Pre (20)
Currently working on a Fannie Mae pre-approved short sale with BOA as a servicer.
1. Seller took the time to get a pre-approved price for the short sale
2. I listed the home at the pre-approved short sale
3. Got an offer at the pre-approved shortsale - Cash
4. Got a message through equator that they agreed to th eoffer but they needed a couple of the changes on the HUD
5. Made the changes and submitted them all through equator immediately
6. This was 7 weeks ago of constant follow up with no response
7. Escalated through Fannie Mae - got some action and an extension of the approval -
8. No answer yet and the same run around to call tomorrow.
We have the banks claiming they want to work with Realtors and get the short sales done I am not seeing this.
We have people in selling CDPE certs that to me they sound like just more scheme to get money out of us and encouranging us to work with banks.
Is anyone experiencing the same levels of pain.
FHA has specific rules when it comes to purchasing a home that is in Pre-Foreclosure with a FHA mortgage on it. FHA doesn’t make mortgage loans, they Insure them – and so as the Insuring Agency (kinda’ like a PMI company) they get to set the rules! In those Pre-Foreclosure, Short Sale transactions, they set out what fees CAN be included from the Seller, and which fees can not.
Pre Foreclosure Seller Fees per FHA
The process for purchasing a FHA Short Sale is similar to other short sale situations in that the HUD-1 must have prior approval.
The item people need to realize, though, is that if the buyer is obtaining a FHA mortgage, the Seller can only pay up to 1% of the Buyer’s First Mortgage Amount.
We don’t have that many of these cases in the Raleigh, Holly Springs, Cary, Apex area – but when we do, the buyer needs to remember that they will probably need a little more cash upfront for the purchase.
If you are considering a mortgage loan in North Carolina, and you want more details on FHA Mortgage Loan Guidelines – please call Steve and Eleanor Thorne, 919-649-5058 Raleigh FHA Mortgage Loan Specialists! We have over 20 years of experience providing homebuyers with the BEST mortgage rates available!
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 home to your lender.
Option #2: Short Sale the house and get the debt wiped out. A short sale offers the following benefits over a foreclosure.
Issue: Can I get a Future Fannie Mae Loan?
Foreclosure: The current Fannie Mae Guidelines require you to wait 5-7 years before you can buy another home with a Fannie Mae Loan. Most other banks and lenders have the same or even stricter procedures.
Short Sale: If are back on your feet 2 years after the short sale, then Fannie Mae guidelines allow you to get a loan from them.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Issue: Can I get a future loan from any mortgage company?
Foreclosure: Any future application will require you to answer the question, "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" you'll have to answer that question yes.
Short Sale: You can state “No” because you short sold your home. You only have to say yes if the bank completes the foreclosure.
Issue: Credit Score Impact.
Foreclosure: Your score is typically lowered by 250 to 300 points, or even more. This often stays on your credit score for over 3 years.
Short Sale: Only late payments show up. After a short sale, the mortgage is normally reported as "paid in full, settled." This lowers your score as little as 50 points if all other payments are being made. Oftentimes, this is off your credit report in as little as 12 months.
Issue: Will I owe the bank any money for the shortfall?
Foreclosure: Many lenders take 12-18 months to foreclose upon a property and resell it. This dramatically increases the loss and makes any deficiency judgment potentially bigger.
Short Sale: Few lenders ask for a promissory note on a short sale. As an example, on one short sale, the bank lost over $120,000. They settled with the seller for $25,000 to be repaid over 15 years with zero interest. The seller's monthly payment was only $138,89. You can often even negotiate and have the promissory note waived.
Option #3: Rent the property. This is a good way to earn some extra money. However, if you are upside down, then it is more than likely that the rent will not cover the mortgage. That means someone will have to write a check each month covering the loss.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Powder Springs Short Sales: Getting divorced, neither can afford, what to do is provided as a courtesy to our viewers to help them make informed decisions.
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 value.
The most commons unsecured debt is a credit card. When you stop paying them, they will call you nonstop. The reason is because they don’t have any other way to collect from you.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
They can’t come get your car or take your house. So, they make up for that by blowing up your phone with harassing calls. In addition, they use deceptive tricks to get you to pay them.
For example, there are Federal Laws that regulate what they can do or say. They aren’t allowed to threaten to sue you, but then not follow thru and actually file suit.
To get around this rule, they will use language that sounds legal, but isn’t. In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O’Brien to make it sound like they were a law firm.
They would then leave messages on people’s answering machines. They would say they were with the office of Hoffman, Weinberg & O’Brien and then say they may resort to future legal action. In addition, they would reference case number 8306042.
If you didn’t know any better, you would think the case number was for an actual lawsuit against you. That is scary. Don’t you agree?
Most credit card accounts never sue (despite the constant threats.) Even when they do sue and get a judgment, they rarely ever attempt to garnish wages.
A lot of judgments expire without getting paid. But, a lot of them get paid off when a person’s income increases, or that person sells a valuable asset such as a house.
It might seem like the process takes a long time. Some short sales only take a few months. Before you know it you are moving out of your house and onto the next place.
However, some short sales will take a lot longer. We have some files that we have been working on for a year or even longer.
It’s not the end of the world. Just stay put and keep on saving the money you would be using for rent. In most cases the short sale will eventually be approved and you can move on with your life.
Your lender may attempt to collect money from you when they aren’t legally entitled to do so. We have heard several stories of some lenders asking for a promissory note when the state the property was in did not allow the lender to pursue the homeowner after a short sale.
The stories in question were for short sales of properties in California and Washington. Don’t sign a promissory note a lender sends you after a short sale when you are in a non-recourse state.
Talk to a lawyer to see if you are obligated to repay the debt. You could probably get out of repaying it if you tried. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor , Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on What you can expect during and after the Powder Springs Short Sale Process is provided as a courtesy to our viewers to help them make informed decisions.
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 here.
"I'm going to make this person beg me personally for their loan modification", they think to themselves. Everything becomes a competition between negotiators on who can squeeze more out of people.
They talk to their fellow negotiators about what they are able to force people to do. "I saw that one lady had $100 a month for entertainment on her financial statement. I told her she didn't deserve money for entertainment when she owed money to us", they say to them.
Meanwhile, the other negotiator tells their story. "One couple had $200 a month on their financial statement to give to their church. As soon as I saw that, I increased the payment I asked by $200", they say.
Yes, power does corrupt. These loan modification negotiators hold they keys to the homeowners future staying in their home.
Here is what needs to be added to the Homeowner's Bill of Rights.
1. Whenever a homeowner is turned down for a loan modification, the lender shall give them a written, coherent response along with the reason they were turned down. It needs to specifically detail why they were denied and what they can do to be approved.
2. Homeowners are given all the guidelines at the beginning of the loan modification process. They should receive the same guidelines the loan modification negotiator receives. That way they can make sure that they aren't lying to them.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Powder Springs Short Sales: Bankers, can we have more open and transparent loan modifications is provided as a courtesy to our viewers to help them make informed decisions.
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 takes 60-90 days for them to get back with an answer on the short sale.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Some buyers get impatient and move on before they get an answer. On the other hand, we have seen some buyers wait for 4-5 months to get an answer on their offer.
The lender approved their offer and they bought the house. That’s why we don’t sweat it if a buyer gets impatient. Another buyer will come along and buy the house and wait the necessary time for their offer to be approved.
Besides, we usually know what price the lender will accept and the next buyer’s offer can be approved much faster. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by .
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor , Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Powder Springs Short Sales: Don’t sweat it if the first buyer gets impatient and walks off is provided as a courtesy to our viewers to help them make informed decisions.
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 banks.
Considering that the big banks have way more rights than the little guy, here is what we think should be done to "level the playing field."
The Homeowner's Bill of Rights.
1. Stop The Loan Modification Insanity! The Right to an open and transparent loan modification process. Any homeowner that can no longer afford their mortgage payment, petitions their lender for a loan modification, and it turned down shall receive a written, coherent response from their lender detailing why they were denied and what they can do to be approved for a loan modification.
2. The right to get an answer to a voicemail or e-mail from a loan mod or short sale negotiator within one business day.
3. The right to obtain the rules and guidelines for the loan modification of short sale from the loan servicer. Most loans are owned or insured by someone other than the lender the homeowner mails their payment to. However, these front entities still make decisions contrary to the investor or insurer's guidelines.
As such, the loan servicer should send any and all guidelines regulating the loan modification and short sale process to the homeowner.
4. The right to deal with one person who will make the decision to approve or deny their loan modification or short sale. This person should be available to reach by phone or e-mail.
5. The right to attempt to negotiate a loan modification or short sale without fear. The homeowners have the right to have all foreclosure proceedings stopped when they are negotiating a loan modification or short sale.
Many lenders use an impending foreclosure sale date to force a higher payment from a homeowners attempting to secure a more affordable payment.
Many times the reason the sale date is so near is because the lender has dragged their feet on negotiating with the homeowner. Because they are under duress, many homeowners will agree to a payment they cannot afford.
Sure the loan mod negotiator at the bank gets a bonus. But, everyone loses when the homeowner re-defaults and the lender has to process a loan modification all over again.
6. The right to walk away from their upside down mortgage debt. We often see the lenders hold such a hard line on getting repaid everything they owe that they allow the collateral (the home that is mortgaged) decline in value even more than they ever would have received as repayment from the debtor.
7. Stop the Debt Collector Harassment! The right to tell any and all debt collectors to stop calling and never receive a phone call from then again. In addition, this would include debt collectors that know the person's phone number, but will call family members in an attempt to embarrass the debtor.
This is America people! Debtor's prison was abolished two centuries ago! It's time to update your activities to the Twenty-First Century!
8. The right to have their short sale handled competently. The short sale process with most lenders is seriously flawed. Because of this, we see short sale offers for 385k rejected, only to see the home sell for 230k after foreclosure. This hurts homeowners, the banks, the housing market, and the American Economy.
Is it fair to pursue a homeowner for a larger deficiency when it was the lender's decision to reject the short sale that caused the deficiency to be larger? I don't think so.
Because of that, the homeowner has the right to have their short sale handled as detailed below.
A. All deficiencies are forgiven. We often see the lenders hold such a hard line on getting repaid everything they owe that they allow the collateral (the home that is mortgaged) decline in value even more than they ever would have received as repayment from the debtor.
Making the infamous difficult short sale process simpler and more attractive to buyers would net the banks way more money than will ever be recouped chasing down sellers.
B. To have their short sale handled to process everything as smoothly and quickly as possible so the home sells for top dollar and the loan owner receives the most money possible.
C. The right to work with a competent, experienced agent who specializes in short sales.
D. The homeowner is given a written list of investors, mortgage insurance companies, etc. (with contact information) that need to be satisfied for the Short Sale to be approved.
E. An appraisal is ordered and then the home is listed for sale at that price. The price is dropped by 5% a month, or whatever that lender's standard price drop is for Bank Owned Properties.
F. Home buyers get an answer to their offer within 2 business days.
G. An appraisal is ordered and then the home is listed for sale at that price.
H. Allow short sale buyers 45-60 days to get their loan approved. Many lenders that have loan servicing departments that handle short sales. These departments demand that a home buyer close the transaction within 30 days of short sale approval.
However, these same companies have lending sides that cannot close a loan in less than 45-60 days. So essentially, they are demanding that other banks close loans in 30 days, when they themselves cannot do the same thing. I would call that serious hypocrisy! Don't you agree?
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on The Homeowner's Bill of Rights is provided as a courtesy to our viewers to help them make informed decisions.
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 it.
But, don’t kid yourself on loan modification negotiators. The lenders teach them how to negotiate. They train them to do everything they can to squeeze as much money out of you as possible.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The supervisors tell them, “If it means not modifying the customer’s loan, then go ahead and do what you need to do. Don’t modify their loan.” Here is a trick they use to avoid having to modify your loan.
They tell you that you have to catch up all or part of the back payments before they will approve the loan modification. It’s a trap.
Every single dime you pay them before starting negotiations is a dime lost. You can’t use that dime as part of your negotiations. They already have your money.
If you pay them all the back payments, they won’t be as motivated to modify your loan. That is why I recommend that you hold onto every single penny you can until you get a signed modification agreement.
That way if the modification isn’t approved you can use the money for something else. Maybe you could use it as a down payment on a rental. Either way, at least you have your options open.
We offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute's Loan Modification Insider Secrets Guide.
* An easy to understand, Step By Step Guidebook.
* How to write a Hardship Letter that gets your loan modification approved.
* Three big loan modification mistakes and how to avoid them.
* Loan Modification from the lenders point of view.
* How the Making Home Affordable Program can help you.
* What not to do so you don't risk being carted off to jail.
* How to calculate your budget properly to increase your chance of success.
To request this kit, please click here to request a copy.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at
www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor
Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Powder Springs Short Sales: A Common Loan Modification Mistake and How To Avoid It is provided as a courtesy to our viewers to help them make informed decisions.
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 money down.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Myth #3: Lenders will accept any short sale offer even if it is for only 50% of what the home is worth. After all, they don’t want a foreclosure on their books.
These myths are just not true. Lenders are willing to foreclosure on properties. They have entire departments handle the sale of properties that they have foreclosed on.
Another foreclosure is nothing to fear. At the same time, they do prefer short sales. Short Sales are known to reduce a lender’s loss compared to a short sale.
They have high paid actuaries who have run the numbers and proved that to be the case. That means they take a pragmatic approach on short sales.
They want to make sure that he short sale offer isn’t lower than what the home would sell if they foreclosed on it. That is why they order an appraisal before accepting the offer.
They won’t agree to a sale if the offer is for substantially less than the appraised value. If the offer is 5% lower than the appraisal, then they might accept it.
If it is substantially less, then they will ask the buyer to raise their offer to the appraised value.
Another thing lenders check before approving a short sale is that they aren’t approving a short sale for someone that is able to afford their home.
They don’t want to lose money on a short sale when they can make money when the person repays the loan. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor , Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Powder Springs Short Sales: Are Lenders So Desperate They Will Accept Any Offer? is provided as a courtesy to our viewers to help them make informed decisions.
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 with. In a recent story in the news, a New Jersey Company is accused of defrauding homeowners out of thousands of dollars.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
According to the story, one couple had more than $2,800 billed to their credit card but received no loan modification. Another customer paid more than $3,500 and received no assistance.
Your best bet for a successful loan modification is to negotiate it yourself. No one else is going to care as much as you. After all, whose house hangs in the balance?
Yours! A loan modification negotiator in another state that has already collected his fee isn’t going to care as much as you will.
That is why we offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute's Loan Modification Insider Secrets Guide.
* An easy to understand, Step By Step Guidebook.
* How to write a Hardship Letter that gets your loan modification approved.
* Three big loan modification mistakes and how to avoid them.
* Loan Modification from the lenders point of view.
* How the Making Home Affordable Program can help you.
* What not to do so you don't risk being carted off to jail.
* How to calculate your budget properly to increase your chance of success.
To request this kit, please click here to request a copy.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Powder Springs Short Sales: A Cautionary Tale On Loan Modifications is provided as a courtesy to our viewers to help them make informed decisions.
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 to avoid foreclosure by clicking here.
Here was our answer. We don’t know of any law on the books that forbids a person from buying a home they are short selling. Here is what we do know.
Most banks and lenders don’t allow it. If the short sale negotiator sees a sales contract with you as the buyer, then they won’t approve the short sale.
Sure, you could do fishy paperwork to buy the home yourself. But, you risk getting in trouble for fraud if you were caught.
I think the biggest reason people aren’t trying this is because they can’t get a loan after a short sale. You aren’t able to buy another house for 2 years after a short sale.
There is an FHA loan program that allows you to buy after a short sale. But, one of the stipulations is that you must be buying a smaller or inferior home.
If you are looking to reduce your mortgage loan, do it the legal way. Get a loan modification with your current lender. Or, short sale your current home, rent for 2 years, and then buy a new home.
That allows you to wipe out the upside down debt and move on with your life. And best of all, you aren’t at risk of going to jail for fraud.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale RealtorShort Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Powder Springs Short Sales: Is It Legal For A Seller to Buy The House He Is Short Selling? is provided as a courtesy to our viewers to help them make informed decisions.
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 professional before moving forward with a short sale.
In most cases the answer is that a short sale will usually not cause you to owe income tax.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
It used to be that you owed income tax on any forgiveness of debt.
When a lender decides to forgive all or a portion of a borrower's debt, the forgiven amount is considered as income for the borrower and is liable to be taxed.
Here are the following ways you can qualify to short sale a property without any tax liability.
Short Sale of a Primary Residence. The Mortgage Forgiveness Debt Relief Act of 2007 (and it’s extension in the 2008 Federal Bailout) now allows you to short sale a primary residence without any tax liability.
Today when a homeowner short sales a primary residence, they can file a simple form and the forgiven debt is no longer taxable.
The amount of forgiven mortgage debt allowed to be excluded from income tax is limited to $2 million per year.
Short Sale of a Non-Primary Residence: If the property you are selling is not a primary residence, then you may be eligible for tax relief if you are considered insolvent.
I don’t know the exact guidelines, but insolvent is usually considered when your total gross debts are more than your total gross assets. I’m sure a good tax professional can give you more information.
Click here to view the IRS’s website about the Mortgage Forgiveness Debt Relief Act and Debt Cancellation.
Click here to view the article on the IRS’s Website: Mortgage Workouts Now Tax-Free for Many Homeowners.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Powder Springs Short Sales: Will I Owe Income Tax After A Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.
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 here.
Until the lender forecloses on the home the home owner is in the driver’s seat. They “own” the property until the lender forecloses.
We have had many buyers get angry that a home owner would not accept their lowball offer. “You have to submit my offer to the lender. If you don’t then that would be fraud”, they tell the home owner.
You, the home owner are in charge. That means that you can make the following decisions.
You are allowed to pick the buyer’s offer that you think the lender will be most likely to accept.
You are allowed to turn down offers that you don’t like for whatever reason. (Maybe the buyers are too picky about the home and want you to make repairs.)
You are allowed to turn down offers if the buyer is not pre-approved for a loan. In addition, you can ask the buyer to inspect the property before they write a contract.
You are allowed to ask for an earnest money deposit to make sure the buyer is serious about the house.
It is your right to do these things for as long as you own the property. Don’t let anyone tell you otherwise. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor , Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Powder Springs Short Sales: Who is in charge during a short sale? is provided as a courtesy to our viewers to help them make informed decisions.
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 better credit. So I put together the entire list and here they are.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
1. The upside down debt is erased in most cases. If you are selling because of a financial hardship, then the upside down debt will be automatically erased in most cases. Is your loan is owned or insured by the following agencies: Fannie Mae, Freddie Mac, FHA, and or VA? If you are short selling because of a financial hardship, their policies state that your debt will be erased.
2. You are eligible to buy another home much sooner compared to a foreclosure. The most common loan program, Fannie Mae, stipulates that you can buy another home under their program in 2 years. FHA, a popular low down payment loan program stipulates that you can qualify for an FHA loan within 3 years.
3. No Cost To You. That is right. A short sale costs you nothing. All of the expenses are paid for by your lender. That includes the title insurance, any county taxes or fees on the sale, attorney fees, and the Real Estate Agent. If the lender foreclosed on the house and then tried to sell it, they would have to pay all the costs. So why not pay the costs with a short sale?
4. Your credit suffers less damage. Most people think that a short sale will be the kiss of death to their credit. That is the one big advantage of a short sale over a foreclosure.
Upon completion of the short sale, your credit score will drop between 50 and 100 points. However it will rebound fairly quickly. The other benefit is that you will have less debt. (A lot of debt hurts your credit score.) You will have a lower debt to income ratio, which will boost your credit.
In a couple of years your credit will be back to normal and you can buy another home. In addition, anything and everything bad on your credit can be fixed thru the dispute process.
5. You can often rent a comparable house for less than your former mortgage payment. In one example, a homeowner in foreclosure found a larger home. It even had a fenced backyard for their kid and a garage. Their prior mortgage payment was $1,500. They rented the nicer, bigger house for $850 a month.
6. You avoid the humiliation of a foreclosure.
7. You don’t have to pay rent during the short sale process. A short sale can take up to 6 or 9 months. Not all of them do. But, some do. If you aren’t concerned about your credit, then you can stop making your mortgage payments during the short sale. You can use the savings for the deposit on a rental.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor , Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Seven Ways You Benefit From A Powder Springs Short Sale is provided as a courtesy to our viewers to help them make informed decisions.
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.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
A GMAC short sale is not too much different from other short sales. To start a short sale with GMAC, first call them at the 800 number on your most recent statement. That number is currently 800-850-4622.
Most of GMAC’s loans have been sold. The first thing you or your short sale realtors should do is find out who owns the loan now.
On our last GMAC short sale, the loan had been sold to a Wall Street “Sliced and Diced” Fund. In this case, that fund made the decision on whether or not to accept the short sale. GMAC was simply handling the file for them.
Another owner of loan might be Fannie Mae or Freddie Mac, both highly controlled by Uncle Sam.
Or, the loans might be owned by a private investor, but insured by VA or FHA. The guidelines to approve a short sale will be set by the owner or insurer of the loan.
For example, FHA allows a homeowner 120 days to successfully short sale their house. FHA will accept a net equal to 88% of an FHA appraisal for the first 30 days.
After 30 days, that number is reduced to 86%. After 60 days, it is reduced again to 84%. So yes, Bank of America short sales are tough.
However, if you know who the investor (or insurer) is on a loan (and their guidelines), it makes it much easier to get a short sale approved. Fannie Mae, Freddie Mac, FHA, and VA own or insure between 60% and 75% of all loans.
If you are thinking of doing a short sale, then make sure your agent understands their guidelines. Their guidelines are all a little different.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on How GMAC Short Sales Work is provided as a courtesy to our viewers to help them make informed decisions.
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 incompetence.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
This is a house that we drive past every day on my way to work. We noticed that it look abandoned. We looked up the owner to see if they might want to sell the house. That’s when I saw that the home had already been foreclosed. The house was foreclosed on February 4th, 2009. That’s almost a two years ago.
Since we didn’t know who the lender was, we forgot about the house. But, it was a great example of why a bank owned house sells for less than a short sale. So, we went out to the house and took some pictures.
Normally, after a bank forecloses on a house, they will put it up for sale within 2-3 months. Today, December 1st, 2010, they still haven’t put the home up for sale. We found out that a large US Bank's Loan Servicing Arm was servicing the loan on behalf of the owner. In July 2009, we talked to Ann at this lender's loan servicing office. She told us that they were servicing this loan.
She said if I had a buyer, we would need to contact the homeowner. “It’s not owned by us. You need to contact the homeowner if you want to sell the house. The property has not gone to foreclosure sale,” she said. We told her the house had already been foreclosed upon. We asked her if they ever communicated with the foreclosure lawyers. We also made sure we were talking about the same house. She confirmed that we were talking about the same house and confirmed the address and the foreclosed homeowner's name.
“That’s interesting,” she replied. “My records show it hasn’t gone to foreclosure. I’ll check in with the foreclosure department and verify whether it has or hasn’t been foreclosed upon,” she said. Today, almost two years later, no one has followed up on this house. The loan servicer has been 100% incompetent with their actions on this house.
Here is who it appears owns the house today: The Certificate Holders of the Morgan Stanley ABS Capital I Inc Trust 2005-WMC6 Mortgage Pass Through Certificates, Series 2005-WMC6. That means the owners could range from a pension fund, a large Wall Street Firm, or individual persons.
Estimate of Money Lost by the owner: $40,000 to $50,000. This is an estimate of the amount of money lost because the house was no put on the market in the normal 2-3 months after foreclosure. This large US Bank's servicing arm has waited almost two years to put the home up for sale, and it still isn’t on the market as of December 1st, 2010.
Here is how I came up with the estimate of loss:
We asked another agent what he had thought the house would have sold for previously. We both agreed that if the house had been listed in April 2009, that it would have sold quickly. This is because Spring is the peak selling season. We both agreed that it would have sold for between $140,000 and $150,000.
Today homes similar to this one are selling for $90,000 to $100,000, depending on the condition. This home is in pretty bad condition. So, we can conservatively estimate the loss because of a reduced selling price to be: $35,000 to $50,000.
That isn't factoring in a estimated $4,000 in property taxes that have accrued during these past two years, nor lost interest if the money had been loaned to someone else.
I am going to give the same answer as Mr. Assange for who the bank is. First, it is a large US Bank. If you were to ask, "Is it the largest US Bank?" then our answer would be: "No Comment."
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Citizen's "Wiki Leak": Large Bank causes investor to lose an estimated 40k thru incompetence is provided as a courtesy to our viewers to help them make informed decisions.
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 successfully did a short sale to avoid foreclosure by clicking here.
A friend of mine looks for missing people. The database he uses is also a prominent debt collection database. He told me something interesting.
Apparently people are suing debt collectors for breaking Debt Collection Laws all the time. These lawsuits are expensive for them to defend against and easy for the consumer to file.
(I can’t agree more. In my opinion, the debt collectors knowingly break the rules all the time.)
To help debt collectors avoid future lawsuits they now have a field in their search that flags people that have filed lawsuits. They know that if they harass these people, then they are much more likely to get a lawsuit from them.
As you can see, they are scared! In my last blog post I detailed what were, in my opinion, the different violations of the law. You can read more info on the law at this link and see for yourself if a debt collector is violating it.
If you feel they have violated the law, then find a good lawyer to file suit on your behalf. There are many good lawyers who specialize in helping consumers when a debt collector violates the act.
Just Google “Fair Debt Collections Lawyer.” Many can help you at no cost out of your pocket. They will take your case on a contingency basis and get paid from the money they collect from the debt collector.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770-875-4268
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta. Powder Springs Short Sales Realtor:
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta.
This information on Powder Springs Short Sales: An Advanced Strategy To Stop Harassing Debt Collector Calls is provided as a courtesy to our viewers to help them make informed decisions.
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”, you might say.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
It is a big deal, because VA (and every single US Taxpayer) loses money as a result. VA insures VA lenders against loss, provided they follow their guidelines.
VA is able to make an “educated bet” that they can issue these guarantees because they have laid out rules to control the lending and loan servicing environment. When the company servicing the loan doesn’t follow VA’s guidelines, it is no longer an “educated bet.”
Most short sales that get turned down and foreclosed upon sell for less as a foreclosure. That means VA loses even more money.
I can tell you from experience as a Gainesville Short Sale Realtor that the 60 day turn around means that VA loses a lot more short sales to foreclosure.
But no one really cares because it almost a victimless crime. At least the victims don't care. The employees at VA don't get hurt because it's not their money.
The US Taxpayer already knows the government wastes money. The victim ends up being American's Veterans who don't have as much money in the VA Loan Program to use to buy a house.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.
Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on Loan Servicer doesn’t follow VA Short Sale guidelines on a short sale of a VA Loan is provided as a courtesy to our viewers to help them make informed decisions.
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 realize that I am upside down.
My realtor hasn’t talked to me about a short sale. What should I do?” Jennifer asked.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is what I would recommend to her. First, talk to your current agent about a short sale. The might be uncomfortable with bringing it up.
Short sales are a sensitive issue. Some people get offended when you ask them about a short sale. It doesn’t look like that is the case with you.
Tell your agent that you think you might be upside down. Ask them what they think they can realistically sell the house for in today’s market.
The
n, ask them for a “Net Sheet.” This is a sheet that details all of the costs and fees associated with selling a home.
The fees and costs are subtracted from the sales price to give you the net amount you will receive from the sale. Compare that number with your mortgage payoff.
If it is less than what you owe your lender, then you will need to consider a short sale. Ask your agent if they can handle your short sale.
If not, then you may need to hire someone else. Short sales are a lot more complex than a normal real estate transaction.
Make sure the person you interview has closed short sales in the past and knows what they are doing.
Ask them how the short sale process works. Have them explain it to you. This will help you determine if that person can do the job for you.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at bion@bionsellshomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 770-875-4268.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Powder Springs Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Bion Grady.
Bion is a Real Estate Agent at Maximum One Realty Greater Atlanta.Phone: 770-875-4268. bion@bionsellshomes.com.
A Better Solution
View My homes for sale at www.bionsellshomes.com.
Bion Grady specializes in loan modification assistance and short sales in Powder Springs Georgia. Powder Springs Loan Modification Help, Powder Springs Short Sales. Powder Springs Short Sale Realtor Short Sale Realtor. Powder Springs GA Short Sales. Powder Springs Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Bion Grady's personal views and do not reflect the views of Maximum One Realty Greater Atlanta. This information on 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 is provided as a courtesy to our viewers to help them make informed decisions.
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