WeCallYourBank.com

I am giving myself 100 Reasons why I am selling and leaving my house behind

1. I am selling, and leaving because I am realizing Homeowners lost $74,850 in equity since 2006!
http://mnhouse.notlong.com

2. I am selling, and leaving because I am likely the 1 in 4 borrowers owing too much
http://wallstreetjournalnews.notlong.com

3. I am selling, and leaving because I am using the helpful IRS tax law before the 2012 deadline
http://irstax.notlong.com

4. I am selling, and leaving because I now know most loan mods won’t reduce my mortgage balance, this is my true problem

5. I am selling, and leaving because I now know loan mod qualifications will require too strict of guidelines, like 31% debt to income

6. I am selling, and leaving because I now know I don’t want banks asking me for a ton of paperwork when I attempt a loan mod

7. I am selling, and leaving because I now know too much of my research tells me loan mods rarely ever work out

8. I am selling, and leaving because I have now heard that many loan mod programs like HAMP are just trials

9. I am selling, and leaving because I now know that If I am unemployed I am unlikely to get approved for a loan mod

10. I am selling, and leaving because I now know that if my spouse becomes unemployed, together we’re unlikely to get a loan mod

11. I am selling, and leaving because I now know that with unemployment rising, I am needing a much cheaper house payment

12. I am selling, and leaving because I now know the foreclosure process has limited time, I am running out of time for a loan mod

13. I am selling, and leaving because I now know with rising fuel costs, I am needing a much cheaper house payment

14. I am selling, and leaving because I now know with rising grocery costs, I am needing a much cheaper house payment

15. I am selling, and leaving because I now know with rising insurance costs, I am needing a much cheaper house payment

16. I am selling, and leaving because I am now relieved knowing that landlords will rent to me with a short sale, or bad credit

17. I am selling, and leaving because I am now understanding many people sell their home and save their credit cards

18. I am selling, and leaving because I am now understanding it’s unlikely the housing market will recover over 25% anytime soon

19. I am selling, and leaving because I now understand I need a cheaper house payment with minimum credit card payments rising

20. I am selling, and leaving because I now need a cheaper house payment with credit card companies taking away credit lines

21. I am selling, and leaving because I now know getting a refinance while behind on payments is not likely to happen

22. I am selling, and leaving because I now know that my refinance appraisal will likely be too low in this market to get financing

23. I am selling, and leaving because I am now understanding that 3rd party loan mod companies charge thousands upfront

24. I am selling, and leaving because I am now understanding it’s not legal for an investor to save my home and lease back to me

25. I am selling, and leaving because I am now know loan mod and short sale opportunities further decrease after the sheriff sale

26. I am selling, and leaving because I am now understanding that you can rent a house at a fraction of the payment I now have

27. I am selling, and leaving because I now know The Mortgage Forgiveness Debt Relief Act and Debt Cancellation ends in 2012

28. I am selling, and leaving because I am now convinced enough is enough, I am tired of being stressed out, I am now ready to relax

29. I am selling, and leaving because I am now understanding you have a CPA that I can talk to about my specific situation

30. I am selling, and leaving because I am now understanding that I am only putting good money after bad

31. I am selling, and leaving because I am now understanding that not selling can delay divorce or put a strain on it

32. I am selling, and leaving because I am pleased to know that I likely can get home financing only 2 years after a short sale

33. I am selling, and leaving because I now know 43% of 2009 sales were short sales & foreclosures
http://shortsales2009.notlong.com

34. I am selling, and leaving because I now know Califonians’ homes may take 60 years to recover
http://60years.notlong.com

35. I am selling, and leaving because I now know and trust that selling on a short sale is what most people are doing

36. I am selling, and leaving because I know loans originally were qualified with a lack of paperwork, now they will require a lot

37. I am selling, and leaving because I know that keeping the house and trying a loan mod may stop me from rebuilding my credit

38. I am selling, and leaving because I now know that strategic defaults and planned short sales are becoming very popular

39. I am selling, and leaving because I now know that I have to get approved for a loan mod the ARM payments are too much for me

40. I am selling, and leaving because I know my payment may increase http://foreclosurenightmare.com/loan-modification-risks.pdf

41. I am selling, and leaving because I know that I may be owing too much for the Obama adminstrations loan modification plan

42. I am selling, and leaving because I know that many loan mod programs start the amortization process all over again

43. I am selling, and leaving because I know my research shows a high percentage of approved loan mods end up back as defaulting

44. I am selling, and leaving because I know it is likely I will always feel this stress of making too high of a payment unless I sell

45. I am selling, and leaving because I am now understanding from research that loan mods can take 3-6 months of hard work

46. I am selling, and leaving because I am now understanding short sales reduce my principle balance whereas loan mods may not

47. I am selling, and leaving because I am now believing my bank gave me bad loan terms the first time, and maybe they will again

48. I am selling, and leaving because I now know banks can use my submitted financial info later for judgments & garnished wages

49. I am selling, and leaving because I now know I will need to move years before my house will recover all of the lost equity

50. I am selling, and leaving because I now know negative equity is an anchor holding me back in life, I will sell on a short sale

51. I am selling, and leaving because I now know keeping my house is only delaying the inevitable, There’s is a time to cut my losses

52. I am selling, and leaving because I now understand that I will have negative equity even after the loan mod is complete

53. I am selling, and leaving because I now understand that interest savings is minimal compared against my lost equity

54. I am selling, and leaving because I now understand I will have to make more calls than I want to, to follow up with my bank

55. I am selling, and leaving because I now understand that I may sign the wrong paperwork, or make a mistake if I try on my own

56. I am selling, and leaving because I now undertand research shows most believe house prices will continue to fall

57. I am selling, and leaving because I am now understanding that when house prices keep falling I will need a cheaper payment

58. I am selling, and leaving because I am now understanding health insurance is rising; I am needing a cheaper house payment

59. I am selling, and leaving because I am understanding taxes will go up with the bailouts; I am needing a cheaper house payment

60. I am selling, and leaving because I now know that my timing to sell is right now when the buyer assistance programs do exist

61. I am selling, and leaving because I now know commercial real estate is foreclosing causing more job losses, I need to sell now

62. I am selling, and leaving because I now know millions more foreclosures are coming soon; I need to sell with less competition

63. I am selling, and leaving because I am understanding that selling relieves my stress and keeping my house add to it

64. I am selling, and leaving because I know that if I need to move out of state or down size that I need to sell my house

65. I am selling, and leaving because I know that if my family is growing I will need a bigger house

66. I am selling, and leaving because I now know that I am out of time for the repairs I want done now

67. I am selling, and leaving because I now know that I am out of money for the repairs I want done now

68. I am selling, and leaving because I am understanding that getting a home equity loan for repairs is too difficult

69. I am selling, and leaving because I am understanding 1 of 2 small costs when selling a short sale is my association dues

70. I am selling, and leaving because I am understanding 1 of 2 small costs when selling a short sale is a truth and housing inspection

71. I am selling, and leaving because I am now understanding that the baby boom segment will force more inventory onto the market

72. I am selling, and leaving because I now know that many banks may not look out for me
http://citibankloan.notlong.com

73. I am selling, and leaving because I now know that the timing to sell is now before interest rates go up for the buyers

74. I am selling, and leaving because I now know that you’re able to get early offers into my bank quickly and speed up the process

75. I am selling, and leaving because I now understand that you could possibly be the initial buyer for my home, if I ask

76. I am selling, and leaving because I now understand that you will handle all of the negotiating of my home selling process

77. I am selling, and leaving because I now understand that you are willing to do a quick free evaluation of the value of my home

78. I am selling, and leaving because I am undertanding that you will list my home which is
necessary to sell

79. I am selling, and leaving because I now understanding that you are removing stress from my life and not adding to it

80. I am selling, and leaving because I now know that you handle all of the paperwork, follow up and phone calls

81. I am selling, and leaving because I now know that you make your money from the bank instead of me

82. I am selling, and leaving because I now know that you are on my side when my bank has a different planned agenda

83. I am selling, and leaving because I now know that I can call you any day 612-234-5502

84. I am selling, and leaving because I now know that I can leave you a voicemail any day 612-234-5502

85. I am selling, and leaving because I now know that I can text you any day 612-234-5502

86. I am selling, and leaving because I now know that I can email you with any questions i have
ssagmn@gmail.com

87. I am selling, and leaving because I now know I can call you for a short sale if I haven’t started a loan mod yet 612-234-5502

88. I am selling, and leaving because I now know I can call you about a short sale even if I already started a loan mod 612-234-5502

89. I am selling, and leaving because I now know I can call you about a short sale even if I am done with a loan mod 612-234-5502

90. I am selling, and leaving because I now know you do 100’s of short sales and no who to talk to at the bank 612-234-5502

91. I am selling, and leaving because I now know I can call one of your experienced short sale agents to help me sell 612-234-5502

92. I am selling, and leaving because I now know that bankruptcy will only slow down my foreclosure at best

93. I am selling, and leaving because I now know you have a financial planner that can talk to me about bankruptcy

94. I am selling, and leaving because I now know that your company usually succeeds in getting satisfactions with both lenders

95. I am selling, and leaving because I now know you will do all that you can to help me avoid wage garnishment

96. I am selling, and leaving because I now know you have a secret way to avoid painful future deficiency judgments

97. I am selling, and leaving because I now know you’ll do your best to help me to avoid being liable for a signed
promissory note

98. I am selling, and leaving because I now know you’ll help me avoid the mistake most agents make by releasing the lien just to sell

99. I am selling, and leaving because I now know you are pleased to provide me many happy customer testimonials if I ever asked

100. I am selling, and leaving because I now know I can sell and feel good about leaving my house behind, I’ll call you 612-234-5502

Think you owe too much on your mortgage?
Call 612-234-5502

Short Sale = Sell BEFORE 2012 = NO Taxes owed
Loan Mod = Sell AFTER 2012 = Big IRS Taxes Owed
Late IRS taxes = late fees,interest,penalties,liens,bank levies,wage garnishment

IRS tax law (ENDS in 2012)
http://irstax.notlong.com

We could buy your house AND negotiate the short sale!
Call 612-234-5502

WARNING!!! GIGANTIC IRS tax bill could haunt YOU after 2012!
With recurring late fees,high interest,penalties,liens,
levied bank accounts,wage garnishment,or worse!

IRS retiring helpful law, end of 2012!
http://irstax.notlong.com

FACT:1 in 4 homeowners owe too much on their house!
http://wallstreetjournalnews.notlong.com

FACT:Homeowners lost $74,850 in equity since 2006!
http://mnhouse.notlong.com

Solution:
We could buy and negotiate your house all in one!

Call Now!
612-234-5502

We often hear of homeowners trying to get loan modifications done for months and months, with tons of phone calls, faxes, emails, mail, etc only to not get the loan modification done.
Sellers become frustrated and tired of trying so hard. We often point out that the lender didn’t give you a good loan the first time, that’s why you are in this situation what makes you think they will give you a good loan this time, their history doesn’t show they will.

We believe the bank will do what’s in their best interest, please call us and we’ll help you with your housing situation, we are here to help, and we talk to hundreds of homeowners per month.

http://money.cnn.com/2010/02/03/real_estate/foreclosure_deficiency_judgement/index.htm?source=patrick.net

Homeowners may be on the hook for the difference of what the house sold for at auction and what they owed on the house according to this article.

“deficiency judgments” are ticking time bombs that can explode years after borrowers lose their homes.”

“Because of falling home prices, borrowers who always paid their mortgage but who have run into unforeseen circumstances — like unemployment or a job transfer — can no longer sell their homes for what they owe. As a result, they are being forced to short sell or foreclose and are getting caught up in deficiency judgments.”

“”After the banks foreclose, it’s very common now to have large deficiencies with houses not worth the balances owed,” said Don Lampe, a North Carolina real estate attorney.”

“But if borrowers ignore the possibility of deficiencies, it could haunt them.”

“Once they have a judgment, they can pursue you anywhere,” said Richard Zaretsky, a board-certified real estate attorney in West Palm Beach, Fla. “They can ask for financial records, have your wages garnished and, if you fail to respond, a judge can put you in jail.”

“The parties who bought those notes wouldn’t have paid money for them unless they had the intention of acting,” Zaretsky said.”

”

“What can be scary is that the judgments don’t have to be obtained immediately. Lenders or collection agencies may wait until debtors have recovered financially before they swoop in. In Florida, the bank can wait up to five years to file. Once the court grants a judgment, the lender has 20 years there to collect, with interest.”

“Lenders may release property liens in order to facilitate short sales without releasing borrowers from their obligations to pay under the promissory notes. The secured debt can convert to an unsecured one after the sale.”

As a homeseller you should realize that many agents may just try to get a release of lien on the 2nd mortgage.  It’s recommended that you get a full satisfaction on the 2nd mortgage.  This often takes a unique way of doing a short sale in order to have enough money leftover to be able to pay off the negotiated 2nd.  Please call to find out how to do this.

(612) 234-5502

Why the Biggest 1099 Tax Hurricane, Tsunami, Tidal Wave, Earthquake, Flood, Eruption, Fire, and Natural Disaster is going to hit in the year 2014 to those that did Loan Mods!

The Year Is 2014, and an Alarming amount of homeowners have been hit with the largest 1099 Tidal Wave they’ve ever seen. The amount is so large they don’t know how to EVER pay such a big amount back to the IRS. They know that IRS taxes just don’t go away, they add penalties and late fees and keep increasing.

The question is how did such a devastating event hurt so many people at once, and how could we have prevented this tragic event from happening?

Back in 2010 many early WARNINGS were given by top newspapers such as MSNBC and the Wall Street Journal.
http://www.msnbc.msn.com/id/34126239/ns/business-real_estate/
http://online.wsj.com/article/SB125903489722661849.html

They all WARNED of how 1 in ever 4 Americans had houses underwater,
with growing foreclosures, they all WARNED what was inevitable.

If only Americans had listened and prepared for the worst. Today a few Americans who didn’t do loan mods were sheltered and survived.

So how did so many Homeowners with Loan Mods get caught in this disaster?

The Date was Dec. 20th, 2007
(see News Release IR-2008-17)
IRS enacted on that exact day what has now became known as:
The Mortgage Forgiveness Debt Relief Act of 2007

http://www.irs.gov/individuals/article/0,,id=179414,00.html

The act was originally released for a couple of years, IRS was kind enough to extend it through 2012.

The mistake most homeowners made is they were focused on their jobs, living arrangements, bills and other things, homeowners hadn’t realized at that moment was the “biggest tax gift” of all with a deadline of 2012.
Reports said that Houses had fallen by 25% form 2006 to late 2009.
So understand this, that was the banks collateral, a house worth 25% less, why would a bank want this liability back, they didn’t want the problem, so banks packaged loan modifications terms so that homeowners
would continue to pay for the problem.

What had happened is that homeowners elected to do what they thought was the best idea at the time, which was to do a loan modification, and keep the house.  What most homeowners didn’t realize or consider is the early warnings from MSNBC, the Wall Street Journal and the news that 1 in 4 houses were underwater, and new bank owned foreclosures were selling every day further driving down prices. In the background house prices continued to go down, and these homeowners kept living in their home.

Today in 2014, you may ask why did the homeowners stay in thier home. It’s a great question, at the time, it seemed like an easier solution. On these loan modification the banks offered them fixed interest rates to stop their adjustable rate mortgages from adjusting higher.  Some got ok interest rates. Many homeowners got to put their 3 late payments to the back of the loan and get a quick fix.  What appeared to be a quick fix at the time, was ony a quick fix, in that they didn’t have to think about it, for just a little while.

A couple of years later, Everything started to unravel when these same homeowners finally realized that they couldn’t afford the payments in the depressed economy, they needed to move to a smaller home.  They now were ready to sell their house for what was owed, but remember 1  in 4 Americans owed too much on their home, and even if years later that % went down, it’s likely these loan mod homeowners were the ones still holding on to the old high pricing. The homeowners found that they couldn’t sell. They now were ready to give the house back to the bank or do a short sale, but the worst part was yet to come.

You see those homeowners back in 2010-2011 figured they would not worry about the 1099 from the IRS, or the lender because of all of the bailouts and that mortgage forgiveness act they once heard about. That act was set to end in 2012, and now these homeowners found themselves in foreclosure in 2012, in a drawn out foreclosure that either left them with a lost house to the bank in foreclosure or a short sale, BUT after 2012, the deadline had passed. Homeowners now found themselves with the potential of paying the big difference from what the house sold for and what they owed.

For example, $250,000 mortgage balance owing, which sold for $180,000, sellers now found themselves with a pain of a 1099 for $70,000 all so they could, a few years earlier, get a fixed interest rate for a couple of more years.  What sellers had failed to realize is that their natural, and non forced, timeline for moving would come up way before the prices of houses came up.  Remember back from 2006 to late 2009, most said Minnesota houses went down 25% in value.  Why didn’t the sellers realize that their houses wouldn’t appreciate 25% or even 30% to cover listing agent commissions within only the next few years, which would be necessary by the time they’d eventually move.  This amount of appreciation could easily take 7-10 years to accomplish, which is about the time it will take for their credit to recover from that foreclosure or bankruptcy they now find on their credit report.

Please Call:  (612) 234-5502

Disclaimer:
None of the above is meant as tax or legal advice, furthermore
we are not tax accountants, CPA’S or attorney’s please seek professional advice. Everyone’s situation is different and what may be right for one may not be for another.  Their are also possibilities that the IRS could extend the
Mortgage forgiveness act beyond 2012.

“7 Years of Bad Luck”
Today’s Date: January 31st 2016

Here in the year 2016, I realize that life and times have really changed in America.  I was thinking about my friend Bill today.  I remember back in 2010 how he came to me one day when he found himself between a rock and a hard place.  Bill had found himself in an unsettling situation.   He had an adjustable rate mortgage coming due and he knew that he soon could not afford the payments to the bank.  He told me with the job uncertainty in the economy, rising fuel costs, rising grocery and insurance costs it was tough to make ends meet.

Bill had noticed that credit card companies were increasing interest rates, minimum payments and even lowering his allowable credit lines, which made him appear to be maxed out, further lowering his credit score.  Now Bill wasn’t sure he wanted to make any more house payments, since his credit was already bad,  he now worried about any possibility of buying a house in the future.  Bill had mentioned to me that he wanted to refinance his house.  I told him that it’s a nice thought, but in today’s housing marketing a lender likely won’t give you the appraisal you are looking for, and you aren’t going to get financing with a new bank when you are behind on payments.

At this point, Bill said, “well then, I won’t sell, I’ll just stay in the house and wait for something to happen.” I told Bill that’s really your plan, what’s going to happen exactly?  I told him that once he gets behind on payments,
around three to four of them, the bank and their attorney’s will file what’s called a NOD-Notice of default.  It will appear in all of the local public legal newspapers, so he can expect a lot of mail at that point. The paper will
advertise a sheriff sale date, which he’ll need to come up with the full amount or bid amount at the sheriff sale,  and if he  doesn’t, in most cases only 6 months remain in the redemption period.  I told Bill that even if he didn’t
want to sell and just wanted to wait, the bank won’t wait, they will move forward and sell your house.  The bank will sell through a clause in the mortgage called the “power of sale.” The bank will accelerate the loan,
and foreclose on the house.  They’ll make their own arrangements, even if they aren’t in line with yours Bill.  I could tell Bill was listening.  Bill then said, “But I have equity, I’ve had this house for awhile.”   I told him that I hope he does have equity, that would be great, but unfortunately as the news and research shows, now over 20% of local Minneapolis and suburb area homes are over-financed, that’s the likely scenario.

I said, Bill do yourself a favor, please call an agent and see if you are one of the homeowners with an over-financed home. Find out now before you keep spending your hard earned money and time.  At this point Bill said he’d consider staying in the house and do one of those loan modification things he had heard about on the news.  I told Bill that 90% of those loan modifications never work, there are upfront costs, sometimes as much as $5000, and with the new foreclosure laws, you may want to check if a company is even allowed to charge an upfront fee.  I told him that the loan modification was in the banks best interest.  I told him the bank may give him a lower interest rate, a longer fixed rate, but at the end of the day, few loan modification programs will do the one thing that really matters, a principle reduction.  This is the true source of the problem, if you’re over-financed.  I told Bill those loan modifications are like fresh paint on a rusty car, it doesn’t make sense if you’re over-financed.  It would take some time for you to see that your decision today was later incorrect.  Bill, what concerns me is that in a couple of years from now when you do finally call an agent and realize that
your house is over-financed and the temporary loan modification fix, was only just that, a temporary fix, do you know what the worst part is?  It’s that your benefit of the Mortgage Forgiveness Act of 2007 is going to be the
biggest missed benefit of all, saving big on 1099 and homeowner taxes, that act, is going to end soon.  It likely will end before the day you realize it’s already too late. Bill I’d hate to see you pay a big tax bill in the future, if you can avoid it.

Bill came back and said  “Yeah, but those short sales cost money also don’t they?”  I told him actually their is almost no cost, you may have to pay a Truth In Sale Housing with some cities, that’s a very minimal inspection fee.  If your property happens to be part of an association, then a small amount on
a resale disclosure on what the association is due.  Bill you’d have to pay these fees someday anyways when you do sell the house.  The short sale negotiator gets paid by the bank, they’ll handle it all, and pay all of the agents.
Bill told me he was sure glad their wasn’t much money needed out of pocket. He for sure didn’t have $5000 upfront for a loan modification, he said if he did, he wouldn’t be in this bind. He further more said, well then I think I’ll just
live here for awhile, and quit making the payments, and said I really need the money, so not making the payments would really put some extra money in my pocket.  I told him I wasn’t going to advise him on whether or not to
make any more payments.  He was welcome to talk to an attorney or CPA on that decision, but I did tell him that after you become in that NOD status, almost always the bank won’t take any more payments unless it’s the full amount you are behind in payments, plus collection fees and attorney’s fees to date.  Whether you decide to save up money or not for your next place, by not making any more payments, that’s your decision, all I know is that you should move forward and still work on a short sale either way to minimize the damage.

Bill agreed to be the one to make the final decision.  He said he thought it would be easier if this all just went away, he thought he’d just file for Bankruptcy.  I asked him Chapter 7 or 13?  Bill didn’t know what the difference was.  I told Bill that he should possibly talk to a bankruptcy attorney or google it and do some research first.  Bill let me make it clear that I am not a bankruptcy attorney, I will just tell you that depending on the bankruptcy you follow through with, it may end up on your credit for up to 10 years, google it.  Furthermore it may limit you on establishing future credit and limit your options.  Ask an attorney if you could have a court order over seeing your finances, in Chapter 7 ask if all of your assets will be liquidated except maybe your house, ask if they watch your financial decisions for 3-7 more years. The real question is if bankruptcy is a quick fix, or would a restructure plan last for years.  Bill do your own research, ask an attorney, in addition simply google “why bankruptcy is bad.”, and you’ll see for yourself.  Bankruptcy has been known to affect getting jobs at high security clearance positions.  Also verify with your research that a bankruptcy will just slow down a foreclosure, but not stop it.

Bill wanted to know what his spouse thought about all of this.  I told him that I think she’d agree with what I am saying, that is, as long as she had all of the same facts in front of her that you do.  Bill, If you are trying to memorize everything and trying to convey everything to her, you’ll only remember part of the important info. Bill I’d recommend taking notes, and then pass them onto your spouse.  Later, Bill decided to try that loan modification.  In fact, Bill called me months later and vented his frustration on losing valuable time and money when it didn’t even work out.  He had realized that even had it worked out, that it never really would have mattered because his neighbors were now buying houses at the new adjusted housing prices which were about 50-75% of what Bill had paid just years ago, why was he trying to hold on to an upside down asset, which now had become a liability, he wondered.

Bill decided to just wait things out, hoping something would happen, he simply didn’t know what to do next.  I reminded him again that the bank won’t wait.  Months later Bill had finally taken action, he listed it with some new agent.  So many months had passed now, Bill was well past the sheriff sale, in his final months of redemption. Time was quickly running out for Bill.  It was at this point, I felt I needed to say something.   I told Bill that I hope his agent does a great job for him, I really do.   Many agents don’t have a lot of experience doing short sales.  Bill asked what I meant by experience.  I told Bill at this point, that if you don’t play your cards right and hurry, you could have 7 years of bad luck.  I could tell Bill was eagerly listening, so I continued.  You see Bill,  I have seen this happen so many times before that I have lost count.  If you run out of time and go through a full foreclosure you may have to wait up to 7 years to get financing through Fannie Mae.  Fear was apparent in Bill’s eyes, after all, 7 years is a long time.  I said don’t even bring up the deed-in-lieu of foreclosure, that is such a good deal for the bank, their is fine print that you won’t like, and it’s still going to devistate your credit score a lot.  At this point I think Bill was feeling he wanted to screw the bank or show the bank what he thought of them, and you could tell he was thinking of thoughts of just shoving the house back to the bank.  I told Bill that giving the house back to the bank does hurt the bank, but it doesn’t help you at all, it really hurts you a lot, it’s like kicking yourself in the face, just make the best of the situation that you find yourself presented with.

Bill, when you successfullly do a short sale within time, you may only have to wait 2 years to get a home loan in the future with Fannie Mae, that’s really not very long.  Some agents, but not all, will try their hardest to get your
short sale approved, they certainly mean well. Most agents never get the negotiation timing down right, so the buyers you waited so long for, often quit waiting, but even if you got a buyer to wait, most agents still will run out
of time, or worse yet, they’ll get the buyer, negotiate with the banks after many months and find that the 2nd mortgage lender still wants about $8000 or more.  This is the point where the deal never happens.  Bill the reason it doesn’t happen, is that nobody wants to pay the $8000.  Think about it, The 2nd lender doesn’t want to take less.  The agent isn’t making enough to give up their commission.  The buyer for sure isn’t going to pay the difference of $8000 more for the house.  Bill, you can’t pay it, you don’t have the extra money, remember?  Their is no $8000 difference for the closing, so most everyone gets stuck, and the sale often doesn’t happen.
This is why I always highly recommend that all agents just be the agent, make their commission, work with the seller, but have an expert negotiator as the 3rd party who communicates directly with the bank.  Especially since
an advanced short sale negotiator has worked with every bank so many times, that they know them on a first name basis, most importantly, knowing how to get the seller’s file to jump to the top of the stack of over 300 files.

Bill asked how to do it the right way then.  I told him it would take some time to explain it.  The right short sale negotiations company has done it many times.  They would create enough of a difference from the sales price
and the bank’s price to simply just pay the $8000.  They would make the 2nd lender happy.  The agents get paid, so they are happy. The buyer gets their price, so they are happy.  The seller gets the sale done, so they are happy.
This negotator gets paid by the bank, so it’s a win-win.  The negotiator is also going to do their best on getting a satisfaction for the seller while working hard to try to get the lender to avoid coming after the seller for a
deficiency judgment in the future.  If a lender is successful with a deficiency judgment, they may garnish a seller’s wages for years to come.  The truth is that a deficiency judgment can be good for up to 10 years, and be renewed
for up to 10 more years, so let’s try to avoid that.  Bill was given a lot of info that day, I remember that day in 2010 quite well.

Bill didn’t know what to do that day, come to think of it, I hadn’t heard back from Bill in years.

Today is January 31st 2016, and my old pal Bill just called me.  I said Bill, “I hadn’t heard from you in a long time.”
Bill said, “yeah, a really long time”, Bill sounded defeated.
I asked Bill what was wrong, “what’s it been about 7 years?”
Bill said, “You wouldn’t even believe me, but I never did get that short sale done.  The last 7 years have been very hard on me since we spoke last.”
I let Bill know I was listening.  Bill said, “Well after that foreclosure, I found that it ended up on my credit report shortly afterwards.  It seemed everyone asked for my credit report.  That foreclosure on my credit report really
didn’t help.  I bet that foreclosure lowered my credit score nearly 300 points.  You know, my wages did get garnished for years, it was tough to make ends meet for my family, I nearly lost my insurance three times.”

Bill continued slowly, “Through those last 7 years it was hard to get credit cards at all, and when I did, rates were astronomical.  It was hard to get a job since almost all employers would pull my credit.  My home and auto insurance monthly payments had soared.  This foreclosure just seems to sit on my credit report for 7 years.  Did you know, it’s hard to even finance a car with this darn foreclosure on my record haunting me day and night.   Even my electric and cable company pulled my credit and then asked for very large deposits upfront before I can get any type of service at all.  This foreclosure has affected me in all areas of my life, throughout the years.

I could tell Bill had been through a lot, but unfortunately it had been too late.  If only that short sale was a higher priority to him back 7 years ago.  I suppose at the time, it was something that was easier to just forget and
block out.   Bill agreed he would help me weekly educate other home sellers as to the damaging affect that a foreclosure causes and he said he would do whatever he could to help, so other home sellers didn’t have to experience the same thing.  He told me that having short sale negotiators that do all of the paperwork, negotiating, list the house, work on getting a buyer, and they get paid by the bank, what is there to really think about?

For short sale questions, or an appointment Please Call: (612) 234-5502
(Please mention that you read this letter)

http://www.finance-commerce.com/article.cfm/2010/01/12/Foreclosures-short-sales-fuel-2009-home-sales-in-Twin-Cities

“Mortgage foreclosures and short sales accounted for nearly half of all Twin Cities housing sales in 2009″
Short sales should continue to be very big in 2010.  The timing is right to do a short sale.  It’s expected up to 43% of all sales from 2009 from local housing was from foreclosures and short sales.

“Prior to 2006, foreclosures and short sales accounted for less than 5 percent of all home sales, he said. In contrast, “in the early part of 2009, foreclosures represented more than 50 percent of all sales. It is a whole different world.” -Aaron Dickinson
“I think anyone expecting a dramatic [housing] rebound will be disappointed.” -Aaron Dickinson

This is showing that it no longer makes sense to wait, now is just as good a time as any to do a short sale.
Median prices have dropped , 2009 is expected to come in around $170,000.  (In the last two years, the Twin Cities’ median home price has declined more than 20 percent).

This is the reason that most people are underwater locally in the twin cities, with over a 20% drop in home prices, almost everyone is upside down in their house, so we often recommend a short sale, as a loan modification would not help in this scenario.

“Yet, serious delinquencies — those mortgages more than 90 days late — continue to mount.”  -Aaron Dickinson

This graph shows how short sales contribute to a lot of current sales

http://www.finance-commerce.com/userfiles/image/Bar-Graph.jpg

If you are considering talking about your options, or are looking into doing a short sale, I would recommend calling and let’s answer some of your questions.  As you’ll agree from this article and highlights above it does appear that short sales are the direction most are going right now. There are many advantages to doing a short sale, and most include tax advantages, and or negotiating with your bank on the deficiency judgment.  If you give us a call we have answers to the most commonly asked questions.

(612) 234-5502

http://www.nytimes.com/2010/01/10/magazine/10FOB-wwln-t.html

If you read this NY times article you’ll see that, for some, they have to wait up to 60 years to regain their equity, so some decide to do what’s called a strategic default, and just walk away because they feel it’s in their best interest.

Home sellers are starting to do voluntary defaults.  This article says that nearly 1/4th of all homes are over financed.  10% of all mortgages are currently delinquent in the U.S.   The most interesting thing is it’s just something that everyone seems to be deciding to do.  If you are a seller that isn’t having much luck with their payments, and the loan mod route hasn’t been working like most, an you are running out of answers, please feel free to let us help educate you on how the short sale process works.

Any questions?

Contact us

www.WeCallYourBank.com

Here is a video/podcast from Oct. 6th 2009. 5 Short Tips on short sales:
Charles McMillan 2009 NAR President interviews 2009 President-Elect Vicki Cox Golder on what homeowners need to understand about short sales.   There are unique tips like talking to a HUD counselor or finding one on the website hopenow.com.

There are many great tips on this video, I’d like to leave you with one of the tips to consider more research on, and that’s recourse vs. non recourse loans.  As a general rule in the state of Minnesota, the lender who initiates the foreclosure (Typically the 1st lender) has waived their right to a deficiency under Minnesota State Law, and this would be something a short sale negotiator should work with the lender on.

The concern for the seller is the recourse loan, or a possible deficiency on the 2nd mortgage in the above scenario as that lender didn’t initiate a foreclosure.  This is where it helps to work with someone like our team that knows how to close in a unique way to receive payment from the transaction to work on getting The satisfaction with the 2nd lender so that it’s to the seller’s benefit.  Your goal as the homeowner is to avoid a deficiency judgment for the difference of what is owing on the loan originally to the amount it sold for, or the lender loss on the transaction.  The above scenario is a very standard scenario,  but it is not considered legal advice in any way, as we are not an attorney.