Crucial Steps that must be taken to ensure a successful Short Sale - 12/23/10 11:59 AM
There are in fact certain steps that must be taken to obtain a successful short sale.  To learn what they are and more invaluable information regarding short sales...go to www.shortsaleauthority.net to get a free copy of our book "Home Owner's Guide to Real Estate Short Sales." 
Serving Medford, Central Point, Eagle Point, White City, Phoenix, Talent, Ashland, Gold Hill, Rogue River, and Grants Pass Oregon.
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Will I have to sign a promissory note when I short sale my home? - 12/23/10 11:49 AM
The answer is possibly depending on your lender.  However it is something that can be negotiated.  Depending on your situation, most lenders have not been requiring them.  My experience is if you have mortgage insurance you have a higher chance of you lender requiring a promissory note...well actually your mortgage insurance carrier requiring it.
Other situations requiring it would be if the appraised value of your home is much higher than what the offer is.  If you are selling your home for $120,000 and the appraisal your lender did comes in at $150,000 they may be willing to sell it if … (1 comments)

Why is my bank harassing me for payments when I am doing a Short Sale on my Home - 12/23/10 09:25 AM
I get called by clients all the time asking me the very question.  Their lenders are relentless at calling them...bugging them for money.  And what makes it even more annoying is that most of the time you get a call and then have to wait forever for someone to actually start talking because their computer system who actually is calling you hasn't connected you with one of the company's reps.  My clients have asked "...doesn't my bank know that we are short selling our home" or "haven't told them that we are short selling our home."
First of all...and I hope this … (0 comments)

Short Sale Hardship Letter Example - 12/21/10 01:01 PM
 
To Whom It May Concern:
I am writing this letter to explain the unfortunate set of circumstances that has caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet. But unfortunately, we have fallen short and would like you to consider working with us to allow a short sale. We would really appreciate the opportunity to work with you on this matter.
The main reason that caused us to be late is (insert your reason here and be concise and to the point). With our income not being nearly enough, we … (1 comments)

Tax Consequences of a Short Sale - 12/21/10 12:56 PM
12-21-2010Tax Consequences of a Short SaleIf the lender agrees to your short sale, in some cases the lender may possess the right to issue you a 1099 for the shorted difference, due to a provision in the IRS code about debt forgiveness. Many situations are exempt from debt forgiveness according to the Mortgage Forgiveness Debt Relief Act of 2007 however since I cannot legally provide any tax or legal advice you should speak to a tax accountant to determine the amount of short sale tax consequences and whether you can afford to pay those taxes, if any exist.
Key Information Regarding … (2 comments)

Medford: Do I qualify for a Short Sale - 12/18/10 01:01 AM
Qualifieing for a Real Estate Short Sale isn't difficult.  If your home is worth less than you owe, you have a financial hardship that has affected your ability to pay for your mortgage you most likely qualify for a short sale.
Now...it is important to understand what qualifies for a financial hardship.  A harship is created when circumstances over which a borrower has no control have occurred.  Either their income has decreased or their expenses have increased, marital separation or divorce, job loss, medical bills, military service, or death of a spouse or co-payer of the mortgage has happened, the mortgage must either … (1 comments)

Southern Oregon: Will all lenders accept a short sale? - 12/18/10 12:38 AM
I recently ran into someone who was told that their lender would not allow a short sale.  This seemed very odd to me as they seemed to meet all of the requirements of a short sale.  They had a huge drop in income...their property was way under water...they had a legitimate hardship.
What happened was they were speaking to the debt collection department of their bank.  The debt collector basically lied to the borrowers to try to get them to pay their payment.  Of course it didn't work, but the borrowers let their house foreclose because they were told they couldn't … (5 comments)

Southern Oregon: Are you a risk of having your lender take the funds in your bank account if you Short Sale your home? - 12/17/10 11:56 PM
Yes...this is a true story.  The sellers of the property has asked that their name name not be mentioned.  When the sellers went to sell their home...their home that was now about $250,000 under water...not to mention the 1,000's of dollars that was spent of their own money into the home...they had no idea what was about to take place.  Like normal the seller contacted their lenders (they had two) to inform them that they were going to have to do a short sale on their home.  The sellers at the time was still paying their payments but was draining their … (2 comments)

Loan Modifications in Southern Oregon, Medford and Surrounding Areas - 12/16/10 12:32 PM


Why is my Loan Modification Taking So Long: It is unclear how long it is supposed to take lenders to modify loans (or deny modifications) but many home owners are being forced to wait for months without any word except that their lender needs more information. In many cases, homeowners have been waiting 7 to 9 months and are being told that their file is still in processing.             Getting anyone from the banking industry to give you a straight answer to why it takes so long is pretty much impossible. Homeowners are being told that "...there are just so many … (0 comments)

Short Sales in Southern Oregon - 12/14/10 04:15 PM
12-14-2010 Dear Neighbor's in Southern Oregon,
You may have already heard about the free home selling strategy most commonly referred to as a real estate short sale and how people use them to avoid foreclosure .
In fact, you might be in a situation yourself where you can no longer afford your mortgage and are facing foreclosure. If that's the case, a real estate short sale is quite possibly the perfect solution.
My name is Jamie Batte and I've helped people just like you avoid foreclosure in all of Jackson and Josephine Counties (Including Medford, Central Point, Eagle Point, White City, … (1 comments)

 
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