until there is a contract to purchase the home.  Banks usually will not negotiate a short sale unless the seller has missed a payment or two.

A short sale is often seen

  1. in situations where the seller has not lived in the home long enough to have built up much equity,
  2. or in situations where the seller financed the home without a large down payment,
  3.  or in situations where the seller has taken out a second mortgage and the “drive-by appraisal” may have been somewhat inflated.  

Whatever the cause, in a short sale the homeowner owes more on the house than he can hope to sell the house for, especially after paying closing costs.  In lieu of a short sale, a seller can opt to take a check to closing or work out some kind of a payment plan with his lender in order to be able to sell the house and avoid foreclosure. 

In a short sale situation the buyer shops for a home and gets loan approval just as when purchasing any other house.  The seller negotiates the best deal possible.  Usually the seller has already given up and doesn’t care how much the house is sold for, as long as it is enough for the bank to approve the deal.  The buyer and seller both sign an addendum which amends the contract so that the bank will have a bit of time to approve the purchase contract.  Then everybody waits and waits and waits.

 There is great disparity between the spirit, philosophy, theory, and intent of a short sale on the one hand, and the reality and practice of short sales, on the other hand.  The reality is that the banks can make more money if they let HUD, Fannie, and Freddie take the house back, and so the banks have been reluctant to help out the homeowners by negotiating with the realtors.  It’s just too much trouble for the banks, and so they take their sweet time and frustrate everyone.  

While the banks are dawdling, the buyers get squirrelly and start looking at other houses.  In the end, 85% of buyers back out before the bank finally approves the deal.    

Most realtors have been there and done that, but have refused to buy the tee shirt.  Many have sworn never to get involved in another short sale again.  Why?  Short sales are a lot of work and provide little satisfaction or profit.  Most of us doing short sales feel like we are throwing the proverbial star fish back into the sea.  When we are successful in closing a short sale, all parties involved can feel joy at having helped a family avoid foreclosure and can truthfully say, “It made a difference for that one family.” 

 Unfortunately the now famous October bailout by the federal government has only accelerated the foreclosure of many homes in Tulsa County.  I could give you many ugly examples to illustrate this statement.
   

The bailout has assured that the banks were taken care of, but unfortunaely home owners already in the foreclosure process have been shown no mercy.  The banks have had no motivation to help homeowners because the loans had been guaranteed or insured by the government. 
 

In my experience the banks that held their own paper without government involvement have been much easier to negotiate with and seem to be a bit more responsive to realtors’ efforts to negotiate a short sale.

 So my suggestion is that if you are considering the purchase of a short sale, please only make an offer on a house that you really like.  It is unfair to the seller to keep the house off the market only to back out two months down the road.  For you see, the foreclosure clock keeps on ticking while the banks are sitting doing nothing or pretending that they are doing something.

 Sometimes the reason a short sale fails is because of the presence of a third party lien.  These seem to shut down all possibility of negotiation.  These liens do not show up in the county court records, but are attached to the house in the property records in the county clerk’s office.  Usually the homeowner is unaware that such a paper exists in their records at the county clerk’s office.  An extra run to the court house to the clerk’s office can help everyone involved.  A seller can get around these liens by consulting a good bankruptcy attorney and getting a stay of bankruptcy prior to the sheriff sale.  

 In short, a short sale is a good opportunity to get a great deal on a house and help a family stay out of foreclosure.  I just beg you to be sure you love the house, because it is devastating for a family facing foreclosure to have a buyer back out.  I barely stop short at saying that a buyer has a moral obligation to buy a house they have contracted for, but I really can get up on my soap box on this one.  

Buyers:  Shop carefully, deal carefully, and know that you want the house.  Then go for it  – and stay with it.  Good luck and happy house hunting.

Sellers:  Find someone who has some knowledge and experience in dealing with foreclosures who can help navigate you through the short sale process.

 I hope this helps.

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This article is reblogged with full permission of the author, Debbie Solano, from a blog post with the same article which appeared on ActiveRain.com four years ago. All of the opinions expressed in this article are those of the author alone.

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Copyright© 2008-2012 by Debbie Solano — ALL RIGHTS RESERVED — TulsaShortSaleAgents.com — What is a Short Sale?

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