Tempe, Arizona Short Sale

MORTGAGE SHORT SALE refers to property that is sold for less than is currently owed on the mortgage. When used properly, a mortgage short sale isbeneficial to all parties involved. Property owners can sell their home for less than they owe at the bank. Banks are able to recover the majority of their investment. Buyers can purchase a piece of real estate that is in good condition for less than market value.

Getting mortgage short sale approval in Phoenix, Arizona can be a difficult task. In the past, the vast majority of mortgage short sale requests were denied. However, with the help of a real estate expert familiar with the mortgage short sale process, your approval rating can be nearly 100 percent possible.
Using the mortgage short sale process in Phoenix, AZ is similar other financial problems. Borrowers need to provide many documents showing why the need to use the mortgage short sale process. Lenders usually request a list of income sources and expenses, tax returns from several years, pay stubs and employment records, credit card statements and bank statements.

Mortgage short sales are commonly handled by a bank’s loss mitigation department. This department is assigned to help the home owner work through the process. Their primary job is to make things go smoothly for the buyer, the lender and the seller.

Loss Mitigation Departments do not get to approve the mortgage short sale of a property. However, their opinions can be very important in the decision to approve a mortgage short sale. The loss mitigation department is more apt to support your need for a mortgage short sale if you have a real estate agent working with you to help you out with the details.
The home owner considering a mortgage short sale should compile all of the necessary information and contact a real estate agent before they inform their lender that they are considering a mortgage short sale. The loss mitigation department will appreciate working with a real estate agent and home owner that understand the process of a mortgage short sale.

The home owner will need to provide a hardship letter. This letter can determine whether you get approval or not. It should clearly define why you need to use a mortgage short sale to save yourself.

A mortgage short sale is a great alternative to foreclosure. Be sure to obtain a Payment in Full agreement from the lender when using the mortgage short sale. When banks accept payment in full, forgive any remaining balance that you owe on your mortgage.

Some lenders will require you to pay the difference between the sale amount and the payoff amount of your mortgage. When the home owner is unable to pay this amount it can leave a black mark on their credit report which will stay there until the difference is paid off.

If the home owner can overcome their current financial problems, they can go about purchasing another home in a relatively short period of time.
If you can’t make your mortgage payments, talk to your bank about the possibility of a mortgage short sale. Get educated about the process and find a real estate agent that has experience in such dealings.

For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.

We are embarking on day two with Trent Chapman and we’re taken aback by the number of appearances Trent has had on shortsalepowerhour.com. We asked Trent to come back to speak about the Short Sale Genius Designation course. Everyone understands that we are not huge fans of designations. We have contributed on our own designation recently, but we stole that from Trent. Still, Trent has decided to do a real designation. The designation is for agents who work with distressed homes.

The designation is different from other designations. With other designations, you go to a lecture and take a test and receive your designation. With the Short Sale Genius designation, there are distinct levels based on how many short sales you have closed.

If you take the class you will get a general designation, but it will also note how many short sales you have closed. Trent merely figured that taking a class and passing a test didn’t make somebody an expert. So, he decided to introduce a little bit of common sense and honesty into the process.

On a new note, software is something that many other agents ask about. Trent offers software that is state of the art with features that assist the agent that is doing a few transactions or hundreds. His system essentially coaches you along in the short sale procedure. There are red flags that let you know if a file is out of compliance or taking excessively long. There is also a characteristic that allows the house owner to log in and see the standing of their file. It was particularly created for short sales. Check out the theshortsalegenius.com

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Maricopa – Arizona Short Sale Specialist

Watch Kevin and Fred, Short Sale Specialists, on the Short Sale Power Hour. Video for Short Sale Specialists.

Foreclosure is the legal process in which you may lose your rights to a mortgaged property, say your home or usually some kind of real estate, after you have made the mortgage in order to borrow money. That makes you the mortgagor, while the mortgage represents the security for the money you have loaned from some credit company. Besides actually allowing you to be able to get your hands on the money you want to borrow, the mortgage also gets you a shot at a reduced interest rate from the lender.

When you take a mortgage loan, you retain possession of your home, and foreclosure is affected only if you fail to make payment of the debt at the proper time or to meet other obligations specified in the agreement terms of the bond.

Now here’s the catch; to effect a foreclosure, the lender usually has to apply to a court for authority to sell the property or to proceed with the sale under a power that has been provided within the mortgage itself. If you are going to stop the foreclosure proceedings, you are going to have to do it either before the lender makes it to court in the first place, or before the court gets to pass the injunction that allows them to kick you out and sell your home.

The lender here is the mortgagee because they hold your mortgage – which they could do personally, or by a trustee on their behalf. Their plan, when they foreclose on your property, is to apply the money received from its sale to all debts that you owe on the property, including – no, especially – payments due to the mortgagee. Either way, you get to lose if the process is complete, so the best way to stop foreclosure on that account is to see to it that they actually never start the process.

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Watch Kevin Kauffman and Fred Weaver of Group 46:10, Short Sale Specialists, on the daily Short Sale Power Hour.

Short Sale Power Hour is pleased to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has exhausted a lot of time training agents how to escalate. He provides a form letter on his website, theshortsalegenius.com, to give people an example of how to convey the escalation idea to the lender. In essence, it gives a general script as to how you can explain that the short sale is better than foreclosure.

Alas, because too many people have just copied and pasted the manuscript, Matt Vernon may have a problem with it. For persons that do not know, Matt Vernon is a major player at Bank of America. So, Trent will be contacting Matt Vernon to discuss the escalation letter.

The thought behind the letter is that Trent needs to help agents in knowing how to escalate. When you are addressing somebody that is higher up in the lender, you want to make the story as short as feasible. We suggest that you tell them the following. This is the house. It has been on the market for ‘x’ days. We have an offer. It’s full market value. Here is the fair market value backed by these comps. Then you give them the figures. With a short sale, you will get this much capital and if this forecloses, you will get this much capital. That is the essence of the email.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Chandler – Short Sale Arizona

To best prepare yourself to stop foreclosure sale of your home in Gilbert, Arizona, you need to be aware of several different things that are important regarding the foreclosure sale date. The first thing that you may not be aware if you are trying to stop foreclosure sale, is that the sale date is not chosen by your mortgage company. The court decides when the sale date is. Often times, despite the fact that you are trying to stop foreclosure sale of your home, the state law determines when the sale date will be. State websites and local county courthouses are a good place to start if you are looking for information on how to stop foreclosure sale. Either the internet, the phone book (look under government listings), or the courthouse should be able to give you a phone number that will lead to some answers as to how you can stop foreclosure sale of your home, how much time you have, and what needs to be done.
The second thing to consider and is important to know is that the mortgage lender or bank lender can have their lawyer request that the sale date be delayed by requesting a continuance. This is not a stop foreclosure sale, just a small set back to the sale of your home. The mortgage lender will often file for a continuance if you show that you will try to work on a solution to the problem with them. Remember, all they want is the money. So, sometimes, you will be able to find an amicable solution. That would be the best way to stop foreclosure sale, by working with the lender to find a solution that fits both your needs and their needs. Several people have successfully delayed the sale multiple times by having the lender file for a continuance. This delay helped those people in Gilbert, AZ to stop foreclosure sale completely eventually.
Now that you have a little more insight as to how the foreclosure process works and who is determining the sale, you might be able to successfully delay the sale, but how can you stop foreclosure sale completely? Often times, once the process has started, it is tough to stop foreclosure sale. The mortgage company can withdraw from the foreclosure, but that isn’t likely. So, consider this alternative when you can not pay your mortgage…..the SHORT SALE!
The short sale is a great way to stop foreclosure sale. You can get the entire mortgage paid off buy a new buyer. If the home sells for less than the mortgage, the lender may forgive the remainder of the loan. So, while you stop foreclosure sale, you don’t get to keep the home. However, you do get out of a giant piece of dept and you keep your credit in tact.

It does not matter how bad you believe your situation is. There are many foreclosure prevention options available to you in Phoenix, Arizona. You can stop the bank taking legal action and still keep your family in its home.
Finding a foreclosure prevention expert in Phoenix, AZ is the first step in avoiding foreclosure. A foreclosure prevention expert can keep the bank from taking your property and help you get those payments back to current. There are real estate companies that specialize in foreclosure prevention. They have the ability to negotiate with your bank in ways that you may have never dreamed possible. Options for foreclosure prevention include such things as loan modifications or even better, short sales.
While you could apply for a loan modification on your own, it is important that you have a foreclosure prevention expert to understand the laws and details that are known by a foreclosure prevention expert. You may not know the steps to foreclosure prevention that are needed to convince the bank’s loss mitigation department to go ahead with your loan modification or short sale. This is where a foreclosure prevention expert can be a big help to you and your family.
Instead of sitting around worrying about your lack of knowledge regarding foreclosure prevention, work on taking steps to get informed about foreclosure prevention to help yourself out of this situation. The first step is find a foreclosure prevention expert to act on your behalf in a short sale or loan modification plan. A foreclosure prevention expert can sometimes even get the bank to waive all the penalty fees that they have tacked on to your original balance making it easier for you to bring your mortgage current.
Establishing a clear line of communication with your lender is important. This is just one more thing that a foreclosure prevention expert can do. Your lender is more likely to deal with a foreclosure prevention expert because they know what they are talking about. Avoiding your bank will lead them to believe that you don’t want to pay your bills. And contacting them yourself can leave you vulnerable to all of the things that you don’t know and a foreclosure prevention expert does know.
Any home owner staring at an impending foreclosure knows how much stress it can cause in your life. It is important to remember that you are not alone in this process. Find a foreclosure prevention expert to help you deal with it. When you find that expert in foreclosure prevention, be sure to ask them about a short sale. It is not a widely known process, but has been proven very effective in this area. Foreclosure prevention can take on many different forms. The short sale is considered by most to be the best option to foreclosure prevention.

Today, Kevin and Fred have decided to embrace a topic that they have never covered previously. Furthermore, they haven’t ever talk about it in one of their Crush It lessons. The topic is post short sale approval troubles. Basically, you already have an approval from the lender and troubles happen. How do you deal with them? What is truly happening out there?

With a transaction that closed yesterday, our escrow officer was looking to get the last HUD approval from our negotiator at Citi. It was closing today. The negotiator denied the final HUD in spite of the fact that all of the conditions were met. The worst part was that the negotiator wasn’t willing to verbalize in plain english to clarify that the HUD had to look a particular way. It is central to note that just because the contract is approved, it does not mean it is completed.

Appreciate that your approval letter at most lenders says that they have to approve of the final HUD. Because the approval letters do not indicate what they are paying and what they are not paying, you may not know if they will approve it.

We had another post approval crisis recently, with an approval from the coordinator. We scheduled the closing. About a week into the closing, we got a telephone call from another negotiator that introduced themselves as the the new negotiator for this file. She requested a number of papers so that she could get the file approved. When we told her that we already had the file approved, she let us know that that approval was no longer applicable because they never got the file approved from the backer.

This is the sort of stuff that is happening out there that you will not here in a normal short sale teaching lecture. The point is that there are post approval troubles and you are going to have to work with them if you desire to be victorious in this business

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Glendale – Arizona Short Sale Specialist

It is sad but true. With the desperate economic times in Phoenix, Arizona, more Americans are losing their homes to foreclosure. Lenders are partially to blame with sub prime mortgages and adjustable rate mortgages. Also, there are many unforeseen circumstances that lead home owners to desperate times. Unemployment is a major factor in many foreclosures.
No matter what the reason is for a person falling behind on their mortgage payments, the focus from this point forward, the pre foreclosure period, need to be on finding a way to avoid foreclosure. Your lender in Phoenix, AZ may file a default notice, and when that happens, the foreclosure process has started. You are now officially in pre foreclosure.
Pre foreclosure is basically like a warning period. The property owner is put on notice that they are in default and should do something about it. The lender can not reclaim the property yet during the pre foreclosure period to sell it and get their money back. The length of the pre foreclosure period varies by state with some states granting as much as six months of pre foreclosure.
When you have entered pre foreclosure, there are numerous ways to avoid foreclosure of your home and watching it be sold by the lender.
You can pay off the default amount. If the home owner can some how scrounge up enough money to pay the missed payments, your home will be removed from pre foreclosure. Sometimes, a small disruption in your finances can cause you to miss a couple of payments. So, a small default payment might be manageable to you. However, with a larger default pay off, this option just won’t work for you.
Short sell the home. While this may seem like a drastic pre foreclosure option, during pre foreclosure you are just a few steps away from losing your home, your credit, and in turn, the ability to rent, get a loan, or buy a new home. So, the short sale of your home during the pre foreclosure period is the best option. By short selling the home during the pre foreclosure period, the bank can also come out better off than if the home is foreclosed on. The sale price that you will get from a short sale is more than likely a lot more than the lender will get if they sell the home at a foreclosure sale after the pre foreclosure period. The lender is in favor of you selling the home so that they do not have to take care of the property, put the property up for sale and then sell the property. Also, the lender would prefer to not deal with the legal hassles that come with foreclosure. So, during the pre foreclosure period, you should consider the short sale of your home.
The pre foreclosure period is usually a great time to find an investor or another buyer to purchase your home through the short sale process. You can make the most out of your already bad situation because you can sell the home to get out from under the mortgage that is currently burdening you.

We are going to chat about mindset again today. We have noticed a tendency on our preferred social media website, facebook. Coincidentally, facebook just surpassed 500 million users. So, that is a terrific lead generation technique on mindset Monday. Simply ask the 23 customers that we got through facebook and closed on.

The idea that we would like to chat about is that we have noticed a lot of realtors on facebook that are complaining. We aren’t mad at them because several of them are our associates. Yet, we see a lot of the status updates about which bank you detest. Also, there are lots of status updates asking if anybody has a good contact at this specific bank or that specific bank. In light of these facebook postings, we would like to transport people back to the January 2nd installment.

The idea that was discussed on that installment was to do something distinctive. This is not an installment to get mad at realtors. The purpose is to not get stuck in a rut doing the identical thing all of the time and hoping for distinctive outcome. You will have to do something distinctive.

One of the things that we advocate to realtors is to chat to somebody distinctive at the bank. If you are wondering how to do that, sample jigsaw.com. We get emails all day for contact details. It is essential to note that we will never respond with contact information, but we will frequently respond with a recommendation to try jigsaw.com

Just one illustration of doing something distinctive, Fred couldn’t get a bank worker to stop talking today so he just started pushing buttons on the telephone. It most likely wasn’t the most grown-up thing to do. However, he was doing something distinctive. If what you have been doing is not getting you the outcome you desire, try something distinctive. The worst thing that can occur is you will still not get the outcome you desire.

If you have questions, get your Short Sale questions answered by Short Sale Specialists.

Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour

Also, follow Group 46:10 on their blog at Short Sale Arizona