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Tag: VA

Ocwen Loan? Work With An Experienced Professional

March 1, 2015

If you’ve looked around online at all for information about completing an Ocwen short sale, you may have found a lot of negative information about the process and their business practices. In the last 12-18 months, Ocwen has significantly changed quite a few things about the way they do business. As a mortgage servicer they have, in recent history, evolved to servicing Fannie Mae, Freddie Mac, FHA and VA loans. Before that, and where most of the negative press is from, they didn’t handle these loans. There are some loans that Ocwen still services for some investors but where it relates to anything Fannie Mae, Freddie Mac, FHA and VA, Ocwen has to follow the guidelines put in place by each respective company. Where this relates to you is that you need to make sure the real estate agent that helps you deal with this and work with Ocwen on your behalf, really understands Fannie Mae and Freddie Mac short sales, FHA short sales and VA compromise sales and all the guidelines and nuances that go into them. This way, if Ocwen isn’t following these guidelines your agent can point it out to them or call the investor and ask them to help Ocwen understand the guidelines.

What I’m trying mostly to impart is that if you have an Ocwen loan and you’re looking for information about them be very careful about going to the sources that only have negative information. Our team has had incredible success with getting Ocwen short sales closed. We really pride ourselves in this and we’ve love it if you’d give us the opportunity to help you with your Ocwen loan. Please reach out to us today to go over your situation with Ocwen and let us explain just how much we can help you.

Don’t Allow Your VA Loan To Go Into Foreclosure

February 11, 2014

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Are you contemplating a short sale with a VA-backed loan? If so, then you will want to keep watching because today I am going to discuss this. A VA loan is a government backed loan and of course the government hardly ever calls anything what everyone else does so a VA short sale is actually called a VA compromise sale.

VA compromise sales have been around for quite some time. If you are in a poor situation with a VA loan on a property, a compromise sale allows you to sell the property for less than what is owed, avoid having the property foreclosed on and they also have a relocation incentive of $1500 available to the homeowner. The biggest kicker is that if you complete a VA compromise sale you have the ability to re-establish your VA eligibility and get another VA loan later on in life. There are certain things you need to do to make this happen however it is completely possible. My understanding is that after a foreclosure on a VA loan it is nearly impossible for you to ever regain your VA eligibility and get another VA-backed loan. What I want to impress upon you is that if you have a VA loan and you’re running into problems with paying your mortgage one of the worst things you can do is let it go to foreclosure or do nothing.

The best thing to do if you can’t keep up with the payments and not keep the property, pick up the phone and give us a call or fill out the short sale request form on our website. We are very experienced in these types of loans so don’t jeopardize your VA eligibility and contact us to complete a short sale on your VA-backed home today.

Your Tucson Real Estate Agent Discusses Obtaining a Down Payment

February 4, 2014

One of the first questions your Tucson real estate agent will ask you is how much money you are planning to bring to the home purchase. There are many advantages to bringing a down payment when purchasing a home. It can give you instant equity in the home and can help you afford a higher priced home as well. The problem is that many buyers, especially first-time home buyers, do not have the traditional 20 percent down. The good news is that there are many options to help you secure a down payment so that you won’t only be looking for a home with your Tucson real estate agent, but you will actually be able to by one as well.
One of the first things that you can consider is the type of loan that you are applying for. There are loans that do not require lenders to have a down payment. Many times these loans are specialized such as a VA loan for veterans and active military, first-time home buyer deductions, or rural development loans if country living is up your alley. Your Tucson real estate agent can help you know if there are houses that would fall under specific loan deductions as well.
If you do not qualify for any of these specific loans, your Tucson real estate agent has found that talking to family or friends for help with the initial down payment can be effective. Any amount of down payment that you can bring will serve as a negotiation tool for your Tucson real estate agent and can bring you closer to loan approval.
Your Tucson real estate agent will often find that people are using money saved through employee benefits can sometimes be used for a home purchase. Some employers offer benefits to employees that can be taken out and repaid over a period of time. Before you choose this route for a down payment, always explore the taxes that you will be responsible for and any penalties that can be incurred.

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About Shawn Polston

Shawn has been a Realtor since 2006. Prior to becoming an agent Shawn and his wife were active real estate investors. Shawn takes his education seriously; he’s taken over 200 hours of continuing education classes, to keep up-to-date on current laws and trends. Shawn is a member of the Arizona Association of Realtors Master of Real Estate Society and a Graduate of the Realtor Institute. He is also a HAFA certified Short Sales and Foreclosure Specialist in addition to being a National Association of Realtors Short Sale and Foreclosure Resource.

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