Bion Grady's Blog (52)

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Would Dave Ramsey Love A Short Sale?









You might have heard of Dave Ramsey. He has a popular radio program where he talks explains the benefits of getting out of debt.







Dave is a zealot for the debt free life. "You don't need to see the inside of a restaurant unless you are working there", he will tell people in financial trouble that call his… Continue

Added by Bion Grady on February 15, 2011 at 5:19am — No Comments

Could The Realtor You Hire Kill Your Short Sale?











The biggest reason people short sale their house is to avoid foreclosure. They cannot afford the house anymore and the bank has said they will foreclose soon.







If the short sale is not successful, then their lender will foreclose on the house. We at the Stop Foreclosure Institute have successfully closed short sales for several… Continue

Added by Bion Grady on February 14, 2011 at 8:57am — No Comments

Why Do Lenders Pretend To Care About Their Customers?

Have you ever attempted to get a loan modification? If you have, then you probably get bugged when you hear banks talk about how they suposedly care about their customers.







Somehow these banks think we will believe it. They must think that, or they wouldn't be running ads that say: "Come to ABC Bank. We answer you by your first name. You're not a number. We care about you."







What a bunch of garbage. Anyone who has attempted to negotiate a loan… Continue

Added by Bion Grady on February 11, 2011 at 10:46am — No Comments

How To Get A Short Sale Lender To Waive Deficiency Clause









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







"I just received a full price offer on my house. My main concern is that I don't get stuck having to pay off the deficiency. I have a first and 2nd with Chase and owe 270K on the home. The buyer's loan is also with Chase.







How… Continue

Added by Bion Grady on February 10, 2011 at 9:26am — 1 Comment

Will I Still Have To Pay Property Taxes If I Do A Short Sale?









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







"I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max."…







Continue

Added by Bion Grady on February 9, 2011 at 6:21am — No Comments

I Have Mortgage Insurance. Won't That Cover the Deficiency?









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







"If I pay mortgage insurance and default on my loan, why wouldn’t that cover the deficiency amount? Max."







Discover how other sellers successfully did a short sale… Continue

Added by Bion Grady on February 8, 2011 at 6:08am — No Comments

How much Do you Charge for a Short Sale?











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







"I have not been late on any payments but my income will be changing dramatically towards the end of the summer. What is your exact service and what are the fees involved? I do not have any cash in savings and pretty much… Continue

Added by Bion Grady on February 7, 2011 at 4:45am — No Comments

What to expect during and after the Short Sale process

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

Added by Bion Grady on February 4, 2011 at 4:34am — No Comments

Don't Sweat it if the First Time Buyer gets impatient and walks off







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

Added by Bion Grady on February 1, 2011 at 9:07am — No Comments

Are Lender So Desperate that they will accept any offer?









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

Added by Bion Grady on January 31, 2011 at 5:14am — No Comments

Is it legal for a Seller to buy a house he is Short selling?

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

Added by Bion Grady on January 29, 2011 at 3:04am — No Comments

Who is in charge during a Short Sale

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

Added by Bion Grady on January 28, 2011 at 4:59pm — 1 Comment

Seven Ways You Benefit From a Short Sale









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

Added by Bion Grady on January 27, 2011 at 4:54am — No Comments

Loan Modifications can be a recipe for disaster









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

Added by Bion Grady on January 26, 2011 at 12:43pm — No Comments

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

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