My Blog About Northridge Short Sales & Northridge Loan Modification Help

Northridge Short Sale Question: Can I short sell my house and rent from the new owner?

admin — Wed, 08 Feb 2012 16:24:43 +0000

Northridge CA – The Stop Foreclosure Institute recently received a question from Roberta. Here was her question.

“I have heard that I can short sale my home to a company then rent it back from the company that bought my home. After some years, when my credit has recovered, I can buy the home back from the company.

This sounded to me like a splendid idea but again too good to be true. Am I going to get in trouble with my lender if I do this? Roberta.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Roberta’s question. I am not a lawyer and can’t provide you with legal advice. I don’t know if you will get into trouble.

But, I don’t think it is a good idea. The banks don’t like it and they all have different rules regulating it. Every bank issues different short sale approval letters.

Most of them state that the owner cannot stay in the home after the sale. What kind of trouble can you get into afterwards when they find out? I don’t know. Some experts consider it mortgage fraud.

There can be legal and maybe even criminal accusations thrown against you. In my opinion, it’s just not worth the risk. The other problem is that the company wanting to buy the house is going to want to make money.

They will want to charge a rent that is higher than their mortgage payment. If you can’t afford to pay, then they will ask you to move.

If you can’t buy the home quickly enough, then they may decide to sell it to someone else down the road. So, there are a lot of unknowns.

If you can’t afford the mortgage payments anymore, and you owe far more than the home is worth then a short sale may be a good option. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at savethehouse4me@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 213 445 2277

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northridge loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Will Wheaton.

Will is a Real Estate Agent at Keller Williams R.R. Gable. Northridge Short Sales Realtor:

Phone: 213 445 2277. savethehouse4me@gmail.com.

View My homes for sale at www.willwheaton.kwrealty.com.

Sell Your House Fast at www.willwheaton.kwrealty.com.

Will Wheaton specializes in loan modification assistance and short sales in Northridge California. Northridge Loan Modification Help, Northridge Short Sales. Northridge Short Sale Realtor. Granada Hills CA Short Sale Realtor. Reseda CA Short Sale Realtor. Canoga Park CA Short Sale Realtor. Santa Clarita CA Short Sale Realtor. Encino CA Short Sale Realtor. Palmdale CA Short Sale Realtor. Chatsworth CA Short Sale Realtor. Sylmar CA Short Sale Realtor. Sherman Oaks CA Short Sale Realtor. Los Angeles CA Short Sale Realtor. Northridge CA Short Sales. Northridge Realtor.

Important Notice

Will Wheaton, Keller Williams R.R. Gable, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Will’s personal views and do not reflect the views of Keller Williams R.R. Gable.

This information on Northridge Short Sale Question: Can I short sell my house and rent from the new owner? is provided as a courtesy to our viewers to help them make informed decisions.

Northridge Short Sales: Why Would a Bank Issue an Extension on a Short Sale Approval Letter?

admin — Wed, 08 Feb 2012 16:06:53 +0000

Northridge CA – Banks prefer to do a short sale than a foreclosure. This could be the only reason behind the bank’s acceptance to issue an extension on a short sale.

This is a reason why your agent needs to continue to sell to them on why the short sale will be beneficial during the entire process.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The biggest reason a short sale is beneficial is because banks usually make 10-20% more on a short sale compared to sell a property after foreclosure. Besides, the further out the foreclosure date is, then the more beneficial the short sale. That is because the bank gets to sell the house today, rather than 12-18 months down the road.

The savings can be quite substantial when you sit down and add them all up. Doing a short sale and selling the property now makes more financial sense for the bank than a foreclosure. An extension to the closing date of a short sale is a major request for the bank. Not every bank will accept such a request.

Here are some steps you may take to increase your chances that the short sale bank will accept to give you the extension:

* Give a specific closing date that you’re sure of. You can only do this if you of the approval from the buyer’s lender. This means that your buyer’s lender will be ready to fund once the short sale approval is extended.

* Give an assurance that all parties to the short sale transaction are still interested and ready to close. This is done by sending an addendum to the bank that is signed by both the seller and the buyer stating that everyone has agreed to the extension.

* Prepare and submit another preapproval letter together with any other supporting documents such as the buyer’s proof of funds. Do not assume that the letter you submitted at first will serve the same purpose. You need to show the bank that the buyer is still qualified and ready to close by submitting an updated preapproval letter.

* Maintain professionalism and respect while stating your case to the negotiator. Give the reasons behind the delay and also an assurance to the negotiator on the date by which you will close. Do not ask for the extension by force.

* An extension by the short sale bank is a privilege, not a right. For that reason, the buyer may be needed meet some charges for every day they run past the original closing date.
That fee could be $100 a day or more. The buyer needs to be prepared to pay if they can’t close on time. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at savethehouse4me@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 213 445 2277

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northridge loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Will Wheaton.

Will is a Real Estate Agent at Keller Williams R.R. Gable. Northridge Short Sales Realtor:

Phone: 213 445 2277. savethehouse4me@gmail.com.

View My homes for sale at www.willwheaton.kwrealty.com.

www.willwheaton.kwrealty.com.

Important Notice

The views expressed here are Will’s personal views and do not reflect the views of Keller Williams R.R. Gable.

This information on Northridge Short Sales: Why Would a Bank Issue an Extension on a Short Sale Approval Letter? is provided as a courtesy to our viewers to help them make informed decisions.

Northridge Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter?

admin — Wed, 08 Feb 2012 16:05:20 +0000

Northridge CA – Following the rules, banks are not required to extend the closing of a short sale. It can also be a setback to the buyer especially after waiting for that long only to come to learn that it may not be possible to buy due to his lender’s inability to perform in the final stages of the process.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

In a transaction that is not a short sale; the buyer’s lender is always in control and makes a decision as to when the closing date will be. Things are done differently in a short sale transaction.

As for short sale transactions, the bank is totally in control. The bank usually says that the short sale approval is only good for 30 days. If this duration is over without closing then at this point, the approval will not hold.

The buyer may also lose an opportunity to buy the home if his lender is unable to meet the closing date. This is not a good thing for the seller because they may as well lose their opportunity to sell the home and avoid foreclosure.

Considering the auction date, banks may opt to foreclose especially if the date is at hand. However, some banks under certain circumstances will extend the closing date. A short sale may be extended provided it is not a Fannie Mae short sale and the bank had intentions to postpone the auction.

It is always a good thing to close on time and not need an extension. You might have to let your lender understand the importance of meeting the closing date and not need an extension just to try and prevent foreclosure from coming your way.

Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at savethehouse4me@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 213 445 2277

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northridge loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Will Wheaton.

Will is a Real Estate Agent at Keller Williams R.R. Gable. Northridge Short Sales Realtor:

Phone: 213 445 2277. savethehouse4me@gmail.com.

View My homes for sale at www.willwheaton.kwrealty.com.

Sell Your House Fast At www.willwheaton.kwrealty.com.

Important Notice

The views expressed here are Will’s personal views and do not reflect the views of Keller Williams R.R. Gable.

This information on Northridge Short Sales: Will Banks Issue an Extension on a Short Sale Approval Letter? is provided as a courtesy to our viewers to help them make informed decisions.

Northridge Short Sales: Don’t Be Afraid To Tell The Truth In Your Hardship Letter

admin — Wed, 01 Feb 2012 18:17:16 +0000

Northridge CA – It is not a lot of fun to write a hardship letter. In fact, it can be depressing. Many people may not know how bad their lives have become until they reach a point of writing a hardship letter.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Sometimes seeing all those awful things in writing is startling and some people start crying. However, do not turn and start talking about how your life will improve.

Do “NOT” share your hopes and dreams for the future with the bank. It’s none of the bank’s business.

If there is hope on the horizon, if there is a chance for recovery and for you to become whole again, then the bank will not hesitate to grab a knife and plunge it into your heart.

If your bank senses anything that shows that you might have the financial means at some point in the future to repay part of that debt, then the bank will jump on it like hot fudge on a sundae.

The bank doesn’t care about you or protecting your precious credit rating. So do everything you can to clue them into the harsh reality of your situation. Let them know that you have thought of bankruptcy.

Most people think of bankruptcy for just a second and then try to shove the thought into the back of their head. But, let your bank know that you have thought about bankruptcy.

After all there is nothing that scares them more than bankruptcy. They know it allows you to walk away from your debt. It also makes them much more willing to negotiate with you. If you are on the brink of bankruptcy, then you’ve got a story the bank can listen to.

Do not be afraid to be truthful and tell that story. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at savethehouse4me@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 213 445 2277

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northridge loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Will Wheaton.

Will is a Real Estate Agent at Keller Williams R.R. Gable. Northridge Short Sales Realtor:

Phone: 213 445 2277. savethehouse4me@gmail.com.

View My homes for sale at www.willwheaton.kwrealty.com.

Sell Your House Fast at www.willwheaton.kwrealty.com.

Important Notice

The views expressed here are Will’s personal views and do not reflect the views of Keller Williams R.R. Gable.

This information on Northridge Short Sales: Don’t Be Afraid To Tell The Truth In Your Hardship Letter is provided as a courtesy to our viewers to help them make informed decisions.

Northridge Short Sale Question: I am current on my mortgage; will my lender consider a Short Sale?

admin — Mon, 23 Jan 2012 14:44:07 +0000

Northridge CA – The Stop Foreclosure Institute recently received a question from John. Here was his question.

“I am current on my mortgage with X Bank (one of the top 4 US banks.) However, I would like to short sale and move for my new job.

I am current on my mortgage. Will my lender consider a Short Sale, even though I am not behind on the payments? Thanks for your help. John.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to his question. When we work on several files with a lender, it seems that those that are late get approved faster than those that are current.

However, you still have a chance of getting your file approved even when you are current on your mortgage. The banks might approve your short sale file, depending on your specific situation and the hardship.

But they certainly seem to be taking their time on approvals where mortgage payments are current. The good news is we have clients who are current on their mortgage payments and have already had short sale approvals.

However, we also have clients where the banks have dragged the process on for 8 months or more. after that long wait, they still were not approving the short sales.

I can help put your Short Sale file together within a couple days and submit it for approval. (Remember, there is no charge for this.)

The best way to determine if your lender will approve your short sale is to simply start the process. Every lender and loan program is different, so we will never know for sure until we start. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at savethehouse4me@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 213 445 2277

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northridge loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Will Wheaton.

Will is a Real Estate Agent at Keller Williams R.R. Gable. Northridge Short Sales Realtor:

Phone: 213 445 2277. savethehouse4me@gmail.com.

View My homes for sale at www.willwheaton.kwrealty.com.

Sell Your House Fast at www.willwheaton.kwrealty.com.

Important Notice

The views expressed here are Will’s personal views and do not reflect the views of Keller Williams R.R. Gable.

This information on Northridge Short Sale Question: I am current on my mortgage; will my lender consider a Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Northridge Short Sale Question: My property is in rough shape and needs work. Can I still do a Short Sale?

admin — Fri, 20 Jan 2012 18:23:48 +0000

Northridge CA – The Stop Foreclosure Institute recently received a question from Dan. Here was his question.

“My property is in rough shape and needs work. Can I still do a Short Sale? Dan.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to his question. You can still do a short sale. It is a fact that lenders are more motivated to do a short sale on a property that needs repairs than on a property that doesn’t.

Most lenders understand that the risk of loss goes up when they foreclose on a property that needs lots of work. Here is an easy way to get a discount approved for a short sale.

Show your lender that a lot of repair work is needed to bring the property back up to a marketable condition so it can be sold. Lenders are simply not set up to get any repair work done.

They are in the loan business, not the repair or handyman business. It really doesn’t matter the type of house or condition, all mortgages can be discounted.

The very best types of properties to perform short sales on are houses that are in rough shape and need repair work because the bank will often allow a bigger discount for it.

If you have a property that is in rough shape and needs work, do not leave it to be foreclosed. I am here to help. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at savethehouse4me@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 213 445 2277

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northridge loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Will Wheaton.

Will is a Real Estate Agent at Keller Williams R.R. Gable. Northridge Short Sales Realtor:

Phone: 213 445 2277. savethehouse4me@gmail.com.

View My homes for sale at www.willwheaton.kwrealty.com.

Sell Your House Fast at www.willwheaton.kwrealty.com.

Important Notice

The views expressed here are Will’s personal views and do not reflect the views of Keller Williams R.R. Gable.

This information on Northridge Short Sale Question: My property is in rough shape and needs work. Can I still do a Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Northridge Short Sales: How To Keep Your Home With A Forbearance Agreement

admin — Tue, 17 Jan 2012 19:27:11 +0000

Northridge CA – With a forbearance agreement, your bank agrees to hold back on its legal right to exercise foreclosure on you. They do this by coming up with a plan to bring you current on your mortgage payments after giving you some kind of a breather period.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

In Forbearance, your mortgage payments are either reduced or suspended for a time agreed on by your lender.

After the Forbearance period, you will be expected to resume making old payments plus make some additional partial payments to cover the arrears and eventually get the loan current.

Banks may stipulate that you make a single, lump sum payment by a given date to cover the missed payments.

The mortgage company may be willing to grant forbearance to persons whose incomes have been reduced temporarily for a number of reasons such as job loss, unpaid mandatory leave, illness or other emergency.

Before asking for such a loan modification, you should be ready to demonstrate your good-faith efforts to pay your mortgages and other bills and to reduce expenses.

This will only do more good than harm to your credit and therefore help you gain the confidence of your mortgage company. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at savethehouse4me@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 213 445 2277

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northridge loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Will Wheaton.

Will is a Real Estate Agent at Keller Williams R.R. Gable. Northridge Short Sales Realtor:

Phone: 213 445 2277. savethehouse4me@gmail.com.

View My homes for sale at www.willwheaton.kwrealty.com.

Sell Your House Fast at
Northridge CA – With a forbearance agreement, your bank agrees to hold back on its legal right to exercise foreclosure on you. They do this by coming up with a plan to bring you current on your mortgage payments after giving you some kind of a breather period.