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 I hire someone to do my 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? 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? 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 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 a lot of time on Non-Government Sponsored Enterprise loans. Realistically you have to […]
The importance of pulling title upfront on your short sale 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 mortgage on […]
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 […]
So, Rushmore is the servicer of your short sale. Well, good luck. I’ll give you an example of our latest short sale with them. Let’s say you have a property that is under contract for $350,000. The buyer of that Massachusetts short sale offers a $350,000 and the seller accepts it. Next, you send your […]
Maryann Little from Short Sale Mitigation explains how to be cautious when dealing with emotions and signing paperwork when in default.
Rushmore has an interesting game they play when they say they are ACCEPTING your offer!! Find out how to be prepared, when you get short sale approval.