If we are to believe the Mortgage Bankers Association, we are out of the quagmire and moving to higher ground in the housing market.  In this same publication the next day, one article referring to the MBA's analysis of the statistics indicates that delinquencies are falling and “Absent a significant economic reversal, the delinquency picture should continue to improve during…

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FHA Insured Mortgage Foreclosure Help

How to Stop Foreclosure If You Have an FHA Insured Mortgage Loan

FHA Insured Mortgage Loan Short Sales (HUD Pre-Foreclosure Sales Program)

Missing a mortgage payment (i.e. defaulting on your mortgage loan) creates a lot of personal and financial stress. This stress is even worse if the financially distressed homeowner and borrower receives a foreclosure notice, Notice of Default, or Notice of Trustee's Sale (or…

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Here are a few things you should not be surprised to see crop up during the short sale process.







Unscruplous Debt Collection Tactics. If you are facing financial hardship, then paying credit cards and other unsecured debts is your lowest priority. An unsecured debt is a debt where they can’t take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of… Continue

Short Sales can be frustrating. It can take a long time for the lender to process everything and finally give the buyer an answer on their offer.







Oftentimes, by the time the lender makes a decision, the buyer has gotten impatient and moved on to another property.







Most lender short sale departments are overworked. That is why it… Continue

Have you heard the following myths about short sales?







Myth #1: You can buy short sales for dirt cheap and then turn around and resell them for a profit.







Myth #2: Foreclosures, Short Sales, and Bank Owned Homes can be bought for 30 to 50 cents on the dollar with no… Continue

The Stop Foreclosure Institute recently received a question from Mau. Here is Mau's Question.







"Is it legal for a short sale seller to buy the house he is selling on short to reduce his mortgage loan?” asked Mau.







Discover how other sellers successfully did a short sale… Continue

Many home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth.







The short sale lender can only veto short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that. Why is that?







Discover how other sellers successfully did a short sale to avoid foreclosure by clicking… Continue

A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.”









That was the first thing that popped into our head. But, I knew there are more benefits to a home owner than simply… Continue

The Star Tribune, a newspaper in Minneapolis, recently ran a story about loan modifications. Here is an excerpt from the article:







“Many people who sought help under a federal program created to keep them from losing their homes are instead getting saddled with huge, unexpected bills.







Thousands… Continue

 

Glendale, CA Real Estate – Jennifer Escobar a Realtor at Qwest Real Estate recently received a question from Luis.…

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Glendale Short Sales | Burbank Short Sales | Granada Hills Short Sales | North Hollywood Short Sales | Van Nuys Short Sales | North Hills Short Sales

 

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5 Reasons Why A Loan Modification May Not Be the Answer for You

When considering whether you should pursue a short sale or a loan modification, homeowners should consider and discuss the following issues with their legal counsel and tax advisor.  

 

•1)      Not every loan modification solves an equity problem.  If your house is worth half of what you paid for it, a loan modification may not solve your problem, unless it…

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Most homeowners negotiating a loan modification are not amazing negotiators. After all, it’s not every American’s job to be a great negotiator.







America is built on hard work and treating people fair. Most stores offer products at a good, fair price. The price is the price. If you don’t like it, then don’t buy… Continue

Loan Modifications are tough. Lenders don’t want to reduce your payment or reduce the amount you owe.







It’s insane. Don’t even get me started on the topic of the nation’s courts being tilted in the favor of the big banks!







Most loan modifications end in failure because the banks are so hard to work… Continue

This is one of the first questions potential short sale sellers ask us. “I heard of something called “forgiveness of debt income and that it is taxable. How does that work?” they ask.







The following article is my personal opinion only. I recommend that you consult with a competent legal or tax… Continue

GMAC, was the financing arm of General Motors. It was taken over by Uncle Sam and has been mostly privatized as Ally Financial.







However, many people still have loans from the original GMAC. Some of these homeowners want to short sale, but are curious about how it works.…







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Many of the short sale sellers we help are selling their home to avoid foreclosure. In addition, they are receiving lots of harassing calls from debt collectors.







These debt collectors seem to think that if you call someone with no extra money, then you can still get them to pay. Here is a little tip on how to stop their phone calls.







Discover how other sellers… Continue

The Stop Foreclosure Institute recently received a question from Richard. “I accepted a job transfer and had to move. Unfortunately we were upside down on the house.







I decided to rent it out rather than short sale it. The renters just moved out. I just checked the house. They trashed it!







I could rent the house out again,… Continue

We get this question a lot from people. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us.







Today they can. FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home at today’s reduced prices.…







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The Stop Foreclosure Institute recently received a question from Jennifer. She is having a hard time selling her home.











“I have had my house for sale for a little while, but it hasn’t sold. No buyers have come to look at it. At first I thought the price was fair. But, now that no one has come to see the home, I am beginning to… Continue