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Northeast OH Short Sales: So How Does The Mortgage Forgiveness Debt Relief Act Help You?

Northeast OH – In our last blog post we explained that the Mortgage Forgiveness Debt Relief Act does not automatically release you from your mortgage debt after a short sale.

So, what does this law cover? What does it do? I’ll answer that question today.

Click here to discover how other sellers successfully did . . . → Read More: Northeast OH Short Sales: So How Does The Mortgage Forgiveness Debt Relief Act Help You?

Northeast OH Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency

Northeast OH – I recently heard another so-called short sale expert say that the Federal Mortgage Forgiveness Debt Relief Act made it so that everyone gets to short sale with no deficiency

The unfortunate news is that this is not true. In some state, state law forbids the lenders from attempting to collect from . . . → Read More: Northeast OH Short Sale Myth: The Mortgage Forgiveness Law Means That Everyone Gets To Short Sale With No Deficiency

Will I Owe A Deficiency On A Northeast OH Short Sale If I Have A USDA Loan?

Northeast OH – Another common type of loan that does not usually have a deficiency is a USDA loan. The USDA loan program was created to make it easier for people that lived in rural areas to buy their own home.

Click here to discover how other sellers successfully did a short sale and . . . → Read More: Will I Owe A Deficiency On A Northeast OH Short Sale If I Have A USDA Loan?

Why Northeast OH Loan Modifications Are Bad: Family Rents Bigger House For $550 Less Than Old Home

Northeast OH – It’s sad that the banks aren’t willing to give anyone a principal reduction. The banks reasoning is that if they start granting principal reductions, then every single upside down homeowner will want one.

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

As a result . . . → Read More: Why Northeast OH Loan Modifications Are Bad: Family Rents Bigger House For $550 Less Than Old Home

Why A Northeast OH Short Sale Is The Best Alternative To Get Out From Under An Upside Down Mortgage

Northeast OH – Are you upside down on your mortgage? Try this. Sit down and run the numbers. How much will your upside down mortgage cost you over the next 30 years?

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

Let’s say a homeowner bought a house . . . → Read More: Why A Northeast OH Short Sale Is The Best Alternative To Get Out From Under An Upside Down Mortgage

An Eighth Common Northeast OH Short Sale Myth: I Can Erase Any Deficiency On My Upside Down Home By Simply Declaring Bankruptcy

Northeast OH – A lot of people incorrectly think that bankruptcy is a “Get Out Of Jail Free” card. Yes, bankruptcy does not help a lot of people get back on their feet.

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

However, it is not a “Get . . . → Read More: An Eighth Common Northeast OH Short Sale Myth: I Can Erase Any Deficiency On My Upside Down Home By Simply Declaring Bankruptcy

A Sixth Common Northeast OH Short Sale Myth: Banks Accept Short Sales Because Foreclosure Auctions Bring Much Less Money

Northeast OH – I’m writing a series in response to a number of big misconceptions I saw on a personal finance website online.

I don’t know if the personal finance write either didn’t know about short sales and was pretending to be an expert, or they were being fed bad information.

It could have . . . → Read More: A Sixth Common Northeast OH Short Sale Myth: Banks Accept Short Sales Because Foreclosure Auctions Bring Much Less Money

Northeast OH Short Sales: Even With The Tight Rental Market It Is Still Often Cheaper To Short Sale And Rent

Northeast OH – In most areas the rental market is very tight. Rental prices have been increasing because so many people are losing their home to foreclosure.

But, what is still surprising is that in most cases it is still cheaper to rent than own an upside down home. See, home prices have dropped . . . → Read More: Northeast OH Short Sales: Even With The Tight Rental Market It Is Still Often Cheaper To Short Sale And Rent

Northeast OH Short Sales: How do I benefit from a Short Sale?

Northeast OH – The Stop Foreclosure Institute is closing another short sale tomorrow. The sellers had a job transfer out of state. They were short selling an FHA loan with a second mortgage. The short sale was fairly simple because FHA’s short sale guidelines.

Click here to discover how other sellers successfully did a short . . . → Read More: Northeast OH Short Sales: How do I benefit from a Short Sale?

Northeast OH Short Sales: A technique to make short sales easier

Northeast OH – I read an interesting book. The author talked about persistence and how it helps you be successful. He told a story about phoning a call center.

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

The first person he talked to told him that he couldn’t . . . → Read More: Northeast OH Short Sales: A technique to make short sales easier