Communication is the Key to Success
It is my firm belief that if people spent another two or three minutes in each and every conversation making sure they fully understood the other persons, needs, wants and desires, the stress in the world would be decreased by half. Your relationship with your Realtor or Attorney or Hair Stylist for that matter is extremely important and communication is critical. Otherwise, you may receive a result which you didn’t plan for. Imagine going to your hairstylist and asking for “something different”? You would never do that. Likewise, you would never ask your Realtor to find me any house? You want a home that meets your needs? You want to sell your home for the best price, so you need to rely on their professional advice. Read the rest of this entry
Foreclosures and Short Sales
Unfortunately, foreclosures and short sales go hand in hand. Very rarely will the mortgage companies not file the foreclosure suit when the mortgage is six or seven months past due (completing the foreclosure in another matter entirely). Read the rest of this entry
Short Sales and Chapter 7 Bankruptcy
Let’s face it bankruptcy complicates everything, Right?
Well, not really. Let’s say you list a home for a short sale. Many times, the homeowner has other financial problems besides the mortgage on his or her home. The homeowner may decide to file for bankruptcy. That’s OK. Your chance to complete the sale is not dead, but it is on hold. Read the rest of this entry
Can my mortgage company foreclose during my short sale?
The answer is yes, they can start foreclosure, but why would they do it? This is normally a situation where one hand doesn’t know what the other is doing. The bank/ mortgage company/mortgage servicer can start a foreclosure proceeding at any time once the homeowner goes into default. Normally, a homeowner starts the short sale process once they have already defaulted, so the foreclosure process can begin at any time. Read the rest of this entry
What is the “Best Result” of a Short Sale? – Part II
If a Short Sale transaction is properly negotiated, the formal approval shall contain provisions that upon receipt of the proceeds from the closing of the short sale transaction, the Mortgage shall be satisfied and the Promissory Note cancelled/satisfied. If the Promissory Note or remaining indebtedness is addressed in the approval letter as being canceled or satisfied, the Short Sale Lender should issue a 1099C in the amount of the remaining outstanding indebtedness. If the remaining outstanding indebtedness is cancelled, there is no further obligation upon which a deficiency money judgment can be pursued. Whether the subject property is a primary residence or investment property, full and final settlements are possible. Read the rest of this entry