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A Ninth Common Northeast OH Short Sale Myth: A Deed In Lieu is not a foreclosure and therefore does not harm my credit like a foreclosure would

Northeast OH – A Deed-In-Lieu is often called a “friendly foreclosure.” A Deed-In-Lieu is basically the foreclosure equivalent of a plea bargain.

The biggest beneficiary of a Deed-In-Lieu is the bank. They get a faster, easier foreclosure. But, what do you, the homeowner, get?

Click here to discover how other sellers successfully did a . . . → Read More: A Ninth Common Northeast OH Short Sale Myth: A Deed In Lieu is not a foreclosure and therefore does not harm my credit like a foreclosure would

Northeast OH Short Sales: How Does A Deed In Lieu Affect My Credit?

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

“I am behind on my payments and my bank recently started the foreclosure process. I received something in the mail about a “deed in lieu of foreclosure.” What is that and how does it affect my credit? . . . → Read More: Northeast OH Short Sales: How Does A Deed In Lieu Affect My Credit?

Northeast OH Short Sales: Drawbacks To Bank Of America's New Short Sale Program

Northeast OH – Despite the fact that the Cooperative short sale may help the borrower leave the home without some of the negative aspects of a foreclosure, it has its drawbacks that you may need to consider before you decide to explore this option. Below are some of the drawbacks:

Click here to discover . . . → Read More: Northeast OH Short Sales: Drawbacks To Bank Of America’s New Short Sale Program

Northeast OhioShort Sales: What options do we have if getting divorced and neither can afford?

Northeast OH – If you are in this, or a similar situation, my advice would be that you sell the house. Now, if you are reading this blog, then you must be investigating a short sale.

Which means that you probably owe more than your home is worth. You have three options.

Option #1: . . . → Read More: Northeast Ohio Short Sales: What options do we have if getting divorced and neither can afford?

Fannie Mae and Freddie Mac have their own version of HAFA

Need to do a Fannie Mae short sale on your Rocky River Ohio home? Call 216-324-6637.

Deadline for HAFA compliance for both Freddie Mac and Fannie Mae servicers is August, 1st 2010.

America’s favorite Government Sponsored Enterprises (GSE)Fannie Mae and Freddie Mac recently announced their own version of Home Affordable Foreclosure . . . → Read More: Fannie Mae and Freddie Mac have their own version of HAFA

Live in your house for free?

This article discusses a plan by Citi to allow you to live in your home for free for up to 6 months before you just give back your home.  Their are some stipulations but it is quite a good deal and according to this news source they will actually waive the balance owed when . . . → Read More: Live in your house for free?