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Northeast OH Short Sale Help: Having Financial Problems? Tell Debt Collectors To "Get Lost"

Northeast OH – Most of the short sale sellers that we help are selling this home because of financial problems. They can’t afford the payments and sell their home to avoid foreclosure.

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

Because of this I am very familiar . . . → Read More: Northeast OH Short Sale Help: Having Financial Problems? Tell Debt Collectors To “Get Lost”

Will My Lender Sue Me After A Northeast OH Short Sale?

Northeast OH – Many people are concerned about a potential lawsuit after a short sale.

Many people ask us, “My lender just lost $150,000. Aren’t thing going to be angry that they are losing that much money? Won’t they sue me?”

Click here to discover how other sellers successfully did a short sale and . . . → Read More: Will My Lender Sue Me After A Northeast OH Short Sale?

It Isn't Likely Your Lender Will Collect Any More Money From You After A Northeast OH Short Sale

Northeast OH – Many homeowners considering a short sale are concerned about a deficiency. “Will I be forced to repay my bank for the $150,000 they lost”, they ask me.

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

The good news is that most homeowners are able . . . → Read More: It Isn’t Likely Your Lender Will Collect Any More Money From You After A Northeast OH Short Sale

How To Solve The Most Common USA Short Sale Problem

Northeast OH – Short Sales where two or more mortgages are involved are the trickiest. Both mortgage companies are losing a lot of money.

They both think that they are entitled to the proceeds of the sale. This is the most common short sale problem. Today we’ll give you an example of how we . . . → Read More: How To Solve The Most Common USA Short Sale Problem

A Common Northeast OH Loan Mod Mistake

Northeast OH – The Stop Foreclosure Institute recently received a question from a person attempting a loan modification on their home. Here was their question.

“I have a first mortgage for $197,000. That was my original loan from when I bought my home. I borrowed $250,000 on a second mortgage for a remodel.

My . . . → Read More: A Common Northeast OH Loan Mod Mistake

Northeast OH Short Sales: How To Look At A Short Sale From The Lender’s Perspective

 

Northeast OH – The Stop Foreclosure Institute received a few responses from yesterday’s blog post. Most of the questions went something like this.

“I think a lender would be stupid to approve an investment property short sale for a wealthy person. If I was the lender I would sue them for the loss. . . . → Read More: Northeast OH Short Sales: How To Look At A Short Sale From The Lender’s Perspective

What you can expect during and after the Northeast Ohio Short Sale Process

Northeast OH – Here are a few things you should not be surprised to see crop up during the short sale process.

Unscruplous Debt Collection Tactics. If you are facing financial hardship, then paying credit cards and other unsecured debts is your lowest priority. An unsecured debt is a debt where they can’t take . . . → Read More: What you can expect during and after the Northeast Ohio Short Sale Process

How to find the right HAMP monthly mortgage payment ratio

There is incentive to show a lower income because then the modification waterfall can be applied to lower you payment to a 31% of that lower income. However you to be careful. You may need to include other household income not directly paid to a borrower of the loan in order to meet the minimum amount necessary to pass the Net Present Value (NPV) test. I will discuss the net present value test in more detail however one unfortunate problem with that test is that different lenders have discretion in how this test is applied. So you need to make sure that you don’t show a gross household your income so low that a corresponding HAMP eligible payment would cause the NPV test to fail. . . . → Read More: How to find the right HAMP monthly mortgage payment ratio