short sale: Why Do Some People Worship Perfect Credit?
- 03/23/11 02:40 AM
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 a several credit cards with high balances. He ran the balances up when the economy was strong.
Today, he can barely afford to make … (0 comments)
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. … (1 comments)
The Stop Foreclosure Institute recently received a question from Chad. Here is Chad's Question.
"I own a condo in Hackensack, New Jersey. I purchased in 2007, pre-construction for $375k and have a mortgage balance of $337k.
I have been trying to sell my unit for upwards of 2 years with no success. I have been unable to refinance because my unit is worth much less than the balance on my mortgage.
I have been denied a loan modification. I must move by this summer and do not want to make a penny on … (2 comments)
"I bought several investment properties at the peak of the market. The homes have dropped in value by almost 40% and I am losing money on the rent every month.
I am sick of writing a check every single month to cover the loss. I would like to short sale these properties if possible. I am just wondering if the banks would allow it. What do you think?” asked Dave.
Discover how other sellers successfully did a short sale to avoid … (1 comments)
In my opinion, loan mods are very tough to negotiate with large lenders like Bank of America, Wells Fargo, JP Morgan Chase, or SunTrust. The reason is because you are treated like a number.
In addition, in most cases the lender doesn’t own your loan. Someone else does. So when they negotiate with you, it is simply to go thru the motions.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
No, common sense does not apply in these situations! The good news is that common sense … (0 comments)
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 … (3 comments)
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 … (0 comments)
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
In addition, most of the huge losses on bad mortgages was not lost by the banks themselves. Instead, the biggest loser was Uncle Sam, thru the takeover of Fannie Mae and Freddie Mac.
Most mortgages are sold after they are made. We estimate that around 75-80% of all mortgages were sold before the housing crisis.
"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 … (1 comments)
The Stop Foreclosure Institute recently received a question from Steve. Here is Steve's Question.
"I divorced six years ago. We had had our home on the market for some time, but it wasn't selling. My ex needed money to buy another home.
Since it wasn't selling, we refinanced and split the equity. She used the money to buy another house and I stayed here. I put the home back on the market a little while later.
Today, several years later it still isn't selling. The market value today is $267,000. I owe over … (1 comments)
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.
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 … (1 comments)
short sale: Why Short Sales Sell For A Higher Price Than A Foreclosure
- 03/08/11 04:46 AM
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."
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 … (0 comments)
short sale: How to strong arm your lender on a short sale
- 03/04/11 02:00 AM
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 you lender dragged their feet?
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. … (0 comments)
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. 
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