dennis toomey: Why Do Short Sales Negotiators Break The Rules?
- 11/01/11 11:20 PM
IL – An agent with the Stop Foreclosure Institute recently had a short sale negotiator lie to them. We have spent the last 6 months figuring out all the rules for short sales on different loan types. The rules are different for an FHA Short Sale, a VA Short Sale, and a Fannie Mae Short Sale. This was an FHA loan. Here's what happened. FHA puts out a letter called "Mortgagee Letter 2008-43." It details exactly how the banks is supposed to handle a short sale on an FHA loan. This letter is 16 pages long and gives them specific directions … (1 comments)
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dennis toomey: Short Sales: Are Banks Polluting The Economy?
- 11/01/11 11:17 PM
IL – Very few people disagree that banks are not handling the housing crisis properly. Why is it so hard to get a reasonable loan modification? Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Pollution is defined as the following by Wikipedia: "Pollution can be a simple example of market failure. If costs of pollution from a factory are not borne by the factory owner, but instead are borne by the workers or people in the community, then prices are distorted." Basically, the factory can pollute at will. Now, let’s take the same sentence … (1 comments)
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dennis toomey: We Must Educate The Public About Banker’s Stupid Decisions On Loan Modifications
- 11/01/11 11:15 PM
IL – Does it make you angry when a bank kicks a family out of their home and loses money as a result? This happens all the time. Let me explain how. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. A family buys a home for $250,000. The home declines in value to $150,000. At the same time, their income drops to where they can only afford a $150,000 mortgage payment. Does their bank reduce their payment and allow them to keep their home? No! Instead, the bank forecloses on the home. But, it … (2 comments)
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dennis toomey: A Common Loan Mod Mistake
- 11/01/11 11:13 PM
IL - The Stop Foreclosure Institute recently received a question from a person attempting a loan modification on their home. Here was their question. "I have a first mortgage for $197,000. That was my original loan from when I bought my home. I borrowed $250,000 on a second mortgage for a remodel. My house has dropped dramatically in value. It used to be worth over $500,000, but not the value is more like $250,000. With the recent decrease in value, I would like to get a modification on my second mortgage. I would like to get that reduced to $250,000." Get … (0 comments)
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dennis toomey: Short Sales: I’m Sick And Tired And I’m Not Taking It Anymore!
- 11/01/11 11:11 PM
IL – We recently received an e-mail from another agent that was having a hard time with a short sale. “I have been working this short sale file for 4 months. There has been “no movement” no responses from the bank, no closing date. The June 30th date just continues to trickle closer and closer leaving the sickened buyers more upset and almost at their wits ends.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is what we do when we get frustrated with short sales. We send out press releases and contact … (1 comments)
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dennis toomey: Why Is My Bank Willing To Pay You To Short Sale My Home?
- 11/01/11 11:09 PM
IL – The Stop Foreclosure Institute recently received a question from Samir. Here was his question. “I am thinking about short selling my house. I’m just wondering how I can get someone to help me. I know that your website says that a short sale costs me nothing. I just have a hard time understanding why my lender would pay you if they are losing money. Please explain that. Samir.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to his question. We get paid because the bank benefits financial from … (0 comments)
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dennis toomey: Short Sales: Are Banks Playing Games With Their Financials?
- 11/01/11 11:08 PM
IL – Some experts speculate that banks don’t like to approve short sales or loan modifications. Here is why they think that. They think that lenders are reluctant to speed up short sales or loan mods because they want to hold off the day of reckoning. Let me explain. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Let’s say that Joe owes $300,000 on his mortgage. The house appraised for $300,000 when he bought it. However, the market value has dropped to $220,000. Joe gets behind on payments. Unless Joe has an extra $80,000 … (0 comments)
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dennis toomey: Short Sales: Something You Must Know When Short Selling Your Property
- 11/01/11 11:06 PM
IL – We received some interesting and shocking news from another agent. They told us that lenders are are approving short sale and stating that they will allow the seller to walk away owing nothing. However, after the short sale is complete, then they are resuming collection tactics to repay them on the loan. These lenders are actually stating in their short sale approval letters that the seller will be released from liability. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is the e-mail I received from this agent. “I having been working … (0 comments)
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dennis toomey: Short Sales: You’re Strongest Bargaining Chip When Negotiating With Second Mortgages
- 11/01/11 11:03 PM
IL – In our blog post a few days ago, we talked about a first and second mortgage that both wanted more money out of the deal. The problem was they were asking for it at the other’s expense. In a sense, we had two monkeys with their hand in the same cookie jar. Neither could get their hand out without the other’s cooperation. So, you have an impasse until someone gives in. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is what happens if both parties stubbornly refuse to compromise. The first … (1 comments)
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dennis toomey: Short Sales: How To Hold Your Bank’s Feet To The Fire
- 11/01/11 11:00 PM
IL – Is your lender being unreasonable? Are they unwilling to let you short sale and walk away from the debt? Here is what to do. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. First, you can make their failings public. Tell your story to your local newspaper, TV station, or radio station. You would be amazed at how fast you lender will backpedal in the face of bad publicity. Here is an inside tip. Send a copy of your press release to the lender’s Media Relations Department. They are the people whose only … (0 comments)
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dennis toomey: Short Sales: Should you be embarrassed to short sale?
- 11/01/11 10:58 PM
IL – Many people are embarrassed that they are short selling their house. They feel like they are somehow being dishonest or shady. Neither one of those is true. A lot of the people short selling today never had a blemish in their credit. They lived perfect, responsible financial lives. Then the real estate market crashed and left them owing way more than their home was worth. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. For years everyone had told them that couldn't happen. Many of those people also lost their job for the … (0 comments)
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dennis toomey: How do I find a Realtor that specializes in short sales?
- 11/01/11 10:57 PM
IL – Are you looking for a Gainesville Realtor that specializes in short sales. It is important that you pick the right agent. Many agents turn down short sale listings because they are unfamiliar with the process. These transactions are much more difficult and complicated than your average real estate transaction. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Because of the foreclosure process, you usually only have one chance at a short sale. If your first agent isn't competent, then you risk losing your house to foreclosure. Then you have to wait another … (0 comments)
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dennis toomey: Short Sale Question: I’m In A Jam With Two Mortgage Companies Fighting Over Money
- 11/01/11 10:54 PM
IL – The Stop Foreclosure Institute recently received a question from another agent named Bonnie. Here was her question. “On my short sale, the first mortgage gave me a price and a net they would allow. The title company put together the closing documents and paid the first more than the minimum net they needed. Then, I offered the second mortgage what ended up being 12% of their loan. They are owed 76K, I offered 9600. Here is the problem. Now, they want 15K and are saying that is their final offer. I do not think the first will allow them … (0 comments)
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dennis toomey: Short Sale Question: I Have A Moral Dilemma. What Should I Do?
- 11/01/11 10:51 PM
IL – The Stop Foreclosure Institute recently received a question from another agent named Beckie. Here was her question. I have been waiting on my lender to approvce or deny my short sale for 7 months. We finally received an answer last week in form of a counter offer to the price. The buyer was offering to pay $315,000. The lender countered at $345,000. The buyer is not willing to pay any more than $315,000. My agent told him that he will try my best to negotiate at that price. Before my agent could send the comps to the lender, the … (0 comments)
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dennis toomey: Short Sale Question: Lender Won’t Approve The Short Sale. What Should I Do?
- 11/01/11 10:50 PM
IL – The Stop Foreclosure Institute recently received a question from another agent named Sylvia. Here was her question. “Here's a question for you. I have a short sale with two offers. The appraisal was close to the sales price and the inspection was good. However, the bank calls me and says, “Sorry, you can’t short sale the house because this is a recourse loan for 5 years.” I did some research and the loan is owned by Fannie Mae. The sellers received foreclosure papers a week later. Fannie May says that the lender can approve the short sale. But, the … (0 comments)
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dennis toomey: How To Ensure Accurate Appraisals And A Successful Short Sale
- 11/01/11 10:48 PM
IL – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate. Here is the process your agent needs to follow to ensure an accurate appraisal. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The person doing the appraisal doesn’t understand why the home is selling for a specific sales price. They don’t understand why buyers are only willing to pay X. That is why your agent must explain that to them. First, your agent should always meet them at … (0 comments)
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dennis toomey: Why Your Agent Should Check That Appraisals Are Accurate For Your Short Sale
- 11/01/11 10:46 PM
IL – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate. There are a lot of opinions on how to ensure the appraisal is correct and accurate. You need to check and make sure your agent is willing to do the extra work. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. I will tell you what happened to an agent that decided it was too much work. This agent decided not to do the extra work. Then, short sales … (0 comments)
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dennis toomey: The Biggest Threat To A Successful Short Sale
- 11/01/11 10:44 PM
IL – The biggest threat to your short sale is a high appraisal. Banks consider short sales for economic reasons. A bank will approve a short sale only if they think they will net more money taking the short sale offer. To make sure they aren't selling the house for too little, they order an appraisal. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The problem is that most homes are selling for less than appraisal. In one example, a non short sale listing sold for 225k. However, the property could have appraised for … (0 comments)
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dennis toomey: When A Bank Should Accept A Buyer's Offer To Buy A Short Sale
- 11/01/11 10:41 PM
IL – A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan. If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The answer is that it is unlikely that any of that will happen. Here is how we can assure … (0 comments)
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dennis toomey: Short Sales: Is My Hardship Legitimate For A Short Sale?
- 06/16/11 12:19 AM
IL – The Stop Foreclosure Institute recently received a question from Dan. Here was Dan’s Question. "I recently purchased another home and tried to sell my former home. It isn’t selling and I can’t afford to make both payments. The home won’t rent for even 1/2 of the mortgage payment. An agent told me the house is worth about $50K under the mortgage amount. Is it realistic for me to try the short sale? The only hardship created was when I decided to move to a larger home for family. Dan." Get my Free, Step By Step Loan Modification Guide by … (0 comments)
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IL – An agent with the Stop Foreclosure Institute recently had a short sale negotiator lie to them. We have spent the last 6 months figuring out all the rules for short sales on different loan types. The rules are different for an FHA Short Sale, a VA Short Sale, and a Fannie Mae Short Sale. This was an FHA loan. Here's what happened. FHA puts out a letter called "Mortgagee Letter 2008-43." It details exactly how the banks is supposed to handle a short sale on an FHA loan. This letter is 16 pages long and gives them specific directions … (1 comments)
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