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Stop Foreclosure!

In GA, Foreclosure can happen in 30 days.  We can stop it, the sooner the better.

Avoid Deficiency Judgements

We can’t gaurantee anything but we’ve never had a client face a deficiency, period.  (Over 200 clients)

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Foreclosure is what happens if you do nothing.  You are in control with a short sale.

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The Jarvis Team has not lost a home to foreclosure since 2009.

What Happens If My Loan Sold?

What Happens If My Loan Sold? A few days ago we covered, What Is The Difference Between A Loan Servicer, Investor and Lender?  today we’ll basically be doing a “part 2.”  Many time servicers will transfer or sell the rights to a loan.  So you might ask What Happens If My Loan Sold?   If you’re current on your loan then there’s no need to stress, nothing really happens.  However, if you are with Bank of America for instance and you are in a short sale process, then you should be aware. From Bank Of America: Bank of America services mortgage loans for hundreds of investors. As a part of normal servicing, investors may decide to release or transfer servicing from Bank of America to another company. Servicing may be transferred on first, second or stand-alone liens. In most cases, once the servicing transfer occurs, the short sale process ends with Bank of America and the homeowner must contact the new servicer to determine what foreclosure alternatives may be available. Keys to remember if you are doing a short sale. Some key activities that may occur during servicing transfer: All lenders should send a letter 15 days before the transfer date. If you are with Bank of America, then they may call the agent to advise of the impacts to the short sale. The new servicer will send a letter or statement advising the homeowner where to send payments. If an offer has already been accepted on your short sale, a closing has been set and an approval letter issued, the new servicer will determine if the short sale will continue. [In...

What Is The Difference Between A Loan Servicer, Investor and Lender?

What Is The Difference Between A Loan Servicer, Investor, Lender and Bank? What Is The Difference Between A Loan Servicer, Investor and Lender? Loan Servicer This entity is essentially like a “property manager.”  They simply collect the payment and process it.  They also act as a buffer between the home owner and the “investor.”  Most loans have “servicing rights” that can be sold.  So the owner of the loan can retain these rights, sell them or have companies sell and transfer these rights to one another.   This is why sometimes home owners will get a notice that they need to write payments to another “bank.”  Bank of America is the largest servicer of loans in the world. Investor This “entity” isn’t the same kind of investor that you are likely thinking of.  Fannie Mae, Freddie Mac, FHA, and Bank of New York are all “investors.”  Investors are sometimes lenders, sometimes banks but not always.  In a short sale, the investor is the one who “owns the paper” or owns the mortgage. Lenders This entity “lends” the money.  Most home buyers will confuse this one with “bank” and many times it is the bank but not always.  The lender then can keep the loan or sell the loan as a package.  When you hear mortgage professionals speak about “fannie mae guidelines” then you know they are doing a loan and it will be sold to fannie mae.  They may retain servicing rights or sell those as well. Banks This isn’t so much as an entity as it is often a misnomer to describe who you are dealing with.  A...

What Is A Short Sale In Georgia?

What Is A Short Sale In Georgia? We’ve answered this before but we did want to update what a short sale is in Georgia just to be clear.  After all it’s been 4 years of short sales in Georgia.  The definition is still pretty much the same: The short sale in real estate is where the lender/investor/bank lower’s their payoff (what is owed) to allow the sell of the home to a buyer at today’s (lower than what home was purchased for) market value....

Short Sale VS Foreclosure

Short Sale VS Foreclosure Don’t be a turkey, this one is really an easy fight.  Short Sale VS Foreclosure shouldn’t even be a questions. We decided to try to compare the options side by side for you. Short Sale Taking Action Debt Forgiveness (at least in every one of our deals) Negotiated Terms Home Sold At Market Value Selling the Home The Only Way Possible Live In Home For Extended Period If Needed Listed On Credit for 2 Years Potential 1099 – offset by losses Credit Can Be Repaired In 6 months Foreclosure Doing Nothing Debt Forgiveness (at least in every one of our deals) Dicated Terms Home Sold At Bottom of Market, Hurts Home Owners Home Is Taken From You Potential For Eviction Listed On Credit for 5 Years You can still get a 1099 Total Credit Devastation Leaves Behind A Vacant Home    ...

How To Short Sale In Georgia | Atlanta

How to Short Sale In Georgia is so common of a question I thought it’d best to try to answer it. Ultimately, there’s a bunch of other questions like when to short sale or why to short sale, but How to short sale is relatively easy to answer. The short answer would be to contact the Jarvis Team. The longer answer is that you really need to get a real estate agent and get an offer on the home for the bank to even consider you for a short sale.  That coupled with your hardship information is enough for you to “qualify.”  I do get angry when I see signs and advertisements for pre-foreclosure or “potential short sale.”  If your home is up for sale as a potential short sale, then your agent doesn’t know what we know.  If you’re upside down on your home and you have an offer, we can do your short sale. That’s really the reason we think “How to short sale” is kind of silly question, because the only real components are: your hardship, the offer and the...

Short Sale Timeline – How Long Does A Short Sale Take?

This is one of those questions that doesn’t have an easy answer for anyone.  Most of the time the answer to how long a short sale will take is bank specific.  Most short sale timelines are completely situational.  However, we can give you some guidelines on short sale timelines. Most Banks won’t consider a short sale without an offer, so we’ll start here. Short Sale Timeline 0- 30 Days – Jarvis Team Gets An Offer on the home. 90-120 Days – Negotiating with Bank for Approval of Short Sale 30 Days – Buyer to close on property Total: 180 days (6 Months) for a short sale to be completed from start to finish. If you happen to be worrying about the foreclosure notice during this time, then rest a little easier.  We’ve not lost any homes due to foreclosure while we have a valid offer.  We can usually postpone the foreclosure without much trouble. Do you have questions about the Short Sale Timeline?  Remember, it’s bank specific, so Suntrust short sales are going to take much longer and Bank of America Short Sales are now much...

Received A Foreclosure Notice, Now What?

Received A Foreclosure Notice, Now What? {This is for properties that receive foreclosure notices in the state of Georgia} My Mom calls them “Nasty Grams” – those letters you get from creditors asking for money or the letters from the HOA about removing that trash can from view.  However, the Nasty Gram of all Nastiness is the foreclosure notice.  To be official it needs to come from an attorney.   It usually starts with: NOTICE OF SALE UNDER POWER GEORGIA, GWINNETT COUNTY Under and by virtue of the Power of Sale contained in a Security Deed given by Your Name This will be followed by a lengthy legal description, loan company and amount owed, but what you are looking for is: within the legal hours of sale on the first Tuesday in IF you have a date on there, then it’s not a “threaten” letter from the attorney, it’s the real deal.  I would love to say you have nothing to fret if you received a foreclosure notice (also known as a Notice of Default) but time is really of the essence if you want to try to postpone the foreclosure to pursue a short sale.  We can usually help you if we have at least 30 days, but by the time you receive the notice you may only have 20 days, so you must act...