Want to Buy YOUR OWN Short Sale. Oregon Pilot Program, Apply today!
Can I buy my own home as a short sale? The quick answer is generally no.
However, in Oregon. Specifically Jackson and Josephine Counties in
Oregon, the answer might be YES! The State of Oregon cleverly initiated
a pilot program. It is administered by the Oregon Homeownership
Stabilization Initiative, is funded by Federal Hardest Hit Funds, and
has been approved by the US Treasury. The program was designed to
assist homeowners in danger of foreclosure and that have recovered from a
verifiable financial hardship, coupled with having significant negative
equity. Just recently, Josephine County was added to the covered
territory, which is exciting!
If you own a home in Jackson or Josephine County Oregon and are
significantly under-water on your mortgage, this might be a great
alternative to short selling for you. This program allows you to short
sale to yourself at current market value. The payments are calculated
at 30 years, at a 6% interest rate. You must be able to afford the
reduced principal balance at 6% payments to qualify. The program stacks
the loan fees on top of the loan amount, so that you don’t have to pay
money out of pocket to participate in this program.
Call myself, or my husband Chris, to talk about your specific situation
541-899-7222. The transaction is processed as a short sale, and all is
disclosed. The lender has to agree for you to buy your own short sale.
Some of the more agreeable lenders are:
Select Portfolio Servicing, Ocwen, Carrington, Nationstar, Homeward, Everhome, and many small banks.
Other Lenders also participate in this program, so if your lender is not
listed above, it doesn’t necessarily mean you will get a rejection.
Plus, as the program gains in popularity, we might find more lenders
actively participate. Sometimes it is a matter of letting them know
about the program, but each loan with each bank has a different
investors. Some investors may support the program, others might not.
Some lenders insist on an "Arms Length Transaction" document to be
signed by all parties. This document indicates there is no relationship
between Buyer and Seller. Obviously, if signing the Arms Length
Affidavit is a requirement of your lender or investor, that would knock
you out of eligibility.
If you are prepared to list your home as a bank short sale, but wish you
could purchase it for the current market value yourself, give us a
call. We will help you apply for the program. Our role is as the
Realtor, processing the short sale transaction. Our fee is paid by your
lender.
You might have both a first and a second mortgage. Don’t let that stop you from contacting us today, 541-899-7222.
To qualify for this program, you must:
The home must be your primary residence
Liquid assets at or below $15,000.00
No criminal history of financial or real estate fraud
No active bankruptcies, though discharged bankruptcies are eligible
Income at or below 150% of the state median, adjusted for family size
Ability to meet standard ratios at the current appraised value of the home
This program has seen SERIOUS success! Over 6 million in principal
reductions with an average of $100,000.00 per client and a monthly
payment reduction of almost $600.00! This is exciting people! Call us,
this might be something that is available to you.
The process is quick. If the program approves your application, they
have me write an offer to purchase your home at a reduced purchase
price. The short sale is processed just the same as any other short
sale.
Kim Knox. Principal Broker and Owner of Landline Real Estate LLC
ABR, GRI, RDCpro, A-REO, PME
Serving Jackson and Josephine Counties in Southern Oregon
Specializing in REO Foreclosure and Short Sales
REO
Foreclosure & Short Sale Realtors Chris Knox & Kim Knox -
Jackson County Oregon Home Sales. Medford Oregon. Certified Distressed
Property Expert. CDPE,NRBA, RDCpro, A-REO
Mobile: 541-890-7101 (best)
Business: 541-899-7222
Fax: 541-899-7227
Toll Free: 1-866-779-1158
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