Why Lenders Back Off When Threatened With Bankruptcy

Dunedin Short Sales: Why Lenders Back Off When Threatened With Bankruptcy

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Dunedin FL – Bankruptcy is one of the scariest words a lender can hear. A bankruptcy filing can stall their ability to foreclose by 6 months, and sometimes as long as a year.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The lenders know that most bankruptcies will cause them to lose the ability to pursue you for any losses. This means they can’t go after you for any upside down debt.

The only thing a lender gets in a Chapter 7 Bankruptcy is any collateral they have on a loan. So they can foreclose on your house, but that is about the only thing they can do.

They can’t garnish your wages or bank accounts. So use the bankruptcy threat in your negotiations. Lenders know how much it will hurt their ability to collect from you.

The most effective technique that we have seen is to have all negotiations go thru a bankruptcy lawyer. The lawyer knows how to negotiate from a position of power.

The lawyer will also know full well exactly how bankruptcy will hurt the lender. Even if you have no intention of declaring bankruptcy the lender will get scared and cave in.

Then you can get the loan modification you deserve. 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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our Dunedin 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, Michael & Melody Meoni.

Michael & Melody are Broker/Associates at Charles Rutenberg Realty. They specialize in Short Sales in the Tampa Bay Florida area.

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin Florida. Dunedin Loan Modification Help, Dunedin Short Sales. Dunedin Short Sale Realtor Dunedin FL Short Sales. Dunedin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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?

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.

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.

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 Meoni’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on Dunedin Short Sales: Why Lenders Back Off When Threatened With Bankruptcy is provided as a courtesy to our viewers to help them make informed decision

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Can banks get in trouble for taking too long to process a short sale file?

 

Dunedin FL – We received a lot of feedback from yesterday’s post.

One agent said, “You obviously don’t know what you are talking about. Bank X won’t give us a response on the file and we have been waiting 5 months for an answer.

How dare you suggest that I am incompetent because they haven’t replied?” (The bank was a large national bank whose name I changed for this post.)

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

First off, we are not saying that all agents are incompetent. However, we do see some agents with no experience with short sales attempting to sell them.

Here is the issue. Banks do have responsibilities. In 80% of cases, the bank we negotiate with does not own the loan. That means they don’t take any of the loss from short sales that aren’t handled properly.

In order to reduce losses, the people that do own the loans have laid out specific guidelines. Those guidelines state exactly how the bank should process the short sale.

In addition, they give deadlines for how long it takes to process the file. For example, VA gives 45 days for a bank to process and approve or deny a short sale.

If the bank doesn’t meet that requirement, then they can be fined by VA or lose their Mortgage Servicing Rights. By the way, those rights are worth $1,000 to $5,000 per loan they handle.

We hold banks accountable on short sales. It is their job to handle the short sales quickly and competently.

If they don’t do their job, then we let the people that own the loan know about it. 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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our  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, Michael & Melody Meoni.

Michael & Melody are Broker/Associates at Charles Rutenberg Realty. Dunedin Short Sales Realtor:

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin Florida. Dunedin Loan Modification Help, Dunedin Short Sales. Dunedin Short Sale Realtor Dunedin FL Short Sales. Dunedin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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?

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.

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.

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 Meoni’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on Dunedin Short Sales: Can banks get in trouble for taking too long to process a short sale file? is provided as a courtesy to our viewers to help them make informed decisions.

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There are no Rules for Short Sales

That is like saying that there are no traffic laws. If that were the case, then everyone cVIEW HOMES FOR SALE INCLUDING SHORT SALES AND FORECLOSURES in the TAMPA BAY AREA
http://meoniteam.mfr.mlxchange.com/
Find out the Value of your Home
www.meoniteam.com.

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Dunedin FL – I recently saw an article written by a prominent, so called short sale expert. In the article, this supposed expert says the only rules for short sales are HAFA, but even those rules are subject to interpretation.

ould drive 100 MPH and never get a ticket.

That is like saying that the court system has no rules. (Go ask a judge or lawyer and you’ll find out the truth about that pretty fast.)

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

The good news for short sale sellers is that there are rules. There are lots of rules in fact. These rules protect you from renegade, rogue employees at short sale lenders. They also protect you from the lenders.

Here is a small sampling of the rules and guidelines for short sales.

FHA Short Sales. There is a 16 page directive from HUD to lenders. This directive gives explicit instructions to all lenders on how to handle short sales on FHA loans.

You can read thru the rules for an FHA Short Sale yourself. Just Google “Mortgagee Letter 2008-43.”

VA Short Sales. VA gives explicit instructions (again in their short sale guidelines. Only, they don’t call it a short sale. They call it a VA Compromise Sale.

Call a VA Loan Center to get a copy of the Compromise Sale Guidelines. Between 65-70% of all the loans in the US are owned or insured by one of the following entities: FHA, VA, Fannie Mae, or Freddie Mac.

Those entities either own or insure against loss. That also means those entities have the right to dictate what can and cannot be done on a short sale.

The lender handling the negotiations has to follow their guidelines or face stiff penalties. Fannie May and Freddie Mac do not publish their guidelines to the general public. But, we do know they have them.

The lenders have sent Stop Foreclosure Institute Members copies of their guidelines before. The member was disputing something on a short sale. They couldn’t believe a certain rule.

The lender’s negotiator sent them the guidelines for the thing they were disputing. The bottom line is that most (if not all) short sale sales do have rules.

However, the lenders don’t want you to know that. 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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our Dunedin 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, Michael & Melody Meoni.

Michael & Melody are Broker/Associates at Charles Rutenberg Realty. Dunedin-Palm Harbor-Clearwater Short Sales Realtor:

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin-Palm Harbor-Clearwater Florida. Dunedin Loan Modification Help, Dunedin-Palm Harbor-clearwater Short Sales. Dunedin-Palm Harbor-Clearwater Short Sale Realtor Dunedin FL Short Sales. Dunedin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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?

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.

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.

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 Michael & Melody’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on Dunedin Short Sale Myth: There Are No Rules Or Guidelines For Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

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Dunedin Short Sales: Why it is cheaper to short sell and rent versus staying

Dunedin Short Sales: Why it is cheaper to short sell and rent versus staying

Dunedin FL – Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification.

They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $150,000 for a home. His mortgage payment was around $1,500 a month.

He stopped paying his payments and moved to a rental. He found a nicer, larger home to rent for $850 a month. He had tried for months to convince his lender to modify his loan.

They wouldn’t drop the payments below $1,200 a month. Even though the home he is renting is nicer than his house, it is selling today for around $105,000.

Someone can buy that house for $105,000 and rent it for $850 a month without losing money. That is what makes it cheaper to rent versus getting a loan modification and staying in your home.

When prices were rising it was actually more expensive to own versus rent. But, everyone wanted to own because their house was supposed to go up in value.

House prices and rental prices have dropped since then. Yes, rents are not at an all time high! The dropped during the economic crisis and have come back up since then.

So, if you are thinking about a loan modification, then first check into the rental market. You will be able to negotiate your loan modification from a position of power.

That will make it more likely that you will get the reduced payment you need so you can keep your home. 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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our Dunedin 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, Michael & Melody Meoni.

Michael & Melody are Broker/Associates at Charles Rutenberg Realty and are Dunedin Short Sales Realtor:

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin Florida. Dunedin Loan Modification Help, Dunedin Short Sales. Dunedin Short Sale Realtor Dunedin FL Short Sales. Dunedin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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?

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.

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.

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 Meoni’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on Dunedin Short Sales: Why it is cheaper to short sell and rent versus staying is provided as a courtesy to our viewers to help them make informed decisions.

By admin | Posted in Short Sales | Comments (0)

A Common Dunedin Short Sale Case Mistake: Waiting To Long To Submit The Contract To The Short Sale Lender

A Common Dunedin Short Sale Case Mistake: Waiting To Long To Submit The Contract To The Short Sale Lender

Dunedin FL – Short sales have a reputation for taking a long time. But, they can drag on even longer if the paperwork isn’t submitted to the lender in a timely manner.

When the Stop Foreclosure Institute first started doing short sales, we were hesitant to submit anything to the lender until we had a 100% complete package.

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

That caused the short sales to drag out a lot longer. After a little while, we learned to submit the paperwork as quickly as possible to the lender.

It usually takes 30 to 60 days for the lender to assign a negotiator to the file. That gives us plenty of time to track down any missing paperwork.

We realized that we were wasting time if we waited 30 days until everything was perfect and then submitted the file. There is a common myth that you shouldn’t submit short sale paperwork until it is 100% complete.

Let me explain why that myth just isn’t true. A lot of lender have different special forms they wanted filled out specifically for them.

“Oh, you need the buyer and seller to sign the ABC Bank Contract Addendum”, the short sale negotiator tells us. Besides, most short sale negotiators want things done certain a way.

Because of this it is almost impossible to put together a 100% perfect short sale file that will have exactly the way the lender wants it. So make sure your agent submits your file quickly and follows up with the short sale negotiator to see if anything is needed.

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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our Dunedin 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, Michael & Melody Meoni.

Michael & Melody are Broker/Associates at Charles Rutenberg Realty. Dunedin Short Sales Realtor:

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin Florida. Dunedin Loan Modification Help, Dunedin Short Sales. Dunedin Short Sale Realtor Dunedin FL Short Sales. Dunedin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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?

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.

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.

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 Michael & Melody’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on A Common Dunedin Short Sale Case Mistake: Waiting To Long To Submit The Contract To The Short Sale Lender is provided as a courtesy to our viewers to help them make informed decisions.

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How To Preserve Your Credit During A Dunedin Short Sale

How To Preserve Your Credit During A Dunedin Short Sale

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Dunedin FL – If the right decision for you and your family is to sell the house as a short sale, then the sale will have an immediate effect on your credit score.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

You might feel like it’s just overwhelming and demoralizing to see your credit score take any more hits!

But, here’s the silver lining: according to most experts, 78% of Americans have ERRORS on their credit score. Why is that a silver lining?

If you have negative errors on your report that get fixed, that will be a benefit to your score.

Average people can, on their own, take steps to repair and restore their credit report/ credit score after a short sale.

Here is how to avoid any double whammies during and after your short sale.

Follow these simple steps.

1. Review your credit report. I recommend the site: https://www.annualcreditreport.com/cra/index.jsp.

Do not go to any of those “free credit report” sites. After you get the report, review everything on it.

If you see anything that is negative, inaccurate, or questionable make a note of it. On your list, write down why you disagree with that item on your report.

2. Write letters to the different credit bureaus about what you are disputing on your report. There are several sample letters available online: http://www.creditinfocenter.com/forms.

Here is a simple tip: DO NOT use the online dispute forms that are on the websites of the 3 credit reporting agencies. Write your own letter and make it short, firm, and demanding of action.

3. Mail your letters to the credit bureaus through either registered or certified mail. This is what sets the clock for them to correct issues.

The law lays out a timeline that they have to follow (45 days.) And, this gives you a record of the mailing, too.

4. Keep a file of all that you have done, including dates. Then, track your results, also.

5. When you’ve gotten back responses (or if 45 days pass and you haven’t gotten responses), then it’s time to repeat some of the process again for some item or another on your report.

If you are diligent and proactive, you might just surprise yourself by the benefits you can see in on your credit report – even after your short sale! 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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our Dunedin 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, Michael & Melody Meoni.

Michael & Melody are broker/associates at Charles Rutenberg Realty. Dunedin-Palm Harbor-Clearwater Short Sales Realtor:

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin Florida. Dunedin Loan Modification Help, Dunedin Short Sales. Dunedin Short Sale Realtor Dunedin FL Short Sales. Dunedin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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?

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.

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.

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 Meoni’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on How To Preserve Your Credit During A Dunedin Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

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How will a Dunedin Short Sale or loan modification affect my credit score?

How will a Dunedin Short Sale or loan modification affect my credit score?

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Dunedin FL – How do foreclosures, loan modifications or short sales affect a credit score? Your credit score will be affected by late mortgage payments and a short sale.

However, there are 2 things that are considered horrible on your credit report. Those 2 are items are foreclosure and bankruptcy.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

A foreclosure or bankruptcy will almost immediately lower a credit score by around 100 to 120 points. (The number is not hard and fast – it all depends upon what the score was before the foreclosure, and other factors that the credit bureaus don’t like to share.)

The way that they write the algorithm, a foreclosure will keep on pushing your score down for the next 2 years! A foreclosure can also stay on a credit report for 7 years.

Short sales are different from a foreclosure. Short sales and loan modifications by themselves do not hurt a credit score (depending on how they are reported.) It is the missed payments that ding your credit report.

How a short sale is coded/reported to the credit reporting bureau does make a difference in the affect it has on your score. It could be reported as a charge-off, a 120 day late payment, or a settled account.

Any of these are dings on the credit report, averaging 100 points. Here is the good news. The way they do the algorithm, it will damage your score for a shorter length of time than the 2 years a foreclosure does.

How a short sale is reported to the credit bureaus is something that can be negotiated as part of the process of the sales negotiations. Good negotiators can have a positive impact here.

But, in the end, the credit score should not be the first thing to consider when facing the decision to short sale a home.

You need to look at what is best for your family financially. The credit score is secondary to that.

Get advice from a trusted source, and then make an informed decision. 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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our Dunedin 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, Michael & Melody Meoni.

Michael & Melody are Broker/Associates Charles Rutenberg Realtyand are Dunedin-Palm Harbor-Clearwater Short Sales Realtors.

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin Florida. Dunedin Loan Modification Help, Dunedin Short Sales. Dunedin Short Sale Realtor Dunedin FL Short Sales. Dunedin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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?

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.

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.

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 Meoni’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on How will a Dunedin Short Sale or loan modification affect my credit score? is provided as a courtesy to our viewers to help them make informed decisions.

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What is owed if the Dunedin-Palm Harbor-Short Sale isn’t sucessful

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Dunedin FL – The Stop Foreclosure Institute recently received this question from Tamra. Here is Tamra’s Question.

“I would like to hire you to help me short sale my house. However, I am concerned that if the short sale doesn’t go thru, then I will still owe you money. My friend told me to check on that before I started.

It is true that I would owe you money if the short sale didn’t go thru? Tamra.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Tamra’s question.

Tamra, No, you will not have to pay anything if the short sale doesn’t go thru. We only get paid when the short sale is approved and the home sells.

Until then, there is no cost to you. In addition, all the short sales we have sold don’t require the seller to pay anything.

What usually happens is that we send your lender a sample closing statement. It has all the costs itemized including our commission.

If your lender is ok with the numbers, then they approve the short sale. If not, then they tell us what needs to be changed.

It is a back and forth process until we come to an agreement. The bottom line is that a short sale will not cost you anything.

The only time you would be paying money is if your lender demands a promissory note, or you live in a state where they have the right to collect after a short sale or foreclosure.

However, even in those states in most cases we are able to negotiate a complete release on the debt. 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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our Dunedin 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, Michael & Melody Meoni.

Michael & Melody are Broker/Associates at Charles Rutenberg Realty.and are Palm Harbor-Clearwater- Dunedin Short Sales Realtosr:

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin Florida. Dunedin Loan Modification Help, Dunedin-Palm Harbor-Clearwater Short Sales, Short Sale Realtor, Dunedin FL Short Sales. Dunedin-Palm Harbor-Clearwater Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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 Meoni’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on Dunedin Short Sale Question: What Do I Owe You If The Short Sales Isn’t Successful? is provided as a courtesy to our viewers to help them make informed decisions

By admin | Posted in Short Sales | Comments (0)

Dunedin-Palm Harbor-Clearwater Short Sales: Do Short Sales Really Take 6-8 Months?

Dunedin-Palm Harbor-Clearwater Short Sales: Do Short Sales Really Take 6-8 Months?

Dunedin FL – The Stop Foreclosure Institute recently received a question from John. Here is John’s Question.

“I am trying to buy a short sale. I have been waiting on an answer to my offer for 6 months. The agent tells me we should have an answer any day.

But, they’ve been saying that for a long time already. What should I do? John.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

John, I think you should run for the hills. We see a lot of agents quote 6-8 months for a short sale response. Those agents simply don’t know what they are talking about.

We have processed short sales with the most difficult lenders in an average of 2-3 months. The key is aggressive follow up. You have to check on the status of the file twice a week.

Dunedin FL – The Stop Foreclosure Institute recently received a question from John. Here is John’s Question.

“I am trying to buy a short sale. I have been waiting on an answer to my offer for 6 months. The agent tells me we should have an answer any day.

But, they’ve been saying that for a long time already. What should I do? John.”

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

John, I think you should run for the hills. We see a lot of agents quote 6-8 months for a short sale response. Those agents simply don’t know what they are talking about.

We have processed short sales with the most difficult lenders in an average of 2-3 months. The key is aggressive follow up. You have to check on the status of the file twice a week.

The reason a short sale would take 6-8 months on average is because the agent isn’t doing that. If it takes more than a week to get a response to a question or call, then we contact the CEO of the lender and the local newspapers.

It has taken a week to get a response to a simple question. We had a short sale negotiator that we had been working with on a file. We had already talked back and forth several times.

He told us that he was waiting on 1 item and then he could make a decision on the short sale. That item was going to be completed in 3-4 days.

We waited a week and then started calling him. I would call and e-mail him once each day. We still hadn’t heard from him after a week of e-mailing and leaving messages.

We think that is pathetic and incompetent. Don’t you agree? It shouldn’t take a professional more than a week to respond to a voicemail, should it?

At that point we contacted the CEO’s office. We told them that if we didn’t have a response in 24 hours, then we would contact Fannie Mae. (Fannie Mae owned the loan.)

Needless to say, he got back to us right away. 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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our Dunedin 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, Michael & Melody Meoni.

Michael & Melody are Broker/Associates at Charles Rutenberg Realty. Dunedin-Palm Harbor-Clearwater Short Sales Realtor:

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin-Palm Harbor-Clearwater Florida. Dunedin-Palm Harbor-Clearwater Loan Modification Help, Dunedin-Palm Harbor-Clearwater Short Sales. Dunedin Short Sale Realtor Dunedin FL Short Sales. Dunedin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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?

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.

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.

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 Meoni’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on Dunedin Short Sales: Do Short Sales Really Take 6-8 Months? is provided as a courtesy to our viewers to help them make informed decisions.

By admin | Posted in Short Sales | Comments (0)

Dunedin-Palm Harbor-Clearwater Short Sales: Can banks get in trouble for taking too long to process a short sale file?

Dunedin Short Sales: Can banks get in trouble for taking too long to process a short sale file?

Dunedin FL – We received a lot of feedback from yesterday’s post.

One agent said, “You obviously don’t know what you are talking about. Bank X won’t give us a response on the file and we have been waiting 5 months for an answer.

How dare you suggest that I am incompetent because they haven’t replied?” (The bank was a large national bank whose name I changed for this post.)

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

First off, we are not saying that all agents are incompetent. However, we do see some agents with no experience with short sales attempting to sell them.

Here is the issue. Banks do have responsibilities. In 80% of cases, the bank we negotiate with does not own the loan. That means they don’t take any of the loss from short sales that aren’t handled properly.

In order to reduce losses, the people that do own the loans have laid out specific guidelines. Those guidelines state exactly how the bank should process the short sale.

In addition, they give deadlines for how long it takes to process the file. For example, VA gives 45 days for a bank to process and approve or deny a short sale.

If the bank doesn’t meet that requirement, then they can be fined by VA or lose their Mortgage Servicing Rights. By the way, those rights are worth $1,000 to $5,000 per loan they handle.

We hold banks accountable on short sales. It is their job to handle the short sales quickly and competently.

If they don’t do their job, then we let the people that own the loan know about it. 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 homesale@tampabay.rr.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 727-644-1476

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

Thinking about a loan modification? Our Dunedin 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, Michael & Melody Meoni.

Michael & Melody are Broker/Associates at Charles Rutenberg Realty. Dunedin Short Sales Realtor:

Phone: 727-644-1476. homesale@tampabay.rr.com.

We sell homes on the water, off the water and even under water!

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

Mike & Melody Meoni specializes in loan modification assistance and short sales in Dunedin Florida. Dunedin Loan Modification Help, Dunedin Short Sales. Dunedin Short Sale Realtor Dunedin FL Short Sales. Dunedin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Michael & Melody Meoni, Charles Rutenberg 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?

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.

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.

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 Meoni’s personal views and do not reflect the views of Charles Rutenberg Realty.

This information on Dunedin Short Sales: Can banks get in trouble for taking too long to process a short sale file? is provided as a courtesy to our viewers to help them make informed decisions.

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