Ken Smith, Goldens Realty's Article (129)

Raleigh NC – "I can't process this short sale without the TPS form filled out with the seller's full name", the short sale negotiator told him.

"But, based on my calculations, this short sale will help your company avoid a $17,000 loss", the agent replied.…

Raleigh NC – Short Sales can be frustrating. Ask anyone who has negotiated a short sale with a lender and they will tell you the process is tough. Here is a story that illustrates this point.

Click here to discover how other sellers…

Raleigh NC – It is very stressful to be upside down and facing foreclosure. You are worrying about everything. You find yourself thinking, "When is the bank going to kick me out?

"How will I pay back that huge debt?" "When will I ever be able to stop worrying about money?"

"I remember when I did not…

Raleigh NC – I read an interesting book that was written by a former real estate agent. The author, Robert Ringer, talked about persistence and how it helps you be successful.

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

Raleigh NC – Some homeowners have watched the value of their home be drop by 30-50%. They paid $700,000 for a house that is now worth $400,000.

They want a principal reduction, but their lender won't agree to it. Lenders will drop your interest rate to 2% for five years. But, they are very reluctant to…

Raleigh NC – I've heard the following myth from a lot of people. I've even seen this myth publicized in newspaper articles and quoted by so called financial experts.

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

Raleigh NC – Short Sales and foreclosures have a big impact on home values. But, how they affect them varies dramatically. Every short sale helps stabilize the housing market.

The reason is because short sales sell for much more than a foreclosed property does. Most short sales have a homeowner who…

Raleigh NC – Bear Stearns was a survivor. It survived the Great Depression without laying off any employees. It survived World War II, and 9/11. What killed it off during a time of peace and relative stability?

Click here to discover how…

Raleigh NC – Convincing a lender to approve a short sale isn't that difficult when you know the guidelines they are forced to follow. I have mentioned it elsewhere on this blog, but I will mention it again.

Around 80% of all loans held by large national lenders (such a Bank of America or Wells Fargo)…

Raleigh NC – It is very stressful to be upside down and facing foreclosure. You are worrying about everything. You find yourself thinking, "When is the bank going to kick me out?

"How will I pay back that huge debt?" "When will I ever be able to stop worrying about money?"

"I remember when…

Raleigh NC – There is a debate among short sale realtors on how to handle offers on short sales. Some realtors think you should accept only one offer on a short sale and then push that offer thru with the lender.

Another group thinks an agent should keep soliciting offers until the lender approves…

Raleigh NC – A hardship letter is one of the most important items in a short sale. This is your opportunity to explain why your lender should approve your short sale and let you walk away from the debt.

In clear terms, you need to layout exactly why you can no longer afford to keep the…

Raleigh NC – First, it benefits the owner of the loan. The owner can be the bank or a third party such as Fannie Mae or Freddie Mac. They are Quasi-Governmental Entities.

The American Taxpayer has bailed them out to the tune of hundreds of millions of dollars and will continue to bail them out for any future…

Raleigh NC – There is a hidden secret in the foreclosure business. Many lenders are losing money by turning down loan modifications.

Here is how it works. A borrower offers to pay his lender the monthly payment for a $400,000 mortgage. The lender turns it down and forecloses on the home.…

Raleigh NC – There are many benefits of a short sale. Many people don't see the benefit. They don't do anything to avoid foreclosure and let their bank foreclose.

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

Raleigh NC – If you are facing foreclosure, then I'm sure you've heard of a Deed In Lieu of foreclosure. Some people say it is a great way to avoid foreclosure.

Actually, all it does is accelerate the foreclosure process.

Click here to…

Raleigh NC – We are often asked by short sale sellers whether or not they should continue paying their mortgage payment while they attempt to short sell their home.

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

Raleigh NC – There are many reasons to use a short sale to stop foreclosure. If you want to keep your home, then you need to attempt a loan modification.

If you do not want to keep your home, then you need to consider your options. There are 3 options if you do not want to keep your home.…

Raleigh NC – People with a VA loan often ask if they are eligible for a short sale. The answer is yes. A VA Short Sale is called a VA Compromise Sale.

The Department of Veterans Affairs publicly releases copies of the Compromise Sale Guidelines. We usually list the property for sale and then submit all…

Raleigh NC – Fannie Mae stands for Federal National Mortgage Association. Fannie Mae is a quasi-government enterprise that was created to buy mortgages from banks, thereby allowing them to make more loans.

Short Sales on a Fannie Mae owned loan are much simpler than other short sales. Around…