Compensation for Improper Foreclosure

For anyone foreclosed on......visit the State of Washington Attorney General's site

Foreclosed Borrowers

Approximately $1.5 billion of the National Mortgage Settlement funds will be allocated to provide compensation to borrowers:

• With loans serviced by the five loan servicers affected by this settlement
• Who were foreclosed on after January 1, 2008 and before Dec. 31, 2011.

Borrowers who were not properly offered loss mitigation or who were otherwise improperly foreclosed on will be eligible for a uniform payment of approximately $2,000 per borrower depending on the level of response. Borrowers who receive payments will not have to release any claims and will be free to seek additional relief in the courts. Borrowers may also be eligible for a separate restitution process administered by the federal banking regulators. The banks will be notifying eligible borrowers of their right to file a claim over the next six to nine months.

However, if you live in Washington state and are concerned your loan servicer may not be able to locate you, you may enter your information  on our National Mortgage Settlement Foreclosed Borrower Form and we will help ensure your bank has your most current information.

If you have not yet sold your house, and you are underwater on your mortgage, YOU MAY NOT HAVE TO DO A SHORT SALE! Please contact me first to discuss your options! Strictly confidential, no pressure, no cost, and no obligation. I buy houses that have NO EQUITY. If you are interested in learning more, please contact me at HomeLandInvestment@gmail.com or 425-270-7292.

Why Can't Your Buyer Get a Mortgage?

Listing brokers love to ask this question whenever they are asked about their seller's willingness to provide owner financing. It seems that in today's era of super-low interest rates that somehow everyone should be able to get better financing than what I might offer on behalf of my buyer. So why don't those buyers just get a mortgage?

How hard is it for a buyer to qualify for a mortgage today?

Here are some of the reasons a buyer with a good income and/or assets might be looking for short-term seller financing (and the time frame they may need to qualify for a mortgage):

· Currently past due on payments, need to bring all accounts current and pay on time for 6 to 12 months.
· After a bankruptcy is discharged, need to re-establish an up-to-date payment history and pay on time for 2 to 4 years
· After a foreclosure or short sale, need to re-establish an up-to-date payment history and pay on time for 2 to 4 years

Or perhaps the buyer is a real estate investor - like me! - with excellent credit, but for whom short-term bank financing just doesn't make sense. I plan to renovate and re-sell that property in less than a year.

So, good question. But please, dear Listing Broker, do not dismiss a purchase offer simply because my buyer is asking for seller financing.