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Hollister Short Sales: Is It Ethical for Lenders to Make Millions at Your Expense? - 10/31/11 10:16 AM
Hollister CA – Many lenders do not own the loans they handle. Instead, they're paid by the actual loan owner to collect payment. In my opinion, the banks make millions by understaffing their foreclosure departments. Here's a real life example. A bank forecloses on a house and waits for over a year to list it for sale. A year sitting in disrepair causes the home to sell for $30,000 less. But the lender makes more money. Why? It might save $100 million by understaffing the department that handles delinquent properties. Click here to discover how other sellers successfully executed a short (1 comments)
Hollister Short Sales: Why Is the Short Sale Taking So Long? - 10/30/11 01:11 PM
Homes in Hollister CA – The Stop Foreclosure Institute recently received a question from Cathy. Here is her question. "I am trying to buy a house that is a short sale. It has been four months, and we have heard nothing. The agent did mention that they are now on the second negotiator and still haven’t heard from the negotiator. I am getting very frustrated. Is there anything I can do on my end to try to push the process along, or is it all up to the agents?~Cathy." Get my Free, Step-by-Step Loan Modification Guide by clicking here. Here are (0 comments)
Hollister Short Sales: Should I Short Sale or Keep Trying to Save the House? - 10/30/11 12:55 PM
Homes in Hollister CA – We at the Stop Foreclosure Institute receive calls all the time that go something like this: “I've fought the bank for year and a half, and after paying thousands and thousands I've decided to short sale. Can you help me”? Get my Free, Step By Step Loan Modification Guide by clicking here. Because of this, I decided to break down the reasons to short sale your home. In addition, I added in a few reasons you should NOT consider a short sale. Do NOT short sale if the value of your home is appreciating more then (1 comments)
Hollister Short Sale Question about Deficiencies - 10/28/11 11:14 AM
Hollister CA – The Stop Foreclosure Institute recently received a question from Chris. Here is his question. "I just got an approval from a large national lender this morning, and the approval letter stated the following: "Promissory Note of 0.00." What does a Promissory Note of 0.00 imply? It shows the promissory note of 0.00 is "to assist in the closing of this transaction." My main concern is that if it isn't prohibited by California law, then I would like them to agree not to pursue a deficiency judgment. It is best to know 100% in writing for sure so I (0 comments)
Hollister Short Sales: Are Banks Polluting the Economy? - 10/26/11 10:44 AM
Hollister CA – Very few people disagree that banks are not handling the housing crisis properly. Why is it so hard to get a reasonable loan modification? Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. Pollution is defined as the following by Wikipedia: "Pollution can be a simple example of market failure. If costs of pollution from a factory are not borne by the factory owner, but instead are borne by the workers or people in the community, then prices are distorted." Basically, the factory can pollute at will. Now, let's take the same (0 comments)
Why We Must Educate the Public about Banker's Stupid Decisions on Hollister Loan Modifications - 10/25/11 07:22 AM
Hollister CA – Does it make you angry when a bank kicks a family out of its home and loses money as a result? This happens all the time. Let me explain how. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. A family buys a home for $250,000. The home declines in value to $150,000. At the same time, the family's income drops to where it can afford only a $150,000 mortgage payment. Does the bank reduce the payment and allow the family to keep its home? No! Instead, the bank forecloses on the (1 comments)
A Common Hollister Loan Mod Mistake - 10/24/11 11:18 AM
Hollister CA - The Stop Foreclosure Institute recently received a question from a person attempting a loan modification on his home. Here is his question. "I have a first mortgage for $197,000. That was my original loan from when I bought my home. I borrowed $250,000 on a second mortgage for a remodel. My house has dropped dramatically in value. It used to be worth over $500,000, but now the value is more like $250,000. With the recent decrease in value, I would like to get a modification on my second mortgage. I would like to get that reduced to $250,000." (1 comments)
Hollister Short Sale: I'm Having a Hard Time Negotiating with a HELOC - 10/22/11 05:37 PM
Homes in Hollister CA – The Stop Foreclosure Institute recently received a question about short sales. Here's the question. "What is your experience with Chase Heloc's? I have a HELOC that is a second mortgage. Citi (the first) will give them 6% or approximately $3000. Chase's collection agency is saying that they want 30% ($30,000.) "They won't budge. They want this in CASH, not as a promissory note (in case the seller does a bankruptcy). They are telling me they will just let the house foreclose because that is Chase's policy now. What do you recommend that I do?" Get my (0 comments)
Hollister Short Sale: Why Does a HELOC Get Zero from Foreclosure? - 10/22/11 05:25 PM
Homes in Hollister CA – I'm sure some people were wondering why a HELOC gets zero from a foreclosure. Let me explain why. Get my Free, Step-by-Step Loan Modification Guide by clicking here. When a property is foreclosed upon, it's auctioned on the courthouse steps. Let me give you a scenario where a homeowner owes the following on the property. First Mortgage is owed $200,000. Second Mortgage is owed $40,000. There is a HELOC (Home Equity Line of Credit) that is owed $100,000. (The home increased in value to $400,000, and a lender agreed to grant the loan.) So a total (0 comments)
Hollister Short Sales: I'm Sick and Tired, and I'm Not Taking It Anymore! - 10/21/11 10:54 AM
Hollister CA – We recently received an email from another agent who was having a hard time with a short sale. "I have been working this short sale file for four months. There has been 'no movement': no responses from the bank, no closing date. The June 30 date just continues to trickle closer and closer, leaving the sickened buyers more upset and almost at their wits' ends." Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. Here is what we do when we get frustrated with short sales. We send out press releases and (0 comments)
Why Is My Bank Willing to Pay You to Short Sale My Hollister Home? - 10/20/11 07:06 PM
Hollister CA – The Stop Foreclosure Institute recently received a question from Samir. Here was his question. "I am thinking about short selling my house. I'm just wondering how I can get someone to help me. I know that your website says that a short sale costs me nothing. I just have a hard time understanding why my lender would pay you if they are losing money. Please explain that.~Samir." Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. Here is our answer to his question. We get paid because the bank benefits financially from (3 comments)
Hollister Short Sales: Are Banks Playing Games with Their Financials? - 10/19/11 11:36 AM
Hollister CA – Some experts speculate that banks don’t like to approve short sales or loan modifications. Here is why they think that. They think lenders are reluctant to speed up short sales or loan mods because they want to hold off the day of reckoning. Let me explain. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. Let's say that Joe owes $300,000 on his mortgage. The house appraised for $300,000 when he bought it. However, the market value has dropped to $220,000. Joe gets behind on payments. Unless Joe has an extra $80,000 (0 comments)
Hollister Short Sales: What You Must Know When Short Selling Your Property - 10/18/11 02:32 PM
Hollister CA – We received some interesting and shocking news from another agent who told us that lenders are approving short sales and stating that they will allow the seller to walk away owing nothing. However, after the short sale is complete, the lenders are resuming collection tactics to repay them on the loan. These lenders are actually stating in their short sale approval letters that the seller will be released from liability. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. Here is the email I received from this agent: "I have been working (0 comments)
Hollister Short Sales: Your Strongest Bargaining Chip When Negotiating with Second Mortgages - 10/17/11 05:29 PM
Hollister CA – In our blog post a few days ago, we talked about a first and second mortgage that both wanted more money out of the deal. The problem was they were asking for it at the other's expense. In a sense, we had two monkeys with their hands in the same cookie jar. Neither could get their hands out without the other's cooperation, so you have an impasse until someone gives in. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. Here's what happens if both parties stubbornly refuse to compromise. The first (0 comments)
Hollister Short Sale: Are Fannie Mae Short Sales Tough? - 10/16/11 03:14 PM
Homes in Hollister CA – Another agent recently emailed the Stop Foreclosure Institute who was having a hard time with a short sale on a Fannie Mae Loan. Get my Free, Step-by-Step Loan Modification Guide by clicking here. Here is an excerpt from the agent's email. "I spoke with Josh at Fannie Mae. He said that once there is a foreclosure sale, per an agreement with the lender, Fannie Mae would pay the lender the full balance of the note. "I started to comment that what incentive is there for the lender to process a short sale. He said I (0 comments)
Hollister Short Sale: Can I Rent My Home if It's in Foreclosure? - 10/15/11 03:45 PM
Homes in Hollister CA – The Stop Foreclosure Institute recently received a question about renting a home in foreclosure. Short Sale Question: "I am selling two of homes that are short sales. I would like to rent the homes during the foreclosure process. I will continue to pay the homeowners association fees. I will not be paying the mortgage. "Is it legal to do this? Is there any liability that comes with it?" Get my Free, Step-by-Step Loan Modification Guide by clicking here. Here was our answer. The Stop Foreclosure Institute is not a law firm. Therefore, we can’t answer as (0 comments)
Hollister Short Sales: How to Hold Your Bank's Feet to the Fire - 10/14/11 02:08 PM
Hollister CA – Is your lender being unreasonable and unwilling to let you short sale and walk away from the debt? Here is what to do. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. First, you can make the lender's failings public. Tell your story to your local newspaper, TV station, or radio station. You would be amazed at how fast you lender will backpedal in the face of bad publicity. Here is an inside tip. Send a copy of your press release to the lender's Media Relations Department. These are the people whose (1 comments)
Hollister Short Sales: Should You Be Embarrassed to Short Sale? - 10/13/11 02:45 PM
Hollister CA – Many people are embarrassed that they're short selling their homes. They feel like they're somehow being dishonest or shady. Neither one of those is true. A lot of the people short selling today never had a blemish on their credit. They lived perfect, responsible financial lives. Then the real estate market crashed and left them owing way more than their home was worth. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. For years everyone had told them that couldn't happen. Many of those people also lost a job for the first (1 comments)
How Do I Find a Hollister Realtor Who Specializes in Short Sales? - 10/12/11 03:19 PM
Hollister CA – Are you looking for a Hollister Realtor who specializes in short sales? It's important that you pick the right agent. Many agents turn down short sale listings because they are unfamiliar with the process. These transactions are much more difficult and complicated than your average real estate transaction. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. Because of the foreclosure process, you usually have only one chance at a short sale. If your first agent isn't competent, you risk losing your house to foreclosure. Then you have to wait another five (0 comments)
Hollister Short Sale Question: I'm in a Jam with Two Mortgage Companies Fighting Over Money - 10/11/11 02:45 PM
Hollister CA – The Stop Foreclosure Institute recently received a question from another agent named Bonnie. Here is her question. "On my short sale, the first mortgage gave me a price and a net they would allow. The title company put together the closing documents and paid the first more than the minimum net they needed. "Then I offered the second mortgage what ended up being 12% of their loan. They are owed $76,000, and I offered $9600. Here is the problem. Now they want $15,000 and are saying that is their final offer. "I do not think the first will (0 comments)
Hollister Short Sale Question: I Have a Moral Dilemma. What Should I Do? - 10/10/11 01:14 PM
Hollister CA – The Stop Foreclosure Institute recently received a question from another agent named Beckie. Here is her question. "I have been waiting on my lender to approve or deny my short sale for seven months. We finally received an answer last week in the form of a counter offer to the price. "The buyer was offering to pay $315,000. The lender countered at $345,000. The buyer is not willing to pay any more than $315,000. My agent told him that he will try his best to negotiate at that price. "Before my agent could send the comps to the (0 comments)
Hollister Short Sale: Are the Banks Lying to Uncle Sam? - 10/09/11 04:41 PM
Homes in Hollister CA – The Stop Foreclosure Institute recently received an email from another real estate agent asking for our advice on a short sale. The agent accused a large, national lender (one of the four largest in America) of lying to Fannie Mae. Fannie Mae is almost a subsidiary of the federal government. Here's the email we received. "The lender told the seller they had to agree to a deficiency or the short sale would not be approved. "The seller said that was unacceptable. They told us they wouldn't go through with the short sale unless the deficiency was (0 comments)
Hollister Short Sale: My Lender Is Charging the Buyer a Fee to Buy My House - 10/08/11 12:42 PM
Homes in Hollister CA – The Stop Foreclosure Institute recently received a question from Brandon. Brandon is selling his house, and something very interesting happened. Brandon’s Question: "My loan is with American Home Mortgage (AHMSI for short.) They are charging a 1% short sale processing fee to the buyer. Is that legal? The buyer is upset. They have stipulated that ONLY the buyer can pay the fee. This was never revealed until the short sale approval letter arrived."~ Brandon Get my Free, Step-by-Step Loan Modification Guide by clicking here. Our comments on this: Yes, the buyer is upset. Buyers think they (0 comments)
Hollister Short Sale Question: Lender Won't Approve the Short Sale. What Should I Do? - 10/07/11 10:55 AM
Hollister CA – The Stop Foreclosure Institute recently received a question from another agent named Sylvia. Here is her question. "Here's a question for you. I have a short sale with two offers. The appraisal was close to the sales price, and the inspection was good. "However, the bank called me and said, 'Sorry, you can't short sale the house because this is a recourse loan for five years.' I did some research and found the loan is owned by Fannie Mae.
Thinking about a short sale? I can help you short sale your property so you can move on (0 comments)
How to Ensure Accurate Appraisals and a Successful Hollister Short Sale - 10/06/11 12:56 PM
Hollister CA – The biggest threat to your short sale is a high appraisal, which is why your agent needs to make sure the appraisal is accurate. Here is the process your agent needs to follow to ensure an accurate appraisal. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. The person doing the appraisal doesn't understand why the home is selling for a specific sales price. He doesn't understand why buyers are only willing to pay X dollars. That is why your agent must explain that to him. First, your agent should always (0 comments)
Why Your Agent Should Check That Appraisals Are Accurate for Your Hollister Short Sale - 10/05/11 11:50 AM
Hollister CA – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate. There are a lot of opinions on how to ensure the appraisal is correct and accurate. You need to check to make sure your agent is willing to do the extra work. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. I will tell you what happened to an agent who decided it was too much work. This agent decided not to do the extra work. Then, short (0 comments)
The Biggest Threat to a Successful Hollister Short Sale - 10/04/11 12:54 PM
Hollister CA – The biggest threat to your short sale is a high appraisal. Banks consider short sales for economic reasons. A bank will approve a short sale only if it thinks it will net more money taking the short sale offer. To make sure it isn't selling the house for too little, the bank orders an appraisal. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. The problem is that most homes are selling for less than their appraisal value. In one example, a non-short sale listing sold for $225,000. However, the property could (0 comments)
When a Bank Should Accept a Buyer's Offer to Buy a Hollister Short Sale - 10/03/11 07:01 PM
Hollister CA – A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan. If they own the loan themselves, they have a fiduciary duty to their stockholders. That duty is to get the investor the most money possible. Therefore, a lender should accept an offer if it will net the most money. Click here to discover how other sellers successfully executed a short sale and avoided foreclosure. The answer is that it is unlikely any of that will happen. Here is how we can (0 comments)
Hollister Short Sale: Sick of Your Loan Mod Taking Forever? Why Not Contact Congress? - 10/02/11 12:49 PM
Homes in Hollister CA – We recently sent everyone in Congress a fax about a certain large bank that had done a lousy job on a short sale file. We waited 90 days for an answer on an offer. Get my Free, Step-by-Step Loan Modification Guide by clicking here. The buyer got impatient and walked. Fortunately, we had a backup buyer. Instead of using the BPO for which Freddie Mac paid and reviewing the new offer, the negotiator closed the file. Freddie Mac, the owner of the loan, stands to lose $75 spent on the BPO and 90 days worth of (0 comments)
Hollister Short Sale: How to Send a Fax to Everyone in Congress - 10/01/11 03:31 PM
Homes in Hollister CA – Bank of America is consistently the worst short sale lender with which we have dealt. A lot of people sent me emails similar to the following: "You need to stop complaining. If you think having to re-open a file is bad, imagine working on a file for eight months." Get my Free, Step-by-Step Loan Modification Guide by clicking here. They have the resources available to make the changes. Bank of America, Wells Fargo, JP Morgan Chase and Citigroup all issued stock to pay off their bailouts. Paying off the bailout cost all these banks their fourth (0 comments)
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