September, 2010

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29
Sep 10

Sarasota Real Estate – Attorney’s Secret Saves Family’s Home!

Bankruptcy Forces Bank To Modify Mortgage, Saving Family’s Home!

“File for bankruptcy protection and save your home?” the Sarasota real estate attorney told my friend.

My friend, a school teacher, recently came to me for help. We met at a local Starbucks. I could tell something was up. She wasn’t her normal “happy-go-lucky” self. She sat there, looking down while twisting a napkin for what seemed like hours.

Finally, she admitted her husband and she were in trouble with their home and they needed help.

Turns out, her husband had lost his job 7 months ago; they were 3 months behind on their house payment; and the interest rate on their adjustable rate mortgage had just exploded.

Sarasota foreclosures destroy people’s lives – I didn’t want to see my friend and her family lose their home to foreclosure, especially when they desperately wanted to SAVE their home.

They had tried loan modification, but their bank seemed unwilling to help. She had called every local, state & federal agency she could find for help – no one seemed able or willing to help.

In a desperate attempt to explore all options, she asked me to go with her to talk with an attorney about bankruptcy. She had heard they might be able to FORCE the bank to modify their mortgage.

They wanted to stay in their home.

They wanted to modify their mortgage; they could afford a modified house payment; they wanted to stay in their home.

There we sat, in this attorney’s office listening to him suggest a controversial strategy for saving their home. Attorney suggested my friend and her husband could file file for bankruptcy protection and save their home.

In his words, bankruptcy would “…strip away the 2nd lien holder and force the 1st lien holder to reduce principal debt and modify their mortgage.”

He added, “Your mortgage lender is secured up to the value of the property. Chances are, your property value is LESS than your first mortgage, let alone the 1st and 2nd together. A Chapter 13 (will) ‘strip’ away the second lien, allowing you to modify your first mortgage, making your monthly payment more affordable. The second lien holder is treated as an unsecured creditor and knocked off.”

Not the first time I’d heard or seen this strategy mentioned or applied. When banks choose (for whatever reason) not to work with people – even when working with property owners serves a bank’s best interests as well – many property owners are choosing the courts (and bankruptcy) to force the banks to comply.

Now, do you see why this strategy is very controversial? My friend’s immediate concern was doing anything necessary to save their home, even if it meant filing for bankruptcy.

Bankruptcy (whether Chapter 11 or 13) comes with its own long-term challenges. No doubt, you need to talk with various bankruptcy attorneys and you need to understand this strategy is controversial.

More and more people are overcoming embarrassment to fight to save their homes against brain-dead bankers who (for reasons beyond me) choose not to mitigate further financial loss. By now, it’s FACT that foreclosing & eventually selling a property later LOSES a bank and its investors many ,000s more than modifying & keeping people in their homes.

Why then do property owners have to take drastic action to FORCE banks to help?

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22
Sep 10

Take Help Of Short Sale Scholars To Avoid Foreclosure

Foreclosure is something which nobody wants to face in their entire life and Short sales is the best option to go with. There has been more than estimated cases of Foreclosure in US and most of the cases have been efficiently handled by Short sale brokers. Foreclosure is not only an embarrassing situation but also can put anybody in much of depression. Rise in Foreclosure cases has been due to loss of jobs and with second biggest factor is recession period which has affected worldwide businesses and individuals. But there is always some way or the other to come out of such situations with the help of Short sale agents and listing your property in Flat Fee Listing. One thing to be kept in mind before going with brokers is, they must be licensed and trusted enough to help you out of Foreclosure. Flat Fee Listing will definitely help you out of this situation.

Brokers will try to convince lenders to opt for Short sale which might get them the money they want and this will let person facing this situation a sigh of relief. Brokers will help your property get listed in Flat Fee Listing which will attract the much needed attention of Short sales investors and property buyers. This will result in fetching best price of your property which will be a win-win situation for the owner. Once the property gets listed in Flat Fee Listing property owner will get good market price which will put them in a position to lease another property or go for a fresh mortgage for another property.

Flat Fee Listing is not new to investors in US and some part of Europe and is widely used platform for selling properties. These listings will also gain from this popular listing database which is an immediate need for people facing Foreclosure. This is what is required to save your property from getting auctioned and leave you stranded with embarrassment. Agents will guide you in complete Flat Fee Listing process so that you gain the most and avoid Foreclosure.

There are many people who believe in investing in Short sale properties as they know they might buy these listed properties. It is obvious these properties might not get the cost what other property listing might get. Lenders too prefer these deals as they might end up saving commission they would pay to a broker to sell the property. Agents will list your property in local Flat Fee Listing which will market our property and target campaign to Short sale buyers and investors. Brokers will convince the lender that Foreclosure will be a costly affair and that will save them time, money and re-marketing of the Foreclosure property which they need to auction or sell to recover the dues.
Be clear that Foreclosure cases need to taken up by licensed and certified staff appraisers which will help prove argument for Foreclosure property.

If you are also facing such situation you need to consult Short sale agents who are there to help you avoid Foreclosure and convince the lenders to opt for Short sales rather than Foreclosure. To know more about the best in this business and get you out of Foreclosure situation you can contact agents who will get your property listed in Flat Fee Listing get you out of this embarrassing situation. For more you can visit http://www.shortsalescholars.com and http://www.flatfeelistingnow.com

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16
Sep 10

Short Sales Predictions For 2011?

Will we see an increase or decrease in Short Sale Activity in 2011?
It’s been a bumpy ride for short sales investors since 2008. Over the last two years a lot of banks have been less than eager to approve short sales, instead drawing out the process for long periods of time and ultimately halting short sales completely for a while at the end of 2010 because of the robo-signing debacle. So is there light at the end of the tunnel for short sale investors?

Short Sale Predictions

While I have continued to operate my short sales business successfully through this mess, I must say that it has become more difficult for a short sale to get approved by the bank, so it’s taken working on more deals to create the same income (luckily for investors, there are a lot of short sale deals out there). If the short sale predictions for 2011 that are reported in the news are correct we should see a significant increase in short sales a fewer foreclosures during 2011. One report released today explains it like this:
“According to global ratings agency Fitch Inc. and Managing Director Diane Pendley industry experts are expecting to witness more short sales and fewer foreclosures in 2011, an encouraging sign for homeowners in the D.C. Metro, northern Virginia and Maryland regions as well as those seeking alternatives to foreclosure. A short sale, or a sale in which a property is sold for less than what is owed on the mortgage, can be an effective alternative to foreclosure while allowing homeowners to escape the burden of bankruptcy. The Tania Ivey Real Estate Group, which services Northern Virginia, Maryland and Washington, D.C., offers a number of Certified Distressed Property Experts (CDPE) to advise clients in the short sale process. Home sellers in specific areas such as Fairfax County VA, or Loudoun County VA are seeing the number of Short sales increase. If you are a homeowner in Leesburg VA or Ashburn VA trying to sell your house you are competing with numerous Short Sales. Even areas such as Great Falls VA and Vienna VA are seeing a major part of the market being short sold.”
Read more: benzinga.com/press-releases/11/01/p784762/real-estate-short-sale-to-increase-in-2011-as-banks-attempt-to-dispose-#ixzz1BPPrqizR

Ultimately, the banks will be the ones that decide if they are ready to play ball in 2011. There will be no shortage of delinquent mortgages any time soon, and so it comes down to foreclosure or short sale for the banks. For both investors and homeowners alike, let’s hope the banks choose to start short selling more properties again.

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16
Sep 10

7 Simple Steps To Complete A Short Sale With No Money Or Credit And Why 2011 Will Be The Best Year Yet

2011 will be the best year yet to be a real estate investor who specializes in short sales. A short sale happens when the homeowner falls behind in their payments and sells their home for less than they owe. Their mortgage might have increased due to an adjustable rate mortgage, or they lost their job, or tenants stopped paying them, there are MANY reasons why. The banks DO NOT want to foreclose on the house because the bank is in the business of lending money NOT managing and selling property. This is where the short sale comes in, meaning the bank “shorts” the mortgage and sells to you for less than the seller owes. Why would they do that? Because in the long run it saves them money. They won’t have to pay taxes, insurance, or realtor fees. So, where do you come in? How do you make money in all of this? Well, there are A LOT of moving parts in real estate, and especially short sales. Hot Damn Short Sales explains the process and gives you all the documents, templates, letters, contracts, and scripts you need to succeed. There is no way you can just start out from scratch on your own without having the proper tools and the “upper hand” over the banks and your competitors. There is a free version of hot damn short sales available, but I recommend very highly just getting the full unlocked version because it has everything you need right there. The free version is good information, but not a whole lot you can use. So, anyway..Let’s get to the list shall we? Here are the 7 simple steps to successful short sales:

Find the deal(s) through your marketing. That included direct mail, internet, street marketing, and other methods you will learn about in hot damn short sales.

Enter into a contract with your seller/owners

Negotiate with the banks for the price you want to buy

Market the property to find an end buyer

Influence the BPO< or the  brokers price opinion

Close the deal with the bank, seller avoids foreclosure and hugs you

Close with your buyer and COLLECT YOUR CHECK!

    
Now, this seems pretty simple on paper, however, in REAL LIFE it is not quite this simple. Luckily you can get a copy of Hot Damn Short Sales 2011 and you have the advantage over the banks AND your competition. You will have your OWN business and be your own boss, calling the shots, and making all the profits. I know this from experience, I have done it myself, and I am living proof.

If you are ready and want to get your copy, go here now because the last time I checked they were about to sell out (seriously no joke they were). The reason there is limited copies is because they want to keep the spirit of competition alive. So, not everyone will get a copy of this, and your market might be already sold out. So, here is how to get it

http://www.hotdamnshortsales.com

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11
Sep 10

Can I Execute A Short Sale Behind On Equity?

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Can I short sale my house in the Phoenix market if my home is worth less than my mortgage balance? As a phoenix short sale specialist, I can accurately answer that inquiry. Consider, at all costs the bank does not want to foreclose on the property. At hand are a number of unique scenarios that we have to verify to the bank in order for a triumphant Phoenix Short Sale.

***does the consumer have evidence of hardship, the hardship may be produced via loss of pay, loss of occupation, annulment, employment relocation etc…

****short sale vs foreclosure, the bank in nearly all cases is going to desire the home to sell as a short sale vs foreclosure.

****Is there a foreclosure date set. If there is a foreclosure date set bank might be a good deal more agreeable to work a short sale.

Please bear in mind, we have closed over 100+ short sale properties. We have had clients who are suffering severe hardship other clients have not been as severe. Bottom line is there is a much higher success rate on the short sale, than there is on a loan modification. As a phoenix short sale real estate agent, I will counsel you appropriately on what your best options can be.

Remember, at Short Sales Done Easy, we work diligently to make your short sale process go smoothly. There is no greater benefit to a succesful short sale than having a experienced real estate agent working on your side. Steve Horn is one of the most successful short sale realtors in the Phoenix area. Get a hold of him now to discuss the choices that are available to you.

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7
Sep 10

Top Five Chicago Cubs Home Run Leaders

The Chicago Cubs are one of baseball’s oldest franchises with a brilliant history that dates back to 1876. In more than a century of play, the Cubs have been responsible for more than 12,000 home runs. The top five home run hitters in Chicago Cubs history are led by two players who have each hit 500 home runs for the Windy City.

1. Sammy Sosa: 545 home runs

A recent star and the Chicago Cubs all-time home run leader is Sammy Sosa. Sosa began his career with the Rangers and the White Sox, but broke out as an All-Star and a home run king with the Cubs. Sammy Sosa eclipsed the 60 home run milestone in 1998 during the epic race with Mark McGuire to break the then 61 home run record. His top three seasons of 66 home runs in 1998, 64 in 2001, and 63 in 1999 are three of the six greatest single-season home run totals in Major League history.

2. Ernie Banks: 512 home runs

Ernie Banks, the man who came to be known as Mr. Cub, is the second leading home run hitter in Chicago Cubs history. Banks played his entire 19-year career with the Cubs, winning a pair of NL MVP Awards in 1958 and 1959. For the first half of his career, Banks was the best offensive shortstop in baseball and an elite power-hitter. From 1957 to 1960, he hit 40-plus home runs per season with a personal best of 47 in his MVP 1958 season. He twice set the Major League record for home runs in a season for a shortstop.

3. Billy Williams: 392 home runs

Hall of Fame left fielder Billy Williams ranks third among Chicago Cubs all-time home run leaders. Williams played 16 seasons of consistently great baseball in Chicago. From 1961 to 1973, Billy Williams posted 13 straight years of 20 or more home runs. His career high came in the 1970 season when he clubbed 42 home runs and drove home 129 RBI.

4. Ron Santo: 337 home runs

Ron Santo was a great hitter in the 1960s, spending 14 seasons with the Cubs to become one of the top five home run hitters in Chicago Cubs history. Santo had four consecutive 30-plus homer seasons from 1964 to 1967 as one of the National League’s best run producers. He was the leader in RBI four times and a nine-time All-Star with the Cubs.

5. Ryne Sandberg: 282 home runs

Cubs’ great Ryne Sandberg was a Gold Glove defensive second baseman and ranks fifth among Chicago Cubs all-time home run leaders. Not known as a power-hitter for most of his career, Ryne Sandberg still did quite a bit of damage from a position that was low on offense. Sandberg had his breakout season in his third full season in 1984 when he hit 19 home runs plus 19 triples, winning the NL MVP Award. His power remained steady for most of his career until 1989 when he hit 30 home runs for the first time and followed it with 40 in 1990.

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1
Sep 10

What is The Definition of Short Sale

“Short sales have become a popular recourse for struggling homeowners in the past two years. As financial distress hits more and more borrowers, many turn to their lenders’ short sale departments to steer clear of foreclosure. But what is a short sale? How does a short sale really work? Does it apply to all homeowners? How do you qualify? This guide explains thedefinition of short sale and how to do short sale.

What It Is

A short sale is an agreement between you and your lender allowing you to sell the home for a price lower than your outstanding mortgage balance. Your lender then accepts the proceeds as payment for your loan and forgives the rest. The mortgage is then settled and you’re free of obligations, without having to go through the foreclosure process. Lenders usually agree to sell a short sale home because it costs them less than a foreclosure, and leaves the responsibility of selling to the borrower.

Pros and Cons

The main advantage of selling a short sale home is that you’re safe from foreclosure, which damages your credit more than a short sale does. You don’t get to keep your home, as you do with a loan modification, but you limit the impact on your credit report and keep your credit options intact. Short sales usually work best for borrowers who have little or no equity in their homes, as their value cannot cover what is owed on the loan.

Getting Approved

The best candidates for short sale home selling are people who are in financial distress and have no other means to pay off their mortgage. Lenders usually look into borrowers’ assets and bank accounts to see if there are other ways to settle the loan, such as seizing other properties. You may be asked to provide a statement of assets and liabilities, along with standard documents such as bank statements, tax returns, and pay stubs.

Selling The Home

Once you’ve been approved to do a short sale, the next step is finding a buyer. This can be the longest part of selling a short sale home, as most cities have large inventories and stiff competition for home buyers. Have an experienced short sale agent help you market the home and show it to as many potential buyers as possible. Offers on a short sale home have to be approved by the bank, so make sure to choose only the most viable bids and keep constant touch with your lender to make sure your short sale is moving along.”