choo-choo I hope the new title makes sense, as you can tell I am not funny. Recently I have been forced to come up with all of the little jokes in this blog on my own. You may have heard in the news that the writers guild is on strike. Well it is important that you, the public, knows that I support the writers guild 100%. My writers have my full backing. In fact, I will continue to support the writers on my staff and the staff of my writers with full salaries, out of my own pocket, for as long as it takes! SolidarityReal Estate short sales, in a nutshell..................
This is a repost but a very good Q&A I put together about short sales and how they work.
The changing mortgage industry and a slowing of appreciation are two factors in today's real estate market contribute to the high rate of foreclosures. But here is the secret, the bank is not in the business of owning and selling real estate. They loose thousands of dollars in the process and would be much happier to settle it before it reaches that point, not because they care about you or your credit but because they will save thousands on there bottom line!!!!!! That's where a short sale comes into play. LENDERS actually prefer you to do a SHORT SALE. Homeowners who cant make there monthly payments have the option to sell there home for less then what its worth. Lenders are increasingly willing to work with borrowers faced with a financial hardship to accept a discounted payoff on a mortgage. By completing a Short Sale, your lender has arrived at a solution that is, for them, much better than a foreclosure.Bottom line, your lender wants to work with you.
Brian
209.613.8945
Short Sale is the sale of a home when sales proceeds do not fully pay off the existing loan(s) and lender(s) accepts a discounted payoff to fully satisfy the loan.The best part, the existing lender pays virtually all sales costs, including commissions, escrow and title fees and repair costs. You get your home sold, the loan(s) paid off and you avoid foreclosure.
Nothing, zero, zip. It’s true, in most cases you will pay literally no sales costs if your lender approves the Short Sale. All commissions, title and escrow fees, and even most repair expenses are paid by the lender as part of the Short Sale approval. Remember, the lenders motivation to approve Short Sales and accept the resulting losses is to avoid bigger losses through foreclosure.
It’s easy. Email me today and we will get started.
Brian@tracyhomes.com If you would prefer to discuss it on the phone, or set an appointment call
800-894-7282. There is no charge to you to or fee to you ever. The bank pays us to sell your home.
1)Legal Concerns – Mortgage lenders have come under legal pressure to work with borrowers to equitably resolve situations where borrowers are unable to meet their mortgage obligation, particularly when the borrower makes an effort to arrive at a compromise solution.
2)Wall Street is Watching – Mortgage lenders rely heavily on their ability to package and sell bundles of loans on the secondary mortgage market. They need to sell these bundles of loans in order to put the funds back to work by loaning the money again and collect loan fees along the way. When a home is in foreclosure its a pure loss for them.
3)Asset Management Expenses- If a lender acquires a property through foreclosure, the property will be managed until it is repaired and resold. The bank has to pay someone to make repairs, keep utilities on, and so on.....
4)Reserve Requirement- Delinquent and non-performing loans place another burden on mortgage lenders. These funds cannot be put to work generating new loan fees until the bad loans are resolved.
NO. That is why it is critical to work with someone that has extensive experience at getting Short Sales approved.From the presentation of the Short Sale package to the lender to working with the lenders Loss Mitigation Department, we know how to keep the file moving towards approval.
The big key here is to avoid foreclosure. By nearly any measure, a foreclosure is the most damaging event your credit status can encounter - worse than bankruptcy. By avoiding foreclosure, you will likely be able to resume normal borrowing (car loans, credit cards, consumer goods and such) relatively quickly.
Each Short Sale is subject to each different lenders requirements. In General , as long as the hardship is real and the mortgage company believes the loan is likely to become delinquent as a result, the Short Sale request will be processed by the Loss Mitigation Department. A big key to getting Loss Mitigation to accept a hardship is to submit a strong hardship letter. This is something I specialize in. The hardship letter sets the tone for the entire file. Below you will find a list of “hardships” that are common and frequently accepted by mortgage lenders.
Types of hardship that apply:
- Family illness or injury
- Illness or injury in the extended family – particularly if it forces relocation
- Job relocation when the property is equity deficient
- Job loss or significant income loss
- Divorce or split of domestic partners
- Adjustment in mortgage payment or unforeseen increase in living expenses
Got a question? Call the answer man.(me)
Brian Barringer
brian@tracyhomes.com
Need more info, lets talk.................
800.894.7282
Made by Brian W. Barringer in 2006 forhttp://www.tracyhomes.com/ and http://www.blogger.com/www.tracyrealestate.blogspot.com
Technorati Tags:mortgage, Divorce, hardship, bankruptcy, credit, short sales, Loss Mitigation Department, sub-prime, loans, FAQ, Q&A, Barringer
The following information is from the local MLS database, as of December 28, 2007, compared to (December 1st). If you are interested in a little more market history please scroll down to the bottom of the post to find links to previous market reports.
After Betsy, my mom came to visit and guess what? She brought a puppy! She was on the way before I told Bill. That’s how we got our pure bread Prince Charles Rupert. 
