housebyzipcom: Short Sales: What To Look For In A Buyer's Offer - 03/13/12 10:41 PM
IL – Short sales often get multiple offers from different buyers. Which offer should you accept over the others? Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Most people would assume that you would automatically pick the offer with the highest price. However, this isn't always a good idea. The offer with the highest price may have the shakiest financing. Most short sale lender issue a deadline when they approve a short sale. They state that their approval is only good for 30 days. After 30 days, then they short sale has to be … (2 comments)

housebyzipcom: Short Sales: Is Renting or Buying Back a Short Sale Mortgage Fraud? - 03/13/12 10:38 PM
IL – In many cases, short selling your home and then renting or buying it back is considered mortgage fraud. Because loan modifications are so difficult many homeowners are considering selling their home and then renting it from the new owner. Many homeowners look at this as the best way to get their loan balance reduced. "I owe 400k, my house is worth 200k, and the bank won't reduce the amount I owe on a loan modification. I'll just sell the home to my friend, rent it from him, and then but it back in 2-3 years after I fix my … (0 comments)

housebyzipcom: Short Sale Question: Can I short sell my house and rent from the new owner? - 03/13/12 10:32 PM
IL – The Stop Foreclosure Institute recently received a question from Roberta. Here was her question. "A company has talked to me about short selling my home to them and they will then rent it back to me. They will allow me to buy it from them after my credit is repaired a few years down the road. This sounds too good to be true. Am I going to get in trouble with my lender if I do this? Roberta." Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to Roberta's … (0 comments)

housebyzipcom: Short Sales: Why Would a Bank Issue an Extension on a Short Sale Approval Letter? - 03/13/12 10:29 PM
IL – The most likely reason why a bank would accept to issue an extension on a short sale is because the bank prefers to do the short sale over the foreclosure. This is a reason why your agent needs to continue to tell them on why the short sale will be beneficial during the entire process. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The biggest reason a short sale is beneficial is because banks usually make 10-20% more on a short sale compared to selling a property after foreclosure. Besides, the further … (0 comments)

housebyzipcom: Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter? - 03/13/12 10:25 PM
IL – Under normal circumstances, banks are not required to extend the closing of a short sale. The last thing a buyer would want to hear is that their mortgage lender can't perform especially after waiting for a number of months to buy a home. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. For the non-short sale transaction the buyer's lender has complete control of the entire transaction and decides on the closing date. This is not the case in a short sale. Why not? With a short sale the short sale bank usually … (0 comments)

housebyzipcom: Short Sales: Drawbacks To Bank Of America's New Short Sale Program - 03/13/12 10:23 PM
IL – Despite the fact that the Cooperative short sale may help the borrower leave the home without some of the negative aspects of a foreclosure, it has its drawbacks that you may need to consider before you decide to explore this option. Below are some of the drawbacks: Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Deed in Lieu. In the event that your home does not sell, then the program stipulates that the next step is a deed-in-lieu of foreclosure. This affects your credit just like a foreclosure does. We not see … (0 comments)

housebyzipcom: Short Sales: Why Bank Of America Is Offering A New Short Sale Program - 03/13/12 10:21 PM
IL – A cooperative short sale may be a good option depending on your situation. But, you need to remember that Banks are not in the business of making life easier for its customers, much less anyone trying a short sale. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Banks are in business to turn a profit. The main reason Bank of America has initiated the Cooperative Short Sale is to increase the bank's bottom line profit. They increase their profit whenever they cut losses on loans that are in default. The bank faced … (1 comments)

housebyzipcom: Short Sales: Benefits of Bank of America's New Short Sale Program - 03/13/12 10:18 PM
IL – Bank of America's Cooperative Short Sale makes the entire short sale process easier for everyone involved. The bank has rolled this out because a short sale reduces their losses compared to a foreclosure. A short sale is quicker than a foreclosure and it doesn't tarnish the bank's reputation as much as a foreclosure. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Banks don't want to have bank owned properties on their balance sheet. The fact is: it makes financial, legal and good PR sense for banks to close out non-performing loans this … (0 comments)

housebyzipcom: Short Sales: Good News On Bank of America Short Sales - 03/13/12 10:16 PM
IL – Bank of America is rolling out a new short sale program that will provide the quickest route to a short sale decision. The bank came up with this programs to help ensure that homeowners are able to explore all their options and avoid foreclosure. This program, named the Bank of America Cooperative Short Sale Program, minimizes the challenges of traditional short sales - such as having to wait up to 60 days for a representative to even be assigned to your sale. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. A cooperative … (0 comments)

housebyzipcom: Short Sales: Why Might a Short Sale Be Preferred Over a Loan Modification? - 03/13/12 10:14 PM
IL – Homeowners who would prefer to get out from underwater may prefer to do a short sale compared to a loan modification. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. A short sale means the bank will accept a reduced payoff and release the loan. If your home is worth dramatically less than the amount owed, it might make more sense to do a short sale and be relieved of the burdened debt. Loan Modifications are changes to your loan agreement. Your payments get more affordable, but your loan balance is not reduced … (0 comments)

housebyzipcom: Short Sales: What Else Goes Into a Hardship Letter? - 03/13/12 10:12 PM
IL – You should put every little thing you have to show that your situation is real and that you cannot afford to make your mortgage payment. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Use numbers and percentages to explain the loss your of income or negative cash flow. For example, instead of saying "I'm borrowing money to make the mortgage payments", disclose the dollar amount and source of that debt. A good example would be: "I've borrowed $10,000 against my VISA card to make my payments over the past 6 months, and … (0 comments)

housebyzipcom: Short Sales: Don't Be Afraid To Tell The Truth In Your Hardship Letter - 03/13/12 10:10 PM
IL – It is not a lot of fun to write a hardship letter. In fact, it can be depressing. Many people may not know how bad their lives have become until they reach a point of writing a hardship letter. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Sometimes seeing all those awful things in writing is startling and some people start crying. However, do not turn and start talking about how your life will improve. Do “NOT” share your hopes and dreams for the future with the bank. It's none of the … (0 comments)

housebyzipcom: What Constitutes A Hardship On A Short Sale? - 03/13/12 10:05 PM
IL – Many people think a hardship is mainly based on financial matters and that is not necessarily the case. Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. One thing that the bank doesn’t want to see is a homeowner who seems to be looking for a way out simply because the home is not worth the amount the owner paid for it. Being upside-down is one of the qualifications for a short sale … (0 comments)

housebyzipcom: Short Sale Question: I am current on my mortgage; will my lender consider a Short Sale? - 03/13/12 10:01 PM
IL – The Stop Foreclosure Institute recently received a question from John. Here was his question. “I am current on my mortgage with X Bank (one of the top 4 US banks.) However, I would like to short sale and move for my new job. I am current on my mortgage. Will my lender consider a Short Sale, even though I am not behind on the payments? Thanks for your help. John." Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to his question. When we work on several files with … (1 comments)

housebyzipcom: Short Sale Question: My property is in rough shape and needs work. Can I still do a Short Sale? - 03/13/12 09:59 PM
IL – The Stop Foreclosure Institute recently received a question from Dan. Here was his question. “My property is in rough shape and needs work. Can I still do a Short Sale? Dan.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to his question. You can still do a short sale. It is a fact that lenders are more motivated to do a short sale on a property that needs repairs than on a property that doesn’t. Most lenders understand that the risk of loss goes up when they foreclose … (0 comments)

housebyzipcom: Short Sale Question: What Kind Of hardship Would My Lender Consider Legitimate? - 03/13/12 09:57 PM
IL – The type of hardship that your lender will consider legitimate depends on the mortgage company considering the Short Sale request. In general, so long as the hardship is real & acceptable and the mortgage company believes the loan is likely to become delinquent. As a result, the Short Sale request will be processed by the Loss Mitigation Department. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. A big key to getting your lender to accept a hardship is to submit a strong hardship letter. The hardship letter sets the tone for the … (0 comments)

housebyzipcom: Short Sales: How To Keep Your Home With A Forbearance Agreement - 03/13/12 09:55 PM
IL – With a forbearance agreement, your bank agrees to hold back on its legal right to exercise foreclosure on you. They do this by coming up with a plan to bring you current on your mortgage payments after giving you some kind of a breather period. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. In Forbearance, your mortgage payments are either reduced or suspended for a time agreed on by your lender. After the Forbearance period, you will be expected to resume making old payments plus make some additional partial payments to cover … (0 comments)

housebyzipcom: Short Sale Question: I Had A Temporary Income Problem. Do I Still Need To Sell My Home? - 03/13/12 09:54 PM
IL – You may be in a situation where your income dropped for a few months and then went back to normal. During that time period, your got behind on your mortgage and other payments. Don’t worry, this isn't a doom and gloom problem. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Many people missed payments for up to 18 months and still kept their home. In two cases that come to mind, their lender simply forgave the missed payments. They started fresh with payments very close to their prior payments. In one of … (0 comments)

housebyzipcom: Short Sale Highlights - 03/13/12 09:51 PM
IL – A short sale is often viewed as the only alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower. By doing a short sale, you will retain some dignity in knowing that you sold your home and you will have no mortgage payments to make. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. You will also be eligible, under Fannie Mae guidelines, to buy another home in 2-3 years instead of 5 to 7 years. According to our research, if your credit report does not reflect … (0 comments)

housebyzipcom: How Does A Short Sale Affect My Credit? - 03/13/12 09:49 PM
IL – A successful short sale helps the seller to avoid any credit damage that could be brought about by a foreclosure. Such damage is not something to admire as it may take a minimum of seven years for someone before it goes off your credit report. That is why is it best to do all you can to avoid it. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. When you short sell you house, you will recover quickly from the dings of late mortgage payments, provided you can keep your other accounts current. … (0 comments)

 
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Dennis Toomey

Buying or Selling Talk TOoMEy!

Schaumburg, IL

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