Charleston SC – The Stop Foreclosure Institute recently received a question from John. Here is John’s Question.
“I am trying to buy a short sale. I have been waiting on an answer to my offer for 6 months. The agent tells me we should have an answer any day.
But, they’ve been saying that for a long time already. What should I do? John.”
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
John, I think you should run for the hills. We see a lot of agents quote 6-8 months for a short sale response. Those agents simply don’t know what they are talking about.
We have processed short sales with the most difficult lenders in an average of 2-3 months. The key is aggressive follow up. You have to check on the status of the file twice a week.
The reason a short sale would take 6-8 months on average is because the agent isn’t doing that. If it takes more than a week to get a response to a question or call, then we contact the CEO of the lender and the local newspapers.
It has taken a week to get a response to a simple question. We had a short sale negotiator that we had been working with on a file. We had already talked back and forth several times.
He told us that he was waiting on 1 item and then he could make a decision on the short sale. That item was going to be completed in 3-4 days.
We waited a week and then started calling him. I would call and e-mail him once each day. We still hadn’t heard from him after a week of e-mailing and leaving messages.
We think that is pathetic and incompetent. Don’t you agree? It shouldn’t take a professional more than a week to respond to a voicemail, should it?
At that point we contacted the CEO’s office. We told them that if we didn’t have a response in 24 hours, then we would contact Fannie Mae. (Fannie Mae owned the loan.)
Needless to say, he got back to us right away. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: Do Short Sales Really Take 6-8 Months? is provided as a courtesy to our viewers to help them make informed decisions.
Thursday, March 31, 2011
Wednesday, March 30, 2011
Charleston Short Sales: How Do I Get A Loan Mod On An FHA Loan?
Charleston SC – The Stop Foreclosure recently received a question from Grant. Here was his question.
"I have an FHA loan and want to get a loan modification. My bank is playing hardball and won't modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?" Grant.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer. I don't know the specific rules for FHA Loan Modifications. But, I do know how to find them. Here is what I have learned about FHA Loan Modifications and FHA Short Sales.
The FHA Program takes the loss on any short sales or loan modifications. Because of that they get to make the decisions on how loan mods and short sales are implemented.
The FHA program is administered by the Federal Department of Housing and Urban Development. Most people call it "HUD." HUD has specific employees that administer the FHA Loan Program.
Those employees do not review loan modifications or short sales themselves. Instead, they give specific written instructions to the lenders that handle the loans.
These specific instructions are called Mortgagee Letters. If the lender wants to be reimbursed for any loss by the FHA Insurance, then they must follow the instructions.
They issue updates to their directions regularly with new Mortgagee Letters.
Here is the bottom line. Your lender has to follow those written instructions. The good news is that you and I can access and read thru these letters online.
To find out the specific rules for an FHA Loan Modification, you will have to read thru the following Mortgagee Letters. Mortgagee Letter 2009-35, Mortgagee Letter 2000-05, Mortgagee Letter 2002-17, Mortgagee Letter 2008-21, Mortgagee Letter 2010-11, and Mortgagee Letter 2009-23.
I just found some good information in Mortgagee Letter 2002-17. "At no time shall the loan be considered delinquent solely because the borrower has not paid late fees or other foreclosure costs."
I have seen lenders put a borrower into default status and charge late fees on late fees. One late fee can blossom into thousands of dollars in charges. It looks like FHA doesn't like that practice.
There are probably a total of 40-50 pages that you will need to read thru. But, because you know the rules you will have the upper hand in any negotiations with your lender.
I think that is worth spending a little extra time reading thru everything. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: How Do I Get A Loan Mod On An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.
Monday, March 28, 2011
Charleston Short Sales: What Does It Mean When The Bank Says File Is Going To Investor Soon?
Charleston SC – The Stop Foreclosure recently received a question from Georgia E. Here was her question." When the bank says the file should be going to an investor soon what does that mean?" Georgia E.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is the answer. It means that whoever ultimately owns the loan will make the decision. For example, you might be negotiating the short sale with Wells Fargo.
However Wells Fargo may not own the loan. (Around 80% of all the loans they service are owned by someone else.) Wells Fargo will take all of the short sale documentation and send it to the actual loan owner.
(The actual loan owner could be anyone from Fannie Mae, Freddie Mac, Goldman Sachs, a Pension Fund, or another Wall Street Entity.)
That loan owner will review the short sale file themselves. Then, they will either approve the short sale or deny it. If they deny it, then they will usually let you know why.
Then you can find out the reason they denied the short sale and re-apply. Often they want more money for the house, a missing document, of some other item.
It is a popular misconception that banks own all the loans they handle. Little do most people know that most loans have been sold to a third party.
Many experts agree that this was actually a good thing because it spread the losses across a lot of different people in the economy.
If all the losses has been with 3-4 large banks, then those banks would have experienced crippling losses. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: What Does I Mean When The Bank Says File Is Going To Investor Soon? is provided as a courtesy to our viewers to help them make informed decisions.
Friday, March 25, 2011
How will a Charleston Short Sale or loan modification affect my credit score?
Charleston SC – How do foreclosures, loan modifications or short sales affect a credit score? Your credit score will be affected by late mortgage payments and a short sale.
However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast – it all depends upon what the score was before the foreclosure, and other factors that the credit bureaus don’t like to share.)
The way that they write the algorithm, a foreclosure will keep on pushing your score down for the next 2 years! A foreclosure can also stay on a credit report for 7 years.
Short sales are different from a foreclosure. Short sales and loan modifications by themselves do not hurt a credit score (depending on how they are reported.) It is the missed payments that ding your credit report.
How a short sale is coded/reported to the credit reporting bureau does make a difference in the affect it has on your score. It could be reported as a charge-off, a 120 day late payment, or a settled account.
Any of these are dings on the credit report, averaging 100 points. Here is the good news. The way they do the algorithm, it will damage your score for a shorter length of time than the 2 years a foreclosure does.
How a short sale is reported to the credit bureaus is something that can be negotiated as part of the process of the sales negotiations. Good negotiators can have a positive impact here.
But, in the end, the credit score should not be the first thing to consider when facing the decision to short sale a home.
You need to look at what is best for your family financially. The credit score is secondary to that.
Get advice from a trusted source, and then make an informed decision. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on How will a Charleston Short Sale or loan modification affect my credit score? is provided as a courtesy to our viewers to help them make informed decisions.
However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast – it all depends upon what the score was before the foreclosure, and other factors that the credit bureaus don’t like to share.)
The way that they write the algorithm, a foreclosure will keep on pushing your score down for the next 2 years! A foreclosure can also stay on a credit report for 7 years.
Short sales are different from a foreclosure. Short sales and loan modifications by themselves do not hurt a credit score (depending on how they are reported.) It is the missed payments that ding your credit report.
How a short sale is coded/reported to the credit reporting bureau does make a difference in the affect it has on your score. It could be reported as a charge-off, a 120 day late payment, or a settled account.
Any of these are dings on the credit report, averaging 100 points. Here is the good news. The way they do the algorithm, it will damage your score for a shorter length of time than the 2 years a foreclosure does.
How a short sale is reported to the credit bureaus is something that can be negotiated as part of the process of the sales negotiations. Good negotiators can have a positive impact here.
But, in the end, the credit score should not be the first thing to consider when facing the decision to short sale a home.
You need to look at what is best for your family financially. The credit score is secondary to that.
Get advice from a trusted source, and then make an informed decision. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on How will a Charleston Short Sale or loan modification affect my credit score? is provided as a courtesy to our viewers to help them make informed decisions.
Thursday, March 24, 2011
How To Preserve Your Credit During A Charleston Short Sale
Charleston SC – If the right decision for you and your family is to sell the house as a short sale, then the sale will have an immediate effect on your credit score.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
You might feel like it’s just overwhelming and demoralizing to see your credit score take any more hits!
But, here’s the silver lining: according to most experts, 78% of Americans have ERRORS on their credit score. Why is that a silver lining?
If you have negative errors on your report that get fixed, that will be a benefit to your score.
Average people can, on their own, take steps to repair and restore their credit report/ credit score after a short sale.
Here is how to avoid any double whammies during and after your short sale.
Follow these simple steps.
1. Review your credit report. I recommend the site: https://www.annualcreditreport.com/cra/index.jsp.
Do not go to any of those “free credit report” sites. After you get the report, review everything on it.
If you see anything that is negative, inaccurate, or questionable make a note of it. On your list, write down why you disagree with that item on your report.
2. Write letters to the different credit bureaus about what you are disputing on your report. There are several sample letters available online: http://www.creditinfocenter.com/forms.
Here is a simple tip: DO NOT use the online dispute forms that are on the websites of the 3 credit reporting agencies. Write your own letter and make it short, firm, and demanding of action.
3. Mail your letters to the credit bureaus through either registered or certified mail. This is what sets the clock for them to correct issues.
The law lays out a timeline that they have to follow (45 days.) And, this gives you a record of the mailing, too.
4. Keep a file of all that you have done, including dates. Then, track your results, also.
5. When you’ve gotten back responses (or if 45 days pass and you haven’t gotten responses), then it’s time to repeat some of the process again for some item or another on your report.
If you are diligent and proactive, you might just surprise yourself by the benefits you can see in on your credit report – even after your short sale! Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on How To Preserve Your Credit During A Charleston Short Sale is provided as a courtesy to our viewers to help them make informed decisions.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
You might feel like it’s just overwhelming and demoralizing to see your credit score take any more hits!
But, here’s the silver lining: according to most experts, 78% of Americans have ERRORS on their credit score. Why is that a silver lining?
If you have negative errors on your report that get fixed, that will be a benefit to your score.
Average people can, on their own, take steps to repair and restore their credit report/ credit score after a short sale.
Here is how to avoid any double whammies during and after your short sale.
Follow these simple steps.
1. Review your credit report. I recommend the site: https://www.annualcreditreport.com/cra/index.jsp.
Do not go to any of those “free credit report” sites. After you get the report, review everything on it.
If you see anything that is negative, inaccurate, or questionable make a note of it. On your list, write down why you disagree with that item on your report.
2. Write letters to the different credit bureaus about what you are disputing on your report. There are several sample letters available online: http://www.creditinfocenter.com/forms.
Here is a simple tip: DO NOT use the online dispute forms that are on the websites of the 3 credit reporting agencies. Write your own letter and make it short, firm, and demanding of action.
3. Mail your letters to the credit bureaus through either registered or certified mail. This is what sets the clock for them to correct issues.
The law lays out a timeline that they have to follow (45 days.) And, this gives you a record of the mailing, too.
4. Keep a file of all that you have done, including dates. Then, track your results, also.
5. When you’ve gotten back responses (or if 45 days pass and you haven’t gotten responses), then it’s time to repeat some of the process again for some item or another on your report.
If you are diligent and proactive, you might just surprise yourself by the benefits you can see in on your credit report – even after your short sale! Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on How To Preserve Your Credit During A Charleston Short Sale is provided as a courtesy to our viewers to help them make informed decisions.
Wednesday, March 23, 2011
Charleston Short Sales: Why Do Some People Worship Perfect Credit?
Charleston SC – It always amazes me how some people will do anything to have perfect credit. They would rather go hungry than risk harming their prefect credit rating.
A good example is a guy I will call Seth. Seth has perfect credit. He has worked to keep perfect credit for the last 12 years.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Seth has a several credit cards with high balances. He ran the balances up when the economy was strong.
Today, he can barely afford to make the minimum monthly payments. However, Seth was recently turned for a car loan, despite his perfect credit. Why did that happen?
I thought that perfect credit guaranteed that you could get a loan! Well, it turns out that Seth has too much debt.
Most banks won’t lender to someone with a high Debt to Income Ratio (DTI.)They calculate that number by adding up all the bills that you pay each month.
They use these ratios to determine if you have enough money to pay them each month. Seth can barely afford to pay the minimum monthly payments on his credit card debt.
If he pays them, then he can’t afford a car payment. His family needs a car more than they need perfect credit.
In my opinion, he should stop paying the credit cards. He should use the income he does have to take care of his family.
Having a car is more important than perfect credit. If they don’t have a car, then it will disrupt his work. If that happens, then his income could drop even more.
Then he won’t be able to afford the credit card payments anyways. Besides, there are ways he can repair his credit later on, after the economy has recovered.
At least he will be able to afford living expenses in the meantime. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at . I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at [AgentOwned Realty Co.]. Charleston Short Sales Realtor:
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, [AgentOwned Realty Co.], and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of [AgentOwned Realty Co.].
This information on Charleston Short Sales: Why Do Some People Worship Perfect Credit? is provided as a courtesy to our viewers to help them make informed decisions.
A good example is a guy I will call Seth. Seth has perfect credit. He has worked to keep perfect credit for the last 12 years.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Seth has a several credit cards with high balances. He ran the balances up when the economy was strong.
Today, he can barely afford to make the minimum monthly payments. However, Seth was recently turned for a car loan, despite his perfect credit. Why did that happen?
I thought that perfect credit guaranteed that you could get a loan! Well, it turns out that Seth has too much debt.
Most banks won’t lender to someone with a high Debt to Income Ratio (DTI.)They calculate that number by adding up all the bills that you pay each month.
They use these ratios to determine if you have enough money to pay them each month. Seth can barely afford to pay the minimum monthly payments on his credit card debt.
If he pays them, then he can’t afford a car payment. His family needs a car more than they need perfect credit.
In my opinion, he should stop paying the credit cards. He should use the income he does have to take care of his family.
Having a car is more important than perfect credit. If they don’t have a car, then it will disrupt his work. If that happens, then his income could drop even more.
Then he won’t be able to afford the credit card payments anyways. Besides, there are ways he can repair his credit later on, after the economy has recovered.
At least he will be able to afford living expenses in the meantime. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at . I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at [AgentOwned Realty Co.]. Charleston Short Sales Realtor:
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, [AgentOwned Realty Co.], and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of [AgentOwned Realty Co.].
This information on Charleston Short Sales: Why Do Some People Worship Perfect Credit? is provided as a courtesy to our viewers to help them make informed decisions.
Tuesday, March 22, 2011
Charleston Short Sales: Why Lenders Back Off When Threatened With Bankruptcy
Charleston SC – Bankruptcy is one of the scariest words a lender can hear. A bankruptcy filing can stall their ability to foreclose by 6 months, and sometimes as long as a year.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they can’t go after you for any upside down debt.
The only thing a lender gets in a Chapter 7 Bankruptcy is any collateral they have on a loan. So they can foreclose on your house, but that is about the only thing they can do.
They can’t garnish your wages or bank accounts. So use the bankruptcy threat in your negotiations. Lenders know how much it will hurt their ability to collect from you.
The most effective technique that we have seen is to have all negotiations go thru a bankruptcy lawyer. The lawyer knows how to negotiate from a position of power.
The lawyer will also know full well exactly how bankruptcy will hurt the lender. Even if you have no intention of declaring bankruptcy the lender will get scared and cave in.
Then you can get the loan modification you deserve. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: Why Lenders Back Off When Threatened With Bankruptcy is provided as a courtesy to our viewers to help them make informed decisions.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they can’t go after you for any upside down debt.
The only thing a lender gets in a Chapter 7 Bankruptcy is any collateral they have on a loan. So they can foreclose on your house, but that is about the only thing they can do.
They can’t garnish your wages or bank accounts. So use the bankruptcy threat in your negotiations. Lenders know how much it will hurt their ability to collect from you.
The most effective technique that we have seen is to have all negotiations go thru a bankruptcy lawyer. The lawyer knows how to negotiate from a position of power.
The lawyer will also know full well exactly how bankruptcy will hurt the lender. Even if you have no intention of declaring bankruptcy the lender will get scared and cave in.
Then you can get the loan modification you deserve. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: Why Lenders Back Off When Threatened With Bankruptcy is provided as a courtesy to our viewers to help them make informed decisions.
Should I Continue Paying My Credit Cards During A Charleston Short Sale?
Charleston SC – The Stop Foreclosure Institute recently received a question from Paul. Here is Paul's Question.
"I am selling my house as a short sale. I am behind on the mortgage payments. Do you think I should still pay my credit cards?" Paul.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is our answer. I all depends on what is important to you. Can you afford your mortgage payment if you stopped paying the credit cards?
If the answer is yes and you don't want to move, then I would recommend that you stop paying the credit cards. Obviously that will hurt your credit.
But, if you want to keep your home, then you will probably think it is worth it. Then again, I have seen people who would rather have the good credit.
However, if you do want to move, then it would be better to keep paying the cards and short selling the house.
Missed mortgage payments won't have to much of an impact on your credit score 12-18 months down the road, especially if you short sale.
However, a credit card that you never pay on again will stay on your credit for a longer time. The debt will show up as written off and that impacts your credit for a longer time than missed payments.
Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Should I Continue Paying My Credit Cards During A Charleston Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.
"I am selling my house as a short sale. I am behind on the mortgage payments. Do you think I should still pay my credit cards?" Paul.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here is our answer. I all depends on what is important to you. Can you afford your mortgage payment if you stopped paying the credit cards?
If the answer is yes and you don't want to move, then I would recommend that you stop paying the credit cards. Obviously that will hurt your credit.
But, if you want to keep your home, then you will probably think it is worth it. Then again, I have seen people who would rather have the good credit.
However, if you do want to move, then it would be better to keep paying the cards and short selling the house.
Missed mortgage payments won't have to much of an impact on your credit score 12-18 months down the road, especially if you short sale.
However, a credit card that you never pay on again will stay on your credit for a longer time. The debt will show up as written off and that impacts your credit for a longer time than missed payments.
Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Should I Continue Paying My Credit Cards During A Charleston Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.
Wednesday, March 16, 2011
Charleston Short Sales: How One Agent Overcame The Odds
Charleston SC – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
This isn’t true. Here is how one agent beat the odds and succeeded with a short sale.
A member of the Stop Foreclosure Institute told me about a short sale he recently worked on. Here is the story from the member.
“I had a short sale with a large national lender. The loan was owned by Fannie Mae, not the lender. We had an over zealous short sale negotiator.
We had the home on the market for several months and finally received an offer for $180,000. We submitted that to the lender with all the short sale paperwork.
The lender came back and said the price needed to be raised to $257,000 and the seller needed to sign a $50,000 promissory note.
Neither the buyer, nor seller would agree to those terms. At that point, the only alternative was to let the property go to foreclosure. But, I knew that the home would sell for even less than $180,000 and the homeowner would suffer from a foreclosure on their record.
So I did something about it. First, I knew the $180,000 was a good offer that reflected the Fair Market Value of the property. I also knew that Fannie Mae didn’t normally ask for promissory notes.
In fact, Fannie Mae’s policy is to erase the debt when the property is a primary residence. (This home was a primary residence.) Here’s what happened.
I went over the short sale negotiator’s head. I contacted Fannie Mae direct and held a 3 way call with the seller. We found out that the lender had lied. They had never even submitted the offer to Fannie Mae!
They had told us what they thought Fannie Mae should ask for. After I spoke to supervisors in Fannie Mae, I was then called by three different reps for Fannie Mae.
Within 72 hours a supervisor from the lender called up and gave me their net, which was 162k. This was well within the acceptable price of the offer of 187k offer.
The problem was that the buyers were so angry for having to wait 53 days on a 45 day allowance that they walked. However, I met another buyer and we sold the house to them.
The bottom line is the short sale negotiator lied, and got busted lying. I had to send in comparables and beg the BPO agent to get the inside scoop.”
As you can see, some agents are making things happen with short sales. This agent did an awesome job. He thought of calling Fannie Mae direct on his own. As you can see, not taking no for an answer helps you to be successful on a short sale. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.jeffcookrealestate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: How One Agent Overcame The Odds is provided as a courtesy to our viewers to help them make informed decisions.
Tuesday, March 15, 2011
Charleston Short Sales: Another Example Of Lenders Attempting To Abuse Their Power
Charleston SC – The Stop Foreclosure Institute recently received a question from Durry. Here was Durry’s Question.
"We have American Home Mortgage Servicing, a loan processor for a Mortgage held by Deutche Bank, adding a 1% “processing fee” that ONLY the buyer can pay at closing.
This was never revealed until we received the short sale approval letter. The buyer is upset.” Durry.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here was our answer to Durry’s Question. Yes, the buyer is upset. Buyers think they are in control in today's market. They can't see why they should pay a fee if they are buying a house in a "Buyer's Market."
I think this fee is unethical. We had the fee waived on a short sale we did. Your e-mail indicates that the buyer does not want to pay that fee.
The buyer needs to decide if they will or will not buy the house with the current terms and that fee. If that is the case, then you need to have the buyer put that in writing.
Send that letter to American Home Mortgage Servicing. Here is the problem that AHMSI has.
AHMSI doesn’t own any mortgages. Instead, they act as the front for other entities that own the mortgages.
From the sound of things, the owner of this loan is a pension fund or “Average Joe” stock market investors.
The guy we talked to at AHMSI said they had checked with their legal department on the fee. The legal dept said it was ok.
But, once we threatened to contact the owner of the loan directly they agreed to waive the fee. They only reason they are able to get away with this is because the loan owners never check to see what is happening.
This is such a blatant example of a lender breaching their fiduciary duty to the loan owner. It's wrong. But, do you know why AHMSI can get away with it?
The loan owner doesn't know about the fee being charged. So, let them know about in on your short sale. Find out who owns the loan. Contact them and let them know what AHMSI is doing.
Here is the bottom line. A buyer that has to pay 1% to AHMSI is going to pay 1% less for the house they are purchasing.
This causes the pension fund that owns the loan to lose even more money. What an atrocity! Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: Another Example Of Lenders Attempting To Abuse Their Power is provided as a courtesy to our viewers to help them make informed decisions.
"We have American Home Mortgage Servicing, a loan processor for a Mortgage held by Deutche Bank, adding a 1% “processing fee” that ONLY the buyer can pay at closing.
This was never revealed until we received the short sale approval letter. The buyer is upset.” Durry.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Here was our answer to Durry’s Question. Yes, the buyer is upset. Buyers think they are in control in today's market. They can't see why they should pay a fee if they are buying a house in a "Buyer's Market."
I think this fee is unethical. We had the fee waived on a short sale we did. Your e-mail indicates that the buyer does not want to pay that fee.
The buyer needs to decide if they will or will not buy the house with the current terms and that fee. If that is the case, then you need to have the buyer put that in writing.
Send that letter to American Home Mortgage Servicing. Here is the problem that AHMSI has.
AHMSI doesn’t own any mortgages. Instead, they act as the front for other entities that own the mortgages.
From the sound of things, the owner of this loan is a pension fund or “Average Joe” stock market investors.
The guy we talked to at AHMSI said they had checked with their legal department on the fee. The legal dept said it was ok.
But, once we threatened to contact the owner of the loan directly they agreed to waive the fee. They only reason they are able to get away with this is because the loan owners never check to see what is happening.
This is such a blatant example of a lender breaching their fiduciary duty to the loan owner. It's wrong. But, do you know why AHMSI can get away with it?
The loan owner doesn't know about the fee being charged. So, let them know about in on your short sale. Find out who owns the loan. Contact them and let them know what AHMSI is doing.
Here is the bottom line. A buyer that has to pay 1% to AHMSI is going to pay 1% less for the house they are purchasing.
This causes the pension fund that owns the loan to lose even more money. What an atrocity! Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: Another Example Of Lenders Attempting To Abuse Their Power is provided as a courtesy to our viewers to help them make informed decisions.
What The Big Banks Don’t Want You To Know About Charleston Short Sales
Charleston SC – Here is a shocking fact that most of the American Public doesn’t know. Most mortgages are not owned by banks.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
In addition, most of the huge losses on bad mortgages was not lost by the banks themselves. Instead, the biggest loser was Uncle Sam, thru the takeover of Fannie Mae and Freddie Mac.
Most mortgages are sold after they are made. We estimate that around 75-80% of all mortgages were sold before the housing crisis.
This means that the large lenders didn’t take the hit on the bad mortgages they originated. Instead, Uncle Sam often took the hit.
Another large buyer of mortgages were pension funds and retirement funds. Do you think the Average American was fleeced by Wall Street?
But, here is something even more appalling. It appears that they are still being fleeced by the big banks. You see, those were sold to Uncle Sam or a pension fund.
However, in many cases those mortgages are still being handled by the original entity that made the bad loan. They are required to act in the loan owner's best interest.
But, in many cases the lenders are not doing a good job trying to maximize the return on defaulted mortgages.
Remember yesterday’s blog post about the lender charging a 1% fee to the home buyer on a short sale? That fee only reduced what the loan owner was able to get for the bad mortgage. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on What The Big Banks Don’t Want You To Know About Charleston Short Sales is provided as a courtesy to our viewers to help them make informed decisions.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
In addition, most of the huge losses on bad mortgages was not lost by the banks themselves. Instead, the biggest loser was Uncle Sam, thru the takeover of Fannie Mae and Freddie Mac.
Most mortgages are sold after they are made. We estimate that around 75-80% of all mortgages were sold before the housing crisis.
This means that the large lenders didn’t take the hit on the bad mortgages they originated. Instead, Uncle Sam often took the hit.
Another large buyer of mortgages were pension funds and retirement funds. Do you think the Average American was fleeced by Wall Street?
But, here is something even more appalling. It appears that they are still being fleeced by the big banks. You see, those were sold to Uncle Sam or a pension fund.
However, in many cases those mortgages are still being handled by the original entity that made the bad loan. They are required to act in the loan owner's best interest.
But, in many cases the lenders are not doing a good job trying to maximize the return on defaulted mortgages.
Remember yesterday’s blog post about the lender charging a 1% fee to the home buyer on a short sale? That fee only reduced what the loan owner was able to get for the bad mortgage. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on What The Big Banks Don’t Want You To Know About Charleston Short Sales is provided as a courtesy to our viewers to help them make informed decisions.
Friday, March 11, 2011
Charleston Short Sales: This Short Sale Negotiator Isn't Doing His Job
Charleston SC – Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase.The seller had me to put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.”
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The short sale negotiator at the lender, Nathan W, has advised me that he will reject the file and close it out if we don’t remove this from the contract. What do you think?
After reading your comments below, I am not sure of what will happen. How should I pursue this?" James.
Here was our answer: I think the negotiator is getting his ego involved. Many investors waive promissory notes. He is out of line (and breaching his lender's fiduciary duty to the owner of the loan) if the following applies:
1. If it is the loan owner's policy to not pursue a deficiency.
2. If accepting this short sale will net the loan owner more money than a foreclosure.
If those two things apply, then this negotiator is in breach of their fiduciary duty to the loan owner. You and I don't have millions of dollars to pursue a lawsuit, but we can contact the loan owner directly to let them know what is happening.
If they are going to lose money not accepting the short, then they need to know about Chase doing a lousy job.
Now, the negotiator has the authority to demand a promissory note depending upon who the owner of the loan is. Find out who the owner of the loan is.
Fannie, Freddie, FHA, VA, etc. Fannie, Freddie, FHA, and VA will let the borrower go free from all future liability. Obviously that doesn't apply if there is Mortgage Insurance. If the investor is one of those entities, then tell the negotiator that you will be contacting them directly.
When a bank should accept your short sale. A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan.
If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money.
Here is how we can assure the negotiator that the offer will net them the most money. Your only job is to prove that to the negotiator.
Do that by showing them that the property has been on the open market for 60-90 days. We need to be able to show that the house was easy for buyers to see and other agents to show.
Ask them the following, "I'm an experienced agent and I've had this house listed for X days. The seller has lived there the entire time and kept up on the house. It looks good. We have had 43 showings since then.
Out of that, only 3 buyers expressed interest. Out of those 3 buyers, the current buyer is the one willing to pay the most money. I'm doing my job marketing the property.
With the current foreclosure case status, the home won't be foreclosed until June or July. When you foreclose on the house, the owners will move out. The house won't be kept up anymore.
The listing agent will be working on 20 other homes and won't be able to do as good of a job as myself. Do you honestly think the home is going to sell for more money at that time?
They will have to agree that it is a losing proposition. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our (843) 608-9520 loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: This Short Sale Negotiator Isn't Doing His Job is provided as a courtesy to our viewers to help them make informed decisions.
Charleston Short Sales: A Little Known Fact About Short Sale Negotiators
Charleston SC – A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different.
In this case, the loan being shorted was an FHA loan. Here's what happened.
FHA puts out a letter called "Mortgagee Letter 2008-43." It details exactly how the lender handling a short sale on FHA’s behalf is supposed to negotiate on a short sale.
This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc. (If you're doing an FHA short sale, then Google "Mortgage Letter 2008-43.")
Because of a prior horrible experience on another FHA short sale, we had studied up on the FHA short sale guidelines. Bottom line, we know a little bit about FHA's rules for short sales.
The problem was that this short sale negotiator didn't want to follow the rules! Instead she made up her own rules!
She told me that the buyer and seller had to split the cost of the title insurance. The problem is that on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.
In the area where the property was selling, it was standard for the seller to pay for the title insurance. Because of that the buyer wasn’t willing to pay the cost and threatened to back out of the deal.
This short sale negotiator wouldn’t budge. We had to argue back and forth with her for 2-3 days until she finally relented.
It is pretty frustrating when a large bank won’t follow the specific short sale guidelines laid out by the owner of the loan. If the loan owner gives you specific instructions on how to negotiate a short sale, then follow those instructions!
Before you hire a short sale agent, make sure they understand the guidelines for your type of loan. That way, when a short sale negotiator tries to break the rules, they can keep them in line. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: A Little Known Fact About Short Sale Negotiators is provided as a courtesy to our viewers to help them make informed decisions.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
You see, we've spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different.
In this case, the loan being shorted was an FHA loan. Here's what happened.
FHA puts out a letter called "Mortgagee Letter 2008-43." It details exactly how the lender handling a short sale on FHA’s behalf is supposed to negotiate on a short sale.
This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc. (If you're doing an FHA short sale, then Google "Mortgage Letter 2008-43.")
Because of a prior horrible experience on another FHA short sale, we had studied up on the FHA short sale guidelines. Bottom line, we know a little bit about FHA's rules for short sales.
The problem was that this short sale negotiator didn't want to follow the rules! Instead she made up her own rules!
She told me that the buyer and seller had to split the cost of the title insurance. The problem is that on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.
In the area where the property was selling, it was standard for the seller to pay for the title insurance. Because of that the buyer wasn’t willing to pay the cost and threatened to back out of the deal.
This short sale negotiator wouldn’t budge. We had to argue back and forth with her for 2-3 days until she finally relented.
It is pretty frustrating when a large bank won’t follow the specific short sale guidelines laid out by the owner of the loan. If the loan owner gives you specific instructions on how to negotiate a short sale, then follow those instructions!
Before you hire a short sale agent, make sure they understand the guidelines for your type of loan. That way, when a short sale negotiator tries to break the rules, they can keep them in line. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: A Little Known Fact About Short Sale Negotiators is provided as a courtesy to our viewers to help them make informed decisions.
Wednesday, March 9, 2011
Why Charleston Short Sales Sell For A Higher Price Than A Charleston Foreclosure
Charleston SC – People often wonder why their lender will release their debt in a short sale. Most lenders don't like to release the debt. But, they agree to do it because they know that policy nets them more money.
They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let's go thru a few examples.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
[caption id="attachment_1560" align="alignright" width="300" caption="Most Short Sales Are Well Kept Up And Attractive To Buyers."]
[/caption]
See the home in the top picture? You can see that it is good shape. Most short sales are being sold while the homeowner lives in the home.
The homeowners are able to keep the house up. They keep the inside clean and neat. In addition, they mow the lawn and keep up on the yard.
This makes a big difference in the sales price. Would you rather buy a home that is in great condition or one that needs work?
Now look at the home in the bottom picture. That is an abandoned home in foreclosure. No one is there to keep up on the yard.
[caption id="attachment_1561" align="alignright" width="300" caption="Abandoned Home in Foreclosure."]
[/caption]
The inside of the home is probably dirty. Vagrants can break into the home. The home is also an easy target for vandalism.
The bottom line is that most short sales are in better shape than a foreclosed home. In fact, they are usually in much better shape.
That is why they sell for more money, thereby cutting the lender's losses. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Why Charleston Short Sales Sell For A Higher Price Than A Charleston Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.
They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let's go thru a few examples.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
[caption id="attachment_1560" align="alignright" width="300" caption="Most Short Sales Are Well Kept Up And Attractive To Buyers."]
[/caption]See the home in the top picture? You can see that it is good shape. Most short sales are being sold while the homeowner lives in the home.
The homeowners are able to keep the house up. They keep the inside clean and neat. In addition, they mow the lawn and keep up on the yard.
This makes a big difference in the sales price. Would you rather buy a home that is in great condition or one that needs work?
Now look at the home in the bottom picture. That is an abandoned home in foreclosure. No one is there to keep up on the yard.
[caption id="attachment_1561" align="alignright" width="300" caption="Abandoned Home in Foreclosure."]
[/caption]The inside of the home is probably dirty. Vagrants can break into the home. The home is also an easy target for vandalism.
The bottom line is that most short sales are in better shape than a foreclosed home. In fact, they are usually in much better shape.
That is why they sell for more money, thereby cutting the lender's losses. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Why Charleston Short Sales Sell For A Higher Price Than A Charleston Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.
Friday, March 4, 2011
Charleston Short Sales: How to strong arm your lender on a short sale
Charleston SC – Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit.
After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.
How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet?
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.
After all, the only reason the short sale wasn’t successful was because they dragged their feet. Here is the technique you can use to strong arm the lender to accept the short sale.
Use your rights as a homeowner to get more information about the BPO. An inaccurate BPO is the number one reason short sales fail.
Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit. Here is the step by step strategy:
1. Request a complete itemized payoff from the foreclosing lawyer. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.
2. Review the payoff to see where the BPO is itemized. If a BPO has ever been ordered, it will most likely by itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.
3. Since the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act. Fax the lender's legal department a request for a copy of the BPO.
Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender's legal department the same request.
If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.
Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: How to strong arm your lender on a short sale is provided as a courtesy to our viewers to help them make informed decisions.
After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.
How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet?
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.
After all, the only reason the short sale wasn’t successful was because they dragged their feet. Here is the technique you can use to strong arm the lender to accept the short sale.
Use your rights as a homeowner to get more information about the BPO. An inaccurate BPO is the number one reason short sales fail.
Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit. Here is the step by step strategy:
1. Request a complete itemized payoff from the foreclosing lawyer. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.
2. Review the payoff to see where the BPO is itemized. If a BPO has ever been ordered, it will most likely by itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.
3. Since the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act. Fax the lender's legal department a request for a copy of the BPO.
Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender's legal department the same request.
If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.
Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: How to strong arm your lender on a short sale is provided as a courtesy to our viewers to help them make informed decisions.
Thursday, March 3, 2011
Charleston SC – Barron’s Magazine recently had an article titled "Renter Nation." In it, they detailed the various factors at work that will reduce the homeownership rate in America.Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The homeownership rate has already dropped from 69.2% to 66.9% today. Here is one of the factors Barron’s said would cause the homeownership rate to drop. Experts project that the average American Household will become younger over the next decade.
Younger households are more likely to rent versus purchase a home. However, the article missed another big factor. So many people have ruined their credit and can't qualify for a mortgage.
How many people in America are doing a loan modification, short sale, or let their home be foreclosed upon? It's hard to buy another home when that happens. Demographics, the lousy economy, and the credit disaster combined mean that demand for homes may stay low for a long time.
The positive news is that all of these factors have propped up the rental market. Rental rates are actually increasing in most areas, despite the slow economy.
I think one of the reasons this is happening is because banks are so reluctant to modify loans.
And, even thought rental rates have increased, they are usually lower than owning a home bought at the peak of the market. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: The Homeownership Rate continues to drop is provided as a courtesy to our viewers to help them make informed decisions.
Tuesday, March 1, 2011
Charleston Short Sales: What is a HUD-1 and why does it matter on a short sale?
Charleston SC – Here is something that drives inexperienced short sale agents crazy. It is a HUD-1, also called a HUD. HUD is the Federal Agency, the Department of Housing & Urban Development, also called HUD.A HUD-1 is a document regulated by HUD. It is the financial accounting for a real estate sale. Here is why it is important to a short sale.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
Before a short sale lender will accept a short sale, they want to know what they will net from the sale. A HUD-1 breaks down all the projected closing costs so the lender can see their net.
Most agents are familiar with a HUD-1. They see them at the closing of every home they sell. But, seeing a HUD-1 at a closing is not the same as the familiarity you learn on short sales.
See, if you mess up on that HUD-1, then it puts the short sale transaction in jeopardy. The short sale lender will look at a projected HUD-1 and agree to accept a certain number.
If unexpected costs get added to the HUD-1, then that net goes down. (There are always unexpected costs on a short sale. I can tell you from personal experience.) Now, the agent has to go back and re-negotiate with the short sale lender. That can drag out the process another 60-90 days.
The buyer will usually get frustrated and cancel the contract. Then, the agent has to re-sell the house and start the process all over again.
This is what causes many agents to hate short sales. They didn’t take the HUD-1 seriously and had problems on a short sale. As a result, they think all short sales are impossible.
To truly be successful at short sales, the agent must understand HUD-1s inside and out. They need to make sure that every single projected expense is added to the HUD-1 at the beginning of the negotiations.
Adding them after you have negotiated isn’t going to work. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at JeffCook@JeffCookRealEstate.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Charleston loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Jeff Cook.
Jeff is a Real Estate Agent at AgentOwned Realty Co.
Phone: (843) 608-9520. JeffCook@JeffCookRealEstate.com.
View My homes for sale at www.JeffCookRealEstate.com.
Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Charleston SC Short Sales. Charleston Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Jeff Cook, AgentOwned Realty Co, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co.
This information on Charleston Short Sales: What is a HUD-1 and why does it matter on a short sale? is provided as a courtesy to our viewers to help them make informed decisions.
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