We are very excited. We just got an approval from AHMSI!! FULL release of deficiency for the homeowner and the second Real Time Resolutions ALSO released any pursuit of a deficiency. We are purchasing this home for 70% of the mortgage note balance. It is a complete gut job. We are very excited. We have […]
It was an absolute pleasure working with Rapid Property Relief. As a certified distressed property expert I rarely find other professionals that know how to properly handle and negotiate short sales. Thank you for a smooth and seamless transaction. I appreciate your hard work and I look forward to working with you again in the future!
Kristen Blanchet, CDPE
We have done enough short sales to see our fair share of bankruptcies occur. There is an impact to a homeowner’s credit and their short sale if they file bankruptcy. Homeowner’s in need of filing need to speak to an experienced attorney if they are considering bankruptcy as an option to stall a foreclosure or capture their deficiency from a short sale. I would even suggest they find a bankruptcy attorney that also specializes in Real Estate.
People misunderstand the terms deficiency and deficiency judgment when explaining the risks in short sales or foreclosure actions. It is easy to do. Short sales and foreclosures are confusing for most homeowners. Even after explaining the potential outcomes of a short sale or foreclosure in Massachusetts or New Hampshire, homeowners still are overwhelmed.
Short sales a mishmash of paperwork, time, anxiety and questions, and one of the biggest questions I receive from Massachusetts and New Hampshire homeowners wanting to short sale their home is, “What do I write in my hardship letter to the lender?”
As of today 10/11/2010 These are the statistics for Active Short Sale home in Methuen and Haverhill Massachusetts. Methuen 30 active Single Family Homes with an average of 166 days on market $218,537 – Average List price Haverhll 38 active Single Family Homes with an average of 145 days on market $214,197 Data above includes […]
SECOND lenders do not have to participate in the HAFA program so even though it’s Chase or Wells or whoever the second lender is and they independently participate in the HAFA program as a second lender on the property they do not have to comply with the HAFA program. The agent’s going into these short sales didn’t realize that. Not only were the agent’s furious about the homeowners, the lenders in both cases CUT the commission to get an approval. Imagine that? A short sale lender cutting an agent’s commission? Well THERE’S something you don’t see every day right? WRONG!!
An approval of a short sale actually comes in writing. So unless a previous buyer had come in, put an offer in, got an approval and walked before closing, chances are the SHORT SALE APPROVED on the listing you read just means that the listing price has been approved by the lender.
Homeowner should know the risks of a potential “traditional” short sale. There is a new type of short sale called a HAFA short sale that has other risks all together, so for today, our focus is the traditional short sale.
First, what Massachusetts and New Hampshire homeowners should know is that those states are recourse states. What this means is the lender CAN pursue a homeowner for any deficient amount.