Roseville CA – I have feared this for a long time. But today I found out that it is actually happening. Here’s the story. Someone is short selling a house. The mortgage is with ABC Bank. They happen to have their checking or savings account at ABC Bank. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. They stop paying on their mortgage. They thought their checking account was safe because it is a different account. Then one day their debit card stops working. “Hmm, this is weird. I know I have money in this account. It should be working”, they think to themselves. They go check their bank account balance and find out it has been sucked dry. Their lender levied their bank accounts to pay the mortgage that month. The sad thing is t... 09/30/2010

Roseville CA – The Stop Foreclosure Institute is closing another short sale tomorrow. The sellers had a job transfer out of state. They were short selling an FHA loan with a second mortgage. The short sale was fairly simple because FHA’s short sale guidelines. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. Here was how these sellers benefited from the short sale. Benefit #1: The sellers were able to walk away with the debt wiped out completely. The FHA short sale guidelines released them from the first mortgage debt. The second mortgage also gave them a complete release. At first they weren’t willing to do that. But, we offered them a little extra money in return for a complete release. Fortunately they agreed to it. This meant... 09/30/2010

Roseville CA – People often ask me, “How does a short sale work for the seller?” A short sale is usually very beneficial for the seller. Here is how the process goes. First, the seller will put the home up for sale with an agent. It will usually take 1-3 months for the house to sell. During that time buyers will come with their agents to look at the house. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. Once a buyer makes an offer and you decide to accept it, then we will begin negotiations with your lender. The good news is that you won’t have people looking at the home anymore. We will gather all of your financial paperwork. That will be submitted to the lender along with a copy of the sales contract and an estimated closing s... 09/29/2010

Roseville CA – This is a continuation of yesterday’s blog post about common short sale mistakes and how to avoid them. Common Short Sale Mistake #4: Not doing research to find the decision maker on the loan. Most loans are not owned by the lender you are dealing with. In fact, between 60% and 75% of all loans are owned or insured by Uncle Sam. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. 50-55% of all loans are owned by Fannie Mae or Freddie Mac. These two entities are owned or closely controlled by Uncle Sam. In addition, Uncle Sam insures mortgages thru FHA and VA. In these situations Fannie, Freddie, FHA, or VA make the decision to approve or deny the short sale offer. Let’s say that your research shows that FHA insures th... 09/29/2010

Roseville CA - If you are facing foreclosure, then I'm sure you've heard of a Deed In Lieu of foreclosure. Some people say it is a great way to avoid foreclosure. Actually, all it does is accelerate the foreclosure process. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. Here are the most common myths about a Deed In Lieu. Common Myth #1: If I do a Deed In Lieu in Roseville, then I will not owe the lender any more money. A Deed In Lieu is similar to a No Contest Plea. The judge stops analyzing the foreclosure case and simply schedules the foreclosure auction. Unless otherwise stipulated, the lender still has all the deficiency and future collection rights. They may come after you for the loss. Common Myth #2. A Deed In Lieu is b... 09/28/2010

Roseville CA – Here are common short sale mistakes we often see people make. Common Short Sale Mistake #1: Not ordering a title search before negotiating the short sale. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. Many people do all the work of negotiating a short sale payoff, only to find out that the property has liens or second mortgages. Many different things can attach to a property, including homeowner’s association fees, judgments, tax liens, levies, etc. Make sure your agent orders a title search when your house is first put up for sale. That way everything can be factored in up front. Common Short Sale Mistake #2: Unrealistic Pricing. Because of the threat of a pending foreclosure, short sales need to be done as qui... 09/28/2010

When I got married 13 years ago , or was it 14 years ago , I told my wife that I couldn't promise her that we would be rich or famous but that I was certain that she would not be bored. I did not realize that would also be the result of my decision to manage property for others. So imagine my surprise to find myself in between a client , 3 female cops , a felon and a obsessive cumpulsive live-in caregiver turned into a leach of a holdover tenant before 8 in the morning. In order to avoid this scenario you need to keep a few rules in mind Rule #1 , no guns before coffee.  Rule # 2 , do not move a caregiver into your aging family members home without a clear written agreement as to what happens when the in-firmed becomes the deceased. In this case the caregiver decided that the deceased w... 09/28/2010

Roseville, CA - Foreclosures / Bank Owned Homes / REO Properties (September 20-24, 2010) Here is a list of foreclosures / bank owned homes in Roseville, California (Placer County) that became REO properties during the week of September 20-24, 2010: 2192 Petruchio Way, Roseville, CA 95661 (3/2, 1921 sq. ft. built in 2005) 653 Lyndhurst Avenue, Roseville, CA 95678 (4/2, 1822 sq. ft. built in 1986) 611 Springfield Circle, Roseville, CA 95678 (4/2, 1503 sq. ft. built in 1989) 137 Birch Street, Roseville, CA 95678 (3/2, 1288 sq. ft. built in 1980) 300 Phebe Court, Roseville, CA 95661 (5/4, 3716 sq. ft. built in 2005) 1480 Falcon Pointe Lane, Roseville, CA 95661 (4/3, 3162 sq. ft. built in 2001) 1475 East Hidalgo Circle, Roseville, CA 95747 (2/2, 1006 sq. ft. built in 1987) 1675 Vernon Street... 09/27/2010

Roseville CA – People with a VA loan often ask if they are eligible for a short sale. The answer is yes. A VA Short Sale is called a VA Compromise Sale. The Department of Veterans Affairs publicly releases copies of the Compromise Sale Guidelines. We usually list the property for sale and then submit all the short sale paperwork after a contract is accepted by the seller. The lender will order a VA Appraisal. All the appraisals go thru a VA Loan Center. There are 9 Regional VA Loan Centers as of today. After the appraisal is done, I always call the local VA Loan Center. I fax them a request for a copy of the appraisal. They will fax me a full copy of the appraisal. I can see everything on the appraisal. All the comparable sales they used, etc. I love it because it makes the short sale p... 09/24/2010

Roseville CA – Many people avoid buying a Roseville Short Sale. This is because they have heard a horror story about short sale purchases. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. Tip #1: Make sure an experienced short sale agent is representing you. Consult with an agent that has short sale experience before you make an offer on a short sale listing. An experienced agent will tell you if your offer is realistic. They will guide you away from listings that have a low chance of being approved. They know the good short sale agents who can get you offer approved by the lender and the extra contract clauses that have to be added. Tip #2: Ask for updates every week or two. Regular updates will let you know that everything is p... 09/23/2010

Roseville CA – You can short sale your house if you have an FHA loan. FHA will forgive you of all the debt and does not ask for a promissory note. That is the case if you are short selling because of a legitimate hardship. Here is how the process works on an FHA short sale. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. You send all of the standard paperwork to initiate a short sale. You will need to include copies of your last 2 bank statements, last 2 years tax returns, and last 2 pay stubs. They will also want a hardship letter and financial worksheet filled out. The short sale lender will start out reviewing your information. Then, they will order an FHA appraisal. An FHA appraisal has to be done by an FHA appraiser. Only c... 09/22/2010

Roseville CA – There are many reasons to use a short sale to stop foreclosure. If you want to keep your home, then you need to attempt a loan modification. If you do not want to keep your home, then you need to consider your options. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. There are 3 options if you do not want to keep your home. Option #1: Do nothing and the lender forecloses on the house. Option #2: Deed in Lieu of Foreclosure. I don’t recommend this as detailed in yesterday’s column on Deed in Lieu. Option #3 is a short sale. Here are the benefits a short sale offers over a Foreclosure or Deed in Lieu. Will you be able to buy another home in the future? Current Fannie Mae Guidelines allow you to purchase another house... 09/22/2010

Roseville CA – Are you looking for a Roseville Realtor that specializes in short sales? It is important that you pick the right agent. Many agents turn down short sale listings because they are unfamiliar with the process. These transactions are much more difficult and complicated than your average real estate transaction. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. Because of the foreclosure process, you usually only have one chance at a short sale. If your first agent isn’t competent, then you risk losing your house to foreclosure. Then you have to wait another 5-7 years to buy your next house. First, ask the agent you are interviewing why they qualify to help you. Do they have any special short sale training or designatio... 09/22/2010

Roseville CA – If you’ve ever tried to get a loan modification, then you know how tough it can be. Here is one reason why. The negotiations are all based off of how much the lender can squeeze out of you. The lenders feel like they are entitled to every penny they can get. They won’t stop squeezing you until they get repaid every dime. Many loan modification customers end up paying more than their home is worth. Maybe they bought their home for $150,000, and took out a $150,000 mortgage. Today their home is worth $100,000. This homeowner can afford to pay down a $100,000 mortgage. However they can’t afford to pay down a $150,000 mortgage. What does the lender do? They force them to pay the $150,000 mortgage. This is why you must have a Broker’s Price Opinion of Value when you apply for ... 09/22/2010

Roseville CA – Shocking Fact: Most banks don’t own the loans they are handling. In fact, one of the “Big Four US Banks” only owns around 20% of the loans they hold. They are handling the other 80% as a servicer. The actual owner might be Fannie Mae, Freddie Mac, a Wall Street Trust, or a pension fund. A servicer acts as a trustee for the actual investor. They collect the payments and handle the “Lender” Functions. They then forward the money to the owner of the loan each month. The lenders get paid the same amount of money whether they do a good job or not. Are they motivated to do a good job with your loan modification application? Many people experience long waits trying to get their loan mods accepted. This might be why. Let’s say you managed an apartment community. You only returned... 09/22/2010

Roseville CA – If you’re facing foreclosure, then you are probably under stress. You don’t know what is going to happen. How long will it take before the bank kicks us out on the street? Will I owe my lender a ton of money? Will I ever get my life back? That’s why we put this site together. You need to know what your options are. So, let’s go thru them here. Option #1: Do nothing and the lender forecloses on the house. Please be aware that in most states the foreclosure process can take a long time. I’ve seen it take some lenders up to a year to foreclose on a house. Some banks have better lawyers and can get a foreclosure done in 3-4 months. But, that is often rare. Option #2: Deed-In-Lieu of Foreclosure. A “Deed-in-Lieu” is where you surrender your home to the lender. This enables the... 09/22/2010

Commercial real estate terms:  DSCR: Debt service coverage ratio. Meaning how many times does the income of the property (the commercial real estate only )  produce to pay the mortgage. Most lenders require a min  of 1.25-1.5.  NOI: Net operating income. The total amount of money left over after paying all the liabilities due by the property( the commercial real estate) . Some include the mortgage payment into this equation to really be on the safe side. Fact is this process is done to figure out how much a property can afford to pay in mortgage.  P&L's:  Profits and losses. A detailed record of expenses. Most lenders require 2 yrs and year to date but may allow less especially if it involves the purchase of a distressed asset.    Knowing what things mean and knowing that lenders will a... 09/22/2010

Roseville CA – A hardship letter is one of the most important items in a short sale. This is your opportunity to explain why your lender should approve your short sale and let you walk away from the debt. In clear terms, you need to layout exactly why you can no longer afford to keep the property. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. Under no circumstance should you say any of the following. “I don’t want the house anymore.” “It doesn’t make sense to keep the house because it isn’t worth what I owe on the mortgage.” Or, “I can afford the house, but I think paying the mortgage is a bad investment.” Absolutely do not say anything like that. Instead, say the following. “Our income went down and we can no longer afford th... 09/22/2010

Roseville CA – People often ask me, “How does a short sale work for the seller?” A short sale is usually very beneficial for the seller. Here is how the process goes. First, the seller will put the home up for sale with an agent. It will usually take 1-3 months for the house to sell. During that time buyers will come with their agents to look at the house. Discover how other sellers successfully did a short sale and request a free consultation by clicking here. Once a buyer makes an offer and you decide to accept it, then we will begin negotiations with your lender. The good news is that you won’t have people looking at the home anymore. We will gather all of your financial paperwork. That will be submitted to the lender along with a copy of the sales contract and an estimated closing s... 09/22/2010

Roseville CA – The Stop Foreclosure Institute was started because we are concerned by the foreclosure crisis affecting America. Rather than just sit idly by and do nothing, we decided to take action. That’s how we got started. We want to help families keep their sanity thru difficult times. Foreclosure is a scary thing and devastates many families each year. However, you are not alone. You may want to get a reduced payment thru a loan modification or do a short sale. We are here to help. Our goal is to educate you on your options. I’m sure you’ve heard the saying, “Knowledge is Power.” When you have the right knowledge you will be able to stand up to the banks and lenders. So, check out your options here. I’m your guide in this crazy world. I’m here to educate you on your options, help ... 09/22/2010