Short Sale Savior

New Stamford CT Short Sale Testimonial & Fairfield CT Short Sale Testimonial

2011-06-01T12:46:00.000-07:00

In the past several weeks we successfully closed another 6 short sales in Fairfield County CT. 2 of the owners that completed a short sale were kind enough to write a testimonial about it.

Joe & Stacie, Fairfield CT "As you know we were very nervous about doing a short sale. We lost sleep over our first missed mortgage payment. After we met with you we felt so much better. You explained the process and our options very clearly and you obviously know what your are doing. The entire process moved along as you predicted. We are so thankful for your help."

Norma, Stamford CT "I found your name after Google searching Bank of America Short Sale and I am so thankful that I did. The house was a noose around my neck for too long. It drained every last bit of savings and then some. I still can't believe that I was able to collect rent for 6 months during the process and that you got both banks to approve the short sale without any strings attached. No money from me at closing or a note...Thank you so much."

To view more short sale testimonials click here.

Jason Milligan continues to be Fairfield County's leading Short Sale Expert.

Banks are simplifying the short sale process through Equator.

2011-05-18T12:39:00.000-07:00

There is an online electronic short sale facilitation website called Equator. It has been around for several years and was formally known as REOtrans. They have been a pioneer in simplifying and streamlining the short sale process. They create one spot where everyone involved in a short sale can upload, share and edit information. Before equator most banks required you to fax documents. It was impossible to track and it took forever. With Equator everyone can see all the documents immediately. There is a record of every email sent and it is all stored in one neat place under the correct property.

The good news is that many of the big banks have signed onto this system. Bank of America was the first major bank to totally embrace Equator. They went from the worst bank to deal with to the best with that one move.

Since then GMAC, Wells Fargo, ASC America Servicing Company which is affiliated with Wells Fargo, BSI Financial Services, and Nationstar Mortgage have signed up. I hope that all of the banks eventually sign up or create something similar.

During the transition process from the old system to Equator many of the banks struggle to make things work. Their staff is often slow to adapt and learn new things and it can be a nightmare to get a short sale all the way through the process. Wells Fargo in particular is handling short sales very poorly right now. Hopefully they will work out the kinks soon.

In the end Equator should save everybody time and money!

Hire an experienced Short Sale Realtor. It can make all the difference.

2011-05-05T13:50:00.000-07:00

Not all Realtors are created equal. There are very few Realtors that have fully embraced short sales and for good reason. To properly handle Real Estate short sales you must have a broad knowledge of financial and legal aspects of foreclosure, bankruptcy, IRS regulations, the inner workings of banks and a deep understanding of the way mortgages are created, packaged, syndicated, resold.

Even traditionally successful Real Estate agents have been slow to change. Few truly understand the short sale process and most will try to avoid short sales if they can.

There are many variables that can affect the outcome and consequences of a short sale. If you get it right you can often walk away owing nothing and be on your way to repairing your life and credit. Get it wrong and you could be exposed to further legal action and may have be liable to pay the entire short fall.

There is a lot at stake so be sure to hire the best. In most cases the bank pays all real estate commission. It is not worth the risk to hire a friend or a referral if they don't know what they are doing. Make sure any agent you are considering has a proven track record with Short Sales.

Several years ago some of my clients starting coming up short when they tried to sell there home. Prices had dropped enough that there was no equity left. In the early stages banks were very reluctant to considering doing a short sale. The process was far from uniform and it took very long. The first few short sales took over a year. Since then housing prices have dropped further and banks have experienced a high volume of short sale requests. There has been economic and political pressure for the banks to do more. Now most banks have created some sort of standard process and they have hired more staff.

Over these past few years there have been dramatic changes to the laws and policies concerning short sales and foreclosure. I have dedicated myself to keeping pace with the change. I try to read and follow all the the new programs. Everything from the nationwide foreclosure moratorium that was put in place last fall to mandatory foreclosure mediation imposed by Connecticut court to the government sponsored HAMP & HAFA programs. I have now successfully completed short sales with every major bank and tens of smaller local and regional banks.

If you are having trouble paying your mortgage and you want to learn your options check out my websites or contact me for a free consultation.
www.shortsalect.com
www.milliganrealty.com

You can also read what other satisfied customers have written on my testimonial page.

If you can't afford your house learn your options and make a plan before you burn through your savings!

2011-04-21T08:48:00.000-07:00

There are countless reasons why you may be in financial hardship.Loss of job, reduction in income, divorce, medical issues...Too many people burn through their savings and retirement before they objectively think about there situation.

If you can't afford your monthly mortgage and you don't see a solution in the immediate future than you should be thinking about a plan. You will eventually probably have to move from your home, but the circumstances of how and when you move can vary widely. Ideally you will move on your terms with at least some money left. Many times it is more prudent and self preserving to stop paying your mortgage before you take money from your 401K.

The worst thing that can happen to you is that your home gets foreclosed on and the bank then evicts you. That process takes quite a long time and in Connecticut the bank is legally forced to try to work out a solution other than foreclosure for 60 days. You probably have more time than you think.

For a full analysis of your situation contact a short sale expert. I, Jason Milligan of Milligan Realty .com have dedicated myself to helping people short sale their homes. I do everything and read everything I can to stay current on the changing Real Estate environment we are in. If you are even considering a short sale it is in your best interest to at least have a conversation with me.

You can read what some of the clients I have helped have said: Testimonials.

New Connecticut Short Sale Website

2010-11-14T07:53:00.000-08:00

Check out this new website about Connecticut Short Sales and foreclosure: www.shortsalect.com.
There is some great info and a pile of satisfied customers listed. Below is a short video that appears on the site and talks about some of the options.

Bank of America halts all U.S. foreclosures

2010-10-08T14:06:00.000-07:00

The foreclosure mess threatened to become full-blown chaos Friday as the nation's largest bank, Bank of America halted all foreclosure procedures nationwide, raising the pressure on other lenders to do the same.

Bank of America is the first U.S. bank to institute a nationwide moratorium on foreclosures as anger grows at how lenders have prepared documents to support evictions. The halt on foreclosures will take effect on Saturday and also includes sales of foreclosed property.

This article and video appeared MSNBC: http://www.msnbc.msn.com/id/39575033

In my opinion the more difficult and costly the foreclosure process becomes it will give banks more incentive to authorize Short Sales.

We have been able to successfully help dozens of property owners get out of a bad situation through a short sale. Milligan Realty .com has experience with almost all of the banks and knowing their processes really helps. If you want to learn more about short sales or receive a FREE confidential consultation click here: www.applyshortsale.com

No CT Foreclosures for 60 days!

2010-10-04T09:14:00.000-07:00

Connecticut Attorney General Richard Blumenthal has asked the state Judicial Department to suspend all foreclosures for 60 days while foreclosure practices are investigated. Blumenthal says:

“This freeze should stop a foreclosure steamroller based on defective documents and enable effective remedies. The actions of GMAC/Ally and JP Morgan are inexcusable, a possible fraud on the court undermining the integrity of the legal process and consumers’ ability to fight foreclosures.”

There has been quite a stir recently about the process in which large banks are foreclosing. Several of the large banks including Chase and GMAC have been accused of falsely notarizing documents among other complaints.

With the recent complications and issues surrounding foreclosure it makes it that much more appealing for banks to approves a CT short sale.

We have been able to successfully help dozens of property owners get out of a bad situation through a short sale. Milligan Realty .com has experience with almost all of the banks and knowing their processes really helps. If you want to learn more about short sales or receive a FREE confidential consultation click here: www.applyshortsale.com

Be careful who you hire to do a loan modification, short sale or fight a foreclosure!

2010-09-23T14:22:00.000-07:00

The Department of Banking in CT has gone to great lengths to stop unscrupulous and unqualified people from taking advantage of distressed homeowners and individuals. In order to charge someone to help negotiate any type of debt reduction in CT you need a license. As of September 2010 only 10 companies hold a valid license in CT.

Realtors that represent homeowners in a short sale are not required to get the additional license. For a free confidential consultation contact us. Below I have listed some information about the license requirements that was taken straight from the department of banking website

Debt Negotiation Licensing

Loan Modification, Short Sale or Foreclosure Rescue

Who needs a license?

"Debt negotiation" means, for or with the expectation of a fee, commission or other valuable consideration, assisting a debtor in negotiating or attempting to negotiate on behalf of a debtor the terms of a debtor's obligations with one or more mortgagees or creditors of the debtor, including the negotiation of short sales of residential property or foreclosure rescue services.

Who does not need this license?

Any attorney admitted to the practice of law in this state, when engaged in such practice.
Any bank, out-of-state bank, Connecticut credit union, federal credit union or out-of-state credit union, provided subsidiaries of such institutions other than operating subsidiaries of federal banks and federally-chartered out-of-state banks are not exempt from licensure.
Any person licensed as a debt adjuster pursuant to Sections 36a-655 to 36a-665, inclusive, of the Connecticut General Statutes while performing debt adjuster services.
Any person acting under the order of a court.
Any bona fide nonprofit organization organized under Section 501(c)(3) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time.

Debt Negotiation

Schedule of Maximum Fees

The following are the maximum fees that debt negotiators may charge for their services:

Initial Fee:
A debt negotiator of unsecured debt may charge the debtor a reasonable one-time initial or set-up fee in an amount not to exceed fifty dollars ($50).

Service Fees:
A debt negotiator of unsecured debt may charge a monthly service fee not to exceed eight dollars ($8) for each creditor that is listed in the debt negotiation service contract. The total service fee charged to a debtor may not exceed forty dollars ($40) per month.

Aggregate Fees:
A debt negotiator of unsecured debt may collect total aggregate fees including the initial fee and service fees, not to exceed ten percent (10% ) of the amount by which the consumer’s debt is reduced as part of each settlement as agreed to in the debt negotiation service contract as each settlement is achieved. A debt negotiator may not charge more than ten percent (10%) of the amount by which the consumer’s debt is reduced on the basis that the consumer has entered into a debt negotiation contract for joint obligations of a consumer and a consumer’s spouse or other member of the consumer’s household.

Debt Negotiators of Secured Debt:
A debt negotiator of secured debt, including Short Sales and Foreclosure Rescue Services, may impose a fee upon the mortgagor or debtor for performing debt negotiation services not to exceed five hundred dollars ($500). Such fee shall only be collectable upon the successful completion of all services stated in the debt negotiation service contract. Nothing herein shall prohibit any person from receiving compensation from the mortgagee or its assignees.

MilliganRealty.com - Short Sales

2010-09-10T09:09:00.000-07:00

Check out our new video about short sales. It is intentionally humorous. We understand that facing foreclosure or short sale is serious and painful and in no way mean disrespect.

We have been able to successfully help dozens of property owners get out of a bad situation through a short sale. Milligan Realty .com has experience with almost all of the banks and knowing their processes really helps. If you want to learn more about short sales or receive a FREE confidential consultation click here: www.applyshortsale.com

Bank Foreclosure may happen much faster

2010-09-09T12:55:00.000-07:00

The housing market has changed significantly. The primary driving force behind the changes is foreclosure or the threat of foreclosure. The real estate market has dropped in value across America and pretty much everybody that bought a home 2005 or after owes more than there home is worth. Under normal market conditions if you get into financial trouble you can unload your home and take away a huge part of the problem. When there is no equity because the value has dropped there are fewer options.If you can't afford the monthly payments and you can't sell without having to pay out of pocket there are three basic options: Foreclosure, short sale, and deed in lieu of foreclosure. I have discussed these options in greater detail in other blogs.All three of these options further depress prices and create more properties with zero equity which perpetuates the problem. There are many factors that have made this process move at an unnaturally slow pace. The foreclosures have moved slowly because many states make it hard for banks to foreclose and banks have moved slow because they are not too anxious to own a pile of homes with declining values. This being said there is some recent pressure from Fannie Mae to purge our housing market faster. I found an article that explains Fannie Mae's plans which I have included below.

In my little world in Fairfield County CT I am seeing this manifested on a micro economic scale.Banks have increased the pressure and speed of foreclosure and a byproduct is an increase in short sale listings for me and my office. Banks would often prefer a property be sold short instead of foreclosing and taking ownership. If they own it they need to insure it and manage it and still need to hire a Realtor to sell it. If the property can be sold before foreclosure banks save the costs involved and the sales price of foreclosed homes is usually lower. Right now I have 24 properties listed as short sales and I am listing 2 to 3 new properties per week.If you are a homeowner facing foreclosure it is important to understand all of your options. For a FREE confidential consultation click here. The form is emailed directly to me.

Faster Sales Coming For Foreclosure Buyers

By Peter G. Miller

Foreclosure buyers got a Christmas Eve goodie from Fannie Mae, a new strategy that's likely to make foreclosure purchasing very much quicker. The catch? A bunch of lenders are about to be very unhappy.

Until the recent real estate meltdown, foreclosures were a problem but not too much of a problem. It was not unusual to sell foreclosed properties for the outstanding principal balance, meaning no losses for loan owners, no damages for mortgage insurers and no deficiency claims against owners.

But with the growing number of distressed properties there's now a substantial “foreclosure discount” in most markets. What were once tolerable and controlled losses are today steep and sharp declines that leave lender red ink everywhere. The question for loan owners is this: Is there anyway to make such lender losses smaller?

The answer, as we shall see, turns out to be good news for foreclosure buyers.

Quality Assurance Reviews
When a home is foreclosed one of the first steps taken by lenders and servicers is to figure out what they've got, a process which Fannie Mae calls a quality assurance review. That means getting estimates of value from local real estate brokers and appraisers, listing the property for sale and in some cases fixing up the property to maximize value.

Such steps make a lot of sense, but as they say on late night television: wait, there's more. There's also the little matter of taking another look at the documents used to originate the loan.

In today's mortgage marketplace it typically happens that a loan is originated by a local mortgage broker or lender and then sold on Wall Street, packaged with other loans and used to create a mortgage-backed security (MBS). Loans that are sold must be properly underwritten, an expression which means that all standards established by mortgage buyers such as Fannie Mae and Freddie Mac have been met.

The standards for conventional loans can include such benchmarks as 20 percent down or coverage by a mortgage insurance company, the verification of income and employment, a property appraisal and other measures. This is why mortgage buyers want carefully prepared loan application files and also why borrowers must complete IRS Form 4506, a permission slip of sorts that allows lenders and loan owners to look at borrower tax returns and compare them with income claims — even after the loan has been originated.

This all seems fairly routine except that some loan applications — and maybe more than some — have been below par. As one example, the FHA dropped more than 270 lenders during the past year.

So what happens when a loan application was not properly completed? The originating lender must buy back the loan if the borrower defaults within 120 days.

It might seem as though originating lenders have no liability after four months but that's not quite the case because there's a second rule that can come into play: Lenders must also buy back any loans which are a byproduct of origination fraud, a liability which continues until the loan is completely repaid.

So what is fraud? In basic terms “fraud” is an intentional deception that causes harm to someone else, say a mortgage investor.

Christmas Eve
It wasn't exactly a delivery from Santa, but on Dec. 24 Fannie Mae issued new guidelines for loan originators. Among the new rules was this little gem:

“When Fannie Mae receives an offer to purchase a property that is also subject to an underwriting or servicing review, Fannie Mae may accept the purchase offer without first notifying the servicer, whether or not a final decision has been reached with respect to the review. If, after completion of the review, Fannie Mae determines that the mortgage loan did not meet its eligibility or underwriting requirements and Fannie Mae has incurred a loss by selling the property, the lender will be required to fully reimburse Fannie Mae for its loss.”

Translated into plain language, the Fannie Mae announcement does several things:

·      First, Fannie Mae is going to sell foreclosed properties as quickly as possible to cut inventory costs, even if that means not waiting for mortgage servicers to review sale offers. It should now be quicker and easier to complete a foreclosure sale because it will no longer be necessary to first run everything through clogged servicer review systems.

·      Second, Fannie Mae is reserving the right sell foreclosures first and review loan application files later. Maybe months later. If irregularities are found then Fannie Mae will expect the originating lender to make up any losses.

·      Third, you can quickly expect every other mortgage owner to adopt language similar to Fannie Mae's, thus speeding up foreclosure sales in general.

“Foreclosure sales are likely to move along at a faster clip because of the new Fannie Mae policy,” says Jim Saccacio, Chairman and CEO at RealtyTrac.com, the leading online marketplace for foreclosure properties and data. “But that very same policy also means loan applications are going to be far tougher. To avoid future liabilities mortgage originators will want to verify every dime and dollar claimed by borrowers. That will be irritating to some borrowers, but if the end result is a lending system with less risk then everyone will be ahead.”
____________________

Peter G. Miller is syndicated in more than 100 newspapers and operates the consumer real estate site, OurBroker.com.

Norwalk CT Short Sale new condo listing

2010-09-07T12:00:00.000-07:00

Another short sale listing offered by Jason Milligan, the short sale savior.
If you want to learn more about short selling your home click here: www.applyshortsale.com
You will find information and advice about short selling your home in Fairfield County CT

Jason Milligan | Milligan Realty.com | (203) 849-8100

Van Zant St, Norwalk, CT

2BR/1BA Condo

offered at $229,000

Year Built	1955
Sq Footage	704
Bedrooms	2
Bathrooms	1 full, 0 partial
Floors	4
Parking	Off Street

HOA/Maint	$195 per month

see additional photos below

ADDITIONAL PHOTOS

Photo 1	Photo 1
Photo 2	Photo 3

Contact info:

Jason Milligan

Milligan Realty.com

(203) 849-8100

For sale by agent/broker

www.milliganrealty.com

Short Sale Savior Earns Industry Certifications

2010-06-08T11:34:00.000-07:00

The Real Estate industry is rapidly changing and an ever increasing amount of transactions are short sales or REO / Bank Owned properties. Since much of my business is focused on short sales and otherwise distressed property I thought it was a good idea to take some additional courses.

As of today I have successfully completed online courses and received the following certifictions:
* Equator Platinum Agent Certification
* Equator REO Agent Certification
* Equator Short Sale Agent Certification

Equator is the online system that is used by Bank of America and other lenders to process short sales, foreclosures and bank owned properties.

Norwalk CT New Single Family Short Sale

2010-05-06T12:43:00.000-07:00

Jason Milligan | Milligan Realty.com | 203-849-8100

82 Stuart Ave., Norwalk, CT

Charming colonial w/ many improvements, finished basement, convenient location. W/D excluded from sale. This is a short sale.

5BR/2BA Single Family House

offered at $398,000

Year Built	1929
Sq Footage	1,394
Bedrooms	5
Bathrooms	2 full, 0 partial
Floors	3
Parking	None
Lot Size	4,617 sqft
HOA/Maint	$0 per month

see additional photos below

PROPERTY FEATURES

- Fireplace	- Walk-in closet	- Hardwood floor
- Tile floor	- Family room	- Dining room
- Dishwasher	- Refrigerator	- Stove/Oven
- Microwave	- Attic	- Basement
- Laundry area - inside	- Balcony, Deck, or Patio	- Yard

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

www.milliganrealty.com

Jason Milligan

Milligan Realty.com

203-849-8100

For sale by agent/broker

New Short Sale Listing in Stamford

2010-02-25T08:17:00.000-08:00

The Short Sale Savior is poised to help another homeowner. If you are having trouble paying your mortgage click here. There are options for you. If we can't provide you with the right solution then we can connect with you with someone that can.

Jason Milligan | Milligan Realty.com | jason@milliganrealty.com | 203-849-8100

33 Pony Trail Rd, Stamford, CT

4 Bedroom Stamford Colonial

4BR/2+1BA Single Family House

offered at $899,000

Year Built	1981
Sq Footage	2,884
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	Unspecified
Parking	2 Car garage
Lot Size	111,078 sqft
HOA/Maint	$0 per month

see additional photos below

PROPERTY FEATURES

- Central A/C	- Fireplace	- Walk-in closet
- Family room	- Office/Den	- Dishwasher
- Refrigerator	- Stove/Oven	- Basement
- Washer	- Dryer	- Laundry area - inside
- Balcony, Deck, or Patio	- Swimming pool

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4

Contact info:

Jason Milligan

Milligan Realty.com

jason@milliganrealty.com

203-849-8100

For sale by agent/broker

Short sale is always the answer. Click here to learn the pros and cons.

Mortgage lenders pursue homeowners even after foreclosure

2010-02-07T10:23:00.000-08:00

There are many benefits to a short sale but there are some risks. Make sure you talk to a professional that specializes in short sales to make sure you make the right decisions. You can click here for more information.

The following was an article that appeared on CNNMoney.com.
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?

Wrong.

Former homeowners may still be on the hook if there's a difference between what they owed on their mortgage and what the bank could sell it for at auction. And these "deficiency judgments" are ticking time bombs that can explode years after borrowers lose their homes.

It can even happen to people who got their bank to approve them selling their home for less than it is worth.

Vanessa Corey, for example, short sold her Fredericksburg, Va., home in April 2008. She and her husband built the house in 2004, but setbacks, both personal (divorce) and professional (housing bust), made it impossible for the real estate agent to keep her home. So she negotiated the short sale and thought that was the end of it.
"My understanding was that the deficiency was negotiated away," she said. "Then, last November, I got a letter from a lawyer telling me I owed my lender $65,000. I had to declare bankruptcy. There was no way I could pay it."
Many homeowners are now in the same boat. And not just those who took out bigger loans than they could afford or who did so called "liar loans" where they didn't have to verify their income.
Because of falling home prices, borrowers who always paid their mortgage but who have run into unforeseen circumstances -- like unemployment or a job transfer -- can no longer sell their homes for what they owe. As a result, they are being forced to short sell or foreclose and are getting caught up in deficiency judgments.
"After the banks foreclose, it's very common now to have large deficiencies with houses not worth the balances owed," said Don Lampe, a North Carolina real estate attorney.
Lenders mostly declined comment. Although Corey's lender, BB&T did indicate it was pursuing more deficiency judgments.
"They follow the rise and fall of foreclosures," said the spokeswoman, who would not discuss Corey's account.
Can they come after you?
Whether banks can and will pursue deficiency judgments depends on many factors, including what state the borrower lives in and whether there's a second mortgage or other liens. But if borrowers ignore the possibility of deficiencies, it could haunt them.

"Once they have a judgment, they can pursue you anywhere," said Richard Zaretsky, a board-certified real estate attorney in West Palm Beach, Fla. "They can ask for financial records, have your wages garnished and, if you fail to respond, a judge can put you in jail."
In the case of foreclosure, lenders can pursue deficiencies in more than 30 states, including Florida, New York and Texas, according to the U.S. Foreclosure Network, an organization of mortgage law firms.
Some states, such as California, are "non-recourse" and don't allow deficiency judgments. But, even there, if the original loan was refinanced, some or all of it may be subject to claims.
Deficiency judgments on short sales and deeds-in-lieu can happen in many more places. In these cases, extinguishing the debt is often a matter of negotiating with the bank.
But even when lenders are willing, many borrowers may not be aware that they have to ask for release. So, if you are pursuing a short sale, be sure your attorney asks the bank to release you from any further obligation.
"People shouldn't have a false sense of security that a deficiency judgment may not be later sought," Zaretsky said.

He expects many will be filed over the next few years, based on the fact that banks have sold many of these accounts to collection agencies and other third parties, at discount.
"The parties who bought those notes wouldn't have paid money for them unless they had the intention of acting," Zaretsky said.
Ticking time bomb
What can be scary is that the judgments don't have to be obtained immediately. Lenders or collection agencies may wait until debtors have recovered financially before they swoop in. In Florida, the bank can wait up to five years to file. Once the court grants a judgment, the lender has 20 years there to collect, with interest.
It doesn't have to be a large amount of debt for a lender or collection agency to come after borrowers. Richard Varno and his wife short sold their Nashville home back in 2004 after he lost his job.
It wasn't until 2008, when the second lien holder asked him for $25,000, that he realized he still was liable.

"I told them, 'Hey, you guys released the title,'" he said. "As far as I know, I'm off the hook."
He wasn't. Releasing title does not necessarily end the debt. It's complicated because of variations in state law, but, generally, a mortgage has two parts: a pledge of collateral, represented by the home, and a promise to pay off the loan.
Lenders may release property liens in order to facilitate short sales without releasing borrowers from their obligations to pay under the promissory notes. The secured debt can convert to an unsecured one after the sale.
Zaretsky had one client who was so relieved to have arranged a short sale that he signed every paper his real estate agent shoved at him, even a confession that clearly stated he still owed the debt.
"He had no idea what he was doing," said Zaretsky. "All the lender had to do was go to court to convert the confession into a deficiency judgment."
Lenders are also very inconsistent. One of Zaretsky's short-sale clients was ready, willing and able to pay, but the bank did not even ask; another lender always reserves the right to pursue the deficiency.
Strategic defaults
Sometimes lenders go after borrowers walking away from their homes if they have other assets, according to Florida real estate attorney Larry Tolchinsky.
"Banks are pulling credit reports to see if it's a strategic default," he said. "If you're behind on all your other payments, you're okay. But if you're not, they'll come after you."

If borrowers have any doubts about their risks, they should seek legal advice. Or, at least, call non-profit organizations such as NeighborWorks for advice. According to Doug Robinson, a NeighborWorks spokesman, its counselors always try to negotiate away deficiencies when they facilitate short sales or deeds-in-lieu.

"We don't favor any short-sale contracts that leave any deficiency that can be pursued," he said.

Robinson himself knows what can happen. He paid off a deficiency after his own New Jersey house went through foreclosure 11 years ago.

Article posted at CNNMoney.com
By Les Christie, staff writer , On Wednesday February 3, 2010, 3:21 pm EST

Connecticut mandatory foreclosure mediation-Great for homeowners in foreclosure.

2010-01-18T18:34:00.000-08:00

Connecticut has been one of the more progressive states in protecting homeowners from foreclosure. Before a bank can foreclose on a mortgage in CT it must first try to work out another solution with the homeowner through mediation. It is a little bit redundant because most banks are already trying to find alternatives to foreclosure with out the court mandating it.

As a homeowner facing foreclosure all you need to due is file an appearance with the court. An appearance is a one page form that is included with the foreclosure paperwork the bank sends. Once the appearance is filed it basically buys the homeowner another 60 days to stay in there home. It is a good idea to go through the mediation even if you are working on a loan modification or a short sale.

To be eligible for the mediation the mortgage foreclosure must be filed against homeowners of one to four family, owner-occupied residential property located in the state of Connecticut. The property must also be the primary residence of the homeowner.

The mediation period starts when the court sends notice scheduling the first mediation session. It must conclude within sixty (60) days after the return date for the foreclosure action, but the court may extend the mediation for up to (30) days, or shorten the mediation period.

For further information or advice about short sales in Fairfield County CT click here.

You can also read all about the CT mandatory foreclosure mediation at the State Judicial website

Norwalk CT Short Sale Condo-New Listing

2010-01-12T19:40:00.000-08:00

Another Short Sale. Great opportunity to own is a small cozy complex that is conveniently located near RTE 7.

Jason Milligan | milliganrealty.com | 203-849-8100

57 Plattsville Ave, Norwalk, CT

Newly renovated townhouse.

2BR/1+1BA Townhouse

offered at $249,900

Year Built	1987
Sq Footage	1,204
Bedrooms	2
Bathrooms	1 full, 1 partial
Floors	2
Parking	2

HOA/Maint	$300 per month

DESCRIPTION

This wonderfully renovated townhouse is convenient to Rte. 7, I-95, and the Merritt Parkway. Sits on a quiet cul-de-sac.

see additional photos below

PROPERTY FEATURES

- Walk-in closet	- Hardwood floor	- Living room
- Dining room	- Dishwasher	- Refrigerator
- Stove/Oven	- Granite countertop	- Stainless steel appliances
- Attic	- Washer	- Dryer

OTHER SPECIAL FEATURES

- Crown-molding, hard wood floors downstairs new carpets in br's, freshly painted.

- Ample storage.

ADDITIONAL PHOTOS

Photo 1	Photo 1
Photo 2	Photo 1
Photo 2	Photo 2

Contact info:

Jason Milligan

milliganrealty.com

203-849-8100

Equal Opportunity Housing

Posted: Jan 6, 2010, 8:07am PST

Keys to buying a short Sale

2010-01-04T11:27:00.000-08:00

If you are interested in buying a house that will be a short sale you should be able to get at least 5 to 10% off of full market price. The great thing is that the seller shouldn't care what the ultimate sales price is. The seller only cares about getting released from the mortgage obligation and not coming out of pocket at closing.

The downside to buying a short sale is that it can take a long time. It could take from 90 to 180 days to get to closing depending on which bank(s) are involved. The question is whether the 5 to 10% discount is worth the wait. It is also important that the Realtor representing the seller is very familiar with the short sale process.

The reasons to avoid a potential short sale property are the time it may take and if the listing agent is unfamiliar with the process. Don't let price hold you back from submitting an offer.

Just listed Fairfield CT Short Sale-Beautiful almost new construction

2009-12-30T19:28:00.000-08:00

Jason Milligan | milliganrealty.com | 203-849-8100

Bond Street, Fairfield, CT

5BR/3BA Single Family House

offered at $949,500

Year Built	Unspecified
Sq Footage	3,500
Bedrooms	5
Bathrooms	3 full, 0 partial
Floors	2
Parking	2 Car garage
Lot Size	11,000 sqft
HOA/Maint	$0 per month

see additional photos below

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3

Contact info:

Jason Milligan

milliganrealty.com

203-849-8100

For sale by agent/broker

Equal Opportunity Housing

Luxury homes defaulting at a rapid rate: Is a Short Sale the anwer?

2009-12-22T21:10:00.000-08:00

The poor economy has affected people of all income levels but there has been little help for homeowners with Jumbo mortgages. Homeowners with $1 million-plus mortgages are defaulting at almost twice the U.S. rate and many are turning to short sales.
Roughly 12% of mortgages exceeding $1 million were 90 days or more overdue in September, compared with 6.3 percent on loans less than $250,000 and 7.4 percent on all U.S. mortgages, according to data from First American CoreLogic Inc., a Santa Ana, California-based research firm. The rate of default for mortgages above $1 million was 4.7 percent a year earlier.
Nearly all of the government programs to help borrowers have been designed for the lower end of the market. The $8000 tax credit has spurred activity in starter homes. The Federal Reserve has purchased over a trillion dollars of bonds backed by home loans, which is why fixed rates for conforming loans are under 5%. The Fed purchases haven’t helped the high end of the market because they exclude jumbo loans. Mortgages above the $729,750 limit.
People with large mortgages and big expensive houses have lost their jobs and experienced financial hardship too.
The one huge benefit that helps homeowners of all income levels is the current regulation about dept forgiveness on a primary residence. Under normal circumstances getting debt forgiven is the same as earning income. Until 2012 debt forgiven on a primary residence is not taxable as income.
If you have experienced financial hardship and your mortgage balance is more than the value of your house a short sale is probably the answer. It is typical for us to get the bank to take a $400,000 to $500,000 loss and to completely release the borrower. Banks many times prefer a short sale to the other available options. Click here for a full analysis from a short sale specialist.

Which is most embarrassing: Loan Modification, Short Sale, Foreclosure or Bankruptcy?

2009-12-19T06:39:00.000-08:00

Most of my recent seller clients have been very concerned about what their neighbors and friends will think about their financial distress. Everybody wants to be able to pay their bills. Nobody wants to lose their home. Going through financial trouble is not fun.

Because it is embarrassing to go through financial trouble most people wait too long before reaching out for help. They burn through their savings and max out their credit cards and hope things will turn around soon. Waiting can hurt you. If you make the right decisions early on it will save you money and aggravation.

My advice is if you have a financial hardship to speak to a qualified professional that specializes in this area and can intelligently explain your options. Start with a Real Estate Broker because their advice is free, but you should also talk to an attorney and accountant. Make sure they specialize in foreclosure, bankruptcy, loan modification and short sale. If you are in Fairfield County CT I can refer you to several excellent attorneys and accountants.

I mention 4 situations in the headline all of which can be embarrassing. A loan modification would probably have the least affect on your personal life. Nobody would have to know about it except you and the bank. The only way the public would find out is if you got too far behind on your mortgage payments and a foreclosure action was started. A loan modification can be a great solution if your hardship is relatively small and you will recover quickly. Most banks are making pretty mild concessions if any. If you qualify you can probably get your interest rate lowered for a few years.

A Short Sale could potentially be embarrassing depending on where and how you live and how your property is advertised for sale. With a short sale you always maintain ownership of your home and you are the ultimate seller. The bank will need to agree to take less than they are owed, but you will be the person transferring title to the new owner. If you live in a small community where gossip moves quickly than people will probably find out that you are doing a short sale. If you get too far behind on your mortgage than a foreclosure action will probably start which is part of the public record. You will have to decide if the benefits out weigh the embarrassment. Click here to learn more about short selling your home.

Foreclosure is probably the most embarrassing and provides the least benefits. It is almost as bad for your credit as going bankrupt and provides almost none of the benefits. If your home will have a foreclosure auction then a sign advertising the auction legally must stay in your front yard and it will be published in the newspaper. As soon as the foreclosure is filed it becomes public record and people can see it online and by going to the court house. The one benefit of foreclosure is that you will get out from under the mortgage, but the bank can still pursue you for any shortfall. They can collect from you through wage garnishment or tapping your bank account for up to 6 years.

Bankruptcy is obviously embarrassing. It is public record so anybody looking can find out, but it isn't widely publicized. The benefit is all or most of your debts will be discharged. So if other debts besides your mortgage were causing the most damage it may be possible to save your house and reinstate the mortgage and even potentially modify it. The down side is your credit is affected negatively for 7 years. If you keep your house though you may not need your credit and most of your friends and neighbors may not find out.

Every situation is different and it makes sense to talk to professionals that know all of these options well and can explain all of the benefits and issues. The sooner you get advice the better. There are steps you can take early on that will save you money and aggravation.

Bank of America is still terrible but they are trying to improve

2009-12-16T09:16:00.001-08:00

Bank of America has recently hired a company to outsource their short sales. Hooray! You need to use the new 9 digit account number they have assigned. The original account numbers will not work in the new system.

I can't speak from experience yet, but I will soon submit my first short sale through the new process. I will keep everyone posted.

Sellers keep in mind your hardship should be for one of the following reasons: Unemployment, excessive use of credit, curtailment of income, payment adjustment, illness of borrower, illness in family, death in family, marital difficulties, loss of renters/tenants.

Click here to Short Sell your home.

Norwalk CT Short Sale Condo

2009-12-14T08:06:00.000-08:00

If you or anyone you know is in the market for a condo in Norwalk CT this one to take a look at.

Jason Milligan | milliganrealty.com | 203-849-8100

267 W. Cedar St., Norwalk, CT

SHORT SALE!

2BR/1BA Condo

offered at $249,500

Year Built	1982
Sq Footage	1,115
Bedrooms	2
Bathrooms	1 full, 0 partial
Floors	1
Parking	1 Car garage
Lot Size	Unspecified
HOA/Maint	$250 per month

DESCRIPTION

This well maintained condo is a short sale. All offers subject to bank approval. Excellent condition, move-in ready.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Family room
- Dining room	- Dishwasher	- Refrigerator
- Stove/Oven	- Washer	- Dryer
- Balcony, Deck, or Patio

COMMUNITY FEATURES

- Garage parking

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3	Photo 4
Photo 5	Photo 6

Contact info:

Jason Milligan

milliganrealty.com

203-849-8100

For sale by agent/broker

Equal Opportunity Housing

If you have had a hardship and can't afford it-Stop paying your mortgage!

2009-12-11T09:37:00.000-08:00

If you believe the banks are to blame for our current crises than it stands to reason that they deserve to lose money now. Many homeowners have decided to stop paying their mortgage bills and listed their house as a short sale. If the bank accepts a short sale and releases you from any further obligation than it's a financially smart move.

Short selling your home and getting the bank to take the loss is a great deal for the homeowner. You can walk away from the debt and usually live for free for a few months. You can save the money you would otherwise use to pay your mortgage and use it later to pay for the next place to live. It is not necessarily good for society in general but it is certainly nice for you.

If the banks are allowing it and it would help your situation than why not take advantage of this short sale opportunity. Policy or regulation may change that makes it much more difficult to stiff the bank in the future. Right now you can do it and a lot of people are.

Click here to find out if it makes sense for you: Short Sell My Home!?

Fairfield County CT only: Norwalk, New Canaan, Darien, Stamford, Greenwich, Wilton, Westport, Weston, Ridgefield, Fairfield, Easton, Trumbull, Newtown etc

Successful New Canaan Short Sale

2009-12-10T10:32:00.000-08:00

The Short Sale Savior succeeds again! Property just closed in New Canaan CT. Jason Milligan of Milligan Realty .com just got a bank to accept a more than a $300,000 shortfall and completely released the seller from future obligation.

Is a short sale right for you? Click here to find out.

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