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

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.

. . . → Read More: Don’t Accept A Promissory Note When You Short Sale Your Northeast OH Home

A Few Disadvantages Of A Northeast OH Short Sale

Northeast OH – There are some disadvantages of a short sale. But, remember how much a short sale would save you over a foreclosure.

A short sale allows you to buy another home 2-4 years sooner and you avoid paying 2-4 years of rent. That would enable you to pay off your house 2-4 . . . → Read More: A Few Disadvantages Of A Northeast OH Short Sale

Northeast OH Short Sales: My Ex Is Short Selling. What Can I Do?

Northeast OH – The Stop Foreclosure Institute recently received a question from Tom about short sales. Here was Tom’s Question.

“My Ex-wife decided to Short Sell our former house. Unfortunately we both signed the mortgage when we bought the house together. I think that means I am still liable for the debt.

She got . . . → Read More: Northeast OH Short Sales: My Ex Is Short Selling. What Can I Do?

Northeast OH Short Sales: How To Negotiate Away Promissory Notes

Northeast OH – If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.

Today’s blog post talks about how to convince the lender to waive it.

Discover how other sellers successfully did a short sale to . . . → Read More: Northeast OH Short Sales: How To Negotiate Away Promissory Notes

Northeast Ohio Short Sales: How To Convince A Lender To Waive A Promissory Note

Northeast OH – Some lenders are very stubborn about collecting what they feel they are “rightfully owed.”

These lenders are usually a lender that you originally got the loan from. A good example is a credit union loan, or a small community bank.

Another common type is loans that were granted with Private . . . → Read More: Northeast Ohio Short Sales: How To Convince A Lender To Waive A Promissory Note

North Eastern Ohio Luxury Home Short Sale Takes a Long Time To Sell?

One thing I love about luxury home short sales is that they typically sell quickly. However I consider my self a consultant who’s main job is not just to sell my clients home but to actually put my clients in a better situation. . . . → Read More: North Eastern Ohio Luxury Home Short Sale Takes a Long Time To Sell?

Will the forgiven money on a short sale be reported to the IRS as income?

One of the most common concerns that sellers have when we discuss working with them to do a short sale on their home is:

Will I be taxed on my the forgiven debt from my Ohio short sale? Call Andy with more questions or to get your home sold on a short sale. . . . → Read More: Will the forgiven money on a short sale be reported to the IRS as income?

Bank of America to get it's act together

In 2009 Bank of America was one of the worst of the worst lenders to do a short sale with.  No professional  wanted to work a short sale with them because if you were lucky you could get a short sale done in 6 months and that only with a lot of follow up and . . . → Read More: Bank of America to get it's act together