Stop Foreclosure Institute of Sacramento Assisting Homeowners in Distress

Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency

May 11, 2012
Comments 0

CA – I recently heard another so-called short sale expert say that the Federal Mortgage Forgiveness Debt Relief Act made it so that everyone gets to short sale with no deficiency

The unfortunate news is that this is not true. In some state, state law forbids the lenders from attempting to collect from the homeowner after a foreclosure or short sale. But, those states are the exception, not the rule.

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

Here is what the Federal Mortgage Forgiveness Debt Relief Act does. It enables a homeowner to walk away from an upside down debt without owing taxes on the loss.

See, in the past a homeowner that was released from an upside down debt would owe income taxes on the forgiven debt. It is called “Forgiveness of Debt Income.”

This short sale expert said the following: “I read the Mortgage Debt Forgiveness Act and it states that anyone who short sells their house will be released from the debt.”

It is sad that someone who considers themselves a short sale expert would be so misinformed. So make sure you check out everything before you start the short sale process.

The good news is that in most cases a homeowner can short sale and walk away from the debt. But, it doesn’t happen every 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency is provided as a courtesy to our viewers to help them make informed decisions.

Short Sales: Why Do Bank Negotiators Break The Rules?

Comments 0

CA – 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 Instructions on how to handle the short sale. Here’s what happened.

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

FHA sends all of the lenders who handle their loans a letter called “Mortgagee Letter 2008-43.” It details exactly how the banks servicing an FHA loan are supposed to negotiate on a short sale.

This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc.

We had had a wretched experience another FHA short sale. The lender lied to the seller’s prior agent and hadn’t followed the FHA Short Sale Guidelines. Because of that experience, we had read thru this letter 2-3 times.

Bottom line, we know a little bit about FHA’s rules for short sales. The problem was this negotiator at a large national bank didn’t want to follow the rules!

Instead she made up her own rules! She told us that the buyer and seller had to split the cost of the title insurance. The problem is on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.

In our area, it is the sale’s contracts are written with the seller paying for the title insurance. The buyer pays their closing costs and the title insurance for their lender.

But, this negotiator didn’t want to allow that. I had to argue back and forth with her for 2-3 days until she finally relented. FHA is insuring this lender against any and all loss on the loan.

They have given that lender an almost risk free way to make a decent profit on a mortgage. If they have given you specific instructions on how to negotiate a short sale, then follow those instructions!

Here is the bottom line. If the negotiator at the lender is lying to you, then ask for their manager. When you talk to their manager, explain how they are breaking the rules.

Tell them you may contact FHA and tell them that the lender is breaking the rules. 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on Short Sales: Why Do Bank Negotiators Break The Rules? is provided as a courtesy to our viewers to help them make informed decisions.

Don’t Accept A Promissory Note When You Short Sale Your Home

Comments 0

CA – 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 to discover how other sellers successfully did a short sale and avoided foreclosure.

To avoid a promissory note you must convince the negotiator at the PMI Company that you have not assets and no disposable income that can be used to pay them.

I ask to speak directly with the PMI negotiator. Don’t let your lender tell you that you are not allowed to talk to them. Don’t take no for an answer. If necessary, ask to speak with a supervisor at the lender.

The PMI companies know that if the home is foreclosed, then they will lose even more money when the home is sold after foreclosure. Keep this in mind.

Tell the employee that you will hold them accountable if the home is foreclosed and sells for less money after foreclosure.

We have seen a lot of lenders and PMI Companies turn down short sales, only to see the property sell for much less after it is foreclosed upon.

If you stick to your guns they will release the debt and allow you to walk away without a promissory note. 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on Don’t Accept A Promissory Note When You Short Sale Your Home is provided as a courtesy to our viewers to help them make informed decisions.

Short Sale Deficiencies On “Sliced & Diced Loans?

May 8, 2012
Comments 0

CA – 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 out of money to lend out. So, they sell 1,000 of their mortgages to Goldman Sachs.

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

Goldman then securitizes that bundle of 1,000 mortgages and sells of 50,000 shares of stock. Each piece of stock represents a small percentage of the bundle of 10,000 mortgages.

But, how does that affect whether or not you will have a deficiency on a short sale? First, the majority of “Sliced and Diced” loans that we have short sold released the seller from the deficiency.

This means that the short sale approval letter said that the homeowner was being forgiven of the debt. What about the people who are not specifically released from the deficiency?

The good news is that the vast majority move on with their life and never hear anything more from their lender. Time moves on and they forget about the debt.

The good news is that after a few years the statute of limitations kicks in and they are home free. Their lender no longer has the right to collect the money from them. 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on Short Sale Deficiencies On “Sliced & Diced Loans? is provided as a courtesy to our viewers to help them make informed decisions.

Will I Owe A Deficiency On A Short Sale If I Have A USDA Loan?

Comments 0

CA – Another common type of loan that does not usually have a deficiency is a USDA loan. The USDA loan program was created to make it easier for people that lived in rural areas to buy their own home.

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

USDA stipulates that you must be at least 30 days behind on your payments before they will start the short sale process. This is different from most other loan programs.

I haven’t heard of another loan program where they specifically stipulate that you must be behind on the payments before they will consider a short sale.

The good news is that their short sale guidelines state that you won’t have a deficiency after completion of a short sale. Here is the text from their short sale guidelines:

” A borrower who successfully sells the property securing the loan using the Pre-Foreclosure Sale Option is relieved of the mortgage obligation. The borrower shall not be pursued for deficiency judgments by either the Servicer or the Agency.”

This is good news for anyone that has an USDA and wants to get out from under their upside down mortgage. 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on Will I Owe A Deficiency On A Short Sale If I Have A USDA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

Will I Owe A Deficiency On A Short Sale If I Have A VA Loan?

Comments 0

CA – 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 page will be a VA Rider. At the top it will say “NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS.”

That is a VA loan. The picture above is from a VA mortgage. The page for the VA mortgage was 2 pages below the original signature page of the mortgage.

The pages between this and the signature page had the notary’s signature and the legal description. You can get a copy of your mortgage from the public records in your county.

Most realtors will know how to look up this information. If not, then they will know a title company that can do the research for you.

A VA Short Sale is called a “Compromise Sale.” According to those guidelines, they will give a complete release if a seller participates in the short sale program, and there was no “fraud, misrepresentation, or bad faith” on the part of the homeowner.

The bad news is that you will not be eligible for another VA loan until you repay the VA for their loss. So you may not be able to get a VA loan in the future. 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on Will I Owe A Deficiency On A Short Sale If I Have A VA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

Will I Owe A Deficiency On A Short Sale If I Have An FHA Loan?

Comments 0

CA – 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 have found to do this. Look up your mortgage on the public records in your county. You can usually access the public records online.

Just Google, “County, State Public Records.” For example, if we Google “Cook County Illinois Public Records”, then you will get the clerk of court’s website on the second link.

Most realtors will know how to look up this information. If not, then they will know a title company that can do the research for you. Once you access the public records you will want to pull up your mortgage.

If you have an FHA loan, then on the first page of the mortgage, there should be a small square and inside the square, it will say “FHA Case Number 091-4242640-703.”

FHA’s Short Sale Guidelines are covered in a letter they end out to all the lenders that are handling their loan. Whenever they make a change to the guidelines, they send out a Mortgagee Letter.

They issued a new Mortgagee Letter at the beginning of the financial crisis that made a lot of changes to how they handle short sales. That letter was called “Mortgagee Letter 2008-43.”

You can Google that if you want to look at a copy yourself. On page 5 of Mortgage Letter 2008-43, it specifically states that if you short sale or attempt to short sale, then you will be released from the debt.

Here is an excerpt from the letter:

Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation and are entitled to a consideration of $750. If the closing occurs within 3 months of the approval to participate, the mortgagor will be entitled to $1,000. Unless the mortgagor’s consideration is required to release junior liens, the mortgagor may elect to accept cash paid at closing. The mortgagor may also apply a portion of or the entire amount of consideration to offset sales costs not paid by HUD; including a home warranty plan fee, costs of optional repairs, and buyer’s closing expenses. If the PFS is unsuccessful and foreclosure occurs, mortgagors who participate in the PFS Program in good faith will not be pursued for deficiency judgments by the mortgagee or HUD.”

The main requirement to being allowed to participate in the program is that the property cannot be an investment property and that the homeowner has to have a genuine hardship.

Looks like a good way to wipe out some upside down mortgage debt. 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on Will I Owe A Deficiency On A Short Sale If I Have An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

A Common Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency

Comments 0

CA – 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 our conversation, they are very similar in the way they handle short sales.

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

First, you need to find out if Fannie or Freddie own your loan.

Fannie Mae has a website with a lookup tool. Go to this site to research if your loan is owned by Fannie Mae: www.fanniemae.com/loanlookup/

Freddie Mac has a lookup tool here: ww3.freddiemac.com/corporate/

If your loan is owned by Fannie Mae, then you usually do not have to worry about a deficiency. Fannie Mae’s official policy is that they will forgive the debt if a seller has a genuine hardship.

Fannie & Freddie’s policies are basically the same. They state that they will pursue a short sale seller if they have they can afford to make the payment or it is an investment property.

You need to keep this in mind if you are strategically defaulting. One problem with some of these short sales is that the loan was insured by Private Mortgage Insurance, also called PMI.

The PMI companies have the ability to approve or veto the short sale offer. Many PMI companies ask for a promissory note before they will approve a short sale.

The good news is that the promissory note is usually less than the amount lost. For example, we recently saw a lender lose over $100,000 on a short sale. They asked the homeowner for a $20,000 promissory note.

Are you willing to pay $20,000 to walk away from $100,000 in debt? I think that’s a good bargain.

If you have a Fannie or Freddie Loan and have a genuine hardship, then you can be pretty confident that you have a very good shot at being able to walk away without a deficiency. 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on A Common Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency is provided as a courtesy to our viewers to help them make informed decisions.

A Common Short Sale Myth: You Don’t Know If Your Lender Will Want A Deficiency Until We Have Started The Short Sale Process

Comments 0

CA – 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 process.

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

Many agents will tell you that you won’t know for sure if you will have a deficiency until you have started the short sale process. Sure, they can give you the answer if you are in a non deficiency state, such as California.

But, what if you are in Florida, which is a deficiency state? They will usually tell you that you won’t know if you will have a deficiency until the short sale process has been started.

That is not necessarily true. First, here is the good news. In about 80-90% of all cases, you will not have a deficiency on a short sale even if you live in a deficiency state.

But, if your loan is the type that do not require deficiencies, then you don’t have to worry about a deficiency. The key is to find out the type of loan you have and the short sale guidelines for that type of loan.

In my next post I will start to explain those different loan types and their short sale guidelines. 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on A Common Short Sale Myth: You Don’t Know If Your Lender Will Want A Deficiency Until We Have Started The Short Sale Process is provided as a courtesy to our viewers to help them make informed decisions.

Worried About Owing Money After A Short Sale?

Comments 0

CA – 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 also want the house to move as quickly as possible.”

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

Here is the good news for Joy. In about 80-90% of all cases the homeowner is allowed to walk away without a deficiency. Yes, banks are releasing homeowners from hundreds of thousands of dollars in upside debt.

We’ve seen homeowners walk away from $300,000, $500,000, and more in upside down debt. It’s like a “Get Out Of Jail Free” Card.

So, how do you find out if you will not owe a deficiency after a short sale? Here is the first step. Find out who owns your loan. Even if you send your monthly payment to ABC Bank it is likely that your loan is owned or insured by one of the one of the following entities.

Fannie Mae or Freddie Mac. There is about a 60% chance that your loan is owned by one of these two entities. If they own your loan, then mortgage forgiveness will be granted according to their policies.

FHA Insured. FHA does not own your loan. But, they insure the owner against loss which means that they will be writing the check for the loss. As a result, they dictate whether or not the debt is forgiven.

VA Insured. The Veteran’s Administration does not own your loan. But, they insure the owner against much of the loss. As a result, they dictate whether or not the debt is forgiven.

USDA Insured. USDA does not own your loan, but insures the owner against much of the loss. As a result, they dictate whether or not the debt is forgiven.

Sliced and Diced Loan. This is a mortgage that has been securitized. It is called “Sliced and Diced” because of the way the ownership of each loan is sliced up and sold off to thousands of different people.

The actual owners of the loan are the people that bought the securitized loan product.

Once you have found out who owns your loan, then you move to the next step. That is to find out the short sale deficiency guidelines of the individual owner or insurer of your mortgage. 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 mikegiancanelli@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 916-760-7470

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

Thinking about a loan modification? Our 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, Mike Giancanelli.

Mike is a Real Estate Agent at Coldwell Banker. Short Sales Realtor:

Phone: 916-760-7470. mikegiancanelli@gmail.com.

View My homes for sale at AVOIDSACRAMENTOFORECLOSURE.COM.

Mike Giancanelli specializes in loan modification assistance and short sales in Sacramento California. Sacramento Loan Modification Help, Sacramento Short Sales. Sacramento Short Sale Realtor CA Short Sales. Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Mike Giancanelli, Coldwell Banker, 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 Mike’s personal views and do not reflect the views of Coldwell Banker.

This information on Worried About Owing Money After A Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Older Posts »