paul nelson: Bellevue Short Sales: I Have Mortgage Insurance. Won't That Cover The Deficiency?
- 01/20/13 08:20 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from Max. Here is Max's Question. "If I pay mortgage insurance and default on my loan, wouldn’t that cover the deficiency amount? Max." Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is our answer to Max's Question: Yes, the Mortgage Insurance should pay your lender for any loss. So that reduces the amount that your lender will lose on the short sale. There are a couple of problems. Many Mortgage Insurance Companies have gone bankrupt. They can't pay on their claims. In this … (0 comments)
paul nelson: Real estate: Find opportunity next year
- 12/26/12 02:13 AM
Opportunity has returned to the real estate market. (Money Magazine) In Money magazine’s Make More in 2013, you’ll learn what’s contributing to a rosier outlook for economic growth, how to get more investment income at a time of super-low rates, and how you can start exploring and how you can start exploring job opportunities again. This installment: Why, as a prospective home seller or buyer, you need to stop sitting on your hands. After five years of tumult, order and opportunity are finally being restored to the housing market. Home prices are expected to rise a modest 1% from the fourth quarter of this year … (0 comments)
paul nelson: Bellevue Short Sales: Isn't It Time For A Homeowner's Bill of Rights?
- 12/21/12 10:33 AM
Bellevue WA – The big banks made mistakes and received a bailout. They have the resources to lobby congress and the courts to have laws written to suit them. But, what has the little guy received? Nothing. So we decided to put together a Homeowner's Bill of Rights. It's time we had Washington look at what we want, versus taking care of the big banks. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Considering that the big banks have way more rights than the little guy, here is what we think should be done … (1 comments)
paul nelson: Bellevue Short Sale Question: Why Would I Do A Short Sale Instead Of Saving The Monthly Payments & Letting It Go?
- 12/21/12 10:29 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from Christy. “Why would I do a short sale instead of saving the monthly payments and letting it go into foreclosure?” Christy asked. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is the answer. If you stop paying your mortgage, then you can live in your home rent free for 12-24 months, depending on the state you are located within. I have seen lenders wait a year after the first missed payment just to file for foreclosure. Yes, you can live in your house … (0 comments)
paul nelson: Bellevue Short Sale News: Loan Servicer Doesn’t Follow VA Short Sale Guidelines On A Short Sale Of A VA Loan
- 12/21/12 10:26 AM
Bellevue WA – We recently negotiated a short sale on a VA Loan. After the appraisal is complete and all the other necessary document have been received, VA guidelines state the loan servicer should give us an answer within 15 days. The loan servicer took 65 days to give us an answer. That is a complete violation of VA’s requirements. “Oh, but that’s no big deal”, you might say. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. It is a big deal, because VA (and every single US Taxpayer) loses money as a result. VA … (0 comments)
paul nelson: Bellevue Foreclosure Avoidance Question: My Homeowner’s Insurance Won’t Renew My Policy Because My Loan Is In Foreclosure
- 12/21/12 10:23 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from Tim. Here is Tim’s Question. “I have an elderly friend who recently finalized a loan modification through her lender. The mortgage company shows on their website that the mod has been processed and the new terms are in effect. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. However, since foreclosure proceedings were begun before the loan mod was approved, her homeowner’s insurance holder will not renew her coverage policy, since the local Clerk of Courts records show that the loan is in … (0 comments)
paul nelson: Specific Examples of Lenders Not Doing Their Job On Bellevue Short Sales
- 12/21/12 05:50 AM
Bellevue WA – Most people think the person they mail their mortgage payment to every month is the owner of their loan. Not so. In fact, most of the time, they are not the owner. As an example, 80% of all loans that Bank of America handles are not owned by Bank of America. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The largest owners of US mortgages are two companies that some would allege are owned by Uncle Sam. They are Fannie Mae and Freddie Mac. They own an estimated 55-60% of all … (0 comments)
paul nelson: Bellevue Short Sale News: Loan Servicer Demands A Bribe From Home Buyer, Or They Won’t Approve Buyer's Short Sale Offer
- 12/21/12 05:47 AM
Bellevue WA – We had a short sale recently with a certain loan servicing company. The funny thing was that this loan servicer was hired by the owner of the loan to work on their behalf. In other words, the loan servicer was to look out for the loan owner's best interest. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Processing and approving a short sale will usually avoid future losses on a mortgage. Boston Consulting Group recently did a study on the difference between a short sale and foreclosure. They found that a … (0 comments)
paul nelson: Bellevue Short Sales: Some Of The Specific Damages A Foreclosed Homeowner Might Ask To Be Compensated For By Their Lender
- 12/21/12 05:43 AM
Bellevue WA – I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. When you get in front of a jury and show how this company’s negligence caused Fannie Mae to lose $15,000 (what I project they will lose) and that it hurt him as well, the jury will award damages in a heartbeat. Here are some of the damages a foreclosed … (0 comments)
paul nelson: Bellevue Short Sales: Could A Homeowner Collect Damages From Their Lender After A Foreclosure?
- 12/21/12 05:41 AM
Bellevue WA – I am following up on a question from Arman. His loan was owned by Fannie Mae and the company handling the loan for Fannie Mae was rejecting an excellent short sale offer for no reason. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is a quick recap of what I recommended Arman do. Step #1: Call up IBM and demand a written letter explaining why they are declining the short sale offer. Step #2: Write down what you project your damages are going to be if the property is foreclosed upon instead … (0 comments)
paul nelson: Bellevue Short Sale Question: I Want To Avoid Foreclosure, But My Lender Won’t Let Me
- 12/21/12 05:37 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from Arman. Here is his question. I am a Seller trying to avoid foreclosure. My agent has a buyer and his offer is with the lender from last seven months. Now the lender told us that Fannie Mae investor refused the short sale offer and the house is going to foreclosure early next week. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The lender’s own appraisal shows the house is worth $120K. The offer we have is for $150K. I told the lender that … (0 comments)
paul nelson: Why Do Some Bellevue Short Sales Succeed When Others Don't?
- 12/21/12 05:32 AM
Bellevue WA – Short Sales can be frustrating. Ask anyone who has negotiated a short sale with a lender and they will tell you the process is tough. Here is a story that illustrates this point. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. You are negotiating a short sale with a lender. You call in and talk to a someone in a call center overseas. They are very helpful and give you the fax number for the short sale paperwork. You fax the short sale package. A few day later you call in … (0 comments)
paul nelson: Bellevue Short Sales: Another Success Story
- 12/21/12 05:28 AM
Bellevue WA – The Stop Foreclosure Institute is closing another short sale tomorrow. The sellers had a job transfer out of state. They were short selling an FHA loan with a second mortgage. The short sale was fairly simple because FHA's short sale guidelines. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was how these sellers benefited from the short sale. Benefit #1: The sellers were able to walk away with the debt wiped out completely. The FHA short sale guidelines released them from the first mortgage debt. The second mortgage also gave them … (0 comments)
paul nelson: How To Convince A Lender To Waive A Promissory Note On A Bellevue Short Sale
- 12/21/12 05:25 AM
Bellevue WA – Some lenders are very stubborn about collecting what they feel they are “rightfully owed.” These lenders are usually a lender that you originally got the loan from. A good example is a credit union loan, or a small community bank. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Another common type is loans that were granted with Private Mortgage Insurance. In our experience, these companies are very demanding. They negotiate hard and say they will not approve a short sale without a promissory. However, that is not always the case. You … (0 comments)
paul nelson: Seven Ways You Benefit From A Bellevue Short Sale
- 12/21/12 05:21 AM
Bellevue WA – A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.” That was the first thing that popped into our head. But, I knew there are more benefits to a home owner than simply better credit. So I put together the entire list and here they are. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. 1. The upside down debt is erased … (0 comments)
paul nelson: Bellevue Short Sale News: Wall Street Firms Strategically Walking Away From Their Upside Down Properties
- 12/21/12 05:18 AM
Bellevue WA – Wall Street Fat Cats say homeowners shouldn't walk away from upside down homes. Why? "If you do it, then everyone will start doing it", they say. "It isn't moral. People should own up to their commitments. People should be responsible. This is more than just a contract. It's what holds the entire economy together." However, those same rules don't seem to apply to them. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Turns out Wall Street firm Morgan Stanley strategically defaulted on their upside down properties. Here is the article from Bloomberg: Morgan … (1 comments)
paul nelson: A Common Bellevue Short Sale Misconception: I've Heard Banks Won't Do Short Sales. Is That True?
- 12/21/12 05:14 AM
Bellevue WA – I recently talked to a homeowner in foreclosure. She had heard of the short sale option. But, someone had told her that short sales are tough. They told her, "Banks never accept short sale offers. You are wasting your time if you try one." As a result, she never researched her options and lost her home to foreclosure. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Many agents close short sales day in and day out. Short Sales are a specialized endeavor. They are much more complicated than your average real estate … (0 comments)
paul nelson: Bellevue Short Sales Aren't The Credit Disaster Many Portray Them To Be
- 12/21/12 05:11 AM
Bellevue WA – I read in the newspaper that a short sale will destroy the seller's credit. The article made it sound as though a short sale equaled doom for your credit. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. I wanted to clarify exactly how a short sale does affect your credit. Does a short sale damage your credit? Yes. Consider if the benefits from a short sale outweigh the credit damage. If you are in foreclosure, your credit has already been damaged. What happens if you do nothing and allow your lender … (0 comments)
paul nelson: Bellevue Foreclosure Prevention: My house is in foreclosure. When will I have to move out?
- 12/21/12 05:08 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I'll call him Dave to protect his identity. (Foreclosure is embarrassing and I don't want to put his name out there.) Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Dave asked, "I haven't made a house payment in a while. I'm just wondering how much longer it will be before I have to move out?" Most people in foreclosure are at a disadvantage because they how the process works.Here is the answer to his question. It all depends … (0 comments)
paul nelson: Is It Ethical To Walk Away From Your Upside Down Debt After A Bellevue Short Sale?
- 12/21/12 05:05 AM
Bellevue WA – Should you walk away or should you stay? Here is how to determine whether or not you should walk away from your home. Because of the decline in the nationwide housing market, I doubt that your home is worth what you paid for it. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. First, determine the current market value of your home. Talk to a realtor. They will give you a market analysis, based on what other homes similar to yours are selling for. For example, we recently helped a home seller who … (0 comments)
Bellevue WA – The Stop Foreclosure Institute recently received a question from Max. Here is Max's Question.
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