preforeclosure: Amazing Story - BOA Forgets to Foreclose on a $300,000 Loan for 3 Years
- 11/07/10 04:21 AM
This is a true story. The greatest fiction writer could not make this up. We will call the homeowner “Sally” for illustration purposes. History Sally files Chapter 7 bankruptcy. Sally includes her $300,000 loan in the bankruptcy and moves out of her Louisville Highlands home. Sally never makes another payment. Loan officer tells Sally she can get a new loan 3 years after bankruptcy. Sally waits 3 years and applies for a loan. Loan officer tells her she doesn’t qualify because she still owns her house with a $300,000 balance. She still owns it after all these years. What the Bankruptcy … (6 comments)
preforeclosure: Should I Rent My House Out To Avoid Foreclosure? Great Risks, Few Benefits
- 10/02/10 05:04 AM
When financial hardship strikes, the natural instinct is to save your home, for many reasons: You want to meet your obligations and fulfill your promises Your family lives in the home You want to move when it fits your life plan You put a lot of planning, time and money into the house You want to avoid the stress and embarrassment of a foreclosure One of the ways to make the payments affordable and stay in the home is a loan modification. In an ideal loan mod the bank lowers your interest rate and lowers your payment. If the loan modification … (3 comments)
preforeclosure: I’m In Foreclosure and Need A Real Estate Agent to Sell My House In Louisville, KY
- 09/29/10 04:09 PM
Selling a house to beat foreclosure means you need the best Realtor who can move fast! The Realtor must be: Compassionate and Caring Highly trained Highly organized and has systems in place Must have staff to quickly and efficiently handle all calls and tasks Experienced Track record of many pre foreclosure successes Local to Louisville, Kentucky In many cases a pre foreclosure sale needs to be a short sale. In a short sale the foreclosing lender accepts an amount SHORT of what is owed, and typically forgives the shortage. You must find a short sale expert Realtor. Time is of the … (2 comments)
preforeclosure: “I Can Finally Get a Good Night’s Sleep” - What a Pre Foreclosure Short Sale Can Do For You
- 09/28/10 11:50 PM
"The short sale pulled me out of this housing hole.” “I’m glad I had someone on my side.” “People said it was too good to be true but now I owe not a thing.” “It restored my dignity.” There is hope and there are options. If you are behind on payments you are undoubtedly under tremendous stress. Imagine the future without this overwhelming debt in your life. Banks accept “short sales” all the time. In a short sale, the lender accepts an amount SHORT of what is owed. In most cases the shortfall is forgiven, in writing. Your lender pays the … (1 comments)
preforeclosure: In a Pre Foreclosure Short Sale “Do I Need To Leave The Appliances?”
- 09/06/10 01:03 AM
Most appliances are not part of the house and are the seller’s personal property. The sellers can take the appliances or sell them. The buyers are buying the house, and are not automatically entitled to free appliances. This excludes appliances that are built-in or attached to the property, such as most dishwashers. If you are in a short sale situation you are probably in financial survival mode. If you can't afford new appliances or if you need the money, you should take the appliances with you or sell them. The appliances are your personal property just like your furniture and your … (4 comments)
preforeclosure: Short Sales - When do I have to move?
- 03/03/10 01:49 AM
One of the most common questions I'm asked by distressed homeowners is "How long does the short sale take?" The real question behind the question is "When do I have to move?" At first I was apologetic that short sales routinely take three to six months or longer, thinking that the homeowner wants to have this stress out of their life as soon as possible. Much to my surprise, most sellers were extremely relieved or even happy that; (a) They don't have to pack up and move immediately (b) They have time to save up some cash toward their moving expenses or … (6 comments)
preforeclosure: The Last 24 Hours of a Short Sale
- 12/14/09 12:41 PM
OK fellow short sale trench mates, here's a topic that buyers and their agents rarely understand; the last 24 hours of a short sale. Short sale listing agents know that most short sale lenders require an advance copy of the HUD statement 24 hours prior to the closing. That's when the havoc starts. The banks want to rename fees, nitpick prorations and move line items from one section to another. The short sale negotiation could have taken eight months and the bank could have $300,000 ready to be wired to them, but often, in the last few hours everyone has to … (5 comments)
This is a true story. The greatest fiction writer could not make this up. We will call the homeowner “Sally” for illustration purposes.
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