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Is A Short Sale An Inmediate Option For You?

By Fernando Herboso - Associate Broker MD, & VA

Managing Real Estate Broker with Maxus Realty Group of Samson Properties Broker - Realtor - CEO

June 12, 2008 12:08 AM

Maybe a SHORT SALE is not a good option for you. . .

Sometimes, a Loan Modification is great solution for a borrower who wants to stay in their property

A mortgage pay rate reduction is an ideal solution because it will lower the monthly mortgage payment to a manageable amount. Loan Modification is also a solution when the payment has not been made for a while, but the borrower can now afford to start making payments again.

The caveat here is that the homeowner HAVE to qualify again for a loan. The most important factor the bank will check out is your ratios. . .can you afford the monthly payment based on your "reportable" income?

"Reportable" past income history for the last two years. . . reported.

Remember the criteria by your bank that got you that loan in first place. .. is non-existant. The banks NOW want eveidence that you can pay your mortgage payment.

The sad thing here, is that while our politicians blame OTHERS for the current mortgage crisis, the simplest thing to do is to "work" with distressed homeowners and find a solution because . . THEY HAVE TO PAY MONEY TO STAY SOMEWHERE ELSE ANYWAY!!

then again. .that is just me

For a free consultation if a Short Sale is an option for you. .

Direct Number: 240-426-5754

email to: Fernando@ReallyNiceHomes.com

Our Website: www.ReallyNiceHomes.com

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Chuck Carstensen

RE/MAX Results - Elk River, MN

Minnesota/Wisconsin Real Estate Expert

That makes perfect sense. I think the negative equity factor is big so if the lender can take the loan amount down that helps too.

Jun 12, 2008 12:18 AM

Steve Homer

The HBH Group (Keller Williams affiliate) - Round Rock, TX

Short sales are NOT the end-all, fix-all that many agents are selling them as. They have severe ramifications just as foreclosure does. This is an excellent option Fernando to renegotiate with the bankers and restructure where the owner can survive. I wrote a post recently that struck at many of the issues of short sales and the impact to a home owner and their credit. I titled it "Are Short Sales Like Snake Oil? You Decide!" and it raised quite a stir among my colleagues (read for yourself). My point was to get agents to tell the WHOLE STORY to home owners, not just sell them on the idea to make a quick buck which I see as highly unethical and a breach of fiduciary responsibility! I read a Jerry LaRose post this morning that was the most thorough approach I have seen in a long time to describing short sales and their total impact. Sellers need to be completely informed before making a decision and again Fernando you give yet another and perhaps BETTER solution for someone in mortgage trouble! Thanks!

Jun 12, 2008 12:19 AM

1~Judi Barrett

Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK

BS Ed, Integrity Real Estate Services -IDABEL OK

Very good post, makes people think about other options. Thanks for stopping by my blog.

Jun 12, 2008 01:02 AM

Is A Short Sale An Inmediate Option For You?

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Fernando Herboso - Associate Broker MD, & VA

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