Tag Archives: past due

From Bad to Good-Unbelievable Results in a Short Sale!!

From Bad to Good-Unbelievable Results in a Short Sale!!

In a volatile economy with a recession in full swing, it is extremely hard for most people to imagine anything positive to happen in a bad situation. Well, with an upside down property and several liens in place, you would want to pay close attention in this article because you will find this SHOCKING!!

I just recently closed a short sale with numerous liens on the property, specifically IRS lien, child support lien, large past due HOA lien, and an active bankruptcy in place. This example is one of huge importance for the fact that the bank contributed to some of these debts despite the fact that the property had no equity. This is FREE money towards the owner’s debts. In addition, the owner of the property received bad advice before I talked to him to move out of the property and by doing so, gave up the qualifying right to receive several thousand dollars for moving and relocation expenses from the bank. This aside, the situation was still a win-win for the owner regarding getting free money from the bank to go towards debt that most likely would have to be paid through his bankruptcy Chapter 13 reorganization plan.

I have personally closed several short sale transactions with an active bankruptcy or shortly after discharge. This process is extremely valuable and very rare for any real estate agents to understand including process with these circumstances.

Another transaction I closed as a short sale in the past had 8 liens where the benefit of this one went completely to the debtor’s children in this case a child support lien in the amount of $24K and a settlement by the 1st lien holder bank paid of $12K! This is free money from the 1st Trust Deed Holder for a situation that was beyond out of control. Most of the other liens also received free money from the lien holder or were released with zero money to them.

Another transaction had liens on an upside down property from credit cards that were settled by negotiation and allowed by the lien holder. Again this is free money from a no equity sale or short sale that pays down a debt or settles them in full and in some cases I have done these has helped avoid a bankruptcy by the seller.

There are many people in situations as I mentioned above and there are literally no Real Estate Agents that know how or want to handle these situations. If you know someone with a similar situation, you will be a huge benefit to them and do a bigger charitable act by referring me to them for a no obligation, private and discreet consultation. CALL NOW! ONLY THE BEST GET THE BEST RESULTS!!

– John A. Silva

www.JohnASilva.com | (

Mortgage aid open to more Calif. borrowers

A state-run program that helps homeowners struggling to pay their mortgages now has broader eligibility guidelines, opening up help to borrowers who did “cash-out” refinances and own multiple properties, said California Housing Finance Agency officials on Monday.

The mortgage-aid effort, called Keep Your Home California, so far has helped close to 8,000 low- and moderate-income households that are behind on loan payments or close to default, according to agency leaders.

Keep Your Home California“This expanded eligibility will allow more families to qualify and receive greater assistance,” said California Housing Finance Agency Executive Director Claudia Cappio, in a statement. “We are continuously evaluating our experience so far and making adjustments like these based on the initial results of the Keep Your Home California program.”

Keep Your Home California has four parts that include: mortgage help for the unemployed, mortgage aid for homeowners with documented financial hardship, relocation help for those in the midst of a short sale or deed-in-lieu of foreclosure, and reduction of principal. The programs, paid for by the U.S. Treasury Department’s Hardest Hit Fund, is costing taxpayers $2 billion.

Monday’s announced changes include:

–Allowing homeowners who completed “cash-out” mortgage refinancing to take part in the four programs. Such borrowers were excluded before.

–Allowing borrowers who own more than one property to apply. Program officials said this will be particularly helpful to those who co-signed on properties for family members.

–Offering mortgage aid to unemployed borrowers for nine months, instead of six. Such homeowners can get up to $3,000 a month. To qualify, you must receive unemployment benefits.

–Reinstating up to $20,000 in past-due mortgage payments instead of the previous $15,000 cap.

To qualify, your mortgage servicer must take part in Keep Your Home California. Click here for the list of servicers.

Info: Call 888-954-KEEP(5337) between 7 a.m. and 7 p.m. Monday through Friday, and 9 a.m. to 3 p.m. on Saturdays. Visit: www.KeepYourHomeCalifornia.org or www.ConservaTuCasaCalifornia.org.

This article is from SignOnSanDiego: “Mortgage Aid Open to More Calif. Borrowers.”

Industry’s Past-Due Mortgages Continue to Drop

How many homeowners in the United States are behind on their mortgage payments? It’s 6,373,000, according to Lender Processing Services (LPS).

past due mortgagesThe number is staggering, but it’s actually on the decline, down from 6,397,000 as of the end of August, and 6,538,000 at the end of July.

LPS offered the media an advance look at the high-level numbers from its mortgage performance report due out later this month.

The company’s data, which is derived from its loan-level database of nearly 40 million mortgage loans, provides evidence that servicers are pushing those loans that have been languishing in non-payment status through the pipeline at a faster pace.

At September month-end, the national mortgage delinquency rate – which includes loans 30 or more days past due, but not in foreclosure – stood at 8.09 percent. That’s down 0.5 percent from the previous month and 12.7 percent from a year earlier.

At the same time, the foreclosure inventory rate – which LPS calculates as loans that have been referred to an attorney but have not yet reached the final stage of foreclosure sale – rose to 4.18 percent in September, up 1.7 percent from August and up 8.9 percent from September of last year.

The same trend of a declining delinquency rate and rising foreclosure rate was reported last month as well.

Of the 6,373,000 mortgage going unpaid in the United States, LPS says approximately 2,172,000 are part of the foreclosure pre-sale inventory.

The remaining 4,202,000 are 30-plus days delinquent but not yet in foreclosure. Of these, 1,844,000 are past due by 90 days or more.

According to LPS’ September study, the five states with highest percentage of non-current loans – which combines foreclosures and delinquencies – have held onto their rankings for three consecutive months. These include: Florida, Mississippi, Nevada, New Jersey, and Illinois.

States with the lowest percentage of non-current loans include: Montana, Alaska, Wyoming, South Dakota, and North Dakota.

This article, “Industry’s Past-Due Mortgages Continue to Drop,” is by Carrie Bay at DSNews.com.