Stop Foreclosure Institute of Austin Assisting Homeowners in Distress

Austin Texas – If you are getting divorced and neither of you can afford the house on your own, I would of course recommend you sell the house. Now, if you are reading this Blog, then you may be researching a Short Sale; which means that you may be upside down in the home. You have three options if that is the case.

Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the home to your lender via Foreclosure or Deed-in-Lieu of Foreclosure (that is if your lender will go for a Deed-in-Lieu, which is highly unlikely).

Option #2: Short Sale the house and get the debt wiped out. A short sale offers the following benefits over a foreclosure.

Issue: How soon can I get a Loan again?

Foreclosure: The current Fannie Mae Guidelines require you to wait 4 to 7 years (depending on your down payment size) before you can buy another home with a Fannie Mae Loan if you are foreclosed on. Most other banks and lenders have the same or even stricter procedures. If your lender filed a deficiency judgment against you after the foreclosure, then you will have resolve that judgement first before getting another loan. And that could be tough if the judgement is substantial.

Short Sale: If you are back on your financial feet, you could qualify for a Fannie loan only 2 years after a short sale. FHA has a program whereby you may only need to wait 1 year after the short sale in order to do an FHA loan (certain conditions apply).

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

Issue: What will I have to disclose on future loan applications?

Foreclosure: Most future credit applications will require you to answer the standard question, “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” you’ll have to answer that question Yes.

Short Sale: You can state “No” to the standard foreclosure question because you short sold your home. You only have to say yes if the bank completes the foreclosure.

Issue: Credit Score Impact.

Foreclosure: Your score is typically lowered by 300+ points or more. Foreclosure often impacts your credit score for about 3+ years or so.

Short Sale: Only the late payments show up on your credit report. After a short sale, the mortgage is normally reported as “paid in full, settled, or paid as agreed.” This has a modest effect on your credit score if all your other payments are being made on time. Often your credit score is back to normal in as little as 12 months after a short sale.

Issue: Will I owe the bank any money for the shortfall?

Foreclosure: Many lenders take 12 to 24 months to foreclose a property, clean the title, and then resell it (total start to finish time frame). This dramatically increases their loss and makes any deficiency judgment they will file against you in the future potentially bigger. And the deficiency judgment can haunt you for many years. In Texas this judgement can follow you around for as long as 10 years if your bank is pro-active about re-filing it every two years (and most do).

Short Sale: Lenders will not file a deficiency judgment against you in a short sale situation, nor do they normally ask for a promissory note on a short sale either. The shortfall and debt are normally just wiped clean off your credit report(s).

Option #3: Rent the property. If you are upside down, then it is likely that the rent will not cover the mortgage, taxes, insurance, and expenses. That means someone will have to write a check each month covering the rent loss and/or short-fall.

Thinking about doing a Bank Short Sale to avoid Foreclosure? Or thinking about Buying a Bank Short Sale?

I can help you short sale your property and get back on your feet. I can also help you buy a short sale. 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 Kiefer is a Real Estate Agent and Broker-Associate at Keller Williams Realty in Austin Texas.

Austin Short Sale REALTOR: George Kiefer 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 2014 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 and 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

Austin Texas – Any home buyer will inevitably run across a property listed as a Short Sale. A short sale is an attempt by the current owner to sell a home short of what is owed (including seller closing costs and back taxes) in lieu of their lender taking their home back through foreclosure, thus saving their credit rating and lifting the burden of the mortgage debt off their shoulders. The entire short sale process hinges on the hope that the lender will take a loss now, approve the short sale, eat the closing costs and back taxes, and not go through the costly process of foreclosing, cleaning the title, and reselling home later, post foreclosure, for a larger loss. The prospective home buyer that is buying the short sale at a discount is also hoping the seller’s lender will approve the short sale. So it is best the buyer should understand a few things in order to increase his or her chances of getting the short sale approved. Here are my Top 10 Buying Tips for Short Sales.

1. The initial list price is usually set by the short sale listing agent, not the short lender: The listing agent and the short seller often create a very low asking price in order to attract many buyers. The lender and servicer are normally unaware of the asking price; however, the short lender has the final say in what an acceptable purchase contract will be. Since the short lender has the power to ultimately accept or deny offers, and the buyer has to work his way through their servicer first before the short lender even sees or considers the short offer, the process can take much longer than anticipated. The bottom line is that the buyer needs to remain patient throughout the entire process, sometimes even for many months (waiting for that lender and servicer approval to happen).

2. One loan is better than two or three: If the short seller has loans (1st, 2nd, HELOC) owned by two or more different banks/lenders, it is a lot more difficult to approve the short sale since you have to get them all on the same page. This is something the buyer agent or the buyer cannot control; it simply depends on the willingness of the lenders involved. Buyers should know that when the short seller only has one loan with one lender, the short sale often becomes more buyer-friendly since it is more likely to be approved. A savvy buyer agent can find out this type of information for his buyer.

3. Low offers normally get no response: When low offers are sent into the bank they are often rejected, and give the prospected buyers and buyer agent little or no feedback. Even good offers take a while to get a response due to the high volume of transactions lenders are inundated with these days.

4. The buyer must consider sold comparables before submitting their short offer: This will give the buyer agent (and the listing agent) appropriate proving grounds for nailing a sales price that will be more likely to be approved by the short lender. Checking comparables will also give the buyer a better knowledge of what price homes in the neighborhood are selling for now (both distress properties and non distress properties) and ultimately make them a more informed home buyer.

5. Don’t get your hopes up for just one property: Short sales are not short in time. It can sometimes be a very long process (3 to 12 months). Keep your options open and continue to actively look at all opportunities. In most areas it is completely legal and risk-free to have multiple offers out on multiple properties at any given time with the proper contingencies to protect the buyer.

6. Not all sellers will qualify for a short sale and/or may be asked to pay some of the difference: Sellers that own more than one property or have strong financials will probably not be eligible to short sale. In some cases the seller may be asked to pay the difference of the sale or part of the loss. The seller might even be required to sign a promissory note to get approval from their lender (stating that they will pay back all or some of the debt). This has no effect on the buyer as long as the seller cooperates. But if the seller is hit with this requirement and he does not want to comply, it can kill the deal for the buyer.

7. Approved Short Sales go much quicker: It is important to remember that short sales are not always fast; however, making an offer on an “approved short sale” (lender has already approved both the price and the seller) can be a quicker deal for the buyer. These approved short sales are the most desired by buyers and investors. They have the highest chance of closing.

8. Some short lenders want strong buyers, and some want strong offers (some want both): The short lender has all the power in approving the short sale. The short lender can pick the most appealing buyer, which may mean different things to different short lenders. Some short lenders may prefer cash buyers or buyers with large down payments while others just want the highest price regardless of down payment. Many buyers want to know if they will get a deeper discount for an all cash offer. This is very hard to predict and one will never really know until they make an offer.

9. Short Sales are As-Is sales: If repairs are needed, even if they are necessary to get the buyer’s loan approved; it is unlikely that they will be done by the short seller or short lender. The buyer must be willing to take the responsibility of fixing anything that is broken. The buyer may even need to have the utilities turned on at their expense for inspections and/or appraisals.

10. When the buyer gets an approval from the short lender, you must close on time: During a short sale escrow period, there is no leniency with the closing date (as there is in a traditional sale). During a short sale, exceptions are rarely made and the buyer must close on time. Because of this, it is important to take care of all buyer loan paperwork immediately after opening escrow and make sure you are working with a top notch loan officer. If there is going to be an issue that will prevent closing on time, a request for an extension will need to be made immediately with the short lender. If the request is made early enough, many banks will grant an extension (if the reason is valid) but don’t just assume it will happen. If your reason for the delay is not solid; they will reject your extension.

Buying a Short Sale can be a great opportunity to to buy a home well below market value. A Short Sale can also be a major headache that lasts for 6 to 12 months (or even longer). This is why it is important to have a good understanding of the factors that lead to a successful short sale transaction if you are thinking about buying a short sale.

Thinking about doing a Bank Short Sale to avoid Foreclosure? Or thinking about Buying a Bank Short Sale?

I can help you short sale your property and get back on your feet. I can also help you buy a short sale. 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 Kiefer is a Real Estate Agent and Broker-Associate at Keller Williams Realty in Austin Texas.

Austin Short Sale REALTOR: George Kiefer 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 2014 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 and 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

Jumping Over a Challenge to Achieve SuccessAustin Texas – When Short Sale clients Dan and Barb bought a retirement home with a conventional loan without the assistance of a buyer agent, they thought they were getting the deal of the century: a small 1 story, three-bedroom bungalow fixer-upper in a wooded neighborhood surrounded by scenic creeks for only $188,000.

They found out after they went under contract through the Title Company the house was in a flood zone, so they had to pay for flood insurance required by their lender. However the small $520 a year federal government subsidized flood insurance premium their lender was requiring did not deter them from moving forward with the sale. In the years following, the flood premium started slowly creeping up year by year and then skyrocketed to yearly premium of $5,500.

Their nightmare officially began. Their fixed retirement income could not absorb this $5,500 premium. And to make matters worse; the market value of the property dropped significantly to reflect this flood zone and flood insurance issue they were facing. They found themselves upside down in equity, unable to sell, and not being able to afford their lender required $5,500 a year flood policy either.

“I would never have bought this home if I would have known the flood insurance could go to $5,500 a year”. “It’s really put me in a dilemma,” Dan, age 68, said of the premium spike for flood insurance on his Austin Texas home. “I didn’t know what to do.”

Throughout Austin metro, which is crowded with lakes, rivers, and creeks, homeowners now face similar sticker shocks, the result of new federal law reforms to overhaul the National Flood Insurance Program, which serves some 5.5 million policyholders nationwide and is now over $24 billion in debt after decades of catastrophic storms, including hurricanes Katrina, Isabel and Sandy. The problem has also been compounded by the Federal Emergency Management Agency’s (FEMA) ongoing update of flood insurance maps, which have and will expose many more property owners to paying flood insurance for the first time. These home owners will get their surprise via a letter either from FEMA or from their lender informing them they are now in a flood zone and required to carry very costly flood insurance policies per their mortgage agreement.

So what is the problem in a nut-shell? The federal government got involved in flood insurance in 1968, when Congress passed a law to start a large-scale subsidy program that could offer more affordable flood insurance rates than the private market, which couldn’t handle the mass of claims that occur after large storms or floods. However, now the federal government wants out of the subsidy system they created and cost them big-time and is asking the home owner to start paying market value for their flood insurance. So flood insurance will continue to rise as the government slowly gets out of this business altogether. The result? More home owners will find themselves in Dan and Barbs shoes (or worse) and thus more Short Sales and Foreclosures will occur do to this dilemma.

The good news is there is absolutely no reason for you to lose your home to foreclosure. You have many alternatives including Short Sale, Mortgage Modification, and Deed-in-Lieu of Foreclosure. 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).

Thinking about doing a Bank Short Sale to avoid Foreclosure?

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 Kiefer is a Real Estate Agent and Broker-Associate at Keller Williams Realty in Austin Texas.

Austin Short Sale REALTOR: George Kiefer 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 2014 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 and 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

sale_foreclosureAustin Texas – According to the latest government data, approximately 9.3 million U.S. residential properties are still underwater even with the recent run-up in real estate prices we have seen nationally. That translates into about 1 in 5 homes in the U.S. with a mortgage on it.

This means millions of homeowners are still at high risk for foreclosure if they encounter a trigger event such as job loss, job change, employer move, business hardship, business slow-down, income change, divorce, separation, family medical or death event, or a disability of some kind. Currently rising home prices is helping because this results in falling negative equity, which in turn is giving some homeowners a lifeline to avoid foreclosure when they encounter that trigger event.

However, there are still millions of homeowners who are in such a deep equity hole that it will take years for them to regain their equity. The longer these homeowners remain in a negative equity position without relief in the form of a principal loan balance reduction, the more likely that foreclosure will haunt them at some point when faced with one of the above trigger events.

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).

Thinking about doing a Bank Short Sale to avoid Foreclosure?

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 Kiefer is a Real Estate Agent and Broker-Associate at Keller Williams Realty in Austin Texas.

Austin Short Sale REALTOR: George Kiefer 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 2014 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 and 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

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

“Is it legal for the seller of a short sale to buy the house he is short selling to reduce his mortgage loan?” asked Adam.

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

Here was our answer. We don’t know of any specific law(s) on the books that forbids a person from buying a home they are also short selling. However, here is what we do know. We don’t know of any banks, servicers, or lenders that would allow it. If the short sale negotiator sees a sales contract with you as the buyer, then they just would not approve the short sale transaction for a couple of reasons. One reason is that in order to do a short sale you have to prove significant “financial hardship” to qualify for the short sale. If you are still financially strong enough to buy the home; then you would very likely not be financially distressed enough to qualify for the short sale. And two, all the banks, servicers, and lenders I have encountered require all parties involved in the transaction (buyer, seller, listing agent, buyer agent, and title officer) to sign some type of “arms length” affidavit and disclosure saying to the best of their knowledge the buyer and seller are not related and did not know each other prior to the transaction. So if you signed this affidavit and then somehow pulled off buying your own short sale either directly or through a friend or family member, you would be committing fraud.

If you are looking to reduce your mortgage loan, then do it the legal way by getting a loan modification or restructuring your loan(s) with your current lender(s). Or, short sale your current home, be a renter for 1 to 2 years, and then buy a another home. FHA will let you buy another home with an FHA loan only 1 to 2 years after a short sale. That is not very long to wait. This would allow you to wipe out the upside down debt and move on with your life. And best of all, you are not at risk of going to jail for fraud.

Thinking about doing a Bank Short Sale to avoid Foreclosure?

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 Kiefer is a Real Estate Agent and Broker-Associate at Keller Williams Realty in Austin Texas.

Austin Short Sale REALTOR: George Kiefer 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 2014 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 and 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

Austin Texas – Many home buyers think that the short sale lender is in charge during a short sale. Nothing could be further from the truth.

The short sale lender can only veto (not approve) short sale offers and contracts. They can’t put the property up for sale or decide who to sell it to. Only the home owner can do that. Why is that?

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

Until the lender forecloses on the home the home owner is in charge and in the driver’s seat. You “own” the property until the lender forecloses on you.

We have had many buyers get angry that a home owner would not accept their lowball offer. “The buyer has to submit my lowball offer to the lender. If you don’t then that would be fraud”, they tell the home owner.

You, the home owner are in charge and can accept any offer you prefer and you believe is in your best interest. That means that you can make the following decisions.

You are allowed to pick the buyer’s offer that you think the lender will be most likely to accept and helps you accomplish your financial goals.

You are allowed to turn down offers that you don’t like for whatever reason. (Maybe the buyers are too picky about the home and want you to make repairs).

You are allowed to turn down offers if the buyer is not pre-approved for a loan. In addition, you can ask the buyer to inspect the property before they write a contract if you prefer.

You are allowed to ask for an earnest money deposit to make sure the buyer is serious about the house.

It is your right to do these things for as long as you own the property. Don’t let anyone tell you otherwise. You are the one in charge.

Thinking about doing a Bank Short Sale to avoid Foreclosure?

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 Kiefer is a Real Estate Agent and Broker-Associate at Keller Williams Realty in Austin Texas.

Austin Short Sale REALTOR: George Kiefer 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 2014 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 and 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

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

“I am selling my house as a short sale. I am behind on the mortgage payments. Should I still continuing paying my credit cards?” Thank you in advance, Paul.

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

Here is our answer. It all depends on what is important to you. Can you afford your mortgage payment if you stopped paying the credit cards?

If the answer is yes and you don’t want to move (you would rather stay in your home), then “not paying” the credit cards should be considered as a strategy. Obviously, not paying the cards will hurt your credit. But, if you want to keep/stay in your home, then you will probably think it is worth it.

However, if you are ok moving (or want to move) and you want your upside down house and debt associated with it off your back and balance sheet, then it would be better to keep paying the cards and short selling the house (you would have the least amount of credit damage this route as well).

Missed mortgage payments won’t have to much of an impact on your credit score 12-18 months down the road, especially if you short sell. However, a credit card that you never pay on again will stay on your credit for a longer time. The debt will show up on your credit report as “written-off” at some point, and that impacts your credit for a longer time than the missed mortgage payments. So my short answer to your question is YES — keep paying your credit cards (if you can) when doing a short sale.

Thinking about doing a Bank Short Sale to avoid Foreclosure?

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 Kiefer is a Real Estate Agent and Broker-Associate at Keller Williams Realty in Austin Texas.

Austin Short Sale REALTOR: George Kiefer 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 2013 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.

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

Austin Texas – The Federal Housing Administration (FHA) is now allowing some borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to re-enter the market and obtain an FHA loan in as little as 12 months.

Currently, borrowers who experienced a past foreclosure must wait at least two years before getting a chance to get approved for an FHA loan, but with the new FHA guideline, certain borrowers who lost their home as a result of an “economic hardship” may now be considered for an FHA loan even earlier (as little as 12 months).

For borrowers who went through a “recession-related financial event”, FHA now takes the view that “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.”

In order for a borrower to be eligible for the new more lenient FHA approval process, the lender provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond the borrower’s control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months.

Additionally, borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling.

According to FHA, recovery from an economic event involves reestablishing “satisfactory credit” for at least 12 months. Criteria for satisfactory credit include 12 months of good payment history on payments such as a mortgage, rent, or credit account.

The new FHA guidance is for loan case numbers assigned on or after August 15, 2013, and is effective through September 30, 2016.

Thinking about doing a Bank Short Sale to avoid Foreclosure?

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 Kiefer is a Real Estate Agent and Broker-Associate at Keller Williams Realty in Austin Texas.

Austin Short Sale REALTOR: George Kiefer 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 2013 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.

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

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 doing a Bank Short Sale to avoid Foreclosure?

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.

Copyright 2013 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.

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

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 doing a Bank Short Sale to avoid Foreclosure?

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.

Copyright 2013 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: “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

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, 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/probate situations, also qualify. There are some exceptions to hardship now, but for the most part, the lender (also called the lien holder 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 lenders and servicers; and how much the entire process has recently changed to try and streamline the process for all parties. Lenders 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 lenders, servicers, and 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 large metro markets and it is predicted that in the years to come we will have more short sales than ever now that lenders and government have decided that the short sale option is probably the best solution for a financially distressed homeowner. Short sales are in every market, and are not just limited to any particular income class. 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 versus be foreclosed on.

5.) The short sale process is too difficult and they often get denied. Though the short sale process can be time consuming on some transactions; it is not as difficult as the media would have you believe. FHA short sales are often completed in under 90 days 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 or more at closing 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 and 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 lender 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 I have seen lenders postpone a foreclosure to work a short sale option less than 30 days prior to the scheduled foreclosure auction. However, 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 non-foreclosure 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. Some lenders need you to be denied on a Loan Modification first so you can do the Short Sale (so their Loan Modification denial is to actually help you go the Short Sale route).

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 scores, and can vary from as little as 12 months to as long as 2 years from the short sale date depending on the lender, loan program, down payment, and what type of loan program you can qualify for. Work with a mortgage pro that is knowledgeable about helping buyers after a short sale.

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. 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 doing a Bank Short Sale to avoid Foreclosure?

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.

Copyright 2013 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: “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

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 doing a Bank Short Sale to avoid Foreclosure?

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.

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 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

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 doing a Bank Short Sale to avoid Foreclosure?

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 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 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

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.

Thinking about doing a Bank Short Sale to avoid Foreclosure?

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

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

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

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

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

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 doing a Bank Short Sale to avoid Foreclosure?

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 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, servicer, 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 doing a Bank Short Sale to avoid Foreclosure?

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


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


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. Buy now with the new, post short sale, FHA 12 month program (if you qualify). The Federal Housing Administration (FHA) is now allowing some borrowers who went through a bankruptcy, foreclosure, deed-in-lieu, or short sale to re-enter the market and obtain an FHA loan in as little as 12 months. Currently, borrowers who experienced a past foreclosure must wait at least two years before getting a chance to get approved for an FHA loan, but with the new FHA guideline, certain borrowers who lost their home as a result of an “economic hardship” may now be considered for an FHA loan even earlier (as little as 12 months). For borrowers who went through a “recession-related financial event”, FHA now takes the view that “their credit histories may not fully reflect their true ability or propensity to repay a mortgage.” In order for a borrower to be eligible for the new more lenient FHA approval process, the lender provided documents must show “certain credit impairments” were from loss of employment or loss of income that was beyond the borrower’s control. The lender also needs to verify the income loss was at least 20 percent for a period lasting for at least six months. Additionally, borrowers must demonstrate they have fully recovered from the event that caused the hardship and complete housing counseling. According to FHA, recovery from an economic event involves reestablishing “satisfactory credit” for at least 12 months. Criteria for satisfactory credit include 12 months of good payment history on payments such as a mortgage, rent, or credit account. The new FHA guidance is for loan case numbers assigned on or after August 15, 2013, and is effective through September 30, 2016.

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. Some of these U.S. government controlled agencies impose a shorter post-short-sale waiting periods (as long as the borrower is coming to the table with a 20 percent cash down payment).

3. Plead “extenuating circumstances” to FHA. FHA guidelines do make an exception for the 2 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 2 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 2 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 2 year FHA waiting period based on this “extenuating circumstance” angle.

Thinking about doing a Bank Short Sale to avoid Foreclosure?

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:

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

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

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


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


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


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

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