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short sales

Short Sale Checklist

by Jarad 4 Comments

Short Sale Checklist For Investors

Short Sale ChecklistHere is a Short Sale Checklist for those who need the step by step blueprint of what to do next. This is assuming you’ve found a property that is a candidate for a short sale.

    1) Meet with Homeowner and Determine Value of Property – make sure they understand what you are doing and willing to cooperate with you during the whole process. It can take months before a short sale is approved and the homeowners need to cooperate the whole way through. [Read more…] about Short Sale Checklist

Filed Under: Short Sales Tagged With: how to do a short sale, short sale blueprint, short sale checklist, short sales

Short Sale Questions

by Jarad 6 Comments

Common Short Sale Questions

short sale questionsThere 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

Filed Under: Short Sales Tagged With: foreclosure effects, short sale effects, short sale questions, short sales

Short Sale vs Foreclosure

by Jarad Leave a Comment

short sale vs foreclosureQuestion:  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

Filed Under: Foreclosure, Short Sales Tagged With: Foreclosure, short sale vs. foreclosure, short sales

Short Sale Options

by Jarad Leave a Comment

Question:  I recently went through and completed a short sale on my home after several unsuccessful attempts to get my lender to work with me on a loan modification.

short sale optionsI decided to go with the short sale thinking that it would be a better option on my credit rating vs. a foreclosure. I had a first and a second mortgage with the same lender (Chase) I purchased the home with an 80/20 loan and during the time that I owned the home I never refinanced or did anything that would have changed the “purchase money” status. The 1st mortgage balance was $320,000 and the 2nd mortgage was $83,000. [Read more…] about Short Sale Options

Filed Under: Short Sales Tagged With: short sale options, short sales

Transferring Property To Another Person

by Jarad 6 Comments

Transferring Property To Another Person – Is it Possible?

Transferring property to another personQuestion:  We are considering using a holding group and transferring our property to another person to avoid having to hassle with a short sale ourselves; in California, can my lender come after me for transferring property without their prior authorization? This holding group says they take care of everything including the lender.

Answer:  – Transferring property to another person using a quit claim deed or warranty deed is not illegal, however just because a different name shows up on title and a new owner is recorded on the county records, you are still liable for paying off the loan(s)! [Read more…] about Transferring Property To Another Person

Filed Under: Short Sales, Subject To Tagged With: short sale, short sales, subject to, transfering property, transfering real estate

Short Sale Credit Impact

by Jarad 3 Comments

Question:  I am working on a short sale with my primary lender and plan to move into my condo that was a rental. I have a second on the condo that is held by the same lender I’m doing a short sale with. This loan is floatin at todays rates. Do i need to worry about this loan when my credit goes south after the short sale and will i be able to refi it after a short sale

Answer:  – Your credit will be affected for a few years after the short sale. The short sale credit impact you feel will only be for a short sale and is not as bad as a foreclosure or bankruptcy. With a little diligence and credit repair, you should be able to refinance within a few years once your credit is established again and assuming your home value does not decrease. Lending and re-financing has tightened up a bit and good credit is still a big factor.

Filed Under: Short Sales Tagged With: credit, short sale credit impact, short sales

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