– You have probably heard that short sales have a reputation for taking a long time. In addition, they can drag on even longer if the paperwork isn’t submitted to the lender in a timely manner.

When the Stop Foreclosure Institute first started doing short sales, we were hesitant to submit anything to the lender until we had a 100% complete package.

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

That caused the short sales to drag out a lot longer. After a little while, we learned to submit the paperwork as quickly as possible to the lender.

It usually takes 30 to 60 days for the lender to assign a negotiator to the file. That gives us plenty of time to track down any missing paperwork.

We realized that we were wasting time if we waited 30 days until everything was perfect and then submitted the file. There is a common myth that you shouldn’t submit short sale paperwork until it is 100% complete.

Let me explain why that myth just isn’t true. A lot of lender have different special forms they wanted filled out specifically for them.

“Oh, you need the buyer and seller to sign the ABC Bank Contract Addendum”, the short sale negotiator tells us. Besides, most short sale negotiators want things done certain a way.

Because of this it is almost impossible to put together a 100% perfect short sale file that will have exactly the way the lender wants it. So make sure your agent submits your file quickly and follows up with the short sale negotiator to see if anything is needed.

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– Most homeowners negotiating a loan modification are not amazing negotiators. After all, it’s not the job of every American to be a great negotiator.

America is built on hard work and treating people fair. Most stores offer products at a good, fair price. The price is the price. If you do not like it, then do not buy it.

But, do not kid yourself on loan modification negotiators. The lenders teach them how to negotiate. They train them to do everything they can to squeeze as much money out of you as possible.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The supervisors tell them that if it means not modifying the loan, then go ahead and do what you need to do. Do not modify their loan. Here is a trick they use to avoid having to modify your loan.

They tell you that you have to catch up all or part of the back payments before they will approve the loan modification. It’s a trap.

Every single dime you pay them before starting negotiations is a dime lost. You cannot use that dime as part of your negotiations. They already have your money.

If you pay them all the back payments, they will not be as motivated to modify your loan. That is why I recommend that you hold onto every single penny you can until you get a signed modification agreement.

That way if the modification is not approved you can use the money for something else. Maybe you could use it as a down payment on a rental. Either way, at least you have your options open.

We offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute Loan Modification Insider Secrets Guide.

* An easy to understand, Step By Step Guidebook.

* How to write a Hardship Letter that gets your loan modification approved.

* Three big loan modification mistakes and how to avoid them.

* Loan Modification from the lenders point of view.

* How the Making Home Affordable Program can help you.

* What not to do so you do not risk being carted off to jail.

* How to calculate your budget properly to increase your chance of success.

To request this kit, please click here to request a copy.

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– Here is another common loan modification mistake that many homeowners make. They accept a very short term payment agreement that is not a loan modification.

They could have gotten a real modification, but settled for whatever the lender recommended to them. They settled for what is called forbearance. Here’s how it works.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

A forbearance does not reduce your payments. It doesn’t reduce your back payments, or reduces them very little. The lender just allows you to catch up on all the debt over a set time period.

You start paying your normal payments again. In addition, you also have to pay extra every month to catch up the back payments.

Many homeowners are so desperate to keep their home that they agree to this. It is the first thing recommended by their lender and they just accept it.

In most cases, the homeowner could have received a real loan modification with genuine relief. In some cases this is good for the homeowner.

They didn’t experience a big drop in income and can afford the payment. But, if their income was reduced, then they are setting themselves up for failure. Why?

Many lenders have a policy that they won’t negotiate a loan modification with someone who has already defaulted on a forbearance or loan modification.

No, they won’t admit this in public. And it usually isn’t a written policy. They just simply put people asking for a new modification on the back burner.

The bottom line: Don’t accept a forbearance unless you can afford the payments. If you do accept it and later default, then you are putting yourself at a much higher risk of losing your home.

We offer a loan modification guide to consumers. Here is what we cover in the Stop Foreclosure Institute’s Loan Modification Insider Secrets Guide.

* An easy to understand, Step By Step Guidebook.

* How to write a Hardship Letter that gets your loan modification approved.

* Three big loan modification mistakes and how to avoid them.

* Loan Modification from the lenders point of view.

* How the Making Home Affordable Program can help you.

* What not to do so you don’t risk being carted off to jail.

* How to calculate your budget properly to increase your chance of success.

To request this kit, please click here to request a copy.
********
TAKE ACTION NOW. Get a copy, at no cost, of my informative eBook “Fight Foreclosure” go to: TheForeclosureProcess.org.

Thinking about a short sale? I can help you do a short sale of your property and never pay the bank another penny. Send me an e-mail at Leilani@LeilaniRealty.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this and please take advantage of the many ideas. Leilani Darling.

Leilani is a Real Estate Broker at California Elite Real Estate

Leilani@LeilaniRealty.com.

Many Solutions for your Many Needs

View homes for sale and an abundance of additional
information: www.CaliforniaEliteRealEstate.com.

Leilani Darling specializes in foreclosure suggestions, loan modification assistance tips and short sales in So Cal and the Inland Empire including the Riverside, San Bernardino and Palm Springs California areas. Redlands Short Sale Realtor. Effective Short Sales Realtor. Short Sales. Realtor, California Short Sale Process. Short Sale vs Foreclosure in California.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
IMPORTANT NOTICE
Leilani Darling, California Elite Real Estate, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape or form with the government. Our services have not been reviewed, endorsed or approved by the government or your lender. This is not intended as legal, technical, or tax advice. We know that avoiding foreclosure is important to any homeowner, so please speak with a licensed professional before making any decisions. Information here is deemed reliable but not guaranteed as of the date of writing.
Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. However, if you accept our offer to help you on a short sale, your lender may not agree to a short sale. Likewise with loan modification, it takes work and persistence on your part to convince your lender to modify your loan and there is no guarantee that you will get a loan modification. We do offer help with a loan modification kit at no cost. If you do receive a loan modification or a short sale, you have the option to reject the offer if it does not meet your approval. There are no fees for our services. The only fee that Leilani Darling would receive is her normal real estate sales commission if a short sale closes.
The views expressed here are Darling’s personal views and do not reflect the views of California Elite Real Estate.com. All our information is provided as a courtesy to our viewers to help them make informed decisions.

– Does it annoy you when you hear a large national bank’s hold music tell you that they care about their customers?

Their hold music sings their praises: “We are (Insert the name of your bank) appreciate your business. We offer the best customer service in an effort to earn your business. If you ever feel we are not upholding the standard of excellence in customer service, then please let us know.”

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

Arrrrggggghhhhh!!!!! What a put off! If you have ever negotiated a short sale or loan modification with a large lender, then you will understand what I am talking about.

They all talk the talk, but they don’t walk the walk. Excuse me, but waiting on hold for 30 minutes does not count for excellent customer service.

Losing my short sale paperwork for the tenth time doesn’t qualify either. Nor do the loan mod horror stories I hear from sellers who have finally given up. Banks, please get your act together!

Fortunately, we can still get short sales approved, despite the bad customer service. This causes some agents to avoid short sales, but it doesn’t stop us.

********
TAKE ACTION NOW. Get a copy, at no cost, of my informative eBook “Fight Foreclosure” go to: TheForeclosureProcess.org.

Thinking about a loan modification? Our Loan Modification Kit has suggestions you can use to get a loan modification approved with your lender. Click here to request a copy.

Thinking about a short sale? I can help you do a short sale of your property and never pay the bank another penny. Send me an e-mail at Leilani@LeilaniRealty.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this and please take advantage of the many ideas. Leilani Darling.

Leilani is a Real Estate Broker at California Elite Real Estate

Leilani@LeilaniRealty.com.

Many Solutions for your Many Needs

View homes for sale and an abundance of additional
information: www.CaliforniaEliteRealEstate.com.

Leilani Darling specializes in foreclosure suggestions, loan modification assistance tips and short sales in So Cal and the Inland Empire including the Riverside, San Bernardino and Palm Springs California areas. Redlands Short Sale Realtor. Effective Short Sales Realtor. Short Sales. Realtor, California Short Sale Process. Short Sale vs Foreclosure in California.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
IMPORTANT NOTICE
Leilani Darling, California Elite Real Estate, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape or form with the government. Our services have not been reviewed, endorsed or approved by the government or your lender. This is not intended as legal, technical, or tax advice. We know that avoiding foreclosure is important to any homeowner, so please speak with a licensed professional before making any decisions. Information here is deemed reliable but not guaranteed as of the date of writing.
Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. However, if you accept our offer to help you on a short sale, your lender may not agree to a short sale. Likewise with loan modification, it takes work and persistence on your part to convince your lender to modify your loan and there is no guarantee that you will get a loan modification. We do offer help with a loan modification kit at no cost. If you do receive a loan modification or a short sale, you have the option to reject the offer if it does not meet your approval. There are no fees for our services. The only fee that Leilani Darling would receive is her normal real estate sales commission if a short sale closes.
The views expressed here are Darling’s personal views and do not reflect the views of California Elite Real Estate.com. All our information is provided as a courtesy to our viewers to help them make informed decisions.

– When you do a short sale real estate agents will be bringing buyers to look at your home.

If you want to sell your home so you can move on with your life, then it needs to show well. Here are a few tips.

1. Open the blinds and curtains. Bring in as much outside light as possible. Most showings happen during the day, whether during the week or on the weekend.

Turn on as many lights as possible. Buyers want to buy an open and bright home. They don’t want a “cave.”

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

Sure, they might turn the home into a “cave” after they buy it. They might have the blinds closed most of the time. They might install curtains and block natural light from coming into the house. However, that doesn’t mean they want to buy a “cave.” Yes, I know it does not make sense. I guess it’s just human nature at work.

2. Your home should be clean, tidy, and well groomed. Fix anything that doesn’t look right. Keep the kitchen counters clean and clear of clutter. If you have young children, keep the toys neatly stored away. Keep the landscape well groomed. Add some flowers. Put new mulch in the front beds.

3. If you have a good sense for decorating, then decorate! Make your decorating neutral enough that most people will like it. If you have an empty room, then rent some furniture and put it in there.

Buyers have a hard time imagining if their furniture will fit in a room. They usually think that they need more room than they actually do. If they can see furniture already there, then it helps bridge that gap. They can see for themselves that their furniture will fit.

4. Get the carpets cleaned. If your carpet is old and you can’t afford to replace it, hire a good steam cleaner. Ask someone who manages an apartment complex for a referral. Most apartment complexes know a carpet cleaner that can get the so called “impossible stains” out of carpet.

********
TAKE ACTION NOW. Get a copy, at no cost, of my informative eBook “Fight Foreclosure” go to: TheForeclosureProcess.org.

Thinking about a loan modification? Our Loan Modification Kit has suggestions you can use to get a loan modification approved with your lender. Click here to request a copy.

Thinking about a short sale? I can help you do a short sale of your property and never pay the bank another penny. Send me an e-mail at Leilani@LeilaniRealty.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this and please take advantage of the many ideas. Leilani Darling.

Leilani is a Real Estate Broker at California Elite Real Estate

Leilani@LeilaniRealty.com.

Many Solutions for your Many Needs

View homes for sale and an abundance of additional
information: www.CaliforniaEliteRealEstate.com.

Leilani Darling specializes in foreclosure suggestions, loan modification assistance tips and short sales in So Cal and the Inland Empire including the Riverside, San Bernardino and Palm Springs California areas. Redlands Short Sale Realtor. Effective Short Sales Realtor. Short Sales. Realtor, California Short Sale Process. Short Sale vs Foreclosure in California.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
IMPORTANT NOTICE
Leilani Darling, California Elite Real Estate, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape or form with the government. Our services have not been reviewed, endorsed or approved by the government or your lender. This is not intended as legal, technical, or tax advice. We know that avoiding foreclosure is important to any homeowner, so please speak with a licensed professional before making any decisions. Information here is deemed reliable but not guaranteed as of the date of writing.
Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. However, if you accept our offer to help you on a short sale, your lender may not agree to a short sale. Likewise with loan modification, it takes work and persistence on your part to convince your lender to modify your loan and there is no guarantee that you will get a loan modification. We do offer help with a loan modification kit at no cost. If you do receive a loan modification or a short sale, you have the option to reject the offer if it does not meet your approval. There are no fees for our services. The only fee that Leilani Darling would receive is her normal real estate sales commission if a short sale closes.
The views expressed here are Darling’s personal views and do not reflect the views of California Elite Real Estate.com. All our information is provided as a courtesy to our viewers to help them make informed decisions.

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

CREDIT CARD ISSUES – 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 away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value.

The most commons unsecured debt is a credit card. When you stop paying them, they usually call you nonstop. The reason is because they don’t have any other way to collect from you.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

They can’t come get your car or take your house. So, they make up for that by blowing up your phone with harassing calls. In addition, they use deceptive tricks to get you to pay them.

For example, there are Federal Laws that regulate what they can do or say. They aren’t allowed to threaten to sue you, but then not follow thru and actually file suit.

To get around this rule, they will use language that sounds legal, but isn’t. In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O’Brien to make it sound like they were a law firm.

They would then leave messages on people’s answering machines. They would say they were with the office of Hoffman, Weinberg & O’Brien and then say they may resort to future legal action. In addition, they would reference case number 8306042.

If you didn’t know any better, you would think the case number was for an actual lawsuit against you. That is scary. Don’t you agree?

Most credit card accounts never sue (despite the constant threats.) Even when they do sue and get a judgment, they rarely ever attempt to garnish wages.

A lot of judgments expire without getting paid. But, a lot of them get paid off when a person’s income increases, or that person sells a valuable asset such as a house.

SHORT SALES CAN SEEM LIKE LONG SALES. It might seem like the process takes a long time. Some short sales only take a few months. Before you know it you are moving out of your house and onto the next place.

However, some short sales will take a lot longer. We have some files that we have been working on for a year or even longer.

It’s not the end of the world. Just stay put and keep on saving the money you would be using for rent. In most cases the short sale will eventually be approved and you can move on with your life.

Your lender may attempt to collect money from you when they aren’t legally entitled to do so. We have heard several stories of some lenders asking for a promissory note when the state the property was in did not allow the lender to pursue the homeowner after a short sale.

The stories in question were for short sales of properties in California and Washington. Don’t sign a promissory note a lender sends you after a short sale when you are in a non-recourse state.

Talk to a lawyer to see if you are obligated to repay the debt. You could probably get out of repaying it if you tried.

**********
TAKE ACTION NOW. Get a copy, at no cost, of my informative eBook “Fight Foreclosure” go to: TheForeclosureProcess.org.

Thinking about a loan modification? Our Loan Modification Kit has suggestions you can use to get a loan modification approved with your lender. Click here to request a copy.

Thinking about a short sale? I can help you do a short sale of your property and never pay the bank another penny. Send me an e-mail at Leilani@LeilaniRealty.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this and please take advantage of the many ideas. Leilani Darling.

Leilani is a Real Estate Broker at California Elite Real Estate

Leilani@LeilaniRealty.com.

Many Solutions for your Many Needs

View homes for sale and an abundance of additional
information: www.CaliforniaEliteRealEstate.com.

Leilani Darling specializes in foreclosure suggestions, loan modification assistance tips and short sales in So Cal and the Inland Empire including the Riverside, San Bernardino and Palm Springs California areas. Redlands Short Sale Realtor. Effective Short Sales Realtor. Short Sales. Realtor, California Short Sale Process. Short Sale vs Foreclosure in California.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
IMPORTANT NOTICE
Leilani Darling, California Elite Real Estate, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape or form with the government. Our services have not been reviewed, endorsed or approved by the government or your lender. This is not intended as legal, technical, or tax advice. We know that avoiding foreclosure is important to any homeowner, so please speak with a licensed professional before making any decisions. Information here is deemed reliable but not guaranteed as of the date of writing.
Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. However, if you accept our offer to help you on a short sale, your lender may not agree to a short sale. Likewise with loan modification, it takes work and persistence on your part to convince your lender to modify your loan and there is no guarantee that you will get a loan modification. We do offer help with a loan modification kit at no cost. If you do receive a loan modification or a short sale, you have the option to reject the offer if it does not meet your approval. There are no fees for our services. The only fee that Leilani Darling would receive is her normal real estate sales commission if a short sale closes.
The views expressed here are Darling’s personal views and do not reflect the views of California Elite Real Estate.com. All our information is provided as a courtesy to our viewers to help them make informed decisions.

– The Stop Foreclosure Institute recently received a question from Albert. “I am behind on my payments and thinking of just letting my home go into foreclosure. What does that do to the neighborhood?” he asked.

Here is our answer to his question. It does hurt the neighborhood. But, it also hurts you.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Most banks do not do a good job of processing and handling foreclosures. They often take 12-18 months to foreclosure on a house and then they take more time to list and sell it.

In the meantime the bank does little to maintain the home and that of course has a negative impact on the neighborhood. I estimate that roughly half of the properties in foreclosure have never even been checked on by the lender.

It has gotten so bad that one homeowner even started up a website to report on these banks. The website is called LenderOffender.com

Here is an example of one of the homes on the site.

58557 Sun Valley Blvd, Goshen IN 46528

The home was probably posted by one of the neighbors. Here is what they said about it on the site:

“Sheriff sold 4/25/09 to IndyMac Bank. Neighbors have now given up mowing the property. People have either been squating or visiting the house through open doors.

IndyMac refuses to talk to neighbors and refers us to Elkhart County who says IndyMac owns property outright. County will mow and fine at least once, but won’t keep mowing.

Property not up for sale. Thanks for being such a horrible and unresponsive neighbor IndyMac. Shame on you. ”

In my opinion these banks are not being responsible with these properties. The biggest problem is that Uncle Sam usually takes the fall for any loss. Uncle Sam does this by guaranteeing them against loss on many mortgages. Or in other cases, Uncle Sam has already bought the defaulted loan from the bank.

The homes eventually sell for a discount after the foreclosure. No home buyer is going to pay full market value for a home that needs repairs!

The banks have little incentive to check on these properties. Fortunately you can help.

A beneficial alternative is to stay in your home. Keep it looking good and everything in good order. Then, before it gets close to a trustee sale date, put it up for sale as a short sale. That will help protect the property values in your neighborhood.

There are many benefits to the homeowner to doing a short sale rather than letting the house go into foreclosure. See other posts about this issue.

**********
TAKE ACTION NOW. Get a copy, at no cost, of my informative eBook “Fight Foreclosure” go to: TheForeclosureProcess.org.

Thinking about a loan modification? Our Loan Modification Kit has suggestions you can use to get a loan modification approved with your lender. Click here to request a copy.

Thinking about a short sale? I can help you do a short sale of your property and never pay the bank another penny. Send me an e-mail at Leilani@LeilaniRealty.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this and please take advantage of the many ideas. Leilani Darling.

Leilani is a Real Estate Broker at California Elite Real Estate

Leilani@LeilaniRealty.com.

Many Solutions for your Many Needs

View homes for sale and an abundance of additional
information: www.CaliforniaEliteRealEstate.com.

Leilani Darling specializes in foreclosure suggestions, loan modification assistance tips and short sales in the Inland Empire including the Riverside, San Bernardino and Palm Springs California areas. Redlands Short Sale Realtor. Effective Short Sales Realtor. Short Sales. Realtor, California Short Sale Process. Short Sale vs Foreclosure in California.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
IMPORTANT NOTICE
Leilani Darling, California Elite Real Estate, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape or form with the government. Our services have not been reviewed, endorsed or approved by the government or your lender. This is not intended as legal, technical, or tax advice. We know that avoiding foreclosure is important to any homeowner, so please speak with a licensed professional before making any decisions. Information here is deemed reliable but not guaranteed as of the date of writing.
Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. However, if you accept our offer to help you on a short sale, your lender may not agree to a short sale. Likewise with loan modification, it takes work and persistence on your part to convince your lender to modify your loan and there is no guarantee that you will get a loan modification. We do offer help with a loan modification kit at no cost. If you do receive a loan modification or a short sale, you have the option to reject the offer if it does not meet your approval. There are no fees for our services. The only fee that Leilani Darling would receive is her normal real estate sales commission if a short sale closes.
The views expressed here are Darling’s personal views and do not reflect the views of California Elite Real Estate.com. All our information is provided as a courtesy to our viewers to help them make informed decisions.

– If you are reading this blog, then you must be researching a short sale. Which means that you are probably upside down on the home. You have three options.

Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the home to your lender.

Option #2: Rent the property. This is a good way to earn some extra money. However, if you are upside down, then it is more than likely that the rent will not cover the mortgage. That means someone will have to write a check each month covering the loss.

Option #3: Short Sale the house and get the debt wiped out. A short sale offers the following benefits over a foreclosure.

Issue: Can I get a Future Fannie Mae Loan?

Foreclosure: The current Fannie Mae Guidelines require you to wait 5-7 years before you can buy another home with a Fannie Mae Loan if you have a foreclosure on your record. Most other banks and lenders have the same or even stricter procedures.

Short Sale: However, if are back on your feet 2 years after the short sale, then Fannie Mae guidelines allow you to get a loan from them.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Issue: Can I get a future loan from any mortgage company?

Foreclosure: Any future application will require you to answer the question, “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” You will have to answer that question yes if there was a foreclosure.

Short Sale: You can state “No” because you short sold your home. You only have to say yes if the bank completes the foreclosure.

Issue: Credit Score Impact.

Foreclosure: Your score is typically lowered by 250 to 300 points, or even more. This often stays on your credit score for over 3 years.

Short Sale: Only the late payments show up. After a short sale, the mortgage is normally reported as “paid in full, settled.” This lowers your score as little as 50 points if all other payments are being made. Oftentimes, this is off your credit report in as little as 12 months.

Issue: Will I owe the bank any money for the shortfall?

Foreclosure: Many lenders take 12-18 months to foreclose upon a property and resell it. This dramatically increases the loss for the bank and makes any deficiency judgment potentially bigger.

Short Sale: Very few lenders ask for a promissory note on a short sale. However, here is an example if they do: on one short sale, the bank lost over $120,000. They settled with the seller for $25,000 to be repaid over 15 years with zero interest. The seller’s monthly payment was only $138.89. You can often even negotiate and have the promissory note waived. In California, under most circumstances, the bank would not be asking for a promissory note.

**********
To get a copy, at no cost, of my informative eBook “Fight Foreclosure” go to: TheForeclosureProcess.org.

Thinking about a loan modification? Our Loan Modification Kit has suggestions you can use to get a loan modification approved with your lender. Click here to request a copy.

Thinking about how to short sale? I can help you to do a short sale of your property and never pay the bank another penny. Send me an e-mail at Leilani@LeilaniRealty.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this and please take advantage of the many ideas. Leilani Darling.

Leilani is a Real Estate Broker at California Elite Real Estate

Leilani@LeilaniRealty.com.

Many Solutions for your Many Needs

View homes for sale and an abundance of additional
information: www.CaliforniaEliteRealEstate.com.

Leilani Darling specializes in foreclosure suggestions, loan modification assistance tips and short sales in the Inland Empire including the Riverside, San Bernardino and Palm Springs California areas. Redlands Short Sale Realtor. Effective Short Sales Realtor. Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
IMPORTANT NOTICE
Leilani Darling, California Elite Real Estate, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape or form with the government. Our services have not been reviewed, endorsed or approved by the government or your lender. This is not intended as legal, technical, or tax advice. We know that avoiding foreclosure is important to any homeowner, so please speak with a licensed professional before making any decisions. Information here is deemed reliable but not guaranteed as of the date of writing.
Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. However, if you accept our offer to help you on a short sale, your lender may not agree to a short sale. Likewise with loan modification, it takes work and persistence on your part to convince your lender to modify your loan and there is no guarantee that you will get a loan modification. We do offer help with a loan modification kit at no cost. If you do receive a loan modification or a short sale, you have the option to reject the offer if it does not meet your approval. There are no fees for our services. The only fee that Leilani Darling would receive is her normal real estate sales commission if a short sale closes.
The views expressed here are Darling’s personal views and do not reflect the views of California Elite Real Estate.com. All our information is provided as a courtesy to our viewers to help them make informed decisions.

- Recently, we recently talked to an agent about her short sale listing. (Some of the details have been changed to hide her identity.) She had been working on this short sale for 6-8 months with no success. The original buyer offered $265,000 for the house.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

The short sale failed because the two lenders could not agree on a settlement. The house ended up selling eight months later for $220,000. Why did the short sale lenders reject the $265,000 offer, only to later have the house sell for $45,000 less?

Because the real estate agent negotiating with the short sale lenders did not know what they were doing. Here is what happened.

The first mortgage lender was owed $289,000. The 2nd mortgage lender was Bank of America. B of A was owed $60,000. The agent submitted the $265,00 short sale offer to both mortgages holders. The first mortgage gave an approval in a month. However, Bank of America never gave the agent an approval. Why?

Here is the problem. Bank of America has no incentive to put time into working with this short sale file. Why? Because the first mortgage holder only offered B of A $1,000. In a short sale, most 2nds will get a minimum of $3,000, and often 10% of whatever they are owed.

The first mortgage was greedy and wouldn’t offer more than $1,000 to Bank of America. As a result, the first mortgage holder lost $45,000 when the house finally sold as an bank owned REO many months later. Was that a smart business decision?

No. That’s a big loss for the first mortgage holder. To be honest, I would be embarrassed if I was that banker.

Here is what this agent should have done. She should have convinced the first mortgage to give Bank of America the typical $3,000 minimum to $6,000 (10% of the $60,000 2nd mortgage). Bank of America would have accepted the offer with more money. The short sale would have closed.

The short sale failed and the house went into foreclosure. The first mortgage holder ended up losing a lot more money than just paying a few thousand more dollars to the B of A.
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To get a copy, at no cost, of my informative eBook “Fight Foreclosure” go to: TheForeclosureProcess.org.

Thinking about a loan modification? Our Loan Modification Kit has suggestions you can use to get a loan modification approved with your lender. Click here to request a copy.

Thinking about how to short sale? I can help you to do a short sale of your property and never pay the bank another penny. Send me an e-mail at Leilani@LeilaniRealty.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this and please take advantage of the many ideas. Leilani Darling.

Leilani is a Real Estate Broker at California Elite Real Estate

Leilani@LeilaniRealty.com.

Many Solutions for your Many Needs

View homes for sale and an abundance of additional
information: www.CaliforniaEliteRealEstate.com.

Leilani Darling specializes in foreclosure suggestions, loan modification assistance tips and short sales in the Inland Empire including the Riverside, San Bernardino and Palm Springs California areas. Redlands Short Sale Realtor. Effective Short Sales Realtor. Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
IMPORTANT NOTICE
Leilani Darling, California Elite Real Estate, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape or form with the government. Our services have not been reviewed, endorsed or approved by the government or your lender. This is not intended as legal, technical, or tax advice. We know that avoiding foreclosure is important to any homeowner, so please speak with a licensed professional before making any decisions. Information here is deemed reliable but not guaranteed as of the date of writing.
Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. However, if you accept our offer to help you on a short sale, your lender may not agree to a short sale. Likewise with loan modification, it takes work and persistence on your part to convince your lender to modify your loan and there is no guarantee that you will get a loan modification. We do offer help with a loan modification kit at no cost. If you do receive a loan modification or a short sale, you have the option to reject the offer if it does not meet your approval. There are no fees for our services. The only fee that Leilani Darling would receive is her normal real estate sales commission if a short sale closes.
The views expressed here are Darling’s personal views and do not reflect the views of California Elite Real Estate.com. All our information is provided as a courtesy to our viewers to help them make informed decisions.

– Frustration. Another sale failed. Short Sales can be very frustrating. Ask anyone who has negotiated a short sale with a lender and they will tell you the process is tough and complex. This story illustrates the point.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

You are negotiating a short sale with a lender. You call in and talk to a someone in a call center overseas. They are very helpful and give you the fax number for the short sale paperwork.

You fax the short sale package. A few day later you call in to follow up. (Most lenders systems take a few days to process the paperwork.)

They tell you that they have no record of having received your paperwork. “That is pathetic. I sent it to this fax number. Can you confirm that is the right number?” you ask them.

They say, “No, that is not the correct fax number. Here is the correct fax number.” This is why simple follow up is so important if you want a chance at a successful short sale.

Small mistakes like this happen all the time. Let’s say you have asked an agent to help you do a short sale. You find out later that this agent is not familiar with the process. Do you think they will become frustrated after experiencing all the mistakes compounded together?

I think so. To have the best chance at success, your agent needs to follow up on the short sale twice a week. Most agents don’t do this. As a result, they aren’t successful at short sales.

That’s why you hear them say the following. “I hate short sales. They are so frustrating. They take forever. Most of mine have dragged out for 9-12 months. The short sale lenders are so tough to work with.”

Why can’t these agents follow up on their short sale file twice a week? Because they don’t specialize in short sales. Your short sale is just one of eight other things they are working on. A buyer comes to town for a week to buy a home. The agent is busy driving them all over town that week. They don’t have time to follow up on your file.

They are burned out next week and take a few days off. They get back to work on Wednesday. Wednesday thru Friday are consumed with catching up on everything else. They have to call back three other sellers, show homes to another buyer, and follow up on their closings. They don’t follow up on your file until the next week, etc.

What chance does your short sale have? Everyone knows focus is the key to success. I have chosen to focus on short sales. Because of this, my short sale sellers know that I and my team will handle their file properly.

**********
To get a copy, at no cost, of my informative eBook “Fight Foreclosure” go to: TheForeclosureProcess.org.

Thinking about a loan modification? Our Loan Modification Kit has suggestions you can use to get a loan modification approved with your lender. Click here to request a copy.

Thinking about how to short sale? I can help you to do a short sale of your property and never pay the bank another penny. Send me an e-mail at Leilani@LeilaniRealty.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this and please take advantage of the many ideas. Leilani Darling.

Leilani is a Real Estate Broker at California Elite Real Estate

Leilani@LeilaniRealty.com.

Many Solutions for your Many Needs

View homes for sale and an abundance of additional
information: www.CaliforniaEliteRealEstate.com.

Leilani Darling specializes in foreclosure suggestions, loan modification assistance tips and short sales in the Inland Empire including the Riverside, San Bernardino and Palm Springs California areas. Redlands Short Sale Realtor. Effective Short Sales Realtor. Short Sales. Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved.
IMPORTANT NOTICE
Leilani Darling, California Elite Real Estate, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape or form with the government. Our services have not been reviewed, endorsed or approved by the government or your lender. This is not intended as legal, technical, or tax advice. We know that avoiding foreclosure is important to any homeowner, so please speak with a licensed professional before making any decisions. Information here is deemed reliable but not guaranteed as of the date of writing.
Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. However, if you accept our offer to help you on a short sale, your lender may not agree to a short sale. Likewise with loan modification, it takes work and persistence on your part to convince your lender to modify your loan and there is no guarantee that you will get a loan modification. We do offer help with a loan modification kit at no cost. If you do receive a loan modification or a short sale, you have the option to reject the offer if it does not meet your approval. There are no fees for our services. The only fee that Leilani Darling would receive is her normal real estate sales commission if a short sale closes.
The views expressed here are Darling’s personal views and do not reflect the views of California Elite Real Estate.com. All our information is provided as a courtesy to our viewers to help them make informed decisions.