Bion Grady's Blog – December 2010 Archive (13)

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A Common Loan Modification Mistake and How To Avoid It







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

Added by Bion Grady on December 30, 2010 at 3:30am — No Comments

A Cautionary Tale on Loan Modifications









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

Added by Bion Grady on December 28, 2010 at 3:26am — No Comments

Will I Owe Income Tax after a Short Sale









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

Added by Bion Grady on December 27, 2010 at 4:50am — No Comments

How GMAC Short Sales Work







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.…







Continue

Added by Bion Grady on December 22, 2010 at 4:26am — No Comments

An Advanced Strategy To Stop harassing Debt Collector Calls

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

Added by Bion Grady on December 21, 2010 at 5:05am — No Comments

Renters Trashed my house. What should I do?









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

Added by Bion Grady on December 16, 2010 at 2:18am — No Comments

Can I buy again right after a Short Sale? You Decide









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.…







Continue

Added by Bion Grady on December 15, 2010 at 7:48am — No Comments

My Realtor hasn't talked to me about a Short Sale & I'm not even getting a showing. I think I might be upside down. What do I do









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

Added by Bion Grady on December 13, 2010 at 6:24am — No Comments

Getting Divorced, neither can afford, what to do





In this case I would recommend you sell the house. Now, if you are reading this blog, then you must be researching a short sale.



Which means that you are probably upside down on the home. You have three options.



Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the…

Continue

Added by Bion Grady on December 10, 2010 at 6:00am — No Comments

Bankers, can we have more open and transparent loan modifications

Loan modifications have become a joke. People get turned down for no reason at all.







People really want to keep their home, but just can't figure out what to do. The loan modification negotiators realize how desperate the homeowners are. They use their power over the person to take an ego trip.







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

Added by Bion Grady on December 9, 2010 at 5:56am — 2 Comments

The Homeowner's Bill of Rights









The big banks made mistakes and received a bailout. They have the resources to lobby congress and the courts to have laws written to suit them.









But, what has the little guy received? Nothing. So we decided to put together a Homeowner's Bill of Rights. It's time we had Washington look at what we want, versus taking care of the big… Continue

Added by Bion Grady on December 6, 2010 at 9:49am — No Comments

Citizen's "Wiki Leak": Large Bank causes investor to lose an estimated 40k thru incompetence









Wiki leak's Editor, Julian Assange, recently said he would be releasing documents on a large US Bank. We decided to beat him to it and release some information on how a large US Bank caused their client to lose an estimated 40k because of their… Continue

Added by Bion Grady on December 2, 2010 at 5:24am — No Comments

Loan Servicer doesn't follow VA Short Sale guidelines on a short sale of a VA Loan









We recently negotiated a short sale on a VA Loan. After the appraisal is complete and all the other necessary document have been received, VA guidelines state the loan servicer should give us an answer within 15 days.





The loan servicer took 65 days to give us an answer. That is a complete violation of VA’s requirements. “Oh, but that’s no big deal”,… Continue

Added by Bion Grady on December 1, 2010 at 3:29am — No Comments

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