Real estate blog entries tagged with short sale by David Petrovich (S.P.O.C.H. a 501c3 Charitable NP)

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short sale: the 4-1-1 for short sale - 08/07/07 07:05 AM

Every upside down scenario doesn't indicate short sale, and not all loans qualify as having short sale feasibility. Three key elements must be present before a short sale may even be considered. The specific loan itself must be eligible for a short sale workout as imposed by servicing criteria. If deemed eligible, … (10 comments)

short sale: Information mining: short sale deficiency - 05/09/07 06:59 PM

Let's compare notes so our short sale Proposals are more compelling! How are you handling the deficiency arising from the short sale of over-mortgaged properties? Typically, mortgagees either forgive the debt, require a cash payment from the seller at closing, or arrange for a post sale repayment plan. If you've had lender … (1 comments)

short sale: FYI ForeclosureFocusFriday: Q. When is a Sale and Leaseback OK? - 03/16/07 09:49 AM

Restricted Sale and LeasebackFor our Clients who face the loss of their continued homeownership due to financial hardship, BUT whose hardship has been resolved yet they remain unable to refinance, negotiate a workout, or qualify for a bankruptcy repayment plan, I sometimes advocate a restricted preforeclosure sale and leaseback as a … (5 comments)

short sale: Honesty and the (preforeclosure) Listening Appointment - 02/26/07 03:20 PM

Honesty is a two way street. Be honest with your Client, and the Client will want to be honest with you... however painful that may be. I was speaking with a broker today who was interested in developing a comprehensive marketing strategy designed to increase the number of preforeclosure listings his office … (0 comments)

short sale: Loss Mitigation & Listings: Perfect Together! - 02/22/07 07:24 AM

Now that remarkable increases in mortgage loan default and foreclosure statistics become media's fodder, loss mitigation becomes a largely repeated, but often misunderstood buzzword. Most experts' talking points suggest the homeowners contact the lender early on to 'workout' their mutual problem implying the homeowner will enjoy continued homeownership. While proactive contact … (4 comments)

short sale: Preforeclosure Listing Workshop - 02/08/07 07:04 AM

The nonprofit, preforeclosure housing counseling organization, S.P.O.C.H., choreographs preforeclosure, and preforeclosure short sales. As a mutually beneficial service to realty professionals, we have developed a "Preforeclosure Listing Workshop" after which we could train a selected agent to be your 'short sale pro', and provide short sale transaction support. We also can assist in the … (0 comments)

short sale: If you find a Client in financial trouble... - 02/06/07 07:28 AM

Tough times ahead? Tough times now! Personal savings are at historic lows (in the negative) while borrowing is at an all time high! Jobs, once secure, are being lost to automation and offshore employers. The minimum payment requirements for credit cards has doubled while personal bankruptcy plans are harder to get … (0 comments)

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