Archive for the 'Short Sales' Category
Short Sales – What Kind Of Affect Will It Have On Me Now And In The Future
November 23rd, 2011 categories: Foreclosures, Short Sales
If you are living in an area that has many "Short Sale" home sales occurring (and foreclosures) this is certainly affecting the value of your Real Estate. When there is a "Short Sale" the lien holders allow the owners to sell their home for less than what is owed and in many cases for less than current market value. As you can imagine this lowers the market value. During this process the market value will be driven lower. This will continue until the Foreclosure Sales and Short Sales taper off. If you own a home and have made a decision to go through with a "Short Sale" there are some important things you need to know. What is my future debt responsibility? What are my tax implications? How will this affect my credit now and in the future? These are all questions that can be answered by me or I will direct you on. Another issue is the credit that is affected during a "Short Sale". If a "Short Sale" is negotiated but a delinquency is reported, the credit would be affected approximately 50-140 points. The score will also depend on the amount of late or non-payments made before the close of escrow. When a home is foreclosed...| Discussion: Your Comments Please »
Getting Started On A Short Sale In The Brazos Valley
November 22nd, 2011 categories: Short Sales
When a short sale is your only option there are are some guidelines you need to follow and specific people you need to talk to. The lender/loan servicer needs to be contacted as soon as possible. When there is a situation that the payments have not been made towards the mortgage for a significant amount of time and/or there has been a Notice of Trustee Sale recorded, there is more difficulty when trying to complete a short sale. It is a good idea for the homeowner to meet with a real estate attorney and a qualified tax adviser to have a clear understanding of their individual situation. The homeowner needs to have their information ready before meeting with the mortgage company. The homeowner needs to have an explanation ready regarding their current financial situation and demonstrate their inability to make mortgage payments. There are many short sale programs that can be found on the internet available to people looking into short sales. Susan Hilton Short Sale or Foreclosure in Bryan College Station Does it Really Matter? Short Sale or Foreclosure in Bryan College Station Part 2 Certified Distressed Property Expert in Bryan College Station Texas Do I Qualify for a Short Sale in Bryan College Station? Don’t Let Them...| Discussion: Your Comments Please »
After a Foreclosure How Long Do I Have to Wait to Purchase Again?
November 22nd, 2011 categories: Foreclosures, Short Sales
After a foreclosure in Bryan/College Station, Tx how long do you have to wait before you buy another home using Fannie Mae's money? Wait.... did you ever borrow money from Fannie Mae in the beginning? Who is this Fannie Mae? After a foreclosure Fannie Mae is telling us that you will normally have to wait 7 years before you can purchase another home using money from Fannie Mae. (See chart) Of course if there are extenuating circumstances (who knows what those could be) you could possibly get another loan in 3 years with additional requirements. With a Short Sale the wait is substantially shorter! Fannie Mae is a private institution that is federally backed. (seems kind of screwed up doesn't it!) They are the LARGEST originator of home loans in the country so you really don't want to rule them out as potential lenders. If you have questions about which is better for you - Short Sale or Foreclosure or if you are behind in your house payments or just need to sell - CALL ME! 97-764-2100 Short Sale or Foreclosure in Bryan College Station Does it Really Matter? Short Sale or Foreclosure in Bryan College Station Part 2 Certified Distressed Property Expert in Bryan College Station Texas Do...| Discussion: Your Comments Please »
Short Sale or Foreclosure in Bryan College Station Tx Does It Really Matter to Me Part 2
November 22nd, 2011 categories: Foreclosures, Short Sales
In the previous post Short Sale or Foreclosure in Bryan College Station - Does It Really Matter Part 1 short sales and foreclosures were defined and many future issues were discussed. Part 2 is a continuation of that post. What else needs to be considered when deciding whether to let a house go back to the bank through foreclosure or if a short sale is the best option. Future Employment - Credit checks are often done by employers. Remember the foreclosure will show up on the credit report while a short sale will not! Deficiency Judgment - This is almost always a surprise to owners whose home is foreclosed. Yes, the bank has the right to go after you for the difference between what they are owed and what they get when the sell it after expenses. And, yes this can be a lot of money!!! In a short sale this issue is usually resolved PRIOR to the sale so you don't have a surprise debt later on. One last issue that should be investigated with an attorney and/or tax accountant prior to the foreclosure or short sale is the "phantom tax." The phantom tax being referenced is the forgiveness of debt...| Discussion: Your Comments Please »
We BUY a HOME and Lose the HOUSE to Foreclosure in Bryan College Station, Tx
November 3rd, 2011 categories: Foreclosures, Short Sales
Working with buyers and sellers of the Brazos Valley I have learned that we BUY HOMES but when we lose them to foreclosure they are now just HOUSES. We want to move into a HOME for our families but when times get tough and someone gets behind on their home mortgage the bank only considers it a house - an asset. So, if you have gotten behind in your home mortgage and you have not been able to successfully complete a loan modification the bank is going to start down the foreclosure path. Of course you may be able to bring your loan payments up to date but otherwise your options are very limited - there are no more loan options that allow you to stay in the house. At this point our goal changes. It goes from helping you keep the home and changes to giving you more control over how you leave the house. WHAT IS A FORECLOSURE? When someone does not make their loan payments following the agreement made through the loan documents then the bank will foreclose taking back their asset. Foreclosure is a LEGAL process. During this process the lender (one who owns the mortgage) sells the property to...| Discussion: Your Comments Please »
Are You Behind on Your Mortgage Payment in Bryan or College Station, Tx?
November 3rd, 2011 categories: Foreclosures, Short Sales
Are you behind on your mortgage payments? Do you know someone in Bryan or College Station, Tx who is? Do you know what happens next? Since going through a foreclosure is one of the most traumatic things that can happen with a family, outside death or illness, if this can be prevented let's choose THAT option! Bank of America has published a Home Transition Guide to help provide specific instructions on how to go through the process. Customer-Transition-Guide_Bank-of-America Remember if you are behind on your payments you have several options - Make up your payments Loan Modification through the lender Short Sale so you can get out from under the house payment Deed in Lieu of Foreclosure so you can give the house back to the bank without having a foreclosure Foreclosure, Eviction and Relocation Over the next few weeks I will be amending this post and adding links for each of the above topics. I will also be posting ideas and plans for homeowners to consider. My one request is... PLEASE don't wait until the bank starts calling. If you find you are going to miss a house payment CALL ME and let me help you communicate with the bank and figure out if a loan modification or short...| Discussion: Your Comments Please »
