For distressed homeowners in danger of losing their home, there are already a lot of problems. The last thing a homeowner in this situation needs is to fall victim to a scam. Unfortunately, people in this situation are often the most vulnerable to a kind of fraud called “mortgage relief fraud.”
Fraudsters will prey on people who are looking for a loan modification, short sale or other foreclosure alternative because these are the most common options for distressed homeowners.
There have been legal cases brought against many, but scammers always try to stay a step ahead of … (3 comments)
short sale: HAPPY DANCE, HAPPY DANCE!....SHORT sale approval, after ONE YEAR!
- 03/22/12 11:45 PM
The most challenging things in life are the most rewarding! Yesterday I received a short sale approval on the second loan on one of my listings. This particular listing is participating with the HAP program. It is a military program designed for families to avoid a short sale that have been relocated through no control of their own due to military orders. My clients, the seller, was relocated in 2008 from Nellis Airforce Base. When we put in our paperwork for the program , one year ago....we had to be put on a waiting list. The program processed the files by … (0 comments)
The big key here is to avoid foreclosure. Short Sales will affect your credit rating, especially if you miss your mortgage payments during the process. But, by nearly any measure, a foreclosure is the most damaging event your credit status can encounter – worse than bankruptcy. Consult your tax professional & attorney to support you in choosing the best solution for your individual circumstances. Call me, The Short Sale Queen with more questions … (1 comments)
short sale: Exploring The Short Sale Option
- 02/29/12 10:45 AM
What is a Short Sale?A short sale is the process by which homeowners can sell their home and the sales proceeds do not fullypay off the existing loan(s) and the lender(s) accepts a discounted payoff to satisfy the loan.This is accomplished by providing proper documentation to the lender(s) to convince them to reduce thepayoff balance to allow the sale. If the sale is approved, the home can be sold for a price lower than thetotal debt on the property without the seller having to come up with immediate cash to cover the shortfall.The mortgage is either fully or partially satisfied … (0 comments)
short sale: Short Sale Authorization Form
- 02/29/12 03:11 AM
I've been doing short sales in the Las Vegas area for about the last 6 years in our market. In the past, getting the complete short sale package together to submit to the bank would be done at the time of the listing. By the time there was an offer and the complete package was submitted to the bank could take up to 60 days or more at times. (not so much these days as my short sales are getting offers within days) However what I am finding now is that banks are kicking back the signed 3rd party authorization form … (0 comments)
Short Sale DisclosureProperty Address: In a short sale the seller’s lender agrees to accept less than what is owed on the loan for a property. As such, it requires the lender’s approval. Please note that the property will continue to be on the market until the lender accepts an offer.The following is a partial list of potential situations that could affect a short sale: 1. After the lender receives the short sale packet, the lender will require at least 30 days to approve the short sale. After … (4 comments)
short sale: Short Sale Authorization
- 11/26/07 09:01 AM
Authorization to Release Information should include: I hereby fully authorize you to release _______________________________________ any and all information they may require for the purpose of determining or completing a credit transaction, loan balance, inquiry, transfer, payoff, purchase or sale of property, including tax return an bank information. This document may be reproduced in order to acquire said information from additional sources. Lender/Agency:_______________________________________________________________________ Property Address:_____________________________________________________________________ Loan Number:________________________________________________________________________ Thank you,
Signature:_____________________________ Social Security #:________________ Date:_________________________ Print Name: ___________________________
Signature:_____________________________ Social Security #:________________ Date:_________________________ Print Name: ___________________________
(Notarized Properly by a Notary Republic in your area:)
Hope this helps. Agents, this is the document that allows you to discuss confidential information regarding … (1 comments)
short sale: Short Sale Proposal Packet for Listings
- 11/26/07 08:31 AM
EQUALS = Agents & Consumers: Short Sale Proposal Packet ChecklistInclude the loan number on the header of every page in the proposal checklist. Title page Executive summary that highlights the financial benefits to the lender for accepting the short sale Table of contents Written authorization from the homeowner for the Realtor to speak on his or her behalf Lender’s short sale application Listing agreement Buyer’s contract Estimated HUD-1 Information about any other liens on the home Short sale disclosure signed by the seller and the buyer Hardship letter. Note: The hardship letter must be written by the homeowner Supporting … (5 comments)
short sale: Seller Short Sale Checklist
- 11/26/07 08:23 AM
Short Sale Checklist – Information GatheringCompile the following information to create a short sale proposal packet. Homeowner: Keep all originals for your files. You may come to my office to make copies otherwise please compile all necessary info and mail me copies. Use this guide as your checklist. Remember, time is of the essence. Financial Information Three most recent bank statements for all checking accounts for all borrowers Three most recent bank statements for all savings accounts for all borrowers W2s from the past two years for all borrowers Income tax returns from the past two years for all borrowers Past … (7 comments)
For buyers thinking about putting offers on a "short sale" property here are some tips to help make the process smooth. Here is a sample of a letter that I give my buyers when submitting an offer on a short sale. Now that we’re working together, I thought it would help if I detail exactly how we can make the most of our collaboration. My goal in all this is to find the property in your price range that best fits your needs and wants. Initially, there will be considerable time and energy invested up front on my part to … (1 comments)
short sale: Saving Seller's from foreclosure while growing your business.
- 10/15/07 08:23 AM
Short Sales: help clients weather the downturn Saving sellers from foreclosure while growing your business Prices are dropping and more and more homeowners whose mortgages are adjusting to higher interest rates can't keep up. This is becoming extremely common in today's market due to the incredible amount of 100 percent financing that took place over the past few years. According to the Center for Responsible Lending, one in five sub-prime loans issued between 2005 and 2006 will result in foreclosure. As a real estate expert, you are in a position to help clients avoid foreclosure by facilitating a short … (2 comments)
short sale: Short Sales
- 10/08/07 02:34 PM
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a short sale. When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial … (4 comments)
short sale: Exclusive Buyer List for Foreclosures & Short Sales
- 10/08/07 02:26 PM
Las Vegas,as many parts of the country, is experiencing a huge short sale and foreclosure market. I have extensive lists of short sale "pre-foreclosure" property, foreclosure commenced property and REO's. Now is the time to buy~Everything is "ON SALE" right now. If you or your client would like to be added to my "Preferred Buyer's List" please contact me with your name, email, & phone number. All investor levels welcome from experienced to first time. Let me assist you in the process as there are some amazing deals to be had. I look forward to working with you soon! Christin Griffin, ChristinGriffin@kw.com, … (0 comments)
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