Success with Countrywide-- Short Sale APPROVED!

I normally don't list our successes-- we've had the fortune of getting approvals on most of our short sales, but this one bears mentioning!

Our clients approached Countrywide requesting a loan modification about 18 months ago. They were denied. We put the house up for a short sale and shortly after had an offer to present Countrywide. It was a decent offer. They sat on that offer for five months and then closed the file for lack of response from the mortgage insurer.

A few months after that file was closed we had a new ($25,000 less) purchase agreement and after four(!!) additional months we finally have full approval.

Because we have worked steadily and aggressively on this file the seller (and Countrywide) avoided a sheriff sale. Now if only we could motivate that banks to act upon these promptly--- Countrywide could have saved a TON of money (not just the $25k that this purchase agreement netted them-- but also lost interest revenue, time spent with negotiators, tax expenses and more).

Don't get me wrong---- I am thrilled to get the approval!

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Attn Twin Cities Residents Loan Modification Help Still FREE!

Just a reminder, my team and I are still helping Twin Cities residents with free loan modifications. Here's what we do, we send you an authorization form, a finanical form and a list of financial back up required. After we recieve that information from you, we submit a completed package to your mortgage lender. They we follow up with them over their review process (can be more than 60 days) until they make a decision on your file.

We will do this for free! And a loan modification should always be your first attempt at saving your house!

Email me now to get started!

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Second Mortgages getting STICKY!

I have said it before but so many people haven't heard it. If you have a second mortgage and go through foreclosure in Minnesota--- that second mortgage is not gone. It has detached from the property but now it wants to attach to you!

In order to get rid of the second mortgage you need to settle with them in some way or file bankruptcy. I think on of the best ways is through a short sale. The first mortgage will allow the second mortgage something in the negoiation and you may have to agree to pay the second some addition money (oftne in a romissory note) but you know where you stand with that second mortgage.

If you do nothing and go through the full foreclosure, the second has a right to place a defiency jdgement against you. With that type of judgement, they can garnish wages, tax returns etc...

Be proactive! If you have questions or want to talk to me personally call me at 612-701-7965 or email me anytime. As always, no cost or obligation!

Check out my other posts on second mortgages:
http://helpwithforeclosure.blogspot.com/2009/08/second-mortgages-getting-sticky.html
http://helpwithforeclosure.blogspot.com/2008/12/promissory-notes-and-second-mortgages.html
http://helpwithforeclosure.blogspot.com/2008/12/second-mortgages-getting-harder-to-deal.html
http://helpwithforeclosure.blogspot.com/2008/08/is-bremer-bank-bully-you-decide.html
http://helpwithforeclosure.blogspot.com/2008/06/my-second-mortgage-is-chasing-me-or.html
http://helpwithforeclosure.blogspot.com/2008/02/have-you-been-using-your-home-equity.html
http://helpwithforeclosure.blogspot.com/2008/01/what-happens-to-second-mortgage-during.html

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In case you need to hear it again, SHORT SALES benefit ALL!

The Washington Times recently had a cover story on how short sales help buyers AND sellers. In case you needed to hear it from in impartial source, you can read it here!

Let me just add, short sales don't just help the buyers and sellers, they help our entire economy! Banks are able to liquidate losses months or years before they would otherwise have the opportunity and niehgborhoods are able to retain better home values than if the property went through full foreclosure.

Short sales are not an easy answer. Sometimes they don't work out and they require a TON of patience from all involved. But for now, they are the best answer we have to the foreclosure crisis.

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Why Strategic foreclosure is dead (almost)...

It wasn't so long ago that it was easy to buy a house and let your other house go into foreclosure. The term for this is Strategic Foreclosure.

Lenders have wised-up! (This seems to be one of the few areas on which they have wised-up!) Now most lenders are requiring 6 months of reserves for both properties or a substantial amount of equity in the current property before they will allow the purchase of an additional.

There are other options. If you truly can't afford where you're at... consider short sale-ing and purchasing contract for deed. There are also a small number of private lenders that are willing to lend to homeowners who have done short sales because of a short term financial "blip".

Read my other post on Strategic foreclosure:
http://helpwithforeclosure.blogspot.com/2008/08/strategic-foreclosure-is-it-your-plan.html

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Even the Simpsons are in foreclosure!

You know it's bad when even Homer and Marge face foreclosure!

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Are you feeling confident? Are things getting better yet?

All the recent talk in the media about recovery doesn't match with what I am seeing and I am wondering how you're feeling.

I am still seeing lay-offs and job cuts, people I know are still nervous about losing jobs, hours and pay. I am still getting calls from people everyday who are struggling and don't think they can make it (don't forget you can email me for help!).

Post a comment and tell us all what you're seeing or send me an email... I want to hear from you what's really going on!

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