A.  If you don’t know where to turn for reliable answers or need to sort through your options, turn to these experts for advice:

1. Your REALTOR^® can determine the current value of your home and review your options if you owe more than the home is worth.  Knowledgeable agents can also explain more about government programs available today.
2. A Foreclosure Counselor will help you evaluate your current financial situation by reviewing your monthly expenses and income.  They can also identify assistance programs and serve as an advocate with your bank, free of charge.
3. A Tax Expert may be needed if you decide to do a short sale or deed in lieu of foreclosure as forgiveness of debt is sometimes considered taxable income.
4. A Credit Counselor can help develop a plan to avoid future financial difficulty and work to repair your credit score if you’ve already missed payments.
5. An Attorney can help if your lender has filed a foreclosure lawsuit.  They can review the lender’s paperwork and see if the loan servicing company made a mistake in applying payments or assessing fees.

If you have any questions, or need capable and trustworthy representation, please call me Randy Harris at 262-844-1900.

Here is the answer. It’s neither good nor bad. In fact, I don’t think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie Mac, or Wall Street.

James’s loan was more than likely packaged up and sold off. I asked him who his original lender was. He said it was a company called First Magnus. (First Magnus declared bankruptcy in 2007 and was afterwards closed.)

The Stop Foreclosure Institute has negotiated short sales on loans that were originally with First Magnus. The last one was sold to a large Wall Street Firm and securitized.

That means James’s loan could be owned by anyone. More than likely it is owned by Fannie Mae or Freddie Mac. If not, then it was probably sold to a Wall Street Firm.

The owner of the loan hired CitiFinancial to act as their front man. That means Citi collected the payments, handled escrows and accounting, and manages debt collections and foreclosures.

More than likely Nationstar did not buy the loan. Instead whoever owns the loan hired them to act as the front man instead of Citi.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (262) 844-1900.

Thanks for reading this, Randy Harris.

Randy is a Real Estate Agent at Realty Executives Integrity.

Lake County to Lake Shore



Randy Harris specializes in loan modification assistance and short sales in Milwaukee Wisconsin. Milwaukee Loan Modification Help, Milwaukee Short Sales. Milwaukee Short Sale Realtor Short Sale Realtor. Milwaukee WI Short Sales. Milwaukee Realtor.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here are four ways that you can reduce the deficiency amount on your short sale.

1. Negotiate with the lender. Many lenders will settle for substantially less than what they are owed. For example, we have seen lenders settle for as low as 10 cents on the dollar. In one case, the lender lost over $100,000 on a short sale. They settled with the home owner for a $10,000 promissory note to be repaid over 10 years with zero interest. Lenders will reduce the amount to settle for over time. They know that the longer they go without being paid, then the less likely it is they will ever be repaid at all. They agree to settle because they know that something is better than nothing.

2. Declare Bankruptcy. If your bankruptcy is approved, then you may be able to have all of the debt erased in a Chapter 7 Bankruptcy. The problem is that not everyone qualifies for bankruptcy. The bankruptcy laws were changed in 2005 and made it much harder for the average American to qualify for bankruptcy. Talk to a bankruptcy lawyer to see if you qualify. You may not meet the Bankruptcy “Means Test.”

3. Hire a good attorney. Find a good attorney that specializes in defending consumers from collections. Your attorney may be able to find a loophole in the law that makes the debt invalid. Be careful that you find a lawyer that specializes in this category of the law. You don’t want to pay an attorney to learn on your dime. There are a lot of great lawyers that can help you.

4. Fight the lender’s collections on your own. This is much easier when you genuinely do not have the money to pay. Many people are just scraping by. Every dime they make is being used towards paying rent, car payments, utilities, and food for your family. Most states will not allow a creditor to take food out of your mouth. You can check with a good attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at Randy@HarrisTeamHomes.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. Or, if you prefer, you can call me at (262) 844-1900 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Milwaukee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Randy Harris. Randy is a Real Estate Agent at Realty Executives Integrity. Milwaukee Short Sales Realtor: Phone: (262) 844-1900. Randy@HarrisTeamHomes.com. Lake County to Lake Shore View My homes for sale at http://www.Milwaukee-Short-Sale.com. Randy Harris specializes in loan modification assistance and short sales in Milwaukee Wisconsin. Milwaukee Loan Modification Help, Milwaukee Short Sales. Milwaukee Short Sale Realtor Milwaukee WI Short Sales. Milwaukee Realtor.

Here are several tips for homeowners looking to hire a knowledgeable and trustworthy home improvement contractor:

• Don’t pay in full up front. Only make a final payment when the work is completed.
• A written contract is your right as a consumer. Always obtain a written proposal, including a cost estimate.
• Seek proof of your contractor’s license and insurance. You are well within your right as a consumer to insist on seeing proof that your potential contractor is legally operational.
• Obtain recommendations. Use established and well-recommended contractors. Consider how long the company has been in business and how many service and installation technicians they have at their disposal.
• An award-winning company is more trustworthy. A company that has won industry awards is confident enough to be in the spotlight. If the company welcomes the scrutiny that comes with an award selection process, it is likely they have upstanding business practices.
• Research your contractor with a consumer-friendly third party. Check out the company with your city or county, or opt for a contractor who is affiliated with the Better Business Bureau or local Chambers. Researching the company online is also a cost effective way to gather background information.
• Consider the company’s hiring policies. Do they drug test and background check employees before hiring them-and continue random tests?
• Plan for emergencies. It is important to know that the company is available nights and weekends with customer service representatives and technicians to handle any service calls or emergencies.

One of the most common questions we are asked is…what are our 2012 housing predictions.

Your best way at predicting the future is looking at the present. Specifically, what is happening nationally with housing now.

Lets review the facts:

* Foreclosures made up roughly one-third of all home sales this spring. While that’s a smaller share of sales from the previous quarter, it’s six times the percentage of foreclosures in a healthy housing market.

* Foreclosure sales, which include homes purchased after they received a notice of default or that were repossessed by lenders, accounted for 31 percent of the market in the April-June quarter, foreclosure listing firm RealtyTrac Inc. The share of the market would likely have been larger this spring if not for a state and federal investigation into faulty paperwork by banks and servicers. The probe has led many banks to delay foreclosure sales. Once that is complete, foreclosures will likely surge later this year.

* As a percentage of all home purchases, foreclosure sales peaked two years ago at 37.4 percent. In the second quarter, they declined from 36 percent in the January-March 2011 period. Its important to understand that the number of foreclosure sales occurring isn’t due to an overall decrease in distressed property. Fewer foreclosure sales nationally are a direct result of the before mentioned foreclosure fraud, robo-signing issues.

* In all, 265,087 homes in some stage of foreclosure or owned by banks were sold in the second quarter, down 11 percent from the same period a year ago. Sales of all other types of homes also declined, according to RealtyTrac’s figures, which differ from other home-sales estimates.

* Distressed properties, often in need of repair, typically sell at big discounts and weaken prices for neighboring homes.

* A bank-owned home this spring sold for 40 less than the average price of other homes, according to RealtyTrac. That’s worse than the 36 percent in the previous quarter and 34 percent from the same quarter one year ago.

* Sales of homes in the foreclosure process or short sales went for 21 percent less than the average home sold, the firm said. That’s worse than the average of 17% in the first quarter and 14% in the second quarter of 2010.

* The average sales price of a foreclosure property was $164,217, down less than 1% from the January-March quarter and nearly 5% from the April-June quarter in 2010, the firm said.

* In Nevada 65 percent of all home sales were foreclosure sales.  This leads all state according to RealtyTrac.

* In Arizona, foreclosure sales represented 57 percent of all home sales for the quarter, up 16 percent from a year ago.

* In California, foreclosure sales accounted for 51 percent of all home sales in the second quarter, virtually unchanged from last year.

* Several other states had foreclosure sales that accounted for at least one third of all home sales in the first quarter: Michigan, Colorado, Florida, Illinois and Oregon.

Based on those facts….our predictions are no housing market recovery of any significance and and increase in distressed sales in 2012.

If you're thinking about purchasing a home this year you're surely getting a lot of advice. And most of that advice, either from friends or especially the media, is probably negative. Why buy now with prices still falling? Don’t you realize real estate is no longer a good investment? Don’t you know that people who bought five years ago (when friends and the media said prices will always go up) lost their shirt? 
We understand the concern your friends and family have. However, let’s look at whether or not now is actually the perfect time to buy a home.

Here are three questions you should ask before purchasing in today’s market:

1) If home prices are still falling why should I buy now?

In addition, there are very few people looking to buy a home in January. This is because most of the people transferring for a job have already bought a home. Their companies want them to have purchased by the end of the year so they can write it off on the corporate tax bill.

Discover how other sellers successfully did a short sale

Learn about foreclosure options by clicking here.

The remaining buyers are usually waiting until Spring to go house hunting again.

This gives you 2-3 months of prime negotiating time. It is more than likely that you will be the only offers most sellers will see until Spring. But, guess what happens in Spring? All of the other buyers start looking at homes and making offers. Those home sellers now have other options. Your offer isn't the only one they have on the table.

As a result, the seller might pass on an offer that they would have accepted in January. So, if you are looking for a home, get out there and start looking. Don't let the cold stop you from finding a great deal. You probably won't find home prices this low for a while. Everyone is expecting the economy to finally pick up in 2011. This will drive home prices higher.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Randy@HarrisTeamHomes.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. Or, if you prefer, you can call me at (262) 844-1900

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

Thinking about a loan modification? Our Milwaukee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Randy Harris.

Here is Tamra’s question. “I am looking to buy a home. Some of the best priced properties are short sales. However, my agent won’t show me these homes. She keeps on telling me the prices are lower than the lender will accept and that short sale never close. What should I do? I am really interested in these homes, especially at the price they are being offered at.”

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

Here was my answer. Tamra, you should talk to your agent and see what they dislike about short sales. Your agent may have had a bad experience with short sales in the past. Short sales are a great way to purchase a home at a good price. They are tougher and take a lot longer than your average real estate transaction. However, that doesn’t mean you shouldn’t consider them. Just be cautious with your search. Make sure the agent who has the house for sale has prior short sale experience. Your agent can ask them what short sales they have sold in the past. If they or the people working with them have a good track of working with the banks, then you should be ok.
Remember, not every short sale is going to be approved at the listing price. But, if they banks feel the price is fair, then they will accept the offer. So go look at some of those short sales. With a little luck one of them will be the perfect home that meets exactly what you are looking for.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny.

Send me an e-mail at Randy@HarrisTeamHomes.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.

Or, if you prefer, you can call me at (262) 844-1900 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here

.

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 don’t like it, then don’t buy it.
But, don’t kid yourself when it comes to loan modification negotiators. The banks invest huge sumes to 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, “If it means not modifying the customer’s loan, then go ahead and do what you need to do. Don’t 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 can’t use that dime as part of your negotiations. They already have your money. If you pay them all the back payments, they won’t 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 isn’t 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'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.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Randy@HarrisTeamHomes.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. Or, if you prefer, you can call me at (262) 844-1900 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Randy Harris.

Randy is a Real Estate Agent at Realty Executives Integrity.
Waukesha Short Sales Realtor: Phone: (262) 844-1900. Randy@HarrisTeamHomes.com.
Lake County to Lake Shore

Randy Harris specializes in loan modification assistance and short sales in Waukesha Wisconsin. Waukesha Loan Modification Help, Waukesha Short Sales. Waukesha Short Sale Realtor Short Sale Realtor. Waukesha WI Short Sales. Waukesha Realtor. This information on Waukesha Short Sales: A Common Loan Modification Mistake and How To Avoid It is provided as a courtesy to our viewers to help them make informed decisions.

Do they have any options?

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

Their best option is probably a loan modification. Their lender is more than likely to work with them since their home dropped in value. They may have to stop making payments before their lender will approve a loan modification. But, some lenders are even modifying loans that are current. I’ve heard of homeowners stuck with a loan where the payments are going to gradually increase over time.

Their current interest rate is 6%. But, it is going to increase by 1% a year until it hits 9.5%. They can afford the home at the current interest rate. But once it goes higher, they will have to do something. Why not do it now? Take the onetime credit hit and lock in a reasonable interest rate. Some people have been able to get their interest rates on jumbo loans reduced to between 4% and 5%. Many loan modifications will even reduce your interest rate as low as 2% for 5 years. But, stick to your guns and lock in a reasonable rate for the remainder of the loan.
You don’t want to have to apply for another loan mod in 5 years. (Most people don’t see how interest rates could possibly go any lower.) 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.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Randy@HarrisTeamHomes.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. Or, if you prefer, you can call me at (262) 844-1900 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Randy Harris.

Most loan modifications end in failure because the banks are so hard to work with. In a recent story in the news, a New Jersey Company is accused of defrauding homeowners out of thousands of dollars.

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

According to the story, one couple had more than $2,800 billed to their credit card but received no loan modification. Another customer paid more than $3,500 and received no assistance. Your best bet for a successful loan modification is to negotiate it yourself. No one else is going to care as much as you. After all, whose house hangs in the balance? Yours! A loan modification negotiator in another state that has already collected his fee isn’t going to care as much as you will.

That is why 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.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny.
Send me an e-mail at Randy@HarrisTeamHomes.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. Or, if you prefer, you can call me at (262) 844-1900 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Randy Harris.

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

Here was our recommendation. This is a tough situation. You could fix up the house and rent it out again. But, you risk having the same thing happen all over again.
Here is the other problem. The amount you can charge for rent has gone down in most areas. This means you will probably have to write a check every month. If you are able to rent it and cover all the costs, then I would recommend you keep the home. If not, then I would recommend you short sell it. Here is why I recommend that. If you can break even, then the house will be a good investment as the real estate market recovers.
However, you will always risk large unexpected costs like the one you are experiencing right now. If it the rent does not cover all the costs, then more than likely you are in an area where the housing prices are still dropping. This means the burden will only get bigger as time progresses. Costs will keep on going up. Rent might drop even more. The housing market could decline even further. It would be better to just get rid of the liability now, once and for all.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Randy@HarrisTeamHomes.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.
Or, if you prefer, you can call me at (262) 844-1900

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification?

Our Milwaukee loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Randy Harris. Randy is a Real Estate Agent at Realty Executives Integrity. Milwaukee Short Sales Realtor: Phone: (262) 844-1900. Randy@HarrisTeamHomes.com. Lake County to Lake Shore

View My homes for sale at http://www.HarrisTeamHomes.com/Properties.

Randy Harris specializes in loan modification assistance and short sales in Milwaukee & Waukesha Wisconsin. Milwaukee & Waukesha Loan Modification Help, Milwaukee & Waukesha Short Sales. Milwaukee & Waukesha Short Sale Realtor Short Sale Realtor. Waukesha WI Short Sales. Waukesha Realtor.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

The views expressed here are Randy Harris's personal views and do not reflect the views of Realty Executives Integrity.

This information on Milwaukee & Waukesha Short Sales: Renters trashed my house. What should I do? is provided as a courtesy to our viewers to help them make informed decisions.

The "big banks" made mistakes and received a bailout. They have the resources to lobby congress and the courts to have laws written to suit them.

But, what have individual homewowers received? Nothing. So we decided to put together a Homeowner’s Bill of Rights. It’s time we had Washington look at what we want, versus taking care of the big banks.

Considering that the big banks have way more rights than the little guy, here is what we think should be done to “level the playing field.”

The Homeowner’s Bill of Rights.

1. Stop The Loan Modification Insanity! The Right to an open and transparent loan modification process. Any homeowner that can no longer afford their mortgage payment, petitions their lender for a loan modification, and it turned down shall receive a written, coherent response from their lender detailing why they were denied and what they can do to be approved for a loan modification.

2. The right to get an answer to a voicemail or e-mail from a loan mod or short sale negotiator within one business day.

3. The right to obtain the rules and guidelines for the loan modification of short sale from the loan servicer. Most loans are owned or insured by someone other than the lender the homeowner mails their payment to. However, these front entities still make decisions contrary to the investor or insurer’s guidelines.

As such, the loan servicer should send any and all guidelines regulating the loan modification and short sale process to the homeowner.

4. The right to deal with one person who will make the decision to approve or deny their loan modification or short sale. This person should be available to reach by phone or e-mail.

5. The right to attempt to negotiate a loan modification or short sale without fear. The homeowners have the right to have all foreclosure proceedings stopped when they are negotiating a loan modification or short sale.

Many lenders use an impending foreclosure sale date to force a higher payment from a homeowners attempting to secure a more affordable payment.

Many times the reason the sale date is so near is because the lender has dragged their feet on negotiating with the homeowner. Because they are under duress, many homeowners will agree to a payment they cannot afford.

Sure the loan mod negotiator at the bank gets a bonus. But, everyone loses when the homeowner re-defaults and the lender has to process a loan modification all over again.

6. The right to walk away from their upside down mortgage debt. We often see the lenders hold such a hard line on getting repaid everything they owe that they allow the collateral (the home that is mortgaged) decline in value even more than they ever would have received as repayment from the debtor.

7. Stop the Debt Collector Harassment! The right to tell any and all debt collectors to stop calling and never receive a phone call from then again. In addition, this would include debt collectors that know the person’s phone number, but will call family members in an attempt to embarrass the debtor.

This is America people! Debtor’s prison was abolished two centuries ago! It’s time to update your activities to the Twenty-First Century!

8. The right to have their short sale handled competently. The short sale process with most lenders is seriously flawed. Because of this, we see short sale offers for 385k rejected, only to see the home sell for 230k after foreclosure. This hurts homeowners, the banks, the housing market, and the American Economy.

Is it fair to pursue a homeowner for a larger deficiency when it was the lender’s decision to reject the short sale that caused the deficiency to be larger? I don’t think so.

Because of that, the homeowner has the right to have their short sale handled as detailed below.

A. All deficiencies are forgiven. We often see the lenders hold such a hard line on getting repaid everything they owe that they allow the collateral (the home that is mortgaged) decline in value even more than they ever would have received as repayment from the debtor.

Making the infamous difficult short sale process simpler and more attractive to buyers would net the banks way more money than will ever be recouped chasing down sellers.

B. To have their short sale handled to process everything as smoothly and quickly as possible so the home sells for top dollar and the loan owner receives the most money possible.

C. The right to work with a competent, experienced agent who specializes in short sales.

D. The homeowner is given a written list of investors, mortgage insurance companies, etc. (with contact information) that need to be satisfied for the Short Sale to be approved.

E. An appraisal is ordered and then the home is listed for sale at that price. The price is dropped by 5% a month, or whatever that lender’s standard price drop is for Bank Owned Properties.

F. Home buyers get an answer to their offer within 2 business days.

G. An appraisal is ordered and then the home is listed for sale at that price.

H. Allow short sale buyers 45-60 days to get their loan approved. Many lenders that have loan servicing departments that handle short sales. These departments demand that a home buyer close the transaction within 30 days of short sale approval.

However, these same companies have lending sides that cannot close a loan in less than 45-60 days. So essentially, they are demanding that other banks close loans in 30 days, when they themselves cannot do the same thing. I would call that serious hypocrisy! Don’t you agree?

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Contact me for a free consultation.

About Me: I am a Local Realtor in Waukesha County that truly wants to help people, nothing feels better when one of my tips helps somebody save, or improve their life. If you do want to sell your home in today market, or are looking for an amazing deal in todays market.  Please consider me as a choice when you pick a Realtor to work with. I will make sure you save money and guarantee you will be happy with the services I provide.
Well, that's all folks. If you have any real estate related questions,  e-mail me. Thanks for reading this. Hope to talk to you soon

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

Option #2: 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. Most other banks and lenders have the same or even stricter procedures. Short Sale: 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'll have to answer that question yes. 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 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 and makes any deficiency judgment potentially bigger. Short Sale: Few lenders ask for a promissory note on a short sale. As an example, 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 $139. In time you might even negotiate and have the promissory note waived.

Option #3: 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.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Randy@HarrisTeamHomes.com. I will contact you for a free consultation. When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (262) 844-1900.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Milwaukee Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Randy Harris.

1. Your property won't sell because your photos are "less than impressive". The vast majority of home buyers start their research for a home on the Internet, so your property had better look fantastic in print. Not just nice, it has to look downright fabulous.  Today an internet view is the same as a 'virtual showing'... if your house gets past that, then they might (just might) make an appointment to see it in person... You should really consider that your SECOND showing. Today's online viewers are expecting good quality photos (and lots of them... take a moment and your digital camera and force your agent to go earn their commission), a virtual tour, maybe even a floor plan, and they need to be high-quality, or don't bother.
   
   
2. Your property won't sell because it shows lousy ... or more accurately it doesn't feel like a "home". This could mean almost anything ... from the mountain of dirty dishes scattered around the kitchen to the 50 pound pitbull, barking and drooling at your potential buyers from behind the safety of the flimsiest child-gate, to the lingering smell of ... what exactly is that smell?.  Maybe the carpeting shows traffic-pattern wear, or your windows allow in slightly more than daylight.  All things that aren't visible from the Internet, but whoa.... once you get inside the house... they show up, like dog piles after a spring thaw!
3. Your property won't sell because it's overpriced. Hey don't kid yourself and more importantly don't let your realtor fool you.  Houses, and yes even condos, are selling ... if it's priced right. It's important to be as objective as you possibly can.  Look at the home as though you were a "buyer"... if necessary, make an appointment with your Realtor (or therapist) to view other properties that are priced comparably to yours.  Be brutally objective.  Given the other options on the market (and yes, you DO have to include short sales and foreclosures on your list... your potential buyers are!), would YOU buy your home, over the others that are currently available on the market? Buyer's are more knowledgeable about the houses you're competing with than than you are they been inside most of them and there's is ultimately the only opinion that counts.
   If the answer is "NO", (and try to be as honest as you can) well then you have your work cut out for you, don't you?  You either have to "update" your home to meet or beat the competition...(that might mean an updated bathroom or kitchen, or neutralizing some decorating... remove that old wallpaper that was there when you bought the house or lower your price to adjust for it.  if you can't afford to sell it for the price, that you KNOW it should sell for, this may not be the right market for you to sell.  Consider taking it off-market.
4. Your property won't sell because you're invisible. Today's buyer comes from the internet, almost exclusively.  Have you (or your agent) simply plopped the property on the MLS, and started praying?  Are you on all the websites...(Trulia, Zillow, Craig's List, Google Base, etc...) all the places that buyers are searching?  If not, you need to be, now! Don't try to be a secret, in today's electronic world.  You want to be found, and the sooner the better.

Look for Reason 5-8 in the next 5 days.