Stockton CA – The Stop Foreclosure Institute recently talked to a homeowner whose home had been sold on the courthouse steps. We asked if she had considered selling the home as a short sale. “I did, but I heard that short sales are difficult and not worth trying. My friend told me that the banks never approve them”, she told us. Get my Free, Step By Step Loan Modification Guide by clicking here. After we got off of the phone, we reviewed what she had lost. She lost the opportunity to protect her credit and to be able to buy a home 3 years after the short sale sold. Now she will have greater credit damage and will have to wait 5-7 years to buy another home. Ouch! All of this could have been avoided if she had known the truth about short sales. Yes, short sales are approved by banks. Bank... 07/25/2011

Stockton CA – The Stop Foreclosure Institute recently received a question about renting a home in foreclosure. Short Sale Question: I am selling 2 of homes that are short sales. I would like to rent the homes during the foreclosure process. I will continue to pay the home owners association fees. I will not be paying the mortgage. Is it legal to do this? Is there any liability that comes with it? Get my Free, Step By Step Loan Modification Guide by clicking here. Here was our answer to them. The Stop Foreclosure Institute is not a law firm. Therefore, we can’t answer as to whether or not it is legal. We recommend that you check with a lawyer before making a decision. We do know that there are laws forbidding that practice in many states. For example, Florida recently passed a law that ... 07/25/2011

Stockton CA – The Stop Foreclosure Institute recently received a question from Christina. Here is her question. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. "I just read your article Frequently Asked Questions about Short Sales. You mention that you can obtain another home loan two years after a short sale. Who are these lenders and how can I contact them? I have been looking but so far no luck. Everyone is insisting we must wait three years. I'd appreciate any information you can provide. Christina." We just heard back from our mortgage broker on this issue. Fannie Mae recently changed their guidelines for a loan after a short sale. (Since most lenders and loan programs follow Fannie Mae's Guidelines, that means that almost every singl... 07/25/2011

Stockton CA – The short sale process can vary, but it will generally work as follows: 1) The lender is contacted to discuss the possibility of a short sale and to determine the lender's process for completing the sale. Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. 2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency. 3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing. 4) The seller will complete a "hardship letter," which will detail and explain all financial difficult... 07/25/2011