North East Ohio Stop Foreclosure Foundation

Northeast OH Short Sales: Good News On Bank of America Short Sales

CarlOrbase — Tue, 07 Feb 2012 00:00:47 +0000

Westlake OH – Bank of America is rolling out a new short sale program that will provide the quickest route to a short sale decision.

The bank came up with this programs to help ensure that homeowners are able to explore all their options and avoid foreclosure.

This program, named the Bank of America . . . → Read More: Northeast OH Short Sales: Good News On Bank of America Short Sales

Northeast OH Short Sales: Why Might a Short Sale Be Preferred Over a Loan Modification?

CarlOrbase — Mon, 06 Feb 2012 18:00:56 +0000

Westlake OH – Homeowners who would prefer to get out from underwater may prefer to do a short sale compared to a loan modification.

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

A short sale means the bank will accept a reduced payoff and release the loan. . . . → Read More: Northeast OH Short Sales: Why Might a Short Sale Be Preferred Over a Loan Modification?

Northeast OH Short Sales: What Else Goes Into a Hardship Letter?

CarlOrbase — Mon, 06 Feb 2012 12:00:50 +0000

Northeast OH – You should put every little thing you have to show that your situation is real and that you cannot afford to make your mortgage payment.

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

Use numbers and percentages to explain the loss your of income or . . . → Read More: Northeast OH Short Sales: What Else Goes Into a Hardship Letter?

Northeast OH Short Sales: Don’t Be Afraid To Tell The Truth In Your Hardship Letter

CarlOrbase — Tue, 31 Jan 2012 18:00:51 +0000

Northeast OH – It is not a lot of fun to write a hardship letter. In fact, it can be depressing. Many people may not know how bad their lives have become until they reach a point of writing a hardship letter.

Click here to discover how other sellers successfully did a short sale and . . . → Read More: Northeast OH Short Sales: Don’t Be Afraid To Tell The Truth In Your Hardship Letter

Northeast OH Short Sales: The Basics Behind a Hardship Letter

CarlOrbase — Tue, 31 Jan 2012 12:00:33 +0000

Northeast OH– When I interview sellers who want to short sale in my area, I ask them to describe their hardship.

Agents who do a lot of short sales can sometimes become a little insensitive because we are focused on the statistics. For instance, when a seller says she is getting divorced, it’s possible . . . → Read More: Northeast OH Short Sales: The Basics Behind a Hardship Letter

What Constitutes A Hardship On A Northeast OH Short Sale?

CarlOrbase — Tue, 31 Jan 2012 00:00:56 +0000

Westlake OH – Many people think a hardship is mainly based on financial matters and that is not necessarily the case.

Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship.

Click here to discover how other sellers successfully did a short sale and . . . → Read More: What Constitutes A Hardship On A Northeast OH Short Sale?

Northeast OH Short Sale Question: I am current on my mortgage; will my lender consider a Short Sale?

CarlOrbase — Mon, 30 Jan 2012 18:00:16 +0000

Northeast OH– The Stop Foreclosure Institute recently received a question from John. Here was his question.

“I am current on my mortgage with X Bank (one of the top 4 US banks.) However, I would like to short sale and move for my new job.

I am current on my mortgage. Will my lender . . . → Read More: Northeast OH Short Sale Question: I am current on my mortgage; will my lender consider a Short Sale?

Northeast OH Short Sale Question: What Kind Of hardship Would My Lender Consider Legitimate?

CarlOrbase — Mon, 30 Jan 2012 12:00:16 +0000

Northeast OH– The type of hardship that your lender will consider legitimate depends on the mortgage company considering the Short Sale request.

In general, so long as the hardship is real & acceptable and the mortgage company believes the loan is likely to become delinquent. As a result, the Short Sale request will be . . . → Read More: Northeast OH Short Sale Question: What Kind Of hardship Would My Lender Consider Legitimate?

Northeast OH Short Sales: How To Keep Your Home With A Forbearance Agreement

CarlOrbase — Tue, 24 Jan 2012 12:00:26 +0000

Northeast OH – With a forbearance agreement, your bank agrees to hold back on its legal right to exercise foreclosure on you. They do this by coming up with a plan to bring you current on your mortgage payments after giving you some kind of a breather period.

Click here to discover how other sellers . . . → Read More: Northeast OH Short Sales: How To Keep Your Home With A Forbearance Agreement

Northeast OH Short Sale Question: Do Lenders Always Agree To Loan Modification Requests?

CarlOrbase — Tue, 24 Jan 2012 00:00:46 +0000

Northeast OH – Unfortunately, lenders do not always agree to loan modifications. That’s why when you decide to explore this option you need to get all the information you can on the subject.

Lenders call the loan modification process “Loss Mitigation.” Loss mitigation is the act of lessening the lender’s losses whether they approve a . . . → Read More: Northeast OH Short Sale Question: Do Lenders Always Agree To Loan Modification Requests?