short sale realty: What is the Difference Between a Short Sale vs a Foreclosure
- 05/04/10 10:58 PM
… (0 comments)
|
short sale realty: Short Sales vs Foreclosure Maryland: Your Future Loan Application
- 05/02/10 09:52 PM
Short Sales Maryland The Differences are very clear.. . Should you do a short sale or just let them foreclose on your property? It's your choice:
To read the complete series " Short Sales vs Foreclosure" ← click here Tip: Typically when you apply for a mortgage, you'll be asked to complete a Uniform Residential Loan Application. (1003) This standard residential mortgage loan application is a four-page document that asks in-depth questions about you, your income, your assets and liabilities, and your credit as well as a description of the property. You should try and avoid at all costs … (0 comments)
|
short sale realty: Short Sales vs Foreclosure Maryland: Your Credit Score at Risk
- 04/30/10 02:17 AM
Short Sales Maryland The Differences are very clear.. . Should you do a short sale or just let them foreclose on your property? It's your choice:
Tip: Having housing is a fate everyone eventually faces. You have to pay to live somewhere anyway. Renting temporarily while your credit recuperates is ok. .but for those willing to look into buying their own house in a couple or so years. . the rewards can be significant because you will be buying your new home at more realistic prices and not inflated and puffed up by a greedy lender. Short Sales: To … (0 comments)
|
short sale realty: Short Sales Maryland - Short Sale Denied! The Buyer Does Not Qualify
- 04/26/10 06:56 AM
Short Sales Maryland Why does a Bank deny a Short Sale? Reason #4: The Buyer Does Not Qualify Just because you received an offer does not mean the buyer has the financial means to afford a mortgage payment. A buyer's lender will examine the buyer's credit history, employment, debt ratios, and a host of other criteria to determine a borrower's qualifications. Normally a buyer should be pre-approved first before submitting an offer . . in a short sale this step is critical to the short sale package if you want to gain the acceptance of the buyer by the bank. . … (0 comments)
|
short sale realty: SHORT SALES HELP : HAFA PROGRAM EXPLAINED
- 04/11/10 02:07 AM
Home Affordable Foreclosure Alternative ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS. " "READ ALL ABOUT THE HAFA PROGRAM HERE" What is HAFA? How much HAFA costs me? How Do I Qualify for the HAFA Program? Things To Avoid When Doing HAFA HAFA and the deficiency judgment for the homeowner List of Lenders participating in HAFA, . . .is yours here? HAFA is for YOU . . .if you are losing your home One of the BIGGEST misconceptions about the HAFA PROGRAM Can you use HAFA for a strategic default because your home's value dropped? HAFA … (3 comments)
|
short sale realty: SHORT SALES WITH HAFA: DEFICIENCY JUDGMENT.. NOT SO SCARY ANYMORE
- 04/10/10 12:34 AM
SHORT SALES WITH HAFA: DEFICIENCY JUDGMENT.. NOT SO SCARY ANYMORE HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS. Home Affordable Foreclosure Alternative
The HAFA Program became effective April 5th 2010, servicers may participate immediately, or as soon as is practical. The primary options available through HAFA include Short Sale and Deed-in-Lieu of Foreclosure.
With HAFA. . . Lenders will not pursue a deficiency judgment for the shorted amount.
Your home is worth $300,000 and sell it as a SHORT SALE with HAFA . .
PROBLEM: . . .but your Mortgage is $500,000
… (8 comments)
|
short sale realty: Short Sales Becoming an Easier Solution. . . .with HAFA
- 04/05/10 02:56 PM
… (1 comments)
|
short sale realty: The differences of Conventional and FHA type loans for Short Sales
- 03/22/10 10:20 PM
The differences of Conventional and FHA type loans for Short Sales
"FHA: If the homeowner does not occupy the property, no short sale will be approved.!”Question: What are the differences between a Conventional and an FHA loan short sale process? Answer: FHA is definitely the best one of both. .. why? because you know the rules before hand. A conventional loan short sale may have the most flexibility, even if you are an investor your bank may approve a short sale but, an FHA has guidelines that are easy to follow assuring the short sale to be approved if you … (3 comments)
|
short sale realty: What is a BPO in a short sale?
- 03/08/10 12:15 PM
What is a BPO in a short sale?
"A BPO stands for Broker Price Opinion” In our industry a BPO stands for Broker Price Opinion. There are a few different types a bank uses to determine the value of the property requesting a short sale. . . from the regular drive-by exterior and stop for a quick look interior. . .to a full appraisal. If your loan is FHA, the lender must utilize the services of a full appraisal. If you loan is conventional, then a lender could choose just a regular BPO The BPO is the heart of a … (3 comments)
|
short sale realty: 3 Short Sale Myths Exposed
- 02/26/10 09:40 PM
Mykel Martin from California bring us an excellent article about short sales.
A short sale becomes a sensible solution when everything else has been attempted and discounted.
Remember. .
in a Short Sale . .you sell your home
in a Foreclosure. . .you lose it!
Short Sales are nearly impossible to get approved.
FALSE: Short Sales are nearly impossible if you have an Agent that is not educated to the process; They're not impossible! While there are no guarantees in any transaction, there are short sales are being approved every day. Most banks are trying to do everything they can, within … (4 comments)
|
short sale realty: Short Sales Agent for Maryland - Short Sales Market Report for Montgomery and Frederick Counties
- 02/25/10 10:01 PM
SHORT SALES Maryland : A complete Foreclosures Report for Montgomery and Frederick Counties
Hardship Letter SAMPLE for a Short Sale Application
More than any other document in a short sale package the hardship letter can help make or break the actual short sale. While it's true that banks care for themselves and how much money they will net at the end. . your hardship letter will be reviewed by an individual loss mitigator. Like the rest of us, a loss mitigator is a real human being with real emotions … (0 comments)
|
short sale realty: Hardship Letter SAMPLE for a Short Sale Application : SHORT, SWEET AND TO THE POINT !
- 02/23/10 11:18 PM
Hardship Letter SAMPLE for a Short Sale Application
"Short, sweet and to the point. . .your hardship letter should be only one page long and very clear. Bank Negotiators do not want to read a long drawn letter that reads like a novel. . ( they don't have the time!) ” The following is another example of a hardship letter correctly written by a homeowner in a hardship More than any other document in a short sale package the hardship letter can help make or break the actual short sale. While it's true that banks care for themselves and how … (2 comments)
|
short sale realty: Inadequate Follow Up and Communication When Processing a Short Sale for a homeowner.
- 02/08/10 01:20 PM
Inadequate Follow Up and Communication when processing a short sale for a homeowner. . . Let's face it. a homeowner basically putting all their eggs in a basket doing a short sale. . if it fails, there is a high level of percentage that the homeowner will have to face a foreclosure.
Not a good prospect for them, after all. .
That's why they wanted to do a short sale to begin with. . .
Proper follow up and communication is a key ingredient doing a successful short sale. If you as the agent do not follow up with everyone … (4 comments)
|
short sale realty: Nashville Short Sales - What is a hardship? - Part 2
- 02/03/10 11:36 PM
Short Sales Maryland
An excellent post about what is considered a hardship when doing a short sale. . .
This is an ongoing question and I want to further explain what exactly is a hardship. A hardship by the lender's definition is the circumstance or situation in your life which makes you unable to pay your mortgage payment each month, on time. The most common situations I come across as a short sale specialist are:
Loss of job - unemployment Under-employment - now working part-time instead of full-time Loss of income for the self employed. Your business is simply not … (1 comments)
|
short sale realty: What qualifies as a hardship in a SHORT SALE?
- 02/01/10 01:01 PM
What qualifies as a hardship?
There are many reasons and situations which might create a Financial hardship which may be acceptable to a bank when doing a short sale. Here are just a few:
Mortgage rate adjustment Increase in monthly expenses Need to move becuase of your job Reduced Income Unemployment Health issues Separation or Divorce Medical Bills Business Failure Business cutbacks or downsizing Death of a Spouse A valid reason you are unable to make your mortgage payment Essentially, in order to prove a hardship, you must show that there … (3 comments)
|
short sale realty: Should I do a Loan Modification or a Short Sale?
- 01/03/10 09:39 PM
Should I do a Loan Modification or a Short Sale?
This will depend on your particular situation. In general, we advice all our customers at first contact to be absolutely sure a loan modification will not help them.
You will need to look at:
Your financial situation
The willingness of the bank
Your desire to keep your home
Most banks will not open two files at the same time. You will need to decide in advance whether you want to pursue a loan modification or a short sale. You … (0 comments)
|
short sale realty: How much will a short sale cost me after all?
- 01/03/10 09:38 PM
How much will a short sale cost me after all?
It costs you nothing. . .
When I list a home as a short sale, I recognize my clients are in hardship and they need all the help they can get.
Some of them have fallen trap to the loan MORTIFICATION fiasco and paid some lawyer a lot of money for nothing.
When I do a short sale, I tell my clients we are in the same boat. . .no can guarantee you a successful short sale.
If we get it approved and closed. . we get paid by the … (0 comments)
|
short sale realty: What Is Included in the Short Sale Package?
- 11/05/09 12:14 PM
Short Sales Maryland
Good information about short sales starts from experience.
Here Melissa Zavala details the most important aspect of a short sale. .
the SHORT SALE PACKAGE
Banks and loss mitigation departments throw around the phrase short sale package like everybody knows what that means. Not everyone is fluent in Spanish or French and not everyone speaks Real Estate either.
So, what is the short sale package?
The short sale package is a package of materials that needs to be submitted to a mortgage lender in order for the mortgage lender to consider the short sale of a … (2 comments)
|
short sale realty: Short Sales And Modification Improvements
- 10/23/09 11:13 PM
Short Sales Maryland
Nancy Deichman has giving us a good reason to try again. .if you have tried a short sale with Bank Of America and it did not anywhere. . try it again. Bank Of America is changing (we hope) for the better. .
It could be possible that things are starting to change for the better in short sales and modifications for distressed homeonwers. Yesterday I received a couple of phone calls that indicated promise on the horizon for borrowers from Bank of America.
The first call was from a past client that lives in California and has an investment … (3 comments)
|
short sale realty: Homeowners Struggle While Loan Servicers Make Billions, Yes Billions
- 10/18/09 12:38 AM
Loan Modifications Maryland
Chirs Olsen posted an interesting article exposing that our tax dollars that were squandered to help homeowners and saved them form a foreclosure has created a BOOM for the lenders.
Read The Article below
I just read an article by Chris Adams of the McClatchly Newspapers where the topic was how the loan servicers are poised to make billions of dollars, yes, with a capital B from the loan modification program, all the while homeowners (as taxpayers) are funding this stupidity.
Either give the money directly to the homeowners who are in true need and get … (2 comments)
|
;)
;)
;)
