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Hi, We are Josh Pomerleau and Sarah Willman, Minneapolis/St. Paul’s top short sale team. We are doing well today and we wanted to communicate some information with you at the moment on the topic of deficiencies.
We observe lots of agents struggle with deficiency waivers. It is extremely hard to negotiate that deficiency waiver. Nonetheless, with the short sales that we are completing in Minneapolis/St. Paul we are getting very good at making sure there is no deficiency. In the state of Minnesota you have six months before the sheriff sale is announced and an extra six months before the sheriff sale is supposed to occur. So, with your Minneapolis/St. Paul short sale, you essentially have twelve months before you have to leave your Minneapolis/St. Paul property.
Essentially, if you have a first lien on your Minneapolis/St. Paul home the deficiency is being waved 90% of the time. If there has been fraud or they recognize you have money they may try to file a deficiency against you. Yet, we frequently send our patrons to attorneys so that they can be sure of what they are getting into. We understand how the procedure works. HOwever, we can not give legal counsel.
When we negotiate your Minneapolis/St. Paul short sale we combat very hard to ensure that you do not have any deficiency. A lot of realtors have trouble dealing with the second lien and getting no deficiency on that. Nonetheless, that is a lengthy discussion. So, we will approach that topic in tomorrow’s video.
If you have more questions on the subject of your Minneapolis/St. Paul short sale, please feel free to get in touch with us. You can get in touch with us through the chat function on our website or give us a phone call or send us an email. We look forward to helping you solve your Minneapolis/St. Paul short sale questions.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
If you’re struggling with possible foreclosure on your home, there are a number of reasons why you may think about hiring a foreclosure attorney to aid you through the process. Obviously, for a lot of individuals, doing so isn’t even actually a consideration due to the cost involved. However, for those who can afford it, working with an attorney might supply numerous advantages over navigating the process by yourself.
Reason 1: Working With the Bank
First, think about the reality that the banks will without doubt have a plethora of lawyers at their disposal to pursue your foreclosure case or trustee sale. Most of the time, bank used attorneys won’t take calls directly from a borrower, but could be more very likely to speak with the borrower’s legal representation. They speak the same language and know the regulations of the game, while the borrower usually does not, and so hiring an attorney can sometimes make the process of communicating with the bank a little more productive.
Reason two: Prevent Being Taken Edge Of
A second reason why working with an attorney might be worthwhile throughout foreclosure is that it can pay off to have somebody familiar with your state laws examine all of the documentation and ensure that proper procedures are being came after. Banks may sometimes make use of the fact that borrowers generally do not completely recognize all the rules of the foreclosure process. If you have an attorney to review things, back you up, and object if you are not being treated fairly and in accordance with the law, you could be fewer probably to experience an devious practices by the bank.
Reason 3: Buying More Time
One more consideration is allowing oneself more time to reestablish income, arrive at a resolution with the bank, and retain the home. While it can frequently cost many thousand dollars to hire legal representation in the course of a foreclosure proceeding, doing so can often stretch the situation out for many more months, allowing a borrower to save more whereas still in the home, and lengthening the time in which an agreement might be worked out with the bank.
Reason four: Superior Loan Modification Prospects
If you’re seeking a loan modification, having an attorney on your side may lead to better modification terms. As an example, if you pursue a loan modification on your own, you may just be able to secure a temporary modification. If an attorney helps with the process, on the other hand, it may be achievable to secure a permanent modification to the loan.
At the conclusion of the day, determining if to hire an attorney might just be left up to the cash involved. If you’re already behind in making your payments, it may not be an option for you to come up with the fees to pay for legal representation. If you have the funds, nevertheless, having an attorney in your court can provide you with a variety of really helpful benefits.
After digging out from the most awful snow storm in Minneapolis for years, we’re here today to carry on our short sale talks about particular lenders. We have been noticing lots of Minnesota short sale packages from US Bank. US Bank is situated in Minnesota, so it’s not a surprise that they have a stout existence here. We simply wanted to talk about how well Minnesota short sales are going with US Bank.
After dealing with so many short sale files, there are many different directions your file can go within US Bank depending upon the investor. We feel like we have become US Bank experts because we have an insight about where the loan record is coming from and what type of short sale it is.
Because we follow a progression and a proven technique for completing short sales, we get through the troubles that we might have in dealing with your Minnesota short sale. Other agents will get hung up on those problems and find themselves at the same place two weeks later.
It has also been incredibly helpful for us to be especially organized with our acquaintances at the bank. We consistently work with the same people at the bank on numerous folders to help speed up the process. The lender staff appreciate this as well because this also helps us converse smoothly. Furthermore, they realize that we are experienced in dealing with short sales.
If you are considering a short sale in the Minnesota vicinity, please make contact with us today. We have more practice with Minnesota short sales than anybody in the state of Minnesota. You can telephone, email or make use of the chat function on our blog. We’re the leading short sale realtors in the Minneapolis/St. Paul region and we can help you elude foreclosure.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota
Finding the best way to buy a home? Consider buying foreclosed homes. Even the experienced real estate investors are looking at properties in the Woodbridge Virginia Houses as they can get the best deals on these properties.
There are thousands of foreclosed homes available in the market today. If the home owner’s right to a property has been terminated due to default, the property may proceed to the foreclosure process and usually involves a forced sale at a public auction to pay off for the mortgage debt. A foreclosure happens when a property is reclaimed by a lender (in some cases, a bank) and sold to recover the money the lender has loaned to the potential home owner.
The number of foreclosures has increased because of the economic situation in the past few years. These repossessed properties can be found on Homes for Sale at Reisterstown MD for instance, kept open by banks and other lending companies to all people as well as for the benefit of all real estate investors and agents.
Foreclosure listings online include properties in different states in the country. Also, the laws and regulations involved in the buying process of these foreclosed properties are included in the information.
Truly, foreclosed homes are the ideal way to buy homes at a bargain price. If the home owner has found the property that he is looking for, the next step is to meet all the requirements involved in the buying process. Since there are thousands of foreclosed properties available for investors, buyers, and agents, competition in finding the best foreclosure deal has also increased.
But this does not mean that you have to rush and buy a property. Before buying a foreclosed property, make sure that you were able to meet the requirements and knew the regulations as well as the legalities clearly.
In a tight budget? Buy a foreclosed home.. Find and purchase foreclosed homes in Homes for Sale in Suffolk Virginia.
From 2.The current status of employment in the country today is from the current status of employment in the country today. But this still made some people having a hard time keeping up with their mortgage payments while others face the threat of repossession.
While this has been quite alarming, anyone can avoid repossession. Here are some direct ways on how to avoid foreclosure and definitely keep your home from Litchfield Park AZ Real Estate.
1. Have you been late in paying for your mortgage payments? Don’t ignore your lender. Do you think you will miss payment next month? Contact your lender. You can ask your lender for a longer term of the mortgage or switch to an interest-only loan that can cut monthly repayments temporarily. Borrowing to another lending institution and use the money to pay for your outstanding debt is definitely not the answer. You might as well look into your budget to see if you have been on the line of prioritizing some payments that have serious consequences if they are not paid on time.
2. Don’t panic if your lender called you about your missed payment. It takes about 9 months between that day and the day you actually get evicted, unless you have a subprime mortgage where repossession can take place faster. To avoid going to court, negotiate with oyur lender and seek some independent advice. Citizens Advice, National Debtline, Shelter, and the Consumer Credit Counseling Service offer free debt advice.
3. Prevention is better than cure. You’ll never know where your savings will go so you might as well save at leat 5-10 percent of your monthyl income. You might look into Homes in Chesapeake Virginia, lose your job, or miss payments so if you saved up, you’ll have some cash to tide you over for a few months.
4. Heard about the unemployment insurance? It normally pays about two-thirds of your take-hoem salary. And not only that, it also includes accident and medical benefits.
5. Seek government help. The government has a few programs that can help home owners pay for their mortgage interest payments.
7. One way to avoid foreclosure is by selling your house. One disadvantage is that the selling process can take a few months or even years. However, if you sell to a cash buyer then you can get it within just a few days just you have to drop your asking price.
There are actually lots of ways on how to avoid repossession. Facing foreclosure? Missing payments? Don’t panic. There are immediate and guaranteed help for you in case you wanted to buy from Homes for Sale in Gresham Oregon but is still hesitant to do so because of the impending threat of foreclosure.
Bank of America’s new cooperative short sale is like it’s title “Cooperative”
I am half way through my first cooperative short sale with Bank of America and I hope this test program goes permanent.
With this program you are assigned a negotiator up front. This person has a direct phone number and will answer the phone when you call.This is HUGE! For those of us working short sales this is almost unheard of.This one improvement will speed up the whole process.What a great idea someone at Bank of America had,answer the phone and cut the processing time in half! GENIUS.
Bank of America Cooperative Short Sale Program Listings,better than REO’s
This is Bank of America’s version of the pre-approved HAFA short sale.
Seller’s in default are being offered the Cooperative Short Sale Program and told to reply within
one week to enroll.Part of this program is to choose a local Realtor.
I have been contacted today by a seller today to represent him in this program.
The information/rules to this type of sale are very simple and I believe this will be one of my fastest
Bank of America Short Sales ever.
I will keep you posted.Below is a copy of the program as laid out in the Bank of America letter to the seller.
Short Sale Banks love to Play Games with sellers in distress.
I am working with a large bank trying to save my clients Temecula home from foreclosure via a short sale.
The banks negotiator is playing games with us,she has three times given me a verbal counter offer each time asking for a higher sales price. The buyer has agreed twice to go along only to now be told again quote”the file is under review” and guess what they now for the third time are asking for more money. This time they gave me a net price that must be met.They don’t care were to extra funds come from (hint COMMISSIONS). Well the home was a good buy but now it’s no bargain and the buyer is walking from this short sale.
Short Sales should not be a game for the banks to play.I take my job serious and so should the banks.I now have to go back to the bank and work thru their broken short sale process. I will save this home from foreclosure via a short sale it’s just going to take longer than it should.
Good News! Short Sales are getting Shorter.
Three weeks ago I told you about how I started submitting my Temecula short sales with Bank of America electronically instead of the old way.The old way…. collect all required documents,fax them to the bank,call the bank,the bank states they don’t have them and would you please re-fax them.Then once they do have it I called every week,waited on the phone and answered the same questions over and over again.Rinse & Repeat.Maybe after 2 months of this I would get the privilege to be able to talk to a real person that could make a decision,we call these people negotiator’s,I don’t know what to call all the others I have had to talk with previously,but stupid comes to my mind.This is a broken system and takes 3 months to complete.What a waste.
The new way….way better.Log into Bank America and request your short sale to be processed on line via the “Equator” System.I have entered 5 of my clients into this system in the last few weeks and already received 2 approvals with out ever having to call or talk to the stupid people.Its working!Short Sales are getting shorter,3 weeks not 3 months.I like it.I hope to see the other banks follow Bank America’s lead.