Montgomery County MD – Despite the fact that the Cooperative short sale may help the borrower leave the home without some of the negative aspects of a foreclosure, it has its drawbacks that you may need to consider before you decide to explore this option. Below are some of the drawbacks: Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Deed in Lieu. In the event that your home does not sell, then the program stipulates that the … (0 comments)
Montgomery County MD – A cooperative short sale may be a good option depending on your situation. But, you need to remember that Banks are not in the business of making life easier for its customers, much less anyone trying a short sale. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Banks are in business to turn a profit. The main reason Bank of America has initiated the Cooperative Short Sale is to increase … (0 comments)
Montgomery County MD – Bank of America's Cooperative Short Sale makes the entire short sale process easier for everyone involved. The bank has rolled this out because a short sale reduces their losses compared to a foreclosure. A short sale is quicker than a foreclosure and it doesn't tarnish the bank's reputation as much as a foreclosure. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Banks don't want to have bank owned properties on their balance … (0 comments)
Montgomery County MD – Bank of America is rolling out a new short sale program that will provide the quickest route to a short sale decision. The bank came up with this programs to help ensure that homeowners are able to explore all their options and avoid foreclosure. This program, named the Bank of America Cooperative Short Sale Program, minimizes the challenges of traditional short sales - such as having to wait up to 60 days for a representative to even be assigned to your … (0 comments)
chris thompson: Question from homeowner: My lender just sold my loan. Is that a good thing?
- 01/30/12 02:42 AM
Question from homeowner: My lender just sold my loan. Is that a good thing? Montgomery County MD - The Stop Foreclosure Institute recently received a question from James. “My loan was just sold. I was making payments to CitiFinancial and they sold it to Nationstar. Is that good or bad?” James asked. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is the answer. It’s neither good nor bad. In fact, I don’t think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie … (1 comments)
Montgomery County MD – Homeowners who would prefer to get out from underwater may prefer to do a short sale compared to a loan modification. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. A short sale means the bank will accept a reduced payoff and release the loan. If your home is worth dramatically less than the amount owed, it might make more sense to do a short sale and be relieved of the burdened … (0 comments)
Montgomery County MD – You should put every little thing you have to show that your situation is real and that you cannot afford to make your mortgage payment. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Use numbers and percentages to explain the loss your of income or negative cash flow. For example, instead of saying "I'm borrowing money to make the mortgage payments", disclose the dollar amount and source of that debt. A good example would … (0 comments)
Montgomery County MD – It is not a lot of fun to write a hardship letter. In fact, it can be depressing. Many people may not know how bad their lives have become until they reach a point of writing a hardship letter. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Sometimes seeing all those awful things in writing is startling and some people start crying. However, do not turn and start talking about how … (0 comments)
Montgomery County MD – When I interview sellers who want to short sale in my area, I ask them to describe their hardship. Agents who do a lot of short sales can sometimes become a little insensitive because we are focused on the statistics. For instance, when a seller says she is getting divorced, it's possible that I may not show a lot of emotion. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Then I realize how that comes … (0 comments)
Montgomery County MD - The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. I'll call him Peter to protect his identity. (Foreclosure is embarrassing and I don't want to put his name out there.) Peter asked, "I am six months behind on my mortgage payments. I just got the tax bill for 2010 in the mail. Should I pay it?" He continued, "What will happen if I don't pay it? Will my house be auctioned to pay the taxes?" … (0 comments)
Montgomery County MD – Many people think a hardship is mainly based on financial matters and that is not necessarily the case. Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. One thing that the bank doesn’t want to see is a homeowner who seems to be looking for a way out simply because the home is not worth the … (0 comments)
Montgomery County MD – The Stop Foreclosure Institute recently received a question from John. Here was his question. “I am current on my mortgage with X Bank (one of the top 4 US banks.) However, I would like to short sale and move for my new job. I am current on my mortgage. Will my lender consider a Short Sale, even though I am not behind on the payments? Thanks for your help. John." Click here to discover … (0 comments)
Montgomery County MD – The Stop Foreclosure Institute recently received a question from Dan. Here was his question. “My property is in rough shape and needs work. Can I still do a Short Sale? Dan.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to his question. You can still do a short sale. It is a fact that lenders are more motivated to do … (1 comments)
Montgomery County MD – The type of hardship that your lender will consider legitimate depends on the mortgage company considering the Short Sale request. In general, so long as the hardship is real & acceptable and the mortgage company believes the loan is likely to become delinquent. As a result, the Short Sale request will be processed by the Loss Mitigation Department. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. A big key to getting … (0 comments)
Montgomery County MD – With a forbearance agreement, your bank agrees to hold back on its legal right to exercise foreclosure on you. They do this by coming up with a plan to bring you current on your mortgage payments after giving you some kind of a breather period. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. In Forbearance, your mortgage payments are either reduced or suspended for a time agreed on by your lender. After … (0 comments)
Montgomery County MD – Unfortunately, lenders do not always agree to loan modifications. That’s why when you decide to explore this option you need to get all the information you can on the subject. Lenders call the loan modification process "Loss Mitigation." Loss mitigation is the act of lessening the lender's losses whether they approve a loan modification, short sale, or foreclose on the property. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. The lender's loss … (0 comments)
Montgomery County MD – You may be in a situation where your income dropped for a few months and then went back to normal. During that time period, your got behind on your mortgage and other payments. Don’t worry, this isn't a doom and gloom problem. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Many people missed payments for up to 18 months and still kept their home. In two … (0 comments)
Montgomery County MD – A successful short sale helps the seller to avoid any credit damage that could be brought about by a foreclosure. Such damage is not something to admire as it may take a minimum of seven years for someone before it goes off your credit report. That is why is it best to do all you can to avoid it. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. When you short sell you house, you will … (0 comments)
Montgomery County MD – A short sale is often viewed as the only alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower. By doing a short sale, you will retain some dignity in knowing that you sold your home and you will have no mortgage payments to make. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. You will also be eligible, under Fannie Mae guidelines, to buy another home in 2-3 years instead of 5 to 7 … (0 comments)
Montgomery County MD - Bankruptcy is one of the scariest words a lender can hear. A bankruptcy filing can stall their ability to foreclose by 6 months, and sometimes as long as a year. Get my Free, Step By Step Loan Modification Guide by clicking here. The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they can’t go after you for any upside down debt. The only thing a lender gets … (1 comments)
Montgomery County Short Sales: Drawbacks To Bank Of America's New Short Sale Program 
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