morris county short sales: Morris County Short Sales: Are there repercussions if a Bank takes too long to settle a short sale?
- 04/01/11 07:10 AM
Morris County NJ – We received a lot of feedback from yesterday’s post. As Realtors, we are always discussing the short sales we are negotiating and the pitfalls we are encountering. Some Realtors have more knowledge than others for the simple fact they are in the game more often than not. Right now, we have more short sales than conventional sales in our inventory. Some Realtors say they can wait for more than 3 months to get a response from the Bank they are working with. Others say, oh, just did a short sale and it took me three months to … (0 comments)
morris county short sales: Morris County Short Sales: A Good Example Of Lender Incompetence On Short Sales
- 03/30/11 05:42 AM
Morris County NJ – 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 … (1 comments)
morris county short sales: Morris County Short Sales: How Do I Get A Loan Mod On An FHA Loan?
- 03/29/11 06:35 AM
Morris County NJ – 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 … (0 comments)
morris county short sales: Morris County Short Sales: What Does I Mean When The Bank Says File Is Going To Investor Soon?
- 03/28/11 06:45 AM
Gainesville FL – 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.) … (0 comments)
morris county short sales: How will a Morris County Short Sale or loan modification affect my credit score?
- 03/25/11 06:39 AM
Morris County NJ – 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 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, … (0 comments)
morris county short sales: How To Preserve Your Credit During A Morris County Short Sale
- 03/24/11 10:26 AM
Morris County NJ – 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 … (1 comments)
morris county short sales: Morris County Short Sales: Why Do Some People Worship Perfect Credit?
- 03/23/11 07:32 AM
Morris County NJ – 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 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, … (0 comments)
morris county short sales: Should I Continue Paying My Credit Cards During A Morris County Short Sale?
- 03/22/11 06:00 AM
Morris County NJ – 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 … (0 comments)
morris county short sales: Morris County Short Sales: Why Lenders Back Off When Threatened With Bankruptcy
- 03/21/11 09:10 AM
Morris County NJ – 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 … (0 comments)
morris county short sales: Morris County Short Sales: Even The Rich Are Being Foreclosed
- 03/18/11 05:01 AM
Morris County NJ – This is good news or bad news, depending on how you look at it. Here is the good news. If you are a little guy having financial problems, then you are not alone. Even Billionaires are being foreclosed on. One billionaire real estate developer in Florida had several projects foreclosed on. Another very well known real estate developer is having to re-negotiate mortgages on his investment properties. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Even a woman who was married to a man who was the richest man in … (0 comments)
morris county short sales: Morris County Short Sales: Four Specific Examples of Big Bank Negligence
- 03/17/11 04:30 AM
Morris County NJ – 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, … (0 comments)
morris county short sales: What you may not have known about Morris County short sale mortgages
- 03/16/11 05:12 AM
Morris County NJ – Here is a 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. Most of the huge losses on bad mortgages were not lost by the banks themselves. The biggest loser was Uncle Sam, through the takeover of Fannie Mae and Freddie Mac. Most mortgages are sold after they are issued. 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 hit on … (1 comments)
morris county short sales: Morris County Short Sales: Another Example Of Lenders Attempting To Abuse Their Power
- 03/15/11 03:35 AM
Morris County NJ – 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 … (1 comments)
morris county short sales: Morris County Short Sales: How One Agent Overcame The Odds
- 03/14/11 04:42 AM
Morris County NJ – 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 … (0 comments)
morris county short sales: Morris County Short Sales: A Little Known Fact About Short Sale Negotiators
- 03/11/11 01:54 AM
Morris County NJ – A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different. In this case, the loan being shorted was an FHA loan. Here's what happened. FHA puts … (3 comments)
morris county short sales: Morris County Short Sales: Lenders Loses 50k Turning Down Short Sale
- 03/10/11 04:00 AM
This bank's stockholders are probably unhappy after losing $50,000 over incompetence. Morris County NJ – I have a good story today about another bank losing their shirt because their short sale process is so tough to work with. The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch! Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the story from a Stop Foreclosure Institute Member. "We met some buyers at an open house. They told us … (4 comments)
morris county short sales: Why Morris County Short Sales Sell For A Higher Price Than A Morris County Foreclosure
- 03/09/11 03:35 AM
Morris County 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 … (0 comments)
morris county short sales: Morris County Short Sales: This Short Sale Negotiator Isn't Doing His Job
- 03/08/11 01:52 AM
Morris County 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 … (0 comments)
morris county short sales: Morris County Short Sales: How to strong arm your lender on a short sale
- 03/07/11 03:39 AM
Morris County NJ – Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit. After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough. How would you feel if you worked hard on a short sale only to watch it fall apart because your lender dragged their feet? Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Later on the … (0 comments)
morris county short sales: Morris County Short Sales: Why it is cheaper to short sell and rent versus staying
- 03/04/11 01:55 AM
Morris County NJ – Many people are shocked that it is often cheaper to short sale and rent then staying in your home with a loan modification. They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around … (0 comments)
Morris County NJ – We received a lot of feedback from yesterday’s post. As Realtors, we are always discussing the short sales we are negotiating and the pitfalls we are encountering. Some Realtors have more knowledge than others for the simple fact they are in the game more often than not. Right now, we have more short sales than conventional sales in our inventory. Some Realtors say they can wait for more than 3 months to get a response from the Bank they are working with. Others say, oh, just did a short sale and it took me three months to … (0 comments)
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