dennis toomey: Seven Ways You Benefit From A Short Sale
- 01/28/11 02:53 AM
IL – A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.” That was the first thing that popped into our head. But, I knew there are more benefits to a home owner than simply better credit. So I put together the entire list and here they are. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. 1. The upside down debt is erased in … (0 comments)
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dennis toomey: Schaumburg Market Conditions
- 01/26/11 06:02 AM
Schaumburg Real Estate
Dennis Toomey continuously monitors local real estate statistics to keep his clients informed and ahead of the real estate trends. Below, at the end of the page you will find Schaumburg real estate statistics for the last 12 months as of February 19, 2010.
To find the value of your home with a free, over-the-net home evaluation, please visit: www.KnowYourHomeValue.com/active or use this link http://www.knowyourhomevalue.com/remaxil/modules/global/forms/marketevaluation.asp?&acc=32722&s=active
If you would like a free list of homes for sale in this area/neighborhood or would like more information about Schaumburg, please visit: www.GetYourRealEstateHere.com/active or use this link http://www.GetYourRealEstateHere.com/remaxil/modules/agent/agent.asp?p=findahome.asp&page=search&selected=qck&mode=N&acc=32722&s=active
Dennis Toomey
RE/MAX … (0 comments)
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dennis toomey: This One Has Your Name On It!
- 01/26/11 05:39 AM
This One Has Your Name On It! 16w579 2nd Avenue, Bensenville, IL 60106 View Map Come home to this entertainer's dream! Enjoy a beautifully remodeled kitchen with sparkling granite counters, maple cabinets, and stainless steel appliances. Parquet floors throughout. Dual sinks in the master bathroom. Basement features large living space and a full wet bar. HUGE back yard and sunny patio area. Lots of natural light in all rooms.
Details Asking Price: $250,000 MLS: 07596322 Lot Size: 50 X 157 Bedrooms: 4 Bathrooms: 2 Property Amenities - Range/Oven
- Full Refrigerator
- Dishwasher
- Hardwood floors
- Basement
- Patio
- Fenced Yard
- Tool Shed
- … (0 comments)
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dennis toomey: Short Sales: Loan Modifications can be a recipe for disaster.
- 01/26/11 12:42 AM
IL – The Star Tribune, a newspaper in Minneapolis, recently ran a story about loan modifications. Here is an excerpt from the article: “Many people who sought help under a federal program created to keep them from losing their homes are instead getting saddled with huge, unexpected bills. Thousands now face a stark choice: Go deeper into debt, or foreclosure. Lenders routinely approved short-term "trial" loan modifications that reduced payments for desperate borrowers under the umbrella of the Obama administration's Home Affordable Modification Program. But lenders continued to count the mortgages as delinquent or in default. Now instead of granting permanent … (1 comments)
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dennis toomey: Another tip to improve the odds of your short sale offer being approved
- 01/24/11 11:06 PM
IL – If you are selling your home, then ask the buyer to write a letter about why they want to purchase the home. If you are a buyer, then write that letter. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The listing agent will submit that letter along with the short sale paperwork. With a little luck that letter will help “grease the wheels” and cause the short sale to be approved faster. Short Sale negotiators are human beings. They have emotions that can be touched by a good story. These letters might … (3 comments)
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dennis toomey: Does My Short Sale Have To Be Approved Before I Put It Up For Sale?
- 01/24/11 11:02 PM
IL – We often get asked if a short sale is even worth the effort. “Do I need to have my short sale “Approved” by my lender before I put my home on the market?” one seller asked us. “When I called my lender they wouldn’t talk to me about my short sale. I am concerned that they might do that when I finally sell the property and I’ll never get the short sale approved.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. Most lenders will not talk to you … (2 comments)
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dennis toomey: US Bankruptcies just reached a 5 year high
- 01/21/11 09:24 AM
IL – According to data from the National Bankruptcy Research Center, US bankruptcies have reached a 5 year high. The last record was set in 2005. That record was set because bankruptcy laws were being tightened up and people wanted to file before the laws changed. (The big banks had convinced congress to make it harder for debtors to get relief.) Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The number of bankruptcies filed in 2010 reached 1,530,078. That was an increase of 8.7% over 2009. Even though the economy is starting to show … (0 comments)
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dennis toomey: How Much Debt Can I Erase With A Short Sale?
- 01/20/11 12:23 AM
IL – We often get asked that question. Some people think that since they are walking away from a large upside down mortgage, then the bank won’t approve it. That usually isn’t true. I wanted to put together a few examples of people the Stop Foreclosure Institute has helped with a short sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. That way you can get a good idea of exactly how much debt you can erase with a short sale. Check out some of the examples below.
$79,000 In Upside Down Debt Erased … (0 comments)
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dennis toomey: Short Sales: Why Should I Short Sale? It Costs You Nothing.
- 01/18/11 11:02 PM
IL – This is a continuation of a former article about short sales. We often get asked if a short sale is even worth the effort. “Why don’t I just let the bank have the property”, sellers tell us. “I don’t ever think I’ll be able to fix my credit to be able to buy another house.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Short sales are worth the extra effort. They enable you to buy another home much faster than you would have to wait if you experience a foreclosure. And they … (3 comments)
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dennis toomey: Short Sales: Why Should I Short Sale?
- 01/18/11 04:30 AM
IL – We often get asked if a short sale is even worth the effort. “Why don’t I just let the bank have the property”, sellers tell us. “I don’t ever think I’ll be able to fix my credit to be able to buy another house.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. When you are having a tough time financially, it may seem like you will never get back on your feet. But, most people do get back on their feet. They find another job and start making money again. Their credit … (0 comments)
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dennis toomey: Short Sales: Why Should I Pay Double For My Home?
- 01/17/11 03:38 AM
IL – The Stop Foreclosure Institute recently received a question from Luis. Here is Luis's Question. "I am working on a loan modification on my home. I just don’t want to be upside down and want a fair interest rate. Why should I pay on a mortgage that is twice as much as my home is worth, plus the interest on that mortgage? It just doesn’t make sense. How can I get a loan mod with a fair interest rate where I am repaying what my home is worth today? Thank for your help, Luis.” Discover how other sellers successfully did … (2 comments)
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dennis toomey: Short Sales: Can I Short Sale Investment Property Without A Deficiency?
- 01/13/11 10:47 PM
IL – The Stop Foreclosure Institute recently received a question from Phil. Here is Phil's Question. "I am a California Resident but have 3 distressed Florida Properties pending foreclosure. Under Florida law a creditor cannot garnish wages. Will investor pursue deficiency? If yes, will they follow FL or CA law? Thanks, Phil.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. That is a legal question. Since I am not a lawyer I cannot answer it. I do know that you can usually short sale in Florida and get the lender … (0 comments)
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dennis toomey: Short Sales: Can I Short Sale My Upside Down Home?
- 01/13/11 03:00 AM
IL – The Stop Foreclosure Institute recently received a question from Brent. Here is Brent's Question. "If we are not behind on our mortgage but can't sell our home through a normal sale because we don't have any equity, can we still qualify for a short sale? We would like to sell this property and get another property where we are not upside down. Thank you!” asked Brent. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. Brent, there is actually a federal short sale program that encourages what you would … (1 comments)
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dennis toomey: Short Sales: Can I Short Sale If I Don’t Have A Normal Hardship?
- 01/11/11 11:41 PM
IL – 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 the sale. I just want to … (0 comments)
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dennis toomey: Short Sales: Is It Legal For A Seller to Buy The House He Is Short Selling?
- 01/11/11 02:59 AM
IL – The Stop Foreclosure Institute recently received a question from Mau. Here is Mau's Question. "Is it legal for a short sale seller to buy the house he is selling on short to reduce his mortgage loan?” asked Mau. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer. We don’t know of any law on the books that forbids a person from buying a home they are short selling. Here is what we do know. Most banks and lenders don’t allow it. If the short sale negotiator sees a sales … (2 comments)
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dennis toomey: Short Sales: Can I Short Sale If I Have Substantial Assets & Good Income?
- 01/10/11 08:07 AM
IL – The Stop Foreclosure Institute recently received a question from Dave. Here is Dave's Question. "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 foreclosure by clicking here. … (2 comments)
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dennis toomey: Short Sales: I can't afford my home. What should I do?
- 01/07/11 11:39 AM
IL – 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 $300,000 today. I am having trouble … (1 comments)
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dennis toomey: Why January is a great time to buy a home
- 01/05/11 11:18 PM
IL – If you are looking to buy a home, then you probably want to get the best deal. January is the best time to be purchasing a home. Let me explain why. A lot of people put their homes on the market in January. In addition, there are very few people looking to buy a home in January. This is because most of the people transferring for a job have already bought a home. Their companies want them to have purchased by the end of the year so they can write it off on the corporate tax bill. Discover how … (3 comments)
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dennis toomey: Short Sales: How To Avoid Any Surprises When Selling A Short Sale
- 01/04/11 10:51 PM
IL – Many agents and buyers are scared of short sales. Here is something that I do to make the short sale process easier for the home seller. Before I start negotiations with your lender, I will order a complete title search. Here is why I do that. I want to know all the costs upfront, before I give the bank a number. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. If I don't do this, then the short sale lender will approve the short sale at a certain price. We can get to … (1 comments)
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dennis toomey: Why Is My Agent Trying To Talk Me Out Of Buying A Short Sale?
- 01/04/11 10:47 PM
IL – The Stop Foreclosure Institute recently received a question from Tamra. She is buying a home and her agent is trying to talk her out of short sales. Here is Tamra’s question. “I am looking to buy a home. Some of the best priced properties are short sales. However, my agent won’t show me these homes. She keeps on telling me the prices are lower than the lender will accept and that short sale never close. What should I do? I am really interested in these homes, especially at the price they are being offered at.” Discover how other sellers … (2 comments)
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IL – A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.” That was the first thing that popped into our head. But, I knew there are more benefits to a home owner than simply better credit. So I put together the entire list and here they are. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. 1. The upside down debt is erased in … (0 comments)
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