Show Your Lender Home Much They Will Lose Rejecting Your Menifee Loan Mod

May 9, 2011

Menifee CA – Lenders reject loan modifications only to lose more money when they sell the home after foreclosure. Here is how to prove the loss to them.

When you request your free loan modification guide, you will have the option of also receiving a property valuation. This is called a BPO (short for Broker’s Price Opinion), and it is a real estate agent’s opinion of the value of a property.

Lenders use BPOs to determine a property’s value for short sale processing. Find out what you can pay the lender as a monthly payment. Then, find out the mortgage amount that equals that payment.

For example, $1,200 a month will pay off a $211,346 mortgage over 30 years. $2,000 will pay off a $352,243 mortgage. $3,500 will pay off a $616,426 mortgage. $600 will pay off a $105,673 mortgage.

The lender should approve your loan mod if the payment you propose will pay off a mortgage amount that is more than the property value.

It is in their best interest because it will reduce their losses. In fact, lenders usually only net around 80-85% of a property’s value after foreclosure.

This is why lenders were only willing to lend up to 85% of a property’s value historically. So use this to your advantage. Keep reminding the loan modification negotiator of these facts.

And hold the negotiator accountable if they reject your loan mod and los even more money as a result. Thinking about a loan modification?

Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy. Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Agent at Keller Williams Realty. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

View My homes for sale at .

Sherry Kotvis specializes in loan modification assistance and short sales in Menifee California. Menifee Loan Modification Help, Menifee Short Sales. Menifee Short Sale Realtor. Temecula CA Loan Modification Help, Temecula CA Short Sales. Temecula CA Short Sale Realtor. Menifee CA Short Sales. Menifee Realtor.

Important Notice

Sherry Kotvis, Keller Williams Realty, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Kotvis’s personal views and do not reflect the views of Keller Williams Realty.

This information on Show Your Lender Home Much They Will Lose Rejecting Your Menifee Loan Mod is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Short Sales: A Little Known Fact About Short Sale Negotiators

May 12, 2011

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Menifee CA – A negotiator at a large bank tried to mislead a Stop Foreclosure Institute Member. She really got on our nerves.

You see, we’ve spent the last few years figuring out all the guidelines for short sales. If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different.

In this case, the loan being shorted was an FHA loan. Here’s what happened.

FHA puts out a letter called “Mortgagee Letter 2008-43.” It details exactly how the lender handling a short sale on FHA’s behalf is supposed to negotiate on a short sale.

This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc. (If you’re doing an FHA short sale, then Google “Mortgage Letter 2008-43.”)

Because of a prior horrible experience on another FHA short sale, we had studied up on the FHA short sale guidelines. Bottom line, we know a little bit about FHA’s rules for short sales.

The problem was that this short sale negotiator didn’t want to follow the rules! Instead she made up her own rules!

She told me that the buyer and seller had to split the cost of the title insurance. The problem is that on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.

In the area where the property was selling, it was standard for the seller to pay for the title insurance. Because of that the buyer wasn’t willing to pay the cost and threatened to back out of the deal.

This short sale negotiator wouldn’t budge. We had to argue back and forth with her for 2-3 days until she finally relented.

It is pretty frustrating when a large bank won’t follow the specific short sale guidelines laid out by the owner of the loan. If the loan owner gives you specific instructions on how to negotiate a short sale, then follow those instructions!

Before you hire a short sale agent, make sure they understand the guidelines for your type of loan. That way, when a short sale negotiator tries to break the rules, they can keep them in line. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank.

Thanks for reading this, sherry Kotvis.

sherry is a Real Estate Agent at Keller Williams Realty. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

View My homes for sale at .

Important Notice

sherry Kotvis, Keller Williams Realty, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

The views expressed here are Kotvis’s personal views and do not reflect the views of Keller Williams Realty.

This information on Menifee Short Sales: A Little Known Fact About Short Sale Negotiators is provided as a courtesy to our viewers to help them make informed decisions.

Why Temecula Menifee Short Sales Sell For A Higher Price Than A Menifee Foreclosure

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Menifee CA – People often wonder why their lender will release their debt in a short sale. Most lenders don’t like to release the debt. But, they agree to do it because they know that policy nets them more money.

They net more because a home usually sells for more money as a short sale versus after it has been foreclosed upon. Let’s go thru a few examples.

Most Short Sales Are Well Kept Up And Attractive To Buyers.

See the home in the top picture? You can see that it is good shape. Most short sales are being sold while the homeowner lives in the home.

The homeowners are able to keep the house up. They keep the inside clean and neat. In addition, they mow the lawn and keep up on the yard.

This makes a big difference in the sales price. Would you rather buy a home that is in great condition or one that needs work?

Now look at the home in the bottom picture. That is an abandoned home in foreclosure. No one is there to keep up on the yard.

[caption id="attachment_1561" align="alignright" width="300" caption="Abandoned Home in Foreclosure."][/caption]

The inside of the home is probably dirty. Vagrants can break into the home. The home is also an easy target for vandalism.

The bottom line is that most short sales are in better shape than a foreclosed home. In fact, they are usually in much better shape.

That is why they sell for more money, thereby cutting the lender’s losses. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank.

Thanks for reading this, sherry Kotvis.

sherry is a Real Estate Agent at Keller Williams Realty. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

View My homes for sale at .

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Keller Williams Realty.

This information on Why Menifee Short Sales Sell For A Higher Price Than A Menifee Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Loan Mod Help: How Can We Get The Banks To Make The Loan Mod Process Easier?

May 16, 2011

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Menifee CA – The average American knows very little about what is happening with loan modifications. They think the banks are doing a great job helping people stay in their homes.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Little does the average American know that the banks are flubbing it. In my opinion, the biggest mistake that banks are making is rejecting profitable loan modifications.

They would net more money on a loan modification than foreclosure. However, because the loan modification process is so tough they are foreclosing instead.

Most Americans would agree that it is important to help homeowners stay in the home. They agree even more when they learn how it would help the bank’s bottom line and the general economy.

Keep this in mind if your lender rejects you loan modification and forecloses on your home. Most Americans would disagree with that when it causes a homeowner to lose their home and the bank to lose more money.

The banks can claim that they “followed all the guidelines.” They think that is their “get out of jail free” card.

However, it is hard to explain that when they lose $60,000 as a result of “following all the guidelines.” Anyone would agree that guidelines can be stretched when $60,000 is on the line.

The average American will be more appalled when they realize the damage this is causing to general housing market and the economy.

So let’s educate the public on this. Let them know what is happening. Then the loan modification process will become easier and more people will be able to keep their homes.

Thinking about a loan modification? Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at [phone]

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Agent at Keller Williams Realty. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

View My homes for sale at WWW.SherryKHomes.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Keller Williams Realty.

This information on Menifee Loan Mod Help: How Can We Get The Banks To Make The Loan Mod Process Easier? is provided as a courtesy to our viewers to help them make informed decisions.

Show Your Lender Home Much They Will Lose Rejecting Your Temecula-Menifee Loan Mod

May 17, 2011

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Menifee CA – Lenders reject loan modifications only to lose more money when they sell the home after foreclosure. Here is how to prove the loss to them.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Lenders use BPOs to determine a property’s value for short sale processing. Find out what you can pay the lender as a monthly payment. Then, find out the mortgage amount that equals that payment.

For example, $1,200 a month will pay off a $211,346 mortgage over 30 years. $2,000 will pay off a $352,243 mortgage. $3,500 will pay off a $616,426 mortgage. $600 will pay off a $105,673 mortgage.

The lender should approve your loan mod if the payment you propose will pay off a mortgage amount that is more than the property value.

It is in their best interest because it will reduce their losses. In fact, lenders usually only net around 80-85% of a property’s value after foreclosure.

This is why lenders were only willing to lend up to 85% of a property’s value historically. So use this to your advantage. Keep reminding the loan modification negotiator of these facts.

And hold the negotiator accountable if they reject your loan mod and los even more money as a result. Thinking about a loan modification?

Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at [phone]

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Agent at Keller Williams Realty. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

View My homes for sale at WWW.SherryKHomes.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Keller Williams Realty.

This information on Show Your Lender Home Much They Will Lose Rejecting Your Menifee Loan Mod is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Short Sale: I’m having a hard time negotiating with a HELOC

May 18, 2011

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Menifee CA – The Stop Foreclosure Institute recently received a question about short sales. Here is the question.

“What is your experience with Chase Heloc’s? I have a HELOC that is a 2^nd mortgage. Citi (the 1st) will give them 6% or approximately $3000. Chase’s collection agency is saying that they want 30% ($30,000.)

They won’t budge. They want this in CASH, not as a promissory note (in case the seller does a bankruptcy.) They are telling me they will just let the house foreclose because that is Chase’s policy now. What do you recommend that I do?”

Here was our answer to the question. Most third party collection agencies are very tough to negotiate with. They are completely unreasonable.

They are so trained to give ultimatums that they will not budge, no matter how much logic and common sense you bring to them. Here is what you can do.

Go around them. Contact Chase’s CEO. We have been able to contact the CEO of Chase, Jamie Dimon’s Office on other Chase files. Show them that they will receive less in a foreclosure than the $3,000 available now.

Hopefully they will tell the collection agency to approve the $3,000 deal. If that doesn’t work, then ask to speak with a supervisor at the debt collection agency.

Show the how they will actually net zero when the property is foreclosed upon. Tell them that they have to either approve the $3,000 or take zero.

Tell them that rejecting the $3,000 means their client will net zero. Then, tell them that after the property is foreclosed upon, that you will contact their client and let them know how the collection agency’s actions caused them to lose $3,000.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy. Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Agent at Keller Williams Realty. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

View My homes for sale at .

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Keller Williams Realty.

This information on Menifee Short Sale: I’m having a hard time negotiating with a HELOC is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Short Sale: Why Does A HELOC Get Zero From Foreclosure

May 19, 2011

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Menifee CA – After yesterday’s blog post, I am sure that some people were wondering why a HELOC gets zero from a foreclosure. Let me explain why.

When a property is foreclosed upon, it is auctioned on the courthouse steps. Let me give you a scenario where a homeowner owes the following on the property.

First Mortgage is owed $200,000.

Second Mortgage is owed $40,000.

There is a HELOC (Home Equity Line of Credit) that is owed $100,000. (The home increased in value to $400,000 and a lender agreed to grant the loan.)

So a total of $340,000 is owed on the property. Now, what if it only sells for $150,000 on the courthouse steps. Who gets that $150,000?

The first mortgage does. The second mortgage wouldn’t get a dime unless the property sold on the courthouse steps for more than $200,000. The HELOC wouldn’t get any money unless it sold for more than $240,000.

This is why a second mortgage gets so little money from a foreclosure. Historically, second mortgages were loaned for the top 20% of the property value. The lower 80% was the first mortgage.

In most cases, the attorney fees, foreclosure costs, delinquent property taxes, and other fees would bring the first mortgage’s total up to around 100% of the property value.

This is why in most cases a second mortgage rarely gets any money from a foreclosure. Of course there are other variables that can change things, but this is how it usually works.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy. Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

Sherry Kotvis, Allison James Estates & Homes, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sale: Why Does A HELOC Get Zero From Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Short Sale: Are Fannie Mae Short Sales Tough?

May 20, 2011

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Menifee CA – Another agent recently e-mailed the Stop Foreclosure Insitute. They were having a hard time with a short sale on a Fannie Mae Loan.

Here is an excerpt from the agent’s e-mail.

“I spoke with Josh @ Fannie Mae. He said that once there is a foreclosure sale, per an agreement with lender, Fannie Mae would pay the lender the full balance of the note.

I started to comment that what incentive is there for the lender to process a short sale. He said I know where you’re going with that and we couldn’t comment.

It appears that the title would be transferred to Fannie Mae and the lender would be reimbursed for the FULL balance of the note. This is crazy! When Fannie Mae is the investor, it seems a JOKE to bother with the short sale!!

My Comments: Fannie Mae short sales are the best and easiest short sales to get approved. This is because Fannie is one of the most reasonable loan owners out there.

The problem is that no one at the lenders really cares. The reason the lender is getting paid off completely is because they already sold the loan to Fannie.

Remember, Fannie was created to free up lender’s money. That way lenders could go make more loans. The problem is that Fannie has entrusted their investment to these lenders. Let me explain.

Here is how I see it. It’s a huge win for a lender to under staff the departments handling their loan.

Their business model is to grant loans and sell them to Fannie for a profit. Fannie takes on all the risk and even pays you a monthly payment for collecting the payments

Cut your staff handling their loans to the bone. That way you can make a monthly profit from the monthly Fannie payments. A lender can’t lose. You make money granting the loan.

You sell the loan to Fannie for a profit. You make money each month handling the loan for Fannie. At the end of the day, the loan goes bad.

You can’t do a competent job negotiating the short sale. Why is that? The reason is you are cutting staff costs. But, you don’t lose money from your negligence. Fannie Mae and Uncle Sam do. Sound like a sweet deal?

But, we still love Fannie Mae Short Sales. The Stop Foreclosure Institute has sold countless Fannie Mae Short Sales successfully.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy. Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sale: Are Fannie Mae Short Sales Tough? is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Short Sale: Can I Rent My Home If It Is In Foreclosure?

May 23, 2011

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Menifee CA – The Stop Foreclosure Institute recently received a question about renting a home in foreclosure.

Short Sale Question: I am selling 2 of homes that are short sales. I would like to rent the homes during the foreclosure process. I will continue to pay the home owners association fees. I will not be paying the mortgage.

Is it legal to do this? Is there any liability that comes with it?

Here was our answer to them. The Stop Foreclosure Institute is not a law firm. Therefore, we can’t answer as to whether or not it is legal. We recommend that you check with a lawyer before making a decision.

We do know that there are laws forbidding that practice in many states. For example, Florida recently passed a law that stated that you had to notify any potential renter whether or not the home was in foreclosure before renting.

From what we have heard about the law, if you lease a property in foreclosure and don’t tell the tenants, then it is a criminal offense.

If it was a problem in Florida, then it was a problem in other states and they probably passed similar laws. We have seen cases in the past where a homeowner sold their home as “Owner Financing.

The home was in foreclosure and buyers filed a police report. The sheriff’s office investigated the homeowner for fraud. The people who thought they were buying the home paid the owner a large down payment.

They didn’t know the home was in foreclosure. He disappeared with their money and they were kicked out by the bank.

We don’t know what ended up happening. The bottom line is that anything fishy can have future repercussions. So check with a lawyer to make sure you won’t have any problems.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy. Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sale: Can I Rent My Home If It Is In Foreclosure? is provided as a courtesy to our viewers to help them make informed decisions.

Common Temecula-Menifee Short Sale Myth: Short Sales Are Difficult And Banks Never Approve Them

May 31, 2011

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Menifee CA – The Stop Foreclosure Institute recently talked to a homeowner whose home had been sold on the courthouse steps.

We asked if she had considered selling the home as a short sale. “I did, but I heard that short sales are difficult and not worth trying. My friend told me that the banks never approve them”, she told us.

After we got off of the phone, we reviewed what she had lost. She lost the opportunity to protect her credit and to be able to buy a home 3 years after the short sale sold.

Now she will have greater credit damage and will have to wait 5-7 years to buy another home. Ouch! All of this could have been avoided if she had known the truth about short sales.

Yes, short sales are approved by banks. Bank CEOs and the people who invest in mortgages prefer them over a foreclosure. Why?

Because the average short sale reduces the lender’s loss by 20-40% compared to a foreclosure. They want to reduce their losses as much as possible.

The banks are just having a hard time handling the huge increase of short sales caused by the housing crisis. But, don’t kid yourself. They wouldn’t be approving any short sales unless there was a big benefit to them financially.

They have analyzed the market and see short sales as a viable way to reduce their losses as much as possible.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

Sherry Kotvis, Allison James Estates & Homes, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Common Menifee Short Sale Myth: Short Sales Are Difficult And Banks Never Approve Them is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Short Sales: How Do You Handle Multiple Offers?

June 1, 2011

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Menifee CA – The Stop Foreclosure Institute recently received a question from another agent. Here was her question.

“I have a short sale listed. At what time in the short sale process do you stop accepting additional offers for submittal to the lender? If you accept another offer after you’ve already submitted one to the lender, does it reset your timeline to the beginning?

Do you just put them in backup position? What about the poor buyer whose offer was submitted and has already been waiting for weeks for lender approval?

Do you allow them to match the higher offer? You guys have so much experience, how do you handle this? Thanks! Diane.”

Here was our answer. It all depends. We like to stay with the original offer if possible. But, we don’t always do that. It all depends on what the seller wants to do.

If the bank is asking for a deficiency or promissory note, then the seller may want to submit the higher backup offers. We run this for the sellers and not the buyers benefit. We feel that it is our job is to represent the seller.

If the short sale lender does not like the first offer, then we will submit the next offer. But, if they accept the first offer, then we recommend that the seller go with that one to honor the first buyer.

That buyer has waited the longest and deserves to be rewarded for their patience.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sales: How Do You Handle Multiple Offers? is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Short Sales: Why Is Everyone So Negative About The Housing Market?

June 2, 2011

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Menifee CA – The tax credit expired and everyone turned negative on the housing marketing.

One so called expert said we could see headlines about the real estate market crashing again. Another said that the housing market is going to continue it’s decline for another years or two.

He referenced an article that showed that mortgage applications dropped by 9.5 percent the first week after the tax credit expired.

I don’t want to apply for the job of “Amateur Economist.” Here are a few examples I found of actual economists getting their predictions wrong.

1. An economist published a book in 1987 that predicted a depression in the 1990s. That proved just a little inaccurate, no?

2. Supposedly in 1996, Alan Greenspan, stated he thought there was too much irrational exuberance in the US stock market. The stock market continued to climb for another 4 years.

However, Greenspan was bullish on the last economic expansion that went best. How wrong was he on the last housing / economic bust?

Who really knows what is going to happen in the housing market. I do know that despite all the crazy predictions, the housing market will eventually recover. It might take another 1-3 years to flush out all the foreclosures and “shadow inventory.”

But, after that happens the housing market will stabilize and start a slow appreciation. It might take 8-12 years for prices to return to the previous high. Maybe even longer. But, they will turn around eventually.

What does that mean to the person in an upside down house? They have a great opportunity to short sale their home and buy at the bottom.

They can erase 8-12 years of negative equity and start building equity when they qualify to buy another home 3 years after their short sale. If you are upside down by 20% or more, a short sale makes great financial sense.

What do you think? E-mail me back if you are bearish or bullish on housing. Just put “Bull” or “Bear” in the subject line of your e-mail. I’ll release the results of this informal poll tomorrow.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sales: Why Is Everyone So Negative About The Housing Market? is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Short Sales: Bank won’t allow my seller to avoid short sale process

June 3, 2011

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Menifee CA – The Stop Foreclosure Institute recently received a question from another agent. Apparently they were being mislead on a short sale by a large national lender.

Here is the question we received: “Do you have a number to contact Fannie Mae? The bank (Large National Bank) will not allow the seller to not do a short sale and agree to repay the loss on a promissory note.

She said that she has to talk to the investor which is Fannie Mae. My sellers just wants to sell and move on with their life. Janet.”

Here was our response. I understand the logic of what your seller is trying to do. They think that they can just sell the home for less thant it’s worth, sign a promissory note for the difference, and move on with their lives.

The sad reality is that life’s not that simple, especially when you are dealing with bankers. Before they make any changes on anything, they want to make sure that everything is ok.

In order to make sure everything is ok, they will have to process the sale as a short sale. That is why they demand before they will transfer the upside down debt to a promissory note.

They always like to keep things at the status quo. Any big changes need to be very carefully evaluated. It’s just the way bankers work.

So, if your seller wants to sell and repay the debt on a promissory note, then they will have to go thru the formal short sale process. It’s the only option that I see.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sales: Bank won’t allow my seller to avoid short sale process is provided as a courtesy to our viewers to help them make informed decisions.

How Long Do I Have To Wait After A Temecula-Menifee Short Sale To Buy Another Home?

June 6, 2011

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Menifee CA – The Stop Foreclosure Institute gets asked this question quite a bit. The answer depends on the type of loan you are looking to use to purchase your next home.

Here are the details on your options to buy another home after a short sale.

Owner Financing. You can buy a home with owner financing anytime after a short sale.

FHA Financing. (FHA is very popular because it only requires you to put down 3.5% and pay your closing costs. You can usually convince the seller to pay your closing costs, thereby reducing your down payment to 3.5% of the purchase price.)

FHA’s current guidelines state that you can get an FHA loan immediately after a short sale, provided that you never missed a payment. If you were in default at the time of the short sale, then you have to wait 3 years before they will approve your loan.

Fannie Mae Loan. Fannie Mae is the most common loan program. You can get a Fannie Mae Loan in as little as 2 years after a short sale. But, you have to put 20% down.

If you wait 4 years, then you have to put a minimum of 10% down. After 7 years, you can get a Fannie Mae Loan and put less than 10% down.

The most attractive (and currently most popular) loan program in America is FHA. The reason is because it’s down payment requirements are much lower than anyone else. It looks like the best option to buy your next home after a short sale.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on How Long Do I Have To Wait After A Menifee Short Sale To Buy Another Home? is provided as a courtesy to our viewers to help them make informed decisions.

Questions Buyers Should Ask The Agent Listing A Temecula-Menifee Short Sale

June 7, 2011

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Menifee CA – Are you looking to buy a short sale? Before you make an offer, you need to check and see how competent the listing agent is at short sales.

The listing agent is the agent with the property for sale. They will usually be in charge of processing the short sale with the lender.

If the listing agent is a genuine short sale expert and knows what they are doing, then you have a very good chance of the short sale being approved and buying the home. I’ll show you how to separate the experts from the pretenders in this post.

If the agent is not a genuine short sale expert, then you are probably wasting your time. You should go find another home to buy.

First, ask them how many short sales they have successfully sold. If they have only sold 2-3 short sales, then the odds are not in your favor. You risk wasting months of time waiting for an answer on the short sale.

Next, ask them how many loans are on the property. If there is only 1 loan, then you know two things. First, they know what they are doing. Second, this is relatively simple short sale.

If there are two loans, then the property is still worth considering. However, if there are 3 or more loans, then you might want to look at another home. Short sales with 3 or more loans are very difficult.

The first mortgage won’t give enough money to the second and third position mortgages. The second and third position mortgages won’t release their lien without more money. At the end, everyone loses (that is another story for another day.)

Lastly, ask who the lenders are. If the lenders are Bank of America, or another notoriously bad lender at short sales, then you might want to avoid the property. However, a competent short sale agent can handle a Bank of America short sale with ease.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Questions Buyers Should Ask The Agent Listing A Menifee Short Sale is provided as a courtesy to our viewers to help them make informed decisions

Why Temecula-Menifee Short Sales with 3 or more mortgages are difficult

June 8, 2011

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Menifee CA – Are you looking to buy a short sale? Before you make an offer, you need to check and see how many mortgages are on the home.

A short sale with only one mortgage is not that difficult. Even an inexperienced agent can often get these approved and sold.

A short sale with 2 loans becomes much more difficult. You now have to lenders that have to agree with each other. However, an experienced short sale agent can get the two lenders to agree with each other on the short sale.

However, when you have 3 or more loans and/or liens, everything just becomes way more complicated. Most first mortgages will only give $2,500 to $3,000 a second mortgage on a short sale.

They don’t have any policies in place on what to give a third position mortgage or lien. And that third position lien holder isn’t going to go away for free. Someone is going to have to give them something in return for them releasing their lien.

That third position lender basically has the right to throw a wrench in the works unless they get paid. They can veto the short sale for any reason. They will only go away when they are either paid in full or accept a lower amount.

This is what makes short sales with 3 or more loans so difficult. The first mortgage, second mortgage, and third position lien fight over the available money.

At the end, the first mortgage usually forecloses on the property and the second and third position people get nothing. But, a foreclosure takes a long time and costs money.

At the end of the day, everyone ends up losing more than they would have made if they had simply worked together. This is why we usually avoid short sales with 3 or more mortgages/liens in place.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Why Menifee Short Sales with 3 or more mortgages are difficult is provided as a courtesy to our viewers to help them make informed decisions.

Temecula-Menifee Short Sales: Will My Lender Set The Price For My Home?

June 9, 2011

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Menifee CA – The Stop foreclosure Institute recently received a question from Steve about short sales. Here was Steve’s Question.

“I am interested in a short sale. I just have a few questions about how the process works. Does my lender set the price for the property. And, will that price include the realtor fee? Sincerely, Steve.”

Here was our answer. Steve, in most cases the lender will not set the asking price for your home. In most cases, the lender does not get involved until after we have an offer from a buyer.

The only exception is if you have an FHA loan. FHA’s short sale guidelines stipulate that an appraisal be done after the home is put on the market. They required the asking price be changed to the appraised value.

As far as your second question, does that price include the realtor fee? FHA Short Sale Guidelines require the lender to pay your realtor a commission. You don’t have to pay it.

On other short sales, the lender usually pays the realtor’s fee. They know that they will have to pay a realtor when they sell a home after foreclosure. Why not avoid the foreclosure and sell the home now?

That is the logic behind why they pay the realtor’s commission on a short sale.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sales: Will My Lender Set The Price For My Home? is provided as a courtesy to our viewers to help them make informed decisions.

Three Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time

June 10, 2011

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Menifee CA – Many Americans are concerned about the housing market. If they housing market continues to decline, then it could drag the housing market with it. At least that’s what some economists are saying.

We want to be part of the solution, not part of the problem. So, we decided to propose a solution

Here Are 3 Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time.

#1: Approve more Loan Modifications. Every loan modification is one less home that has to be sold as a distress sale. Distress sales are dragging down home prices.

In addition, many loan mods are rejected, only to see the lender lose even more money when the home sells. Here is an example. A homeowners offers to pay their lender an amount equal to a $300,000 mortgage.

That means the homeowner would pay the same as someone borrowing $300,000 to buy a home. The lender rejects their loan mod offer and forecloses on the home. It sells for $200,000.

Don’t kid yourself, this happens every single day. The loan owners lose millions as a result.

#2: Make short sales easier. Yes, short sales do close. But, many don’t. The ones that don’t are usually sold for less money as a foreclosure. An extreme example is a home that received a $380,000 offer as a short sale.

The lender rejected the short sale. The home was foreclosed upon and sold for $230,000. The reason that lenders usually lose more money on foreclosure compared to short sales.

First, most foreclosures are usually left empty for several months. Mold, mildew, and other things make the home undesirable.

Second, most foreclosures are taking 18 months or more. That is a lot of time that a home can sit empty. In addition, interest, attorney fees, unpaid property taxes and other costs are growing each day.

#3: Handle foreclosures better. We have seen many foreclosed homes sit empty for months and months. In one extreme example, a foreclosed home has been sitting empty for over 2 years.

(The picture above is the front of that home.)

In that time period local housing prices have dropped by 20-30%. Interest and property taxes have accrued over those two years.

Here is how banks could do a better job handling foreclosures.

First, put all foreclosures on the market within a week. There are a lot of hungry, aggressive real estate agents that would love to market these properties.

Put them to work getting the homes sold for top dollar as quickly as possible. The typical 2-3 month wait it not acceptable, especially with all the hard working agents available.

Second, maintain the vacant homes. The home pictured above is wide open. The doors are not locked. Anyone can walk right in and vandalize the place.

I have seen profanities spray painted on the walls of vacant, bank owned homes. Think that affects the sale price?

These are just a few ideas. The next time you hear your local banker tell you how they “care”, ask them how their bank is handling the recommendations in this blog post.

To us, a banker telling us about how they supposedly “care” just rings of hypocrisy. And it will ring of hypocrisy as long as these problems continue to hurt homeowners, the housing market, and the American Economy.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Three Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time is provided as a courtesy to our viewers to help them make informed decisions.

Another Common Temecula-Menifee Short Sale Myth: The Foreclosure Process Goes So Fast That I Don’t Have Time To Short Sale

June 14, 2011

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Menifee CA – The Stop foreclosure Institute recently received a question from Susan about short sales. Here was Susan’s Question.

“My home is scheduled to be going on the courthouse steps in about 2 months. I had thought about short selling, but a friend told me I wouldn’t have enough time to do it.

Because of that I didn’t pursue a short sale earlier. Recently I decided to look into it further. It looks like a good option compared to foreclosure. My question is this.

Do I have enough time to short sale my house, or is the foreclosure already too far along? Please let me know. Sincerely, Susan.”

Here was our answer. Susan, we can still help you with a short sale. Most lenders will postpone a foreclosure when a short sale offer is in place. Yes, a short sale usually takes 2-6 months to process.

However, many lenders will postpone the sale while a short sale is in the works. In addition, some short sales go faster than the normal 2-6 months.

If your lender owns you loan in house, then the decision maker will be easy to reach. They can approve or deny the short sale in a matter of a week or two.

So, please let us help you. We have a good success rate even when the foreclosure process has already been started. As you well know, a short sale beats a foreclosure because you can buy another home much sooner.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Another Common Menifee Short Sale Myth: The Foreclosure Process Goes So Fast That I Don’t Have Time To Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

How A Temecula-Menifee Short Sale Helps Preserve Neighborhood Values

June 15, 2011

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Menifee CA – Yes, short sales actually help preserve home values in a neighborhood. Here is why.

Most people short sell their home while they are still living in the home. They are maintaining the home, mowing the yard, keeping the air conditioning on, etc.

Most bank owned properties are empty for 3-6 months, if not longer. No one maintains the home during that time period. Empty homes are easy targets for vandalism and thieves.

The grass and yard get overgrown. Pools deteriorate and the water turns green with algae.

In some Southern States, such as Florida, if a home is not air conditioned during the summer, then mold will grow on the walls inside.

In the Northern States, if a home is not heated during the winter, then pipes can ice up and break causing a lot of plumbing damage.

Even things as simple as sprinkler system can have problems when they aren’t used for 3-6 months. A sprinkler system contractor recently told us that if the system isn’t ran at least once a month, then it can have problems.

All these things added together cause bank owned homes to sell for much less than a short sale. That is why you should be proud that you are short selling your house.

You are doing a big part to help keep the housing market and your neighborhood. In addition, you are helping the entire economy because the housing market is such an important part of it.

Thinking about a loan modification?Our Menifee loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at team@sherrykhomes.com to request a Free Copy.

Or,

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Kotvis’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on How A Menifee Short Sale Helps Preserve Neighborhood Values is provided as a courtesy to our viewers to help them make informed decisions.

The Final Numbers On How A Menifee Short Sale Reduces Losses

August 1, 2011

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Menifee CA – On our last blog post, we ran some numbers on why a short sale reduces a lender’s losses by 20% compared to a foreclosure.

Today I am going to add all the numbers together. That way we can see exactly how much this lender lost by not accepting the short sale.

I am using the real life example of a short sale that was listed for sale for $425,000. The lender turned down an offers for $385,000 and ended up selling the home for $230,000.

Let’s add up the costs.

$155,000 in sales price loss. ($385,000 minus $230,000.)

$30,318.75 in lost interest income. ($385,000 lent at 4.5% interest over 21 months.)

$11,411.89 in property taxes that would have been paid by the short sale buyer, but instead were paid by the lender. ($6,521.08 annual property taxes over 21 months.)

$3,000 in estimated foreclosure costs. (This is to pay the foreclosure attorney and the court costs.)

$4,200 in Homeowner’s Insurance. ($200 monthly times 21 months.)

$203,930.60 in total lost because they didn’t accept the short sale offer. Ouch! I don’t care how rich you are (or how many bailouts you received), that is a lot of money.

Yes, these numbers are correct. Real estate is an expensive business. It costs a lot of money to own and maintain a house.

Just look at how much you spend on your mortgage, property taxes, homeowner’s insurance, maintaining your house, and mowing your yard. Now multiply that by 21 months. Make sense?

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by .

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on The Final Numbers On How A Menifee Short Sale Reduces Losses is provided as a courtesy to our viewers to help them make informed decisions.

Menifee Short Sale Help: Having Financial Problems? Tell Debt Collectors To “Get Lost”

May 18, 2012

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Menifee CA – Most of the short sale sellers that we help are selling this home because of financial problems. They can’t afford the payments and sell their home to avoid foreclosure.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Because of this I am very familiar with helping my customers who have financial problems. Many of them are struggling to buy groceries, keep the power turned on, and pay for gas to get to work.

They are struggling to pay for the necessities just to survive and feed their family. In most cases they have missed payments on credit cards.

The credit card companies think that you should pay them before you buy groceries. If you are in this situation, then do not give a dime of your money to any credit card company.

A credit card is an unsecured debt. They don’t have any collateral to get their money back with. They can’t come get your car or take your house.

Because of that they cram hundreds of people into cubicles and “sic em” on people in financial difficulty. They make hundreds of calls each day. They lie and threaten people to scare them into paying.

If you are having financial problems, then just take a break from these people. Get them off the phone as quickly as possible. Hang up if the conversation has gone longer than 30 seconds.

Don’t believe any threats to sue you. I estimate that 90% of the threats to sue are never carried out. Even if they do sue and get a judgment they can only garnish 25% of your wages.

I estimate that 95% of all unpaid credit cards will never result in a wage garnishment. Now, I’m not saying you shouldn’t pay them.

But, get your life back on track before you do. Get all of the necessities paid for first. Every other payment should be caught up on before you pay them a dime.

You should have an emergency fund of $1,000 or more before you pay them. Your kids, healthcare for the entire family, and all other necessary expenses should be taken care of.

If your car is having problems and needs to be replaced, then buy a new car. Once you have everything in order financially, then you can start working with the past due credit cards.

But, don’t just pay them off in full. Most of them will accept a 10-20% of the original balance. Pay them what you think is fair. When paying them off never send them a check or give them your debit card info.

Some of their contracts have clauses that allow them to charge you more than you had agreed on the phone. Get everything signed and in writing.

Then mail them an untraceable payment method like a money order. That way they can’t take every dime out of your bank account. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sale Help: Having Financial Problems? Tell Debt Collectors To “Get Lost” is provided as a courtesy to our viewers to help them make informed decisions.

Will My Lender Sue Me After A Menifee Short Sale?

May 16, 2012

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Menifee CA – Many people are concerned about a potential lawsuit after a short sale.

Many people ask us, “My lender just lost $150,000. Aren’t thing going to be angry that they are losing that much money? Won’t they sue me?”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The good news is that very few people will get sued. The vast majority of all short sale sellers will be released from the debt as a condition of the short sale.

We have reviewed hundreds of short sale approval letters and are familiar with the laws in different states. We estimate that 85-90% of all short sales will be approved with the deficiency being waived.

But, what about the remaining people? There are several reasons they are unlikely to be sued. Remember, in most cases they can’t collect any money without getting a judgment first.

Reason #1: It costs $1,000 or more to file a lawsuit in most states. Between the attorney fees and court costs, it will cost a lender $1,000 to $5,000 to convert the debt into a judgment. The $5,000 number is for people who fight them in court.

Reason #2: You can’t squeeze blood from a stone. Most people short sell their house because of financial problems. The banks know this.

They have learned from past experience how hard it is to collect money from someone who is having financial difficulties.

This is why the vast majority of all short sale sellers will never be sued by their lender after a short sale. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Will My Lender Sue Me After A Menifee Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Menifee Short Sales: Why Do Bank Negotiators Break The Rules?

May 10, 2012

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Menifee CA – We had a negotiator at Bank of America try to push us around a little while ago. We’ve studied and analyzed all of the short sale guidelines and rules.

This was an FHA loan and therefore would be governed by FHA’s Short Sale Guidelines. This means that the lender must follow FHA’s Specific Instructions on how to handle the short sale. Here’s what happened.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

FHA sends all of the lenders who handle their loans a letter called “Mortgagee Letter 2008-43.” It details exactly how the banks servicing an FHA loan are supposed to negotiate on a short sale.

This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc.

We had had a wretched experience another FHA short sale. The lender lied to the seller’s prior agent and hadn’t followed the FHA Short Sale Guidelines. Because of that experience, we had read thru this letter 2-3 times.

Bottom line, we know a little bit about FHA’s rules for short sales. The problem was this negotiator at a large national bank didn’t want to follow the rules!

Instead she made up her own rules! She told us that the buyer and seller had to split the cost of the title insurance. The problem is on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.

In our area, it is the sale’s contracts are written with the seller paying for the title insurance. The buyer pays their closing costs and the title insurance for their lender.

But, this negotiator didn’t want to allow that. I had to argue back and forth with her for 2-3 days until she finally relented. FHA is insuring this lender against any and all loss on the loan.

They have given that lender an almost risk free way to make a decent profit on a mortgage. If they have given you specific instructions on how to negotiate a short sale, then follow those instructions!

Here is the bottom line. If the negotiator at the lender is lying to you, then ask for their manager. When you talk to their manager, explain how they are breaking the rules.

Tell them you may contact FHA and tell them that the lender is breaking the rules. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sales: Why Do Bank Negotiators Break The Rules? is provided as a courtesy to our viewers to help them make informed decisions.

Don’t Accept A Promissory Note When You Short Sale Your Menifee Home

May 9, 2012

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Menifee CA – Many lenders ask for a promissory note on short sales. This is especially true if the lender has Private Mortgage Insurance (also called PMI) that has to approve the short sale.

The PMI companies know that homeowners will do anything to protect their credit when they are short selling their home.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

To avoid a promissory note you must convince the negotiator at the PMI Company that you have not assets and no disposable income that can be used to pay them.

I ask to speak directly with the PMI negotiator. Don’t let your lender tell you that you are not allowed to talk to them. Don’t take no for an answer. If necessary, ask to speak with a supervisor at the lender.

The PMI companies know that if the home is foreclosed, then they will lose even more money when the home is sold after foreclosure. Keep this in mind.

Tell the employee that you will hold them accountable if the home is foreclosed and sells for less money after foreclosure.

We have seen a lot of lenders and PMI Companies turn down short sales, only to see the property sell for much less after it is foreclosed upon.

If you stick to your guns they will release the debt and allow you to walk away without a promissory note. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Don’t Accept A Promissory Note When You Short Sale Your Menifee Home is provided as a courtesy to our viewers to help them make informed decisions.

Menifee Short Sale Deficiencies On “Sliced & Diced Loans?

May 8, 2012

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Menifee CA – Another common type of loan that does not usually have a deficiency is a “Sliced and Diced” loan. A “Sliced and Diced” loan is a loan that has been securitized along with a bundle of other loans.

Here is how that happened. John gets a loan from ABC Bank. ABC Bank is running out of money to lend out. So, they sell 1,000 of their mortgages to Goldman Sachs.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Goldman then securitizes that bundle of 1,000 mortgages and sells of 50,000 shares of stock. Each piece of stock represents a small percentage of the bundle of 10,000 mortgages.

But, how does that affect whether or not you will have a deficiency on a short sale? First, the majority of “Sliced and Diced” loans that we have short sold released the seller from the deficiency.

This means that the short sale approval letter said that the homeowner was being forgiven of the debt. What about the people who are not specifically released from the deficiency?

The good news is that the vast majority move on with their life and never hear anything more from their lender. Time moves on and they forget about the debt.

The good news is that after a few years the statute of limitations kicks in and they are home free. Their lender no longer has the right to collect the money from them. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Short Sale Deficiencies On “Sliced & Diced Loans? is provided as a courtesy to our viewers to help them make informed decisions.

Will I Owe A Deficiency On A Menifee Short Sale If I Have A USDA Loan?

May 7, 2012

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Menifee CA – Another common type of loan that does not usually have a deficiency is a USDA loan. The USDA loan program was created to make it easier for people that lived in rural areas to buy their own home.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

USDA stipulates that you must be at least 30 days behind on your payments before they will start the short sale process. This is different from most other loan programs.

I haven’t heard of another loan program where they specifically stipulate that you must be behind on the payments before they will consider a short sale.

The good news is that their short sale guidelines state that you won’t have a deficiency after completion of a short sale. Here is the text from their short sale guidelines:

” A borrower who successfully sells the property securing the loan using the Pre-Foreclosure Sale Option is relieved of the mortgage obligation. The borrower shall not be pursued for deficiency judgments by either the Servicer or the Agency.”

This is good news for anyone that has an USDA and wants to get out from under their upside down mortgage. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Will I Owe A Deficiency On A Menifee Short Sale If I Have A USDA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

A Common Menifee Short Sale Myth: You Don’t Know If Your Lender Will Want A Deficiency Until We Have Started The Short Sale Process

May 1, 2012

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Menifee CA – I am about to explain how the different types of loans impacts whether or not you will have a deficiency after you short sale your house.

But, I first want to bust the common myth that you won’t know if you will have a deficiency until after you have started the short sale process.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Many agents will tell you that you won’t know for sure if you will have a deficiency until you have started the short sale process. Sure, they can give you the answer if you are in a non deficiency state, such as California.

But, what if you are in Florida, which is a deficiency state? They will usually tell you that you won’t know if you will have a deficiency until the short sale process has been started.

That is not necessarily true. First, here is the good news. In about 80-90% of all cases, you will not have a deficiency on a short sale even if you live in a deficiency state.

But, if your loan is the type that do not require deficiencies, then you don’t have to worry about a deficiency. The key is to find out the type of loan you have and the short sale guidelines for that type of loan.

In my next post I will start to explain those different loan types and their short sale guidelines. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on A Common Menifee Short Sale Myth: You Don’t Know If Your Lender Will Want A Deficiency Until We Have Started The Short Sale Process is provided as a courtesy to our viewers to help them make informed decisions.

Worried About Owing Money After A Menifee Short Sale?

April 30, 2012

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Menifee CA – We recently received an email from Joy. She was thinking about a short sale, but was worried about a deficiency.

Here is a sentence from her email: “We obviously want to get the price as close to fair market value as possible to eliminate or reduce any deficiency the bank may assess, but also want the house to move as quickly as possible.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the good news for Joy. In about 80-90% of all cases the homeowner is allowed to walk away without a deficiency. Yes, banks are releasing homeowners from hundreds of thousands of dollars in upside debt.

We’ve seen homeowners walk away from $300,000, $500,000, and more in upside down debt. It’s like a “Get Out Of Jail Free” Card.

So, how do you find out if you will not owe a deficiency after a short sale? Here is the first step. Find out who owns your loan. Even if you send your monthly payment to ABC Bank it is likely that your loan is owned or insured by one of the one of the following entities.

Fannie Mae or Freddie Mac. There is about a 60% chance that your loan is owned by one of these two entities. If they own your loan, then mortgage forgiveness will be granted according to their policies.

FHA Insured. FHA does not own your loan. But, they insure the owner against loss which means that they will be writing the check for the loss. As a result, they dictate whether or not the debt is forgiven.

VA Insured. The Veteran’s Administration does not own your loan. But, they insure the owner against much of the loss. As a result, they dictate whether or not the debt is forgiven.

USDA Insured. USDA does not own your loan, but insures the owner against much of the loss. As a result, they dictate whether or not the debt is forgiven.

Sliced and Diced Loan. This is a mortgage that has been securitized. It is called “Sliced and Diced” because of the way the ownership of each loan is sliced up and sold off to thousands of different people.

The actual owners of the loan are the people that bought the securitized loan product.

Once you have found out who owns your loan, then you move to the next step. That is to find out the short sale deficiency guidelines of the individual owner or insurer of your mortgage. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Worried About Owing Money After A Menifee Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Menifee Loan Modification Tips: How To Gain A Negotiating Edge Over Your Lender

April 27, 2012

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Menifee CA – Thinking about a loan modification. If you can afford to, then order an appraisal. Or, do your own appraisal.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Ask your realtor “Hey, what are houses in my area selling for?” I’ve seen people who bought a house for $500,000. Guess what’s it selling for today? $300,000.

If your house has had a 40% drop in value, then you shouldn’t be paying a mortgage payment based on a value of $500,000. You should be paying a mortgage payment based on a value of $300,000. Make sense?

Here’s how to find calculate you should be paying. Google “amortization calculator.” Type in what your home is currently worth. Enter the interest rate you were originally paying.

Look at the example numbers below.

* A $500,000 mortgage at 6% interest is a monthly payment of $2,997.75.

* A $300,000 mortgage at 4.5% interest is a monthly payment of $1,520.06. Remember, interest rates have dropped a bunch lately.

It looks to me like this person is overpaying by $1,477.69 a month. Ouch!

Run the numbers for your house. If your lender forecloses on your house, then it’s not necessarily going to sell for the market value. Most foreclosed houses often sell for 85% to 95% of the value today.

Remember, knowledge is power. When you have this information you have a much better negotiating position with your lender.

You can say “Hey guys, foreclose on my house. But, be prepared to lose a ton of money.” Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Menifee Loan Modification Tips: How To Gain A Negotiating Edge Over Your Lender is provided as a courtesy to our viewers to help them make informed decisions.

Yes, I Do Think A Menifee Loan Modification Is The right Thing To Do

April 26, 2012

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Menifee CA – I received a note the other day from Andrew. He was upset that I would tell people that are upside down on their house to ask for a principal reduction from their lender. Here was his email.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

“I saw your blog post about how the banks won’t approve principal reductions for people who are struggling financially.

You recommended that anyone upside down should short sale their house because that is the only way to get the amount they owe reduced.

These people took out a loan and made a promise to do everything in their power to repay it. I think it is wrong that you would openly recommend them break that promise.

All that does is make it harder for someone responsible to get a loan. They banks have lost so much money because people walked away from their mortgages that they are making it impossible for responsible people to get a mortgage. Andrew.”

Here was my response to Andrew’s email.

“Andrew, thank you for your opinion. Fortunately we live in America and everyone is entitled to their opinion.

I can understand that you are frustrated. It sounds like this has affected you personally when you tried to borrow money. But, let me ask you this.

I meet a homeowner named John. John’s company went under during the economic crisis and John lost his job. He was out of work for six months and burned up all his savings and retirement accounts trying to stay afloat.

Today John is working 2 jobs, but making less money than he did at his previous 1 job. He cannot afford his mortgage payment. His lender will not reduce the payment to where he can afford it.

If he pays it, then he can’t pay for groceries. He makes too much money to qualify for food stamps. So, what should he do?

Should he get a third job, work until he burns out, and then lose everything? Or, should he move to a more affordable house and try to get his life back on track?

I think he should do whatever he can to get his life back on track, whether that be a loan modification or short sale. I know you may think he should work 80 or 100 hours a week until he has repaid every single debt in full.

Ultimately John and his family have to do what makes sense for them. Fortunately, America gives you the freedom to make your own decisions on what is best for you. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at team@sherrykhomes.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 951-315-3201

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Menifee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Sherry Kotvis.

Sherry is a Real Estate Sherry K. Kotvis at Allison James Estates & Homes. Menifee Short Sales Realtor:

Phone: 951-315-3201. team@sherrykhomes.com.

Providing Solutions One Homeowner A Time

View My homes for sale at www.sherrykloanmodhelp.com.

Important Notice

The views expressed here are Sherry’s personal views and do not reflect the views of Allison James Estates & Homes.

This information on Yes, I Do Think A Menifee Loan Modification Is The right Thing To Do is provided as a courtesy to our viewers to help them make informed decisions.

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