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Attorneys At Law

Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Business Law, & Estate Law.

Attorneys At Law - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Business Law, & Estate Law.

Category Archives: Blog

Bank of America Equator 9/26/13 Short Sale Agent Post

Effective 10/1/13 HUD has announced the following changes to the FHA Short Sale Requirements:

  • There is a new dual agency/brokerage requirement: to meet the new short sale purchase contract addendum requirements, brokers and their agents may represent either the buyer or the seller, but not both parties
  • There are new or different documentation requirements now for verifying assets, income, and expenses
  • There is a Deficit Income Test (DIT) that will be used to determine a homeowner’s financial hardship
  • There is the possible elimination of the financial hardship/deficit income preforeclosure sale requirement for:
    • service members who have received Permanent Change of Station (PCS) Orders, or
    • homeowners who are deemed eligible for a streamlined preforeclosure sale option
  • There are new validation requirements for appraisals

*This information is not intended to be legal advice.  This information is subject to change, please contact us for more information.

Are You Aware of Important Changes to the HOME Program Which May Affect Your Buyer?

HOME Homeownership Value Limits have gone into effect for HOME funds committed on or after August 23, 2013 and remain in effect until HUD issues new limits. The new HOME homeownership value limits for existing HOME properties is 95% of the median purchase price for the area based on the Federal FHA single family mortgage program date for existing housing and other appropriate data that are available nationwide for sale of existing housing in standard condition. Nationwide, HUD has established a minimum limit or floor based on 95% of the state-wide nonmetropolitan area median purchase price using this data. HUA has used the greater of these two figures as their HOME homeownership value limit for existing housing in each area.

There is a similar calculation for new construction. This can affect the purchase price of contracts already in place!
*This information is not intended to be legal advice. This information is subject to change, please contact us for more information.

Bank of America Short Sales Through Equator

Bank of America FHA Short Sales Through Equator – Do You Know the Highlights of the New Guidelines?

  • The homeowner must start working with their Customer Relationship Manager (CRM). Home Retention Options must be done first. The Homeowner must submit all their financials to the CRM.
  • Then an Approval to Participate (ATP) will be issued.
  • The Agent can only assist the Homeowner once the ATP is issued. The property should not be listed until after the ATP is issued.
  • The Homeowner is the only person who can submit the FHA short sale. Agents cannot start FHA short sale process in Equator.
  • Relocation Assistance is available to the Buyer in the amount of $1000 if closed within 90 days of the marketing period, or $750 if after.
  • Some new FHA files can now be worked on Equator.

*This information is not intended to be legal advice. This information is subject to change, please contact us for more information.

Keller Williams Glen Ellyn Lunch & Learn

Lora Matthews Fausett, P.C. will meet with Keller Williams of Glen Ellyn to discus current real estate matters, including: foreclosures, short sales, and other general real estate issues.

Where: 45 S. Park Blvd. Suite 300
Glen Ellyn, IL 60137
KW Training Room

When: Friday, January 11 2013 @ 12-1pm