OC Realty Blog

The Stop Foreclosure Institute recently received a question from Kevin. Here was his question.

“I am upside down on my house. I owe over 700k and I have been told that it is now worth under 400k. I just hate to think how much it will cost me over the long term when you add in the interest I will repay.

I am wondering if my bank will forgive the entire debt in a short sale. What do you think? Kevin.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Kevin’s Question. Most of the short sales we are doing have results in the complete forgiveness of the upside down debt.

There are many different factors involved, such as the law in your state, the bank who has your debt, whether or not you have mortgage insurance, and a number of other factors.

But, in most cases the short sale results in the forgiveness of the debt. In other cases, we have negotiated a 100k debt down to a 13k promissory note.

It’s not fun to repay that, but it’s much better than repaying the entire debt. I can give you a better answer when I discuss your situation with you. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at jojo@harmonhomesrealty.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 (949) 244-0719

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our 1 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, JoJo Harmon.

JoJo is a Real Estate Broker Associate at Realty ONE Group. 1 Short Sales Realtor:

Phone: (949) 244-0719. jojo@harmonhomesrealty.com.

Call Me – I’ll Help You Make the Right Move!

View My homes for sale at www.HarmonHomesRealty.com.

JoJo Harmon specializes in loan modification assistance and short sales in Laguna Niguel California. Laguna Niguel Loan Modification Help, Laguna Niguel Short Sales. Laguna Niguel Short Sale Realtor 1 CA Short Sales. 1 Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

JoJo Harmon, Realty ONE Group, 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?

The views expressed here are JoJo’s personal views and do not reflect the views of Realty ONE Group.

This information on 1 Short Sale Question: Will I Wipe Out The Debt When I Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Most agents complain about how short sales drag out for months at a time.

Another agent once told me, “I hate short sales. They take 9-12 months to complete. The banks never call you back to let you know what is happening.”

The real problem is that most home buyers will wait for 45-60 days for an answer on a short sale offer. After that, then they become impatient.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here are the 4 simple steps your agent can use to get your short sale approved in 90 days. If they miss any of these steps, then you risk waiting 6-9 months for an answer on the short sale.

Step 1: Find out the type of loan it is. Examples are Fannie Mae, Freddie Mac, FHA, VA, Portfolio, and “Sliced and Diced.”

Step 2: Influence the BPO. The BPO is the bank’s version of an appraisal. They use that property valuation to make a decision to approve or deny a short sale offer.

Many BPOs are inaccurate. As a result, many short sales are unnecessarily rejected. The banks lose even more money when they property sells later on.

Step 3: Find out what the BPO value is. Ask the negotiator for that info. They are required to send you a copy of the FHA appraisal (if the short sale loan is an FHA loan.)

You can get a copy of the VA appraisal (short sale on a VA loan) from one of the VA Loan Centers.

Step 4: Use that information and knowledge of the loan owner’s short sale guidelines to force the lender to approve the short sale.

Note: If the buyer’s offer meets the loan owner’s short sale guidelines, then it should be approved as is. No being washy washy and wasting people’s time. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at jojo@harmonhomesrealty.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 (949) 244-0719

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our 1 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, JoJo Harmon.

JoJo is a Real Estate Broker Associate at Realty ONE Group. 1 Short Sales Realtor:

Phone: (949) 244-0719. jojo@harmonhomesrealty.com.

Call Me – I’ll Help You Make the Right Move!

View My homes for sale at www.HarmonHomesRealty.com.

JoJo Harmon specializes in loan modification assistance and short sales in Laguna Niguel California. Laguna Niguel Loan Modification Help, Laguna Niguel Short Sales. Laguna Niguel Short Sale Realtor 1 CA Short Sales. 1 Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

JoJo Harmon, Realty ONE Group, 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?

The views expressed here are JoJo’s personal views and do not reflect the views of Realty ONE Group.

This information on How To Get A 1 Short Sale Approved In 90 Days Or Less is provided as a courtesy to our viewers to help them make informed decisions.

The Stop Foreclosure Institute recently received a question from Jon. Here was his question.

“I am behind on my payments and my bank recently started the foreclosure process. I received something in the mail about a “deed in lieu of foreclosure.” What is that and how does it affect my credit? Jon.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Jon’s Question. Some people say it is a great way to avoid foreclosure. Actually, all it does is accelerate the foreclosure process.

A deed in lieu is not better for your credit than a foreclosure. I’ve heard many people say, “A Deed In Lieu is better for your credit because you avoid foreclosure.” It’s kind of sad to hear them say it.

After you sign all the Deed In Lieu paperwork, then your house will still be sold at a foreclosure auction. Any person can actually bid on the house at the auction. It will show up on your credit history as a foreclosure.

A Deed In Lieu does not always mean that you will not owe the lender any more money. A deed in lieu is similar to a no contest plea. The judge stops analyzing the foreclosure case and simply schedules the foreclosure auction.

Unless otherwise stipulated, the lender still has all the deficiency and future collection rights. They may come after you for the loss.

A deed in lieu is not always easy. this is absolutely not true. The process required a lot of follow up with the lender. Most lenders require you submit all your financial information.

They want to make sure that you genuinely cannot afford the property. The process often takes between 20 and 40 hours over the course of several months.

First, you submit your paperwork. Then, you call your lender to make sure they received your paperwork. Then, you have to wait while they review it.

Then, you have to answer any questions and provide any paperwork they request. To me this is insane. Why not just live for free until your lender forecloses? A Deed In Lieu of foreclosure offers almost zero benefit to you.

So why go thru the aggravation? That is why I always recommend a short sale over a Deed In Lieu. At least you can have a realtor hel you with the process. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at jojo@harmonhomesrealty.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 (949) 244-0719

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our 1 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, JoJo Harmon.

JoJo is a Real Estate Broker Associate at Realty ONE Group. 1 Short Sales Realtor:

Phone: (949) 244-0719. jojo@harmonhomesrealty.com.

Call Me – I’ll Help You Make the Right Move!

View My homes for sale at www.HarmonHomesRealty.com.

JoJo Harmon specializes in loan modification assistance and short sales in Laguna Niguel California. Laguna Niguel Loan Modification Help, Laguna Niguel Short Sales. Laguna Niguel Short Sale Realtor 1 CA Short Sales. 1 Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

JoJo Harmon, Realty ONE Group, 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?

The views expressed here are JoJo’s personal views and do not reflect the views of Realty ONE Group.

This information on 1 Short Sales: How Does A Deed In Lieu Affect My Credit? is provided as a courtesy to our viewers to help them make informed decisions.