ridgewood new jersey: 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)
ridgewood new jersey: Ridgewood Short Sale Question: I Have A Moral Dilemma. What Should I Do?
- 10/10/11 04:28 AM
Ridgewood NJ – The Stop Foreclosure Institute recently received a question from another agent named Beckie. Here was her question. I have been waiting on my lender to approvce or deny my short sale for 7 months. We finally received an answer last week in form of a counter offer to the price. The buyer was offering to pay $315,000. The lender countered at $345,000. The buyer is not willing to pay any more than $315,000. My agent told him that he will try my best to negotiate at that price. Before my agent could send the comps to the lender, … (0 comments)
ridgewood new jersey: Why Your Agent Should Check That Appraisals Are Accurate For Your Ridgewood Short Sale
- 10/05/11 01:05 AM
Ridgewood NJ – The biggest threat to your short sale is a high appraisal. Which is why your agent needs to make sure the appraisal is accurate. There are a lot of opinions on how to ensure the appraisal is correct and accurate. You need to check and make sure your agent is willing to do the extra work. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. I will tell you what happened to an agent that decided it was too much work. This agent decided not to do the extra work. Then, short … (0 comments)
ridgewood new jersey: Ridgewood Short Sale Question: Can My Lender Force Me To Repay Them?
- 09/30/11 03:16 AM
Ridgewood NJ – A lot of homeowners want to short sale and walk away from the upside down debt. They don’t feel that it is their fault the housing market crashed. We get the following questions a lot. “If I short sale, then how likely is it that my lender will sue me to repay them?” “Will my lender garnish my wages or take money out of my bank account?” So I will answer those questions in today’s post. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The answer is that it is unlikely … (3 comments)
ridgewood new jersey: Is It Better To Buy A Ridgewood Short Sale Or Wait Until After The Bank Has Foreclosed?
- 09/26/11 02:03 AM
Ridgewood NJ – Some people think they can go around a homeowner and buy a home directly from the bank. “The seller has to submit our offer to the bank because the bank owns the house”, they tell us. They assume that they can sidestep the seller and buy the house directly from the bank. The truth is that until the bank forecloses on the house, the seller owns it and they are in the driver’s seat. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. If the seller works with another buyer on a … (0 comments)
ridgewood new jersey: Who Pays The Costs In A Ridgewood Short Sale?
- 09/21/11 03:35 AM
Ridgewood NJ – You may wonder why a sales contract says the seller pays for certain costs and yet the bank covers the costs. Here is how it works. The sales contract may have a certain clause say: “Seller to pay title and seller’s documentary stamp taxes.” How does the bank pay that cost if it says the seller is paying it? Click here to discover how other sellers successfully did a short sale and avoided foreclosure. In traditional real estate (non short sale), certain costs are normally paid by the seller and other costs by the buyer. For example, the … (2 comments)
ridgewood new jersey: Bergen County Loan Mod Help: How To Reduce Your Payments Without A Loan Modification
- 05/03/11 02:41 AM
The house sold for 130k! They would have made more money just cutting the homeowner's payments in half! This kind of stupidity gets on my nerves. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Some people have mentioned a strategy that can help you reduce your payments without a mod. A person with two mortgages just stops paying the 2nd mortgage. I won't recommend that you try it. Here is why some people have said this strategy works. Let's say John owns a house worth 200k. He owes his 1st mortgage 200k, and his … (0 comments)
ridgewood new jersey: Why Ridgewood Short Sales Sell For A Higher Price Than A Ridgewood Foreclosure
- 03/08/11 02:27 AM
Ridgewood NJ - People often wonder why their lender will release their debt in a short sale. Most lenders don't like to release the debt. But, they agree to do it because they know that policy nets them more money. They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let's go thru a few examples. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Most Short Sales Are Well Kept Up And Attractive To Buyers. See the home in the … (1 comments)
ridgewood new jersey: Ridgewood Short Sales: This Short Sale Negotiator Isn't Doing His Job
- 03/07/11 05:01 AM
Ridgewood NJ - Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase. The seller had me to put a clause into the contract stating "upon approval of short sale by sellers' lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The short sale negotiator at the … (0 comments)
ridgewood new jersey: Ridgewood Short Sales: What is a HUD-1 and why does it matter on a short sale?
- 03/01/11 01:38 AM
Ridgewood NJ - Here is something that drives inexperienced short sale agents crazy. It is a HUD-1, also called a HUD. HUD is the Federal Agency, the Department of Housing & Urban Development, also called HUD. A HUD-1 is a document regulated by HUD. It is the financial accounting for a real estate sale. Here is why it is important to a short sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Before a short sale lender will accept a short sale, they want to know what they will net from the sale. … (0 comments)
I will explain what causes their problems in today's post. There are two things you must understand if you are doing short sales. They are BPOs and HUD-1s. A BPO is what the short sale lender uses to determine the value of the property. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. BPO stands for "Broker's Price Opinion." They are what another real estate agent (Broker) … (0 comments)
ridgewood new jersey: Ridgewood Short Sales: Who is in charge during a short sale?
- 01/28/11 03:02 AM
Ridgewood NJ - 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 … (0 comments)
"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 … (4 comments)
ridgewood new jersey: Ridgewood Short Sales: How To Avoid Any Surprises When Selling A Short Sale
- 01/05/11 01:02 AM
Ridgewood NJ - 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 … (0 comments)
ridgewood new jersey: Why Is My Agent Trying To Talk Me Out Of Buying A Short Sale in Ridgewood?
- 01/04/11 09:12 AM
Ridgewood NJ - 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 … (0 comments)
ridgewood new jersey: My Realtor hasn't talked to me about a Short Sale & I'm not even getting a showing. I think I might be upside down. What do I do?
- 12/13/10 05:41 AM
Ridgewood NJ - The Stop Foreclosure Institute recently received a question from Jennifer. She is having a hard time selling her home. "I have had my house for sale for a little while, but it hasn't sold. No buyers have come to look at it. At first I thought the price was fair. But, now that no one has come to see the home, I am beginning to realize that I am upside down. My realtor hasn't talked to me about a short sale. What should I do?" Jennifer asked. Discover how other sellers successfully did a short sale to avoid … (0 comments)
ridgewood new jersey: Ridgewood Short Sales: Attn: Bankers. Stop harassing Americans for money they don't have
- 12/08/10 08:08 AM
Ridgewood NJ - Maybe this is a pet peeve of mine. Or maybe it just seems ridiculous that someone would call a debtor over and over again asking to be paid, when they have already been told the debtor doesn't have the money to pay them. Or maybe it is the fact that I see countless examples of debt collectors breaking the Fair Debt Collection Practices Act. But, no one seems to care that they are breaking the law. The Fair Debt Collection Practices Act forbids collectors from threatening to sue you, but then not following thru and actually filing suit. … (2 comments)
ridgewood new jersey: The Homeowner's Bill of Rights
- 12/06/10 05:37 AM
Ridgewood NJ - The big banks made mistakes and received a bailout. They have the resources to lobby congress and the courts to have laws written to suit them. But, what has the little guy received? Nothing. So we decided to put together a Homeowner's Bill of Rights. It's time we had Washington look at what we want, versus taking care of the big banks. Considering that the big banks have way more rights than the little guy, here is what we think should be done to "level the playing field." The Homeowner's Bill of Rights. 1. Stop The Loan … (0 comments)
ridgewood new jersey: 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)
ridgewood new jersey: Ridgewood Short Sales: Will your short sale be killed by bureaucracy?
- 10/28/10 03:35 AM
Ridgewood NJ I cant process this short sale without the TPS form filled out with the sellers full name, the short sale negotiator told him. But, based on my calculations, this short sale will help your company avoid a $17,000 loss, he replied. So, youre telling me that unless I can get you the TPG form filled out, then you will reject this short sale and subject your company to a potential $17,000 loss,? Yes, you are right, she replied. But $17,000 is a lot of money. Dont you agree?, he replied back. I dont care about the money. The TPG … (0 comments)
Ridgewood NJ – The Stop Foreclosure Institute recently received a question from another agent named Bonnie. Here was her question.
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