Everyone knows that if you pre-pay your mortgage you can save a lot of money in interest and you will also build equity faster. Even though mortgage rates are low right now, they are still higher than what you can earn in a savings account. If you have a little extra money, then pre-paying your […]
Fairfax VA – A homeowner – we’ll give him the alias Peter – recently asked me a question about foreclosures. Peter, who was facing foreclosure himself, asked, “I am six months behind on my mortgage payments. I just got the tax bill for 2010 in the mail. Should I pay it?” Peter asked me what […]
Fairfax VA – I recently wrote a post about how banks will lose more money through a foreclosure than a short sale. In fact, a recent study by Boston Consulting Group showed that a lender will net 20% more money on a short sale versus a foreclosure. The reason for this is because short sales […]
Fairfax VA -Recently I read a book by former real estate agent Robert Ringer. The book addressed the power of persistence in ensuring success. He told a story about phoning a call center and I’d like to share it with you. When he called, the first person told him that he wouldn’t be able to […]
Fairfax VA -Individuals facing foreclosure might wonder if it’s best to do a deed-in-lieu of foreclosure and just give their home back to their lender. A deed-in-lieu does have its benefits – for the lender that is. Lenders like them because it speeds up the foreclosure process. After all, a deed-in-lieu is basically like pleading […]
Fairfax VA -It is very stressful to be upside down and facing foreclosure. You are worrying about everything. You wonder: How will I pay back that huge debt? When will I ever be able to stop worrying about money? “I remember when I did not worry about money. How did I do that? A short […]
Fairfax VA – I recently talked with a Fairfax VA homeowner who was facing foreclosure. She heard that trying for a shore sale would be difficult. Someone told her, “Banks never accept short sale offers. You are wasting your time if you try one.” Consequently, she didn’t even try for a short sale and she […]
Fairfax VA – A recent article in the Sun Sentinel described a situation in which Bank of America foreclosed on a paid off home. Here’s an excerpt: When Jason Grodensky bought his modest Fort Lauderdale home in December, he paid cash. But seven months later, he was surprised to learn that Bank of America had […]
Fairfax VA – The Stop Foreclosure Institute is closing another short sale tomorrow. The seller is transferring to a job out of state and they were short selling an FHA loan with a second mortgage. The short sale was fairly simple because FHA’s short sale guidelines. Here was how these sellers benefited from the short […]
Here are some more common short sale mistakes that Fairfax VA home sellers make – as well as how to avoid them. Common Short Sale Mistake #4: Not doing research to find the decision maker on the loan. Between 60% and 75% of all loans are not owned by the lenders you’re dealing with. Rather, […]
