My property is in rough shape and needs a lot of work - can I still do a Short Sale?

http://www.reallynicehomes.com/blog/my-property-rough-shape-and-needs-lot-work-can-i-still-do-short-sale/

Question & Answers for Short Sales

My property is in rough shape and needs a lot of work; can I still do a Short Sale on my property?

Absolutely. We can sell any property for any amount that matches the property's condition.  In fact most lenders are even more motivated to do a Short Sale on a property that needs work than on a property that doesn't. The lender does not want to do repairs if they foreclose on the property and they know the risk of loss associated with this process.

Normally a property that needs a lot of work is more likely to be sold as a distressed property. .where the lender and the buyer agree to a determined price based on condition.

How is that benefit you as a seller?

There is no  expense from your part doing a short sale. 

You are in a hardship and all the cost associated with a short sale is paid by the lender giving the third part authorization

For a free consultation, call: 

Fernando Herboso 

Broker for Herboso & Associates llc

http://www.reallynicehomes.com/short-sales-expert-maryland-virginia/

301-246-0001

Maryland Short Sale Real Estate, Maryland Short Sale Specialist, short sales, short sales help maryland, loan modifications Get the facts from a distressed property expert that has the ability to help you avoid a foreclosure by doing a Short Sale today!

"How to Short Sale And Never Pay The Bank Another Penny."

       

       Chase Short Sales 

      

     

      

No Hardship Documentation Required Now For Short Sales!

There is something new to report in the short sale world.

Homeowners with underwater properties have many reasons to celebrate the introduction of the new guidelines from the two government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac. On November 1, 2012 the Federal Housing Finance Agency (FHFA) – the regulator for these two GSEs – will begin new guidelines that are expected to make short sale simpler and easier.

It’s about time. .

One of the key changes for short sales revolves around the process and the simplification that will be effective in November 2012 

Example:

• If you have a reduction in income, there is no need for hardship documentation. .
• If you are self employed and can prove the reduction of earned income, there is no need for hardship documentation. .
• Death of either borrower/co-borrower? There is no need for hardship documentation. .

and the biggest news. .

 Enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales! . . (and you may buy again in TWO SHORT YEARS!)

READ THE LATEST GOVERNMENT ASSISTANCE PROGRAMS FOR UNDERWATER HOMEOWNERS HERE

The Perfect case scenario for the married self employed:

1. Your Mortgage's up to date
2. One spouse works full time (no change)
3. Other spouse is self-employed (big reduction in income) 
4. Your mortgage is owned or guarantee by Fannie or Freddie
5. You have less than 6 month's worth of savings to pay your mortgage 
6. Apply for the "No Documentation Required Short Sale"
7. Sell your house as a short sale
8. Wipe out any deficiency incurred
9. Sign a two year lease contract with a similar house as the one you just sold
10. After two years come back to the same neighborhood and buy similar home again!

With the current economic crisis and huge Government debt, any equity build-up for an average neighborhood will be very minimal in two years time.. .the end result could be worth hundreds of thousands of dollars to your personal financial world

ACTION PAYS in this case. .INACTION?.. YOU PAY!

      

                           

Ready to explore the possibilities?, Give me a call 240-426-5754

Fernando Herboso author of: 

     

Is a Short Sale Right For Me?

http://www.reallynicehomes.com/blog/what-better-doing-one-short-sale-two/

"What is better than doing one short sale?  

TWO!"

Short Sales have been the salvation for a  lot of the homeowners we helped so far. . .

What can be a better solution?

Your house is upside down by thousands of dollars. 

Your equity may break even with your mortgage in 15 years,

15 years of paying and paying just tor break even? 

So, you've decided to go forward on a short sale. .

You have a legitimate hardship and the lender accepts the short sale

You have another upside down property that is an investment. .

The same hardship can be applied here. . "resetting" your real estate holdings to short sales all at one time. .

and start fresh once again. .

The question is. . .

Is a Short Sale Right For Me?



I invite you to read some of my own publications about short sales and loan modifications. . 

               

          

     

More Short Sale Information HERE 

Fernando Herboso is the author for the above eBooks. 

Fernando is available to consult with you about your short sale situation. .if you live in MD, DC or VA by calling 240-426-5754

In A Short Sale. .Who Pays The Deficiency?

Original article: http://www.reallynicehomes.com/blog/short-sale-will-i-have-pay-difference-between-what-i-owe-and-final-sales-price-my-property/

Question:

On a Short Sale, will I have to pay the difference between what I owe and the final sales price of my property.

In some cases the lender may ask you to pay the difference in the form of a promissory note in order to complete the short sale.

Most often this comes into play if there is evidence that the seller has money available in the form of savings or other major assets.

In some cases the lender will simply give the third party approval with a conditional language that says in effect. ."Short Sale is approved under these conditions. . that the lender maintains the "right to reserve to pursue a deficiency" at a later date.

Most often this is a subdue attempt to maintain their rights to go after the borrower in case they have reasonable belief that they are able to pay it.

My contention to the lender in this case has always been the same back to them. .

"They have a HARDSHIP. . you acknowledging that-- when you gave the approval. . HARDSHIP means NO MONEY!!! WHY ARE YOU ASKING FOR THIS??

"Please remove the language "right to reserve to pursue a deficiency" so we can proceed. . so the seller can be assured that this is the end of it and not leave them hanging just like they have the last few months!. ."

Having experienced 160 short sales, I can assure you that short sales are like snow flakes. .no two are alike. . . even with the same bank!

You are doing a short sale to remove this deficiency and that is the ultimate reward for having to consider it. . if not. . why do it at all?

 

Fernando Herboso is a Short Sale Specialist in Maryland DC and Virginia 

Expert in  Bank of America, Wells Fargo and Chase Short Sales.

call: 240-426-5754 for MD, DC & VA

Fernando Herboso has listed over 160 short sales, trained dozens of agents "how to do short sales "and has authored the following books about short sales

Author of the eBOOK "Is A Short Sale An Option For Me?

Author of the eBOOK "AdiosLender.com"

Author of the eBOOK " 10 Secrets To Loan Modifications"

Author of the eBOOK " Avoid Foreclosure Hell"

Author of the Ebook " 31 Reasons To DO A SHORT SALE"

Maryland Principal Broker : Fernando Herboso direct # 240-426-5754
My  Best Short Sales Testimonial Ever 

Herboso & Associates LLC | 301-246-0001 

Maryland | DC | Virginia  

www.Short-Sales-Expert.com 
www.ReallyNiceHomes.com

Hello, 

It is my sincere belief that homeowners need to find an advocate to represent them.  

Someone to seek the guidance, counsel, and services to make the right decisions based on facts and not emotions.  

An advocate that is educated, a licensed distressed property expert, a real estate broker that has the experience, the knowledge and the savvy to simply get you OFF the hook! Someone that will act totally in your best interests to help you find the best solution to the financial crisis you are facing now.

I believe I am that advocate for you for many reasons. .

Please call 240-426-5754 to discuss your special case. .  . without any obligation.

Thanks, 

Fernando Herboso

How much will a short sale cost me after all?

http://www.reallynicehomes.com/blog/how-much-will-short-sale-cost-me-after-all/

How much will a short sale cost me after all?

 Who pays the commission in a Short Sale?Who pays the closing costs?
Who pays any seller contributions?
Who pays the HOA fees?

ANSWER: The bank will pay the commission along with all the other usual closing costs
An experienced agent should assist you in this process for FREE . . yes, the bank will pay them  for putting a short sale together.
Be AWARE of companies asking money UP FRONT in order to do a short sale.
$500, $1500, I heard of even $2000 to do a short sale.
STOP, you do not need to pay when you are having so much financial burdens. .
We helped 3 HOMEOWNERS avoid foreclosoure in the last 30 days. . .
at NO COST TO THEM !
Look for a Realtor that is genuinely concern  about helping you and let the bank pay for his/her services and GET THE FACTS BEFORE GOING FORWARD.

HOW MUCH?

It costs you nothing. . .

When we list a home as a short sale, we recognize our clients are in hardship and they need all the help they can get.

Some of them have fallen trap to the loan MORTIFICATION fiasco and paid some lawyer a lot of money for nothing.

When we do a short sale, we tell our clients we are in the same boat. . .no one can guarantee you a successful short sale. 

If we get it approved and closed. . we get paid by the bank. .and if we don't. . we all lose

Look, the bank even pays the CLOSING COSTS 

How much it costs to do short sale? 

If you call us. . it will cost you nothing!

I hope we made it clear. ..

More information for Maryland Short Sales

MORE QUESTIONS AND ANSWERS

Q: How long does the process of a short sale take from start to finish?

Q: Will I still owe my lender money after my short sale?

Q: Can I rent my property while I’m doing a short sale with you?

The Different Types of Hardships in Short Sales

http://www.reallynicehomes.com/blog/different-types-hardships-short-sales/

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Types of Hardships That Qualifies For a Short Sale A short sale is when a homeowner facing foreclosure sells his or her property for less than what is owed to the mortgage lender. The sale has to be approved by the lender. Short sales have become so popular these days. There are several reasons why they are so prevalent right now. In some instances homeowners with adjustable-rate loans can't make the payments when their interest rates rise; others fall behind because of job loss, others because of a divorce or sickness. A lot of homeowners have seen their homes values drop and when they want to refinance. . The surprise hits them square in the face. . Their home can not be refinanced because the appraisal for the refi is below what you need to refinance the entire loan Why are banks increasingly willing to embrace short sales as an alternative to foreclosure? Simple: Because they lose LESS MONEY! CHEAPER! So, if you are procrastinating, not knowing what to do? And you are tired living with the uncertainty if you have a place to live tomorrow. .  Take control of your financial life. .and consult with an experienced Short Sales Specialist to take your next step Fernando Herboso is a Short Sale Specialist in Maryland DC and Virginia  Expert in  Bank of America, Wells Fargo and Chase Short Sales. call: 240-426-5754 for MD, DC & VA short sales hardships maryland realtor Fernando Herboso has listed over 160 short sales, trained dozens of agents "how to do short sales "and has authored the following books about short sales Author of the eBOOK "Is A Short Sale An Option For Me? Author of the eBOOK "AdiosLender.com" Author of the eBOOK " 10 Secrets To Loan Modifications" Author of the eBOOK " Avoid Foreclosure Hell" Author of the Ebook " 31 Reasons To DO A SHORT SALE" Maryland Principal Broker : Fernando Herboso direct # 240-426-5754 My  Best Short Sales Testimonial Ever  Herboso & Associates LLC | 301-246-0001  Maryland | DC | Virginia   www.Short-Sales-Expert.com  www.ReallyNiceHomes.com

Short Sale Question: My Lender's HUGE ERROR!

 Maryland Short sale question posted about LENDER'S HUGE ERROR!

 Q:

I have been in default of my first and second mortgage for about 6 months. I was laid of from my employer and my financial situation gone down hill ever since. I now have my house up for short sale and have become employed. I have decided to go through with the short sale and move on with my life. Recently my first mortgage company notified me by mail sending the original loan papers that my loan is paid in full. They have made a huge mistake since I am really in default. They have been hounding me for the documents to be sent back to them. I don't want to send them if their mistake can work in my favor. My question is....Due to me now having position of my original loan documents stamped and signed paid in full, does that mean that I am free and clear of the loan and the owner of the house? Please advise on what if any steps I will need to take. Thanking you in advance,

and my response. . .

A:

Let me get this straight. . a clerk makes a mistake. .and you want to take full advantage of their error without any disregard from your own admission to be in default of the loan?.  . 

It's like I come into your house,  buy a used vacuum cleaner from you. .give you a check for $100 . .except I forgot to put a comma and the check is actually for $10,000. .so you need advise if you should cash this check or not?

My advice.. 

do the right thing!

When it comes to short sales in Maryland. . finding a creative solution to solve your problems can be easier and clearer . .. if you allow an experienced professional to assist you. . .

www.Short-Sales-Expert.com

for MD, DC and VA

Direct number 301-246-0001

Who Qualifies for a Short Sale?

www.Short-Sales-Expert.com

Who qualifies for a short sale? 

Any homeowner that has incurred an economic hardship recently that has created difficulties in paying their mortgages.

In some cases, lenders will OK a short sale even if the homeowner is up to date on their mortgage payments.

Some examples of  hardships:

• Loss of a job
• Death in the family
• Mortgage adjustment from a variable to a fixed rate
• Curtailment of employment
• Divorce
• Excessive Debt

For a complete assessment to see if you qualify for a short sale or alternatives, its very important for you to contact a real estate broker that specialize in short sales. In most cases and with a honest evaluation, you will find yourself with CLEAR OBJECTIVES and plans to make a sound decision.

No one should advice you to do a short sale. .that decision has to come from you after evaluating all your options.

For a quick consultation if a short sale is right for you, please call our confidential number 301-24-0001 

Or check our evaluation site for short sales specialists

Fernando Herboso

Broker Realtor

Herboso & Associates

www.Short Sales-Expert.com

301-246-0001