Foreclosure solutions. Government, Private Investor, Realtor Short-Sales, Deed-in-Lieu, Refinance, Owner finance. All are explained, discussed and testimonials shared on this journaling blog. You are not alone with what your facing... There is a solution to the foreclosure crisis for those who desire it.
Legal representation or advice is recommended in all legal matters. This site and brokerage represented is not affiliated with the government. If you use our services, your lender may not agree to accept a short sale or change the terms of your loan. We do not advise you stop paying your mortgage.
Need real foreclosure help, more money is the answer of course. But how so? This process is tedious, time consuming, and definitely no get-rich-quick item, but this does work.
While no one homeowner scenario is alike when it comes to a short sale, consider the following to determine whether you qualify for one first.
1. Has Your Home's Market Value Has Dropped?
Hard comparable sales must substantiate that the home is worth less than the unpaid balance due the lender. This unpaid balance may include a prepayment penalty.
2. Are you in, or Near Default Status on your Mortgage?
Lenders once would not consider a short sale if the payments were current, but has changed. The factors that contribute to default are many and varied. Many lenders want to stop problems before they mature to full default.
3. A big one… Have you found "Hard Times?"
You must submit a letter of hardship that explains why you can not pay the deficiency in the loan total due at close, including why you may yet, or have already stopped making the monthly payments.
4. A few examples that do NOT constitute a hardship are:
Bad money handling: Going on a cruise or buying a bass boat does not qualify as a hardship.
Bad neighbors: Finding your neighbors are loud party animals does not qualify as a hardship.
Buying another home before yours sold will not qualify as a hardship.
Having another child might be rough, but is also not considered a hardship by your friendly banker.
Real Hardship examples considered by the banks are:
Unemployment, Divorce, Medical emergency, sudden illness, Bankruptcy, Death... no more argument there.
You can't have a stash or cash:
Your Bank will want copies of your tax returns and bank statements. If they feel that you can pay the shorted difference, you may get a short sale but then required to pay back the shortfall.
The example would be you have cash in savings accounts, other real estate, stocks, bonds or IRA accounts, your bank would say you have assets that could pay the deficiency.
A seller can never profit in any way from a short sale. That’s law. If it’s granted, you walk away from your house with your credit intact but no cash.
Seek legal counsel before giving any thought to stopping your payments, as foreclosure is but months away as soon as you do. And it’s a much bigger headache than a heavy mortgage payment every month.
Found an over-the-Market-hill deal the other day. A "For-Sale-By-Owner house $40,000 over the market do to owners thinking they could sell it that way I suppose. It had already been through a full listing time and expired with the poor realtor only able to find one buyer wanting to visit. So now, with the realtor blamed for the lack of showings and offers, they were trying to do it themselves... Take the place of the buyer. Your looking for a house and pinching pennies to get the best deal for the money. Are you really going to waste time going through a house whose seller is determined that it is worth $40,000 more than what you would even find it worth on a public site like Zillo? Don't think so... If you want to start a bidding war with multiple rising offers, price it a bit below what the market shows to be selling for and you'll have buyers knocking your door down to "get the deal". Price sells. Dosn't matter how much you invested, price it as the market shows, or "you all stay awhile, hear!:)
? Whats with the doggie? Well, Miss Piggy is a rescue dog taken away from an abusive home by a veterinarian after he treated her for wounds in which she lost an eye. She is now a very happy doggie and I thought, a much prettier face than mine. She escaped her bad home… as will you, escape mortgage, stop foreclosure and smile:)