short sales agent: Losing a Rental Property Thru a Short Sale? Consider a Zero Equity 1031 Exchange!
- 05/11/10 11:39 PM
Another way to protect yourself if you are an investor and you are doing a short sale
You are probably asking yourself "why would I even need to think about a 1031 Tax Deferred Exchange if I'm losing my rental property through a short sale transaction?" The answer is an easy one, but its one that many investors going through a short sale on rental property may not be aware of.
Short Sale Scenario
Our story begins with a real estate investor who has been acquiring and accummulating rental property over the last five years. The investor has also … (1 comments)
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short sales agent: Another Reason why a Short Sale is Denied. . .
- 05/10/10 11:55 PM
Another Reason why a Short Sale is Denied. .
What are reasons why a short sale might be denied? Knowing the lender’s guidelines As simple as that. One of the first things you need to do is know the lender’s guidelines as far as short sales are concerned. Each lender have their basic requirements and it is your Realtor's job to know what are those. Regardless of whether you’re applying for a HAFA Short Sale or a regular Short Sale, you need to know what the requirements are and what to expect. Fail to meet these and the short sale has no … (5 comments)
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short sales agent: "WALKING AWAY" IS A MAJOR TREND---LET'S NOT PUT OUR HEADS IN THE SAND!
- 05/10/10 12:00 AM
The sad thing about this is that homeowners in over 50% of foreclosed properties, never say a word and they just accept the fact.
With the new HAFA Program and different ways to do loan modifications. . walking away should not be the only thing to do.
Excellent post that warns us not to commit the same mistakes again.
IF YOU WATCHED 60 MINUTES LAST NIGHT ON CBS, YOU TOO CAN SEE THE WRITING ON THE WALL! Homeowners are considering walking away from "underwater" homes---and they are doing it in great numbers. These are not your "subprime" mortgage foreclosure---they are average homeowners who have been making payments and CAN AFFORD … (0 comments)
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short sales agent: SHORT SALES FRAUD. . .an Emerging Trend?
- 05/09/10 11:54 PM
SHORT SALES FRAUD. . .an emerging trend?
What can you DO as a Realtor when someone promises you a double commission? It's hard enough that your client finally has giving you their full trust to help them in such a serious problem. . They are underwater, they can't pay their mortgage and a foreclosure slowly is becoming a reality . . Here come SWIPER ( We watch a lot of Dora The Explorer on my house) out of the woods and tells you: it is OK for you to give your clients confidential information and they will take … (3 comments)
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short sales agent: What is the Difference Between a Short Sale vs a Foreclosure
- 05/04/10 10:58 PM
… (0 comments)
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short sales agent: Short Sales vs Foreclosure Maryland: Your Security Clearance
- 05/02/10 01:43 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:
Tip: Many people think that they can go to a company or agency and apply for their own security clearance. This is far from the truth. Only the federal government can grant someone a security clearance, and to get one the applicant must work for a government agency or contractor and conduct business that justifies granting him or her access to highly sensitive information. … (0 comments)
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short sales agent: Short Sales Maryland - The Hardship Letter
- 04/26/10 06:48 AM
Short Sales Maryland Why does a Bank deny a Short Sale? Reason #2: The Hardship Letter: Regardless of your specific situation, there are a few important guidelines that you should follow if you want to draft a hardship letter that will be taken seriously by your lender: Keep It Short Keep your letter neat, short and to the point. Preferably not to exceed one page. A lonnnngggg hardship letter will water down your point as to why the Lender should approve a short sale. Make It Personal Make sure that you personalize your letter remembering they another human will read … (0 comments)
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short sales agent: What's in Store for Us on April 5th? Home Affordable Foreclosure Alternatives
- 04/19/10 01:06 AM
Short Sales
The HAFA program will affect the way Realtors do Short Sales
It is probably one of the most significant acts that the Treasury Department has put together to help homeowners in distress.
In a recent post, I mentioned that I am more excited for April 5th, 2010 (the day that the HAFA Program begins) than I am for my birthday or any other monumental occasion. I'm not necessarily excited because I believe that Obama will be giving me any great gifts on April 5th, but I am eager to see how this program will unfold for sellers and agents … (2 comments)
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short sales agent: 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)
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short sales agent: SHORT SALES WITH HAFA: THE PROGRAM WILL DENY YOUR APPLICATION IF YOU. . .
- 04/09/10 11:53 PM
SHORT SALES WITH HAFA: THE PROGRAM WILL DENY YOUR APPLICATION IF YOU. . . 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.
HAFA Program Denials . . AVOID THIS AT ALL COSTS . . The Home Affordable Foreclosure Alternatives (HAFA) Program was designed for people that request to be included in this program and qualify .
HAFA is … (4 comments)
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short sales agent: HOW DO I QUALIFY FOR THE NEW (HAFA) PROGRAM in MARYLAND?
- 04/06/10 12:30 AM
HOW DO I QUALIFY FOR THE (HAFA) PROGRAM ? HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM HAS BEEN IMPLEMENTED TO ASSIST HOMEOWNERS IN DISTRESS. What are the qualifications to get into the "HAFA" Program ?
{Home Affordable Foreclosure Alternative} Qualifying for HAFA? A loan must meet the basic eligibility criteria for HAFA if all of the following conditions should be met:
The property is the borrower’s principal residence. The mortgage loan is a first lien mortgage originated on or before January 1, 2009. The mortgage is delinquent or default is reasonably foreseeable. The current unpaid principal balance is … (5 comments)
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short sales agent: Is it getting more difficult each month to make your mortgage payments?
- 03/22/10 02:19 PM
Is it getting more difficult each month to make your mortgage payments?
"Don't just take it. . . ask for help!”Question: It's getting more difficult each month to make our mortgage payments, what are our options ? Answer: You first option is definitely to call the bank if you feel that you are in some kind of hardship. . .they will direct you from that point If a loan modification is advised, by all means, go for it!. . The least they can say is NO! A loan modification could lower your mortgage payments and make them more affordable until … (0 comments)
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short sales agent: Some MISCONCEPTIONS About Short Sales
- 03/20/10 12:57 AM
Some MISCONCEPTIONS About Short Sales
"Short Sales 101”Will the lender accept a loss $100,000 net on a $200,000 loan? Yes and No. It depends in several factors. I have completed a short sale with the original loan being a little over $900K and the lender accepted $600K But, I have also had one refused by the lender because they wanted $30K more than the comparables in the neighborhood. They were unrealistic and I could not make them understand that their position was wrong. End result, they foreclosed and I doubt that they will get NEAR what our original short … (2 comments)
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short sales agent: Will a short sale stop a foreclosure?
- 03/08/10 11:52 AM
Will a short sale stop a foreclosure?
"Of course. .it will stop it on it's tracks! ” A short sale definitely can. . . but the house must sell before the lender completes the foreclosure process. Your job as a homeowner is finding a good real estate agent who knows how to negotiate with the lender and price the house competitively for a fast result. I have seen it many times how some agents who don’t know how to do the process correctly, end up ruining the chances of their clients to save themselves from a foreclosure. On the job … (2 comments)
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short sales agent: The Hidden Dangers in Short Sales: The Deficiency Judgments...
- 03/04/10 10:47 PM
Short Sales Maryland
Mirela writes an excellent article about short sales hidden dangers.
A deficiency judgment could still be a problem if the bank does not remove it when they approve your Short Sale.
Congratulations! After months of red tape and negotiations with your Lender, you were finally approved for a short sale. Time to break out the champagne, right? Not so fast!!! Before you sign the Bank’s approval letter and hurry on to closing, remember that “the devil is in the details”… One such small, but most significant detail is the possibility of a deficiency judgment. … (3 comments)
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short sales agent: PRESTO! CHANGO! YOU ARE NOW HOMELESS!!!
- 02/26/10 10:08 PM
Paula writes this great article that highlights what is needed to solve our current mortgage crisis. . Realtors doing short sales who protect and care for their clients.
Suddenly our jobs as Realtors have taken another meaning. . .
How is it that the Banks are feeling so powerful and secure that they can step in and auction off a person's home without warning? How is it that the banking community has no qualms about selling someones home while they are in the process of loan modification and recovery from the crisis in 2008; and while the homeowner is desperately working … (1 comments)
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short sales agent: 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)
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short sales agent: Complete Short Sale's Guideline . . .considering a short sale?
- 02/22/10 11:04 PM
Complete Short Sale's Guideline . . .considering a short sale?
Fannie Mae provides us with guidelines about short sales in general. This is a must read for anyone contemplating a short sale.” If you are a Realtor, use it for your next client to provide them more information. . . If you are customer. . .call me directly with questions to see if a short sale can be a sensible solution to your problems. _______________________________________________________ Short Sales Guideline - _______________________________________________________ FACT: If you qualify for a short sale, you DO NOT PAY FOR THE SERVICES . .your banks does Make sure … (1 comments)
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short sales agent: Reasons why a Short Sale FAILS: The Bank SOLD your LOAN!
- 02/21/10 11:51 PM
Reasons why a Short Sale FAILS: The Bank SOLD your LOAN!
"A Bank may start negotiations with your short sale without realizing that they are no longer owners of the loan ” How is that possible? Sometimes, the bank won't even realize that it no longer holds the mortgage on the property until months have passed by during a short sale negotiation. Banks have different department and these are trying times. .banks are unloading non-performing loans quickly so they can get some of the federal money being given away with our tax dollars. Your Realtor may realize months afterwards that your … (3 comments)
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short sales agent: Reasons why a Short Sale May Get Denied: Seller Does Not Qualify
- 02/21/10 11:35 PM
Reasons why a Short Sale May Get Denied: Seller Does Not Qualify
"Just because your home's value dropped. .is not a good reason to short sale: YOU MUST HAVE A QUALIFIED HARDSHIP ! ” A Short Sale gets denied sometimes just because the seller does not qualify. If a seller is asking for debt forgiveness, then the bank will want to see a hardship letter from the seller that explains why the seller cannot afford to pay back the "shorted" difference. The … (0 comments)
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