elgin real estate: Short Sales: One Upside To The Horrible Housing Market.
- 02/20/11 11:13 PM
IL - If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a substantially reduced price. In some areas homes are selling for 30-50% lower than they were at the peak. Buyers are now able to buy a nice home at previously unheard off, affordable … (0 comments)
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elgin real estate: Short Sales: Why Do Lenders Pretend To Care About Their Customers?
- 02/11/11 07:01 AM
IL – Have you ever attempted to get a loan modification? If you have, then you probably get bugged when you hear banks talk about how they suposedly care about their customers. Somehow these banks think we will believe it. They must think that, or they wouldn't be running ads that say: "Come to ABC Bank. We answer you by your first name. You're not a number. We care about you." What a bunch of garbage. Anyone who has attempted to negotiate a loan modification feels like they just went thru the meat grinder. Discover how other sellers successfully did a … (0 comments)
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elgin real estate: Short Sales: How To Get A Short Sale Lender To Waive Deficiency Clause
- 02/10/11 01:35 PM
IL – The Stop Foreclosure Institute recently received a question from John. Here is John's Question. "I just received a full price offer on my house. My main concern is that I don't get stuck having to pay off the deficiency. I have a first and 2nd with Chase and owe 270K on the home. The buyer's loan is also with Chase. How can I work this out so that I can walk away from this without owing any money? Is it even possible with such a large difference between what the house is worth and what is owed? John.” Discover … (3 comments)
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elgin real estate: Short Sales: How To Convince A Lender To Waive A Promissory Note
- 02/03/11 02:07 AM
IL – Some lenders are very stubborn about collecting what they feel they are “rightfully owed.” These lenders are usually a lender that you originally got the loan from. A good example is a credit union loan, or a small community bank. Another common type is loans that were granted with Private Mortgage Insurance. In our experience, these companies are very demanding. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. They negotiate hard and say they will not approve a short sale without a promissory. However, that is not always the case. You can … (0 comments)
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elgin real estate: Short Sales: Don’t sweat it if the first buyer gets impatient and walks off.
- 01/31/11 10:38 PM
IL – Short Sales can be frustrating. It can take a long time for the lender to process everything and finally give the buyer an answer on their offer. Oftentimes, by the time the lender makes a decision, the buyer has gotten impatient and moved on to another property. Most lender short sale departments are overworked. That is why it takes 60-90 days for them to get back with an answer on the short sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Some buyers get impatient and move on before they get an … (0 comments)
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elgin real estate: Short Sales: Are Lenders So Desperate They Will Accept Any Offer?
- 01/31/11 02:22 AM
IL – Have you heard the following myths about short sales? Myth #1: You can buy short sales for dirt cheap and then turn around and resell them for a profit. Myth #2: Foreclosures, Short Sales, and Bank Owned Homes can be bought for 30 to 50 cents on the dollar with no money down. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Myth #3: Lenders will accept any short sale offer even if it is for only 50% of what the home is worth. After all, they don’t want a foreclosure on their … (2 comments)
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elgin real estate: Short Sales: Who is in charge during a short sale?
- 01/28/11 02:56 AM
IL – Many home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth. The short sale lender can only veto short sale offers. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that. Why is that? Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Until the lender forecloses on the home the home owner is in the driver’s seat. They “own” the property until the lender forecloses. We have had … (0 comments)
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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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elgin real estate: 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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IL - If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a substantially reduced price. In some areas homes are selling for 30-50% lower than they were at the peak. Buyers are now able to buy a nice home at previously unheard off, affordable … (0 comments)
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