Avoid The ‘MAD SCRAMBLE’!
By · CommentsProper planning and a little ‘staging’ are often critical to a successful short sale. It is crucial for anyone who is thinking about short selling their home to gather as much information as possible, as fast as they can, in order to make the best decision for their family and have enough time if they choose the short sale route. I am often knee deep in the ‘MAD SCRAMBLE’ created by procrastination and avoidance. My advice is that even if you are only slightly thinking about what to do with your home, you need to start gathering information sooner rather than later. This can be the difference between your home going into foreclosure vs. a successful short sale with a release of all future liability and limited credit damage.
A lender friend of mine just sent me the new Fannie Mae guidelines for being able to obtain a new mortgage that were released on 12/13/2010 that makes a successful short sale even more critical over a foreclosure. It states:
1. Foreclosure – seven year waiting period (to get another loan). It used to be 2-4 years.
2. Short Sale – 2 year wait period with 20% down payment or 4 years with 10% down payment.
As you can see the spread is now 3-5 years to buy back into the market where it used to be almost the same! Bottom line is you need to plan ahead. Banks are being stricter on values these days than they were a year ago so properties are taking longer to sell. All my consults are free and confidential. I will help you try to modify your loan for free also if you feel the need to try that route first! Please forward this to everyone in your database in case there is anyone that may need help.
Free Loan Modification Help For Las Vegas!
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By now most of you know how I feel about loan modifications. In 99% of the cases it’s like putting a band-aid on a stab wound. It may comfort you for a few minutes (short term solution) but the reality is the problem is much deeper and needs a more solid game plan to fix. That being said, I will never tell a client or a potential client at a consult not to try one. I can never say with 100% certainty (maybe 99%) that they will not be presented with a solution that may benefit them for the long term. Again, 80%+ of loan modifications fail because the borrower realizes that at some point down the road they will be in the same position as they were before starting the modification. Upside down. The negative equity is the biggest problem for most people, not the payment. I always want my clients to go through the process to satisfy themselves that the likely solution offered is not good for them long term. This makes them more convicted about the short sale solution, which is critical because of the amount of work and cooperation involved. All that being said, I am going to offer to help any of you looking to try a modification, without charge! You may wonder ‘why’? It’s simple. In the past I have sent my clients out to try to do them on their own, only to realize that they are getting beat up by the never-ending frustration and inefficiencies of the process (I have had many clients call me and share their horror stories). Many borrowers give-up before they even get an answer from the bank. Short sales are very similar in the processing as loan modifications are and I have been through all the pain and frustration you can imagine! I am desensitized to it (for the most part) so let me take it off your hands and do it for you. If I can get you a quicker answer and save you money (you don’t have to pay a modification company to do it for you), while avoiding the frustration and hours of work, why not? Getting resolution to the modification question that is going through your head quickly will give you more time to figure out what you want to do and leave you with more options. If you decide to short sale because the bank is not offering you what you want, I already have most of your paperwork and the process is more seamless. It is a win-win all around. So I’m not so crazy after all!