Eric Kohlhepp of RE/MAX Affiliates in Florence, Kentucky, has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when Northern Kentucky is being affected by “distressed” homes in the foreclosure process. “This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Kohlhepp. “It is so rewarding to be able to help sellers save their homes from foreclosure.” Eric Kohlhepp is a licensed Realtor with RE/MAX Affiliates located in Florence Kentucky. He encourages distressed home owners to use his resources. Eric can be reached at: 859-344-4319 or by Email at: Erickohlhepp@remax.net
Covington North, Covington - Announcing a price reduction on 105 winding Way, a 2 bath, 2 bdrm single story. Now 
MLS® $109,000 - .
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Florence, Boone County - We invite everyone to visit our open house at 1766 Mimosa Trl on January 10 from 1:00 to 3:00pm
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Northern Kentucky here is a website of mine that can answer so many of your questions reguarding short sales. The site provides endless information, video and downloads all for free from the privacy of your home. As an active Realtor working eveyday to to help homeowners with there forclosures concerns, this website was built for you.
Please visit me at: http://www.hosted.cdpe.com/32691
Sincerley,
Eric Kohlhepp
RE/MAX Affiliates
859-344-4319
Treasury sets guidance to simplify "short sales"
By Al Yoon
NEW YORK (Reuters) - The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures.
The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed, according to an announcement on the Treasury's website.
Guidelines address barriers that have often sidelined short sales by setting limits on the time it takes a bank to approve an offer, freeing borrowers from debt and capping claims of subordinate lenders.
The incentives, first announced in May, expand on the government's Home Affordable Modification Program, known as HAMP, that has seen limited success in lowering payments for distressed homeowners. The Treasury earlier on Monday stepped up pressure on mortgage companies to make permanent the 650,000 trial modifications they have started.
"While HAMP program guidelines are intended to reach a broad range of at-risk borrowers, it is expected that servicers will encounter situations where they are unable to approve" or offer a modification, the Treasury said in its announcement.
Financial incentives for completing short sales or similar deed-in-lieu transactions -- in which the deed is simply transferred to the lender -- include a $1,000 payment to servicers, and a maximum of $1,000 to go to investors who sign off on payments to subordinate lien holders, the Treasury said. Borrowers would receive $1,500 in relocation expenses.
Short sales are favored by real estate agents and community groups over foreclosure because they can preserve the borrower's credit rating and leave the property in better condition than when a homeowner is evicted. While primary lenders typically realize steep losses, their recovery is typically far better than under foreclosure.
But short sales have been frustrating for borrowers and real estate agents, often hung up by negotiations with multiple lien holders and mortgage insurance companies. Real estate agents have complained that sales fall through as lenders bicker over the sales price, what they should receive from the proceeds, and whether the borrower will be held accountable for the debt in the future.
Among requirements, mortgage servicers have 10 days to approve or disapprove a request for short sale, and when done the transaction must fully release the borrower from the debt.
It also prohibits mortgage servicing companies from reducing real estate commissions on the sale, a practice that has dissuaded many agents from taking short sale listings.
In one of the most contentious issues gumming up negotiations between lenders, the guidance caps the aggregate proceeds to subordinate lien holders at $3,000.
Second lien holders in recent months have begun demanding more money from the first lender, seller, buyer or agent in exchange for releasing their claim, agents have said. Because primary lenders would face larger losses in a foreclosure, some subordinate lenders have felt empowered, the agents said.
The largest second-lien holders are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co and Citigroup Inc.
Second lien holders may proceed with a short sale outside of the Treasury program, if they felt the cap was too low, a Treasury official said in October.
"If there was a short sale program that didn't recognize the second lien holder position, it could have pretty damaging consequences for the industry," Sanjiv Das, chief executive officer of CitiMortgage, said in an interview last week.
(Editing by Leslie Adler)
Http://www.Erickohlhepp.com
Eric Kohlhepp –RE/MAX Affiliates
What You Can Do to Improve Your Credit
Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following:
1. Check for and correct any errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.
2. Pay down credit card bills. If possible, pay off the entire balance every month. Transferring credit card debt from one card to another could lower your score.
3. Don’t charge your credit cards to the maximum limit.
4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.
5. Don’t order items for your new home on credit — such as appliances and furniture — until after the loan is approved. The amounts will add to your debt.
6. Don’t open new credit card accounts before applying for a mortgage. Too much available credit can lower your score.
7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.
8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.
This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the
publication, Knowing and Understanding Your Credit, visit www.homebuyingguide.org.
Http://www.Erickohlhepp.com
Dear Hebron Resident,
Welcome to the first online blog built around Hebron Kentucky... Hebron Connect is a great way to connect neighbors, businesses, events and news to everyone living in the area. As a proud Hebron resident myself, I feel this will be a great tool to make us all informed about are little town. Today is the Launce date of this new site and am inviting everyone to visit and participate in making this site fun and informative.
Do you know a little something about Hebron that maybe no one else knows? Recent restaurant experiences? Upcoming events such as school plays,garage sales, HOA meetings,ect. please share for we want to know!
As a Realtor with RE/MAX Affiliates I will do my part in keeping Hebron Connect informed with local housing trends, recent sales and everything real estate related. I encourage any local businesses, contractors, schools or groups to please share your expertise.
* Each month there will be contest giveaways sponsored by local companies to win. So check in often so you don't miss any free giveaways.
* I appreciate your support and look forwarded to your participation in making Hebron the best place to call home.
Visit Http://www.Erickohlhepp.com
Sincerely,
Hebron Connect
Welcome to the Bluffs of Devou Park. Get all the views, convenience, access to golf and swimming pool at a great price. 859-344-4319
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Welcome to the Bluffs of Devou Park. Get all the views, convenience, access to golf and swimming pool at a great price.
Visit Http://www.Erickohlhepp.com
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Visit: Http://www.Erickohlhepp.com for more deatails.
PERFECTLY maintained 2nd Flr condo overlooking two lakes with a private entrance* This condo has everything to offer-arched doorways, walking trails, cherry cab, 9 ft clgs, covered deck & walking dist to clubhouse & pool. Lots of upgrades.Call today for showing: 859-344-4319
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Come see the value in this stunning 2story condo located in the golf course community of Oakbrook*Perfect location to airport, shopping, dining, entertainment & golfing*Take advantage of this great price condo by scheduling your appt today.
Enjoy peaceful mornings on your front porch or welcome the evening from the back patio. This move-in ready condo is walking distance to the park, walking trails or golf in your own community. Oakbrook welcomes you to this perfect place called home. Call today to see this great condo price to sell: 859-344-4319
Enjoy peaceful mornings on your front porch or welcome the evening from the back patio. This move-in ready condo is walking distance to the park, walking trails or golf in your own community. Oakbrook welcomes you to this perfect place called home.
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A major joint venture for Short Sales was announced late Tuesday (Oct. 20). RE/MAX International issued this press release:
Real Estate Leaders Unite to Reduce Foreclosures
New Short Sale Strategy Designed to Help Homeowners Avoid Foreclosure
RE/MAX International of Denver, Colorado and HEART Financial Services of Northbrook, Illinois have agreed to work together to help homeowners avoid foreclosure. The real estate franchisor and loan modification leaders have created a unique pre-foreclosure or "Short Sale" strategy that will make it easier for families to sell their homes and avoid the trauma of a foreclosure.
"It's unfortunate that the Short Sale process has been so difficult to navigate in this marketplace," says Dave Liniger, Chairman and Co-Founder of RE/MAX International. "We've been working hard to promote streamlined Short Sales to provide both significant benefits to lenders, and a welcomed opportunity for homeowners to get a fresh start."
At-risk homeowners who do not qualify for a loan modification will now have a viable alternative, and will not be forced into foreclosure. Lenders that offer loan modifications to their at-risk borrowers will be invited to participate in this new Short Sale program.
Trained customer service representatives will provide detailed Short Sale information to all homeowners who cannot obtain a loan modification or do not wish to retain their property. If a homeowner believes that a Short Sale might be appropriate, they are directed to a secure Internet website where they can obtain more information, and select a real estate agent in their community who has received comprehensive training on the Short Sale process. RE/MAX has designed this unique online database to assist homeowners with Short Sale information and easy agent referrals.
"It's been our experience that many homeowners aren't even aware that Short Sales are a reasonable alternative to foreclosure," says Jerry Alt, President and Chief Executive Officer of HEART Financial Services. "Each month we speak with thousands of homeowners who can't qualify for or don't want a loan modification. For the most part, when we refer them back to the servicer for a potential Short Sale, we lose the opportunity to help the borrower while we have them on the phone. Now, we can offer these homeowners some hope and a more efficient process to list and sell their home."
The number of homeowners who could rely upon a Short Sale may be in the millions. According to realtytrac.com, July, August and September had the highest foreclosure numbers on record and some analysts say there is a "shadow" inventory of foreclosed properties as high as 7 million, which could start hitting the market in a few months. Out of all the applications reviewed for a loan modification, less than 50% are successful. And a high percentage of successful loan modifications eventually re-default.
"We have been talking to numerous industry leaders, legislators and Administration officials trying to draw attention to the Short Sale situation," says Liniger. "It's just not possible for the housing market to recover fully until the inventory of foreclosed properties is significantly reduced, and Short Sales offers one practical way to help do this."
There are over 11,000 real estate agents in the United States who have received the Certified Distressed Property Expert (CDPE) professional designation. Over 60% of those are affiliated with RE/MAX. In addition, the National Association of REALTORS also offers a similar Short Sale, Foreclosure and REO (SFR) designation. Agents who have received special Short Sale training like these designations could be selected to participate in this new Short Sale program.
Short Sales can occur when a lender agrees to accept a sales price for a home that is lower than what the homeowner owes on the mortgage. The Short Sale transaction is more complicated than the average real estate sale and consumers are urged to deal with agents who have specific training in the process.
HEART Financial Services will begin offering the newly developed Short Sale process to the loan modification applicants of their clients within the next few weeks.
# # #
About HEART Financial Services
HEART Financial Services, LLC is headquartered in Northbrook, Illinois and has over 200 professional customer service representatives and loss mitigation negotiators dedicated to assisting mortgage borrowers. Since mid-2008 HEART Financial has worked with over 800,000 consumer mortgage borrowers and has achieved closing rates in excess of 40%. No fees are charged to the consumer for working out a suitable plan for home retention. As one of the largest loan modification facilitators in the country, HEART Financial has a proven record of reaching the problematic "no contact" borrowers before a decision to foreclose has been made and achieves higher resolution rates than industry averages. HEART Financial is dedicated to developing successful outreach programs for our servicing clients to engage their customers in a meaningful manner to work out a suitable solution to avoid foreclosure.
Posted 10/21/09
Eric Kohlhepp of RE/MAX Affiliates is a Certified Distressed Property Expert "CDPE" in Northern Kentucky who is trained in helping families avoid forclosure. You have options which cost you ZERO, thats right! All commisions are paid buy the lender for the sale of your home. Eric Kohlhepp can be reached at:Erickohlhepp@remax.net, 859-344-4319
Http://www.Erickohlhepp.com
What is a Short Sale?
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
- A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
- A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.
For homeowners to qualify for a short sale, they must fall into all of the following circumstances:
- Financial Hardship – There is a situation causing you to have trouble affording your mortgage.
- Monthly Income Shortfall – In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
- Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
Eric Kohlhepp of RE/MAX Affiliates Florence KY. is certified in Short Sales. As a CDPE I will work with you to resolve the best out-come for you and your family. Please call today!! 859-344-4319 Http://www.Erickohlhepp.com
Burlington, Boone County - Announcing a price reduction on 3960 Petersburg, a 3 bath, 4 bdrm 2 story. Now $499,999 - Reduced.
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Triple Crown Country Club
• 3 bath, 4 bdrm single story - $364,500
Triple Crown, Union - New construction by Fischer Homes in beautiful Whirlaway at Triple Crown CC. Randolph floorplan features extensive HDWD, ample walk-in closets, Jack/Jill third BA, oversized master w/private sitting rm for quiet evenings.
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Attention to detail in this home
• 4 bath, 4 bdrm 2 story - 
MLS® $568,500
Triple Crown, Union - New construction from Grand Estates by Fischer Homes in beautiful Citation Pointe at Triple Crown CC. Hermitage floorplan features 1st flr mstr,ext HDWD&gorgeous trim,over 4000SF, W/O Lower level.
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