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Northeast OH Short Sale Question: Can I short sell my house and rent from the new owner?

Northeast OH – The Stop Foreclosure Institute recently received a question from Roberta. Here was her question.

“A company has talked to me about short selling my home to them and they will then rent it back to me. They will allow me to buy it from them after my credit is repaired a . . . → Read More: Northeast OH Short Sale Question: Can I short sell my house and rent from the new owner?

Northeast OH Short Sales: Good News On Bank of America Short Sales

Northeast OH – Bank of America is rolling out a new short sale program that will provide the quickest route to a short sale decision.

The bank came up with this programs to help ensure that homeowners are able to explore all their options and avoid foreclosure.

This program, named the Bank of America . . . → Read More: Northeast OH Short Sales: Good News On Bank of America Short Sales

Northeast OH Short Sales: What Else Goes Into a Hardship Letter?

Northeast OH – You should put every little thing you have to show that your situation is real and that you cannot afford to make your mortgage payment.

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

Use numbers and percentages to explain the loss your of income or . . . → Read More: Northeast OH Short Sales: What Else Goes Into a Hardship Letter?

Northeast OH Short Sales: The Basics Behind a Hardship Letter

Northeast OH– When I interview sellers who want to short sale in my area, I ask them to describe their hardship.

Agents who do a lot of short sales can sometimes become a little insensitive because we are focused on the statistics. For instance, when a seller says she is getting divorced, it’s possible . . . → Read More: Northeast OH Short Sales: The Basics Behind a Hardship Letter

Northeast OH Short Sale Question: I am current on my mortgage; will my lender consider a Short Sale?

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

“I am current on my mortgage with X Bank (one of the top 4 US banks.) However, I would like to short sale and move for my new job.

I am current on my mortgage. Will my lender . . . → Read More: Northeast OH Short Sale Question: I am current on my mortgage; will my lender consider a Short Sale?

Northeast OH Short Sales: How To Keep Your Home With A Forbearance Agreement

Northeast OH – With a forbearance agreement, your bank agrees to hold back on its legal right to exercise foreclosure on you. They do this by coming up with a plan to bring you current on your mortgage payments after giving you some kind of a breather period.

Click here to discover how other sellers . . . → Read More: Northeast OH Short Sales: How To Keep Your Home With A Forbearance Agreement

Northeast OH Short Sale Highlights

Northeast OH – A short sale is often viewed as the only alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower.

By doing a short sale, you will retain some dignity in knowing that you sold your home and you will have no mortgage payments to make.

Click . . . → Read More: Northeast OH Short Sale Highlights

How Does A Northeast OH Short Sale Affect My Credit?

Northeast OH – A successful short sale helps the seller to avoid any credit damage that could be brought about by a foreclosure.

Such damage is not something to admire as it may take a minimum of seven years for someone before it goes off your credit report. That is why is it best to . . . → Read More: How Does A Northeast OH Short Sale Affect My Credit?

Northeast OH Short Sales: Mistakes To Avoid When Facing Foreclosure

Northeast OH – Mistake #1: Deeding your property to a third party without confirming that your debt has been paid off. 

Deeding your house to someone else is one way to avoid foreclosure. However, there are some things you need to do before you make a decision to deed your house to someone else . . . → Read More: Northeast OH Short Sales: Mistakes To Avoid When Facing Foreclosure

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