ridgewood short sales: Why Do Ridgewood Short Sales Negotiators Break The Rules?
- 10/27/11 01:54 AM
Ridgewood NJ – An agent with the Stop Foreclosure Institute recently had a short sale negotiator lie to them. We have spent the last 6 months figuring out all the rules for short sales on different loan types. The rules are different for an FHA Short Sale, a VA Short Sale, and a Fannie Mae Short Sale. This was an FHA loan. Here’s what happened. FHA puts out a letter called “Mortgagee Letter 2008-43.” It details exactly how the banks is supposed to handle a short sale on an FHA loan. This letter is 16 pages long and gives them specific … (0 comments)
ridgewood short sales: We Must Educate The Public About Banker’s Stupid Decisions On Ridgewood Loan Modifications
- 10/25/11 01:49 AM
Ridgewood NJ – Does it make you angry when a bank kicks a family out of their home and loses money as a result? This happens all the time. Let me explain how. Click here to discover how other sellers successfully did 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, their income drops to where they can only afford a $150,000 mortgage payment. Does their bank reduce their payment and allow them to keep their home? No! Instead, the bank forecloses on the home. But, … (1 comments)
ridgewood short sales: Why Is My Bank Willing To Pay You To Short Sale My Ridgewood Home?
- 10/20/11 04:30 AM
Ridgewood NJ – 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 did a short sale and avoided foreclosure. Here was our answer to his question. We get paid because the bank benefits financial … (1 comments)
ridgewood short sales: Bergen County Loan Mod Help: How To Reduce Your Payments Without A Loan Modification
- 05/03/11 02:41 AM
The house sold for 130k! They would have made more money just cutting the homeowner's payments in half! This kind of stupidity gets on my nerves. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Some people have mentioned a strategy that can help you reduce your payments without a mod. A person with two mortgages just stops paying the 2nd mortgage. I won't recommend that you try it. Here is why some people have said this strategy works. Let's say John owns a house worth 200k. He owes his 1st mortgage 200k, and his … (0 comments)
ridgewood short sales: Ridgewood Short Sales: How To Negotiate Away Promissory Notes
- 04/11/11 03:15 AM
Ridgewood NJ - If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note. Today's blog post talks about how to convince the lender to waive it. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so. If the home is foreclosed upon, then they will have to pay a claim for the … (0 comments)
ridgewood short sales: A Common Short Sale Mistake Being Made On Ridgewood Short Sales
- 04/08/11 02:03 AM
Ridgewood NJ - I see a lot of agents making mistakes on short sales property valuation. Lenders hire a supposedly impartial third party to value the property. Many of these people are evaluating 10 properties a day. There is very little quality control and usually no one checks their work. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Because of that, I always try to meet them at the home when they are doing their inspection. I explain the history of the property and why it is selling for that price. The lender will … (0 comments)
ridgewood short sales: Ridgewood Short Sales: A Common Myth On Escalating A Short Sale File
- 04/07/11 02:35 AM
Ridgewood NJ - We see a lot of agent's going about escalating a file the wrong way. It reminds me of the appeals process game in death row. Everyone has to go thru the appeals process. It drags on for years and years. After a while it simply becomes a game. I don't want to see short sale escalation turn into a "game." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Treat the Short Sale Escalation Process like a sales process. Don't treat it like just another technical process that you do for no … (2 comments)
ridgewood short sales: Ridgewood Short Sales: The Lender Won't Approve The Short Sale. Now What?
- 04/06/11 04:40 AM
Ridgewood NJ - If you are doing short sales, then you must learn how to escalate a file. Here's why. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. What do you do when the house isn't selling for any more money, but the bank keeps on rejecting the offers? You can give up, but then the seller loses the house to foreclosure. Ouch! Why not escalate the file and get it approved? Here's an example of how it worked for the Stop Foreclosure Institute. We had a house on the market for 4 months. … (0 comments)
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. If your loan qualifies for the HAFA program, then you may be eligible for a number of financial incentives. You can get up to $3,000 to help with moving costs. Even better is the stipulation that you will be completely released from the first mortgage debt. No deficiency … (0 comments)
How dare you suggest that I am incompetent because they haven't replied?" (The bank was a large national bank whose name I changed for this post.) Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. First off, we are not saying that all agents are incompetent. However, we do see some … (0 comments)
ridgewood short sales: Ridgewood Short Sales: Do Short Sales Really Take 6-8 Months?
- 03/31/11 02:55 AM
Ridgewood NJ - The Stop Foreclosure Institute recently received a question from John. Here is John's Question. "I am trying to buy a short sale. I have been waiting on an answer to my offer for 6 months. The agent tells me we should have an answer any day. But, they've been saying that for a long time already. What should I do? John." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. John, I think you should run for the hills. We see a lot of agents quote 6-8 months for a short sale … (2 comments)
ridgewood short sales: Ridgewood Short Sales: A Good Example Of Lender Incompetence On Short Sales
- 03/30/11 02:58 AM
Ridgewood NJ - We received the following e-mail a little while ago from another agent that does short sales. It illustrates how the current short sale guidelines hurt the housing market and homeowners short selling their house. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The following e-mail shows you why it is important that you have an experienced short sale agent help you. Here is the e-mail. "I have a short sale listing with a large national lender. I have been waiting for an answer since September. I finally received an answer last … (0 comments)
"I have an FHA loan and want to get a loan modification. My bank is playing hardball and won't modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?" Grant. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer. I don't know the specific rules for FHA Loan Modifications. But, I do know how to find them. Here is … (0 comments)
ridgewood short sales: Ridgewood Short Sales: What Does I Mean When The Bank Says File Is Going To Investor Soon?
- 03/28/11 05:10 AM
Ridgewood NJ - The Stop Foreclosure recently received a question from Georgia E. Here was her question. " When the bank says the file should be going to an investor soon what does that mean?" Georgia E. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer. It means that whoever ultimately owns the loan will make the decision. For example, you might be negotiating the short sale with Wells Fargo. However Wells Fargo may not own the loan. (Around 80% of all the loans they service are owned by someone else.) … (0 comments)
ridgewood short sales: How will a Ridgewood Short Sale or loan modification affect my credit score?
- 03/25/11 03:35 AM
Ridgewood NJ - How do foreclosures, loan modifications or short sales affect a credit score? Your credit score will be affected by late mortgage payments and a short sale. However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast - it all depends upon what the score was before the foreclosure, … (0 comments)
ridgewood short sales: How To Preserve Your Credit During A Ridgewood Short Sale
- 03/24/11 01:55 AM
Ridgewood NJ - If the right decision for you and your family is to sell the house as a short sale, then the sale will have an immediate effect on your credit score. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. You might feel like it's just overwhelming and demoralizing to see your credit score take any more hits! But, here's the silver lining: according to most experts, 78% of Americans have ERRORS on their credit score. Why is that a silver lining? If you have negative errors on your report that get fixed, … (0 comments)
ridgewood short sales: Should I Continue Paying My Credit Cards During A Ridgewood Short Sale?
- 03/22/11 07:12 AM
Ridgewood NJ - The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question. "I am selling my house as a short sale. I am behind on the mortgage payments. Do you think I should still pay my credit cards?" Paul. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is our answer. I all depends on what is important to you. Can you afford your mortgage payment if you stopped paying the credit cards? If the answer is yes and you don't want to move, then I would recommend that … (2 comments)
ridgewood short sales: Ridgewood Short Sales: Why Lenders Back Off When Threatened With Bankruptcy
- 03/21/11 04:01 AM
Ridgewood NJ - Bankruptcy is one of the scariest words a lender can hear. A bankruptcy filing can stall their ability to foreclose by 6 months, and sometimes as long as a year. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they can't go after you for any upside down debt. The only thing a lender gets in a Chapter 7 Bankruptcy is any collateral they have on a loan. So they can … (0 comments)
In addition, in most cases the lender doesn't own your loan. Someone else does. So when they negotiate with you, it is simply to go thru the motions. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. No, common sense does not apply in these situations! The good news is that common sense does apply when you … (2 comments)
ridgewood short sales: Ridgewood Short Sales: Four Specific Examples of Big Bank Negligence
- 03/16/11 05:47 AM
Ridgewood NJ - Here are four specific examples of big bank's negligence causing a loan owner to lose money. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Example #1: Not giving buyers an answer on a short sale within one week. Home buyers don't like to wait 3-6 months for an answer on a short sale. This fact causes many buyers to shy away from short sales, thereby causing short sales to sell for less. Lenders should help the loan owners recoup as much money as possible from short sales. To do this, they … (0 comments)
Ridgewood NJ – An agent with the Stop Foreclosure Institute recently had a short sale negotiator lie to them. We have spent the last 6 months figuring out all the rules for short sales on different loan types.
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