Short Sale Tip of The Week 7-29-09

Posted on 30. Jul, 2009 by ctlms in Short Sale, foreclosure

Loan Modifications...So what's the deal?

We have heard a lot about loan modifications in the news this year.  The government has come out with a litany of new programs aimed at helping struggling homeowners to avoid foreclosure.

However the numbers so far do not show a stem to the foreclosure crisis.  In the first half of this year there have been more than 1.9 Million foreclosure fillings nationwide.

Part of the reason these programs are not working as desired is that they were developed by Congress not mortgage professionals.  The programs are Pass or Fail type  programs.  The mortgage servicer enters in some data about the homeowner and the system says yes or no.  That's it, there is no manual underwriting averrable for these programs.  If the income is too high or to low, you fail.  If you debts are too high or too low, you fail.

The other reason for the lack of results is that only Fannie Mae and Freddie Mac are the only investors that the Government can dictate these guidelines to.  Additionally any banks that took TARP money have to participate.  But this has obviously not been enough so far.

The good news is that there is the "Old School" way of doing loan mods that  complete bypasses these programs and has had a much higher likelihood of success for many years.  Loan mods are nothing new, they are just more publicized now then they ever were before.

As a real estate professional you are likely one of the first people on of your past clients will call when they are in trouble with their house.  As much as making a commission is important, helping the client should be first priority.  If they want to, and can afford to save their home, we all should do whatever we can to help them.  You could never have a better referral source than a homeowner you helped stay in their home when they were struggling.

My company can offer this service to your clients well as as the short sale processing services we provide.  We have aligned ourselves with the nations top loan modification service.  We can let your client know within 24-48 hours if they fit the qualifications for a loan mod.  If they do not, then you probably have a new short sale listing on your hands and we can help there to.

Either way you have looked after the best interests of your clients, and they will thank you for it.

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As always Visit the Ask The Expert Page to leave your questions or contact me directly if you need immediate assistance at sean@ctlms.com or visit www.CTLMS.com

Your Short Sale Stories From The Field

Posted on 22. Jul, 2009 by ctlms in Short Sale, foreclosure

What are your short sale stories?

I want to hear from you!

This week I want to have an open discussion on what experiences you are having or have had with short sales and properties facing foreclosure.

Click on the link at the bottom of this post to add your own experiences.

Be sure to hit on the facts of the situation such as the bank it was with, the amount owed and the sales price or your suggested sales price, and if it closed and how long it took.

Let's hear your success stories and your pains.

Have you done a short sale?  Let us know.

If you have not done a short sale...let us know that.

If you have avoided short sales let us know that to.

Whatever is on your mind

Let's make this blog thread as long as possbile.

Post Away!

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As always Visit the Ask The Expert Page to leave your questions or contact me directly if you need immediate assistance at sean@ctlms.com or visit www.CTLMS.com