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 […]
Thinking about a short sale, but can’t pay your homeowner’s association dues? Fairfax VA – Many people think that if they have any unpaid homeowner’s association dues, they are ineligible for a Fairfax short sale. This is not true. Typically, when you short sell your home, your lender will pay the association dues for you. […]
Fairfax VA – Short sales have a reputation for being frustrating and complicated. Here is a story that illustrates why short sales have earned this reputation. Let’s say you are negotiating a short sale with a lender. You call them and get transferred to a call center in another country. They are helpful and give […]
Fairfax VA – Wells Fargo is the second biggest short sale lender with whom we work. As one of the largest lenders in the country, Wells Fargo has a Loss Mitigation Department that is much better than a lender’s loss mitigation department. This national bank has two loss mitigation departments. One is located in Fort […]
Fairfax VA – I recently saw an amusing video about loan modifications. In it the guy called Wells Fargo “Hells Fargo.” Evidently, it can sometimes be difficult to get a loan modification because they’ll often lose your paperwork. You have to talk to people in other countries where English IS NOT their first language. The […]
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 […]
