Stop Foreclosure

HOW TO PRICE A SHORT SALE?

2009-09-02T14:24:00.001-04:00

Short sale sellers who don't price their homes appropriately are unlikely to receive viable offers. That's because pricing needs to appeal to more than the buyer to ensure a short sale transaction will close. Pricing a short sale correctly involves choreographing a delicate dance between bringing in an offer and getting the bank to buy into that offer. Moreover, if a NOD or Notice of Default has been filed, time is of the essence. In that instance, there are only so many days left on the calendar before a short sale seller may lose the home to foreclosure. Price it wrong, and the home goes to the bank. That's one of many reasons why it's important to hire an experienced certified distressed property expert that has advanced knowledge and experience with short sales. The short sale price needs to be attractive to the following five parties: • The Short Sale Bank. Because short sales can take a minimum of 3 months to close from listing inception, the price should be based on pending or contingent sales, which will become the comparable sales at closing. Banks will generally accept an offer priced within reason of comparable sales. • The Buyer. Buyers that make offers on short sale properties typically want to buy under market; they want a good deal. Otherwise, buyers have little incentive to wait 60-90 days for a short sale to close. Sellers will catch a buyer's eye if the home is priced under the competition.

Obama's Home Loan Modification Program...Do you qualify?

2009-09-02T13:45:00.001-04:00

Who is eligible for Mortgage Relief Loan Modification?
Have obtained the mortgage before Jan 1, 2009
Have the primary mortgage of less than $729,000
May be default or at risk of the default
The home should be owner occupiedWho is NOT eligible?
Speculators, who bought as investment property
Not a jumbo mortgage loan
Those who misrepresented their income in the home loan applicationWhat you should do?
If your total debt (like car loans etc) is more than 55% of your income, you are still eligible but should undergo debt counseling.

You should prove that you have income to make loan repayments.

Refinance mortgage loan to low interest rates, rates cannot be less than 2%
The lender will lower the monthly payment to 31% of the gross income.
The refinance will last for 5 years
Borrowers who are prompt in making loan repayments will get incentive bonus of $1000 per year for 5 yearsIt is estimated that this could benefit 8 to 9 million homeowners from the new home loan modification procedures. Even if you don't meet the above eligible requirements you might still qualify for other Mortgage Modification Programs.

Short sales offer options

2009-07-08T11:51:00.001-04:00

Short sales offer options

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Short sales offer options

2009-07-06T18:50:00.001-04:00

Short sales offer options

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Toledo Short Sale Specialist

2009-06-18T19:48:00.000-04:00

For more information if you qualify for a potential short sale, visit www.stopmyOHforeclosure.com for free information. We are certified distressed property experts that help home owners facing a financial hardship get their house sold by negotiating with lenders to take less then what is owed on the property. Banks are working with Realtors to get the property from going to foreclosure.

FORECLOSURE PREVENTION

2009-01-29T17:20:00.000-05:00

Home owners need to be aware of the scam artist out there trying to charge home owners in distress large fees for loan modifications. Home owners can contact their own lenders and ask for refinancing options and/or loan modifications free of charge. There are also free counseling programs in the county and state. For those home owners that need to sell their homes to try to avoid foreclosure a short sale may be the best option. A short sale is a negotiation with the lenders this entered into when there is an offer to purchase on the property. Home owners should seek a real estate professional that has experience with distressed properties to learn about all their options. A Realtor with the Certified Distressed Property Expert designation has all the advanced education in this specialized field.

Short Sale Alternative

2009-01-20T15:10:00.000-05:00

Are you facing a financial hardship?
Temporary Loan Relief Alternatives
1. Forbearance is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Mortgage companies may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.

2. Reinstatement occurs when you pay your mortgage company the total amount you are behind, in a lump sum, by a specific date. This is often combined with forbearance.

3. Repayment plan is an agreement that gives you a fixed amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.

4. Loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modifications include: Adding missed payments to the existing loan balance, Making an adjustable-rate mortgage into a fixed-rate mortgage, Extending the number of years you have to repay.

Permanent Loan Relief Alternatives
1. Assumption permits a buyer who qualifies with the existing lender to take over your mortgage debt and pay the mortgage payments, even if the mortgage is non-assumable. As a result, you may be able to sell your property and avoid foreclosure.

2. Short Sale if you can sell your house but the sale proceeds are less than the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and then write off the portion of your mortgage that exceeds the net proceeds from the sale.

3. Deed-In-Lieu of Foreclosure your mortgage company may agree to a deed-in-lieu of foreclosure if you agree to voluntarily transfer title of your property to your mortgage company in exchange for cancellation of your mortgage debt. In most cases, you must attempt to sell your home for its fair market value for at least 90 days before a mortgage company will consider this option. This option may be unavailable if there are other liens on your home, such as judgments from other creditors, second mortgages, or tax liens.

4. Foreclosure a legal process in which a lender takes the title or forces the sale of a property as a result of the borrower’s failure to comply with the terms and conditions of the mortgage.

Homeowners Facing Tough Times

2009-01-07T15:30:00.000-05:00

Every day there seems to be more and more talk on local business in East Tennessee downsizing, laying off, or filing bankruptcy. This could be devastating to families in our area as the unemployment rate grows. This real estate market has caused unbearable stress and heartache to families that find themselves falling behind on their mortgage payments and not knowing their options. If you or someone you know are in this situation, have them call a certified distressed property expert so they can learn about what options are available to them. WE are here to help families save their credit and relieve the uncertainty. Contact Don or Kim Rose at 865-675-7283 or visit www.stopmyTNforeclosure and let's get started on the path to recovery.

What is a Short Sale

2008-12-01T13:26:00.000-05:00

WHAT IS A “SHORT SALE?”

A short sale is one way, with the help of a knowledgeable Realtor, to relieve the financial strain on families due to changes in the housing market. The “nothing-down” 80/20 mortgages that were used to purchase a home over the last few years may have made sense at the time, but now the home may be worth less than what’s owed, due to declines in market values. Unfortunately, some owners can’t wait for the problem to resolve itself over time through property appreciation. They need to sell now, either because of financial hardship, a job loss, divorce, or because they need to relocate.

One option for a seller is a “short sale”. A short sale occurs when the net proceeds from the sale of a home are not enough to cover the seller’s mortgage obligations and closing cost, and the seller is unable to cover the difference. The Realtor’s job is to negotiate for the seller and show the lender that it is in the lender’s best interest to accept the short sale vs. foreclosing on the property. Since the short sale process involves a lot of detailed paperwork, problem-solving skills, and persistence, a homeowner should utilize a professional who understands the process. Some sellers think they can’t afford a Realtor, so they try to sell the home on their own. Many don’t realize that in a short sale, the lender pays the broker’s commission.

For more information or to confidentially explore a short sale option, please call Don or Kim Rose at Assist-2-Sell, Buyers and Sellers Realty (865) 675-7283.

Stop Foreclosure

2008-11-30T13:19:00.000-05:00

Many homesellers are facing financial hardships that find themselves behind on their mortgage payments for various reasons. In many situations, a short sale can be the best option for homeowners who cannot affored to keep their home due to job loss, divorce, escalting adjustable rate mortgage payments or other hardships. A short sale occurs when the proceeds from the sale of a home are not enough to cover the mortgage payoff and the seller is unable to cover the shortfall. It is paramount that homeowners that find themselves in this situation contact a local REALTOR that has experience in this type of real estate transaction. Most homesellers do not realize the sales commission is lender paid. A short sale is much better for the homeseller as a foreclosure can be detrimental to their credit report, potetial loss in employment, insurance rate increases, etc. If you or someone you know is in this situation, have them contact an expert in this field. Kim Rose of Assist-2-Sell, Buyers and Sellers Realty is a certified distress property expert and is available for free consultation 865-466-2286.