bellevue short sale: 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)

bellevue short sale: Bellevue Short Sale Question: My Lender Is Charging The Buyer A Fee To Buy My House - 05/06/13 07:47 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from Brandon. Brandon is selling his house and something very interesting happened.
Brandon’s Question: “My lender is tring to charge a 1% short sale processing fee to the buyer. Is that legal? The buyer is upset. They have stipulated that ONLY the buyer can pay the fee. This was never revealed until the short sale approval letter arrived. Brandon.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Our comments on this. Yes, the buyer is upset. Buyers think they are in control in today’s market. … (0 comments)

bellevue short sale: 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)

bellevue short sale: 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)

bellevue short sale: 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)

bellevue short sale: 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)

bellevue short sale: 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)

bellevue short sale: 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)

bellevue short sale: 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)

bellevue short sale: 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)

bellevue short sale: 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)

bellevue short sale: How Do I Remove A Surprise Lien On A Bellevue Short Sale? - 03/21/13 01:25 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from James. Here is his question.
“Do you have any suggestions on a surprise lien from a Water Softener company? We were able to get Bank of America to approve the short sale without paying the lien.
It could take another 60 days for Bank of America to agree to pay the lien. The buyers don’t want to wait that long. Is there anything we can do? James.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer to James’s Question.
(0 comments)

bellevue short sale: Don’t Believe This Myth About Bellevue Short Sales: Banks Don’t Like Short Sales And Prefer Foreclosure Instead - 03/15/13 03:55 AM
Bellevue WA – One of the Stop Foreclosure Institute members talked to a homeowner recently about a short sale. Her house was close to being foreclosed upon.
She had thought about short selling the house. But, she had heard from her friends that banks don’t really like short sales and never pursued the option.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The fact is that banks are better setup for foreclosures. It is only with the recent historic drop in home values that short sales have more common.
Banks always knew that a … (0 comments)

bellevue short sale: Bellevue Short Sales: How To Negotiate So You Can Short Sale With No Deficiency - 03/15/13 03:13 AM
Bellevue WA – If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.
Today’s blog post talks about how to convince the lender to waive it.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so.
If the home is foreclosed upon, then they will have to pay a claim for the loss. … (0 comments)

bellevue short sale: What Do I Have To Pay If My Bellevue Short Sale Is Not Successful? - 03/15/13 03:01 AM
Bellevue WA – The Stop Foreclosure Institute recently received this question from Tamra. Here is Tamra’s Question.
“I would like to hire you to help me short sale my house. However, I am concerned that if the short sale doesn’t go thru, then I will still owe you money. My friend told me to check on that before I started.
It is true that I would owe you money if the short sale didn’t go through? Tamra.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer to Tamra’s question.
Tamra, No, … (1 comments)

bellevue short sale: 3 Common Mistakes Being Made On Bellevue Short Sales - 03/13/13 06:02 AM
Bellevue WA – I see a lot of agents making mistakes on short sale property valuation. Lenders hire a supposedly impartial third party to value the property.
Many of these people are evaluating 10 properties a day. There is very little quality control and usually no one checks their work.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Because of that, I always try to meet them at the home when they are doing their inspection. I explain the history of the property and why it is selling for that price.
The lender will … (0 comments)

bellevue short sale: Banks Are Approving Short Sales in Bellevue - 03/06/13 04:47 AM
 
Bellevue WA – The Stop Foreclosure Institute sometimes receives e-mails from people that short sales are impossible. Well, short sales are not impossible. They just take time. Here is an example.
The Stop Foreclosure Institute was attempting a short sale on a property. The bank turned down an offer for $220,000 on the house.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Today it looks like an offer for 185k will be approved. Why is that? The first offer was submitted 4 months ago.
The bank did an appraisal. The appraiser thought the … (0 comments)

bellevue short sale: Bellevue Short Sales: Why It Is Cheaper To Short Sale And Rent Versus Staying? - 03/06/13 04:41 AM
Bellevue WA – Many people are shocked that it is often cheaper to short sale and rent that 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.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $450,000 for a home. His mortgage payment was around $3,200 … (0 comments)

bellevue short sale: Thinking About Short Selling Your Upside Down Bellevue Home? Here Is Why A Short Sale Causes Your Home To Sell For More - 03/06/13 04:34 AM
Bellevue WA – 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.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
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.

See the home in the picture above? You can see that it is good shape. Most short sales … (0 comments)

bellevue short sale: A Little Known Fact About Bellevue Short Sales - 03/06/13 04:29 AM
Bellevue WA – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
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 out … (0 comments)

 
Paul Nelson, Paul Nelson (Homes Northwest)

Paul Nelson

Paul Nelson

Bellevue, WA

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

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