North East Ohio Stop Foreclosure Foundation

Northeast OH Short Sales: Why Do Bank Negotiators Break The Rules?

CarlOrbase — Tue, 15 May 2012 17:00:18 +0000

Northeast OH – We had a negotiator at Bank of America try to push us around a little while ago. We’ve studied and analyzed all of the short sale guidelines and rules.

This was an FHA loan and therefore would be governed by FHA’s Short Sale Guidelines. This means that the lender must follow . . . → Read More: Northeast OH Short Sales: Why Do Bank Negotiators Break The Rules?

Don’t Accept A Promissory Note When You Short Sale Your Northeast OH Home

CarlOrbase — Tue, 15 May 2012 11:00:45 +0000

Northeast OH – Many lenders ask for a promissory note on short sales. This is especially true if the lender has Private Mortgage Insurance (also called PMI) that has to approve the short sale.

The PMI companies know that homeowners will do anything to protect their credit when they are short selling their home.

Northeast OH Short Sale Deficiencies On “Sliced & Diced Loans?

CarlOrbase — Mon, 14 May 2012 23:00:32 +0000

Northeast OH – Another common type of loan that does not usually have a deficiency is a “Sliced and Diced” loan. A “Sliced and Diced” loan is a loan that has been securitized along with a bundle of other loans.

Here is how that happened. John gets a loan from ABC Bank. ABC Bank . . . → Read More: Northeast OH Short Sale Deficiencies On “Sliced & Diced Loans?

Will I Owe A Deficiency On A Northeast OH Short Sale If I Have A USDA Loan?

CarlOrbase — Mon, 14 May 2012 17:00:33 +0000

Northeast OH – Another common type of loan that does not usually have a deficiency is a USDA loan. The USDA loan program was created to make it easier for people that lived in rural areas to buy their own home.

Click here to discover how other sellers successfully did a short sale and . . . → Read More: Will I Owe A Deficiency On A Northeast OH Short Sale If I Have A USDA Loan?

Will I Owe A Deficiency On A Northeast OH Short Sale If I Have A VA Loan?

CarlOrbase — Mon, 14 May 2012 11:00:47 +0000

Northeast OH – Another common type of loan that does not usually have a deficiency is a VA loan.

But, how do you determine whether or not you have an VA loan?

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

On your original mortgage, 1-4 pages past . . . → Read More: Will I Owe A Deficiency On A Northeast OH Short Sale If I Have A VA Loan?

Will I Owe A Deficiency On A Northeast OH Short Sale If I Have An FHA Loan?

CarlOrbase — Tue, 08 May 2012 17:00:45 +0000

Northeast OH – The next most common type of loan that does not usually have a deficiency is an FHA loan.

But, how do you determine whether or not you have an FHA loan?

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

Here is the best way . . . → Read More: Will I Owe A Deficiency On A Northeast OH Short Sale If I Have An FHA Loan?

A Common Northeast OH Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency

CarlOrbase — Tue, 08 May 2012 11:00:00 +0000

Northeast OH – OK, let’s talk about the most common types of loans that do not require a deficiency on a short sale. The first common loan type is a Fannie Mae or Freddie Mac loan.

I’ll call them Fannie & Freddie in this post. Freddie & Fannie are different quasi-governmental entities that own . . . → Read More: A Common Northeast OH Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency

A Common Northeast OH Short Sale Myth: You Don’t Know If Your Lender Will Want A Deficiency Until We Have Started The Short Sale Process

CarlOrbase — Mon, 07 May 2012 23:00:04 +0000

Northeast OH – I am about to explain how the different types of loans impacts whether or not you will have a deficiency after you short sale your house.

But, I first want to bust the common myth that you won’t know if you will have a deficiency until after you have started the . . . → Read More: A Common Northeast OH Short Sale Myth: You Don’t Know If Your Lender Will Want A Deficiency Until We Have Started The Short Sale Process

Worried About Owing Money After A Northeast OH Short Sale?

CarlOrbase — Mon, 07 May 2012 17:00:17 +0000

Northeast OH – We recently received an email from Joy. She was thinking about a short sale, but was worried about a deficiency.

Here is a sentence from her email: “We obviously want to get the price as close to fair market value as possible to eliminate or reduce any deficiency the bank may . . . → Read More: Worried About Owing Money After A Northeast OH Short Sale?

Northeast OH Loan Modification Tips: How To Gain A Negotiating Edge Over Your Lender

CarlOrbase — Mon, 07 May 2012 11:00:40 +0000

Northeast OH – Thinking about a loan modification. If you can afford to, then order an appraisal. Or, do your own appraisal.

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

Ask your realtor “Hey, what are houses in my area selling for?” I’ve seen people who bought . . . → Read More: Northeast OH Loan Modification Tips: How To Gain A Negotiating Edge Over Your Lender