REVERSE MORTGAGE short sale is a little bit different from a traditional short sale. In a reverse mortgage, the homeowner aged 62 or older allows using the equity in their homes to receive cash without having to make any payments. The entire loan balance becomes due and payable when the homeowner dies, moves away permanently, […]
How SERVICE TRANSFER affects your Short Sale?
How SERVICE TRANSFER affects your Short Sale? A SERVICING TRANSFER is a process whereby one servicer transfers a loan over to a different servicer. The servicer of your loan might be the bank that you got your loan from or it might be a separate company that the bank hired to manage your account, and […]
What is a Short Sale?
So quite simply, a short sale in real estate occurs when a property has NEGATIVE EQUITY, and usually for a short sale to be approved, a homeowner has to have a hardship.
How far in default is TOO FAR in order to take a HUD-insured short sale?
How far in default is TOO FAR in order to take a HUD-insured short sale? If you’re going to list a HUD backed short sale then this video is for you. HUD has unwritten guidelines on how far in default a borrower can be before they will accept a short sale. A good rule of […]
The DEED vs. The NOTE in a short sale.
The DEED vs. The NOTE in a short sale. I have a lot of clients who come in and they are in a divorce situation. One spouse may say that the other spouse DEEDED the property over. This is very common in a divorce situation. Unfortunately, this doesn’t necessarily mean for a short sale that […]
Should You Stop Paying Your Mortgage to do a Short Sale?
Should You Stop Paying Your Mortgage to do a Short Sale? The number one question I get asked by every homeowner that calls in and inquires about selling their home as a short sale is “Should I stop paying my mortgage?” This is a very difficult question to answer, so I don’t answer it, nor […]
Should you hire someone to do your loan modification?
Should you hire someone to do your loan modification? I probably get this question asked three or four times a week. I’m not in the loan modification business. We have a loan modification attorney partner which I love because they’re excellent. But here’s the thing, the one thing that I’m going to advise every homeowner […]
What are the fundamentals of a short sale?
What are the fundamentals of a short sale? Here is a quick blog post on an overview of a short sale. You can do short sales in any state in the country. We usually work in Massachusetts but the set-up is the same for any state in a country. So, you have a homeowner and […]
What is a deficiency release in a short sale?
What is a deficiency release in a short sale? Deficiency is what’s leftover on the note. For example, let’s say you owe $300,000 on your loan and your Real Estate Agent received an offer for $275,000. If the $275,000 is what the lender NETS when the sale closes then there is $25,000 in deficiency left. […]
Most common short sales in Massachusetts
Most common short sales in Massachusetts The four most popular types of programs that you may run into when negotiating a short sale are Freddie Mac/ Fannie Mae, HUD/FHA Pre-foreclosure sales and of course your Non-GSE loan. I’m not going to spend spend a lot of time on Non-Government Sponsored Enterprise loans. Realistically you have […]