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short sale

Should I Foreclose or Short Sale

by Jarad 6 Comments

Should I Foreclose or Short Sale My Home?

Should I foreclose or short saleQuestion:  Should I foreclose or short sale. Here is the situation. 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 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 or should I foreclose or short sale?
Thank you,

Natasha
[Read more…] about Should I Foreclose or Short Sale

Filed Under: Foreclosure, Short Sales Tagged With: deficiency judgment, foreclose, foreclose or short sale, satisfaction of lien, short sale

How To Do A Short Sale

by Jarad 2 Comments

Steps on How To Do A Short Sale

how to do a short saleIf 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

Filed Under: Short Sales Tagged With: authorization to release form, BPO, how to do a short sale, short sale, short sale packet

Buying A Short Sale

by Jarad 2 Comments

buying-a-short-sale

Buying a Short Sale – Is it a Good Idea?

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

Filed Under: Short Sales Tagged With: buying a short sale, short sale, short sale advantages, short sale disadvantages

Short Sale Hardship Letter

by Jarad Leave a Comment

Basics to the Short Sale Hardship Letter

The short sale hardship letter is one of the most common questions I get. How do I fill one out? How long does it have to be? What needs to be mentioned in the letter? These are all great questions. Let me share with you the basics of the short sale hardship letter and even give you an example of one.

short sale hardship letterThose of you familiar with a short sale, you understand that you are building a case to present to the bank. The hardship letter is a key component to building your case and getting your short sale approved. A good hardship letter that is heart felt can literally mean the difference between acceptance and rejection. I may not be as key as the BPO, but it definitely has a great deal of weight when getting these approved. [Read more…] about Short Sale Hardship Letter

Filed Under: Short Sales Tagged With: short sale, short sale hardship letter

Foreclosure in Oregon

by Jarad 2 Comments

Question:  We have a mortgage with 20% of the amount in a HELOC with both parts of mortgage through Wells Fargo (May 2007). The house value is continuing to decline below the value of the first mortgage. If we walk away, short sale or go through foreclosure in Oregon…can the bank try to collect on the HELOC? Since we live in Oregon, we’re not sure what the best option is.

Foreclosure in OregonAnswer:  – I’m sorry to hear about your foreclosure in Oregon. I hear this a lot right now as home values in some parts of the country continue to decline. Let me share with you some of the possibilities and consequences you might have as you go through this process. The good news is that you still have a lot of good options since your home hasn’t actually gone through foreclosure yet. Once the home is foreclosed on, there are not a lot of options, so time is key right now. [Read more…] about Foreclosure in Oregon

Filed Under: Foreclosure, Settlement, Short Sales Tagged With: foreclosure in oregon, note settlement, oregon foreclosure, short sale

Avoid Foreclosure With These Homeowner Options

by Jarad 4 Comments

Avoid Foreclosure – Here are Options of Homeowners

Avoid ForeclosureThere are a ton of homeowners right now struggling to make payments and hoping to avoid foreclosure because let’s face, things just aren’t the same as they were before the market took a dive.

People are working harder and longer for about half or a third of what they use to make. Retirement accounts look about as good as they did when you first started dumping into it. Any savings has been depleted.

And now to make things worse, even if you wanted to sell your home, most homeowners wouldn’t be able to because their home is not worth what they paid for it. Yes, nearly 25% of all homeowners are underwater or upside down, meaning they owe more than what their home is worth. [Read more…] about Avoid Foreclosure With These Homeowner Options

Filed Under: Loan Modifications, Notes, Options of Homeowners, Settlement, Short Sales Tagged With: avoid foreclosure, loan modification, note investing, options of homeowners, principal reduction, short sale, stop foreclosure

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