Debt Settlement Attorney Blog

New Fannie Mae Short Sale rules

Shah Peerally — Wed, 22 Aug 2012 23:45:06 +0000

FANNIE MAE SHORT SALE GUIDE LINE

OVERVIEW
The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to align existing short sales programs into one standard short sale program and issue clear
guidelines to mortgage servicers. With these changes, Fannie Mae and Freddie Mac will allow homeowners with eligible hardships to sell their home in a short sale even if they are current on their loans. FHFA, Fannie Mae and Freddie Mac are making these changes to help more homeowners avoid foreclosure, keep homes occupied and help maintain stable communities. The streamlined program rules will enable lenders and servicers to quickly and easily qualify eligible borrowers for a short sale.The programs being aligned are: Fannie Mae’s Home Affordable Foreclosure Alternative (HAFA) and proprietary short sale programs, and Freddie Mac’s HAFA and proprietary short sale programs. The current Fannie Mae and Freddie Mac HAFA programs are modeled on the U.S. Department of Treasury’s Home Affordable Foreclosure Alternative program, but with
this guidance, there will be one program offered by Fannie Mae and Freddie Mac – the Standard Short Sale/HAFA II.

EFFECTIVE DATE
Guidance will be issued by Freddie Mac August 21 and by Fannie Mae August 22 and will be effective by November 1.

ELIGIBILITY REQUIREMENTS

• The existing mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac.
• The person must have a demonstrated hardship which includes:
• Death of a borrower or death of the primary or secondary wage earner in the household
• Unemployment
• Divorce
• Long-term disability
• Distant employment transfer/relocation (more than 50 miles one way)
• Increased housing expenses
• Disaster (natural or man-made)
• Business failure

FHFA ANNOUNCES NEW SHORT SALE GUIDELINES:
PROGRAMS ALIGNED TO EXPEDITE ASSISTANCE TO BORROWERS
HIGHLIGHTS – THE NEW GUIDELINES:

• Offer a streamlined short sale approach for borrowers
most in need.

• Enable servicers to quickly and easily qualify certain
borrowers who are current on their mortgages for
short sales.

• Fannie Mae and Freddie Mac will waive the right to pursue de?ciency judgments in exchange for a ?nancial contribution when a borrower has suf?cient income or assets to make cash contributions or sign promissory notes.

• Offer special treatment for military personnel with Permanent Change of Station (PCS) orders.

• Consolidate existing short sales programs into a single uniform program.

• Provide servicers and borrowers clarity on processing a short sale when a foreclosure sale is pending.

• Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale.

• Borrowers that need to relocate more than 50 miles one way for a job, including service members with Permanent Change of Station Orders, can be current or delinquent on their mortgage to apply for a short sale.

• Borrowers who have the capacity to contribute to shortages will be asked to make a reasonable contribution toward the shortfall. However, service members with Permanent Change of Station Orders will not be asked for a contribution towards the shortage for properties purchased on or before June 30, 2012.

• Borrowers will not be eligible for a new mortgage backed by Fannie Mae or Freddie Mac for at least two years after a short sale.

Amit Gambhir

Dre # 01878801

EPIC BROKERS
3833 Peralta Blvd
Fremont, Ca 94536
Cell # -510-299-9361
Fax – 510-742-0784
Amit.epicbrokers@gmail.com
www.GambhirAmit.com

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Shah Peerally is an attorney licensed in California practicing immigration law and debt settlement. He has featured as an expert legal analyst for many TV networks such as NDTV, Times Now and Sitarree TV. Articles about Shah Peerally and his work have appeared on newspapers such as San Jose Mercury News, Oakland Tribune, US Fiji Times, Mauritius Le Quotidien, Movers & Shakers and other prominent international newspapers. His work has been commended by Congress women Nancy Pelosi and Barbara Lee. He has a weekly radio show on KLOK 1170AM and frequently participates in legal clinics in churches, temples and mosques. To learn more about Shah Peerally, visit his personal blog on www.ShahPeerally.com.

Information provided above is for educational purposes only. One should not act or refrain to act solely based on the information provided. You should consult an attorney to assess your case before proceeding.

For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)

$77,000 debt settled for only $3000

Shah Peerally — Fri, 10 Aug 2012 07:40:24 +0000

Had insurance claim from March 2010. Constantly receiving letters from Insurance company. I was really scared that they will file a law suit against me. Brought my case to Shah Peerally Attorney at law in March 2012, amazed by the services provided by the company and their team. They were very supportive and helpful. My case was resolved within 2 weeks. I had a claim of $77,000 but only paid $3000.Thanks to Shah Peerally and his team. God Bless you.

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For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)

Second Mortgage Testimonial

Shah Peerally — Sun, 29 Jul 2012 07:18:13 +0000

Thank you very much for getting our second loan settled with the bank! My family and I are extremely pleased and grateful with the outcome since the settlement amount is considerably low given our house’s current market value and the outstanding loan balance. I find no words to express my gratitude to you at this moment. All I can say is “Thank you!” a thousand times from the bottom of my heart. I never thought we would get this settlement done and was very doubtful at the beginning but you made it happen. It was truly a miracle. But I know that without your expertise, diligence, and the right strategy, this would have never become a miracle to us. And our house would have probably been in foreclosure proceedings now. Thank you for saving me and my family from the street and I will definitely refer friends, relatives and colleagues to you if I know they are also struggling with a second loan debt.
God bless you, your family and your business!
Pamela
Client

Important: The testimonials or endorsements on this website do not constitute a guarantee, warranty, or prediction regarding the outcome of your legal matter. Each case is different and success in one case does not warrant or guarantee success in other similar cases or situations. For more information call us on 510 742 5887.

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For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)

Elimination of 2nd Mortgage

Shah Peerally — Fri, 27 Jul 2012 06:23:00 +0000

It is always difficult to obtain a settlement on second mortgages with equity on the property because the finance companies know that if they foreclose they will be able to recover most of the money. As such they are always reluctant to offer settlement offers. Despite this hurdle, our law firm has successfully secured several second mortgage settlements with properties with substantial equities on them. Here are few of our recent success stories:

Three great settlements on properties 2 of which with equity:

1. $122,000 settled on a second mortgage for only $40,000 payable over three months with no finance charges. Note that the property had 100% equity attached to both loans. Client immediately created an equity of $200,000 on her property and is now eligible for a refinancing at a lower rate of interest on her first loan.

2. $92,000 settled on the second loan for only $30,000. Note that the property had a total $57,000 before considering the second mortgage. After settlement, now the client a full equity of $57,000 free from the burden of a second loan.

3. $200,000 settled for $41,000 although client’s was making a six figures income.

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For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)

Great day today 3 mortgages settled for a fraction of their values!

Shah Peerally — Tue, 10 Jul 2012 19:37:13 +0000

We are proud to announce that our firm has 3 amazing second mortgages settlement from Bank of America:
1. $204,557.38 for only $40, 911.40;
2. $119,000 for only $17,000
3. $150,000 for only $ 32,000.

For more information, please contact us at 510 742 5887

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For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)

The White House talking about refinancing!

Shah Peerally — Mon, 09 Jul 2012 21:48:02 +0000

As we’ve been talking about President Obama’s plan to make it easier for responsible homeowners to refinance, we’ve heard many different questions about the process.

So we’ve set up a special online event with the U.S. Secretary of Housing and Urban Development, Shaun Donovan, to answer your questions and go over the issue in detail.

This Thursday at 3:15 p.m. EDT, Secretary Donovan will participate in a live video conference with homeowners from across the country.

RSVP to the conversation with Secretary Donovan – and we’ll send you a reminder before the event.

To get the conversation started, we sat down with Secretary Donovan and asked him to answer one of the most popular questions we’ve received — how will cutting red tape for responsible homeowners help the economy at large?

So take a minute to watch his answer, RSVP for the conversation with the Secretary of Housing and Urban Development, and find out how to submit your questions:

http://www.whitehouse.gov/hangout-rsvp

Also, please pass along this invite to other folks you know who may be interested in refinancing and housing generally. It’s important to make sure everyone has the facts about this important issue.

Don’t forget to tune in this Thursday at 3:15 p.m. EDT.

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For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)

Los Angeles Times reported in an opinion that the real National Security threat is the American Debt.

Shah Peerally — Wed, 04 Jul 2012 06:19:06 +0000

“The real national security threat: America’s debt

Our growing national debt is a threat not only to domestic programs but to a U.S. tradition of an activist foreign policy that helped America prosper.”

…The United States has been running trillion-dollar deficits, resulting in a huge explosion in the country’s indebtedness. Publicly held debt now equals 70% of gross domestic product, a threshold many economists consider significant and highly worrisome. Making matters worse, half of our current deficit financing is being provided by foreigners. We are getting by with low interest rates and tolerable levels of domestic investment only because they find U.S. debt attractive, which may not last…

http://www.latimes.com/news/opinion/commentary/la-oe-ohanlon-fiscal-reform-20120703,0,1409615.story

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For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)

Important Preemption Decision in favor of national banks Parks v. MBNA

Shah Peerally — Fri, 29 Jun 2012 00:50:22 +0000

On June 21, 2012, the California Supreme Court issued an important federal preemption decision in favor of national banks, Parks v. MBNA America Bank, N.A., S183703. The issue before the California Supreme Court was whether the National Bank Act of 1864 (13 Stat. 99) (“NBA”) preempts Civil Code section 1748.9, a California law requiring that certain disclosures accompany preprinted checks that a credit card issuer provides to its cardholders for use as credit. Finding that the NBA contains no such requirement with respect to the issuance of so-called “convenience checks” to credit customers but, rather, broadly grants to national banks “all such incidental power as shall be necessary to carry on the business of banking . . . by [among other powers] loaning money on personal security.” (12 U.S.C. § 24, par. Seventh.), the California Supreme Court concluded that the NBA preempts Civil Code section 1748.9 because the state law stands as an obstacle to the broad grant of power given by the NBA to national banks to conduct the business of banking. Accordingly, the Court of Appeal’s judgment was reversed and the case remanded to that court for further proceedings consistent with the Supreme Court’s opinion.

IN THE SUPREME COURT OF CALIFORNIA
ALLAN PARKS, )
)
Plaintiff and Appellant, )
) S183703
v. )
) Ct.App. 4/3 G040798
MBNA AMERICA BANK, N.A., )
) Orange County
Defendant and Respondent. ) Super. Ct. No. 04CC00598
___________________________________)
We granted review to address whether the National Bank Act of 1864 (13 Stat. 99)
(NBA) preempts Civil Code section 1748.9, a California law requiring that certain
disclosures accompany preprinted checks that a credit card issuer provides to its
cardholders for use as credit. The NBA contains no such requirement with respect to the
issuance of so-called “convenience checks” to credit customers. Instead, it broadly grants
to national banks “all such incidental power as shall be necessary to carry on the business
of banking . . . by [among other powers] loaning money on personal security.”
(12 U.S.C. § 24, par. Seventh.) We conclude that the NBA preempts Civil Code section
1748.9 because the state law stands as an obstacle to the broad grant of power given by
the NBA to national banks to conduct the business of banking. Accordingly, we reverse
the Court of Appeal?s judgment and remand the matter to that court for further
proceedings consistent with our opinion.

Read the full Decision

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For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)

Happy Client testimony!

Shah Peerally — Mon, 25 Jun 2012 18:51:03 +0000

“Dear Shah Peerally Debt Negotiation Managers,
We just wanted to say Thank You to all of you who consistently help me in our credit matter. We do appreciate all of your hard work and caring attitudes. This situation we were in is not a fun place to be in. It helps to know that there are good people like yourselves that truly care and truly want to help others. You have made an incredible deal for us and we greatly appreciate it! We know it is a good day when the Shah Peerally’s commission is more than the settlement amount!!
You all are awesome! Thank you from the bottom of our heart!

Sunit

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For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)

Special thanks to Matrix Insurance for supporting our law firm’s social work!

Shah Peerally — Sun, 10 Jun 2012 05:45:50 +0000

Matrix Insurance Agency is a California based independent full service insurance agency helping small to mid-sized business in Northern California with Group Benefits, Commercial Insurance as well as serving the Individual and family insurance market in California, USA.

Matrix Insurance was founded by individuals with a combined experience of over 50 years in the insurance industry, who understand the importance of providing fast and affordable insurance solutions.

Our goal is to provide comprehensive and affordable Health, Life, Dental, Business, Visitors insurance solutions for all of our clients through our expertise in a wide range of insurance services and products. We provide a personalized service; meaning that we listen to your insurance needs and customize a design that best satisfies your requests.

www.MatrixIA.com

If you like this article, please click on the LIKE button below

For updates follow us on Radio, Facebook, Twitter and LinkedIn. Our law firm also deals in immigration law. Visit www.peerallylaw.com and www.immigrationlegalblog.com. You can reach us 510.742.5887.

Listen to our radio shows on KLOK 1170 AM Radio on Tuesday from 11am to 12pm and Friday from 11pm to 1am (Saturday)