short sales: Short Sales: Are sale/leasebacks or sale/buybacks legal? - 08/11/08 09:42 AM
For those of you that don't know, I've been asked on several different occasions whether or not I had an investor that I work with that would buy the home from them, then lease it back to them.  I've read about all I can on this topic and am still not sure.  Half of the articles say it's a great option for homeowners, and the other half say that it's not totally legal...
From what I can tell, it's all about the initial paperwork and how well that the contract is put together. 
Does anyone here know about that?
(5 comments)

short sales: Short Sales and Deficiency Judgements - 07/15/08 05:53 AM
Please visit www.NickDailey.com for more information on the Northern Kentucky real estate market.
After a successful short sale has been negotiated, there is a potential liability out there that sellers need to be aware of.  Lenders, or even the PMI company, may come after the owner for a deficiency judgement.  This can be negotiated out, with varying degrees of success depending on the loan servicer, as part of the offer.  But remember, if the home is foreclosed on, it is pretty much guaranteed that a deficiency will be filed. 
So what is the difference between the two possible outcomes? 
A 'release' means that the … (4 comments)

short sales: Short Sales and PMI - 07/14/08 11:06 AM
The deeper I get into figuring out short sales, and how to sucessfully get them closed, the more I'm suprised how many people (including the "experts" that teach at our local board of Realtors) are unaware of how PMI plays into the equation.  There are 3 questions you need to ask your loss mitigator during your first discussion that are critical to your success.  1) "Does this loan have PMI?" 2) "What is the loss ratio?" 3) "Who is the investor?"
While it's true that many borrowers were able to get around paying PMI due to the availablity of 80/20, 80/15/5, … (5 comments)

short sales: Short Sales and FICO Scores - 07/10/08 05:05 AM
For more information about real estate in the Northern Kentucky market, including full MLS searches w/out registering, please visit www.NickDailey.com.
I just read an interesting post on this topic, and thought I'd share some of it with you.  It details some of the things homeowners can do to help mitigate the damage done to your credit scores after a short sale.
"The short sale can be reported as a foreclosure but more often it is reported as "paid - settled". This is a definite ding on your credit, but not a severe one compared to multiple delinquencies, charge-offs, foreclosure or bankruptcy. … (8 comments)

 
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Nick Dailey

RE/MAX: Northern Kentucky Real Estate - NKY MLS -...

Union, KY

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