short sale process: Bellevue Short Sale Question: Why Do I Have To Short Sale If I’m Willing To Repay The Debt? - 05/08/13 02:37 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from another agent. Their seller had a misconception about what to do when selling an upside down home.
Here is the question we received: “Do you have a number to contact Fannie Mae? The bank will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.
The seller wants to talk to the owner of the loan, which is Fannie Mae. My seller just wants to sell and move on with her life. Janet.”
Click here to discover how other sellers … (0 comments)

short sale process: 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)

short sale process: 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)

short sale process: 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)

short sale process: 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)

short sale process: 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)

short sale process: 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)

short sale process: 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)

short sale process: 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)

short sale process: Bellevue Short Sales: Why Is The Bank Taking So Long To Accept My Offer? - 04/17/13 02:25 AM
Bellevue WA – The Stop Foreclosure Institute recently received a question from Cathy. Here was her question. “I am trying to buy a house that is a short sale. It has been 4 months and we have heard nothing. The agent did mention that they are now on the 2nd negotiator and still haven’t heard from the negotiator. I am getting very frustrated. Is there anything I can do on my end to try to push the process along, or is it all up to the agents? Cathy.”
Click here to discover how other sellers successfully did a short sale and … (1 comments)

short sale process: 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)

short sale process: Bellevue Loan Mod Help: How You Can Reduce Your Payments Without A Loan Modification - 04/02/13 02:21 AM
Bellevue WA – Getting a loan modification accepted is tough. Many that should have be accepted end up rejected. I recently saw a bank foreclose on a 400k mortgage.
The house sold for 130k! They would have made more money just cutting the homeowner’s payments in half! This kind of stupidity gets on my nerves.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Some people have mentioned a strategy that can help you reduce your payments without a mod. A person with two mortgages just stops paying the 2nd mortgage. I won’t recommend that … (0 comments)

short sale process: Thinking About A Strategic Default in Bellevue? Here Is The Step By Step Process We Recommend That You Follow - 04/01/13 08:10 AM
Bellevue WA – Here are the recommended steps to take before you strategically default. We have consulted a financial expert who recommends these steps before strategically defaulting.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
He believes that taking these steps will reduce the likelihood of your lender pursuing you after a short sale or foreclosure. We have to warn you of what could happen if you take these steps.
If you stop paying your credit cards, car loan, or house payment, then you could lose your house, car, and face lawsuits from your … (0 comments)

short sale process: Thinking About A Strategic Default in Bellevue? Take These Steps First To Avoid Problems - 03/29/13 06:15 AM
Bellevue WA – Yesterday, we told you about a new program that Fair Isaac, the founder of the FICO score, came out with to tracks strategic defaults.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
If you are thinking about a strategic default, then you must be aware of this. FICO claims to be able to notify a lender when someone has strategically defaulted, or looks ready to strategically default.
This helps lenders implement additional collection procedures to get you to repay their loss. I spoke with an expert in the industry. I wanted to … (0 comments)

short sale process: 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)

short sale process: 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)

short sale process: 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)

short sale process: 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)

short sale process: 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)

short sale process: 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 Nelson, Paul Nelson (Homes Northwest)

Paul Nelson

Paul Nelson

Bellevue, WA

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Homes Northwest

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

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