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.
If you’re going to list a HUD backed short sale then this video is for you. Do not take a short sale that is over 36 to 40 months past due. They’re just going to reject that as a short sale. Unless you have extenuating circumstances. They have unwritten guidelines at HUD. Take it from […]
The DEED vs. The NOTE in a short sale.
This video is for real estate agents who are taking a short sale listing. This is about the difference between the DEED and the NOTE. I have a lot of clients who come in and they are in a divorce situation. One spouse is saying that the other spouse DEEDED the property over. This is […]
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 inquiring about a short sale is “Should I stop paying my mortgage?” I’m not going to answer it. I cannot answer whether or not you should stop paying your mortgage. This is a question I refer to the attorney who will work […]
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? This is my 1 minute video overview of what is 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 […]
Why pulling Title upfront is important for your short sale in Massachusetts?
Why pulling Title upfront is important for your short sale in Massachusetts? Title work is important! If you start a short sale and you have not officially checked the title your sale could end at approval time. Let’s say you move all the way through the approval process, only to find out there’s an undischarged […]
First Steps in Listing a Short Sale In Massachusetts
First Steps in Listing a Short Sale In Massachusetts If you are about to list a short sale in Massachusetts the absolute first thing you want to do is to find out who the investor of the loan is. It’s important because each loan has guidelines and those guidelines tell you whether or not you […]