short sale: Short Sales: A Common Myth On Escalating A Short Sale File - 04/07/11 04:39 AM
IL – We see a lot of agent's going about escalating a file the wrong way. It reminds me of the appeals process game in death row. Everyone has to go thru the appeals process. It drags on for years and years. After a while it simply becomes a game. I don't want to see short sale escalation turn into a "game." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Treat the Short Sale Escalation Process like a sales process. Don't treat it like just another technical process that you do for no reason. … (0 comments)

short sale: Short Sales: The Lender Won't Approve The Short Sale. Now What? - 04/07/11 04:37 AM
IL – If you are doing short sales, then you must learn how to escalate a file. Here's why. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. What do you do when the house isn't selling for any more money, but the bank keeps on rejecting the offers? You can give up, but then the seller loses the house to foreclosure. Ouch! Why not escalate the file and get it approved? Here's an example of how it worked for the Stop Foreclosure Institute. We had a house on the market for 4 months. We … (1 comments)

short sale: Short Sales: The Short Sale Process from beginning to end - 04/05/11 01:15 AM
IL – The short sale process can vary, but it will generally work as follows: 1) The lender is contacted to discuss the possibility of a short sale and to determine the lender's process for completing the sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. 2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency. 3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real … (0 comments)

short sale: Short Sales: Yes, you can get a $3,000 check for short selling your home - 04/05/11 01:13 AM
IL – If you are looking to short sale your home, then I have some good news for you. Thanks to a new government program, HAFA, you can get paid to participate in a short sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. If your loan qualifies for the HAFA program, then you may be eligible for a number of financial incentives. You can get up to $3,000 to help with moving costs. Even better is the stipulation that you will be completely released from the first mortgage debt. No deficiency and no … (0 comments)

short sale: Short Sales: Can banks get in trouble for taking too long to process a short sale file? - 04/03/11 01:15 PM
IL – We received a lot of feedback from yesterday’s post. One agent said, “You obviously don’t know what you are talking about. Bank X won’t give us a response on the file and we have been waiting 5 months for an answer. How dare you suggest that I am incompetent because they haven’t replied?” (The bank was a large national bank whose name I changed for this post.) Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. First off, we are not saying that all agents are incompetent. However, we do see some agents … (0 comments)

short sale: Short Sales: Do Short Sales Really Take 6-8 Months? - 04/03/11 01:11 PM
IL – The Stop Foreclosure Institute recently received a question from John. Here is John’s Question. “I am trying to buy a short sale. I have been waiting on an answer to my offer for 6 months. The agent tells me we should have an answer any day. But, they’ve been saying that for a long time already. What should I do? John.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. John, I think you should run for the hills. We see a lot of agents quote 6-8 months for a short sale response. … (1 comments)

short sale: Short Sales: A Good Example Of Lender Incompetence On Short Sales - 04/03/11 01:09 PM
IL – We received the following e-mail a little while ago from another agent that does short sales. It illustrates how the current short sale guidelines hurt the housing market and homeowners short selling their house. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The following e-mail shows you why it is important that you have an experienced short sale agent help you. Here is the e-mail. “I have a short sale listing with a large national lender. I have been waiting for an answer since September. I finally received an answer last week … (0 comments)

short sale: Short Sales: How Do I Get A Loan Mod On An FHA Loan? - 04/03/11 01:07 PM
IL – The Stop Foreclosure recently received a question from Grant. Here was his question. "I have an FHA loan and want to get a loan modification. My bank is playing hardball and won't modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?" Grant. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer. I don't know the specific rules for FHA Loan Modifications. But, I do know how to find them. Here is what I … (0 comments)

short sale: Short Sales: What Does I Mean When The Bank Says File Is Going To Investor Soon? - 04/03/11 01:01 PM
IL – The Stop Foreclosure recently received a question from Georgia E. Here was her question. " When the bank says the file should be going to an investor soon what does that mean?" Georgia E. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer. It means that whoever ultimately owns the loan will make the decision. For example, you might be negotiating the short sale with Wells Fargo. However Wells Fargo may not own the loan. (Around 80% of all the loans they service are owned by someone else.) Wells … (1 comments)

short sale: How will a Short Sale or loan modification affect my credit score? - 04/03/11 12:58 PM
IL – How do foreclosures, loan modifications or short sales affect a credit score? Your credit score will be affected by late mortgage payments and a short sale. However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast – it all depends upon what the score was before the foreclosure, and … (0 comments)

short sale: How will a Short Sale or loan modification affect my credit score? - 04/03/11 12:56 PM
IL – How do foreclosures, loan modifications or short sales affect a credit score? Your credit score will be affected by late mortgage payments and a short sale. However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast – it all depends upon what the score was before the foreclosure, and … (1 comments)

short sale: How To Preserve Your Credit During A Short Sale - 04/03/11 12:54 PM
IL – If the right decision for you and your family is to sell the house as a short sale, then the sale will have an immediate effect on your credit score. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. You might feel like it’s just overwhelming and demoralizing to see your credit score take any more hits! But, here’s the silver lining: according to most experts, 78% of Americans have ERRORS on their credit score. Why is that a silver lining? If you have negative errors on your report that get fixed, that … (0 comments)

short sale: Short Sales: Why Do Some People Worship Perfect Credit? - 04/03/11 12:52 PM
IL – It always amazes me how some people will do anything to have perfect credit. They would rather go hungry than risk harming their prefect credit rating. A good example is a guy I will call Seth. Seth has perfect credit. He has worked to keep perfect credit for the last 12 years. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Seth has a several credit cards with high balances. He ran the balances up when the economy was strong. Today, he can barely afford to make the minimum monthly payments. However, Seth … (0 comments)

short sale: Should I Continue Paying My Credit Cards During A Short Sale? - 04/03/11 12:50 PM
IL – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question. "I am selling my house as a short sale. I am behind on the mortgage payments. Do you think I should still pay my credit cards?" Paul. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is our answer. I all depends on what is important to you. Can you afford your mortgage payment if you stopped paying the credit cards? If the answer is yes and you don't want to move, then I would recommend that you … (0 comments)

short sale: Short Sales: Why Lenders Back Off When Threatened With Bankruptcy - 03/21/11 09:45 AM
IL – Bankruptcy is one of the scariest words a lender can hear. A bankruptcy filing can stall their ability to foreclose by 6 months, and sometimes as long as a year. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they can’t go after you for any upside down debt. The only thing a lender gets in a Chapter 7 Bankruptcy is any collateral they have on a loan. So they can foreclose … (0 comments)

short sale: How To Get Your Loan Mod Approved When Negotiating With A Local, Lender - 03/18/11 01:36 AM
IL – In my opinion, loan mods are very tough to negotiate with large lenders like Bank of America, Wells Fargo, JP Morgan Chase, or SunTrust. The reason is because you are treated like a number. In addition, in most cases the lender doesn’t own your loan. Someone else does. So when they negotiate with you, it is simply to go thru the motions. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. No, common sense does not apply in these situations! The good news is that common sense does apply when you are dealing … (1 comments)

short sale: Short Sales: Four Specific Examples of Big Bank Negligence - 03/16/11 05:26 AM
IL – Here are four specific examples of big bank’s negligence causing a loan owner to lose money. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Example #1: Not giving buyers an answer on a short sale within one week. Home buyers don’t like to wait 3-6 months for an answer on a short sale. This fact causes many buyers to shy away from short sales, thereby causing short sales to sell for less. Lenders should help the loan owners recoup as much money as possible from short sales. To do this, they make … (1 comments)

short sale: What The Big Banks Don’t Want You To Know About Short Sales - 03/15/11 03:30 AM
IL – Here is a shocking fact that most of the American Public doesn’t know. Most mortgages are not owned by banks. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. In addition, most of the huge losses on bad mortgages was not lost by the banks themselves. Instead, the biggest loser was Uncle Sam, thru the takeover of Fannie Mae and Freddie Mac. Most mortgages are sold after they are made. We estimate that around 75-80% of all mortgages were sold before the housing crisis. This means that the large lenders didn’t take the … (0 comments)

short sale: Short Sales: Another Example Of Lenders Attempting To Abuse Their Power - 03/14/11 03:53 AM
IL – The Stop Foreclosure Institute recently received a question from Durry. Here was Durry’s Question. "We have American Home Mortgage Servicing, a loan processor for a Mortgage held by Deutche Bank, adding a 1% “processing fee” that ONLY the buyer can pay at closing. This was never revealed until we received the short sale approval letter. The buyer is upset.” Durry. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our answer to Durry’s Question. Yes, the buyer is upset. Buyers think they are in control in today's market. They can't see … (0 comments)

short sale: Short Sales: How One Agent Overcame The Odds - 03/10/11 11:11 PM
IL – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. This isn’t true. Here is how one agent beat the odds and succeeded with a short sale. A member of the Stop Foreclosure Institute told me about a short sale he recently worked on. Here is the story from the member. “I had a short sale with a large national lender. The loan was owned by Fannie Mae, not the lender. … (0 comments)

 
Dennis Toomey, Buying or Selling Talk TOoMEy! (RE/MAX Action) Rainmaker large

Dennis Toomey

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