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Working With Short Sales In This Down Real Estate Market
First, what is a short sale? It is nothing more than a lender discounting a mortgage. Usually, it's in lieu of foreclosing but not always. Banks, however, call it a short sale versus just saying discount. I say not always because in this down market, there are many sellers that are current on their ...
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A Well-Written Hardship Letter Is Pivotal For Short Sale Success
Few people purposely wish to suffer through the pain and humiliation of losing a home through foreclosure. There are many alternatives to bankruptcy and stopping home foreclosure for owners unable to keep their mortgage payments current. One such option is known as a "short sale." It means a lender ...
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Foreclosure Options For Everyone
It is a sad reality that many homeowners are having problems paying their house mortgages. Out of the around 120 million American homes, around 4.8 million (or 40%) are facing foreclosures. In fact, about half a million went through actual foreclosure last year. According to the US Department of ...
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Foreclosure Hardship Letter - Sample For Bank Loss Mitigation Department
A foreclosure hardship letter is an integral part of Loan Modification or Short Sale package. When homeowners are facing foreclosure, these documents are submitted to the Loss Mitigation Department of the mortgage lender. Loan modifications are offered to homeowners who have the financial ability ...
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How To Write A Letter Of Hardship
Mortgage companies require writing a Letter of Hardship to submit with a short sale packet on a home. This is one of the hardest things to do as the homeowner in this situation because you have to open up about your financial difficulties. A letter of hardship is a written or typed out statement ...
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Short Sale Hardship Letters - Helping Owners Create the Perfect Letter of Hardship
After assembling over a hundred short sale packages I have found that more than any other document the hardship letter can help make or break a short sale. While banks care most about dollars and cents, it is important to remember that the package will be reviewed by an individual loss mitigator. ...
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Short Sales - Tips For A Successful Loss Mitigation Transaction
Short sales can be a life-changing option for many people. Although it can be painful to walk away from your home, it's important to realize you can make any house a home. If you are facing foreclosure, real estate short sales can provide you with the opportunity to break free from the bondage of ...
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Short Sale Hardship Letter - An Integral Part Of The Short Sale Package
The short sale hardship letter is the most integral part of the real estate short sale package. Short sales are sometimes offered to homeowners facing foreclosure who do not qualify for a loan modification. In this type of financial agreement the lender allows homeowners to sell their home for less ...
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Basic Steps To Follow For A Successful Short Sale
Here are the basics steps to follow for a successful short sale: Try to find a Realtor experienced in short sales. There isn't a basic training course for short sales so look for someone with experience. 1. Most banks are requiring your property be listed for at least 60 to 90 days before they will ...
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Documents Needed for a Short Sale
A short sale is a transaction in which a homeowner sells a property for less than what is owed, the lender takes a loss, and any unpaid balance is forgiven. For this to happen, a set of documents is needed read more to learn what is needed. Main Documents: Purchase and sale agreement. This is the ...
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