Matt’s Letting Services

Short sales have long been considered the most unpleasant form of real estate transaction. Nevertheless, many homeowners in California are turning to them as a way to improve their financial situation. At Able Financial Solutions, we consider short sales to be as uncomfortable as they are costly, but we also recognize that under certain situations, they are the best option for both homeowners and lenders. 

Here is our policy on finding short sale solutions for you:

loan modification 1: Try a Loan Modification First
Indeed, you should fully exhaust all possible options for loan modification before considering a short sale. Our Iron Clad Guarantee promises that you will pay nothing for attempting a loan modification unless it is successful. We also promise that you won’t have to pay us until you have a modified mortgage in your hand. Because we remove all of the upfront risk to loan modification, we strongly encourage you to try a loan modification with Able Financial Solutions before moving forward with a short sale. 

Step 2: Talk to Us About Your Options for Short Sale
Short sales carry with them two downsides:

• For Homeowners — Once a short sale is complete, you will have to vacate your home and find somewhere else to live. You have to plan adequately to endure this challenge.
• Short sales are tremendously expensive for mortgage lenders, which makes them problematic to pursue them without an aggressive negotiation.

When we discuss your short sale options with you, we will help you develop a plan to combat both of these challenges. We will provide you with a realistic estimate of what your financial situation will look like after a short sale so that you can plan early for you and your family. We will also explore your lender’s interests to determine what leverage we can bring to the short sale negotiation that will help you to seal the deal. 

mortgage modification 3: Execute the Short Sale
Short sales can take between 150 and 200 days to complete in southern California, and they can be a painful process to go through. Able Financial Solutions places a premium on execution during the loan modification process, and this same aggressiveness is pursued during short sales. We will keep the pressure up on your lender, and keep you fully informed of the status at each critical step in the negotiation.

Short Sale Power Hour

Kevin and Fred are hanging out at Taco Surf in Pacific Beach, California. Fred actually held his wedding reception at Taco Surf. If you are ever in the San Diego neighborhood, you must check out Taco Surf. The reason Fred is having such a postponed lunch today is because he has spent quite a lot of hours this morning babysitting foreclosure auction dates.

The first file, serviced by Metlife for Freddiemac, has been a nuisance during the entire process. The first time we attempted to close this file, MetLife wanted to foreclose. So, we went to Freddiemac and they cheerfully delayed the sale date. Nonetheless, the purchaser on that deal fell through following inspections. At this moment we have another purchaser and we submitted that contract at the end of June. We have been dealing with Metlife to get them each and every one of the papers that they needed until last week. Last week they notified us that they could not push back the foreclosure sale date because it was too late. So, this morning, Fred had to phone Freddiemac another time to get the foreclosure sale date postponed. Freddiemac, once again, happily deferred the auction date and sent Metlife an email asking them to reschedule the sale date for an additional 60 days because the bid on this property is more than the BPO. It surely makes you wonder what Metlife is doing in the short sale business.

The second folder, dealing with Chase, has been very wearisome. Fred was told last week that the auction date has been postponed and all is good. Fred has spoke to a few of people that have been very accommodating and pleasant, but the trustee has previously told Fred that the home is going to foreclosure auction tomorrow. Fred called the trustee for the second time today and he established that it is certainly going to auction.

At last, the Chase employee called Fred back and confirmed that the sale had not been postponed. Evidently, Chase delayed the auction internally, but Chase forgot to get go-ahead from the backer. So, Chase had to go to the backer and request that they auction date be postponed.

We are not picking on any servicers or investors, but we want other realtors to understand that you must verify foreclosure sale dates with the trustee. Trust no one inside the banks and corroborate everything.

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Short Sale Power Hour

Mindset is the reason why brains and talent don’t bring success. At times they can stand in the way of it. Mindset also notes that praising brains and talent doesn’t promote intelligence and talent but can put it in danger. Mindset is a very simple notion that is all of the difference. Your mindset can be a permanent or a growth mindset. Mindset alone is not the remedy.You might have a crazy mindset or a dysfunctional frame of mind or a whining mindset. The type of mindset you take creates all of the difference in the world.

The growth mindset is the disparity between closing 90% of your short sales and completing only 20% of your short sales. Mindset goes both ways. It can be a constructive consequence or a unconstructive consequence.

In a fixed mindset people believe that their talents and their intelligence are predetermined characteristics. They believe that talent itself makes accomplishment without effort. They couldn’t be more erroneous.

In a growth mindset, basic abilities can be developed through hard work and dedication. brains and talent are just a tiny piece of the puzzle. This idea brings a resilience and a love of learning that is crucial to thrive at a high level.

Keep in mind that 99% of the people in the universe do not believe that they can be truly great so they just try to achieve the ordinary lifestyle. There is more competition to be mediocre in this universe. If you went after something larger you would find less competition and more accomplishment. For instance, when you drive to work in the morning you have to deal with all of the other populace and heavy traffic on the highway. However, the extraordinary populace do not ever whine about traffic because they are either at work before the traffic is heavy or they can go in to work after the traffic is heavy.

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Short Sale Power Hour

With a week dedicated to Title process and padding the HUD, today’s focus is on working with a high-quality Title Agent. If you are wondering what you pad in HUD, this is where a trusted Title agent comes into the picture. Understand that the reason you need to have this kind of Title agent is because they need to recognize that occasionally you may need to pad a HUD a little more than other real estate transactions since you are dealing with a unique state of affairs called a short sale.

A good deal like the differences in real estate experts, there are differences with title agents that deal with short sales. Bear in mind that if you are working with an escrow administrator that has been in the industry for 30 years and has always done things in one precise way, you will most likely get a little resistance. You may want to think about the mindset of the person that you are dealing with that won’t have to work outside of their comfort zone.

Other important factors include the Title agents work ethic and urgency level. There will be times that you need a HUD ASAP to push back a sale date or close a buyer before they walk away. Banks occasionally catch you off guard and you need a HUD in a few hours. Make sure that you have a title agent that can deal with these demands.

Kevin and Fred have a normal process that permits them to get their HUD back in four business hours or less. Their escrow officer knows that when a HUD needs to be revised there is a transaction coming up very soon. Also, the escrow officers are always careful to review the approval letters and keep the client informed and educated all through the process. They also submit the final HUD to the bank for final approval. You must be on the same side running to the same goal with your escrow agent.

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Short Sale Power Hour

Forgettable Friday revolves around Bank of America again today. We’d love to share a story with you to shed some light on what is going on out there in the short sale industry. We have become Matt Verson supporters and we need to give some recognition to the team at Bank of America on this particular folder for trying to find a resolution.

Let’s confirm two things very quickly. The company that you pay your mortgage to each month is called the servicer. The business that owns the loan or has a financial interest in it is called the investor.

Both loans in this scenario are serviced by Bank of America. The initial loan has Bank of New York as an investor. The following loan is owned by eTrade. They are into the mortgage trade, i guess.

With an offer of $125,000 and a BPO that was approximately exactly the same, this proposal was a no-brainer. The original lender agreed to the deal. The second lender denied it. They were owed about $30,000 and presented $3,000, getting 10%. They demanded $10,000 and then relented and said that they would accept $9,000. That was their last offer.

The trouble is, if foreclosure happens, they get nil. The first investor decided that they could give eTrade $6,000 and still come out in front of foreclosure.

A lot of lenders will tell you that they are only the servicer and they don’t deal with the investor discussions. Bank of America upped their game truly attempted to get this deal done. Hopefully, that transaction will get completed this week. We are so close with the help of Bank of America.

On a side note, if you know Matt Vernon, tell him that he is more than welcome to be a guest on Shortsalepowerhour.com. He can reveal some quality details with the short sale community.

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Short Sale Power Hour

Group 46:10 will be taking a break from their show to go on the road to Italy for a small bit of rest and relaxation. However, there are lots of important episodes coming up. So, stay tuned to the week of information and learning.

Today is about a issue that comes up pretty frequently but is very often misunderstood. Kevin and Fred do not teach about it as much as they could, but that is just because they don’t want to give it an credibility. The subject is lender counter offers.

Keep in mind that the lender is not really a party to the deal, so they really don’t have a right to counter proposal. Sometimes, a lender will send you an approval letter with a rejection letter. In essence, the lender denies your first proposal and then gives you the approval letter to let you know how much the proposal needs to be in order to be approved.

This is the time when a BPO is the most significant. The BPO is significant here because the lender is basing the counter proposal on it. So, the BPO value that has been assigned to the house is absolutely essential because you can figure out if the counter offer is a mitigation counter offer or a collections counter offer.

Here is the distinction. The mitigation counter offer is an offer where the bank employee can not approve the short sale. The collection counter proposal is a counter proposal where the lender employee wants to collect more money for the bank.

Tomorrow we will dive into a narrative about an fascinating guy named Ray who did not quite understand his job responsibility and loved the counter offer. So check us out tomorrow.

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Most things in Scottsdale, Arizona today revolve around credit. Just solicit a person that has bad credit or no credit at all. Bad credit or no credit can keep you from buying a vehicle, renting an apartment or even getting a job. If you are a home owner facing the loss of your home, a mortgage short sale can salvage your credit. A mortgage short sale should be the first thing you mull over in lieu of bankruptcy or foreclosure of your house. The mortgage short sale procedure in Phoenix, Arizona is in all probability something that you have not heard of or know little about. Although the process has been around for years, it has not been extensively utilized until recently with the collapse of the banking business and the home market. The mortgage short sale can help residence owners get out of their mortgage responsibility and hang on to relatively good credit.

residence owners who have a mortgage that is greater than their home’s existing value can qualify for a mortgage short sale. There are very few prerequisites that need to be met to use a mortgage short sale. First, you have to be late on your payments. It also helps if you have little to no money, because you will be asking your lender to take a loss on the loan.

In most cases, the owner will have the remainder of the residence “forgiven” as soon as the home is sold in a mortgage short sale. In order to submit an application for a mortgage short sale, you must make contact with your lender and you should also make contact with a mortgage short sale handler to assist you through the process. Your bank will request some documentation and information so you can be approved.

It is vastly suggested that you locate a real estate expert with experience dealing in mortgage short sale dealings. Lenders are more likely to deal with a person like this than with the home owner. And, obviously, the real estate authority can expedite the sale of your house. When it comes to a mortgage short sale, your credit score will not be marked as much as if your house went into foreclosure. When your mortgage short sale is complete, your credit report will say “pre-foreclosure in redemption” and may decrease your FICO score by around 100 points.

With a foreclosure, your credit report will have a higher enormous influence of at least a 300 point reduction on your score. This detail alone should be adequate basis to execute a mortgage short sale.

Because of this impact on your credit score, you can resume your life without the load of bad credit in as little as two years. The consequence of a foreclosure will take you at least ten years to rebuild your name and credit score. Without a reputable credit score, your only choice in maneuvering around this country is to pay cash for everything.

Do you want to go to the next step? Free Short Sale Consultation by Short Sale Specialists.

Fred Weaver and Kevin Kauffman, Group 46:10, do daily blog – find it here: Scottsdale – Arizona Short Sale Specialist

Short Sale Power Hour

Today was unique as Group 4610 got to meet a special guest. Jay Papasan is the co-author of the Millionaire Real Estate series of books and the leader of Keller Williams University. Essentially, Jay is an authority at best practices in the real estate industry. A lot of of the books that he has authored focused on the collective qualities of the top 27 real estate agents in the country. Keller Williams University does much the same by teaching real estate brokers. By interviewing distinguished people who have discovered achievement in assorted areas of real estate, Keller Williams University takes the best practices of a few specialists and teaches them to all agents.

In his inquiries, Jay has found a couple things to be veritable regarding short sales. Firstly, it is demanding work but it is very rewarding. Two of the most satisfying things a real estate professional can do are help people locate their first house and help people save their house from foreclosure. So, the short sale is well worth the effort.

Secondly, the skills that make you a remarkable sales person may not be the same skills that you need to close short sales. So consider either getting some instruction in short sales or take on a person that can carry out short sales for you. You can also consider referring your clientele to somebody more competent in short sales. In this way, you would be keeping your consumer and helping them at the same time.

In summation, if you have a desire to get into short sales, Jay recommends that you first get well-informed in the short sale system. There are some great mentors out there. Kevin and Fred offer one of the best classes accessible to learn the short sale route.

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Short Sale Power Hour

Group 4610 is breaking into a new focus on shortsalepowerhour today. That subject is lender policy. Fred and Kevin get several questions about whether or not the bank can do this or the bank can do that. A few of the more common questions revolve around BPO values, investors, and sharing details. You need to bear in mind that the lender policy is not black and white. The employee that you are talking to has the power to give out whatever information they chose to share. The lender may have a policy about this kind of information sharing. Yet, the bank worker on the handset may be having a delightful day, or just found a nickel on the floor, or is going on holiday in 2 days, or just got a raise. Ultimately, the mood of the bank person that you speak with can very much decide whether or not they will reveal information with you.

bank policies are not lender specific, they are employee specific. Each employee at the bank will have a unique answer to the question that you are in search of an answer for. If you don’t trust Kevin and Fred, try it yourself. Call the bank with one specific question. Ask that identical question to ten unique people. It can be about contact details, BPO values, investors on a loan, or any other topic you choose. We assure you that every time you call, the answer will fluctuate.

We understand that the lenders have rules for their workers to follow. Nonetheless, each worker interprets those rules differently. Also, each worker, depending on their mood, may decide to stick to or disregard any of those guidelines at any given time.

The lesson to be learned here is straightforward. If you do not like the response that you are given, call back. If the bank policy prohibits you from receiving particular details, you are talking to the wrong bank worker.

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Short Sale Power Hour

This week has been about the clients. We want you to create results for your clients. So, if you missed the last 3 days of episodes, stop at this juncture and check out the other episodes from this week.

Now we would like to jump in and show you what this method looks like for a purchaser. It is critical to us that we have a gathering with the buyer before we ever show a house. Please realize, we want you to get jurisdiction for the buyer’s advantage. This is about advocating for our customers. Doing a conference in the sedan on the journey to look at a residence is kind of second rate. You are essentially telling them that they are not significant enough to sit down with you prior to looking at a home.

With our consultation, we go through a listing of questions that we ask a purchaser. What qualities do you value in this deal? How hastily are you hoping to close? What are you looking for in a property? And the most important question is How can i win with you? Make note of that specific quesiton.

A lot of people do not spend the time up front to save the time and energy later. If you can determine what the major things are that need to be accomplished in this deal, you can figure out whether or not you are a fit. At the end of this practice we want to join up the buyer with a buyer broker. Still, between primary meeting and assigning a buyer agent there are some things that have to occur.

Between the begin and the conclusion we feel that it is our duty to instruct the buyer on the state of the market. They should know about foreclosures, REO’s, and Short sales and recognize that they all function in unique ways.

There are a number of other tidbits to pull from this video and the entire week of customer advocacy. Stop and view the rest of the week’s videos for added information.

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