http://www.dsnews.com/articles/lenders-that-sell-short-sales-faster-and-for-less-according-to-realtytrac-2012-04-20

Fannie Mae and Freddie Mac lead the pack in terms of expedient short sales.  About 193 days on average.  On the other end of the spectrum is Bank of America which Averages about 404 days.  Again, keep in mind those numbers are nationwide averages.   My office has executed short sales in less than 90 days .  That said, most of the time it’s to the homeowners advantage to prolong the short sale process.

Why?  Because it’s rent free living.  Short sales are only approved by the bank when someone is in default.  I’m certainly not advocating a “strategic default” as the term has been coined.  Rather  I’m illustrating the facts of the matter.

Short sale is one of our (Property Solutions and Investments) core competencies.  It’s one of four finite alternatives that all homeowners who are facing foreclosure can pursue.  (I bet you did not know that everyone has four choices which will prevent foreclosure did you?)

A few things about how our office differentiates ourselves from other firms as it relates to the Short Sale process.  1) There will never be a FOR SALE sign on your lawn.  2) There will never be an open house.  3) We are absolute experts in controlling the foreclosure sale date in tandem with the short sale.  4) We have cash investors and therefore we can often create a lease back agreement (and sometimes a lease back to own agreement) with the homeowners.  This allows the family to remain in the home and not deal with the stress and costs of moving.

If you would like to better understand if a short sale is an option for you to consider, or you would like a no obligation consultation with respect to this or any other Foreclosure Prevention strategy; call our office at 877 416 7767

• Does the foreclosure consultant I’m thinking of doing business with have a Certificate of Registration from the Attorney General’s Office?
• Are they Bonded?
• Do they Charge an upfront Fee? It’s illegal for any foreclosure consultant to take money before the work that was agreed upon is complete

If you would like to better understand what the five courses of action associated with foreclosure prevention are or you would like a no obligation consultation with respect to this or any of our services; call our office at 877 416 7767.

$17 Billion DOLLARS…wow!…Think again.

Divide that $17 Billion by 850,000 and the quotient is about $2000.00 per home owner.  Considering approximately 11 Million homes are underwater in the United States (Source:  IBtimes.com, November 29^th 2011) that $17 Billion is a drop in the bucket.  Will this proposed settlement have any effect on foreclosure prevention?  Not a bit.  Most states including California (which has not yet agreed to participate in the settlement) are non-judicial states. This simply means that the as long as a home owner has defaulted on 3 months of payments, then the bank has the right to foreclose.  It is therefore incumbent to upon the homeowner to prove otherwise in a courtroom.

If you would like to better understand how this proposed settlement may apply to your scenario, or you would like a no obligation consultation with respect to this or any other Foreclosure Prevention strategy; call our office at 877 416 7767

Chapter 7 Bankruptcy:  This is primarily for non-secured debt (credit cards for example).  Filing of a Chapter 7 will put a short term “STAY” (Postponement) on foreclosure proceedings, but the stay will be removed in approximately 1 to 3 months.

Chapter 13 Bankruptcy:  Chapter 13 Bankruptcy is essentially a debt restructuring plan, and will place an indefinite STAY on foreclosure proceedings during the repayment plan, but it needs to be affirmed by both a judge and the trustee for the creditors.  Many people won’t qualify for a Chapter 13 because they don’t meet the requisite Debt to Income requirements.   If you want to determine if you meet the minimum criteria, go on line and look for the “Means Test”.

Skeleton / Ghost Bankruptcy:  These two terms are used to describe the filing of the initial paper work (which will put a short term stay on the foreclosure proceedings) but the home owner has no intention of going through with the entire Bankruptcy process.  There are a few problems with this.  The first of which is that you are filing a court document under false pretense.  The second is that if you have standing for a true legal course of action such as a law suit against your bank, then filing a Bankruptcy may preclude you from litigation.  At the very least it will delay your ability to file suit against the bank.  I’ve seen this tactic create more harm than good when the end goal is Foreclosure Prevention, so make sure you look at all the variables and time frames.

I’ve you’d like a no obligation consultation with respect to this or any other Foreclosure Prevention strategy; call our office at 877 416 7767

Let’s start with Loan Modifications.  First of, it’s important to understand that between 2007 and 2009 Loan Modification approvals where much more prevalent.  That is primarily attributed to the fact that demand for loan modifications were not that high (relative to today’s environment).  In 2007 there were approximately 500,000 foreclosures nationwide.  In 20011 that number will top out at about 1.8 Million.  When you consider approximately 75% of all home owners in foreclosure apply for a loan modification, the math works out to about 113,00 new and unique persons applying for a modification each month.  That. compounded with the fact that many of the applicants are destined for denial from day one; it’s easy to understand why the approval rate for modification is only 2%.   Of that 2%, almost none result in a principal reduction. My point is not to discourage a home owner from applying for a modification; it’s simply to set your expectation appropriately.

So how does all of this related to Foreclosure Prevention?  Ultimately it’s a delay tactic.  Once you submit your application, make sure you ask your modification liaison from the bank to request a postponement of the foreclosure.  If the foreclosure department at the bank approves the postponement, they (the bank) will then need to notify the TRUSTEE of the postponement.  Typically they postpone on a rolling 30 day basis.  Considering a modification decision can easily take 6 months or longer, this process can be a good short term delay mechanism.  But again, the big picture message is to have a back of plan.  Consider a modification to be your lottery ticket.  It would be great if it happens, but don’t rely on it.

If you’d like a personal consolation on this topic as it relates to your short terms needs and long terms goals you can call our main number at 877 416 7767 and make sure to ask for a Foreclosure Prevention Specialist.