short sale: 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)

short sale: 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)

short sale: 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)

short sale: 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)

short sale: Short Sales: I can't afford my home. What should I do? - 01/07/11 11:39 AM
IL – The Stop Foreclosure Institute recently received a question from Steve. Here is Steve's Question. "I divorced six years ago. We had had our home on the market for some time, but it wasn't selling. My ex needed money to buy another home. Since it wasn't selling, we refinanced and split the equity. She used the money to buy another house and I stayed here. I put the home back on the market a little while later. Today, several years later it still isn't selling. The market value today is $267,000. I owe over $300,000 today. I am having trouble … (1 comments)

short sale: Why January is a great time to buy a home - 01/05/11 11:18 PM
IL – If you are looking to buy a home, then you probably want to get the best deal. January is the best time to be purchasing a home. Let me explain why. A lot of people put their homes on the market in January. In addition, there are very few people looking to buy a home in January. This is because most of the people transferring for a job have already bought a home. Their companies want them to have purchased by the end of the year so they can write it off on the corporate tax bill. Discover how … (3 comments)

short sale: Short Sales: How To Avoid Any Surprises When Selling A Short Sale - 01/04/11 10:51 PM
IL – Many agents and buyers are scared of short sales. Here is something that I do to make the short sale process easier for the home seller. Before I start negotiations with your lender, I will order a complete title search. Here is why I do that. I want to know all the costs upfront, before I give the bank a number. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. If I don't do this, then the short sale lender will approve the short sale at a certain price. We can get to … (1 comments)

short sale: Why Is My Agent Trying To Talk Me Out Of Buying A Short Sale? - 01/04/11 10:47 PM
IL – The Stop Foreclosure Institute recently received a question from Tamra. She is buying a home and her agent is trying to talk her out of short sales. Here is Tamra’s question. “I am looking to buy a home. Some of the best priced properties are short sales. However, my agent won’t show me these homes. She keeps on telling me the prices are lower than the lender will accept and that short sale never close. What should I do? I am really interested in these homes, especially at the price they are being offered at.” Discover how other sellers … (2 comments)

short sale: Yes, Banks Are Approving Short Sales in Chicagoland - 01/04/11 10:44 PM
IL – The Stop Foreclosure Institute sometimes receives e-mails from people that short sales are impossible. Well, short sales are not impossible. They just take time. Here is an example. The Stop Foreclosure Institute was attempting a short sale on a property. The bank turned down an offer for $220,000 on the house. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Today it looks like an offer for 185k will be approved. Why is that? The first offer was submitted 4 months ago. The bank did an appraisal. The appraiser thought the house was … (0 comments)

short sale: Short Sales: A 2nd Common Loan Modification Mistake and How to Avoid It - 12/30/10 10:48 PM
IL – Here is another common loan modification mistake that many homeowners make. They accept a very short term payment agreement that is not a loan modification. They could have gotten a real modification, but settled for whatever the lender recommended to them. They settled for what is called forbearance. Here’s how it works. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. A forbearance does not reduce your payments. It doesn’t reduce your back payments, or reduces them very little. The lender just allows you to catch up on all the debt over a … (0 comments)

short sale: Short Sales: A Common Loan Modification Mistake and How To Avoid It - 12/29/10 10:56 PM
IL – Most homeowners negotiating a loan modification are not amazing negotiators. After all, it’s not every American’s job to be a great negotiator. America is built on hard work and treating people fair. Most stores offer products at a good, fair price. The price is the price. If you don’t like it, then don’t buy it. But, don’t kid yourself on loan modification negotiators. The lenders teach them how to negotiate. They train them to do everything they can to squeeze as much money out of you as possible. Discover how other sellers successfully did a short sale to avoid … (1 comments)

short sale: Short Sales: A Cautionary Tale On Loan Modifications - 12/27/10 11:01 PM
IL – Loan Modifications are tough. Lenders don’t want to reduce your payment or reduce the amount you owe. It’s insane. Don’t even get me started on the topic of the nation’s courts being tilted in the favor of the big banks! Most loan modifications end in failure because the banks are so hard to work with. In a recent story in the news, a New Jersey Company is accused of defrauding homeowners out of thousands of dollars. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. According to the story, one couple had more … (0 comments)

short sale: Short Sales: Will I Owe Income Tax After A Short Sale? - 12/27/10 01:19 AM
IL – This is one of the first questions potential short sale sellers ask us. “I heard of something called “forgiveness of debt income and that it is taxable. How does that work?” they ask. The following article is my personal opinion only. I recommend that you consult with a competent legal or tax professional before moving forward with a short sale. In most cases the answer is that a short sale will usually not cause you to owe income tax. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. It used to be that … (0 comments)

short sale: Short Sales: Renters trashed my house. What should I do? - 12/26/10 12:17 AM
IL – The Stop Foreclosure Institute recently received a question from Richard. “I accepted a job transfer and had to move. Unfortunately we were upside down on the house. I decided to rent it out rather than short sale it. The renters just moved out. I just checked the house. They trashed it! I could rent the house out again, but I would have to spend several thousand dollars fixing it up first. What would you recommend that I do?” Richard asked. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here was our recommendation. … (2 comments)

short sale: How GMAC Short Sales Work - 12/22/10 12:18 AM
IL – GMAC, was the financing arm of General Motors. It was taken over by Uncle Sam and has been mostly privatized as Ally Financial. However, many people still have loans from the original GMAC. Some of these homeowners want to short sale, but are curious about how it works. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. A GMAC short sale is not too much different from other short sales. To start a short sale with GMAC, first call them at the 800 number on your most recent statement. That number is currently … (0 comments)

short sale: Short Sales: An Advanced Strategy To Stop Harassing Debt Collector Calls - 12/20/10 10:52 PM
IL – Many of the short sale sellers we help are selling their home to avoid foreclosure. In addition, they are receiving lots of harassing calls from debt collectors. These debt collectors seem to think that if you call someone with no extra money, then you can still get them to pay. Here is a little tip on how to stop their phone calls. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. A friend of mine looks for missing people. The database he uses is also a prominent debt collection database. He told me … (1 comments)

short sale: Short Sales: How to Stop Harassing Debt Collector Phone Calls - 12/20/10 01:35 AM
IL – 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 any other way to collect from you. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. They … (0 comments)

short sale: End Unit Condo with Underground Garage Parking, Elevator Building & Spectacular Views! Priced to Sell! - 04/09/09 09:11 AM
End Unit With Breath Taking Views 1243 E. Baldwin Ln. #500, Palatine, IL 60067 View Map AWESOME 5TH FLOOR END UNIT, ELEVATED SECURE BUILDING. FLOOR TO CEILING WINDOWS W/BREATHTAKING VIEWS. HUGE BEDROOM CLOSET, ATTACHED GARAGE PARKING, SAME FLOOR LAUNDRY, STORAGE UNIT, TENNIS, POOL, CLUB HOUSE & EXERCISE ROOM. SHORT SALE AND BEING SOLD "AS-IS".
Details Asking Price: $75,000 MLS: 07170678 Bedrooms: 1 Bathrooms: 1 HOA/Maintenance Fees: 230 Subdivision: San Tropai Property Amenities - Range/Oven- Full Refrigerator- Dishwasher - Central A/C- Living room - Dining Room- Laundry area - inside Community Amenities - Garage Parking- Guest Parking- Swimming Pool(s)- Fitness center - … (0 comments)

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

Dennis Toomey

Buying or Selling Talk TOoMEy!

Schaumburg, IL

More about me…

RE/MAX Action

Address: IL

Mobile: (847) 338-0180

Fax: (888) 207-0410

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog