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Our expert is Kevin Kent with Platinum Properties. If you have a question for Kevin, please hit the "make a comment" button and ask away!
Our expert says it is time to get started with short sale negotiations. Call Kevin Kent at 561-385-0807 after the program for individual assistance. The Mortgage Debt Forgiveness Act is set to expire in December and it takes 4-6 months to negotiate with your bank.
@ed : Kevin says on average it takes 4-6 months, but it is case by case and dependent on the mitigation processor involved. you should get an answer soon...
@marguerite12: Kevin says the are govt programs for Fannie and Freddie backed loans. Hard money does not fall into this category...
@ed: You are most welcome!
Ed, Kevin says that once they give you an offer there can still be further negotiations on the outcome.
Ed, Kevin says at that point the original ltv is irrelevant. They are looking at current market value with condition taken into consideration against the investors loss on the original loan.
@ed: Why thank you Ed!! As for this information, it's all coming from Mr. Kevin Kent. Thanks so much. Hope we were able to help you out.
@ladybear557: Kevin says working with Chase has historically been very difficult, especially for individuals on their own. You may need to get some help from an experienced attorney firm to get a positive result. The local firm on our panel today has a Homeowner Assistance Division at the Paul Krasker law group and will discuss your situation for free. Call John Foley, CFP at 561-328-2256 for help.
@Rose: Kevin says the extension we are specifically talking about today is the Mortgage Debt Forgiveness Act of 2006 that had been set to expire on 12.31.12 but was extended to 12.31.13 and not expected to be renewed after that. The Act forbids the IRS from seeking taxes on forgiven debt in a short sale of a primary residence. Since the negotiation time on average is 4-6 months, time is running out for people to benefit from this program. If you would like free individual analysis, call Kevin at 561-385-0807.
Thanks for your questions. Join us for round 2 at 4:30 this afternoon. Have a great day.
Nicole, Kevin Kent says,"Yes there is. You will need assistance though. One of our panelists this afternoon, John Foley used to work for Chase and now helps people through the Homeowner Assistance Division of the Paul Krasker Law Group. He will help you evaluate your options for free. Call him tomorrow at 561-328-2256"
Chris, Kevin Kent from Platinum Properties says yes, there are programs out there to help you, but you will need assistance. Sometimes banks only respond positively to attorneys and experts. On our panel this afternoon are reps from The Homeowner Assistance Division of the Paul Krasker law group. They are offering to evaluate anyone's situation for free. Please call John Foley tomorrow at 561-328-2256.
You are very welcome. Good luck!
Hey Chris, yes we're here! Kevin Kent says Fannie Mae properties can generally be a good thing. If they had done inspections they will normally provide to you. (still recommend doing your own) Sometimes they will be designated Homepath properties and qualify for Homepath financing. Some benefits are, no appraisal fee, no points, etc. Check it out and see if any of those are available to you. Good luck in your new home!
Attorney Ganeral Pam Bondi has issued a warning statement to Wells Fargo specifically to get them more actively involved in resolution for distressed homeowners. We have seen too many instances of the banks "changing their minds" as you say.
Yvonne, Kevin Kent says sometimes the right hand of the bank like BOA doesnt know what the left hand is doing. Even though you are actively pursueing a modification they continue with the foreclosure track. Hope you have an attorney advising you on the process and going to/responding to court papers.