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Why is it important to pick the best short sale realtor? Firstly, Choosing the wrong one may lead you to forfeit $3000.00 moving expense credit that lenders are willing to credit you because your realtor has to negotiate on your behalf to get this money. Secondly, there are a lot of paperwork involved and missing or making a mistake on one of those paperwork may mean several months of delay. And finally, unlike a regular real estate transaction where there [...]
Short selling your home can be a complicated process because you need to negotiate with your bank. There are two problems negotiating with the bank. Firstly, Banks have thousands of loans that are being processed for short sale. So you can’t make a mistake because this will prolong the process. And secondly, the lender hires good negotiators because they would like to minimize their losses as much as they can. The negotiator may even decide to have your house foreclosed [...]
Homeowners whose mortgages are higher than its market value(underwater) and cannot afford the mortgage payment because of loss of jobs, medical cost, accident, emergencies etc are facing the question- Should I short sale my home or Should I just allow my bank to foreclose my home? To help you answer this question, I list all the drawbacks and benefits so you can make a good decision.
I have looked at 17 different lenders/servicers short sale packets to find out their commonality and their differences. The 17 lenders/servicers are: Amtrust-Ohio Savings, Aurora, Bank of America, Chase, Citi mortgage, EMC Mortgage, Everhome, Fifth Third Bank, First Franklin, GMAC, Huntington, Indymac, National City, Ocwen Mortgage, US Bank, Wamu Mortgage and Wells Fargo. Short sale packet is the one you receive from your lender when you request a short sale consideration The common documents the lenders/servicers require which can be [...]
The short sale process is long and tedious. So you can not afford to make mistakes. You can avoid mistakes if you follow the steps below: Find out if your lender or mortgage service company will consider a short sale and what you’ll need to provide. Call the loss mitigation [...]
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