Answers To The 5 Most Common Foreclosure Questions

March 8, 2013

Austin Texas – When meeting with clients to discuss how they can avoid foreclosure, inevitably 5 questions will always come up at some point. These are by far the 5 most common asked questions regarding foreclosure I hear in every short sale case I work. These 5 frequently asked questions (FAQ) regarding foreclosure are the following:

Q. How many payments do I need to miss before I lose my home to foreclosure?
A. After one missed payment on your mortgage, you are in breach of your agreement with your lender/servicer. Although most lenders/servicers do not start foreclosure proceedings after only one missed mortgage payment, late charges apply and over time can add up. If you continue to miss your payments, it will make it harder for you to catch up. Many/most lenders/servicers will start the foreclosure process after you are two to three payments behind (in Texas).

Q. How long will the foreclosure process take?
A. Texas foreclosures are carried out both in court and out of court. Compared to many states, it is extremely easy to foreclose on properties in Texas and the process moves rather quickly. The entire non-judicial foreclosure process can take as little as 60 days in Texas. Most experts consider Texas the easiest and fastest state when it comes to foreclosure.

Q. Is there a right of redemption in Texas?
A. Texas has no statutory right of redemption, which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs.

Q. Are deficiency judgments permitted in Texas?
A. Yes. A deficiency judgment may be obtained when a property in foreclosure is sold at a public sale for less than the loan amount which the underlying mortgage secures. In Texas, the lender may obtain a deficiency judgment after a non-judicial or judicial foreclosure. (Tex. Prop. Code §51.003, §51.004).

Q. Is there a deadline for the lender to obtain a deficiency judgment in Texas?
A. For non-judicial foreclosures, the lender must file a lawsuit to obtain the deficiency judgment within two years after the foreclosure sale (Tex. Prop. Code §51.003).

Foreclosure is a legal process where a mortgage company or bank takes back your home to satisfy your mortgage loan. When you fail to make your mortgage payments (whether it is your first mortgage, second mortgage, and/or a home equity line of credit) this can result in foreclosure. Foreclosure can also be due to non-payment of real estate property taxes. Texas is a non-judicial foreclosure state. This means in most cases, banks and mortgage companies do not need court permission in order to foreclose. Whenever an individual defaults on his/her mortgage, the bank only needs to follow the requirements of the Texas Property Code.

The good news is there is absolutely no reason for you to lose your home to foreclosure. You have many alternatives: 1. Short Sale 2. Reinstatement 3. Forbearance 4. Mortgage Modification 5. Rent the Property 6. Deed-in-Lieu of Foreclosure 7. Bankruptcy 8. Refinance 9. Service Members Civil Relief Act 10. Sell the Property. And the U.S. government does not want you to be foreclosed on either. So much so that the U.S. Treasury Department started a cash incentive program in 2009, also known as HAFA (Home Affordable Foreclosure Alternatives) that provides approximately a $3,000 cash incentive to the short selling borrower/seller upon the successful completion of their short sale. The government rolled this incentive program out in 2009 because about 70% of homeowners that would/could qualify to do a Short Sale don’t even try (they just let their home go to foreclosure and destroy their credit when doing that is completely unnecessary). So if you have missed a mortgage payment(s) or are about to miss your first mortgage payment; call a real estate agent that specializes in Short Sale. Don’t wait; you have a very limited amount of time to act (especially if you live in Texas).

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

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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker-Associate at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin short Sales is provided as a courtesy to our viewers to help them make informed decisions.

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Avoiding the 12 Most Common Barriers to Short Sale Success

March 4, 2013

Comments 1

Austin Texas – Avoiding the 12 Most Common Barriers to Short Sale Success

Short sales often take 2 to 3 times longer than a traditional real estate transaction and sometimes never close at all. Here are the most common barriers to short sale success.

1. Poor short sale candidate. The agent must interview the homeowner and ascertain if the seller is motivated and will fully cooperate with the servicer and lienholder regarding the Short Sale process (which can be lengthy).

2. Agent lacks familiarity with the lender’s requirements and procedures to complete the short sale. The agent will locate and maintain any lender and servicer guidelines and secure any forms required for each lender or servicer or lienholder involved.

3. Title exam not obtained at the beginning. Doing this identifies other unknown liens that could foil the short sale and verifies individuals on deed and mortgages are correct and determines all true mortgage lienholders involved.

4. Incomplete package submitted to the lender or servicer. Focus on the quality of the package at time of submission is critical. All docs must be completely executed. A complete package allows process to flow faster and increases your chances of success.

5.) Short sale not begun prior to executing a contract to purchase. Some lenders will not look at executed buyer contract until the seller candidate is approved to do the short sale and the current as-is market value has been determined via a BPO (Broker Price Opinion) or Appraisal.

6. Complete package not maintained throughout the short sale process. Agent must keep all required homeowner financial information current and forwarded to the servicer or lienholder every 30 days. Failure to do this will kill the short sale file.

7. Lack of communication with the lender. Most bank negotiators are overwhelmed by the number of individual cases they are working on. Misunderstandings, loss of documents, or lack of familiarity is very common. The short sale agent must continue to follow-up with the servicer/bank several times a week to reduce unnecessary delays.

8. Poor record keeping and documentation by agent. High probability of changes in processing personnel at the servicer and lienholder. New bank personnel often lack familiarity with your short sale file/case. The agent’s role is to help fill in those gaps.

9. Professional relationship with the negotiator was never established. The Bank negotiator is working in a very stressful frustrating environment. Lack of respect and trust are common. Building rapport with the negotiator(s) and their staff is critical. This can be a game changer.

10. Failure to meet BPO agent or Appraiser when they do the valuation field work at the property. Meeting the BPO agent at property provides great opportunity to share information that might not otherwise be discovered.

11. Fair market value dispute not done. Negotiators lack current relevant information on most markets. Agent must be willing to provide additional current, detailed, relevant information on local economy, demographics, and property condition.

12. Failure to escalate to higher authority when communication breaks down. Escalation is part of the process. Escalating to a supervisor can be the key to moving forward or being declined. Higher up bank and servicer management are working toward one goal – avoiding another foreclosure (your foreclosure). Let them help you when it is needed.

Avoiding these 12 pitfalls will increase your odds of success of getting your Short Sale approved and closed. With all the options available today, no homeowner should ever have to go through foreclosure.

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

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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker-Associate at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

Important Notice

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

This information on Austin short Sales: “Avoiding the 12 Most Common Barriers to Short Sale Success” is provided as a courtesy to our viewers to help them make informed decisions.

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Top 10 Short Sale Myths Busted

February 17, 2013

Comments 0

Austin Texas – It’s likely you have heard the term “Short Sale” thrown around lately.

What exactly is a short sale?

A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property. This is not a new practice; banks have been doing short sales for 30 plus years. However, due to the current state of the housing market and economy, this process has become more well known because of media coverage and government incentives for a homeowner to do a short sale versus be foreclosed on by their lender.

To be eligible for a short sale you first have to qualify. To qualify for a short sale:

Your house must be worth less than you owe on it including standard seller closing costs. And you must be able to prove that you have some type of financial hardship, like a decrease in income, job loss, business hardship, or medical condition, that has altered your ability to make the same income as when the loan was originated. Divorce, separation, military, business failure, job change, relocation, and estate situations, also qualify. There are some exceptions to hardship now, but for the most part, the lender (also called the lienholder or investor) will need to verify some type of hardship to be willing to do this for you. Now that you have a basic understanding of what a short sale is, there are some huge misconceptions when it comes to a short sale versus a foreclosure. We take the most common myths surrounding both short sales and foreclosures and give a brief explanation. NOW LET’S BUST SOME MYTHS!!

1.) If you let your home go to foreclosure you are done with the situation and you can walk away with a clean slate. The reality is that this couldn’t be any farther from the truth in most situations. You could end up with an IRS tax liability and still owing the bank money too. Please keep in mind that if your property does go into foreclosure you may be liable for the difference of what is owed on the property versus what is sells for at auction, in the form of a deficiency judgement. And the lender will also add any expenses they incurred foreclosing on you to your deficiency judgement too. This is state specific and in most states you will be liable for the shortfall, but in some states the bank may not always be able to pursue the debt. Check your state law as it varies from state to state.

2.) There are no options to avoid foreclosure. Now more than ever, there are options to avoid foreclosure. Besides a short sale, loan modifications along with deed in lieu of foreclosure are also examples of the many options. In most cases (but not all) a short sale is the best option. Either way, there are more options today than there have ever been to avoid foreclosure.

3.) Banks do not want to participate in a short sale, or, it is too hard to qualify for a short sale. Banks would rather perform a short sale than a foreclosure any day. A foreclosure takes a long time and creates a huge expense for the banks; a short sale saves both time and money. In working with some of the biggest lenders and servicers in the country they have told me that on average they net 15% to 25% more on a short sale than on a foreclosure. A testament to this is the financial incentives now being offered by banks, and how much the entire process has recently changed to try and streamline the process for all parties. Banks more than ever welcome short sales. Qualifying for a short sale is easier than you think, you need to have a financial hardship, or a change in your finances, and your house has to be worth less than what you owe on it including closing costs. Not only do consumers, but banks also now have government incentives to participate in short sales.

4.) Short sales are not that common. At this present time, short sales range from 10% to 50 % of sales in various markets and it is predicted that in 2013 we will have more short sales than any other year. Short sales are in every market, and are not just limited to any particular income class. This has affected everyone from all facets of life. A short sale should be looked at as a helpful tool, not a negative stigma.That is why the government is offering programs that actually pay consumers to participate in short sales. It is not just affecting one community; it is affecting communities and consumers across the nation.

5.) The short sale process is too difficult and they often get denied. Though the short sale process can be time consuming on some conventional transactions; it is not as difficult as the media would have you believe. FHA short sales are often completed in 90 days or less from start to finish. The problem is that most short sales are denied because of a misunderstanding of the process. It is true that if the short sale process is not followed correctly there is a good chance of getting denied. An experienced real estate agent knows how to avoid this. Short sales require a lot of experience, and a special skill set. If you are looking to go the option of a short sale make sure your agent is skilled and experienced in this area.

6.) Short sales will cost me money out of pocket. A short sale should not cost you any out of pocket money. In fact, you could get between $1,000 to $3,000 to participate in a short sale. In many ways, a short sale may put you in a better financial position than prior to the short sale. Almost every short sale program now has some type of financial incentive for the home owner, as long as it is a principle residence, and we are even seeing relocation money being paid on some investment/second homes. As a seller of a property you should never have to pay for any short sale cost upfront to any professional service. Real estate agents charge a commission that is paid by the lender approving your short sale. In most communities there are also non-profits and HUD counselors who can help you with foreclosure prevention options for free.

7.) If I am behind on my payments, I can perform a short sale any time. The farther you get behind on your payments, the harder it is to get a short sale approved. The closer a property gets to a foreclosure the harder it is to convince the bank to perform a short sale. As they get closer to a foreclosure sale more money is spent, thus deterring them from doing a short sale. If you think you need to perform a short sale, time is of the essence; the sooner you start the process, the better. Waiting too long can trigger the ramifications of a foreclosure, losing the ability to do a short sale as a viable option. Don’t end up being your own worse enemy.

8.) I have already been sent a foreclosure notice so I can’t perform a short sale. For the most part just because you received a foreclosure notice or notice of default it does not mean that you do not have time to perform a short sale. The timeline and specifics do vary from state to state, but having done short sales all over the country, I have seen banks postpone a foreclosure to work a short sale option as close as 30 days prior to the scheduled foreclosure auction, but the longer you wait the less chance you have. If you have received a legal foreclosure notice, please reach out to a real estate agent right away. The longer you wait, and the closer you get to foreclosure, the fewer options you have. If you have received a notice to foreclose this means the bank is filing paperwork and starting the process to take legal action to repossess the house. You still have time at this point to prevent foreclosure, but do not hesitate! The closer you get to the foreclosure date the harder it becomes to negotiate with the bank for whichever option you choose.

9.) I was denied for a loan modification, so I know I will get denied for a short sale. Short sales and loan modifications are handled by two separate departments at the bank. These processes are totally different in approval and denial. If you got denied for a modification you can still apply for a short sale; in some cases you can get a short sale approved faster than a loan modification, as some loan modifications are denied because they cannot reduce the loan low enough based on the consumers income.

10.) If I go through a short sale I cannot buy another house for a long time. The time to buy another house depends on your entire credit picture and can vary from 2 to 3 years. Fannie and Freddie just came out November first and said a homeowner may be eligible two years after a short sale to repurchase. There are even a few FHA programs that allow for a purchase sooner than that, but the guidelines are fairly strict. Some regional and local banks will finance 16 to 18 months after a short sale, but the interest rate will more than likely be higher than one of the national chains, and this is based on their specific under writing guidelines.

These are just a few of the common myths surrounding short sales and foreclosure. With the options available today, no homeowner should ever have to go through foreclosure, and hopefully this information can help a few more homeowners think twice before walking away from their home not realizing the possible long term ramifications a foreclosure can have.

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

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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker-Associate at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

Important Notice

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

This information on Austin short Sales: “Top 10 Short Sale Myths Busted” is provided as a courtesy to our viewers to help them make informed decisions.

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

If You Have Missed A Mortgage Payment – You Have 10 Options To Avoid Foreclosure

October 21, 2012

Comments 0

Austin Texas – Slipping toward foreclosure after a missed mortgage payment can lead to feelings of anxiety, depression, and loss of self-esteem. Don’t give up. You have about 10 options to avoid Foreclosure after a missed mortgage payment. However it is crucial you act quickly.

1. Short Sale – A short sale allows the homeowner to avoid foreclosure, minimize the financial damage, and in almost all cases, avoid a deficiency judgment, avoid paying tax on the debt forgiven, and move on from their mortgage that has become unaffordable due to their financial hardship. Most homeowners can qualify for a new mortgage just 24 months after a short sale is closed as opposed to about 5 to 10 years after a foreclosure. A trained real estate agent can negotiate a short sale with your lender if you meet certain qualifications. First, you must be able to show some type of financial hardship. Second, you must have a monthly budget shortfall meaning your monthly expenses are now greater than your monthly income. Third, you need to prove your debts are greater than your value of your assets (certain assets may be exempt from this calculation like retirement assets and property). Finally our federal government has gotten behind the short sale solution as well and is currently offering cash money incentives to short sellers at closing upon the successfully completion of their short sale. These government cash incentives can range from $1,000 to $3,000 to even higher amounts and are paid upon closing and funding of the short sale transaction.

2. Reinstatement – A reinstatement is the simplest solution for a looming foreclosure, however it is often the most difficult for homeowners to achieve. The homeowner simply pays the total amount of the past due mortgage (including any late fees and penalties) to their lender. This solution does not require the lender’s approval and will “reinstate” a mortgage up to the day before the foreclosure sale.

3. Forbearance or Repayment Plan – A forbearance or repayment plan involves negotiating with your mortgage company, servicer, or lienholder to allow the homeowner to repay back-payments over a period of time. The homeowner typically makes the current mortgage payment in addition to a portion of the back-payments owned. This option requires lender approval.

4. Mortgage Modification – A mortgage modification involves the reduction of one of the following: the interest rate on your loan, the principal balance of the loan, the term of the loan, or any combination of these. These changes require lender approval and typically result in a a lower payment for the homeowner and and thus a more affordable mortgage. However because most mortgage paper is now owned by the Federal Government now (almost 90%), your servicer will rarely allow any type of meaningful mortgage modification in fear that the government lienholder (ie Fannie Mae, Freddie Mac, HUD, USDA, VA, FHA, etc) will force the servicer to “buy the mortgage paper back” if they modify the loan for you. Therefore getting your servicer (ie Wells Fargo, Bank of America, Chase, Citibank, GMAC, etc) to modify your loan in any type of material or meaningful way is unlikely.

5. Rent the Property – This option does not require lender approval but does require the homeowner’s ability to rent the house for enough money to cover the monthly mortgage payment. It is important to remember that there may be unexpected costs associated with the maintenance of a rental property in addition to the monthly mortgage payment. Homeowners should take this into consideration when deciding whether this option will work for them.

6. Deed-in-Lieu of Foreclosure – Also known as a “friendly foreclosure”, a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option and the homeowner must also vacate the property. Deed-in-lieu can potentially lessen the financial damage to a credit score and future loan eligibility, and sometimes the lender will forgo their right to pursue a deficiency judgement against the homeowner meaning the homeowner may not be responsible for current and future losses and expenses the lienholder incurs on the property. However it is important to note that getting a lienholder to do this option for you is very difficult. They don’t want to own your property (that creates new expensive headaches for them) and the servicer and lienholder attitude is if they let you do it, they will have to let everybody do it (and they don’t want to end up owning all the upside down property owners want out of).

7. Bankruptcy – Many have considered and marketed bankruptcy as a foreclosure solution, but this is only true in some states and bankruptcy comes with it’s own set of serious negatives. This option does not require lender approval, but you must have non-mortgage debts that you can claim as a hardship. You may also have to be willing to live under the financial supervision and budget of a court appointed trustee for several years (and you pay your trustee handsomely for that service). Also, a bankruptcy will “show on” and “damage” your credit report for 7 to 10 years. Another important note is that when you file bankruptcy you are telling your lienholder that you want to fight them with the “gloves off”, so they oblige. This means the lienholder(s) of your home will often try to come after you later after you exit your bankruptcy protection period (if they can figure out a way – and they will try). The lienholder(s) will normally do this by trying to file judgements against you for their loss and various expenses after your bankruptcy period ends (which they may or may not be authorized to do). However, the bottom line is that you may possibly need to retain additional legal help even after you think your bankruptcy is completed. Bankruptcy can often end up feeling like a nightmare that never completely goes away even years later. Entering bankruptcy can be a very risky, lengthy, and expensive process. Be sure to seek the advice of a qualified bankruptcy attorney when pursuing this option and make sure you understand the downside risks involved.

8. Refinance – As opposed to the mortgage modification, refinancing means you will be acquiring a new loan based on your current credit standing. If you have already missed mortgage payments your credit score may make it difficult to find a loan with cheaper payments.

9. Servicememebers Civil Relief Act (military personnel only) – If a member of the military is experiencing financial distress due to deployment – and that person can show that the debt was entered into prior to deployment – he or she may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers to help qualify them for this relief.

10. Sell the Property – Homeowners with sufficient equity can list their property wit a qualified agent who understands the foreclosure process in their area. Unfortunately many homeowners in today’s market have experienced a decline in home value and may owe more than what the home is worth.

Many people have a hard time believing that their lender would agree to allow them to short sale their house and walk away from the upside down debt free and clear. If you have ever gotten behind on payments, then you know how nasty the debt collectors can be. The constant barrage of threats, demands, and phone calls usually proves to be too much for most people. However with the right assistance, the stress of facing foreclosure can become manageable.

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

The debt collectors are the first line of offense. “Sic em”, they say to the debt collectors, hoping they can convince you to catch up your payments. Fortunately, when we negotiate a short sale we talk to a different group of people. These people work in a different department. They are not callous and cold. They don’t hate their job. They are paid substantially better than the debt collection folks. For most it is an actual career. These people have training. They approve and deny short sales based on set criteria. Their job is to process the short sale and give money, not collect money. They know that most people are selling their home because they can’t afford the payments. So they don’t even bring up collection stuff. We do all the negotiations and discussions with them. That means when you start the short sale process, you don’t have to talk to the people at your lender anymore. We take over and handle everything for you. You can rest easy knowing that someone else will be negotiating on your behalf with your lender, 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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker-Associate at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

Important Notice

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

This information on Austin short Sales: If You Have Missed A Mortgage Payment – You Have 10 Options To Avoid Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

How To Use A Bank Short Sale To Stop Foreclosure

October 14, 2012

Comments 0

Austin Texas – There are many reasons to use a short sale to stop foreclosure. If you want to keep your home, then you need to attempt a loan modification, reinstatement, forebearance, refinance, or rent the property. If you do not want to keep your home, then you need to consider other options.

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

There are 4 options if you do not want to keep your home.

Option #1: Do nothing thus forcing your lender to Foreclose on you and the house.

Option #2: Deed in Lieu of Foreclosure. I don’t recommend this option. This is also called “friendly foreclosure”. Lenders will very seldom allow the Deed in Lieu option.

Option #3 Bankruptcy. I don’t recommend this option either. This usually only delays the landslide of negative things that will happen to you regarding foreclosure.

Option #4: Short Sale. The good news is that your lender will often put any foreclosure proceedings on hold while the short sale is being processed.

Here are the benefits a Short Sale over Foreclosure, Deed in Lieu, and Bankruptcy.

Will you be able to buy another home in the future?

Current Fannie Mae and FHA Guidelines allow you to purchase another house in as short as 2 years after a Short Sale. Fannie Mae and FHA are the most common loans people get and most lenders have policies similar to them. After a foreclosure, the current Fannie Mae and FHA Guidelines require you to wait 4 to 7 years before getting a new loan providing you don’t have a deficiency judgement chasing you around from your foreclosure.

How will a short sale or foreclosure affect my ability to get other types of loans in the future?

Future loan applications of all types will normally require you to answer the following question: “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” If you short sale, then you can state “No” to any foreclosure related questions on loan applications because you short sold your home. You only have to say “Yes” if the bank completes the Foreclosure or Deed in Lieu against you.

How will my Credit Score be impacted?

After a Short Sale, the released mortgage is normally reported on the credit report as “paid in full”, “settled”, or most commonly, “paid as agreed”. So the biggest impact on your credit will be from your late payments. Late payments lower your score as little as 50 to 150 points if all your other payments are being made on time. Most lenders review late payments in the last 12-18 months. After that, they become less important to a lender. After a Foreclosure your score is typically lowered by 250 to 350 points, or even more. And a foreclosure will keep your credit score down for about 3 to 4 years.

Will I owe my lender any money for the short-fall after I do a Short Sale?

Some lenders will ask for a promissory note on a short sale for part of the short-fall. In the rare case they do ask for one, then they usually request the borrower repay them just a small percentage of their loss. As an example, a property we short sold recently, the bank lost over $120,000. The lender settled with the seller for $15,000 to be repaid over 15 years with zero interest. The seller’s monthly payment was only $83.34 on this promissory note.

Many lenders take 12 to 18 months to foreclose upon a property and resell it. This dramatically increases the loss and makes any post foreclosure deficiency judgment against the seller much bigger because the lender now has to add in many other costs like the foreclosure costs, other legal costs, court costs, property maintenance costs paid to vendors to keep the property up while the lender owned it, more real estate taxes and HOA costs, also the utility costs for that 12 to 18 month period as well. All these additional costs will be added to the normal regular loss on the sale of the home regarding the deficiency judgement your lender files against you after they foreclose. And then that deficiency judgement is attached to your social security number(s) and will follow you around for what will feel like forever as most states allow the lender to renew this deficiency judgement against you a number of times stretching how long the judgement follows you around out to about 8 to 10 years in most states. In almost all cases, a Short Sale will allow you avoid this lingering deficiency judgement scenario altogether and get on with your life immediately.

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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker-Associate at Keller Williams Realty in Austin Texas. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

Important Notice

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

This information on How To Use A Austin Short Sale To Stop Foreclosure is provided as a courtesy to our viewers to help them make informed decisions.

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

My house is in foreclosure. When will I have to move out?

October 5, 2012

Comments 0

Austin Texas – The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. Dave asked, “I haven’t made a house payment in a while. I’m just wondering how much longer it will be before I have to move out?”

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

Most people in foreclosure are at a disadvantage because they don’t how the process works. Here is the answer to his question.

It all depends what on the state he is located in and whether or not his lender has started the foreclosure process. So the first thing you should do is find out if the foreclosure process has been started.

You can do that by first calling your 1st lien Servicer and asking “Has my file been moved to the Foreclosure Department yet” and “Do I have an Auction Date yet? The customer service rep at the Servicer will be able to check their system and give you that information or direct you to the person at the Servicer that has that information. Strangely enough the customer service rep may tell you that you had an Auction Date in the system; however that date has already passed; and they are not sure if you were foreclosed on. The reason for this is that a law firm the Servicer and Lienholder hired is the entity that actually forecloses on you (not the Bank or Servicer) so you may need to call that law firm that is handling the foreclosure for the Servicer and/or Lienholder and ask them if they have foreclosed on you yet. The Servicer can you give you the name of that law firm you would call or you likely have some letters from that law firm already in your procession. These law firms are large as there are just a few per state that do all the foreclosures for that particular state so they have large customer service call centers you can call even at night to get this information. This law firm is the definitive source as to the when and if you have already been foreclosed on.

We have seen many lenders/servicers wait 6 to 12 months, and sometimes even longer, to start the legal foreclosure process after you have missed your first payment. Many of them are backed up and don’t have the staff in place to handle everything. Then it may take another 3 to 9 months to actually foreclose on you once they start the foreclosure process. Then after they foreclose on you and the lienholder becomes the legal owner of your home; it may take them another 1 to 9 months for them to actually come knock on the door and ask you to move out. And when the lienholder does finally come knock on the door (after they have foreclosed on you) to ask you to move out; they will give you a another month or two to move out and will likely offer you $500 to $1,500 (this is called “cash for keys” in the REO Foreclosure world) to cooperate with them and move out by a mutually agreed upon date. This is why you hear about people who live in their home for 2 to 3 years past their last payment before they have to move out. Moral to the story is don’t move out until you have to move out and are instructed to move out by the lienholder who now owns your home.

Every state handles the foreclosure process differently. Because of that, I would recommend you contact a competent Foreclosure or Short Sale Real Estate Agent in your area.

If you are concerned about foreclosure, feel free to send me an e-mail at GeorgeKiefer@gmail.com. Or, if you prefer, then you can call me at (512) 970-0709.

I can help you avoid foreclosure, save your credit, avoid a deficiency judgement, short sale your property, and get back on your feet.

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker-Associate at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin Foreclosure Prevention: My house is in foreclosure. When will I have to move out? is provided as a courtesy to our viewers to help them make informed decisions.

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Will Lenders Approve Short Sales If The Mortgage Is Current?

October 1, 2012

Comments 0

Austin Texas – It sounds crazy that a lender would approve a short sale when a homeowner is current on their mortgage payment. There is a logical reason the lender will do this. Let me explain.

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

Let’s look at a person who owes more than their home is worth and moves for a job transfer. The homeowner asks his lender to do a short sale however their lender does not approve the short sale.

The lender tells them, “We granted the loan thinking you were a credit worthy borrower. We expect you to repay us every dime”, So the borrower moves out of town and rents out the house.

Unfortunately the monthly tenant rental amount only pays 70% of the mortgage payment. So the homeowner has to come up with the $500 short-fall every month. They manage to do that for a year. Then, the tenant moves out.

Of course the tenant didn’t keep up on the maintenance of the house. Most tenants don’t treat the house they are renting as well as a homeowner would. Why should they?

After all, it’s not their own home. Because of that, the home needs $5,000 in work before it can be rented again. The carpet need to be replaced, the interior needs to be repainted, and the yards need re-sodding.

The original borrower who moved out of town doesn’t have $5,000. What happens next? They try to rent the house in its current condition. But no one wants to rent it now in the current condition.

The homeowner manages to pay the mortgage for a couple more months. Then, the owner stops paying the mortgage because they can’t afford to do so any longer. 12 to 18 months later the lender forecloses on the house.

The lender then sells the house as a bank owned foreclosure in the REO market. The house ends up selling for much less as a foreclosure than it would have back at the beginning if the lender would have just approved the short sale for the owner. This is because it sits empty for 12 to 18 months while the yard gets overgrown with weeds and people vandalize it and the home becomes even more worn both inside and out.

Some neighborhood kids break a window, which allows rain to get inside and mold to grow. As you can see now, there is a financial advantage to the lender approving a short sale for a job relocation.

Lenders aren’t stupid. They hire on smart analysts and accounting types to crunch the numbers and analyze these type of situations for them. These analysts have lots of data to review from past loans already on the books.

They can look thru 10, 20, or 100 files and see what would have reduced losses in the past. The insurance industry has number crunchers called actuaries that do a job similar for them.

Actuaries job is to take a risk and affix a cost to it. Insurance and banking are similar in some respects. They both analyze risk and try to affix a solid cost to it. They also attempt to reduce the cost of each risk.

That is why lenders will allow short sales for homeowners that are current on their mortgage payments. They have analyzed all the costs of a short sale versus the alternative of foreclosing on these homes.

When their analysis shows a short sale will cost less than them foreclosing, then the lienholder will approve the 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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Why Lenders Approve Austin Short Sales When A Borrower Is Current is provided as a courtesy to our viewers to help them make informed decisions.

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Strategic Default Foreclosure Or Short Sale – Which Is Better For You?

September 28, 2012

Comments 0

Austin Texas – If you are upside down, then you might be tempted to walk away and let your home go to foreclosure and mail your keys to the lender and move out.

However, before you move out, I have some important information to tell you. You should stay in the house for as long as possible. Don’t move until you absolutely have to.

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

The national average length of time you can live for free in your home after you have stopped paying your mortgage is 461 days. That number is of course a statistical national average. Your local number could be different.

Many lenders take around 6 to 12 months to just file the foreclosure on you. Then, the foreclosure process can last another 6 to 12 months on top of that, if not longer.

And then after the lender forecloses and they become the legal owner of your home it may take them another 1 to 12 months to notify you to move out.

And did you know when your lender finally gets around to asking you to move out after they foreclose on you, they are likely going to offer you some cash money for your cooperation and to move.

Yes, this not a joke, it is called “cash for keys” in the REO Foreclosure world. The cash for keys amounts I commonly see offered by lenders are $500 up to about $1,500 per property.

So here is the bottom line: DON’T MOVE OUT UNTIL IT IS REQUIRED.

Stay in the house and save the money you would be spending on rent to help you get back on your financial feet even faster.

So, what if you have decided to walk away, but you want to reduce the negative side effects of foreclosure i.e. Deficiency Judgements on your credit and the like ?

You can avoid a lot of the bad side effects with a Short Sale. First off, on about 90%+ of all short sales, you won’t have to pay any money back you owe now. The debt is forgiven,

Second, you will be eligible to buy another house in 24 months (you will have to wait 4 to 8 years after a foreclosure.) Third, a short sale costs you nothing out of pocket.

When the home short sells, your lender pays all your closing costs and back taxes too. The lenders know they get more money from a short sale than a foreclosure (much more).

This is why most lenders are willing to pay all the costs associated with the 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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker

George is a Real Estate Agent and Broker Associate at Keller Williams Realty in Austin Texas. Austin Short Sales Realtor:

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Strategic Default Or Austin Short Sale. Which Is Better For You? is provided as a courtesy to our viewers to help them make informed decisions.

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Who Makes The Final Decision On Approving Or Denying A Short Sale?

September 27, 2012

Comments 0

Austin Texas – Is your mortgage loan with a large lender such as Wells Fargo, Bank of America, Chase, or Citibank? They usually don’t make the final decision on your short sale. Here is why.

In most cases, these large banks are only working as a servicer for your mortgage. They are just servicing the loan for a third party (who is the actual owner of your loan).

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

This actual owner could be a corporation, a pension fund, a wall street firm, a hedge fund, an investment partnership, a mutual fund, a foreign government, a foreign bank, a mortgage-backed security fund, an ETF, or split up between thousands of different people in some exotic investment vehicle.

However, the most common owners (and guarantors) of mortgages in the U.S. (currently well over 80%) are the U.S. government entities of Fannie Mae, Freddie Mac, USDA, VA, and HUD/FHA. This means you still have options if your lender/servicer rejects your short sale.

Find out who the real owner of the your loan is, then go around your bank/servicer, and contact the owner of your mortgage loan directly. They will often reconsider the short sale. Simply present your case. Tell them (the trustee for the owner) exactly why they should accept the short sale offer you have on the table.

I have found that the owner of the mortgage paper (also called the investor) usually does a better job reviewing the new offer. If they decide a mistake was made or see it differently than their servicer, they will approve the short sale offer. I have especially found this strategy helpful when the bank servicer is asking for a promissory note or deficiency judgment against you.

Many times the negotiator at the servicer will reject a short sale for no reason (often because his/her case load is too large). Or, the servicer will make unreasonable demands, such as a higher sales price or a cash contribution from the short seller.

Why do they do that? The negotiator for the bank servicer may get paid bonuses for these demands. Or, they may feel like they need to compete with a co-worker.

A co-worker might tell them, “I just got a $20,000 cash contribution from this short seller (and the short seller didn’t even realize that I was only required to get $5,000 from him”). They think it’s some kind of game they are playing not caring that these short sellers are real people with real families with real problems with real financial hardships.

Because of this, the negotiators at the larger bank servicers often turn down short sales they should have approved. Later on these properties end up selling for substantially less when they are sold as foreclosures in the REO market.

We’ve seen many short sales get rejected. They almost always sell for much less money as foreclosures later. The losses can range from $10,000 to as high as hundreds of thousands of dollars per property. And the owners of the mortgage paper (which is most often our U.S. Government via Fannie Mae, Freddie Mac, VA, USDA, and HUD/FHA, ie the U.S. federal tax payer) end up taking/booking these large unnecessary losses for no reason at all.

I know this may surprise you. But, this happens all the time. If you feel like your short sale is getting turned down for no reason by your bank, then contact the trustee for the owner of your mortgage loan directly.

They may decide to approve the short offer you have. 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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker-Assosicate at Keller Williams Realty in Austin, Texas. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Who Actually Makes The Decision On Approving Or Denying A Austin Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Will a Short Sale Help You Stop Worrying?

September 22, 2012

Comments 0

Austin Texas – It is very stressful to be upside down and facing foreclosure. You are worrying about everything. You find yourself thinking, “When is the bank going to throw me out of my house?”

“How will I pay back my mortgage debt, back taxes, and penalties?” “When will I ever be able to stop worrying about money?” Will my life ever be normal again?

You remember the past when you did not worry much about money. All those thoughts and more run through your head. You feel like the whole world is against you and there is no way out. You feel trapped.

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

A Short Sale helps you stop the worrying. After the Short Sale is closed, most people find a place to rent where they can afford the monthly payment. Or they move in with family.

A Short Sale also removes all the uncertainty and worry about when you have to move out of your home. You are one step closer to sanity. You are also happy to discover that the short sale erases the mortgage debt, bank penalties, and back taxes in most cases. You also realize you will get to live in your home at no cost while the short sale is being processed, which will help you get back on your financial feet even faster.

You were always thinking about how hard it was going to be to pay the bank back the money they lost on your house. Now you don’t have to worry about that anymore. Your home and work life both improve. Why? Because you aren’t stressed out all the time anymore. You end up getting a raise, better job, or find a way to make extra money on the side. After several months, you discover you are no longer worrying about money or mortgage debt anymore. You find your are happy again.

You have your life back. The fights with your spouse over money stop. You have grown accustomed to your new life now. Best of all, you start enjoying life again. Your future and financial future are both bright again and you realize that money isn’t everything.

What’s more important than your life and your family? Sure, your family had problems during this hard time. But you made it through and you are all still together. And the hard times are gone and have caused your family to realize that it wasn’t such a big deal. You found the solutions to your problems, took action, and moved foward.

You did the right thing and can easily repair your credit after the Short Sale and buy another house in the very near future. More importantly you can enjoy your life together as a family again. Thinking about a Bank Short Sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at GeorgeKiefer@gmail.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 anytime at (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker-Associate at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and Bank Short Sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

George Kiefer, 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?

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. You may cancel our agreement at anytime.

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

This information is provided as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Short Sale vs Foreclosure: Why Short Sale Is Always Winner

December 31, 2011

Comments 0

Austin Texas – If you are still trying to convince yourself to try a Bank Short Sale versus letting your home go to Foreclosure, you might find the following useful.

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

Example 1: Short Sale

Mr. Jones owns a home in which he has a mortgage balance of $200,000 and a current market value of $150,000. Mr. Jones has elected to short sell his property. His agent successfully obtains a buyer who puts forth an offer price of $135,000 (90% of the current market value). After reviewing the buyers offer and the financial hardship information from Mr. Jones, his bank agrees to accept the short payoff of $135,000 which would leave a deficiency balance of $65,000 plus closing costs (his bank pays all the closing costs, including agent commissions and taxes for him in a short sale). The transaction closes and is final. Mr. Jones then pulls his credit report 60 days after the transaction takes place. On the credit report he sees that the mortgage trade line states “Mortgage debt was settled for less than full” and the balance on the mortgage is $0. Mr. Jones is now on the road to financial recovery.

Example 2: Foreclosure

For the ease of illustration we will use the same value and mortgage debt amounts as in Example A. However, Mr. Jones has elected to forgo the short sale process and let the bank foreclose on his property. The bank holding his mortgage facilitates the proper legal procedures to foreclose on the property, all of which are costly. Mr. Jones is notified and his property foreclosed on and taken back by the bank to sell as an REO. Six months later, the bank finally sells Mr. Jones home only they sell it for $120,000 (80% of current market value). Remember, as a short sale, the home would have sold for $135,000 keeping the deficiency to $65,000. In addition to the deficiency now being $80,000, the bank has elected to add on legal costs of $15,000, closing costs of $10,000, and asset preservation costs of another $5,000 for a total deficiency liability of $110,000. Mr. Jones pulls his credit report 60 days after being notified that the bank has sold his property and of his liability. On the report he sees that the mortgage trade line states “Foreclosure” and the balance is $110,000. Because of Mr Jones choice to choose Foreclosure vs. Short Sale, his road to financial recovery has taken a major detour. He not only has a foreclosure on his credit report now, he also has a $110,000 deficiency balance on his credit report now too, and his bank will also likely seek a deficiency judgement against him within 2 years of the foreclosure for this $110,000 deficiency. This deficiency judgement may renewed every 2 years by the bank for a total of 5 times in Texas (so this is now a 10+ year problem for Mr Jones). This $110,000 deficiency judgement will follow and haunt Mr. Jones wherever he goes now (for about 10+ years). Mr. Jones will also likely have to retain an expensive attorney at some point to help defend himself against this $110,000 deficiency judgement.

The Best Option is Clear

While the financial, legal, and credit advantages are clear when choosing a Short Sale over a Foreclosure, other advantages are sometimes overlooked. The most important of all of them is maintaining the seller’s dignity and peace of mind. We have heard too many stories of families having to leave their homes because of a Sheriff’s or Constable’s orders or some other type of legal action the bank has taken. The short sale process alleviates this negative social impact. The process puts the control back in the seller’s hands so that they can get back on the road to financial recovery. In the battle of the two evils, the Short Sale is always the winner.

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 GeorgeKiefer@gmail.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 (512) 970-0709
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE

George is a Real Estate Agent and Broker Assiciate at Keller Williams Realty. Austin Short Sales Realtor:
Phone: (512) 970-0709. GeorgeKiefer@gmail.com.
Assisting Homeowners in Distress
View My homes for sale at www.GeorgeKieferAustin.com.
George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

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

Important Notice
George Kiefer, 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?
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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Austin Short Sales: 4 Tips If Facing Foreclosure

December 8, 2011

Comments 0

Austin Texas – What can you do if you are facing a foreclosure? One of the scariest and worse case scenarios for a homeowner is getting behind in your payments and now foreclosure is leering around the corner. You feel as though you have let everyone, yourself included, down. You feel embarrassed, even if you haven’t received the foreclosure notice with your auction date yet. So now what?

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

Here are a few tips to help you out:

1.) First off if you’ve been getting letters “threatening “ foreclosure you need to step up and take action NOW. Ignoring these letters until you actually get a “foreclosure auction date” scheduled could end up being your biggest mistake.

2.) It’s time to sit down and figure out how far behind you are and if it is truly realistic to catch up your payments. Be honest with yourself about your situation and figure out a realistic budget and determine if catching up on your mortgage payments is even possible given your current level of household income, assets, and expenses.

3.) Keep in mind that, in all honesty, the last thing your lender probably wants is to own your home. They are in the “money” business, not the “home owning” business. If your bank is forced to take your home, they’re also faced with everything a “homeowner” is faced with; such as all of the maintenance, upkeep, heating bills, air conditioning bills, utility bills, HOA bills, real estate taxes, insurance, lawn service, and more. This comes down to one thing, they really don’t want to take your home and would probably much rather work with you to make “other” realistic arrangements that don’t involve foreclosing on you.

4.) Do not avoid your lender or the law firm handling your foreclosure. Call them and see what your current options are and start to see what can be done to stop, delay, or push-back your foreclosure date (if a foreclosure auction date has been scheduled). Once the actual foreclosure process begins it can be hard to stop; so you want to make sure you contact them immediately if you have missed any payments. If you reach a person that you simply cannot deal with and takes the approach of scare tactics and put downs, then immediately request to speak to their supervisor or simply hang up and call back and talk with another representative that is professional. You deserve to be treated with respect throughout the entire process and should demand such. The first question you should ask each and every time time you call is “Do I have an auction date yet? And if yes, what is my auction date?” The second question you should ask is “What are my options?” Don’t be surprised if you get “different” options each time you talk with a different representative or supervisor (this is common). Take notes every time you call and always get the name, direct number, and email address, of each person you talk with and what solutions and alternatives to foreclosure they are offering you. Each solution they offer you will have it’s own set of unique pros and cons you will need to consider. However, one “pro” each alternative they offer will all have in common is that they will all be better than being foreclosed on .

Once you start talking to the lender or foreclosure law firm representative, you may find they have many options to help you (like the following): 1. Short Sale 2. Reinstatement 3. Forbearance 4. Mortgage Modification 5. Rent the Property 6. Deed-in-Lieu of Foreclosure 7. Bankruptcy 8. Refinance 9. Service Members Civil Relief Act 10. Sell the Property. You are not the first person they’ve had who was in this position of facing possible foreclosure and you won’t be the last. Bottom line, there are many alternatives to being foreclosed on. Your immediate job is to find which alternative to foreclosure works best for you (so you can avoid the foreclosure). However if you have already missed a payment(s) you have a very limited amount of time to act.

Thinking about a bank short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker-Assosciate at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

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

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Sellers Are Receiving Large Cash Incentives To Short Sale

November 26, 2011

Comments 0

Austin Texas – Some lenders have been offering huge cash incentives to homeowners at risk of foreclosure to “Short Sale” their home (versus being foreclosed on). For example, Chase has been very quietly offering as much as $35,000 cash at closing to homeowners to short sell.

These homeowners are “upside down” on their loans — meaning, in general, they owe more than the home is currently worth. With a “short sale” (also called a “short pay”), the lender is willing to accept less than the full amount due from the borrower.
These cash incentive programs were started by lenders after they saw the U.S. Treasury start a cash incentive program in 2009, also known as HAFA (Home Affordable Foreclosure Alternatives). The HAFA program provides approximately $3,000 to the borrower upon the successful completion of a short sale. In general, to qualify for the $3,000 HAFA cash, your loan needs to be owned by Fannie Mae or Freddie Mac (and over 80% of the loans in the U.S. are currently owned by Fannie or Freddie).

The lender cash incentives began last year and are available nationally (ie in all areas of the U.S.). Why would a lender want to pay such large cash incentives to a homeowner who hasn’t been making their mortgage payments? The short answer is that short sales generally wrap up the transaction for the lender much more quickly than the lender foreclosing on the borrower, and it also leaves the home in better shape for resale so the lender normally gets more money for the house with a short sale (since the homeowner continues to live in the house until the short sale is complete). A short sale generally produces a better and faster result for the homeowner, the lender, and the community, than a foreclosure. Chase has completed more than 140,000 shorts sales since the start of 2009. And these cash incentive programs seem to be expanding and increasing system wide. Wells Fargo is now offering cash incentives for short sales and “deed in lieu of foreclosure” transactions in many markets. Citi recently confirmed through the media that its average incentive offer is currently $12,000 for borrowers in cases where Citi owns the loan. Bank of America is not offering any cash yet, but says it is committed to improving the short sale process and has made procedural changes to cut some of the red tape for agents working with the bank on pre-foreclosure sales.

These lender cash incentive payments normally only apply to first-lien loans that the lender holds for its own portfolio (rather than loans it merely services for others like Fannie Mae and Freddie Mac). However the Fannie and Freddie owned loans would likely qualify for the $3,000 HAFA cash incentive mentioned above. The lender cash incentive amount varies, based on many factors like the loan balance and appraised value of the home. If you have an FHA loan (or another government guaranteed loan like USDA or VA), you could qualify for up to a $2,000 cash incentive if you successfully short sale your home versus allowing your home to go to foreclosure.

The cash incentives being paid by Lenders, the U.S. Treasury (HAFA), and FHA (HUD) to Short Sale your home (versus be foreclosed on), can be used by the borrower to cover expenses, like moving and relocation costs (or to just get back on your feet). In brief, the “Short Sale” allows the homeowner to avoid foreclosure, minimize their financial damage, and move on from a burdensome, unaffordable mortgage, and most of time owe nothing to the lender after the short sale is completed. And in many cases, a short sale allows the borrower to qualify for a new mortgage in just 24 months as opposed to 5 to 10 years after a foreclosure.

It doesn’t appear likely that the need for short sales will end anytime soon. Most economists and experts are forecasting another price drop in the U.S. of about 3 percent 2012.

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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE, Broker.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

George is a Real Estate Agent and Broker Associate at Keller Williams Realty in Austin, Texas. Austin Short Sales Realtor:
Phone: (512) 970-0709. GeorgeKiefer@gmail.com.
Assisting Homeowners in Distress

View My homes for sale at www.GeorgeKieferAustin.com.
George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
George Kiefer, 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?
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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

3 Ways to Buy Another Home After You Did A Short Sale

November 21, 2011

Comments 0

Austin Texas – The Stop Foreclosure Institute recently received a question from Jon. Here was his question:

“I experienced a financial hardship about two years ago and sold my house via a short sale. I am now back on my feet and want to purchase a home again. I have been paying my rent on time and my credit scores have quickly gone back to around 700 again. What programs or other options do I have in terms of buying another home now and getting a mortgage loan? I want to purchase a house for about $150,000 in North Austin. I would like to use an FHA loan if possible, since the down-payment is only 3.5%.”

Jon, we are happy to hear you are back on your feet, and that you’ve been able to get your credit scores and finances back in shape so fast. Based on what you have told me, you have three possible options currently:

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
1. Wait one more year to get an FHA loan. Your are only about 1 year away from the expiration of the 3 year FHA waiting period (post doing your short sale). Unless you have an urgent reason to buy now or have a lot of cash sitting around (see item 2 below), my advice is to wait the additional year out. In the meantime, make sure to pay ALL your bills on time and work with your mortgage officer to make sure all your other financial ducks are in a row so there are no surprises when your 3 year FHA waiting period is finally up.

2. Go get a Non-FHA loan. FHA is popular among buyers who only have enough cash to make the FHA minimum 3.5 percent down payment — but it’s not the only game in town. The vast majority of conventional loans (ie Non-FHA) available from mainstream lenders are insured by either Fannie Mae or Freddie Mac. Both of these U.S. government controlled agencies impose a shorter, two-year, post-short-sale waiting period (as long as the borrower is coming to the table with a 20 percent cash down payment). And if you wait an additional 2 years (ie a total of 4 years post short sale), the minimum down payment requirement comes down to 10 percent for Fannie and Freddie insured loans, but by then you would already qualify for the 3.5 percent down FHA mortgage as well.

3. Plead “extenuating circumstances” to FHA. FHA guidelines do make an exception for the 3 year, post-short-sale, waiting period for former homeowners who did a short sale. If you can document you were forced to do the short sale by “extenuating circumstances” you might be able to cut that 3 year wait short. The most common scenarios that fit the bill are a 1) job transfer to another area (not job loss) or 2) a natural disaster that affected the property (like fire, flood, etc.). Beyond that, whether a “hardship,” rises to the level of an “extenuating circumstance” for purposes of qualifying for an FHA loan before the 3 year waiting period is up, is up to the discretion of the underwriter and lender you are using to do your FHA loan. However things like a 1) job loss, 2) an interest rate adjustment on an ARM loan you had, or 3) the decline of the home’s market value, DO NOT count. If you had, say, an accident or illness that resulted in a temporary disability, it might be worth the effort to plead your case for that set of facts if you can document it fairly well. Speak with your mortgage professional about whether you can make a credible argument in favor of shortening your 3 year FHA waiting period based on this “extenuating circumstance” angle.

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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE.

George is a Real Estate Agent and Broker Associate at Keller Williams Realty in Austin, Texas. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

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

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Short Sale Question: Is it hard to buy a Bank Short Sale ?

November 16, 2011

Comments 0

Austin Texas – The Stop Foreclosure Institute recently received a question from Marlene. Here was her question.

“I am trying to buy a short sale. It has been 4 months and we have heard nothing except that we are now on our 2nd negotiator, still with no contact from them.

I am getting very frustrated. Is there anything I can do on my end to try to push the process along? Marlene.”

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

Here was our answer to her question. It is up to the short sale listing agent to do the pushing for you. When you say they are on the second negotiator, this is unfortunately a common issue do to the current volume servicers are having to deal with regarding short sales. Another issue; some of the trustees (they grant the final approval for actual lienholders like Fannie Mae and Freddie Mac) have as many as 3,500 files each. So the bottlenecks are occurring not only at the negotiator level (with the servicer) but also higher up the ladder at the trustee level where final approval comes from. Remember that the bank you dealing with is likely only a servicer (ie they do not own the mortgage paper); so they are just getting the short sale file to a point that the negotiator/servicer can ask the trustee for approval for the short sale. If the short sale listing agent does not have much experience with short sales, this could also be part of the problem.

If you think that the process is going to too slow or is bogged down, I would recommend putting in an offer on another house. Even if you do stay on board, you should always be on the lookout for another home as many short sales fail to close for various reasons (or will take too long to close or various reasons). You should only use a buyer agent that thoroughly understands the short sale process and instruct your buyer agent to only submit offers on short sales whereby the listing agent is experienced with short sales and knows where the file is at and how the process works. Don’t waste your time with listings agents (or buyer agents) that are at the beginner or novice level regarding short sales.

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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE.

George is a Real Estate Agent and Broker Associate at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

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

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

The Bank Won’t Accept The Short Sale Offer

November 9, 2011

Comments 0

Austin Texas – Here is a problem: Some buyers don’t like short sales because of the uncertainty and the waiting. How do we help minimize this problem?

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

During the short sale process, if the BPO (Broker Price Opinion) gets completed and the bank/servicer won’t accept the buyer’s short offer after reviewing the BPO numbers, then request the bank still keep the file open.

There are several reasons that banks may be willing to keep the file open.

Reason #1: Their “investor” (ie the owner of the mortgage paper a.k.a. the lienholders) has already spent $65 to $100 on a BPO (some banks/servicers order more than one BPO).

Reason #2: A bank or servicer’s job is reducing the losses as much as possible for the lienholders they represent. Keeping the file open will make the property more marketable, which will cause it to sell for a higher price (making their investor happy).

Reason #3: It will help the bank/servicer reduce their costs too. It will take less time for the bank to negotiate and approve future files/offers, versus if the file had to be completely re-opened, a new BPO ordered, a new negotiator assigned, and the seller financials reviewed all over again.

In fact, congress is even thinking about making a law that Fannie Mae and Freddie Mac (the two largest owners or mortgage paper in the U.S.) keep short sale files open until they either sell or foreclose on the property. Until then, we have to petition for each individual file to stay open if and when a short offer is rejected by the bank/servicer or the lienholders (a.k.a. the “investor”). 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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE.

George is a Real Estate Agent at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

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

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin Short Sale as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Short Selling Rental Property Versus Owner-Occupied Property

October 30, 2011

Comments 0

Austin Texas – The Stop Foreclosure Institute recently received a question from Jack. Here is Jack’s question.

“How is the short sale process different for a homeowner versus a rental property? Is the owner of a rental property more likely to have a deficiency judgment and/or be taxed on the deficiency than a someone short selling their own home? Jack.”

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

Here was our answer to Jack’s question. Yes, short selling a rental property is a little different than owner-occupied property.

(The scenarios below are for a property you bought as a rental, not a property you bought to live in and then started to rent out.)

1. Deficiency. In most cases, you will not be dealing with lenders who will just allow you to walk away easy from the debt and loss on the rental house. The rental house lender may ask for a promissory note or deficiency for part of the loss involved. It is possible you can short sell without a deficiency, but it won’t be walk-in-the-park easy to do it. However it is certainly worth trying and it will likely end up being a much better deal than you think in the end.

2. Income taxes. Uncle Sam won’t give you the same easy cancellation of debt income waiver that a normal homeowner gets; however if you are insolvent (ie your debts exceed your assets); per IRS publication 544, you will likely not end up owing any federal income tax on the debt forgiven from the short sale. If you are solvent (ie your assets exceed your liabilities), then you could end up owing federal income tax on some of the debt forgiven. Check with your accountant on methods that can help you wipe out even this debt.

Bottom line: There are many financial, credit, legal, and tax advantages to Short Selling your rental property versus letting the Bank Foreclose on your rental property.
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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE.

George is a Broker Associate and Real Estate Agent with Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

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

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information about Austin Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Why Are Banks Willing To Pay All The Agent Commissions For A Short Sale?

October 20, 2011

Comments 0

Austin Texas – The Stop Foreclosure Institute recently received a question from Ted. Here was his question.

“I am thinking about short selling my house. I’m just wondering how I can get someone to help me. I know that your website says that a short sale costs me nothing.

I just have a hard time understanding why my lender would pay all the agent commissions if they are already losing money. Please explain that. Ted.”

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

Here was our answer to Ted’s question. Agents get paid because the bank benefits financially from a short sale versus a foreclosure. Yes, they are losing money with a short sale. However, they are happy to pay agent commissions because we are helping them reduce their losses significantly versus if they had to foreclose on your home instead.

This is because the they get to sell the house at today’s price, versus what the house will be worth 6 to 12 months down the road after they foreclosure plus they get to avoid all the additional expenses associated with foreclosure too.

I did a quick comparison and pulled up a sampling of sold homes in our area. All of the homes were very similar. First, I looked up the average selling price per square foot of the sample homes that sold 6 to 12 months ago. The sample sold for an average of $103 a square foot.
Then, I pulled up houses in the exact same sample neighborhoods that sold after the bank had foreclosed on them. Those sales were in the last 2 months. The foreclosures sold for an average of $85 a square foot.

The sample homes averaged about 2,000 square feet. That means a 2,000 square foot bank foreclosure sold for $36,000 less on average versus the non-foreclosure sample. Ouch! As you can see, a Short Sale REALTOR brings tremendous amount of value to the bank financials. And by the way that $36,000 savings per house did not include the additional bank savings of avoiding expenses associated with foreclosing and the additional back real estate taxes and HOA fees the bank would have to pay if they took the longer road of foreclosing. If you added those savings in as well; my guess is that the actual savings would be around $50,000 per house in my sample. That is huge. And that is why banks are very happy to pay all the agents commissions involved in the short sale (and for that matter, they are happy to pay all your other seller closing costs as well).

You also benefit directly. Your credit damage is greatly reduced in a short sale versus a foreclosure. You also, have a lower chance of being chased down for the bank’s losses via a deficiency judgement. A short sale is a WIN – WIN for everyone involved. 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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE.

George is a Real Estate Agent at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

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

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Can I Short Sale If My Bank Has Already Started The Foreclosure Process?

October 19, 2011

Comments 0

Austin Texas – The Stop Foreclosure Institute recently received a question from Dave. Here was his question.

“I would like to short sale my house. However, my bank has already started the foreclosure process. Can I still do a short sale? Or, is it to late?”

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

Here is the answer to his Question. Dave, YES you can still short sale your house. It does depend on how far along you are in the foreclosure process.

You have to remember that the foreclosure process can take a long time. We commonly see foreclosure cases drag out as long as 1 to 2 years (and some even longer).

In one rare case Patsi Campbell, a homeowner in Florida, had a foreclosure drag out for 25 years. However, that is a fluke.

The Wall Street Journal gives us a better perspective:

“Ms. Campbell’s foreclosure case has outlasted two marriages, three recessions and four presidents. She has seen seven great-grandchildren born, plum real-estate markets come and go and the ownership of her mortgage change six times.”

The good news is that you can short sale your house, even if the foreclosure process has already been started. An experienced short sale agent can tell you for certain if you have enough time or not.

You may have more time than you think. The average foreclosure timeline in the U.S. has doubled and tripled. The foreclosure system is overloaded and can’t handle the avalanche of files coming their way currently. 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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE.

George is a Real Estate Agent at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

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

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on this Blog is provided solely as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Who Pays The Seller’s Closing Costs In A Bank Short Sale?

October 15, 2011

Comments 0

Austin Texas – You may wonder why in a bank short sale contract it says the seller pays for certain closing costs and yet your lender covers all the traditional seller closing costs like title policy and agent commissions. Here is how it works.

The short sale purchase contract may have certain clauses that say: “Seller to pay title policy, recording fees, and agent commissions.” So how does your lender end up paying all those costs if the contract says the seller is paying it?

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

In traditional real estate (non short sale), certain costs are normally paid by the seller and other costs by the buyer. For example, the seller doesn’t normally pay for the buyer’s home inspector.

In non short short sale cases, the seller is actually paying for certain closing costs. Sales contracts have always been written like that. However, in a short sale transaction, those closing costs only appear to be paid by the seller on the closing statement. Actually, the seller is not paying them. Instead, they are being subtracted from the sales price and the short sale lender gets what remains after the costs are subtracted out. For example.

Sales price: $100,000.

Closing costs traditionally paid by the seller: $10,000.

Net to the short sale lender: $90,000.

So the short sale lender is actually paying these seller closing costs (not the seller) by simply accepting the lower amount. That is why it is called a “Short Sale.” Because the seller is coming to the closing table “Short” and the Lender is accepting this scenario.

The lender is getting paid less than what they are owed. They would have to pay all of those closing costs anyway, if they foreclosed on the house and then re-sold it after the foreclosure.

So, they might as well pay those costs now with the short sale. That is your lenders logic; and that is why your lender is willing to accept less than owed and forgive the difference. 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 GeorgeKiefer@gmail.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 (512) 970-0709

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

Thinking about a loan modification? Our Austin 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, George Kiefer, GRI, CDPE.

George is a Real Estate Agent at Keller Williams Realty. Austin Short Sales Realtor:

Phone: (512) 970-0709. GeorgeKiefer@gmail.com.

Assisting Homeowners in Distress

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

George Kiefer specializes in loan modification assistance and short sales in Austin Texas. Austin Loan Modification Help, Austin Short Sales. Austin Short Sale Realtor Austin Texas Short Sales. Austin Realtor.

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

Important Notice

George Kiefer, 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?

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 George’s personal views and do not reflect the views of Keller Williams Realty.

This information on Austin Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

George Kiefer holds the CDPE designation (Certified Distressed Property Expert).

For a free list of foreclosure property with full addresses and color photos visit www.AustinForeclosureSales.com

Older Posts »

Recent Posts

Answers To The 5 Most Common Foreclosure Questions
Austin Texas – When meeting with clients to discuss how they can avoid foreclosure, inevitably 5 questions will always come... »
Avoiding the 12 Most Common Barriers to Short Sale Success
Austin Texas – Avoiding the 12 Most Common Barriers to Short Sale Success Short sales often take 2 to 3 times longer than... »
Top 10 Short Sale Myths Busted
Austin Texas – It’s likely you have heard the term “Short Sale” thrown around lately. What exactly is a short... »
If You Have Missed A Mortgage Payment – You Have 10 Options To Avoid Foreclosure
Austin Texas – Slipping toward foreclosure after a missed mortgage payment can lead to feelings of anxiety, depression, and... »
How To Use A Bank Short Sale To Stop Foreclosure
Austin Texas – There are many reasons to use a short sale to stop foreclosure. If you want to keep your home, then you need... »
My house is in foreclosure. When will I have to move out?
Austin Texas – The Stop Foreclosure Institute recently received a question from a homeowner facing foreclosure. Dave asked,... »
Will Lenders Approve Short Sales If The Mortgage Is Current?
Austin Texas – It sounds crazy that a lender would approve a short sale when a homeowner is current on their mortgage... »
Strategic Default Foreclosure Or Short Sale – Which Is Better For You?
Austin Texas – If you are upside down, then you might be tempted to walk away and let your home go to foreclosure and mail... »
Who Makes The Final Decision On Approving Or Denying A Short Sale?
Austin Texas – Is your mortgage loan with a large lender such as Wells Fargo, Bank of America, Chase, or Citibank? They... »
Will a Short Sale Help You Stop Worrying?
Austin Texas – It is very stressful to be upside down and facing foreclosure. You are worrying about everything. You find... »
Short Sale vs Foreclosure: Why Short Sale Is Always Winner
Austin Texas – If you are still trying to convince yourself to try a Bank Short Sale versus letting your home go to... »
Austin Short Sales: 4 Tips If Facing Foreclosure
Austin Texas – What can you do if you are facing a foreclosure? One of the scariest and worse case scenarios for a... »
Sellers Are Receiving Large Cash Incentives To Short Sale
Austin Texas – Some lenders have been offering huge cash incentives to homeowners at risk of foreclosure to "Short Sale"... »
3 Ways to Buy Another Home After You Did A Short Sale
Austin Texas – The Stop Foreclosure Institute recently received a question from Jon. Here was his question: "I... »
Short Sale Question: Is it hard to buy a Bank Short Sale ?
Austin Texas – The Stop Foreclosure Institute recently received a question from Marlene. Here was her question. "I am... »
The Bank Won’t Accept The Short Sale Offer
Austin Texas – Here is a problem: Some buyers don't like short sales because of the uncertainty and the waiting. How do we... »
Short Selling Rental Property Versus Owner-Occupied Property
Austin Texas – The Stop Foreclosure Institute recently received a question from Jack. Here is Jack's question. "How is... »
Why Are Banks Willing To Pay All The Agent Commissions For A Short Sale?
Austin Texas – The Stop Foreclosure Institute recently received a question from Ted. Here was his question. “I am... »
Can I Short Sale If My Bank Has Already Started The Foreclosure Process?
Austin Texas – The Stop Foreclosure Institute recently received a question from Dave. Here was his question. “I would... »
Who Pays The Seller’s Closing Costs In A Bank Short Sale?
Austin Texas – You may wonder why in a bank short sale contract it says the seller pays for certain closing costs and yet... »

Recent Posts

About Us