avoid foreclosure: Bellevue Short Sale Question: Why Do I Have To Short Sale If I’m Willing To Repay The Debt? - 05/08/13 02:37 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from another agent. Their seller had a misconception about what to do when selling an upside down home.
Here is the question we received: “Do you have a number to contact Fannie Mae? The bank will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.
The seller wants to talk to the owner of the loan, which is Fannie Mae. My seller just wants to sell and move on with her life. Janet.”
Click here to discover how other sellers … (0 comments)

avoid foreclosure: Don’t Believe The Common Myth That Bellevue Short Sales Are Difficult And Banks Never Approve Them - 05/06/13 08:02 AM
Bellevue WA – The Stop Foreclosure Institute recently talked to a homeowner whose home had been sold on the courthouse steps.
We asked if she had considered selling the home as a short sale. “I did, but I heard that short sales are difficult and not worth trying. My friend told me that the banks never approve them”, she told us.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
After we got off of the phone, we reviewed what she had lost. She lost the opportunity to protect her credit and to be able … (0 comments)

avoid foreclosure: Bellevue Loan Mod Help: Sick Of Your Loan Mod Taking Forever? Try Contacting Congress - 05/06/13 07:57 AM
Bellevue WA – We recently sent everyone in congress a fax about a certain large bank. They had done a lousy job on a short sale file. We waited 90 days for an answer on an offer.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The buyer was impatient and canceled their contract. Fortunately we had a backup buyer. Instead of using the BPO that Freddie Mac paid for and reviewing the new offer, the negotiator closed the file.
Freddie Mac, the owner of the loan, stands to lose $75 spent on the BPO … (0 comments)

avoid foreclosure: Bellevue Short Sale Question: Can I Rent My Home If It Is In Foreclosure? - 05/06/13 07:52 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question about renting a home in foreclosure.
Short Sale Question: “I am own two homes that are in foreclosure. I would like to rent the homes during the foreclosure process. I will continue to pay the homeowner’s association fees. I will not be paying the mortgage.
Is it legal to do this? Is there any liability that comes with it?”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer to them. The Stop Foreclosure Institute is not a law firm. Therefore, we can’t … (0 comments)

avoid foreclosure: Bellevue Short Sale Question: Are Fannie Mae Short Sales Tough? - 05/06/13 07:39 AM
Bellevue WA – Another agent recently e-mailed the Stop Foreclosure Insitute. They were having a hard time with a short sale on a Fannie Mae Loan.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is an excerpt from the agent’s e-mail.
“I spoke with Josh @ Fannie Mae. He said that once there is a foreclosure sale, per an agreement with the lender, Fannie Mae would pay the lender the full balance of the note.
I started to comment that what incentive is there for the lender to process a short sale. He … (0 comments)

avoid foreclosure: Bellevue Short Sales: Why A Second Mortgage Is Willing To Negotiate On A Short Sale - 05/06/13 07:34 AM
Bellevue WA – After yesterday’s blog post, I am sure that some people were wondering why a Second Mortgage or HELOC gets zero from a foreclosure. Let me explain why.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
When a property is foreclosed upon, it is auctioned on the courthouse steps.Let me give you a scenario where a homeowner owes the following on the property.
First Mortgage is owed $200,000.
Second Mortgage is owed $40,000.
There is a HELOC (Home Equity Line of Credit) that is owed $100,000. (The home increased in value to $400,000 and a lender … (0 comments)

avoid foreclosure: Another Common Myth About Bellevue Short Sales: You Have To Be Behind On Payments Before Your Lender Will Approve A Short Sale - 05/06/13 07:31 AM
Bellevue WA – This is a common myth that is promoted by people that do not understand lenders or the foreclosure process. However, it’s not true.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Many homeowners have short sold their home and never missed a payment. The lenders will approve a short sale where the seller has not missed a payment when the following is in place.
1. The homeowner owes more on their home than it is worth.
2. The homeowner has a verifiable hardship that will force them to miss their payments in … (1 comments)

avoid foreclosure: A Common Myth About Bellevue Short Sales: Lenders Can’t Write Off Too Much Loss At Once - 04/17/13 02:41 AM
Bellevue WA – We at the Stop Foreclosure Institute receive emails all the time that go something like this “The Bank’s Short Sale Problems are not that simple. A bank can’t afford to write off too much loss at once. Also, their investors may not approve the short sale, because they can’t afford to write off too much loss at once either. And the circle goes on.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is why this flawed assumption is incorrect. Most of the large, national banks do not own the mortgages they … (0 comments)

avoid foreclosure: How To Look At A Bellevue Short Sale From The Lender’s Perspective - 04/17/13 02:13 AM
Bellevue WA – The Stop Foreclosure Institute received a few responses from yesterday’s blog post. Most of the questions went something like this. “I think a lender would be stupid to approve an investment property short sale for a wealthy person. If I was the lender I would sue them for the loss. Jan.” The bottom line is that people didn’t think a lender would allow a wealthy person to walk away from the debt on an investment property.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here are a few reasons that a … (0 comments)

avoid foreclosure: How To Gain The Upper Hand In Negotiations By Showing Your Lender How Much They Will Lose If They Don’t Approve Your Loan Mod - 04/17/13 02:05 AM
Bellevue WA – Lenders often reject loan modifications only to lose more money when they sell the home after foreclosure. Here is how to prove the loss to them.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
When you request your free loan modification guide, you will have the option of also receiving a property valuation. This is called a BPO (short for Broker’s Price Opinion), and it is a real estate agent’s opinion of the value of a property. Lenders use BPOs to determine a property’s value for short sale processing. Find out … (1 comments)

avoid foreclosure: Bellevue Loan Mod Help: How Can We Pressure The Large Banks To Make The Loan Mod Process Easier? - 04/17/13 01:57 AM
Bellevue WA – The average American knows very little about what is happening with loan modifications. They think the banks are doing a great job helping people stay in their homes.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Little does the average American know that the banks are flubbing it. In my opinion, the biggest mistake that banks are making is rejecting profitable loan modifications. They would net more money on a loan modification than foreclosure. However, because the loan modification process is so tough they are foreclosing instead.
Most Americans would agree … (0 comments)

avoid foreclosure: Bellevue Loan Mod Help: How To Hold Your Lender Accountable When They Reject Your Loan Mod And Lose Money - 04/17/13 01:45 AM
Bellevue WA – In my opinion, the decision making process most lenders use to approve or deny a loan modification is flawed. It appears that the lenders have one thing in mind when you stop paying.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
They want to foreclose as quickly as possible. It appears that they don’t want homeowners to stay in the home. A foreclosure is much simpler and easier. So they just look at it as the main solution. If a homeowner can’t afford the payments, then the lender should have reducing losses … (0 comments)

avoid foreclosure: Avoid This Mistake When Negotiating A Bellevue Loan Modification - 04/09/13 06:36 AM
Bellevue WA – If you’re trying to get a loan modification, then you have think like a banker. How you present your finances is the key to success.
You’ve got to show them an income that’s not too high and not too low. If you show them too low an income, they’re going to say “Oh, this guy can’t afford his house payment.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
If we reduce his payment to $800, he won’t even be able to afford it anyway so what’s the point in reducing it? … (1 comments)

avoid foreclosure: Bellevue Loan Mod Help: How You Can Reduce Your Payments Without A Loan Modification - 04/02/13 02:21 AM
Bellevue WA – Getting a loan modification accepted is tough. Many that should have be accepted end up rejected. I recently saw a bank foreclose on a 400k mortgage.
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.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
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 … (0 comments)

avoid foreclosure: Thinking About A Strategic Default in Bellevue? Here Is The Step By Step Process We Recommend That You Follow - 04/01/13 08:10 AM
Bellevue WA – Here are the recommended steps to take before you strategically default. We have consulted a financial expert who recommends these steps before strategically defaulting.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
He believes that taking these steps will reduce the likelihood of your lender pursuing you after a short sale or foreclosure. We have to warn you of what could happen if you take these steps.
If you stop paying your credit cards, car loan, or house payment, then you could lose your house, car, and face lawsuits from your … (0 comments)

avoid foreclosure: Thinking About A Strategic Default in Bellevue? Take These Steps First To Avoid Problems - 03/29/13 06:15 AM
Bellevue WA – Yesterday, we told you about a new program that Fair Isaac, the founder of the FICO score, came out with to tracks strategic defaults.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
If you are thinking about a strategic default, then you must be aware of this. FICO claims to be able to notify a lender when someone has strategically defaulted, or looks ready to strategically default.
This helps lenders implement additional collection procedures to get you to repay their loss. I spoke with an expert in the industry. I wanted to … (0 comments)

avoid foreclosure: Thinking About A Strategic Default in Bellevue? Consider A Different Alternative - 03/28/13 04:56 AM
Bellevue WA – Banks must hate Strategic Defaults. A person who walks away from hundreds of thousands of dollars in debt gets on their nerves.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
It must bug them so bad that Fair Isaac, the founder of the FICO score, came out with a program that tracks strategic defaults. Here is the story according to Inman News:
“Article Title: FICO to walkaways: You’re on our screen
Fair Isaac, developer of the ubiquitous FICO score, has a new warning for homeowners plotting a strategic default or walk … (0 comments)

avoid foreclosure: Bellevue Short Sales: The Most Effective Way To Stop Debt Collector Harassment - 03/27/13 09:27 AM
Bellevue WA – Debt collectors are infamous for multiple phone calls at all hours of the day. One person told the Stop Foreclosure Institute that he would receive several phone calls the first thing Sunday Morning.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
“They would call my home phone at 8:15AM on Sunday. This was the only day that I had to sleep in and they woke me up. I had 2 other people call me before noon”, he told us.
This is the biggest complaint the Stop Foreclosure Institute has heard about … (1 comments)

avoid foreclosure: Bellevue Short Sales: How To Tell If A Debt Collector Is Breaking The Law - 03/27/13 09:21 AM
Bellevue WA – I’ve heard of debt collectors contacting people’s family and relatives trying to reach them for “an important business matter.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
When they tell the relative their business name, then it becomes obvious what is happening. They do this as an attempt to embarrass a debtor into paying them.
Here is what most debtors do not know. This is actually a violation of a Federal Law called The Fair Debt Collection Practices Act, provided the debt collector has your information already.
I have seen this happen … (0 comments)

avoid foreclosure: Bellevue Short Sales: Another Way To Tell If A Debt Collector Is Breaking The Law - 03/27/13 09:20 AM
Bellevue WA – Debt collectors are very creative in their attempts to convince debtors to pay. Fortunately we have the law protecting us called the Fair Debt Collection Practices Act.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
I don’t know what happened before the law was passed. But, after reading thru the law, you can see it was pretty bad.
It sounds like debt collectors would call late at night, threaten debtors with violence, use profane language, and do anything else they could think of to harass debtors into paying.
Fortunately the law … (0 comments)

 
Paul Nelson, Paul Nelson (Homes Northwest)

Paul Nelson

Paul Nelson

Bellevue, WA

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Homes Northwest

Address: 800 Bellevue Way NE, Suite 400, Bellevue, Washington, 98004

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