The Amazing Secrets to Short Selling Your Home in This Market

Originally posted 2009-03-12 10:44:19. Republished by Blog Post Promoter

front-cover

From: Serena Brown, 10:05AM

 

If you are interested in selling your home using a short sale then learning an effective and efficient way to accomplish that goal is a much needed skill.

 

The single biggest complaint homeowner has is knowing how the short sale process works, and if the short sale will stop the foreclosure process.

 

As a homeowner who is facing the scariest and worst market for selling a home in decades it is important to have a guide along the way that help you understand what will or will not happen when and if you get a buyer for your home. 

 

As a homeowner, it is reasonable to want to understand the tax laws to avoid capital gain or loss.  It is equally reasonable for a homeowner to want to be able to sell his or her home before the sheriff sale. 

 

As a homeowner, the short sale and the pending foreclosure can become overwhelming.  In order to make the short sale an easier process it is important to understand the process and the options and choices that the homeowners have during the process. 

 

There is an amazing new book “Should I Short Sale My Home.”  It covers nearly everything you need to know about the short sale process and the effects the sale has on your federal income taxes.

 

Imagine having knowing how to get your home sold before the sheriff’s sale.  Would that be nice?  And can you imagine how great you’ll feel to have a clear and precise package to present to the lender to get the home sold before it is foreclosed on. 

 

Just a few weeks from now you will understand what a short sale is and what happens if you are an insolvency homeowner who sold your home in a short sale.

 

Did you hear that sold your home in the short sale?  Some homeowners list his or her home and it does not sell before the foreclosure, and the homeowner does not understand why the home did not sell.

 

And it’s not like any book you may have read on short sale of home before foreclosure, the book gives you all of the recent changes to the law that helps the insolvent homeowner and helps the homeowner understand the process of the short sale.

 

Why?

 

Simply, every section in the book is there because you asked for it.  Well, not “you” really.  But from real live questions.  Questions from people who have tried to sell their properties and sold their properties using a short sale, and the homeowner wants to make sure all the capital gain or loss is not going to negative affect him or her at tax time.   Questions from homeowners who wanted to know if they can ever own a home again after selling their home using a short sale.  A face to face question and answer section was completed.

 

And imagine the selling your home before the sheriff sale.  You can definitely do that.  Imagine being in control of selling your home.  Some homeowners are able to buy a home in 4 to 6 years after the short sale.  Not bad just for selling your home before the sheriff sale, huh?

 

·        You can save your family from the embarrassment of the foreclosure process

·        You can save on federal income taxes by proving that you are insolvent due to job loss, medical bills, etc.

·        You could take save your credit from the foreclosure

 

Would that be a great lifestyle or what?  That’s what this brand new book gives you the knowledge of the short sale process and the hope of selling your home before the sheriff’s sale and being able to purchase a home in the future. 

 

To get your paperback copy today for only $15.00 click on this link and get a downloadable copy for $8.00 of  “Should I Short Sale My Home”  http://www.lulu.com/content/paperback/shouldisalemyhome/6381193

 

 

 

 

Get Your Copy of “Should I Short Sale My Home”

Originally posted 2009-03-16 16:50:31. Republished by Blog Post Promoter

 

 

 

 

Click this link http://www.lulu.com/content/paperback/shouldisalemyhome/6381193

From: The Desk of Serena Brown, 4:33pm

 

If you are interested in selling your home using a short sale then learning an effective and efficient way to accomplish that goal is a much needed skill.

 

The single biggest complaint homeowner has is knowing how the short sale process works, and if the short sale will stop the foreclosure process.

 

As a homeowner who is facing the scariest and worst market for selling a home in decades it is important to have a guide along the way that help you understand what will or will not happen when and if you get a buyer for your home. 

 

As a homeowner, it is reasonable to want to understand the tax laws to avoid capital gain or loss.  It is equally reasonable for a homeowner to want to be able to sell his or her home before the sheriff sale. 

 

As a homeowner, the short sale and the pending foreclosure can become overwhelming.  In order to make the short sale an easier process it is important to understand the process and the options and choices that the homeowners have during the process. 

 

There is an amazing new book “Should I Short Sale My Home.”  It covers nearly everything you need to know about the short sale process and the effects the sale has on your federal income taxes.

 

Imagine having knowing how to get your home sold before the sheriff’s sale.  Would that be nice?  And can you imagine how great you’ll feel to have a clear and precise package to present to the lender to get the home sold before it is foreclosed on. 

 

Just a few weeks from now you will understand what a short sale is and what happens if you are an insolvency homeowner who sold your home in a short sale.

 

Did you hear that sold your home in the short sale?  Some homeowners list his or her home and it does not sell before the foreclosure, and the homeowner does not understand why the home did not sell.

 

And it’s not like any book you may have read on short sale of home before foreclosure, the book gives you all of the recent changes to the law that helps the insolvent homeowner and helps the homeowner understand the process of the short sale.

 

Why?

 

Simply, every section in the book is there because you asked for it.  Well, not “you” really.  But from real live questions.  Questions from people who have tried to sell their properties and sold their properties using a short sale, and the homeowner wants to make sure all the capital gain or loss is not going to negative affect him or her at tax time.   Questions from homeowners who wanted to know if they can ever own a home again after selling their home using a short sale.  A face to face question and answer section was completed.

 

And imagine the selling your home before the sheriff sale.  You can definitely do that.  Imagine being in control of selling your home.  Some homeowners are able to buy a home in 4 to 6 years after the short sale.  Not bad just for selling your home before the sheriff sale, huh?

 

·        You can save your family from the embarrassment of the foreclosure process

·        You can save on federal income taxes by proving that you are insolvent due to job loss, medical bills, etc.

·        You could take save your credit from the foreclosure

 

Would that be a great lifestyle or what?  That’s what this brand new book gives you the knowledge of the short sale process and the hope of selling your home before the sheriff’s sale and being able to purchase a home in the future. 

 

To get your paper back copy today for only $15.00 click on this link or get a downloadable copy for only $8.00 of  “Should I Short Sale My Home”  http://www.lulu.com/content/paperback/shouldisalemyhome/6381193

 

 

 

 

There are Seven Risks to Short Sales

Originally posted 2009-04-24 13:13:44. Republished by Blog Post Promoter

Short sales are on the rise in many markets, so it is important to know the risk.  The risks are:

• tax misrepresentation
• secondary debt misrepresentation
• lender requesting inappropriate seller contributions
• fiduciary care breach
• no oversight by Realtor of loss mitigation company
• no license requirement for loss mitigation company
• transactions not being listed on HUD-1

Tax misrepresentation is especially troublesome because the mortgage debt forgiveness act that was passed in December of 2007 does not cover all types of mortgages.  It does not apply to cash out refinance.  It only applies to first mortgages.  Unbeknown to most taypayers, there is a dollar limitation on the mortgage forgiveness act of $1 million for married couples filing seperately and $2 million for joint filers.

The secondary debt or second mortgage may or may not be forgiven once the short sale has been approved.  This is because of the order of succession.  The property taxes are first, then the primary mortgage, and then the second mortgage are paid.  Still yet, in some states the mechanic liens or utilities liens may supersede the primary mortgage.  With the latter being said, the mortgage forgiveness act only covers the primary mortgage; therefore, if there is not enough funds to cover the second mortgage the homeowner could still be responsible for that mortgage.

It is important to know whether the state that you reside in is a non-recourse state.  Non-recourse means that the lender can not force the seller to contribute funds in a retirement account or bank account to cover the funds still owed to the bank if the approved short sale amount is less than the amount owed to the lender.  For instance, the lender approves the short sale for $80,000, and the seller has $10,000 in a retirement account in a recourse state the lender can make the seller sign a promissory not in the amount of $10,000 as a condition of the sale of the property.

Do not allow the investor to handle the negotiation of the short sale with the lender because you run the risk of the investor getting a good on the purchase of the property and the seller getting a bad deal on the sale of the property.  The seller could be left paying more to the lender to sell the property to the investor because the investor may have an end buyer that is willing to pay two times the amount to purchase the property from the investor.

Another risk is that the Realtor cannot let the loss mitigation take total control of the short sale due to some companies not being legit company and still others have overworked personnel.

Ensure that your state does not require a license for loss mitigation.

Do not accept cash out side of closing your short sale because it is illegal.  All transactions must be in writng and part of the HUD-1.  It is also unethical for the lender to take a loss and the sell to walk away with money.

Short sales have come a long way and can be negotiated.  In the recent past, though, the short sale could be negotiated and never close due to stalling tactics by the lender.

Now the seller and the buyer can rest assured the short sale will be completed quicker and close sooner because the federal government has stepped in to assist.

What is Involved in Applying for a Short Sale

Originally posted 2008-12-21 11:14:05. Republished by Blog Post Promoter

If you feel that you qualify for a short sale contact the loss and mitigation department for your lender. Once you contact the lender’s loss and mitigation department ask for a short sale package. Most lender have financial forms that the lender needs filled out. In order for the short sale to be successful, the home must be listed. Contact a Realtor that is skilled with working with short sales.

A complete package consist of:

• financial documents from the seller/owner.  I am sure, as a seller/owner you may be wondering what is included in the financial documents.  The items are:

1. W-2 or 1099

2. pay stubs

3. lender financial documents (This document is a written verison of above information ie listing of income, name, address, phone number, etc)

4. authorization letter (allows the Realtor to speak to lender on your behalf)

5. hardship letter from seller/owner (this letter will explain why the seller/owner got behind on payment of mortgage)

• listing agreement with brokerage
• purchase agreement

1. purchase agreement must have proof of funds whether it is a pre-approval letter from a lender or proof of cash to purchase the property

• HUD-1  The HUD-1 is a settlement statement that itemizes all the charges for both the buyer and the seller.  This documents gives the lender an overview of funds needed to sell the property.

Armed with the above information, the lender makes a decision on the offer that the buyer submitted.  Remember a short sale allows the seller/owner to avoid foreclosure. The short sale also is often less than what the seller/owner owes to the lender.  It also allows the lender to prevent holding cost, attorney fees, etc. Holding cost for the lender is preservation of the asset or home until there is a buyer.  To preserve the home, the lender must secure the home from theft, keep the plumbing from freezing and bursting, etc.

There has been a lot of interest in this article lately, so I wanted to bring to the attention of readers my recent article that accompanies this article.   It is entitled “How to Fight for Your Home.”

This article will show what action need to be taken legally if you are in a foreclosure when you file for your short sale.

Related articles

• Avoid Short Sale Problems in Carmel Valley | Carmel Valley Avoid Short Sale Problems (ladyyalda.wordpress.com)
• How to Fight for Your Home (taylorbrownrealestatetalks.com)

Tips for Buying Property During a Recession

Buying Properties During Recession: Do’s and Dont’s

Purchasing real estate is no laughing matter – whether the economy’s doing well or it’s experiencing recession. It’s a well-known fact that buyers are in a better position to purchase real estate during a recession. However, there are still some risks involved. So how do you make sure you’re still getting the best real estate deal during the recession times? Here are some tips that you can make use of:

Don’t come undone with your own expectations.

Determining whether you have gotten yourself a good deal in buying real estate, or simply just about anything, depends on your priorities. We all differ in priorities, that’s a fact. So if you’d like to make sure you satisfy yourself, get your own expectations in check. Creating a checklist can help you here. Finding a property to buy with a checklist handy can greatly facilitate the process.

Don’t be too you-you-you.

Sure, you were advised to know your priorities and to create a checklist to boot. However, flexibility can also get you a long way. Be objective with your judgments and take a hard look at the property you are planning to buy. Think hard and see if you are actually being too choosy to the point of being impractical. Would you like fancy or functional? Is it comfy or uber-elegant? How about trying to meet in the middle? Have you asked for suggestions from experts of family or friends with experience? Do they agree with you? Although you do not need to wipe your slate clean and accommodate all their opinions, are your expectations realistic enough and what about your budget? Remember it is recession.

Don’t be over-confident during a real estate recession.

Many think that since it is recession, they can just buy and buy and buy properties. Although many property sellers are usually on the lower part of the scale during these times, not all deals are the best ones. You still need to be as careful as ever in purchasing real estate.

Before pursuing a short sale…

Many would pursue a short sale trying to grab a good deal. However, before you buy a property with a price that seems too low for the location, asking your agent to investigate if it is a short sale won’t hurt. This is important since you should not just make an offer on a pre-foreclosure, short sale property.

Beware during recession since there are not too many fish in the sea
Er, properties to buy. Home sellers do know that during a recession, they may not be able to sell their properties for a better price. This means that they would have to wait longer to put their home out on the market. There may be properties for sale, but they get bought quicker, too. It would be helpful if you are prepared enough to make a purchase without dilly-dallying if you really are into it.

Recession or not…

Your decision should not be clouded in buying a property. Always shop for the lowest price, which fortunately is more attainable during recession for buyers. However, do not forget that the lowest-priced property is not necessarily the best one.

In summary, there are some advantages to buying a home during recession. However, if you do not really have the budget or are not that well-educated in the real estate industry, do not feel pressured to jump in.

 

Related articles

• Buying Real Estate in Another State, City, or Country. Is it Wise? (taylorbrownrealestatetalks.com)
• Real Estate Investment Tips (taylorbrownrealestatetalks.com)

How to Fight for Your Home

There is a lot of media attention on the lenders about the foreclosure crisis.  There is also a lot of media telling you fight for your home, but what I do not see is anyone telling you exactly how to fight for your home.  WELL, TODAY THAT IS GOING TO CHANGE.

The first thing that you must be equipped with to fight for your home is knowledge.  This post is guarantee to give you the knowledge needed to fight the lender.

Did you know that despite the fact that you are negoitating a short sale or a loan modification that you could still lose your home?  The reason is that the foreclosure that you are trying to avoid is a lawsuit filed by the lender.

The lender or plaintiff files a lawsuit in  court for the sale of the home to repay the mortgage.  However, what you may not have known is that as the defendant you can file legal documents to resolve the foreclosure.  The resolution can and may be the pending short sale or loan modification, but there must be proof of that information filed by the defendant.  In other words, the lender does not stop the foreclosure proceeding simply because you contact the company and tell them you want to apply for a short sale or loan modification.

The necessary documents that you needed to file can be filed with or without an attorney.  With the latter being said, I can not stress enough DO NOT IGNORE THE FORECLOSURE DOCUMENTS especially if you are working on a short sale or loan modification.

The documents are simple to prepare and file yourself. However, it is very important to know the deadline that the document must be filed to preserve your rights.  This will vary by state, but the deadline are on the foreclosure documents that you receive in the mail or from the sheriff.  In New York, for instance, you have 20 days.  In Indiana, you have 36 days.

Filing the answer for the foreclosure summons or complaint filed by your lender ensure that you receive all notices for future actions on the case.  Another important reason to file an answer is to keep the lender from getting an automatic deficiency judgement due to your lack of appearance or answer to the complaint.

To prevent the latter from happening, you will need to file an answer.  This post will instruct you on how to do just that by providing an example answer to mortgage complaint blog.

Related articles

• Realty Q&A: Help for getting a mortgage modification (marketwatch.com)
• Federal Homeowner Bailouts Don’t Work as Planned (activerain.com)
• The Never-Ending Real Estate Woes Of Bravo’s Real Housewives (businessinsider.com)

Latest News on Short Sale

Latest news about short sales from around the blogosphere:

Real Hope for Short Sales or Just More Bank Spin?

The evidence seems to be a tripling of the number of short sales over the course of 2009, though, at 40000 transactions, it is still a pretty small number. …

Bank of America Goes to Equator for Short Sale Processing

I recently got word that Bank of America is switching the processing of it’s short sales to a company called Equator Financial Solutions; they were formally …

Taking a Look at the New Short Sale Guidelines

The buzz about town- in every town- is short sales. Next to foreclosures, it’s the hot topic on everyone’s lips in this market. A new government program has just been unveiled to ease the short sale process…..

Related articles on short sales

• Short sales now home market force. Really! (lansner.freedomblogging.com)
• Attempting a Short Sale Can Be Beneficial – Even If It Doesn’t Go Through (heidiwhite.com)
• [Finance]Short Sale Thinking Of Short Selling Your Property Tips Inside[7833] (slideshare.net)

At Last…Someone Has Unlocked the Secrets of Short Selling Your Home

What’s Your Best Chance To Sell Your Home in Today’s Market?  The Answer Below May Surprise You.

A short sale can be difficult if you go it alone.  Learning an effective and efficient way to accomplish that goal of short selling your home is a much needed skill, wouldn’t you agree?

 

The single biggest complaint homeowner has is knowing how the short sale process works, and if the short sale will stop the foreclosure process.  The answer is the short sale stops the foreclosure process only after a buyer with an offer.

 

As a homeowner who is facing the scariest and worst market for selling a home in decades it is important to have a guide along the way that help you understand what will or will not happen when and if you get a buyer for your home.  It is important to remember that a short sale means that the lender is willing to accept less than what you owe, so price your home aggressively. 

 

As a homeowner, it is reasonable to want to understand the tax laws to avoid capital gain or loss.  It is equally reasonable for a homeowner to want to be able to sell his or her home before the sheriff sale. 

 

As a homeowner, the short sale and the pending foreclosure can become overwhelming.  In order to make the short sale an easier process it is important to understand the process and the options and choices that the homeowners have during the process. 

 

There is an amazing new book “Should I Short Sale My Home.”  It covers nearly everything you need to know about the short sale process and the effects the sale has on your federal income taxes.  It also gives you the secret formula that your lender uses to approval or deny your short sale.

 

Imagine knowing how to get your home sold before the sheriff’s sale.  Would that be nice?  And can you imagine how great you’ll feel to have a clear and precise package to present to the lender to get the home sold before it is foreclosed on.  Imagine learning a little known technique that will give you an additional 45 to 60 days to find a buyer to sell your home too.

 

Just a few minutes from now you will understand what a short sale is and what happens if you are an insolvency homeowner who sold your home in a short sale.

 

Did you hear that sold your home in the short sale?  Some homeowners list their home and it does not sell before the foreclosure, and the homeowner do not understand why the home did not sell.

 

And it’s not like any book you may have read on short sale of home before foreclosure, the book gives you all of the recent changes to the law that helps the insolvent homeowner and helps the homeowner understand the process of the short sale.

 

Why?

 

Simply, every section in the book is there because you asked for it.  Well, not “you” really.  But from real live questions.  Questions from people who have tried to sell their properties and sold their properties using a short sale, and the homeowner wants to make sure all the capital gain or loss is not going to negative affect him or her at tax time.   Questions from homeowners who wanted to know if they can ever own a home again after selling their home using a short sale.  In other words, a face to face question and answer section was completed.

 

And imagine selling your home before the sheriff sale.  You can definitely do that.  Imagine being in control of selling your home.  Some homeowners are able to buy a home in 4 to 6 years after the short sale.  Not bad just for selling your home before the sheriff sale, huh?

 

·        You can save your family from the embarrassment of the foreclosure process

·        You can save on federal income taxes by proving that you are insolvent due to job loss, medical bills, etc.

·        You could save your credit from the foreclosure

 

Would that be a great lifestyle or what?  That’s what this brand new book gives you the knowledge of the short sale process and the hope of selling your home before the sheriff’s sale and being able to purchase a home in the future. 

 

To get your paperback copy today for only $15.00 click on this link and get a downloadable copy for $8.00 of  “Should I Short Sale My Home”  http://www.lulu.com/content/paperback/shouldisalemyhome/6381193

 

 

 

 

Get My New Ebook for $5.00 for a Limited Time

Get my new ebook, “Should I Short Sale My Home” for $5.00 that right get my ebook for half it list price by click the link below. How am I am able to do this I am giving you a $5.00 rebate for pick up my book today.

Is a Short Sale The Answer?

There is a Formula to Whether Your Short Sale will be Approved

I have fifteen short sales that I am working on of those fifteen all of the lenders are stating that they need to net a certain amount.  I was beginning to think this was an isolated case until I came across the article at http://latimesblog.latimes.com. 

I discovered from this article that if the seller has a FHA loan, the lender “requires a net of 82% of current market value.  I was relieve to find out it is a formula that the lenders use.

The article went on to state that VA loans are required to net 88% of the current value.  Still yet, the conventional loans are required to net between 78% to 85% of the current value. 

As a homeowner who needs to sell it may be helpful to understand this formula.  Remember, a short sale can save your from a foreclosure as long as the lender can yield enough money from the sale.