dennis toomey: How A Short Sale Helps Preserve Neighborhood Values
- 06/16/11 12:17 AM
IL – Yes, short sales actually help preserve home values in a neighborhood. Here is why. Most people short sell their home while they are still living in the home. They are maintaining the home, mowing the yard, keeping the air conditioning on, etc. Most bank owned properties are empty for 3-6 months, if not longer. No one maintains the home during that time period. Empty homes are easy targets for vandalism and thieves. Get my Free, Step By Step Loan Modification Guide by clicking here. The grass and yard get overgrown. Pools deteriorate and the water turns green with algae. … (1 comments)
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dennis toomey: Another Common Short Sale Myth: The Foreclosure Process Goes So Fast That I Don’t Have Time To Short Sale
- 06/16/11 12:15 AM
IL – The Stop foreclosure Institute recently received a question from Susan about short sales. Here was Susan’s Question. “My home is scheduled to be going on the courthouse steps in about 2 months. I had thought about short selling, but a friend told me I wouldn’t have enough time to do it. Because of that I didn’t pursue a short sale earlier. Recently I decided to look into it further. It looks like a good option compared to foreclosure. My question is this. Do I have enough time to short sale my house, or is the foreclosure already too far … (0 comments)
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dennis toomey: Short Sales: My Ex Is Short Selling. What Can I Do?
- 06/16/11 12:13 AM
IL – The Stop Foreclosure Institute recently received a question from Tom about short sales. Here was Tom’s Question. “My Ex-wife decided to Short Sell our former house. Unfortunately we both signed the mortgage when we bought the house together. I think that means I am still liable for the debt. She got the home after the divorce. The court gave her the home in the divorce. The market has declined and the house is worth about 120k less than the mortgage amount. I have a good job and some assets. Will I have to pay back the bank ofr the … (1 comments)
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dennis toomey: Three Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time
- 06/16/11 12:10 AM
IL – Many Americans are concerned about the housing market. If they housing market continues to decline, then it could drag the entire economy with it. At least that’s what some economists are saying. We want to be part of the solution, not part of the problem. So, we decided to propose a solution Here Are 3 Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time. Get my Free, Step By Step Loan Modification Guide by clicking here. #1: Approve more Loan Modifications. Every loan modification is one less home that has to be … (0 comments)
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dennis toomey: Short Sales: Will My Lender Set The Price For My Home?
- 06/16/11 12:08 AM
IL – The Stop foreclosure Institute recently received a question from Steve about short sales. Here was Steve’s Question. “I am interested in a short sale. I just have a few questions about how the process works. Does my lender set the price for the property. And, will that price include the realtor fee? Sincerely, Steve.” Get my Free, Step By Step Loan Modification Guide by clicking here. Here was our answer. Steve, in most cases the lender will not set the asking price for your home. In most cases, the lender does not get involved until after we have an … (0 comments)
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dennis toomey: Why Short Sales with 3 or more mortgages are difficult
- 06/16/11 12:06 AM
IL – Are you looking to buy a short sale? Before you make an offer, you need to check and see how many mortgages are on the home. A short sale with only one mortgage is not that difficult. Even an inexperienced agent can often get these approved and sold. Get my Free, Step By Step Loan Modification Guide by clicking here. A short sale with 2 loans becomes much more difficult. You now have to lenders that have to agree with each other. However, an experienced short sale agent can get the two lenders to agree with each other on … (3 comments)
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dennis toomey: How Long Do I Have To Wait After A Short Sale To Buy Another Home?
- 06/06/11 12:29 AM
IL – The Stop Foreclosure Institute gets asked this question quite a bit. The answer depends on the type of loan you are looking to use to purchase your next home. Here are the details on your options to buy another home after a short sale. Get my Free, Step By Step Loan Modification Guide by clicking here. Owner Financing. You can buy a home with owner financing anytime after a short sale. FHA Financing. (FHA is very popular because it only requires you to put down 3.5% and pay your closing costs. You can usually convince the seller to pay … (1 comments)
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dennis toomey: Short Sales: Bank won’t allow my seller to avoid short sale process
- 06/03/11 03:46 AM
IL – The Stop Foreclosure Institute recently received a question from another agent. Apparently they were being mislead on a short sale by a large national lender. Here is the question we received: “Do you have a number to contact Fannie Mae? The bank (Large National Bank) will not allow the seller to not do a short sale and agree to repay the loss on a promissory note. She said that she has to talk to the investor which is Fannie Mae. My sellers just wants to sell and move on with their life. Janet.” Get my Free, Step By Step … (0 comments)
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dennis toomey: Short Sales: Why Is Everyone So Negative About The Housing Market?
- 06/03/11 03:44 AM
IL – The tax credit expired and everyone turned negative on the housing marketing. One so called expert said we could see headlines about the real estate market crashing again. Another said that the housing market is going to continue it's decline for another years or two. He referenced an article that showed that mortgage applications dropped by 9.5 percent the first week after the tax credit expired. Get my Free, Step By Step Loan Modification Guide by clicking here. I don't want to apply for the job of "Amateur Economist." Here are a few examples I found of actual economists … (0 comments)
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dennis toomey: Short Sales: How Do You Handle Multiple Offers?
- 06/03/11 03:40 AM
IL – The Stop Foreclosure Institute recently received a question from another agent. Here was her question. "I have a short sale listed. At what time in the short sale process do you stop accepting additional offers for submittal to the lender? If you accept another offer after you've already submitted one to the lender, does it reset your timeline to the beginning? Do you just put them in backup position? What about the poor buyer whose offer was submitted and has already been waiting for weeks for lender approval? Do you allow them to match the higher offer? You guys … (0 comments)
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dennis toomey: Common Short Sale Myth: Short Sales Are Difficult And Banks Never Approve Them
- 06/03/11 03:38 AM
IL – The Stop Foreclosure Institute recently talked to a homeowner whose home had been sold on the courthouse steps. We asked if she had considered selling the home as a short sale. “I did, but I heard that short sales are difficult and not worth trying. My friend told me that the banks never approve them”, she told us. Get my Free, Step By Step Loan Modification Guide by clicking here. After we got off of the phone, we reviewed what she had lost. She lost the opportunity to protect her credit and to be able to buy a home … (0 comments)
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dennis toomey: Short Sale: How To Send A Fax To Everyone In Congress
- 06/03/11 03:36 AM
IL – Bank of America is consistently the worst short sale lender we have dealt with. A lot of people sent me e-mails such as the following: "You need to stop complaining. If you think having to re-open a file is bad, imagine working on a file for 8 months." Get my Free, Step By Step Loan Modification Guide by clicking here. They have the resources available to make the changes. Bank of America, Wells Fargo, JP Morgan Chase, and Citigroup all issued stock to pay off their bailout. Paying off the bailout cost all of these banks their fourth quarter, … (0 comments)
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dennis toomey: Short Sale: Sick Of Your Loan Mod Taking Forever? Why Not Contact Congress?
- 05/26/11 11:14 PM
IL – We recently send everyone in congress a fax about a certain large bank. They had done a lousy job on a short sale file. We waited 90 days for an answer on an offer. Get my Free, Step By Step Loan Modification Guide by clicking here. The buyer got impatient and walked. Fortunately we had a backup buyer. Instead of using the BPO that Freddie Mac paid for and reviewing the new offer, the negotiator closed the file. Freddie Mac, the owner of the loan, stands to lose $75 spent on the BPO and 90 days worth of interest. … (1 comments)
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dennis toomey: Short Sale: My Lender Is Charging The Buyer A Fee To Buy My House
- 05/26/11 11:10 PM
IL – The Stop Foreclosure Institute recently received a question from Brandon. Brandon is selling his house and something very interesting happened. Brandon’s Question: "My loan is with American Home Mortgage (AHMSI for short.) They are charging a 1% short sale processing fee to the buyer. Is that legal? The buyer is upset. They have stipulated that ONLY the buyer can pay the fee. This was never revealed until the short sale approval letter arrived. Brandon." Get my Free, Step By Step Loan Modification Guide by clicking here. Our comments on this. Yes, the buyer is upset. Buyers think they are … (3 comments)
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dennis toomey: Short Sale: Are The Banks Lying To Uncle Sam
- 05/26/11 11:08 PM
IL – The Stop Foreclosure Institute recently received an e-mail from another real estate agent. They were asking for our advice on a short sale. They accused a large, national lender (one of the 4 largest in America) of lying to Fannie Mae. Fannie Mae is almost a subsidiary of the Federal Government. Here was the e-mail they sent us. " The lender told the seller that they had to agree to a deficiency or the short sale would not be approved. The seller said that was unacceptable. They told us they wouldn't go thru with the short sale unless the … (2 comments)
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dennis toomey: Short Sale: Can I Rent My Home If It Is In Foreclosure?
- 05/26/11 11:02 PM
IL – The Stop Foreclosure Institute recently received a question about renting a home in foreclosure. Short Sale Question: I am selling 2 of homes that are short sales. I would like to rent the homes during the foreclosure process. I will continue to pay the home owners association fees. I will not be paying the mortgage. Is it legal to do this? Is there any liability that comes with it? Get my Free, Step By Step Loan Modification Guide by clicking here. Here was our answer to them. The Stop Foreclosure Institute is not a law firm. Therefore, we can’t … (1 comments)
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dennis toomey: Short Sale: Are Fannie Mae Short Sales Tough?
- 05/26/11 11:00 PM
IL – Another agent recently e-mailed the Stop Foreclosure Insitute. They were having a hard time with a short sale on a Fannie Mae Loan. Get my Free, Step By Step Loan Modification Guide by clicking here. Here is an excerpt from the agent's e-mail. "I spoke with Josh @ Fannie Mae. He said that once there is a foreclosure sale, per an agreement with lender, Fannie Mae would pay the lender the full balance of the note. I started to comment that what incentive is there for the lender to process a short sale. He said I know where you’re … (1 comments)
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dennis toomey: Short Sale: Why Does A HELOC Get Zero From Foreclosure
- 05/19/11 12:23 AM
IL – After yesterday’s blog post, I am sure that some people were wondering why a HELOC gets zero from a foreclosure. Let me explain why. Get my Free, Step By Step Loan Modification Guide by clicking here. When a property is foreclosed upon, it is auctioned on the courthouse steps. Let me give you a scenario where a homeowner owes the following on the property. First Mortgage is owed $200,000. Second Mortgage is owed $40,000. There is a HELOC (Home Equity Line of Credit) that is owed $100,000. (The home increased in value to $400,000 and a lender agreed to … (1 comments)
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dennis toomey: Short Sale: I’m having a hard time negotiating with a HELOC
- 05/19/11 12:21 AM
IL – The Stop Foreclosure Institute recently received a question about short sales. Here is the question. “What is your experience with Chase Heloc's? I have a HELOC that is a 2nd mortgage. Citi (the 1st) will give them 6% or approximately $3000. Chase's collection agency is saying that they want 30% ($30,000.) They won't budge. They want this in CASH, not as a promissory note (in case the seller does a bankruptcy.) They are telling me they will just let the house foreclose because that is Chase's policy now. What do you recommend that I do?” Get my Free, Step … (0 comments)
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dennis toomey: Another Common Short Sale Myth: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale
- 05/19/11 12:18 AM
IL – This is a common myth that is promoted by people that do not understand lenders or the foreclosure process. However, it's not true. Get my Free, Step By Step Loan Modification Guide by clicking here. Many homeowners have short sold their home and never missed a payment. The lenders will approve a short sale where the seller has not missed a payment when the following is in place. 1. The homeowner owes more on their home than it is worth. 2. The homeowner has a verifiable hardship that will force them to miss their payments in the near future. … (4 comments)
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IL – Yes, short sales actually help preserve home values in a neighborhood. Here is why. Most people short sell their home while they are still living in the home. They are maintaining the home, mowing the yard, keeping the air conditioning on, etc. Most bank owned properties are empty for 3-6 months, if not longer. No one maintains the home during that time period. Empty homes are easy targets for vandalism and thieves. Get my Free, Step By Step Loan Modification Guide by clicking here. The grass and yard get overgrown. Pools deteriorate and the water turns green with algae. … (1 comments)
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