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A short sale happens with a mortgage lender who holds your loan agrees to accept the short amount of the sale as payment in full. Not every lender will accept a short sale even if you meet all of the requirements for one. The bank will make their decision based on what makes the most sense for the bank. If the short sale will save them money on the foreclosure they are likely to accept the short sale. On the other hand, if the terms of the short sale are not that good, the bank may decide to foreclose on your home instead.

Not every home qualifies for a short sale. In order to take advantage
of the short sale to avoid bankruptcy you have to meet these
qualifications:

1 - Your home has to have suffered a market value drop. This market
drop must be a result of falling comparable sale prices in your area. It
also must reduce the value of your home too less than your current
loan balance.

2 - Your Mortgage must be in or near default status. You must be in
one of the three stages of foreclosure, or you must be able to
demonstrate to the bank that you soon will be under your current
circumstances.

3 – The cause of your situation must be the result of your having fallen
upon hard times. Losing your income, divorce, and medical
emergencies are examples of falling on hard times. Simply spending
your money unwisely does not count. Things like pregnancy or lifestyle
changes also do not qualify as hardships for a short sale. You will have
to submit a hardship letter to the mortgage lender explaining your
circumstances and the reasons you have or soon will cease to make
your monthly mortgage payments and why you cannot pay the
deficiency when the home sells.

4 – You must not have assets. You will have to produce tax returns,
financial statements, and other legal documents to demonstrate that
you have no assets that can be used to make up the deficiency. If you
do have assets the lender may discount the deficiency to allow you to
pay a portion of it, or they may deny the short sale request.

Once these requirements are met, you must still find a realtor to sell
the home on a short sale, a buyer to buy the home, and the lender will
have to approve the buyer’s offer. If any of these conditions are not
met, you will not qualify for a real estate short sale. You may still be
able to avoid foreclosure through refinancing or a loan modification.

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Take Help Of Short sale Scholars To Avoid Foreclosure

Posted by Usual in Short Sales, tags: Avoid, Foreclosure, Help, Sale, Scholars, Short, take

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Dec 06 2010

Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

Posted by Usual in Lender Approved Short Sales, tags: Argue, Avoid, Leadership, Lenders, Sale, Series, Short, Temptation

Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

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Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

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Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

By: Art Lee

About the Author

For more information on becoming a Short Sale Education Leader in your community, join WHB Solution’s community of Short Sale Classes and join short sale experts at www.whbsolutions.com/members.

(ArticlesBase SC #2519334)

Article Source: http://www.articlesbase.com/ - Short Sale Leadership Series - Avoid the Temptation to Argue with Lenders

The application process for short sales may appear to lack rhyme or reason, and we may find ourselves in situations where we attempt to fight the process in the hopes of bypassing the bank’s inefficiencies in order to get a faster approval for the short sale transaction. Criticizing the process, or attempting to bypass the rules, often result in the opposite result – a short sale application that loses all momentum, while files that are following the normal process pass them by.

For example, Bank of America recently incorporated an automated short sale system called Equator. The stopped accepting fax applications, and required Realtors to enroll into the Equator system to initiate any new short sale applications. Furthermore, they required the borrower to also enroll, and log in to the Equator system to input their financial details, and to upload financial documentation that supported their hardship. Also, they were asking for private information from the Buyer, such as their date of birth and social security number.

The files we initially submitted into the system were rejected without a clear explanation. Error messages appeared, and the Bank of America employees did not have the proper training to explain or resolve these error messages. There were times when we tried to submit a document multiple times, and upon an unsuccessful third attempt, we were locked out of the system.

With each of these events, we attempted to escalate our issue because the Equator system was making the process slower instead of faster. We spoke to management to request that the file be processed in the old system, at the same time that they were receiving the same request from a majority of applications being entered into equator. None of our requests were granted, and were told to just start the process over and hope for the best.

It was not until we made an honest attempt to understand what was valuable to the lender in the transition to the automated Equator system. Their goal was to provide a system for sellers and their agents to accurately and consistently deliver information to the loss mitigation department. Another goal was to have all of the documents available in a central location, instead of files being lost or misplaced. Finally, they wanted to have a repeatable process that resulted a decreased amount of time required to process each short sale application.

In one of our situations, we entered the short sale application into Equator, and received an error message each time. We recorded each screen, including the screen containing the error message that prevent us from completing the online short sale application. We then offered to provide to a Bank of America manager a copy of our files, and all of the steps that we did in order to reach this error message. The manager was able to reproduce our error, was unsuccessful in using her manual override tools to force the application through, and referred the matter to the technical support department.

Because she determined that it was impossible for our file to be processed by the Equator system, and that we provided her with information that would help them troubleshoot their software, she agreed to manually process the file. We received an approval letter within 10 days. By following the rules, and by understanding the bank’s objectives, we were able to arrive at a win-win solution for each party. We got our approval letter, and the bank received the detailed feedback they needed to improve their software.

Look out for our future blogs/articles from our Short Sale Leadership Series content.

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Art Lee -
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For more information on becoming a Short Sale Education Leader in your community, join WHB Solution’s community of Short Sale Classes and join short sale experts at www.whbsolutions.com/members.

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Article Tags:
short sale leadership, short sale classes, short sale education, short sale program, short sale success, short sale trends, short sales, real estate agents, short sales opportunities

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Follow through with your commitments

The timeline for the short sale process can be extremely long and will test your patience. Once a file is submitted to the lender, it is processed according to the bank timeline. While you may be limited in your ability to try and speed up the process, you do have the ability to avoid items or circumstances that cause delays in processing time.

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Document All Conversations and Transaction Details

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Use Phrases That Promote Collaboration

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Set a Tone of Collaboration

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Review Important Purchase Contract Details with Lender

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Providing Professional Guidance to Distressed Homeowners

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When a Buyer Walks Away - Short Sale Education

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For more information on becoming a Short Sale Education Leader in your community, join WHB Solution’s community of Short Sale Classes and join short sale experts at

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Sep 15 2010

Central Florida Realtor amp; Short Sale Expert Paul Antonelli Hosting Radio Show to Help Struggling Homeowners Avoid …

Posted by Usual in Bank approved short sales, tags: Antonelli, Avoid, Central, Expert, Florida, Help, Homeowners, Hosting, Paul, Radio, realtor, Sale, Short, Show, Struggling

Central Florida Realtor amp; Short Sale Expert Paul Antonelli Hosting Radio Show to Help Struggling Homeowners Avoid …
KISSIMMEE, FL With thousands of Florida properties already in foreclosure and scores more on the brink, Central Florida Realtor Paul Antonelli of Coldwell Banker Ackley Realty has launched a local weekly radio show aimed at helping struggling homeowners.Antonelli, who kicked off his Central Florida Real Estate Talk Show on station Big 810 AM Radio www.big810am.com on …

Short Sales Get New Rules - How to Avoid Foreclosure

Posted by Usual in Lender Approved Short Sales, tags: Avoid, Foreclosure, Rules, Sales, Short

Families under water in debt and facing foreclosure have several different options. You may have seen commercials for debt negotiation, or you may have heard about loan modifications. There is also a practice called short selling, that the Home Affordable Foreclosure Alternatives (HAFA) program gave new rules. These new regulations are good for some homeowners, but others still won’t qualify.

A short sale is when you and your lender make an agreement to sell your home as a way to avoid foreclosure. Don’t think that the bank is doing you any favors by offering you a short sale—banks tend to just offer short sales when they believe they can lose less money. Short sales benefit both the bank and the borrower—the lender won’t lose as much money as they do in foreclosure, and your credit history won’t have the typically big impact of a foreclosure. But, the borrower does not keep the house, and the borrower may still have to pay the deficiency, or the difference between the lower selling price and the higher value of the mortgage.

These are a few things that HAFA changed to make short sales more efficient:

1. Pre-approved terms of sale. Before, many people just walked into a short sale without knowing whether their lender would accept the terms of the sale of the house. Now, this rule makes it so banks are less inclined to just back out of a sale for any reason whatsoever because they have terms that are spelled out beforehand.

2. Eligibility requirements. A lot of people - just like with loan modifications—apply for a short sale who weren’t able to qualify. Today the qualifications for short sales are clear. In order to be approved according to the new regulations, your mortgage must have been signed prior to 2009, the unpaid principle must be under $720,750, and the house must be your primary residence.

3. The lender has to do more work. Thankfully, a lender has to approve or deny a short sale within 10 days–also, they will be required to offer a short sale to people facing foreclosure. One of the best parts of this plan for homeowners is that lenders aren’t allowed to collect deficiency balances for the first or second loan. These new rules will help many people who face foreclosure today, but unfortunately, a short sale isn’t going to get everybody protection from foreclosure. There will still be those hard working folks who wont be approved for a short sale for whatever reason and need another way to get protection from foreclosure.

A lot of times short sales can be more beneficial than a foreclosure, but for families who cant get one there are other possible options. Moreover, you get a protection from creditors in a Chapter 13 bankruptcy that you may not get in a short sale. Your harassing creditor calls will stop. More than anything else, though, you can get protection from foreclosure in a Chapter 13 bankruptcy. Chapter 13 bankruptcy can offer hardworking families the fresh start they need to put debt behind them and to stay in their home.

Jim Brown is the founder and owner of Castle Law Office of St. Louis, P.C. He has been filing bankruptcy cases in Missouri since 1994 and has released several publications based on his experience. You can find these publications and more information by visiting his website at http://www.CastleLaw.net .

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Aug 03 2010

1 Legal Short Sales - Avoid Foreclosure

Posted by Usual in Short Sales, tags: Avoid, Foreclosure, Legal, Sales, Short

Trilogy Property Solutions, the Legal Short Sale Specialists, interviews Ron Ballard, top short sale attorney on the current state of real estate market to stay on the cutting edge of helping homeowners in foreclosure with doing short sales correctly, legally, and ethically. Its our priority to constantly be aware of new California real estate regulations to make sure that everything we do is moral and abides all foreclosure laws designed to protect homeowners from people who are taking advantage of distressed homeowners. At lunch with Ron Ballard, Esq., and Jeff Watson, Esq. the two top short sales attorneys in the country, we learned even more on how to help home owners legally, correctly, and ethically in this ever changing legal climate on real estate, especially here in California! These times are definitely exposing the greedy from the helpful. Short sales can be done ethically or unethically, and its crucial that homeowners and realtors screen the parties they get involved with carefully. Legal and ethical short sales are done with complete transparency and full disclosure to all parties; the bank, the homeowner, the realtors. This is created through the right documentation and information provided to the right parties at the right time. If someone does not know what theyre doing, they can possibly create enough chaos to lead the property straight to foreclosure. Many realtors are not trained well enough in short sales to prevent a foreclosure, but many homeowners …

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Jul 17 2010

Top Ten Reasons Real Estate Agents Avoid Short Sales - Short Sales Success

Posted by Usual in Lender Approved Short Sales, tags: Agents, Avoid, Estate, Real, Reasons, Sales, Short, success

Short Sales are frustrating. This is a fact. After helping hundreds of real estate agents analyze and close their short sale deals, WHB Solutions has always asked why, without our help, they would avoid short sales. Many of the answers that come back were consistent with what all real estate professionals have been experiencing with short sales. The main difference in why they decided to pursue short sales was because they discovered WHB Solutions.

WHB Solutions have created a community of short sale experts and real estate professionals working with short sale transactions. It is due to our collaboration that we have been able to get short sales approved. Lender short sale approval guidelines have been a mystery, but through collaboration, we have narrowed down the lender trends and strategies that work and have clearly documented our best practices with short sales. Our short sale strategies have gotten 90% lender approvals on our short sale transactions.

The following are the top ten reasons why real estate professionals avoid short sales:

1) Bankruptcy – When a homeowner files for bankruptcy, it helps to stop a foreclosure process. A short sale can still be performed, but it requires an approval from the bankruptcy attorney to release the property so a short sale attempt can be made. This is just means extra work for a real estate professional and it may increase the time to close a short sale, but it can still be done.

2) Sellers Misleading – When qualifying a homeowner for a short sale, the homeowner must be cooperative. Many homeowners start the process of a short sale yet to cancel the transaction midstream by deciding to walk away from the home or file bankruptcy. If you feel that a homeowner may not have true intentions of going through a short sale, you should walk away.

3) Multiple Lenders – We have closed short sales with multiple lien holders. For example, we had one file that was in bankruptcy, had two mortgage lenders, and five separate tax liens. It was because of a cooperative homeowner, we were able to get the short sale closed.

4) Lack of Agent Knowledge – Many real estate professionals have not done short sales and based on our experience it takes a dedicated resource handling short sales day in and day out to understand what it takes to get a short sale approved and closed. We provide all information to how a short sale needs to be properly processed for a high chance of approval and this is based on the hundreds of short sale files we have analyzed and closed.

5) Banks Taking too long to respond – As in any business, building relationships is important when working with a lender who takes too long to review a short sale file. WHB Solutions has worked enough short sale deals with lenders that we have actually been asked to send future short sale files to the same negotiator because of our proven experience. Many real estate professionals don’t do a high volume of short sales and are not able to establish any strong relationship with lenders.

6) Client Knowledge on consequences – Many real estate professionals do not know how to explain to their clients the consequences of a short sale and do not push for the homeowner to seek professional help when looking at their best options. It is this fact that causes a homeowner to not even attempt a short sale or stop mid-stream in a short sale process.

7) Lack of Communication – We have learned from the experience of multiple short sale transactions that communication has been a key factor to ensure the success of short sale transaction. Buyers were not updated with progress and end up looking for another home. Frequent touch points with the lender were not made and deals fell through because someone did not do their job and the property was sold at an auction. There are many reasons short sales fail due to lack of communication.

Consistency – Every lender has a different timeline when processing short sales and many real estate professionals have experienced inconsistent results, which causes a low level of confidence when working with short sales. All of our short sale education materials teach best practices that we have used to close our short sales that have been proven to work, regardless of the lien holder.

9) Buyers Walking – This is a major concern for any short sale transaction. Putting in hours of work, yet to have it fall apart because a buyer walks away from a deal is not a good feeling. That is why it is important to continue finding backup buyers and setting the right expectations with the current buyer.

10) Staffing/Resource Issues – It is possible for a real estate professional to single handedly become a short sale expert. But it is our opinion that the best results occur when there is a team in place. Unless short sales are 100% of your sale pipeline, one resource cannot be used to make endless phone calls to a lender to get a single transaction closed. Our short sale training materials is formatted in such a way that a single resource can work through a single short sale transaction to closure. Being a member of our short sale community will also aid to the success of any short sale file.

Full Article Resourse: www.whbsolutions.com/blog/

To learn more about how to qualify the best candidate for your short sale transaction visit whbsolutions.com. The number one factor in becoming successful in Short Sale Education, Short Sale Success and Short Sales is to learn how to pre-qualify your deal which includes finding the right buyer.

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Jun 27 2010

Short Sale Tips: Working With your Lender to Avoid Foreclosure

Posted by Usual in Lender Approved Short Sales, tags: Avoid, Foreclosure, Lender, Sale, Short, TIPS, Working

A Short Sale Can Stop Home Foreclosure & Save Your Credit

Nothing is as detrimental to your credit rating as late mortgage payments and foreclosures. If you have fallen behind on your mortgage payments and are facing home foreclosure, you should consider using a short sale to sell your home now and avoid foreclosure.

One of the most common questions that homeowners ask is, “can I still sell my home if I am in foreclosure?” A Short Sale is simply selling your property for less than what is owed with the permission of your mortgage lender. It is not as complicated as many foreclosure advice experts make it sound, and is one of the best forms of foreclosure help available. There are three steps to closing a short sale: short sale pre-qualification, marketing the property, and closing the short sale.

The first step, short sale pre-qualification, is when you contact your lender and explain that your financial situation has changed and you wish to avoid foreclosure by selling your home. Most lenders have a short sale application that can be faxed or emailed. The application will tell you what documents you will need to gather and submit to your lender in order for them to determine if a short sale is an option. Common documents include paycheck stubs, tax returns, hardship letter, and bank statements. These items show your lender that you are not in a position to repay the loan.

Once your file has been pre-qualified for a short sale, you will market the property to find a qualified buyer. This means hiring a realtor and, if you can afford it, advertising your property in your local newspaper or other real estate publications. Remember, you are not trying to profit from the sale or cover what is owed to your lender. You are simply trying to stop home foreclosure and avoid have a foreclosure on your credit history by helping your lender recover as much of the money they loaned you as possible. It is also important to remember that the foreclosure process can be quite lengthy in some states, so don’t give up using a short sale to avoid foreclosure just because you do not find a buyer immediately.

Lastly, once you have found a qualified buyer, you will submit your purchase contract and the buyer’s credentials (pre-approval letter or proof of funds to close) to your lender. If your lender accepts the offer, then the deal is sent to a title company who will facilitate the closing of escrow. It is also important to order any city of point of sale inspections or other inspections as to avoid delaying your buyer from closing on time.

Once you have completed these steps, you will have stopped home foreclosure and your credit rating will be much better, in most cases, than if you had simply done nothing and lost your home through the foreclosure process. A short sale is a great option to anyone trying to avoid foreclosure.

This article was submitted by the Loss Mitigation staff of ILMG. We offer free short sale advice and can

help you avoid foreclosure today!

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Jun 14 2010

What bill did George Bush sign about helping homeowners with short sales avoid a 1099?

Posted by Usual in Short Sales, tags: 1099, about, Avoid, bill, Bush, George, helping, Homeowners, Sales, Short, sign

A few weeks ago I heard about President Bush signing something to help homeowners avoid paying taxes on their short sales. Banks would issue a 1099 when a short sale was approved, and be taxed on their short sale savings. I need a link to read about that story, please. Thank you !!

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Mar 22 2010

RE/MAX Agents Help Homeowners Avoid Foreclosure with Short Sales

Posted by Usual in Short Sales, tags: Agents, Avoid, Foreclosure, Help, Homeowners, RE/MAX, Sales, Short

There may be another option to save you and your home from foreclosure. Short sales allow you to avoid foreclosure and salvage your credit. Contact a knowledgeable RE/MAX agent to find out more.

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