USA – We had a negotiator at Bank of America try to push us around a little while ago. We’ve studied and analyzed all of the short sale guidelines and rules. This was an FHA loan and therefore would be governed by FHA’s Short Sale Guidelines. This means that the lender must follow FHA’s Specific… Continue Reading
USA – Many lenders ask for a promissory note on short sales. This is especially true if the lender has Private Mortgage Insurance (also called PMI) that has to approve the short sale. The PMI companies know that homeowners will do anything to protect their credit when they are short selling their home. Click here… Continue Reading
USA – Another common type of loan that does not usually have a deficiency is a “Sliced and Diced” loan. A “Sliced and Diced” loan is a loan that has been securitized along with a bundle of other loans. Here is how that happened. John gets a loan from ABC Bank. ABC Bank is running… Continue Reading
USA – Another common type of loan that does not usually have a deficiency is a VA loan. But, how do you determine whether or not you have an VA loan? Click here to discover how other sellers successfully did a short sale and avoided foreclosure. On your original mortgage, 1-4 pages past the signature… Continue Reading
USA – The next most common type of loan that does not usually have a deficiency is an FHA loan. But, how do you determine whether or not you have an FHA loan? Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is the best way that I… Continue Reading
USA – OK, let’s talk about the most common types of loans that do not require a deficiency on a short sale. The first common loan type is a Fannie Mae or Freddie Mac loan. I’ll call them Fannie & Freddie in this post. Freddie & Fannie are different quasi-governmental entities that own mortgages. For… Continue Reading
USA – I am about to explain how the different types of loans impacts whether or not you will have a deficiency after you short sale your house. But, I first want to bust the common myth that you won’t know if you will have a deficiency until after you have started the short sale… Continue Reading
USA – We recently received an email from Joy. She was thinking about a short sale, but was worried about a deficiency. Here is a sentence from her email: “We obviously want to get the price as close to fair market value as possible to eliminate or reduce any deficiency the bank may assess, but… Continue Reading
USA – Thinking about a loan modification. If you can afford to, then order an appraisal. Or, do your own appraisal. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Ask your realtor “Hey, what are houses in my area selling for?” I’ve seen people who bought a house… Continue Reading
USA – I received a note the other day from Andrew. He was upset that I would tell people that are upside down on their house to ask for a principal reduction from their lender. Here was his email. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. “I… Continue Reading