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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: Bellevue Short Sales: How To Get A Short Sale Lender To Waive A Deficiency
- 01/20/13 08:26 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from John. Here is John's Question. "I just received a full price offer on my house. My main concern is that I don't get stuck having to pay off the deficiency. I have a first and 2nd with Chase and owe 270K on the home. The buyer's loan is also with Chase. How can I work this out so that I can walk away from this without owing any money? Is it even possible with such a large difference between what the house is worth and what is owed? John.” … (0 comments)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
short sale: 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)
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.
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