paul e nelson: 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)

paul e nelson: 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)

paul e nelson: 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)

paul e nelson: 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)

paul e nelson: 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)

paul e nelson: 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)

paul e nelson: 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)

paul e nelson: 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)

paul e nelson: Open House Today 1-3PM: Immaculate Townhome Walking Distance to Historic Issaquah Shops - 03/17/13 02:20 AM
Gorgeous Issaquah Townhome with 2 Car Garage



(1 comments)

paul e nelson: Another Strategy To Help Convince Your Lender To Approve Your Bellevue Loan Modification - 03/15/13 03:21 AM
Bellevue WA – Lenders hate losing money. They hate loan modifications, principal reductions, and any other thing that causes them to lose money.
But, in today’s tough economy they have no choice but to accept them. The primary reason a lender will grant a loan modification is because that usually reduces their losses.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
If they foreclosed on the house instead, then the losses would be larger. Besides most foreclosures take 18-24 months and often longer.
(That alone should convince you that their losses will be larger … (0 comments)

paul e nelson: 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)

paul e nelson: Does Fannie Mae Pursue Deficiencies On A Bellevue Short Sale? - 03/15/13 03:06 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from Steve. Here is his question.
“We are doing a short sale with one of the largest nationwide banks. I told them I wouldn’t do the short sale unless they specifically changed their short sale approval letter to completely release me from the deficiency.
The short sale negotiator told me that Fannie Mae would not allow them to release the deficiency. I read somewhere that Fannie Mae doesn’t pursue a homeowner after a short sale. I don’t know who to believe. What do you think? Steve.”
Click here to discover … (0 comments)

paul e nelson: Bellevue Short Sales: How One Agent Beat The Odds For Short Sale Success - 03/06/13 04:25 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.
That isn’t true. Here is how one agent beat the odds.
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 the lender. We had an over zealous … (0 comments)

paul e nelson: Two Specific Examples of Big Bank Negligence on Bellevue Short Sales - 03/06/13 03:52 AM
Bellevue WA – Here are two specific examples of big bank’s negligence causing a loan owner to lose money.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
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, they make … (0 comments)

paul e nelson: Why Do Some People Worship Perfect Credit During A Bellevue Short Sale? - 03/05/13 06:08 AM
Bellevue WA – 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.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Seth has a 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, … (1 comments)

paul e nelson: Can Banks Get In Trouble For Taking Too Long To Process A Bellevue Short Sale File? - 03/05/13 02:32 AM
Bellevue WA – We received a lot of feedback from yesterday’s post.
One agent said, “You obviously don’t know what you are talking about. Bank X won’t give us a response on the file and we have been waiting 5 months for an answer.
How dare you suggest that I am incompetent because they haven’t replied?” (The bank was a large national bank whose name I changed for this post.)
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
First off, we are not saying that all agents are incompetent. However, we do see some … (1 comments)

paul e nelson: What Would Dave Ramsey Think About A Bellevue Short Sale? - 01/20/13 09:00 AM
Bellevue WA – You might have heard of Dave Ramsey. He has a popular radio program where he talks explains the benefits of getting out of debt.
Dave is a zealot for the debt free life. "You don't need to see the inside of a restaurant unless you are working there", he will tell people in financial trouble that call his show.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
What does Dave recommend that someone should do in order to get out of debt? Reduce spending, eat at home, pay off high interest debt … (1 comments)

paul e nelson: Will I Still Have To Pay Property Taxes If I Do A Bellevue Short Sale? - 01/20/13 08:50 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question.
"I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max."
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer to Paul's Question: In most cases your lender will pay those property taxes. Property taxes are a first priority lien on a property.
That means that if a property is foreclosed upon, then they still have … (0 comments)

paul e nelson: What To Expect During And After The Bellevue Short Sale Process - 01/20/13 08:43 AM
Bellevue WA – Here are a few things you should not be surprised to see crop up during the short sale process.
Unscrupulous Debt Collection Tactics. If you are facing financial hardship, then paying credit cards and other unsecured debts is your lowest priority.
An unsecured debt is a debt where they can’t take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The most common unsecured debt is a credit card. When you stop paying … (0 comments)

paul e nelson: Bellevue Short Sales: How To Avoid Paying On A Short Sale Deficiency If All Else Fails - 01/20/13 08:38 AM
Bellevue WA – I like to call this the "Nuclear Option." It is what you do when your lender demands a promissory note or they will not approve the short sale.
A promissory note is not the end of the world. It will take a lot of work on their end to collect from you.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
If the lender forces you to sign a promissory note, then sign it and never make a payment. Here is what we recommend that you do to avoid paying the promissory note.
It … (0 comments)

 
Paul Nelson, Paul Nelson (Homes Northwest)

Paul Nelson

Paul Nelson

Bellevue, WA

More about me…

Homes Northwest

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

Office: (206) 261-7355

Mobile: (206) 261-7355

Email Me



Links

Archives

RSS 2.0 Feed for this blog