Jennifer Wehner, Certified Short Sale Expert

Short Sales and Luxury Homes in Scottsdale and Phoenix Areas | A Growing Trend

Wed, 14 Jul 2010 18:38:44 GMT

Short sales are becoming an increasingly larger portion of the market here in the Scottsdale and Phoenix areas, with short sale closings accounting for 21% of all closings in April of 2010—up from 9% in April of last year. There were 34 successful short sales closed this April with price ranges from $600,000-1.65m. There is a clear trend that more luxury homes are entering the distressed market.

The Scottsdale and Phoenix Luxury home market has been affected by rising interest rates on jumbo loans, limited loan availability, and increasingly strict requirements in qualifying for loans. According to the National Association of Realtors, inventory on homes priced above $750,000 has risen from 18 months in 2007 to a 40-month supply in 2009. NAR also reported that the foreclosure rate on jumbo loans was nearly double the rate on conforming loans ($417,000 and below).

The sluggish economy, lack of opportunities to refinance, the growing inventory of luxury homes, and fewer qualified buyers has created a titanic problem for luxury homeowners who need to sell but can’t.

Where do luxury homeowners facing these problems turn to?

There are government programs to help homeowner in distress including the HAMP for loan modifications, and HAFA for short sales. Homeowners with higher loan balances may not qualify for these programs, but most servicers are willing to follow similar processes to minimize losses. Typically a short sale will cost a bank an average of $40,000 to foreclosure rather than short sale, which includes legal fees, depreciation, and carrying costs. This FREE help is available to residents of Scottsdale and Phoenix facing foreclosure.

It is critical for homeowners to understand their options, and should contact a professional who is educated with the foreclosure process, as well as government programs, anti-deficiency laws, and short sales. I have created a website with free information for consumers on alternatives to foreclosure, and am always here to answer any questions or concerns.

Visit: www.AZForeclosureHelpToday.com or call Jen Wehner direct at 480-748-6925.

Phoenix Arizona Short Sale Success Story | By Scottsdale Real Estate Agent Jen Wehner

Wed, 14 Jul 2010 18:34:09 GMT

I met with the Reyes family at their Phoenix area home after they had been turned down from a loan modification. With a trustee sale looming only 3 weeks away, they were very frustrated and unsure of what their options were. After a substantial decrease in income, they were no longer able to afford their monthly payments, and tried to work with the bank on lowering their payments. Unfortunately their loan modification was denied, and they were unsure of what their next move would be. They did want to own another home in the future, and did not want to have a foreclosure on their credit. I met with them, and explained their options, and they decided a short sale would be the best route.

We priced the Phoenix property below market value, though still at a value that fell within the range of recently sold homes in the neighborhood. We received 3 offers over the weekend, and submitted a full short sale package with the accepted offer. HSBC, which was the bank servicing this mortgage, acted quickly and approved the short sale within 2 weeks. They also included $2500 relocation assistance to help the seller move which was very beneficial.

Not all short sales move this quickly and smoothly, but including a full package, pricing the property correctly, and following up diligently are key to successful short sale transactions. The Reyes were happy to avoid foreclosure, and plan on purchasing another home in Phoenix in 2-3 years.

If you or somebody you know may benefit from receiving information on alternatives to foreclosure including loan modification and short sale then click this link right now: www.AZForeclosureHelpToday.com

Arizona Short Sale vs. Strategic Default -By Realtor Jen Wehner

Wed, 14 Jul 2010 18:31:21 GMT

You may have heard recently about Strategic Defaults, as this has been all over the news. A strategic default is when a homeowner chooses to walk away from their mortgage, even if they have the ability to pay.

The reason most homeowners choose a Strategic Default is because their home has dropped substantially below what they owe on their mortgage. Many homeowners believe it will take many years to recoup the value on their home, and are simply walking away.

Fannie Mae just announced that they are increasing penalties to buyers who just walk away. Fannie Mae wants to reinforce the importance to homeowners of working with their servicer. Walking away from a mortgage is bad for communities, and Fannie's goal is to deter this behavior by locking out borrowers who do this for 7 years! They will also go after borrowers personally in states where they are allowed to do so.

One reason for many homeowners frustrations is the difficulty in obtaining a loan modification. Homeowners may not qualify, afford the adjusted payments, or simply do not get an answer in months--even over a year! 7 out of 10 homeowners never consult a realtor during this process, and may not know if a short sale may be more beneficial to them.

Arizona Short Sale vs. Strategic Default

One alternative to foreclosure that I have had a lot of success with is short sales. A short sale is when a lender accepts less than the mortgage amount at closing. The homeowner benefits by getting out of the mortgage with much less damage to their credit than a foreclosure. In many cases homeowners who have completed short sales are eligible for a loan in 2-3 years, far less than the 7 years that Fannie Mae is imposing.

The mitigating factor between a short sale and a strategic default is whether or not the homeowner has a hardship. A hardship can be caused from a decrease or loss in income, medical/health issues, increased credit/debt, adjustable rate mortgage increase, increased living expenses, or lack of cash reserves. Most lenders will want to see some kind of hardship to consider a short sale, if not they still may agree to a short sale but might require the seller to participate in the loss. In some cases I have handled they have asked for no-interest promissory notes, or cash at closing.

There are certainly a number of different issues to think about when deciding if a short sale is the right option. For a free report on alternatives to foreclosure, as well as the latest programs and incentives, please visit :

http://www.azforeclosurehelptoday.com/

If you are in need of a short sale on your home or condo in Scottsdale, Phoenix, Cave Creek, Fountain Hills, Carefree, Paradise Valley, Chandler, Gilbert, Mesa, Tempe, Glendale, Suprise, Peoria, Avondale, or Goodyear please contact me to discuss the process.

If you are outside Maricopa or Pinal County, Arizona I can help refer you to a local agent in your area that is experienced in short sales.

Loan Modification Scams in Arizona/By Real Estate Broker Jen Wehner

Wed, 14 Jul 2010 18:29:05 GMT

It is quite the understatement to say that Real Estate has changed over the past few years. Arizona Loan modifications, short sales, and foreclosures have become common practice in the Real Estate and Mortgage Industry. With this change we have unfortunately seen more scams preying on desperate homeowners more than ever before. I have received numerous calls from homeowners who paid loan modification companies only to find out that these companies did nothing for them. In some cases, they did not even make contact with the bank! For some I was able to complete successful short sales, or direct them to non-profits to assist them with their loan modification. Sadly, for others it was too late.

There are a lot of companies, just run a Google search, that are offering loan modification services to homeowners in distress. While not all of these companies are fraudulent, it is critical to be educated on this process. Free assistance is available, which you can find information at:

http://www.makinghomeaffordable.org/

On this website you can learn about the Making Home Affordable Plan, review the guidelines, find a HUD approved counselor in your area and more. Even if you do not qualify for this program, there still may be options for modification with your current bank/servicer.

Here are some things to look out for if you decide to use a loan modification company:

1. “Attorney-directed” vs. “Attorney-based”. An attorney based loan modification company may consist of former loan officers and processors, and while an attorney may be a phone call away—an attorney will not be personally handling or negotiating the file.
2. Charges a Huge up-front fee often without reviewing your file or being interested in your circumstances.
3. Is there an approval process? Approval should not be determined on the first phone call. The application process should include your budget, income, property information and hardship.
4. Get promises in writing. Verbal contracts are not legally binding. Make sure you read through the contract and understand what services are being provided.
5. Stop Foreclosure legally. A loan modification may take longer, and the home could go to foreclosure during this process if not handled properly.

You may also consult with an attorney for a small consultation fee before deciding how to best move forward. I have dealt with several attorneys who are competent and have a high success rate with Arizona loan modifications, as well as short sales. A consultation will typically cost between $100-$200 which is a small price to pay considering how much is at stake.

For a free report on your options to foreclosure, including loan modification and short sale visit: www.AZForeclosureHelpToday.com or call Jen Wehner at 480-748-6925.

Are Short Sales Really Worth It?

Thu, 15 Apr 2010 16:55:06 GMT

Are Short Sales Really Worth It?

By now, nearly everybody has heard the term “short sale”, and most have a general idea of what they mean. There are also a lot of horror stories floating around, most realtors who have been doing short sales for over a year could tell you atleast a few! The fact is, a short sale does require cooperation from the homeowner, which includes collecting documents, financials, writing a hardship letter, accommodating showings and more. Sometimes, a bank may go back and forth requesting additional documentation and explanations, ordering additional appraisals—all which involve the homeowner. Sounds like a lot of work, so why would a homeowner go through with a short sale instead of foreclosing?

You may have heard that the benefits include: the ability to obtaining future financing in a much quicker timeframe and credit score & credit history benefits. In addition, doing a short sale is extremely important for homeowners who need a Security Clearance such as police officers, military, CIA, as security clearances may be revoked with a foreclosure. Many employers now also run credit checks, in which a foreclosure may challenge possible employment.

Our office recently got a call from a couple who had relocated here from the East Coast. There move was a necessary one due to a job transfer, and they were forced to go through a short sale in the state they moved from. They did remain current through the short sale process, which helped save their credit score. When they arrived in Scottsdale, they immediately sought mortgage financing in an effort to buy a home instead of renting. They were very happy to hear that they would be able to immediately purchase a home due to the fact that relocation was necessary as well as they had no late payments.

Now that HAFA has been released, short sales may be even more favorable. HAFA, is a government program also known as the Home Affordable Foreclosure Alternatives. Here's the short and sweet of it: HAFA offers incentives to lenders and homeowners who avoid foreclosure through short sales and deeds-in-lieu. HAFA also sets timeframes that ensure lenders don't drag their feet in responding to homeowners.

These two aspects of HAFA will be motivating a lot of homeowners to fight foreclosure. Knowing how badly widespread foreclosures can damage a community, I hope the program is well received.

To answer my question, I do believe short sales are worth it. I believe the benefits of a successful short sale far outweigh the hassle of the paperwork. In Short Sales, the Homeowner is in control over the transaction—unlike in Foreclosures where the Bank is in the driver seat. With the process getting more streamlined and organized, we should see short sale transactions go much smoother. The last short sale approval I got (GMAC) was a little over 2 weeks!

If you want to find out who is eligible for HAFA, or if anyone you know is facing foreclosure and needs qualified assistance, please contact me right away. I also have a report available (http://www.azforeclosurehelptoday.com/) with the solutions that can help.

Jennifer Wehner

The Truth About Mortgage Modifications

Mon, 02 Nov 2009 08:23:27 GMT

The Truth About Mortgage Modifications

The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.

For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I’ve prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply provide your information below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.

If you have any unanswered questions, or your circumstances are urgent, please call me today.

Jennifer Wehner
480-748-6925

Options and Solutions

Thank you for visiting this site and taking the first step toward finding answers. I appreciate what it has taken for you to come here, and commend your efforts to get the facts about your situation. The current real estate environment can be frustrating, with misinformation and conflicting plans for how to proceed.

As a real estate agent, what I often see in troubled homeowners is a belief that they are alone with their challenges. Regrettably, over 70% of homeowners in foreclosure proceed without ANY visible assistance. This is not acceptable for the communities I serve.

That's why I've developed this site: to ensure you get the valuable resources that can reduce your financial strain and change your life for the better. As a CDPE I know the options for homeowners in foreclosure or delinquent on their mortgages, and I can send you a report detailing this information, prepared just for you.

Simply enter your information below and click "Send." I hope that you will review this information carefully, so that your next steps are the right steps toward a real solution.

Let me help you evaluate your options and get back on track to a solid, stable future.

Foreclosure Vs. Short Sale

As a Certified Distressed Property Expert, I have devoted my career to helping homeowners who face difficult situations, taking them from uncertainty to resolution. Lately I've found a lot of conflicting information going around, especially concerning short sales, which you should know about.

A short sale occurs when a lender accepts the selling price of a home, even if it is less than the full amount owed on the mortgage. For particular homeowners, this can be the best option to foreclosure. Yet, I still hear people suggest that short sales are basically the same as foreclosure.

This is absolutely wrong!

You need to have the CORRECT information. That’s why I'm glad you're here. To help, I’ve prepared a free report—just for you—that compares the realities of foreclosures and short sales side-by-side. Simply provide your information below, and I'll send you this report.

If you have any additional concerns about this issue, or your circumstances are urgent, please feel free to give me a call. I can help you evaluate your options and get you back on track to a secure financial future.

Jennifer Wehner 480-748-6925

7 Short Sale Myths

There are millions of homeowners just like you who are looking for answers and don’t know what to do. You’re not alone and you’re in the right place.

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Despite my best efforts, there’s still an overwhelming amount of misinformation about the options available, especially short sales.

To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, I’ve prepared a free report just for you - please fill out the information below to receive your free report. This report will clarify the following myths:

The Bank Would Rather Foreclose Than Bother With A Short Sale
You Must Be Behind On Your Mortgage To Negotiate A Short Sale
There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
Listing My Home As A Short Sale Is An Embarrassment
Short Sales Are Impossible And Never Get Approved
Banks Are Waiting On A Bailout And Not Accepting Short Sales
Buyers Are Not Interested In Short Sale Properties

These ideas are potentially harmful to homeowners seeking real solutions. I hope you’ll review this information for yourself or share it with a homeowner in need.

In these times, we all need to know the truth to know how to get back on track.

If you have any additional concerns about this issue, or your circumstances are urgent, please give me a call.

Jennifer Wehner
480-748-6925

Short Sale & Deed-In-Lieu

Contrary to what you may have heard, lenders actually want to avoid foreclosure wherever possible. That’s why they’re accepting more short sale and deed-in-lieu transactions everyday in an effort to eliminate unnecessary foreclosures. This is great news for homeowners facing financial distress.

To help you understand more about these two options, I’ve prepared a free report just for you, called ‘Short Sale & Deed-in-Lieu: Dignified Solutions.’ To receive your free report, please provide your information in the fields below.

I hope you’ll review these options carefully and pass this information along to those who may need it. I commend your efforts to finding a solution to the difficult financial situation that you or someone you know is currently facing. Providing the best advice and information in your time of need is my priority.

Let me help you evaluate your options and get you back on track to a secure financial future.

Your First Steps To Avoid Foreclosure

Your First Steps

In today’s market, 1 in 7 homeowners is having trouble paying the mortgage. More than 70% of these homeowners proceed without seeking assistance or getting the facts. Many do not even realize that foreclosure is a process, and that there is time to make decisions that may result in a better outcome.

You are not alone. Millions of other homeowners nationwide are in the same circumstances. To assist you, I’ve prepared a free report outlining the first steps a homeowner should take when facing a foreclosure.

Fill out your information below for this free report. Don’t hesitate. Get back on track today!

Strategic Defaults are NOT Strategic

Walking Away Is NOT The Answer

You may have heard that a “strategic default” can be an appropriate and even beneficial reaction to an upside-down mortgage or impending foreclosure. While this idea is widespread, the truth is that default is never an easy road to choose, and rarely ever strategic.

Unfortunately, the ramifications of a “strategic default” are rarely explained, leaving many homeowners stranded on an island of misinformation. To assist you, I’ve prepared a free report outlining the myths and misrepresentations of strategic defaults.

Fill out your information below for this free report. Don’t hesitate. Get the facts today!

Avoiding Mortgage Modification Fraud

I Am An Agent Against Mortgage Fraud!

The last thing struggling homeowners need is to be victimized by fraud. Sadly, some people are preying on those who need help the most. Today, the real estate industry is the newest, biggest target for predatory schemes. In fact, the U.S. Attorney General, Eric Holder, stated that mortgage fraud cases are 400 percent higher than they were five years ago.

With nearly 1 in 6 homeowners unable to pay their mortgages, understand that you are not alone. Knowing your legitimate foreclosure-avoidance options is the best way to fight this terrible trend.

The report on this site will tell you how to avoid mortgage fraud schemes, as well as what solutions are available to you. Enter your information below and get the facts now!

Understanding HAFA

New Help Has Arrived!

The rising number of foreclosures in this country is simply too big to ignore. That is why a government-backed program has been released that aims at streamlining foreclosure avoidance options.

Short sales and deeds-in-lieu are dignified solutions to foreclosure, and now the government is making them easier, quicker and more accessible through the Home Affordable Foreclosure Alternatives Program, or HAFA.

With one in six homeowners struggling to make mortgage payments, you are not alone, and there are options available. With the free report provided here, find out if you qualify for the HAFA Program. Simply fill out your information below to get started on your new chapter of financial stability.

Please read this report to learn the facts, and contact me to begin your journey to a solid, stable tomorrow.

Government Program Surveys

Are You Eligible?

The government programs currently available to homeowners can be valuable resources, but only if you know which ones are right for your situation.

That’s why I’ve created this free resource that lets you find out which programs you’re eligible for. Read the descriptions for each program to see which one fits your situation, then fill out the corresponding survey to see if you are eligible.

Find out now if you are eligible!

The good news is that programs exist for a variety of situations, and even more options are available beyond those programs. As a CDPE-designated agent, I can provide all of your possibilities and help you get moving toward a solution.

Cash for Short Sales

Short Sales are More Valuable Than Ever!

Avoiding foreclosure is always a smart move, but now there are incentives that make it an even better one.

Short sales and deeds-in-lieu are dignified solutions to foreclosure, and now the government is making them easier and quicker through the Home Affordable Foreclosure Alternatives Program, or HAFA, which also gives the homeowner $3,000 for participating.

With the free report provided here, you can learn all the benefits of completing a HAFA short sale. Simply fill out your information below for details on the program and how you would benefit.

Please read this report to learn the facts, and contact me to start exploring solutions.

A Dignified Solution

You Deserve a Dignified Solution

The economy today has been especially hard on homeowners. I meet people every day who thought they made a responsible decision on their mortgage loan, only to be hit with the unexpected.

The first and best move to make in this position is to educate yourself on what your options are based on your financial situation. Avoiding foreclosure is always something worth pursuing if you can, and there really are dignified alternatives available.

To get my free report on all the options and benefits of avoiding foreclosure, fill out the form below and click "Send". If you need immediate assistance, please contact me right away.

I'm here to help.

Credit Score Issues

Don't Let Your Credit Score Drop Unnecessarily

Avoiding foreclosure now could make or break your attempts to get a loan in the near future and determine whether you can get affordable interest rates.

That's why I've made this site available for anyone in our community struggling with mortgage payments. Foreclosure alternatives like short sales and deeds-in-lieu allow homeowners to avoid many of the damaging effects of foreclosure. In addition, short sales may have less of an impact on credit scores than foreclosure.

To get all the information on how these options affect your credit score, fill out the form below and click "Send". If you need immediate assistance, contact me right away.

I'm here to assist you.

Hidden Costs of Bankruptcy

Considering filing for bankruptcy? There may be alternatives you've never considered …

If you are having trouble paying your mortgage and are possibly considering bankruptcy, there may be better solutions for your particular circumstances. I've created the free report available on this page, "The Hidden Costs of Bankruptcy," to provide more information.

Alternatives to foreclosure, such as conducting a short sale and moving into a rental residence with less expensive payments, may offer the breathing room you need to reorganize your finances.

To get your free report, fill out the form below and click send. However, if your situation is urgent and you need immediate assistance, please don't hesitate to contact me.

I'm here to assist you.

Short Sale vs. Foreclosure

Foreclosure or Short Sale: Understand the Differences

Underwater on your mortgage? Facing foreclosure? Avoiding foreclosure through a short sale can have many benefits for your future financial stability.

I created this site to help spread the word about the options to avoiding foreclosure, and a short sale has many benefits. A successful short sale can reduce the damage to one's future loan eligibility, credit rating, employment, security clearance and more.

For a free report on the differences between short sales and foreclosure, fill out the form below and click "Send". If your situation is urgent, feel free to contact me immediately. I'm ready to help you take action and secure a more secure financial future.

As a CDPE-designated agent, I've been trained to pursue foreclosure alternatives, and I'm here to help.