Charleston Short Sales: Another Way To Tell That A Debt Collector Is Breaking The Law

Charleston SC – I've heard of debt collectors contacting people's family and relatives trying to reach them for "an important business matter."

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

When they tell the relative their business name, then it becomes obvious what is happening. They do this as an attempt to embarrass a debtor into paying them.

Here is what most debtors do not know. This is actually a violation of a Federal Law called The Fair Debt Collection Practices Act, provided the debt collector has your information already.

I have seen this happen in many situations. Someone gets a call from a debt collector. A few days later that same person calls their relative and says they can't reach the debtor.

They are not allowed to do that because they already have your information. If this happens to you, then document everything. Then, call that company and ask for the manager or company owner.

You have several options available to you at this point. You can use this violation to negotiate for a much lower payoff on the debt. In some instances you can convince them to forgive the debt over the violation.

If they don't want to negotiate with you, then contact a debt collection lawyer. Just Google "Fair Debt Collections Lawyer" for help. Many of them will help you for no cost. They only get paid if they collect from the debt collection company.

Don't kid yourself, this is real. I know for a fact that debt collection companies are scared of being sued. In fact, they have systems in place that flag debtors that have sued another company.

They may choose not to attempt to collect from that debtor, because they think there is a high likelihood of being sued themselves. In my opinion, most debt collectors break the Fair Debt Collection Practices Act all the time.

I used to think that debt collectors didn't break the law. Because of the stories I have heard from Stop Foreclosure Institute Customers, I now believe otherwise.

If you want a list of 12 common violations and instructions on how to stop the calls, then click here and scroll down to the Right. Click on How To Stop Harassing Debt Collector Calls. 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 Way To Tell That A Debt Collector Is Breaking The Law is provided as a courtesy to our viewers to help them make informed decisions.

Charleston Short Sales: There Is A Surprise Lien On The Short Sale

Charleston SC – The Stop Foreclosure Institute recently received a question from James. Here is his question.

“Do you have any suggestions on a surprise lien from a Water Softener company? We were able to get Bank of America to approve the short sale without paying the lien. It could take another 60 days for Bank of America to agree to pay the lien.

The buyers don’t want to wait that long. Is there anything we can do? James.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to James’s Question.

Yes, you can get rid of it. But, it will take time.

Option #1: Many states have laws that allow a homeowner to remove liens if the property is their homestead.

For example, Florida has a law that enables the seller to file to release the lien thru homestead. I don't remember the exact legal name.

The seller files something and the lien automatically goes away in 45 days. The only reason it wouldn't go away is if the lien holder contests it.

An agent I know in Florida has used it against one of the best debt collection lawyers in the state. Ask your title company for help.

Option #2: Get BOA to agree to give them some money for it. Or, find a way to get it paid on the HUD. As you can see, both of these take time.

Option #3: Pay it out of pocket.

Option #4: You luck out and the lien doesn't attach. Check with your title company to see if this is the case. Oftentimes, they don't even legally attach. 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.

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: There Is A Surprise Lien On The Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Charleston Short Sales: My home is in foreclosure. How soon will the bank kick me out?

Charleston SC – The Stop Foreclosure Institute recently received a question from another realtor named Sandy. Here is her question.

“An agent in my office currently has a listing under contract. It is a short sale, the sad thing is that Large National Bank (to remain unnamed) notified the sellers that they had foreclosed a month ago.

Fact is, they had not foreclosed. The employee didn’t know what they were talking about. Valuable time and a buyer were lost during this fiasco. This deal is currently awaiting approval. There is no telling what will happen in the end.

My question is this. What can we do to track the foreclosures and see when the bank is foreclosing. Sandy."

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Sandy’s Question. The best way that I have seen to track this is by checking the docket.

The docket is the record at the courthouse of everything that is happening on a foreclosure. In some states the foreclosure is a court case and you can track the case.

The bottom line is that your local courthouse will have the best information. Call them and ask for them to explain it to you.

You will need the homeowner’s name and sometimes the court case number. They will explain where the foreclosure is at and how much longer it will be before it is completed. 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: My home is in foreclosure. How soon will the bank kick me out? is provided as a courtesy to our viewers to help them make informed decisions.

Charleston Short Sales: Is this debt collector breaking federal law?

Charleston SC – I've seen lots people use illegal debt collection techniques to collect on unpaid bills or credit cards. For example, there are Federal Laws that regulate what a debt collector can do or say.

They aren't allowed to threaten to sue you, but then not follow thru and actually file suit. To get around this rule, they will use language that sounds legal, but isn't.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O'Brien to make it sound like they were a law firm.

They would then leave a message every couple of days on a person's phone. They would say they were with the office of Hoffman, Weinberg & O'Brien and then say they may resort to future legal action.

In addition, they would reference case number 8306042. If you didn't know any better, you would think the case number was for your actual lawsuit. Scary, right?

Most people don’t know it, but that is a violation of a Federal Law called The Fair Debt Collection Practices Act.

This is just one example of illegal debt collection activity that happens all the time. The reason the debt collectors are able to get away with it is because most people don’t know the law.

If you want a list of 12 common violations and instructions on how to stop the calls, then click here and scroll down to the Right. Click on How To Stop Harassing Debt Collector Calls. 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: Is this debt collector breaking federal law? is provided as a courtesy to our viewers to help them make informed decisions.

Charleston Short Sales: Does Fannie Mae Pursue Deficiencies?

Charleston SC – The Stop Foreclosure Institute recently received a question from Steve. Here is his question.

“We are doing a short sale with one of the largest nationwide banks. I told them I wouldn’t do the short sale unless they specifically changed their short sale approval letter to completely release me from the deficiency.

The short sale negotiate told me that Fannie Mae would not allow them to release the deficiency. I read somewhere that Fannie Mae doesn’t pursue a homeowner after a short sale. I don’t know who to believe. What do you think? Steve.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Steve’s Question. Steve, in my opinion, you are being lied to by the people at the bank.

Fannie Mae and Freddie Mac do not pursue deficiencies unless the property is a short sale, or they determine that the owners are strategically defaulting. They just write off the loss and move on.

I don’t know how they determine if you are “strategically defaulting.” Unless you are one of those two, then the people at the bank are not telling you the truth.

In fact, we recently sold a Fannie Mae short sale and the short sale approval letter gave the seller a complete release.

In another situation, there is a large nationwide lender that has short sale approval letter that do not offer anyone a release.

This lender has written their approval letters so that is leaves the collection rights with the loan owner after the short sale. The way the loan owner can pursue if they decide to do so.

This lender is infamous for not changing the clause of their approval letter. We had a short sale with them. The loan was a Freddie Mac Loan.

We were able to convince them to change the approval letter because we all knew the investor wouldn’t pursue the home seller for a deficiency. So, go back and tell the lender about your newfound knowledge.

If they still won’t budge, then threaten to contact Fannie Mae direct. 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: Does Fannie Mae Pursue Deficiencies? is provided as a courtesy to our viewers to help them make informed decisions.

A Common Myth About Charleston Short Sales: Banks don't like short sales and prefer foreclosure

Charleston SC – One of the Stop Foreclosure Institute members talked to a homeowner recently about a short sales. Her house was close to being foreclosed upon.

She had thought about short selling the house. But, she had heard from her friends that banks don't really like short sales and never pursued the option.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The fact is that banks are better setup for foreclosures. It is only with the recent historic drop in home values that short sales have more common.

Banks always knew that a short sale would reduce their losses compared to a foreclosure. Even the federal government agrees. That is why congress added short sale incentives to the recent loan modification laws.

FHA is another quasi federal agency that prefers short sales over foreclosure. They pay lenders $750 to process a short sale. I don't think they pay them anything extra to process a foreclosure.

The bottom line is that most lenders do prefer short sales over foreclosure. The reason is best explained by a recent study done by Boston Consulting Group.

The study found that a short sale nets a lender 20% more than a foreclosure. Banks understand numbers and want to reduce their 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 A Common Myth About Charleston Short Sales: Banks don't like short sales and prefer foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Another strategy to use when negotiating a Charleston Loan Modification

Charleston SC – Lenders hate losing money. They hate loan modifications, principal reductions, and any other thing that causes them to lose money.

But, in today's tough economy they have no choice but to accept them. The primary reason a lender will grant a loan modification is because that usually reduces their losses.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

If they foreclosed on the house instead, then the losses would be larger. Besides most foreclosures take 18-24 months and often longer.

(That alone should convince you that their losses will be larger after a foreclosure.)

Use this to your benefit when negotiating a loan modification. Hire a real estate agent to tell you what your house is worth. Then, show your lender that value.

Now, add in all the costs that you can think they will incur if they foreclose on your home. Below are some examples costs.

Current Market Value: $300,000.

Lost Interest income at 5% over two years. $30,000.

Property Taxes over two years: $6,000.

Home Insurance costs for two years: $3,000.

Projected Net from a foreclosure: $261,000.

Because the lender can clearly see how much money they will use, it make it much easier to negotiate a reasonable loan modification.

If you want a realtor to give you the value of your home, then please send me an e-mail. I can put together a Broker's Price Opinion and tell you what I think your home's value is.

You can use that to negotiate with your lender. 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 Another strategy to use when negotiating a Charleston Loan Modification is provided as a courtesy to our viewers to help them make informed decisions.

Charleston Short Sales: How To Negotiate Away Promissory Notes

Charleston SC – If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.

Today’s blog post talks about how to convince the lender to waive it.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so.

If the home is foreclosed upon, then they will have to pay a claim for the loss. If the home is sold as a short sale, then they will have to pay a claim for the loss. Either way, they have the same result.

But, if they get a promissory note, then they get some money to help cover the claim. Either way, there is no risk to them.

All that you have to do to avoid the PMI promissory note is show the PMI negotiator that the seller has no assets and does not have the ability to pay a promissory note.

You want to speak directly with the PMI negotiator. If you must, then escalate the file to a supervisor.

When they see the seller has no assets, they will still push for a promissory note. You have to hold firm and sometimes even threaten to go to the press.

If you have made a good case and talked to the right people, then they will usually waive the promissory note. 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 Negotiate Away Promissory Notes is provided as a courtesy to our viewers to help them make informed decisions.

Charleston Short Sales: Can banks get in trouble for taking too long to process a short sale file?

Charleston SC – We received a lot of feedback from yesterday’s post.

One agent said, “You obviously don’t know what you are talking about. Bank X won’t give us a response on the file and we have been waiting 5 months for an answer.

How dare you suggest that I am incompetent because they haven’t replied?” (The bank was a large national bank whose name I changed for this post.)

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

First off, we are not saying that all agents are incompetent. However, we do see some agents with no experience with short sales attempting to sell them.

Here is the issue. Banks do have responsibilities. In 80% of cases, the bank we negotiate with does not own the loan. That means they don’t take any of the loss from short sales that aren’t handled properly.

In order to reduce losses, the people that do own the loans have laid out specific guidelines. Those guidelines state exactly how the bank should process the short sale.

In addition, they give deadlines for how long it takes to process the file. For example, VA gives 45 days for a bank to process and approve or deny a short sale.

If the bank doesn’t meet that requirement, then they can be fined by VA or lose their Mortgage Servicing Rights. By the way, those rights are worth $1,000 to $5,000 per loan they handle.

We hold banks accountable on short sales. It is their job to handle the short sales quickly and competently.

If they don’t do their job, then we let the people that own the loan know about it. 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: Can banks get in trouble for taking too long to process a short sale file? is provided as a courtesy to our viewers to help them make informed decisions.