hardship: Got a hardship and can't loan mod or keep your home - short sale it! - 05/27/12 10:40 PM
Got a hardship and can't loan mod or keep your home - short sale it! The question of how does a short sale affect your credit is clearly an excellent question to ask. The credit reporting is not the easiest system to figure out – so I won’t pretend to know or tell you I understand it. All I can do is tell you what I have read and heard on the subject.
Basically:
It can show up on your credit in various ways depending on your lender and circumstances Most of the time… a short sale will … (0 comments)
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hardship: Stockton Home Owners| "My Expenses have increased" - can be a Hardship - 08/28/11 10:39 PM
Anytime your expenses get out of control and become more than what you are bringing in... there is a problem! In many cases this has turned into a major problem for so many homeowners. Especially in the Stockton, CA area - ground zero at one point. The problem is still not over and there are few homeowners that have suffered through this crisis that are any closer to recovery.
This is where we as real estate professionals come in - we should extend our help in the community recovery system as well. Some of the examples of expenses increase:
Monthly mortgage payment … (0 comments)
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hardship: Stockton Home Owners| Decreased household income is Definitely a Hardship - 08/28/11 10:27 PM
Decreased household income is an unavoidable hardship. Depending on how long the decrease lingers on is a good measure of how hard the hardship has hit a family and how much stress has been added to the their mortgage problems.
Having a decrease in your household income is very important to report to your lender if you are experiencing mortgage problems. This is a valid reason to ask for assistance and there maybe problems out there that can help you in a situation like this.
Some of the examples that can cause decreased household income:
Unemployment: there is a Keep your … (0 comments)
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hardship: the ability to take your home.... when it boils down - 07/14/11 08:47 PM
the ability to take your home ... When you boil it down, the mortgage company is holding the control. They have the ability to take your home.
Credit card company can charge you high interest rates but they cannot take your home. Purchasing your automobile... if you do not pay - they can take your automobile... but that is not your home. Hardships will cause you to lose your home, it will give the control back to the mortgage company to take your home. Communication is Key: Communicate with your lender as soon as you realize you have a problem. If … (2 comments)
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hardship: about Hardship letters... (include samples) - 05/28/10 10:11 AM
OK so let's talk about what is a hardship. The definition is a written summary of problems you and family have experience or will soon experience as you have fallen behind or foresee that you will soon fall behind in your mortgage. Need to see a sample.... go to: Hardship letter Sample and if you have a second loan - go to: Hardship letter for second lien holder.
Homeowners are required to have some type of financial, physical or emotional hardship in order to qualify for a pre-foreclosure sale. A hardship occurs when a borrower cannot, or may not be able to continue … (5 comments)
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hardship: Yes, Homeowner.....There IS a Pink Elephant in the House! - 01/03/10 03:29 PM
I want to first let you know that I love elephants! Not sure why, but that my wild animal of choice.I have an awesome collection of elephants that I am ever so proud of.
This is really about homeowners that are upside down and having problems with their mortgage. This is to let you know that while there is a safari in some folks eyes - I know for sure there are a few cute little pink elephants in the house - and honestly they are not cute and they are not little!
You hear alot of pros and cons … (0 comments)
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hardship: Homeowners: BEWARE! ...The bank wants to know what's in your wallet - and how they can get it from you!... be careful about signing deficiency notes! - 11/18/09 01:18 PM
Homeowners do you really want your bank account(s) frozen? Do you need another hardship after short sale? Or will you have to hide your money under your mattress to keep it warm?
This is what can happen after the short sale and after you have signed a deficiency note that the bank used forceful words to get you to sign it or else. Take a deep breathe and think before you sign this note. It stands to reason that if you are in hardship now, it could happen again!
So what make the banks ask you to sign a deficiency note? … (4 comments)
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hardship: Homeowners: I cannot/will not tell you to..... go default (or STOP Paying YOUR MORTGAGE)! I would be out of line... - 11/14/09 01:50 PM
Dear Homeowners
This letter is let to you know that I appreciate your calls because it is sign that you are searching and finding my name on the web, blogs and I know you can find me on ActiveRain. But because some of my callers are putting me in a bad place with trying to get me to tell you to stop paying your mortgage, go default and make other personal, professional and life altering decision for you and family ---> I have to draw the line.
I am just a real estate agent, not an attorney, tax consultant, IRS expert or adviser - therefore … (11 comments)
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hardship: Short Sale - Hardship letter (sample) - 10/20/09 07:23 AM
THIS IS A SAMPLE HARDSHIP LETTER: There are several hardships that homeowners are running into. Probably no two homeowners have the very same hardship or events leading up to that hardship. Hopefully this sample will fit your needs as a sample and a way to get started writing your hardship letter. Although Short Sales are changed a little, this hardship letter is still very important to getting your short sale approved.
Agents: Your seller should be able to tell you why they are in a critical condition and why they need to short sell their home. I always ask the … (7 comments)
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hardship: Illusion/Mirage/Common Sense or Just Talk? - 10/20/09 06:47 AM
Here is some of the buz talk that is still going on and probably will be around for a long while. What do you think? Illusion, Mirage, Common Sense or Just Talk?
Add to the list. ....
Rosemary Brooks, Short Sale / REO Specialist - the Mother and Daughter Realtly Team
… (0 comments)
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hardship: Sample letter: To lender requesting help to avoid foreclosure - 12/19/07 01:13 PM
Ways to reach out to the lender and possibly help yourself.......
The best advice anyone that anyone that is in trouble with their mortgage can get is to contact your lender. Do your homework first and then give them a call and let them know that you are having problems with payment and give them the reasons why.
>> Below is a sample letter to send to your lender ~~~ please note: This works best if you do it BEFORE you have been served a Notice of Default. However, it does not stop you from contacting them even AFTER you have been … (6 comments)
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hardship: Short Sale - Sample hardship letter - 06/15/07 02:21 PM
THIS IS A SAMPLE HARDSHIP LETTER:
More information on Short Sale: Sample hardship letter (of course, each situation if different) your seller should be able to tell you why they are in a critical condition and why they need to short sell their home.
Lender Name Lender Address Lender's fax number
Today's Date
RE: Hardship Letter - Short Sale for _____________________ address
To whom it may concern:
I purchased my home at _____________ in ___________. At that time I was employed by _______and business was very good. My salary and the possibility of a promotion and raise made me sure that I … (127 comments)
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