Merydith Endelman's Blog

Morris County Short Sales: Are there repercussions if a Bank takes too long to settle a short sale?

Merydith Endelman (Emeco Property Solutions, LLC) — Fri, 01 Apr 2011 14:10:22 -0700

Morris County NJ – We received a lot of feedback from yesterday’s post.

As Realtors, we are always discussing the short sales we are negotiating and the pitfalls we are encountering. Some Realtors have more knowledge than others for the simple fact they are in the game more often than not. Right now, we have more short sales than conventional sales in our inventory.

Some Realtors say they can wait for more than 3 months to get a response from the Bank they are working with. Others say, oh, just did a short sale and it took me three months to complete it.

There are no rights or wrongs here, simply the fact that every loan has different investor behind it, every Bank has a different operation, and there are no two alike in how they handle a short sale. We haven’t even discussed the fact that there is no same negotiator that has the urgency of another.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

So it is not to say that all Realtors are incompetent. However, we do see some agents with no experience with short sales attempting to sell them.

Banks have their own responsibilities, and most do not own the loan they service. This does means they don’t take any of the loss from a short sale that isn’t handled properly.

The “Investor” behind the mortgage loan has laid out specific guidelines. Those guidelines state exactly how the bank should process the short sale. The investor guidelines spell out how long it will take to process a loan as well. That investor might be behind a VA loan and only has 45 days to process it or they lose their mortgage servicing rights. Those rights could be worth up to $5,000 per loan they handle.

This is just an example how the “investor” behind the loan controls the outcome of the short sale, not the bank. The bank is simply servicing the loan, for the most part, but it is their job to get the information to the investor correctly to determine if the investor is willing to take the loss and for how much. It is their job to handle the short sales quickly and competently. If they don’t do their job, then we let the people that own the loan know about it.

I can help you short sale your property the right way.

Send me an e-mail at merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: Can banks get in trouble for taking too long to process a short sale file? is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: A Good Example Of Lender Incompetence On Short Sales

Merydith Endelman (Emeco Property Solutions, LLC) — Wed, 30 Mar 2011 12:42:15 -0700

Morris County 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 week in form of a counter offer to the price.

The contract price was $315,000. The lender countered $345,000. I told the buyer to and see if he is willing to pay more. After doing so, he said he will stay at the original price of $315,000.

I said I will try my best to negotiate at that price. Before I could send the comps to the lender, they order an appraisal.

I feel that the property is worth more than $315k, but less than $345k. In the meanwhile, I put the house back on market just to prove to the lender that at $345k there may be no bites. I was mistaken.

I received an offer at $341,550. We told the first buyer if he goes up to what the lender wants, we will close the deal with him. He didn't budge so we accepted the higher offer.

In the meantime, I got an email this morning from the professional negotiator I use to negotiate with the lenders. She said that the lender will accept the $315k price.

She suggested not to submit the $26k higher offer so as not to rock the boat. I have a dilemma. The first buyer's offer technically was accepted by the lender.

I think he deserves the house because he waited throughout the short sale process. But do I have an obligation to the lender to present the higher offer?

But now that the lender agreed to the first buyer's price, do we need to sell it to him? Or sell it to the second lender?” A concerned Agent.

Here was the Stop Foreclosure Institute’s Response. We don't personally think that you are morally required to submit the higher offer. That lender is so tough.

They will probably require 90 days to negotiate the new, higher offer after the close out the file. So you would need to make sure the higher buyer is willing to wait 90 days. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: A Good Example Of Lender Incompetence On Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: How Do I Get A Loan Mod On An FHA Loan?

Merydith Endelman (Emeco Property Solutions, LLC) — Tue, 29 Mar 2011 13:35:12 -0700

Morris County NJ – The Stop Foreclosure recently received a question from Grant. Here was his question.

"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 what I have learned about FHA Loan Modifications and FHA Short Sales.

The FHA Program takes the loss on any short sales or loan modifications. Because of that they get to make the decisions on how loan mods and short sales are implemented.

The FHA program is administered by the Federal Department of Housing and Urban Development. Most people call it "HUD." HUD has specific employees that administer the FHA Loan Program.

Those employees do not review loan modifications or short sales themselves. Instead, they give specific written instructions to the lenders that handle the loans.

These specific instructions are called Mortgagee Letters. If the lender wants to be reimbursed for any loss by the FHA Insurance, then they must follow the instructions.

They issue updates to their directions regularly with new Mortgagee Letters.

Here is the bottom line. Your lender has to follow those written instructions. The good news is that you and I can access and read thru these letters online.

To find out the specific rules for an FHA Loan Modification, you will have to read thru the following Mortgagee Letters. Mortgagee Letter 2009-35, Mortgagee Letter 2000-05, Mortgagee Letter 2002-17, Mortgagee Letter 2008-21, Mortgagee Letter 2010-11, and Mortgagee Letter 2009-23.

I just found some good information in Mortgagee Letter 2002-17. "At no time shall the loan be considered delinquent solely because the borrower has not paid late fees or other foreclosure costs."

I have seen lenders put a borrower into default status and charge late fees on late fees. One late fee can blossom into thousands of dollars in charges. It looks like FHA doesn't like that practice.

There are probably a total of 40-50 pages that you will need to read through. But, because you know the rules you will have the upper hand in any negotiations with your lender.

I think that is worth spending a little extra time reading through everything. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: How Do I Get A Loan Mod On An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: What Does I Mean When The Bank Says File Is Going To Investor Soon?

Merydith Endelman (Emeco Property Solutions, LLC) — Mon, 28 Mar 2011 13:45:05 -0700

Gainesville FL – 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.) Wells Fargo will take all of the short sale documentation and send it to the actual loan owner.

(The actual loan owner could be anyone from Fannie Mae, Freddie Mac, Goldman Sachs, a Pension Fund, or another Wall Street Entity.)

That loan owner will review the short sale file themselves. Then, they will either approve the short sale or deny it. If they deny it, then they will usually let you know why.

Then you can find out the reason they denied the short sale and re-apply. Often they want more money for the house, a missing document, of some other item.

It is a popular misconception that banks own all the loans they handle. Little do most people know that most loans have been sold to a third party.

Many experts agree that this was actually a good thing because it spread the losses across a lot of different people in the economy.

If all the losses had been with 3-4 large banks, then those banks would have experienced crippling losses.

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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: What Does I Mean When The Bank Says File Is Going To Investor Soon? is provided as a courtesy to our viewers to help them make informed decisions.

How will a Morris County Short Sale or loan modification affect my credit score?

Merydith Endelman (Emeco Property Solutions, LLC) — Fri, 25 Mar 2011 13:39:09 -0700

Morris County 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 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, and other factors that the credit bureaus don’t like to share.)

The way that they write the algorithm, a foreclosure will keep on pushing your score down for the next 2 years! A foreclosure can also stay on a credit report for 7 years.

Short sales are different from a foreclosure. Short sales and loan modifications by themselves do not hurt a credit score (depending on how they are reported.) It is the missed payments that ding your credit report.

How a short sale is coded/reported to the credit reporting bureau does make a difference in the affect it has on your score. It could be reported as a charge-off, a 120 day late payment, or a settled account.

Any of these are dings on the credit report, averaging 100 points. Here is the good news. The way they do the algorithm, it will damage your score for a shorter length of time than the 2 years a foreclosure does.

How a short sale is reported to the credit bureaus is something that can be negotiated as part of the process of the sales negotiations. Good negotiators can have a positive impact here.

But, in the end, the credit score should not be the first thing to consider when facing the decision to short sale a home.

You need to look at what is best for your family financially. The credit score is secondary to that.

Get advice from a trusted source, and then make an informed decision. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on How will a Morris County Short Sale or loan modification affect my credit score? is provided as a courtesy to our viewers to help them make informed decisions.

How To Preserve Your Credit During A Morris County Short Sale

Merydith Endelman (Emeco Property Solutions, LLC) — Thu, 24 Mar 2011 17:26:32 -0700

Morris County 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, that will be a benefit to your score.

Average people can, on their own, take steps to repair and restore their credit report/ credit score after a short sale.

Here is how to avoid any double whammies during and after your short sale.

Follow these simple steps.

1. Review your credit report. I recommend the site: https://www.annualcreditreport.com/cra/index.jsp.

Do not go to any of those “free credit report” sites. After you get the report, review everything on it.

If you see anything that is negative, inaccurate, or questionable make a note of it. On your list, write down why you disagree with that item on your report.

2. Write letters to the different credit bureaus about what you are disputing on your report. There are several sample letters available online: http://www.creditinfocenter.com/forms.

Here is a simple tip: DO NOT use the online dispute forms that are on the websites of the 3 credit reporting agencies. Write your own letter and make it short, firm, and demanding of action.

3. Mail your letters to the credit bureaus through either registered or certified mail. This is what sets the clock for them to correct issues.

The law lays out a timeline that they have to follow (45 days.) And, this gives you a record of the mailing, too.

4. Keep a file of all that you have done, including dates. Then, track your results, also.

5. When you’ve gotten back responses (or if 45 days pass and you haven’t gotten responses), then it’s time to repeat some of the process again for some item or another on your report.

If you are diligent and proactive, you might just surprise yourself by the benefits you can see in on your credit report – even after your short sale! 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on How To Preserve Your Credit During A Morris County Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: Why Do Some People Worship Perfect Credit?

Merydith Endelman (Emeco Property Solutions, LLC) — Wed, 23 Mar 2011 14:32:30 -0700

Morris County NJ – It always amazes me how some people will do anything to have perfect credit. They would rather go hungry than risk harming their prefect credit rating.

A good example is a guy I will call Seth. Seth has perfect credit. He has worked to keep perfect credit for the last 12 years.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Seth has several credit cards with high balances. He ran the balances up when the economy was strong.

Today, he can barely afford to make the minimum monthly payments. However, Seth was recently turned down for a car loan, despite his perfect credit. Why did that happen?

I thought that perfect credit guaranteed that you could get a loan! Well, it turns out that Seth has too much debt.

Most banks won’t lend to someone with a high Debt to Income Ratio (DTI.)They calculate that number by adding up all the bills that you pay each month.

They use these ratios to determine if you have enough money to pay them each month. Seth can barely afford to pay the minimum monthly payments on his credit card debt.

If he pays them, then he can’t afford a car payment. His family needs a car more than they need perfect credit.

In my opinion, he should stop paying the credit cards. He should use the income he does have to take care of his family.

Having a car is more important than perfect credit. If they don’t have a car, then it will disrupt his work. If that happens, then his income could drop even more.

Then he won’t be able to afford the credit card payments anyways. Besides, there are ways he can repair his credit later on, after the economy has recovered.

At least he will be able to afford living expenses in the meantime. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: Why Do Some People Worship Perfect Credit? is provided as a courtesy to our viewers to help them make informed decisions.

Should I Continue Paying My Credit Cards During A Morris County Short Sale?

Merydith Endelman (Emeco Property Solutions, LLC) — Tue, 22 Mar 2011 13:00:01 -0700

Morris County 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 you stop paying the credit cards. Obviously that will hurt your credit.

But, if you want to keep your home, then you will probably think it is worth it. Then again, I have seen people who would rather have the good credit.

However, if you do want to move, then it would be better to keep paying the cards and short selling the house.

Missed mortgage payments won't have too much of an impact on your credit score 12-18 months down the road, especially if you short sale.

However, a credit card that you never pay on again will stay on your credit for a longer time. The debt will show up as written off and that impacts your credit for a longer time than missed payments.

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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Should I Continue Paying My Credit Cards During A Morris County Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: Why Lenders Back Off When Threatened With Bankruptcy

Merydith Endelman (Emeco Property Solutions, LLC) — Mon, 21 Mar 2011 16:10:17 -0700

Morris County 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 foreclose on your house, but that is about the only thing they can do.

They can’t garnish your wages or bank accounts. So use the bankruptcy threat in your negotiations. Lenders know how much it will hurt their ability to collect from you.

The most effective technique that we have seen is to have all negotiations go thru a bankruptcy lawyer. The lawyer knows how to negotiate from a position of power.

The lawyer will also know full well exactly how bankruptcy will hurt the lender. Even if you have no intention of declaring bankruptcy the lender will get scared and cave in.

Then you can get the loan modification you deserve. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: Why Lenders Back Off When Threatened With Bankruptcy is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: Even The Rich Are Being Foreclosed

Merydith Endelman (Emeco Property Solutions, LLC) — Fri, 18 Mar 2011 12:01:59 -0700

Morris County NJ – This is good news or bad news, depending on how you look at it. Here is the good news.

If you are a little guy having financial problems, then you are not alone. Even Billionaires are being foreclosed on.

One billionaire real estate developer in Florida had several projects foreclosed on. Another very well known real estate developer is having to re-negotiate mortgages on his investment properties.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Even a woman who was married to a man who was the richest man in the world at one time is being foreclosed on. Here is the story according to Yahoo Finance:

"Article Title: The Rise and Fall of Patricia Kluge

Former billionaire spouse turned vintner is now facing foreclosure.

It's the kind of story from which movies are made. Sad ones, that is. A beautiful young woman marries a billionaire, divorces and uses her hefty settlement to strike out into a celebrated business, only to lose it all. Rather than a contrived film plot, this is the real-life story of Patricia Kluge.

Last month Kluge, now 62, bid adieu to Albemarle, a beloved Charlottesville, Va., mansion. That's when the 200-acre, 45-room estate became the subject of a foreclosure auction on the courthouse steps in downtown Charlottesville. By its ending, creditor Bank of America had repossessed the property for just $15.3 million.

The sales were just the latest in a string of ups and downs for the former heiress. Raised in Iraq under British rule, Kluge worked early in her career as a nude model for first husband Russell Gay at Knave magazine. On a trip to New York City she met John W. Kluge, the founder of Metromedia. The two were married in 1981. By the time they divorced nine years later, Kluge, the husband, was ranked by Forbes as the world's richest man, worth more than $5 billion.

Patricia walked away with a paltry settlement by comparison, estimated to have come to less than $1 million a year, plus Albemarle. The 24,000-square-foot neo-Georgian home boasts a helipad, wine grotto, stables and two kitchens. It is nestled in the Virginia countryside near Thomas Jefferson's Monticello estate.

The seeds of Kluge's financial downfall were sown in 1999 when, along with third husband William Moses, she established the Kluge Estate Winery and Vineyard on 960 acres near Albemarle. The couple's plan: Create vintages that would establish Kluge Estate, and subsequently Virginia, as an East Coast mecca for fine wine.

The Kluge Estate Winery quickly won critical acclaim for its bubbly vintages and red-wine blends. Soon Kluge wines were making their way to the dinner tables of society darlings and upscale restaurants. They even graced the menu for Chelsea Clinton's multimillion-dollar wedding weekend last July.

Perhaps intoxicated by her success, Kluge decided to expand aggressively. Over the past five years she took out $65 million in loans, according to public records. The money went into expanding wine production and building a super-luxury subdivision called Vineyard Estates, which was to include 24 multimillion-dollar homes with pools, outdoor kitchens, tennis courts, horse trails -- and even space for private vineyards.

That's when the housing crisis hit. Vineyard Estates failed to draw buyers. Property values plunged.

In 2009 Kluge put Albemarle up for sale. Sotheby's International Realty initially listed it for $100 million. The figure was cut to $48 million in early 2010 and then to $24 million, where it sat until February's bank foreclosure.

Apparently unable to service her debt, Kluge then hired Sotheby's Auction House to host a two-day estate auction on the Albemarle grounds. Up for sale went personal jewelry, art and furniture that included a Chippendale dressing commode that sold for $338,500 and a Qing Dynasty table clock that fetched $3.8 million. All told, 933 items brought in $15.1 million.

Next went the winery itself. Farm Creditor of Virginia, one of Kluge's three major lenders, estimates she poured more than $40 million into the business. Despite critical acclaim for her vintages, Kluge appears to have cranked up production to 30,000 cases a year, only to discover that her company could sell less than half that. Kluge and Moses defaulted on almost $35 million in loans. By mid-December Farm Credit had repossessed Kluge Estate Winery and Vineyard after it failed to sell in an auction in which the minimum bid was set at $19 million.

Farm Creditor of Virginia still owns the property and has put a freeze on all operations. The bank plans on April 7 to resell the acreage as six separate tracts in an absolute auction, in which they are sold to the highest bidder with no reserve price. The vineyard's farm equipment will be sold the following day.

With no buyer turning up for Albemarle, Kluge stopped making payments last year and defaulted on nearly $24 million in loans from Bank of America. She received a foreclosure notice in January, and Bank of America picked mid-February to auction off the estate. The bank took possession when no buyers stepped forward with a bid of more than $15.3 million.

There may be a silver lining for Kluge's creditors, if not for the former heiress herself. Donald Trump, a longtime friend of Kluge's, has expressed an interest in taking Albemarle off Bank of America's repossession roster. He has already bought up the 216-acre front lawn.

"Ultimately we'd like to buy the home, but the bank has an unrealistic expectation for the purchase price," asserts Jason D. Greenblatt, general counsel for the Trump Organization. "We do have Right of First Refusal on that piece [the Albemarle home], so that if and when the bank finds a buyer, they would have to come to us first to see if we want to take it."

The Trump Organization also bid in December on Kluge's winery properties, but its offer was rejected by Farm Credit. Greenblatt says he's planning to travel to Charlottesville to tour the grounds and discuss buying the Kluge properties from the banks that now own them.

Kluge remains embroiled in the restitution claims and disputes related to the foreclosures, according to a source close to her, who spoke on condition of anonymity. Kluge herself is remaining mum.

Despite their financial troubles, Kluge and Moses continue to live in a home that many would consider palatial. It's a $3 million Vineyard Estates property they had built on spec back in the days when it seemed as if no real estate deal, or vintage, would ever go sour."

Kluge did what a lot of the “average Joes’” did. She borrowed lots of money and had a hard time making the payments after the economy tanked.

That is some consolation to the person of lower means who bought a big expensive house. How many people bought a house they could afford when the economy was good, but now that their income has dropped they can’t afford it?

Apparently even the rich did it. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: Even The Rich Are Being Foreclosed is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: Four Specific Examples of Big Bank Negligence

Merydith Endelman (Emeco Property Solutions, LLC) — Thu, 17 Mar 2011 11:30:41 -0700

Morris County 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 make the short sale approval process as quick as possible.

They could start the property valuation process when the property is put on the market and determine a certain price they would accept.

More buyers would be willing to purchase the property because they know they wouldn’t have to wait 3-6 months for an answer on the short sale.

Example #2: Turning down loan mods that amortize at a higher value than what is netted on a short sale or thru REO. Let me explain a little better. A lender negotiates a loan mod with a borrower with a new monthly payment of $1,000.

The borrower has a stable income and agrees to pay $1,000 a month for the next 30 years. $1,000 a month for 30 years, at a 6.5% interest rate will repay a $158,210 mortgage.

The servicer turns down the loan mod and forecloses. The house sells for $125,000 as an REO and the servicer nets $115,000. Did the owner of the loan lose money?

I think most people would agree yes. Obviously there are other factors involved, but I think on an actuarial basis they will do better with the loan mod.

Example #3: Not following up on foreclosures properly. I have seen countless examples of servicers hiring an attorney to foreclose on a house. The attorney files the paperwork.

Then, the foreclosure case goes into purgatory. Nothing happen for 6 months, 12 months, 18 months, and even up to 2 years.

I have seen this happen on more than one property. And no, there are not other factors involved. In fact, on two short sales I've handled, the sellers had moved out of the house before the foreclosure was even filed.

Example #4: Not listing REO properties quickly enough. I have witnessed several examples of banks foreclosing on a house and then taking 6 months to a year to put it up for sale.

An example is a house that was foreclosed on September 9th, 2009. It wasn’t listed for sale until May 2010. Say what you want, but waiting 8 months is pathetic.

If the mortgage holder had been a wealthy individual who lived in town, do you think they would have put the home on the market a little sooner?

These are the clearest examples I can think of right now. When you multiply these examples of negligence across hundreds of thousands of defaulted mortgages, you can easily see how this is costing lenders billions of dollars. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: Four Specific Examples of Big Bank Negligence is provided as a courtesy to our viewers to help them make informed decisions.

What you may not have known about Morris County short sale mortgages

Merydith Endelman (Emeco Property Solutions, LLC) — Wed, 16 Mar 2011 12:12:12 -0700

Morris County NJ – Here is a fact that most of the American public doesn’t know. Most mortgages are not owned by banks.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Most of the huge losses on bad mortgages were not lost by the banks themselves. The biggest loser was Uncle Sam, through the takeover of Fannie Mae and Freddie Mac.

Most mortgages are sold after they are issued. We estimate that around 75-80% of all mortgages were sold before the housing crisis. This means that the large lenders didn’t take the hit on the bad mortgages they originated.

Another large buyer of mortgages was U.S. pension funds and retirement funds. Do you think the average American was fleeced by Wall Street?

In many cases those mortgages are still being handled by the original entity that made the bad loan. They are required to act in the loan owner's best interest. The lenders are just not doing a good enough job trying to maximize the return on defaulted mortgages.

Remember yesterday’s blog post about the lender charging a 1% fee to the home buyer on a short sale? That fee only reduced what the loan owner was able to get for the bad mortgage. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on What The Big Banks Don’t Want You To Know About Morris County Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: Another Example Of Lenders Attempting To Abuse Their Power

Merydith Endelman (Emeco Property Solutions, LLC) — Tue, 15 Mar 2011 10:35:24 -0700

Morris County NJ – The Stop Foreclosure Institute recently received a question from Durry. Here was Durry’s Question.

"We have American Home Mortgage Servicing, a loan processor for a Mortgage held by Deutche Bank, adding a 1% “processing fee” that ONLY the buyer can pay at closing.

This was never revealed until we received the short sale approval letter. The buyer is upset.” Durry.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here was our answer to Durry’s Question. Yes, the buyer is upset. Buyers think they are in control in today's market. They can't see why they should pay a fee if they are buying a house in a "Buyer's Market."

I think this fee is unethical. We had the fee waived on a short sale we did. Your e-mail indicates that the buyer does not want to pay that fee.

The buyer needs to decide if they will or will not buy the house with the current terms and that fee. If that is the case, then you need to have the buyer put that in writing.

Send that letter to American Home Mortgage Servicing. Here is the problem that AHMSI has.

AHMSI doesn’t own any mortgages. Instead, they act as the front for other entities that own the mortgages.

From the sound of things, the owner of this loan is a pension fund or “Average Joe” stock market investors.

The guy we talked to at AHMSI said they had checked with their legal department on the fee. The legal dept said it was ok.

But, once we threatened to contact the owner of the loan directly they agreed to waive the fee. The only reason they are able to get away with this is because the loan owners never check to see what is happening.

This is such a blatant example of a lender breaching their fiduciary duty to the loan owner. It's wrong. But, do you know why AHMSI can get away with it?

The loan owner doesn't know about the fee being charged. So, let them know about in on your short sale. Find out who owns the loan. Contact them and let them know what AHMSI is doing.

Here is the bottom line. A buyer that has to pay 1% to AHMSI is going to pay 1% less for the house they are purchasing.

This causes the pension fund that owns the loan to lose even more money. What an atrocity! 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: Another Example Of Lenders Attempting To Abuse Their Power is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: How One Agent Overcame The Odds

Merydith Endelman (Emeco Property Solutions, LLC) — Mon, 14 Mar 2011 11:42:17 -0700

Morris County NJ – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

This isn’t true. Here is how one agent beat the odds and succeeded with a short sale.

A member of the Stop Foreclosure Institute told me about a short sale he recently worked on. Here is the story from the member.

“I had a short sale with a large national lender. The loan was owned by Fannie Mae, not the lender. We had an overzealous short sale negotiator.

We had the home on the market for several months and finally received an offer for $180,000. We submitted that to the lender with all the short sale paperwork.

The lender came back and said the price needed to be raised to $257,000 and the seller needed to sign a $50,000 promissory note.

Neither the buyer, nor seller would agree to those terms. At that point, the only alternative was to let the property go to foreclosure. But, I knew that the home would sell for even less than $180,000 and the homeowner would suffer from a foreclosure on their record.

So I did something about it. First, I knew the $180,000 was a good offer that reflected the Fair Market Value of the property. I also knew that Fannie Mae didn’t normally ask for promissory notes.

In fact, Fannie Mae’s policy is to erase the debt when the property is a primary residence. (This home was a primary residence.) Here’s what happened.

I went over the short sale negotiator’s head. I contacted Fannie Mae direct and held a 3 way call with the seller. We found out that the lender had lied. They had never even submitted the offer to Fannie Mae!

They had told us what they thought Fannie Mae should ask for. After I spoke to supervisors in Fannie Mae, I was then called by three different reps for Fannie Mae.

Within 72 hours a supervisor from the lender called up and gave me their net, which was 162k. This was well within the acceptable price of the offer of 187k offer.

The problem was that the buyers were so angry for having to wait 53 days on a 45 day allowance that they walked. However, I met another buyer and we sold the house to them.

The bottom line is the short sale negotiator lied, and got busted lying. I had to send in comparables and beg the BPO agent to get the inside scoop.”

As you can see, some agents are making things happen with short sales. This agent did an awesome job. He thought of calling Fannie Mae direct on his own. As you can see, not taking no for an answer helps you to be successful on a short sale. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: How One Agent Overcame The Odds is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: A Little Known Fact About Short Sale Negotiators

Merydith Endelman (Emeco Property Solutions, LLC) — Fri, 11 Mar 2011 09:54:45 -0800

Morris County NJ – A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different.

In this case, the loan being shorted was an FHA loan. Here's what happened.

FHA puts out a letter called "Mortgagee Letter 2008-43." It details exactly how the lender handling a short sale on FHA’s behalf is supposed to negotiate on a short sale.

This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc. (If you're doing an FHA short sale, then Google "Mortgage Letter 2008-43.")

Because of a prior horrible experience on another FHA short sale, we had studied up on the FHA short sale guidelines. Bottom line, we know a little bit about FHA's rules for short sales.

The problem was that this short sale negotiator didn't want to follow the rules! Instead she made up her own rules!

She told me that the buyer and seller had to split the cost of the title insurance. The problem is that on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.

In the area where the property was selling, it was standard for the seller to pay for the title insurance. Because of that the buyer wasn’t willing to pay the cost and threatened to back out of the deal.

This short sale negotiator wouldn’t budge. We had to argue back and forth with her for 2-3 days until she finally relented.

It is pretty frustrating when a large bank won’t follow the specific short sale guidelines laid out by the owner of the loan. If the loan owner gives you specific instructions on how to negotiate a short sale, then follow those instructions!

Before you hire a short sale agent, make sure they understand the guidelines for your type of loan. That way, when a short sale negotiator tries to break the rules, they can keep them in line. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: A Little Known Fact About Short Sale Negotiators is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: Lenders Loses 50k Turning Down Short Sale

Merydith Endelman (Emeco Property Solutions, LLC) — Thu, 10 Mar 2011 12:00:52 -0800

This bank's stockholders are probably unhappy after losing $50,000 over incompetence.

Morris County NJ – I have a good story today about another bank losing their shirt because their short sale process is so tough to work with.

The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch!

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the story from a Stop Foreclosure Institute Member. "We met some buyers at an open house. They told us they were buying a house just down the street from one that we had for sale.

They had a contract to buy the house for $275,000. They knew the house was a short sale. They were getting frustrated because they had been waiting for the short sale to be approved.

They had already been waiting for several months with no answer. They mentioned something about 3 mortgages and the junior mortgages were hard to work with.

5-6 months later we noticed that the house was back on the market. This time the asking price was $229,900. It finally sold several months later for $229,000.

That means this bank lost $46,000 on the lower sales price. In addition, we estimate that the lender lost another $15,000 in lost interest income and property taxes.

That means this lender lost $50,000 to $60,000 because their short sale process was so hard to work with. To be honest, I would be kind of embarrassed if I was the CEO of that bank.

The other thing is that the short sale Realtor in question was inexperienced. She had very little experience with short sales, which she openly admitted.

If that lender pushes for a deficiency judgment, that agent's lack of short sale experience could have cost those home sellers $50,000. Ouch!" 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: Lenders Loses 50k Turning Down Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Why Morris County Short Sales Sell For A Higher Price Than A Morris County Foreclosure

Merydith Endelman (Emeco Property Solutions, LLC) — Wed, 09 Mar 2011 11:35:29 -0800

Morris County NJ - People often wonder why their lender will release their debt in a short sale. Most lenders don't like to release the debt. But, they agree to do it because they know that policy nets them more money.

They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let's go thru a few examples.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Most Short Sales Are Well Kept Up And Attractive To Buyers.

See the home in the top picture? You can see that it is good shape. Most short sales are being sold while the homeowner lives in the home.

The homeowners are able to keep the house up. They have the ability to keep the inside clean and neat. In addition, they mow the lawn and keep up on the yard.

This makes a big difference in the sales price. Would you rather buy a home that is in great condition or one that needs work?

Now look at the home in the bottom picture. That is an abandoned home in foreclosure. No one is there to keep up on the yard.

Abandoned Home in Foreclosure.

The inside of the home is probably dirty. Vagrants can break into the home. The home is also an easy target for vandalism.

The bottom line is that most short sales are in better shape than a foreclosed home. In fact, they are usually in much better shape.

That is why they sell for more money, thereby cutting the lender's losses. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Why Morris County Short Sales Sell For A Higher Price Than A Morris County Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: This Short Sale Negotiator Isn't Doing His Job

Merydith Endelman (Emeco Property Solutions, LLC) — Tue, 08 Mar 2011 09:52:09 -0800

Morris County NJ – Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase.

The seller had me to put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The short sale negotiator at the lender, Nathan W, has advised me that he will reject the file and close it out if we don’t remove this from the contract. What do you think?

After reading your comments below, I am not sure of what will happen. How should I pursue this?" James.

Here was our answer: I think the negotiator is getting his ego involved. Many investors waive promissory notes. He is out of line (and breaching his lender's fiduciary duty to the owner of the loan) if the following applies:

1. If it is the loan owner's policy to not pursue a deficiency.

2. If accepting this short sale will net the loan owner more money than a foreclosure.

If those two things apply, then this negotiator is in breach of their fiduciary duty to the loan owner. You and I don't have millions of dollars to pursue a lawsuit, but we can contact the loan owner directly to let them know what is happening.

If they are going to lose money not accepting the short, then they need to know about Chase doing a lousy job.

Now, the negotiator has the authority to demand a promissory note depending upon who the owner of the loan is. Find out who the owner of the loan is.

Fannie, Freddie, FHA, VA, etc. Fannie, Freddie, FHA, and VA will let the borrower go free from all future liability. Obviously that doesn't apply if there is Mortgage Insurance. If the investor is one of those entities, then tell the negotiator that you will be contacting them directly.

When a bank should accept your short sale. 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. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money.

Here is how we can assure the negotiator that the offer will net them the most money. Your only job is to prove that to the negotiator.

Do that by showing them that the property has been on the open market for 60-90 days. We need to be able to show that the house was easy for buyers to see and other agents to show.

Ask them the following, "I'm an experienced agent and I've had this house listed for X days. The seller has lived there the entire time and kept up on the house. It looks good. We have had 43 showings since then.

Out of that, only 3 buyers expressed interest. Out of those 3 buyers, the current buyer is the one willing to pay the most money. I'm doing my job marketing the property.

With the current foreclosure case status, the home won't be foreclosed until June or July. When you foreclose on the house, the owners will move out. The house won't be kept up anymore.

The listing agent will be working on 20 other homes and won't be able to do as good of a job as myself. Do you honestly think the home is going to sell for more money at that time?

They will have to agree that it is a losing proposition. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our 877-722-8553 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: This Short Sale Negotiator Isn't Doing His Job is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: How to strong arm your lender on a short sale

Merydith Endelman (Emeco Property Solutions, LLC) — Mon, 07 Mar 2011 11:39:50 -0800

Morris County NJ – Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit.

After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.

How would you feel if you worked hard on a short sale only to watch it fall apart because your lender dragged their feet?

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.

After all, the only reason the short sale wasn’t successful was because they dragged their feet. Here is the technique you can use to strong arm the lender to accept the short sale.

Use your rights as a homeowner to get more information about the BPO. An inaccurate BPO is the number one reason short sales fail.

Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit. Here is the step by step strategy:

1. Request a complete itemized payoff from the foreclosing lawyer. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.

2. Review the payoff to see where the charge for the BPO is itemized. If a BPO had been ordered, it will most likely be itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.

3. Since the cost of the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act. Fax the lender's legal department a request for a copy of the BPO.

If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.

Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorsed by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: How to strong arm your lender on a short sale is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: Why it is cheaper to short sell and rent versus staying

Merydith Endelman (Emeco Property Solutions, LLC) — Fri, 04 Mar 2011 09:55:49 -0800

Morris County NJ – Many people are shocked that it is often cheaper to short sale and rent then staying in your home with a loan modification.

They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 a month. He stopped making his payments and moved to a rental. He found a nicer, larger home to rent for $850 a month. He had tried for months to convince his lender to modify his loan.

The lender wouldn’t drop the payments below $1,200 a month. Even though the home he’s renting is nicer than his house and it’s selling today for around $105,000.

Someone can buy that house for $105,000 and rent it for $850 a month without losing money. That’s what makes it cheaper to rent versus getting a loan modification and staying in your home.

When prices were rising it was actually more expensive to own versus rent. But, everyone wanted home ownership for the tax benefits and for the fact homes are a great asset.

So, if you are thinking about a loan modification, then first check into the rental market. You will be able to negotiate your loan modification from a position of power. . That will make it more likely that you will get the reduced payment you need so you can keep your home.

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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: Why it is cheaper to short sell and rent versus staying is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: The Homeownership Rate continues to drop

Merydith Endelman (Emeco Property Solutions, LLC) — Thu, 03 Mar 2011 09:57:23 -0800

Morris County NJ – Barron’s Magazine recently had an article titled "Renter Nation." In it, they detailed the various factors at work that will reduce the homeownership rate in America.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The homeownership rate has already dropped from 69.2% to 66.9% today. Here is one of the factors Barron’s said would cause the homeownership rate to drop. Experts project that the average American Household will become younger over the next decade.

Younger households are more likely to rent versus purchase a home. However, the article missed another big factor. So many people have ruined their credit and can't qualify for a mortgage.

How many people in America are doing a loan modification, short sale, or let their home be foreclosed upon? It's hard to buy another home when that happens. Demographics, the lousy economy, and the credit disaster combined mean that demand for homes may stay low for a long time.

The positive news is that all of these factors have propped up the rental market. Rental rates are actually increasing in most areas, despite the slow economy.

I think one of the reasons this is happening is because banks are so reluctant to modify loans.

And, even thought rental rates have increased, they are usually lower than owning a home bought at the peak of the market. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: The Homeownership Rate continues to drop is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: What is a HUD-1 and why does it matter on a short sale?

Merydith Endelman (Emeco Property Solutions, LLC) — Wed, 02 Mar 2011 09:08:36 -0800

Morris County NJ – Here is something that drives inexperienced short sale agents crazy. It is a HUD-1, also called a HUD. HUD is the Federal Agency, the Department of Housing & Urban Development, also called HUD.

A HUD-1 is a document regulated by HUD. It is the financial accounting for a real estate sale. Here is why it is important to a short sale.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Before a short sale lender will accept a short sale, they want to know what they will net from the sale. A HUD-1 breaks down all the projected closing costs so the lender can see their net.

Most agents are familiar with a HUD-1. They see them at the closing of every home they sell. But, seeing a HUD-1 at a closing is not the same as the familiarity you learn on short sales.

See, if you mess up on that HUD-1, then it puts the short sale transaction in jeopardy. The short sale lender will look at a projected HUD-1 and agree to accept a certain number.

If unexpected costs get added to the HUD-1, then that net goes down. (There are always unexpected costs on a short sale. I can tell you from personal experience.) Now, the agent has to go back and re-negotiate with the short sale lender. That can drag out the process another 60-90 days.

The buyer will usually get frustrated and cancel the contract. Then, the agent has to re-sell the house and start the process all over again.

This is what causes many agents to hate short sales. They didn’t take the HUD-1 seriously and had problems on a short sale. As a result, they think all short sales are impossible.

To truly be successful at short sales, the agent must understand HUD-1s inside and out. They need to make sure that every single projected expense is added to the HUD-1 at the beginning of the negotiations.

Adding them after you have negotiated isn’t going to work. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: What is a HUD-1 and why does it matter on a short sale? is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: What is a BPO and why does it matter on a short sale?

Merydith Endelman (Emeco Property Solutions, LLC) — Tue, 01 Mar 2011 12:07:41 -0800

Morris County NJ – Some agents hate short sales. Why? Because they don't understand them. So, don't believe them when they tell you that short sales are impossible.

I will explain what causes their problems in today's post.

There are two things you must understand if you are doing short sales. They are BPOs and HUD-1s. A BPO is what the short sale lender uses to determine the value of the property.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

BPO stands for "Broker's Price Opinion." They are what another real estate agent (Broker) thinks a property is worth.

Basically the agent gives their opinion of the value of the property. "I think it is worth 300k", they put on the report. Lenders accept or reject short sale offers based on the BPO value.

If the agent has given a value of 300k, then a short sale lender will not accept a sales price of 250k. The problem is that, in my opinion, sometimes the values are inaccurate.

I have seen agents drive 50 miles away to evaluate a property. They go to a place where they do not sell real estate. As a result they are not familiar with the local marketplace.

Because of this I always try to meet the agent doing the BPO at the property. I explain the market value to them and tell them what is happening with the property.

I explain exactly why the property is selling for the sale price. I tell them what buyers have said about the property and why it isn't selling for a higher price. This helps them to give an accurate value.

The lender gets an accurate value and is able to make a better decision on the short sale. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Morris County 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merydith Endelman, Realty Executives International, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

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.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: What is a BPO and why does it matter on a short sale? is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: What can go bad on a short sale when you hire an agent that doesn't understand short sales

Merydith Endelman (Emeco Property Solutions, LLC) — Fri, 25 Feb 2011 15:21:57 -0800

Morris County NJ – It always amazes me when I hear the stories of agents who talk about horrible short sales are. "Don't waste your time on a short sale", they tell homeowners.

"They are a waste of time. The lenders won't approve them and the process is horrible. The last short sale I worked on took 9 months", they say.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

This gives short sales a bad name. Homeowners mistakenly believe that a short sale is impossible. I am here to tell you that that is not true.

The Stop Foreclosure Institute has sold and closed many short sales. There are two keys to being successful. First, you have to understand how the process works. Second, you have to keep an eye on the transaction from start to finish.

Here is the closest comparison I can think of on why some agents hate short sales. Let's say that you are a brand new driver.

You hop into a car, accelerate to 70 miles per hours, turn on cruise control, and then start reading a book. Every 5 minutes or so you look up to check on what is going on with your car?

You aren't successful at driving a car. Your friend is thinking about learning how to drive. "Don't even think about driving a car. Driving just doesn't work and it is impossible to get anywhere", you tell them.

Is what you just said correct? Is driving a car impossible? No, it's not! But, many agents make the same claim about short sales.

They have never studied and learned the process. They have never successfully sold a short sale. But, they are sure ready to tell you that it doesn't work.

Here is what they missed about short sales.

1. You need to be knowledgeable about the process. You need to have a solid understanding of HUD-1s, BPOs, and the short sale guidelines of the entity that owns or insures the loan.

2. You have to stick with the transaction. You need to follow up with the short sale lender regularly. You can't check in on the short sale every week or two. A lender will often ask for something and want it back within 24 hours.

If they don't get what they need, then they will close the file. If your agent isn't checking in regularly, then the short sale file could be closed without their knowledge.

In addition, your agent needs to be able to make sure the HUD-1s and BPOs are accurate. I will explain what those acronyms mean and why they are important in my next post.

Ask the agent you are interviewing why they are important. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County 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 Merydith Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: What can go bad on a short sale when you hire an agent that doesn't understand short sales is provided as a courtesy to our viewers to help them make informed decisions.

Morris County Short Sales: The Average Homeowner Can Live 492 Days Rent Free

Merydith Endelman (Emeco Property Solutions, LLC) — Thu, 24 Feb 2011 11:37:23 -0800

Morris County NJ – According to the Wall Street Journal [1], the average homeowner with a home in foreclosure hasn't made a payment in 492 days. What's even crazier is that those homes are still in the foreclosure process.

That means that a homeowner can live rent free for even longer than 492 days. How long could they potentially live rent free?

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

In some states like Florida and New York, we estimate that they can live rent free for two years. We have even seen cases where homeowners were able to live rent free for three years.

If you are facing foreclosure, then I am sure that is good news. But, I'm sure you are wondering why it is so long. Let me explain.

The entire foreclosure system is backed up. There are several parts that make up the "foreclosure system." The first part is the bank's foreclosure departments.

These departments coordinate everything in the foreclosure process. The second part that is backed up, is the foreclosure lawyers. There are only so many lawyers trained in foreclosure work.

The big law firms that specialize in foreclosures are now handling 2-3 times as many foreclosures compared to a few years ago. The last part that is clogged, is the courts.

The courts are not going to have judges start processing foreclosures unless that judge is properly trained in foreclosure legalities. So they are scrambling to find judges experienced with foreclosures.

This is turning into a spiraling problem. Two years ago many homeowners would have looked down on someone who took advantage of the system.

Today those same homeowners are emboldened by seeing other people do it with no consequences. That is why I think the problem is going to take a few more ways to work itself out. 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 merydith.endelman@gmail.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 877-722-8553

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Gainesville 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, Merydith Endelman.

Merydith is a Real Estate agent at Realty Executives International. Morris County Short Sales Realtor:

Phone: 877-722-8553. merydith.endelman@gmail.com.

Helping Homeowners

Merydith Endelman specializes in loan modification assistance and short sales in Morris County New Jersey. Morris County Loan Modification Help, Morris County Short Sales. Morris County Short Sale Realtor Morris County NJ Short Sales. Morris County 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 Merydith Endelman's personal views and do not reflect the views of Realty Executives International.

This information on Morris County Short Sales: The Average Homeowner Can Live 492 Days Rent Free is provided as a courtesy to our viewers to help them make informed decisions.