Groups are smaller communities within the larger ActiveRain. Join groups created by others. or start your own and
get others to join
This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
Curious as to what others in your profession think about a certain product or tool?
AR's community takes the time to leave honest and transparent reviews of their experiences
so you can be a bit wiser about your purchase.
Broken down by categories and subcategories for easy finds
Get an unfiltered look at what real users are saying
Leave a review yourself for others to benefit from
Add new products as you use them and gain points for doing so
ActiveRain University (ARU) provides free on-line training. We coach, consult and support real estate professionals about real estate trends, technology and social media.
ARU Calendar provides class types and registration links
Watch short tutorials on updating your photo, inserting a hyperlink and much more
Sign up for the Daily Drop so you don't miss out on AR's daily happenings
Find answers to most FAQ's
Whatever it is you're into and wherever you are, AR surely has a group for you to join.
Brand, off the wall, specific subject matters…whatever it is you're looking for.
Each time you write a post you can syndicate your post to 5 groups.
And if by chance you don't find what you're looking for, start a new group today!
Get your content in front of more eyes
Search by location or type
Feel free to start your own group
Find some that are close to home and close to heart
Each month AR runs numerous contests as a way for our members to engage in activities
that will boost their business and increase their visibility in the community and beyond.
Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
If you have an idea for a contest, just let us know
Stay motivated and on track with new contests popping up each month
Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
Ask a question yourself to get help
These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
Over the last several years a lot of buyers have bought homes, intending to live in them for many years, then something happened - maybe good, maybe bad, but regardless - they don't have a choice. Some owners have to move.
When most homeowners move, they sell their house. Usually, that's not a problem. For some people nowadays, it is a problem.
Because of the easy financing, rampant speculation, flipping, and sometimes fraud, home values skyrocketed most everywhere. That came to an end recently and values plummeted in some areas. Even when values are stable, sometimes there just isn't enough money in the property to pay off the mortgage, then pay all the selling costs and moving costs.
What happens then?
Default, sometimes bankruptcy, and maybe even foreclosure.
Or a short sale.
A short sale is when the lender agrees to accept a mortgage payoff that doesn't cover the outstanding loan.
Why do lenders accept short sales? Lenders almost always lose money when they foreclose on property. In many cases, they will lose less money through a short sale than they would by foreclosing on the home and selling it as a bank-owned property.
However, there are rules.
The borrower must experience a genuine financial hardship. If this fits, call the lender. Talk to customer service or the collection department and let them know what is going on. That way, knowledge of your hardship is communicated to the lender and becomes a part of their files. Keep your own communication log.
Eventually, you will have to document the hardship and your inability to deal with it financially by disclosing all your assets. Bank statements, stocks, bonds, tax returns, pay stubs -- the lender will want to see everything that may document that you are not hiding assets or income.
The lender will not make a commitment based solely on your hardship. You're also going to have to put your home on the market and sell it.
Once you sell the property, you have to supply additional documentation. When the property is listed, your real estate agent prepares a comparative market analysis. You're going to need that and you will need to supply a copy to the lender, along with your hardship letter, the documents mentioned above, a copy of the purchase agreement, and a "net sheet" showing how much you will net (or lose) from the sale of the home.
It may be that you actually want your real estate agent or some other professional to negotiate with your lender. If so, you need to prepare an authorization letter. That letter includes your name, property address, loan number, your representative's name, the date and your notarized signature. Your agent will know almost all of this and have the proper format.
Then your agent submits it all to your lender and...you wait.
Normally, your lender can't make the decision to accept a short sale on their own. If there is mortgage insurance, they get a say-so. Your mortgage has an investor. The investor gets a say-so.
If the deal "makes sense", they believe your hardship is genuine, and you do not own any other property -- you may get a "yes" decision. Your chances go up markedly if you have someone experienced negotiating for you.
Oh yes. If your lender does forgive part of your debt, there is something you should also know. Debt forgiveness is taxable income. The IRS will require you to pay taxes on that income.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.