short sale: 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)

short sale: Will I Still Have To Pay Property Taxes If I Do A Short Sale? - 02/09/11 05:42 AM
IL – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question. "I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer to Paul's Question: In most cases your lender will pay those property taxes. Property taxes are a first priority lien on a property. That means that if a property is foreclosed upon, then they still have to … (0 comments)

short sale: Short Sales: I Have Mortgage Insurance. Won't That Cover The Deficiency? - 02/09/11 12:16 AM
IL – The Stop Foreclosure Institute recently received a question from Max. Here is Max's Question. "If I pay mortgage insurance and default on my loan, why wouldn’t that cover the deficiency amount? Max." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer to Max's Question: Yes, the Mortgage Insurance should pay your lender for any loss. So that reduces the amount that your lender will lose on the short sale. There are a couple of problems. Many Mortgage Insurance Companies have gone bankrupt. They can't pay on their claims. In … (2 comments)

short sale: How Much Do You Charge For A Short Sale in? - 02/07/11 05:09 AM
IL – The Stop Foreclosure Institute recently received a question from Tawny. Here is Tawny's Question. "I have not been late on any payments but my income will be changing dramatically towards the end of the summer. What is your exact service and what are the fees involved? I do not have any cash in savings and pretty much live paycheck to paycheck. Tawny." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer to Tawny's Question: A Short Sale doesn't cost the homeowner any money. All of the costs are paid … (0 comments)

short sale: What you can expect during and after the Short Sale Process - 02/03/11 11:44 PM
IL – Here are a few things you should not be surprised to see crop up during the short sale process. Unscruplous Debt Collection Tactics. If you are facing financial hardship, then paying credit cards and other unsecured debts is your lowest priority. An unsecured debt is a debt where they can’t take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value. The most commons unsecured debt is a credit card. When you stop paying them, they will call you nonstop. The reason is because they don’t have … (0 comments)

short sale: 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)

short sale: The Nuclear Option for Short Sales - 02/02/11 06:37 AM
IL – The nuclear option is what you do when your lender demands a promissory note or they will not approve the short sale. A promissory note is not the end of the world. It will take a lot of work on their end to collect from you. If the lender forces you to sign a promissory note, then sign it and never make a payment. Here is what we recommend that you do to avoid paying the promissory note. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. It takes time for the lender … (0 comments)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: How Much Debt Can I Erase With A Short Sale? - 01/20/11 12:23 AM
IL – We often get asked that question. Some people think that since they are walking away from a large upside down mortgage, then the bank won’t approve it. That usually isn’t true. I wanted to put together a few examples of people the Stop Foreclosure Institute has helped with a short sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. That way you can get a good idea of exactly how much debt you can erase with a short sale. Check out some of the examples below.
$79,000 In Upside Down Debt Erased … (0 comments)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: 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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Dennis Toomey

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Schaumburg, IL

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