ridgewod short sale realtor: Ridgewood Short Sale Question: I’m In A Jam With Two Mortgage Companies Fighting Over Money - 10/11/11 06:36 AM
Ridgewood NJ – The Stop Foreclosure Institute recently received a question from another agent named Bonnie. Here was her question.
“On my short sale, the first mortgage gave me a price and a net they would allow. The title company put together the closing documents and paid the first more than the minimum net they needed.
Then, I offered the second mortgage what ended up being 12% of their loan. They are owed 76K, I offered 9600. Here is the problem. Now, they want 15K and are saying that is their final offer.
I do not think the first will allow … (1 comments)

ridgewod short sale realtor: Ridgewood Short Sale Question: Do I Need To Disclose Anything Wrong With My House? - 09/28/11 04:19 AM
Ridgewood NJ – The Stop Foreclosure Institute recently received a question from Will. Here was his question.
“I am thinking of short selling my house. There are some problems with the house. I know that most home buyers get a home inspected before they buy it.
Do I have to tell them about the problems? Or, should I leave them for the inspector to find? Will.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer. Will, we would disclose everything to the home buyers. It doesn’t do you any good to … (0 comments)

ridgewod short sale realtor: Ridgewood Short Sale Myth: There Are No Rules Or Guidelines For Short Sales - 09/23/11 03:33 AM
Ridgewood NJ – I recently saw an article written by a prominent, so called short sale expert. In the article, this supposed expert says the only rules for short sales are HAFA, but even those rules are subject to interpretation.
That is like saying that there are no traffic laws. If that were the case, then everyone could drive 100 MPH and never get a ticket.
That is like saying that the court system has no rules. (Go ask a judge or lawyer and you’ll find out the truth about that pretty fast.)
Click here to discover how other sellers successfully … (1 comments)

ridgewod short sale realtor: Loan servicer demands a bribe from home buyer, or they won’t approve buyer's short sale offer. - 11/30/10 06:31 AM
Ridgewood NJ - We had a short sale recently with a certain loan servicing company. The funny thing was that this loan servicer was hired by the owner of the loan to work on behalf of them.
In other words, the loan servicer was to look out for the loan owner's best interest.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Processing and approving a short sale will usually avoid future losses on a mortgage. Boston Consulting Group recently did a study on the difference between a short sale and foreclosure.
They found that … (0 comments)

ridgewod short sale realtor: Ridgewood Short Sales: A Few Examples of Loan Servicers Not Doing Their Job - 11/29/10 11:17 AM
Ridgewood NJ - Most people think the person they mail their mortgage payment to every month is the owner of their loan. Not so.
In fact, most of the time, they are not the owner. As an example, 80% of all loans that Bank of America handles are not owned by Bank of America.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The largest owners of US mortgages are two companies that some would allege are owned by Uncle Sam. They are Fannie Mae and Freddie Mac. They own an estimated 55-60% of all … (1 comments)

ridgewod short sale realtor: The specific damages a foreclosed homeowner might ask to be compensated for by their lender after a rejected short sale - 11/25/10 04:24 AM
Ridgewood NJ - I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
When you get in front of a jury and show how this company's negligence caused Fannie Mae to lose $15,000 (what I project they will lose) and that it hurt him as well, the jury will award damages in a heartbeat.
Here are some of the damages … (0 comments)

ridgewod short sale realtor: Question from homeowner: I want to avoid foreclosure, but my lender won’t let me - 11/22/10 04:03 AM
Ridgewood NJ - The Stop Foreclosure Institute recently received a question from Arman. Here is his question.
I am a Seller trying to avoid foreclosure. My agent has a buyer and his offer is with the lender from last seven months. Now the lender told us that Fannie Mae investor refused the short sale offer and the house is going to foreclosure early next week.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The lender's own appraisal shows the house is worth $120K. The offer we have is for $150K. I told the lender … (2 comments)

ridgewod short sale realtor: Ridgewood Short Sales: High property taxes are forcing some people into foreclosure - 11/19/10 02:46 AM
Ridgewood NJ - I just saw the second of two articles about homeowners losing their home or property because of high property taxes. Most of the stories were based in the Northeast, where the property taxes are much more expensive.
In one story, http://www.wbaltv.com/r/25677444/detail.html, a Maryland Woman is going on a hunger strike to bring attention to the situation.
The story makes it sound like high property taxes caused her mortgage payment to go up by 40%. That is a huge jump in property taxes. I have seen some people's property taxes jump by $200 to $400 myself.
In another story, … (0 comments)

ridgewod short sale realtor: Question from homeowner: My homeowner’s insurance won’t renew my policy because my loan is in foreclosure - 11/18/10 03:28 AM
Ridgewood NJ - The Stop Foreclosure Institute recently received a question from Tim. Here is Tim's Question.
"I have an elderly friend who recently finalized a loan modification through her lender. The mortgage company shows on their website that the mod has been processed and the new terms are in effect.
However, since foreclosure proceedings were begun before the mod was approved, her homeowner's insurance holder will not renew her coverage policy, since the local Clerk of Courts records show that the loan is in a foreclosure process.
The mortgage company has not sent the Clerk of Courts notice that the … (0 comments)

ridgewod short sale realtor: Question from homeowner: My lender just sold my loan. Is that a good thing? - 11/17/10 08:28 AM
Ridgewood NJ - The Stop Foreclosure Institute recently received a question from James. "My loan was just sold. I was making payments to CitiFinancial and they sold it to Nationstar. Is that good or bad?" James asked.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
Here is the answer. It's neither good nor bad. In fact, I don't think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie Mac, or Wall Street.
James's loan was more than likely packaged up and sold off. I … (0 comments)

ridgewod short sale realtor: Ridgewood Short Sales: I thought it would work, but it didn't! - 11/16/10 03:51 AM
Ridgewood NJ - I'm sure you have heard about forensic loan audits. I've heard people say how wonderful they are. "Your lender will approve your short sale right away", claims one.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
An agent told me a story about forensic loan audits. He worked with a woman who was trying to short sales 3 houses. He knew they were short sales and was glad to list them for sale.
There was a guy involved who was supposed to be doing all the "negotiating" with … (0 comments)

ridgewod short sale realtor: Ridgewood Short Sales: How to know when the short sale negotiator is lying to you - 11/15/10 04:11 AM
Ridgewood NJ - Negotiating short sales is tough. In my opinion, some of the banks are not making good financial decisions. "We won't approve the file without the financials completely filled out," they say.
Or, they tell you the numbers won't work when the investor guidelines actually say to approve the short sale. If the agent doesn't know who owns the loan (or their short sale guidelines), then the bank negotiators can lie to them. They don't know any better. Let me give you an example.
Discover how other sellers successfully did a short sale and request a free consultation by … (1 comments)

ridgewod short sale realtor: Ridgewood Short Sales: Who benefits from a short sale? - 11/10/10 05:25 AM
Ridgewood NJ - First, it benefits the owner of the loan. This is because they get to sell the house at today's price, versus what it will be worth 6-12 months down the road. I just did a comparison and pulled up sold listings.
All of the listings were the similar properties in similar neighborhoods. First, I looked up the average selling price per SQFT of homes that sold in Spring. They sold for an average of $103 a SQFT.
Then, I pulled up homes in the same neighborhoods that sold as REOs in the last 2 months. They are sold … (0 comments)

ridgewod short sale realtor: Ridgewood Short Sales: Another thing that is dragging on the economy - 11/09/10 05:04 AM
Ridgewood NJ - The Stop Foreclosure Institute received another testimonial from a seller. She said a lot of stuff and it refreshed my memory. The average person just doesn't realize how "going broke" makes people feel like trash.People start doubting themselves. They keep on kicking themselves down mentally.
"Why did I buy that house?" "Why didn't I work harder at my job, so I wouldn't get laid off?" Why did I get laid off, and not Joe?", they say to themselves. "I am such a loser and I can't find a decent job anymore!"
Discover how other sellers successfully did a … (1 comments)

ridgewod short sale realtor: Ridgewood Short Sales: A Common Myth About Banks and Short Sales - 11/08/10 07:52 AM
Ridgewood NJ - I've heard the following myth from a lot of people. Here's what they tell me.
"The banks can't afford to approve loan modifications because they don't want to take the losses on their books that fast. Also, their investors may not approve the short sale, because they can't afford to write off too much loss at once.
And the circle goes around and around", they say. This common myth isn't true. Here is why.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
The odds are that your loan is … (0 comments)

ridgewod short sale realtor: Foreclosure Prevention Question: My house is in foreclosure? When will I have to move out? - 11/06/10 03:56 AM
Ridgewood NJ - The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I'll call him Dave to protect his identity.
(Foreclosure is embarrassing and I don't want to put his name out there.) Dave asked, "I haven't made a house payment in a while. I'm just wondering how much longer it will be before I have to move out?"
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
Here is the answer to Peter's Question. It all depends on what his plans are and how tight he is on … (1 comments)

ridgewod short sale realtor: Ridgewood Short Sales: We answer a question from a homeowner facing foreclosure - 11/05/10 03:54 AM

Ridgewood NJ -
The only thing certain in life is death and taxes - Benjamin Franklin
The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I'll call him Peter to protect his identity.
(Foreclosure is embarrassing and I don't want to put his name out there.) Peter asked, "I am six months behind on my mortgage payments. I just got the tax bill for 2010 in the mail. Should I pay it?"
He continued, "What will happen if I don't pay it? Will my house be auctioned to pay the taxes?"
Discover how other sellers successfully … (0 comments)

ridgewod short sale realtor: Ridgewood Short Sales: Walk Away or Stay? - 11/02/10 05:16 AM
Ridgewood NJ - Should you walk away or should you stay? Here is how to determine whether or not you should walk away from your home. Because of the decline in the nationwide housing market, I doubt that your home is worth what you paid for it.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
First, determine the current market value of your home. Talk to a realtor. They will give you a market analysis, based on what other homes similar to yours are selling for.
For example, we recently helped a … (0 comments)

ridgewod short sale realtor: Thinking about a short sale, but can't pay your homeowner's association dues? - 11/01/10 09:55 AM
Ridgewood NJ - Many people don't think they are eligible for a short sale because they have unpaid homeowner's association dues. Don't worry about paying them yourself. When you short sale your home the association dues will be paid by your lender.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
A homeowner's association is a very small percentage of the overall short sale value. Lenders know that a short sale will net them substantially more money than a foreclosure.
I had an example in the post below. I showed a house that … (1 comments)

ridgewod short sale realtor: Ridgewood Short Sales: How Short Sales help the economy - 10/30/10 09:31 AM
Ridgewood NJ - Yesterday's post talked about how banks lose money when they turn down short sale offers. A recent study by Boston Consulting Group showed that a lender will net 20% more money on a short sale versus a foreclosure.
Discover how other sellers successfully did a short sale and request a free consultation by clicking here.
The reason is because short sales usually sell for more money than a foreclosure. A short sale is usually in good shape, while a foreclosure is usually in disrepair.
Most economic experts say housing is the biggest drag in today's economy. Every single … (1 comments)