Archive for the ‘Mortgage Short Sale’ Category

How does a short sale work with an interest only loan?

We are thinking of looking into doing a short sale. I know we need to talk to the mortgage company about this but just wondering, how does it work with interst only loans?

Our 1st mortgage is at $4,000 and with a HELOC too. Zillow shows the house valued at about $9,000. We are currently making monthly payments but we are currently about a month & a half behind (on the 1st mortgage) and working with the mortgage company to get caught up but our payments are too high and will continue to be a struggle so we would like to get out of the house and possibly get into a rental & possibly buy again in a few years.

Thanks for all your input. My next question is, who do I talk to first about this?

Do I tell my mortgage company we are thinking of doing this or do I talk to a realtor first?

It is the same lender for both loans.

How do I go about finding a realtor who really knows about short sales?

Do I just call a realtor and ask?

Or is there a way I can search for them in my area? I live in Illinois.

Thanks!!

When to Do a Short Sale

Some people think that you have to be late in your mortgage payments to start a real estate short sale process. This is not true. In the video below, real estate agents in Southern California talk about short sale and when you can do a short sale. It is never too early to do a short sale if you think that you need it. You do not have to wait until you are behind on your mortgage payments to start the process on your property. In fact, it is best if you do not.

There are a lot of myths and misunderstandings about short sale. Many real estate agents know very well how to do a short sale. They work with individuals who are current in their mortgage payments and also people who are late and have even defaulted on their loans.  If you see yourself having difficulties in the future in paying your mortgage payments, then it is a good time to start a real estate short sale.

For a successful short sale, you need to find yourself a great real estate agent. You need to find someone who has closed at least 3 short sale cases with their own listings, advised real estate agents in the video. You need to let go of your pride, denial and attachment to your home. You need to move on and get yourself ready for a short sale and to sell your home.

Kris & Kim are trained in the Real Estate Short Sale Process by Harris Real Estate University. Kris & Kim introduce their series on Real Estate Short Sale Myths. They will be de-bunking all the myths of the overwhelming Short Sale process.

Short Sale, A Practical Approach

Short Sale, A Practical Approach

The book, Short Sale, A Practical Approach, is designed for buyers, sellers and agents. It is a “how-to” guide to handling of short sale. In light of the housing bubble, the book is released timely to help those who can’t sell their home because the debt on their home is higher than its value.

The book shows step-by-step how approval is obtained from the lender for a short payoff of the loan. Homeowners experiencing financial hardship do not have to face foreclosure. The short sale alternative, if approved, is a better choice.

Agents who do not understand short sale will discover the mystery behind short sale–why it is done.and why the lenders prefer it over foreclosure. It is a market niche that agents should get into.

For those who do not wish to do the negotiation side of short sale, this book will enable them to explain to the seller what short sale entails. The agent’s problem today is that homes are not selling. With short sales, homes do sell!

About the Author

Danny Cachuela has a financial background as a Pennsylvania certified public accountant. He is an experienced negotiator and former CEO of SunSource de Mexico, a corporation based in Mexico City and an operating subsidiary of a New York Stock Exchange company based in Philadelphia, Pennsylvania.

He also was a lecturer in the Undergraduate School of Business at Saint Joseph’s University in Philadelphia, Pennsylvania. Danny Cachuela is currently an associate broker at Prudential Fox & Roach Realtors in Pennsylvania, and is also licensed in New Jersey. He has been invaluable in helping many clients negotiate with lenders to get approval for short sale, including those with multiple lenders.

Buy Short Sale, A Practical Approach (Paperback) at Amazon

The Secret to a Successful Short Sale

Doctor Foreclosure: The Secret to a Successful Short Sale

Are you behind on your mortgage payments and need to sell with little to no cost to you?

Do you want to purchase a foreclosure home for less than its appraised value?

Are you a Realtor looking for a way to survive the current market?

This book, Doctor Foreclosure: The Secret to a Successful Short Sale, will give you step by step instructions on how to process a successful short sale.

  • Learn insider secrets
  • Questions and Answers about foreclosure
  • Advantages & Disadvantages of doing a short sale
  • Alternatives to foreclosure
  • Tips on how to negotiate with the lender
  • Example forms to send to the lender

With foreclosures continually on the rise it is important for us to familiarize ourselves with the alternatives available. It is crucial for homeowners to take control of the situation. Don’t wait for the bank to foreclose on your property. There are other options. Even if you are in foreclosure, there may be light at the end of the tunnelAbout the Author

Carla Spalding is the founder and President of Spalding & Spalding International Realty, Inc. and Doctor Foreclosure LLC. In addition to selling real estate, consulting and teaching real estate seminars, she finds the time to help and motivate others. She is a former military service member, and a Registered Nurse.

Buy Doctor Foreclosure: The Secret to a Successful Short Sale (Paperback) at Amazon

The Realtor and Home Owner’s Guide to Short Sales

The Realtor and Home Owner's Guide to Short Sales: Step by Step

The How To Guide for Real Estate Short Sales

The Realtor and Home Owner’s Guide to Short Sales: Step by Step is the guide to short sale for Realtors and homeowners. Across the country, Americans are behind in their mortgage payments and foreclosures are at an all time high. Declining home values have left many home owners unable to sell their homes because they owe more than the homes are worth.

Is Short Sale a hope for homeowners?

There is hope, however. A process known as the “Short Sale” is allowing home owners to get out from under their mortgages without bringing money to settlement.

Best selling author, speaker and real estate broker, Loren Keim, introduces a Step by Step process for negotiating a Short Sale. Whether you are a home owner who owes more than the home can be sold for in today’s market, or you’re a Realtor advising clients about the process, this book is the tool you should have.

For home owners, this book includes an explanation of the foreclosure process, the seven alternatives to foreclosure, tips on renegotiating your mortgage or requesting a forbearance and if necessary, everything you need to complete a short sale.

For Realtors, this book includes examples of forms, advertising, disclosures and marketing methods to attract home owners who need your help.

Buy The Realtor and Home Owner’s Guide to Short Sales: Step by Step (Paperback) at Amazon

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