Foreclosure University
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If you want to know how to do a short sale successfully, there are a few key pieces to really building a strong short sale case.
After you have found a homeowner who is delinquent with a notice of default willing to work with you, the first thing you need to do is have them sign some paperwork. The first thing they will need to sign is the authorization of release form. [Read more…] about How To Do A Short Sale
There are several short sale questions that I get asked by both homeowners and investors. Here are some of the most common short sale questions. The answers to these questions are based on what typically happens. Please understand that every case is different so there are always exceptions to the rules.
Question: Can a homeowner do a short sale if they’re not delinquent?
Answer: No. For a short sale to be successful, the homeowner needs to prove financial hardship and show they cannot make payments anymore. So without being delinquent, there is no way for the bank to know the homeowner has a hardship. As long as the homeowner is making payments, the banks are content where they are at. [Read more…] about Short Sale Questions
We decided to go ahead and write a real estate match maker review because of all the buzz going on about Preston Ely’s real estate match maker software. There are some really good things that we like about real estate matchmaker and some not so great things. It will be important to read this real estate match maker review to the end so you can determine for yourself if this program is right for you. [Read more…] about Real Estate Match Maker Review – Preston Ely
Question: WILL YOU EXPLAIN WHAT HAPPENS AFTER FORECLOSURE… I HAD A FORECLOSURE SINCE 2008 BUT I STILL GOT A LETTER FROM COLLECTION FOR THE AMOUNT I OWED FROM MY HELOC. MY QUESTION IS HOW COME THEY DID NOT SEND ME A 1099 FORM LIKE MY FIRST MORTGAGE DID ONE YEAR AFTER FORECLOSURE.
Answer: -This is a great question but first lets look at the foreclosure process because I think it will help you understand why this happened.
After the foreclosure process, or lets say auction, a couple of things happen depending on what state you live in and what kind of liens were on the property. [Read more…] about What Happens After Foreclosure
Thinking about buying a short sale? But not quite sure what’s involved? Well after you read this you know for sure if this is what you want. Buying a short sale sounds good and all, but believe it or not, most homeowners are just not patient enough.
A short sale is when the bank takes less than what is owed on the property in order to sell the property before it goes to auction. This helps the bank so they can eliminate excess inventory and shave costs associated with all the foreclosure fees. It also helps the homeowner avoid having a foreclosure on their credit and they can start over fresh. So it helps out both parties when a short sale is accepted. [Read more…] about Buying A Short Sale
Question: Help me understand the difference between a short sale vs foreclosure. I bought a condo in Tampa, Florida in September 2005. This was my first real estate purchase and my primary residence until I transferred to Maryland for my job in July 2008. I have a first mortgage for $150k and a HELOC for $25k. The property has been short sale approved and there is a buyer that is going to purchase it for the listed price of $60k. We are ready to close but I need to pay all the delinquent HOA fees, late fees and attorney fees that have mounted up. I can not afford to pay the $3000 in late HOA fees to close on the short sale. Now, I am facing foreclosure. I have asked the HOA to waive the late fees and attorney fees so I can do a short sale but they are refusing. Is it worth it to borrow the money from friends and family so I can do a short sale, or should I just let the condo go into foreclosure?
Thank you,
Natasha
Answer: -This is a common question that gets asked a lot about the difference between a short sale vs foreclosure. While both are damaging to your credit, a short sale is a much better option – and here’s why… [Read more…] about Short Sale vs Foreclosure