bellevue short sale specialist: How Do You Handle Multiple Offers On A Bellevue Short Sale? - 05/08/13 02:32 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from another agent. Here was her question.
“I have a short sale listed. At what time in the short sale process do you stop accepting additional offers for submittal to the lender? If you accept another offer after you’ve already submitted one to the lender, does it reset your timeline to the beginning?
Do you just put them in backup position? What about the poor buyer whose offer was submitted and has already been waiting for weeks for lender approval?
Do you allow them to match the higher offer? You guys have … (0 comments)

bellevue short sale specialist: 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 specialist: 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)

bellevue short sale specialist: 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)

bellevue short sale specialist: 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 specialist: 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 specialist: 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 specialist: 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 specialist: Five Things to Take Into Consideration When Considering A Bellevue Short Sale - 04/17/13 02:36 AM
Bellevue WA – We at the Stop Foreclosure Institute receive calls all the time that go something like this “I have fought the bank for a year and half, and after paying thousands and thousands I have decided to short sale, can you help me”?
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Because of this, I decided to break down the reasons to short sale your home. In addition I added in a few reasons you should NOT consider A Short Sale:
Short Sale if you are a financial superman. If you are … (0 comments)

bellevue short sale specialist: 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 specialist: 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)

bellevue short sale specialist: 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)

bellevue short sale specialist: 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 specialist: 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)

bellevue short sale specialist: 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 specialist: Bellevue Short Sales: Do Debt Collectors Break The Law? - 03/21/13 01:38 AM
Bellevue WA – You would be shocked ad how many times I have seen debt collectors use illegal debt collection techniques to collect on unpaid bills or credit cards.
For example, there are Federal Laws that regulate what a debt collector can do or say. They aren’t allowed to threaten to sue you, but then not follow through and actually file suit.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
To get around this rule, they will use language that sounds legal, but isn’t.
In one situation, a debt collector in Buffalo, New York … (0 comments)

bellevue short sale specialist: Bellevue Short Sales: How Soon Will I Have To Move Out When I Am Facing Foreclosure? - 03/21/13 01:33 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from another Realtor named Sandy. Here is her question.
“An agent in my office currently has a listing under contract. It is a short sale, the sad thing is that the Large National Bank (to remain unnamed) notified the sellers that they had foreclosed a month ago.
Fact is, they had not foreclosed. The employee didn’t know what they were talking about. Valuable time and a buyer were lost during this fiasco. This deal is currently awaiting approval. There is no telling what will happen in the end.
My question … (0 comments)

bellevue short sale specialist: 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 specialist: 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 specialist: 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)

 
Paul Nelson, Paul Nelson (Homes Northwest)

Paul Nelson

Paul Nelson

Bellevue, WA

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