Houston Short Sales Blog by Michelle Gonzales

(832) 274-5007

Educating the Homeowner, One by One!
CENTURY 21- OLYMPIAN AREA SPECIALISTS
        EMAIL ME        2626 South Loop West #118, Houston, TX 77054     Phone: (832) 553-8300     Fax: (888) 351-0495
Hi, I'm Michelle Gonzales, I've been a RE/MAX agent for 10 years helping clients buy and sell real estate. Throughout the years I've gained confidence and trust from my clients by working hard and putting their needs first. I am dedicated to exceeding your expectations when it comes to meeting your real estate needs. I am focused and determined to finding you the right solution to getting the job done! Short Sale expert. CDPE, SFR, CDRS designations.
APR
23

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

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

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

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

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

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

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

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

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

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

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

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

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

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

But, we still love Fannie Mae Short Sales. The Stop Foreclosure Institute has sold countless Fannie Mae Short Sales successfully. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at michelleggg@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. michelleggg@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

Important Notice

Michelle Gonzales, RE/MAX 360, 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 Michelle’s personal views and do not reflect the views of RE/MAX 360.

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

APR
10
 

Houston TX – Debt collectors are infamous for multiple phone calls at all hours of the day. One person told the Stop Foreclosure Institute that he would receive several phone calls the first thing Sunday Morning.

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

“They would call my home phone at 8:15AM on Sunday. This was the only day that I had to sleep in and they woke me up. I had 2 other people call me before noon”, he told us.

This is the biggest complaint the Stop Foreclosure Institute has heard about debt collectors. People have told us, “No matter how many times I tell them to stop calling, they still call me.”

Let me give you the inside story. The reason this happens is because most people don’t do anything about it. They just learn to live with the harassing calls and go on with their lives.

Here is what the debt collectors don’t want you to know. Under the Fair Debt Collection Practices Act, a creditor or collection agency that calls you after you request them to stop may be liable for statutory damages up to $1,000 plus any actual damages suffered, plus attorney fees.

So when someone sticks up for themselves, it costs the debt collectors money. In fact, they are so scared of being sued that they all work together to track the people that have sued to collect the $1,000.

Here is the best technique that I have heard of to stop the calls. According to one guy it works great. When a debt collector calls you stop and ask for the person’s name and the company name. Then, say the following.

“Bob, I have documented that you have called me today. I also have documented your company name and the phone number you have called from. Now, let me tell you this.

Under my right in the Fair Debt Collection Practices Act, I am requesting that you stop any and all calls to me. If I get another call from this phone number, then I will be contacting my attorney to help me get the statutory damages laid out in the Fair Debt Collection Practices Act.

In addition, I will call your manager and let them know that you could have saved the company $1,000, but chose not to. I will make sure that they understood who cost the company $1,000. So, don’t call me again.”

The reason this works so well is because you are holding that employee accountable. If they do call you again and have to pay you $1,000 as a result, then that manager will be angry. And it will hurt even more when you tell them that Bob could have saved them from paying it, but was incompetent.

Please try the and let us know how it works out for you.

If you want a list of 12 common violations and instructions on how to stop the calls, then send me an email and I’ll send you back the 12 most common violations.

That way you will know when a debt collector breaks the law. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail atmichelleggg@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. michelleggg@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

Important Notice

Michelle Gonzales, RE/MAX 360, 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 Michelle’s personal views and do not reflect the views of RE/MAX 360.

This information on Houston Short Sales: The Most Effective Way To Stop Debt Collector Harassment is provided as a courtesy to our viewers to help them make informed decisi

MAR
12
 

Houston TX – If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.

Today’s blog post talks about how to convince the lender to waive it.

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

PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so.

If the home is foreclosed upon, then they will have to pay a claim for the loss. If the home is sold as a short sale, then they will have to pay a claim for the loss. Either way, they have the same result.

But, if they get a promissory note, then they get some money to help cover the claim. Either way, there is no risk to them.

All that you have to do to avoid the PMI promissory note is show the PMI negotiator that the seller has no assets and does not have the ability to pay a promissory note.

You want to speak directly with the PMI negotiator. If you must, then escalate the file to a supervisor.

When they see the seller has no assets, they will still push for a promissory note. You have to hold firm and sometimes even threaten to go to the press.

If you have made a good case and talked to the right people, then they will usually waive the promissory note. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail atmichelleggg@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. michelleggg@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

FEB
11
 

Houston TX – Here is a technique you can use to “strong arm” you’re your lender on your short sale. The number one reason people short sale is to salvage their credit.

After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.

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

How would you feel if you worked hard on a short sale only to watch it fall apart because your lender dragged their feet?

Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.

After all, the only reason the short sale wasn’t successful was because they dragged their feet.Here is the technique you can use to strong arm the lender to accept the short sale.

Use your rights as a homeowner to get more information about the BPO. An inaccurate BPO is the number one reason short sales fail.

Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit. Here is the step by step strategy:

1. Request a complete itemized payoff from the foreclosing lawyer. In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.

2. Review the pay off to see where the BPO is itemized. If a BPO has ever been ordered, it will most likely be itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.

3. Since the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act. Fax the lender’s legal department a request for a copy of the BPO.

Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender’s legal department the same request.

If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.

Indicate in your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail atmichelleggg@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. michelleggg@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

Important Notice

Michelle Gonzales, RE/MAX 360, 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 Michelle’s personal views and do not reflect the views of RE/MAX 360.

This information on Houston Short Sales: How To Strong Arm Your Lender On A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

FEB
10
 

Comments 0

Houston TX – Yesterday I gave you two specific examples of big bank’s negligence causing a loan owner to lose money. Today I am giving you two more.

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

Example #3: Not following up on foreclosures properly. I have seen countless examples of servicers hiring an attorney to foreclose on a house. The attorney files the paperwork.

Then, the foreclosure case goes into purgatory. Nothing happens for 6 months, 12 months, 18 months, and even up to 2 years.

I have seen this happen on more than one property. And no, there are not other factors involved.

In fact, on two short sales I’ve handled, the sellers had moved out of the house before the foreclosure was even filed.

Example #4: Not listing REO properties quickly enough. I have witnessed several examples of banks foreclosing on a house and then taking 6 months to a year to put it up for sale.

An example is a house that was foreclosed on September 9th, 2009. It wasn’t listed for sale until May 2010. Say what you want, but waiting 8 months is pathetic.

If the mortgage holder had been a wealthy individual who lived in town, do you think they would have put the home on the market a little sooner?

When you multiply these examples of negligence across hundreds of thousands of defaulted mortgages, you can easily see how this is costing lenders billions of dollars. 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 michelleggg@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. michelleggg@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

FEB
10

February 10, 2013

Houston TX – Here are two specific examples of big bank’s negligence causing a loan owner to lose money.

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

Example #1: Not giving buyers an answer on a short sale within one week. Home buyers don’t like to wait 3-6 months for an answer on a short sale.

This fact causes many buyers to shy away from short sales, thereby causing short sales to sell for less.

Lenders should help the loan owners recoup as much money as possible from short sales. To do this, they make the short sale approval process as quick as possible.

They could start the property valuation process when the property is put on the market and determine a certain price they would accept.

More buyers would be willing to purchase the property because they know they wouldn’t have to wait 3-6 months for an answer on the short sale.

Example #2: Turning down loan mods that amortize at a higher value than what is netted on a short sale or thru REO. Let me explain a little better.

A lender negotiates a loan mod with a borrower with a new monthly payment of $1,000.

The borrower has a stable income and agrees to pay $1,000 a month for the next 30 years. $1,000 a month for 30 years, at a 6.5% interest rate will repay a $158,210 mortgage.

The servicer turns down the loan mod and forecloses. The house sells for $125,000 as an REO and the servicer nets $115,000. Did the owner of the loan lose money?

I think most people would agree yes. Obviously there are other factors involved, but I think on an actuarial basis they will do better with the loan mod.

Tomorrow I’ll give you a few more examples to digest. 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 michelleggg@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. michelleggg@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

Important Notice

Michelle Gonzales, RE/MAX 360, 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 Michelle’s personal views and do not reflect the views of RE/MAX 360.

This information on Two Specific Examples of Big Bank Negligence on Houston Short Sales is provided as a courtesy to our viewers to help them make informed decisions

FEB
1
 

Houston TX – Sometimes it seems like short sales are tough. “Don’t try to short sale your house. Short Sales never go thru”, people tell you.

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

You see, we’ve spent the last few years figuring out all the guidelines for short sales.

If the loan being shorted is an FHA Loan, VA Loan, Fannie Mae Loan, or Freddie Mac Loan, then the guidelines for the short sale are different.

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

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

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

(If you’re doing an FHA short sale, then Google “Mortgage Letter 2008-43.”)

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

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

She told me that the buyer and seller had to split the cost of the title insurance.

The problem is that on page 12 of the Mortgage Letter, it says that they are allowed to approve a file paying the standard title insurance costs.

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

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

It is pretty frustrating when a large bank won’t follow the specific short sale guidelines laid out by the owner of the loan.

If the loan owner gives you specific instructions on how to negotiate a short sale, then follow those instructions!

Before you hire a short sale agent, make sure they understand the guidelines for your type of loan.

That way, when a short sale negotiator tries to break the rules, they can keep them in line. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail atmichelleggg@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. michelleggg@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

JAN
31
 

Houston TX – People often wonder why their lender will release their debt in a short sale.

Most lenders don’t like to release the debt. But, they agree to do it because they know that policy nets them more money.

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

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

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

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

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

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

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

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

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

I can help you short sale your property and get back on your feet. Send me an e-mail atmichelleggg@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. michelleggg@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

MAY
25
 

Houston TX – Yesterday we discussed a serious problem affecting the short sale industry. Today, we are going to lay out a strategy that the short sale sellers can use to help solve this problem.

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

The biggest reason that this problem can continue is because the realtors assisting you never receive a copy of your home’s valuation. If we had copies of those valuations, then holding the people accountable would be much easier.

The banks won’t give us the information. And we really don’t have the right to it. But, you, the home seller, does have a right to it under the Equal Credit Opportunity Act

Here is what you can do to get your hands on your bank’s property valuation.

1. Request a complete itemized payoff from your lender. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.

2. Review the payoff to see where the property valuation is itemized. It will usually be called an “Appraisal” or “BPO.” If not, it may be included in some other payoff cost.

3. Since this is part of what you owe on this mortgage, then you have a right to a copy under the Equal Credit Opportunity Act. Fax the lender’s legal department a request for a copy of it.

Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender’s legal department the same request.

If your lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at www.ots.treas.gov, The FDIC at www.FDIC.gov, and the Comptroller of the Currency at www.helpwithmybank.gov.

Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints against them.

Once you receive a copy of your home’s valuation we can use that date to facilitate the short sale process. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail atsoldbymichelle@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. soldbymichelle@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

Important Notice

Michelle Gonzales, RE/MAX 360, 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 Michelle’s personal views and do not reflect the views of RE/MAX 360.

MAY
22
 

Houston TX – In our last blog post we explained that the Mortgage Forgiveness Debt Relief Act does not automatically release you from your mortgage debt after a short sale.

So, what does this law cover? What does it do? I’ll answer that question today.

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

Unfortunately, the law does not automatically release you from your upside down mortgage debt after a short sale. What it does do is give certain homeowners relief from taxes after a short sale.

Let’s look at the tax liability for a homeowner who short sold their home or lost it to foreclosure. Before this law was enacted, they would be taxed for any debt that was forgiven.

Let’s say that someone owed $400,000 on their home and sold it as a short sale for $300,000. According to Uncle Sam, if the lender forgave $100,000 in debt, then it was like they received $100,000 in free money.

Uncle Sam considered that forgiven debt as income. He wants that person to pay taxes on the income. Imagine the shock of receiving a big tax bill after you lost your home to foreclosure!

The Mortgage Forgiveness Debt Relief Act of 2007 changed all that. Someone can now short sale their home and be relieved from owing income taxes on up to $2 million in forgiven mortgage debt on their primary residence.

The law expires at the end of 2012. If you are thinking about short selling your home, then you need to get started right away. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail atsoldbymichelle@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 832-274-5007

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

Thinking about a loan modification? Our Houston 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, Michelle Gonzales.

Michelle is a Real Estate Agent at RE/MAX 360.

Phone: 832-274-5007. soldbymichelle@gmail.com.

“Educating the Homeowner, One by One!”

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

Michelle Gonzales specializes in loan modification assistance and short sales in Houston Texas. Houston Loan Modification Help, Houston Short Sales. Houston Short Sale Realtor Houston TX Short Sales. Houston Realtor.

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

Important Notice

Michelle Gonzales, RE/MAX 360, 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 Michelle’s personal views and do not reflect the views of RE/MAX 360.

This information on Houston Short Sales: So How Does The Mortgage Forgiveness Debt Relief Act Help You? is provided as a courtesy to our viewers to help them make informed decisions.

 
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