realestatemarketingthisweek.com - Real Estate Marketing - Rent skimming and other foreclosure scams. Home Owner Beware. - With Michael J Barnes, Brett Fallon and Dan Havey of Real Estate Marketing This Week Part 8 - And what rent skimming is, a shark as I like to call them, a shark will go out and find a vacant house, and they will go in and change the locks and maybe clean it up a little if need be but then they will rent it out to somebody. They will move that person into the house, they will get their $1000 or $1500 a month rent payment on the house, and 3 or 4 months down the road the repo man comes knocking on the door and says, hey you have to get out. He says this to the tenant of course and the tenant says, hey you dont own the house, and it turns out that the guy that they were paying rent from for the last 3 or 4 months didnt own the house either. So you are talking about somebody, a shark, who goes out and finds a vacant house, breaks in, changes the locks, cleans it up, puts it up on Craigs list and rents it out and collects the money. He never owned the house, he never had any rights to the house, then all of a sudden the sheriff shows up and says you have to go. How can that be legal? Well its not legal; its not legal at all. Because the person who rented you the house knows that they dont own the house, now of course the tenant doesnt know that. Now under Fannie Maes new guidelines, that tenant, if they are lucky enough to have Fannie Mae own that property …

Hi - I am considering entering into a short sale of my townhouse, but I was wondering if anyone can advise me on if whether or not the Mortgage Forgiveness Debt Relief Act 2007, applies to the difference between what I purchased the townhouse for in 2006 and what it will ultimately sell for (much lower) in 2008? Thank you in advance!

I would like to short sale the property I stay in, but the person who is on the mortgage (my business partner) does not want to hurt his credit…so he is afraid to sale the property for less than what is owed. The property needs a lot of work and is not worth what is owed and the mortgage payments are barely making it in on time. The bank will not do a modification. Is there anyway to short sale your property and not have a negative mark on the credit afterwards?

Arizona Homeowners – How a Short Sale Can Set You Free if You Are Drowning in Your Mortgage

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Home Page > Home and Family > Arizona Homeowners – How a Short Sale Can Set You Free if You Are Drowning in Your Mortgage

Arizona Homeowners – How a Short Sale Can Set You Free if You Are Drowning in Your Mortgage

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Posted: Apr 28, 2010 |Comments: 0
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Whether you live in Phoenix, Scottsdale, Mesa or Glendale, you may find that you just cannot afford your mortgage any longer.  In fact, you may owe more on your home than what it is worth, and it seems you are getting farther and farther behind.  A short sale is a viable option for those who see no way out of their dilemma, and fear they are facing foreclosure.  An experienced Arizona realtor can help you understand the process, and also assist you in all negotiations should you decide the short sale route is right for you.

 

Are you already months behind in your mortgage payments?  Foreclosure may be just a few weeks away, and is something you really want to avoid.  While you may hear bad things about a short sale, most of that is due to the fact that it can be a lengthy process – but if you have a reputable real estate agent, it can be much simpler and accomplished in far less time.

 

One thing many people find attractive about the short sale is that they can honestly tell friends and family they sold their home and avoid embarrassment often associated with foreclosure.  You can also avoid having your credit completely destroyed, which can be devastating for some people.  When your credit is demolished, you are looking at about 7 years of not being able to purchase anything on credit – even another home.

 

A short sale will affect your credit rating somewhat, but not like foreclosure does.  You will likely be able to purchase another home in two years or less.  Why do you need an Arizona realtor if you decide to go this route?  They will help you negotiate with your lender, and also help you find a buyer for your home.  Your lender must approve the offer of the buyer; a good agent can make sure that the price the buyer is offering is in the ball park, so that you do not waste time.

 

As long as you can prove good reason for why you can no longer pay your mortgage and your lender agrees, a short sale may be just the solution to your problem.  Lenders would rather have some money on your home, because they are not in the business of owning vacant properties.  If you live in Phoenix, Scottsdale, Glendale, Mesa or surrounding areas and need to consult with a professional, contact an experienced, Certified Arizona short sale realtor today.

Maureen Karpinski

Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

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Maureen has been in the real estate industry for 36 years as an agent and broker/owner of her own company. She prides herself in successful negotiation for both buyer and sellers and in building successful portfolios for investors. She is proud of her Agent friendly office environment that is her own creation and the caliber of real estate agents she has working for her

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
What are tax implications of short sale ?
What are the repercussions of a short sale ?

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I’m 6 months behind on my mortgage. How much longer can I keep it this way till I can no longer short sell?

When can it be considered foreclosed?

Can I just surrender the keys to the bank lender?

Also regarding the short sale :
if i am to notify my renter, when do I have to do it: at the start of the short sale advertisement which might end up scaring him off, leave, and stop paying the rent and utilities, or until a buyer has expressed interest since it might take a while for the bank to approve the short sale. The renter is not interested in buying the house.

Also, please take note that I don’t care about ruining my credit as a result of this short sale or foreclosure. I just need to get out of it but it is no longer a wise investment as it has lost more than half of its original value.

Dealing with the Bank on Your Underwater Mortgage Short Sale

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Home Page > Finance > Mortgage > Dealing with the Bank on Your Underwater Mortgage Short Sale

Dealing with the Bank on Your Underwater Mortgage Short Sale

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Posted: Aug 18, 2010 |Comments: 0
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When you’ve found out you’re in an underwater mortgage and you’re having financial troubles, the bank is the last thing you want to deal with, isn’t it?

Sadly, the bank is the first thing you’re going to have to deal with. For what it’s worth, though, Kristin and I have been through what you’re going through right now. We’re fine, our family is fine, and we’ve managed to get out of our underwater mortgage situation without going into poverty.

And we’re going to tell you everything you need to know to do the same thing through our website and in our Special Reports and e-book. OK? Good! So let’s get started.

As we said, you do need to deal with your mortgage lender when you’re in this situation. And we recommend that you hire a professional Realtor, who is educated in short sales, to negotiate your short sale with your lender.  Don’t worry, we can help you locate a good short sale realtor in your area, just contact us.

Now, lending institutions by and large still haven’t gotten up to speed on the fact that short sales save them money. They want every penny of profit on your mortgage that they can milk out of you—not what your house is actually worth now. But with a nationwide inventory of 1.1 million foreclosed houses, even the banks are starting to understand the reality of underwater mortgages.

So, set your Realtor loose on your mortgage lender. He or she is qualified to bargain for you on everything from the actual value of your house, to persuading your lender to accept what the house sells for rather than coming after you for a deficiency judgment—the difference between the sale price of the house and the amount you owe on your mortgage.

You also want to be aware that there’s a new federal program that’s been in place since April to speed up the short sale process. Your Realtor may even have to educate your mortgage lender about Home Affordable Foreclosures Alternatives, or HAFA, which is a program that provides some money in short sale situations to mortgage lenders and, for a change, to homeowners.

Now, one thing that we recommend you do before you approach your mortgage lender is to be sure that you’ve closed any other accounts you have with that institution. If at all possible, put whatever money you do have in the accounts of trusted friends and family members for safekeeping.

Next, its time to list your house. Don’t let your mortgage holder choose your Realtor or listing agent. And don’t let the mortgage holder set the price for your house.

One thing you need to know before you begin this process is that your mortgage lender’s employees might try to play mind games on you. They’re going to tell you that you should try borrowing from friends and family; they’re going to tell you that you have some kind of obligation to the bank to pay that mortgage, underwater or not.

Don’t listen to them. How you choose to deal with your underwater mortgage is a business decision, not a moral decision. The moral decision, in fact, is to put yourself and your family first! Whatever you do, don’t start feeling sorry for the mortgage lender. While the government is just starting to make some money available to help homeowners with short sales, remember—they gave the banks a free ride with bailouts!

Your financial future is on the line. The mortgage lender’s CEO? He or she is going to get paid millions in bonuses this year whether you get out from under your underwater mortgage or not.

So, yes—hire a Realtor to negotiate and navigate a short sale for you.  Contact us if you’d like help finding a professional, certified Realtor in your area, who’s truly educated in short sales.  And if the lender won’t accept a short sale, it’s time to consider foreclosing. There is no reason at all that people should allow an underwater mortgage to ruin their lives!

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Bud Gragg -
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Bud and Kristin Gragg have over thirty years of Real Estate sales, investing, and development experience combined, they have just survived liquidating over 24 million in underwater investment Real Estate and their incredible story needs to be heard by millions right now. Go To: http://www.TheUnderwaterMortgage.com where you can get a FREE Special Report “Underwater Mortgage Secrets: What the Banks Don’t Want You to Know” Just for stopping by!! If you or anyone you know is Underwater in their home or any of their investment properties - the information on http://www.TheUnderwaterMortgage.com is an absolute must!

Bud and Kristin Gragg
The Underwater Mortgage
101 N Coloradro St Suite 2710
Chandler AZ 85225

480-497-5600

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I was denied a Hamp mod due to NPV caculations. My lender will not explain these terms to me. They said they cannot help me. I need to short sale and get out. Can u please help me
What are tax implications of short sale ?
What are the repercussions of a short sale ?

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Aug 23, 2010

Coming Soon to Your Neighborhood: Falling Home Values Mean More Underwater Mortgages

If you think the tidal wave of underwater mortgages has receded, think again. The fact is that the underwater mortgage situation is almost certainly going to get worse before it gets better. Why is that? In part because of an ugly little mortgage product called adjustable rate mortgages, or ARMs.

By:
Bud Graggl

Finance>
Real Estatel
Aug 23, 2010

More People Walking Away from Underwater Mortgages

No one knows for certain the exact percentage of foreclosures that are the result of people’s decisions to walk away from underwater mortgages, but we do know those numbers are on the rise. Reports indicate that from 14% to 18% of mortgage foreclosures are actually strategic defaults

By:
Bud Graggl

Finance>
Mortgagel
Aug 23, 2010

What is an Underwater Mortgage?

If you read the news at all, you’ve probably seen the term “underwater mortgage,” but do you know that that means? When a mortgage is underwater, it means that the homeowner owes more on the mortgage than the house is actually worth.

By:
Bud Graggl

Finance>
Mortgagel
Aug 23, 2010

Mortgage Advice from an Industry Professional

Normally the kind of mortgage advice we give is for people who may need to get out of their mortgages. But what if you’re looking to dive into the housing market? What kind of mortgage advice do you need? Well, it certainly is a buyer’s market out there with over a million foreclosed houses alone available for sale! If you’re moving to take a new job or just like the idea of owning the place where you live, this might seem like a great time to invest in a mortgage and in a roof over your head

By:
Bud Graggl

Finance>
Real Estatel
Aug 23, 2010

Your Life or Your House: Key Questions to Ask Yourself If You’re Facing an Underwater Mortgage

We aren’t assuming that there’s a one-size-fits-all answer to the question of what to do if you’re dealing with an underwater mortgage. You’re going to want to factor in a lot of different criteria before you decide whether to keep the house, try to short sell it, or walk away and foreclose on it.

By:
Bud Graggl

Finance>
Personal Financel
Aug 23, 2010

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We have been waiting for over 30 days for an answer on a short sale property offer we made on a house that the current owner will abandon as part of filing Chapter 11bankrutpcy. The bank (Homecomings Financial) has been totally unresponsive whenever our Realtor makes contact with them–their consistent reply is: “we don’t know when it will be approved, it can take 30-60 days and sometimes 90″.

The basic question is: what are they doing? The only explanation is that our file is sitting somewhere on someone’s desk waiting to be worked. It baffles me that in light of the escalation of defaults and foreclosures in the market that lenders are caught unprepared to quickly evaluate short sale offers that, relative to entering foreclosure or repossession and resale (REO) of the home, could save them tens if not hundreds of thousands of dollars. We are about to give up as we won’t be able to sell our home quickly enough before the fall slow down if we don’t get a decision soon.

Our bank told us that in order for them to even consider approving us for a short sale, we must stop paying our mortgage for 3 months (we understand the impact this has on our credit). What we don’t know is once we are approved for a short sale, do we start paying the mortgage again or a portion of the mortgage? I would think if we stop paying, the bank would foreclose on us. What’s the difference between not paying in a short sale and not paying in a foreclosure?

Thanks for your help!

Condo in California, loan with Indymac Bank. If I am delinquent for 3 months and disapproved for a loan modification, how much longer will I have to attempt a short sale?

Before we talk about short sales as a solution to your underwater mortgage, we want to give you a quick primer about the alternatives. That way you can compare short selling to the rest of the options you have when you’re faced with an underwater mortgage.

Now for the purposes of this article, we’re assuming that you can’t afford to pay the monthly payment on your underwater mortgage anymore. That’s the situation that most people who find our website find themselves in. With that said, here are some of the other options:

Applying for a loan modification can certainly delay or draw out a foreclosure, but fewer than 3% of homeowners actually qualify. And two of the available options will end up with you eventually paying more for your mortgage than you originally signed up for! But, if you can get the modification and when you do the math it makes sense to you, go for it.

You could give your mortgage lender a “deed in lieu.” This means you hand over the deed and the keys, and you walk away from the house. This is not a good option! Why? Because most mortgage lenders will hound you relentlessly about paying the difference between what they can sell the house for and the total amount of your mortgage. And because mortgage lenders aren’t set up to be real estate offices, they will sell your house for pennies on the dollar just to get rid of it.

The next option is foreclosure. With foreclosure, you can keep living in your house mortgage-payment free until you get an eviction notice. You’ll have to manage your way through a few years of less-than-stellar credit, but Kristin and I have been through this option, and it’s worked out well for us so far. You may also have to worry about your lender coming after you for the difference between the eventual foreclosure sale price and the amount you owe on your mortgage.

So how is a short sale different? With a short sale, the mortgage lender agrees to let you sell your house and agrees to take the price you get for it as a payoff on the mortgage!  And the right Realtor may be able to negotiate verbiage into the Agreement Notice (the approval on the short sale you receive from your lender) so your lender won’t come after you for the deficit.  We bet you can see the advantages here right away.

You’re out from under your underwater mortgage. You’ll be able to live in your house payment-free until it’s sold. And your credit rating won’t suffer as much!

There’s even a new federal program that might give you up to $3000 to relocate. It’s about time the government started helping homeowners, isn’t it?

Short sales do take some work on your part though. You’ll have to hire an experienced, certified, short sale Realtor to negotiate with your lender. You’ll have to provide lots of documentation to your Realtor, so they can pass it along to your lender.  You’ll also have to prove financial hardship.

This might all seem hard. But when you’re dealing with an underwater mortgage on top of everything else, a short sale can be the best solution to your problems. At best, you sell your house and walk away scot-free. At worst, you delay foreclosure, sometimes up to a year or more.

Just be patient and don’t fall under the illusion that short sales are, well, short. They can take up to a year, just like any other housing sale! But spending a year without paying on your underwater mortgage isn’t a bad payoff for that kind of patience, is it?

Please don’t stress over finding the right Realtor to short sell your home.  We can help.  Just contact us and we will find a professional, certified short sale Realtor in your area.