short sale indianapolis: Born Again: When will you be eligible for a mortgage after a foreclosure or short sale? - 02/14/10 10:00 PM
Did you miss the fact that foreclosure filings were up 71% in the third quarter? Which makes it a good time to remind everyone of the rules that govern when and how you'll be eligible for a mortgage after you've been foreclosed, surrendered a deed, or negotiated a short sale. For borrowers with a foreclosure, short sale, or deed in lieu of foreclosure on their credit history, the following timelines apply before they'll be eligible for a conforming, conventional mortgage (Fannie Mae/Freddie Mac): •Foreclosure: 5 years from completion date, minimum 680 FICO and 10% down for 7 years, investment property, second … (2 comments)

short sale indianapolis: Indiana Foreclosure Law Summary - 02/14/10 09:57 PM
A Quick Look - Judicial Foreclosure Available: Yes - Non-Judicial Foreclosure Available: No - Primary Security Instruments: Mortgage - Timeline: Typically 150 days - Right of Redemption: Yes - Deficiency Judgments Allowed: Yes In Indiana, lenders may foreclose on a mortgage in default by using the judicial foreclosure process. Judicial Foreclosure The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. … (0 comments)

short sale indianapolis: What is a CDPE - 02/14/10 01:40 AM
A Certified Distressed Property Expert® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales. The prospect of foreclosure can be financially and emotionally devastating, and often homeowners proceed without guidance of any kind. The developers of the CDPE Designation believe that the best course of action for a homeowner in distress is to speak with a well-informed, licensed real estate professional. They have the … (3 comments)

short sale indianapolis: How To Short Sale - 02/14/10 01:36 AM
A short sale in real estate is not always a pleasant transaction. There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale." More than half of my sales in Sacramento over the past few years are short sales. That's how prominent short sales have become. When lenders agree to do … (0 comments)

short sale indianapolis: Short Sale Defined - 02/14/10 01:35 AM
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the … (0 comments)

short sale indianapolis: Dealing with Short Sale Rejection. - 02/14/10 01:32 AM
Buying houses by means of a short sale can be a great way to make significant amounts of money, but they're not for everyone. You have to find a seller who will work with you to persuade the lender to sell the home rather than allowing the foreclosure process to continue. Then you have to submit an offer that's low enough to make a profit, yet not so low as to be rejected altogether. If a lender does reject your offer, all isn't lost. The first thing to do is to try to determine why your offer was rejected. There are … (0 comments)

Michael Mergell (Michael Mergell, RE/MAX Legends Group)

Michael Mergell

Fishers, IN

More about me…

Michael Mergell, RE/MAX Legends Group

Address: 5645 Castle Creek Parkway North, Indianapolis, IN, 46250

Office: (317) 863-4094

Mobile: (317) 645-8717

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