From The Desk of Linda Strasberg

Is Your Family In Crisis?

Underwater? Drowning In Debt?

Avoid Foreclosure

Sell Your House For Less Than What Is Owed

Pay NO Closing Costs; Pay NO Commissions

Walk Away From Your Primary Residence With NO Mortgage Debt!

Get On The Road To Financial Recovery Faster!

Receive $3,000 Relocation Assistance For Those Who Qualify!

Call 702-677-8796 Today

A recent study by Deutsche Bank shows nearly half of all US home owners are   underwater as of 2011 and it could be 2020 before the housing market turns up! Short sales accounted for more than 29% of closed Las Vegas real estate transactions in 2011 with this trend continuing in 2012!

Sellers who stop making mortgage payments -- and those headed into default who cannot refinance or work out financing alternatives with their lender -- have 3 Options: "Short Sale" : Sell the property before foreclosure is final for less than what is owed; Give a "Deed-In-Lieu of Foreclosure" to the bank OR let the bank take the property in "Foreclosure".

Short sales are necessary to deal with properties subject to defaulted loans. All available statistics indicate that when a mortgage loan is in default, the mortgaged property begins to fall in value. It’s easy to understand why. Even the most honorable borrower faced with a loan in default is unlikely to continue necessary maintenance much less improvement. Short sales allow these mortgaged properties to be sold much more quickly than would occur if a full foreclosure and sale after redemption was required. As such, less reduction in property value results from the short sale alternative.  

I recently had a short sale seller who asked me why the bank requests so much stuff. This seller wanted to know why he had to submit tax returns, bank statements, and pay stubs in order to participate in a short sale transaction.

First off, I think it is always important to keep in mind that all short sales are subject to lender approval. The bank is NOT required to allow a seller to participate in a short sale—just because.

As part of the short sale package that the bank requires in order to review a borrower for a short sale, most lenders require pay stubs, bank statements, and tax returns. Why? Well, the bank wants to confirm that there is a verifiable hardship, which puts the seller in a situation where s/he cannot afford the property any longer.

Banks often also run the short sale seller’s credit report, so the bank employees will know if the borrower is current on all other debts. Between running the credit, checking the pay stubs, and reviewing the tax return, the lender will know whether the short sale seller has a verifiable hardship that will qualify the seller to participate in a short sale transaction.

What’s the best way to get the short sale approved quickly? Cooperation. Providing accurate documentation in a timely manner will assure that the short sale gets approved as quickly and efficiently as possible.

In short sales, more than any other real estate transaction, the quality of the listing agent often determines success or failure! In a short sale, the proceeds from the transaction are less than the amount the seller needs to pay the mortgage debt and the costs of selling. That makes short sales complex transactions. I have successfully completed my first short sale in the mid-90's and continue to have a good success rate with them.  I recently completed the course requirements to earn the designation of Certified Short Sale Professional.

Listing Your Property As A Short Sale and Providing A Listing Agreement With Short Sale Addendum By Me To Your Lender(s) When You Are Unable To Pay The Mortgage Will Stop The Foreclosure Process And Enable You To Remain In Your Home Until The Transaction Closes!

Benefits of a Short Sale:
- Sell Your Home Quickly and Easily!
- Seller Avoids Foreclosure and Saves Their Credit!
- Seller Walks Away From Primary Residence With NO Mortgage Debt!
- Seller Pays Absolutely NO Commissions or Closing Costs!

- Seller Gets On The Road To Financial Recovery Faster!

Contact Experienced Las Vegas Realtor; Short Sale Specialist To Market Your Property

A FREE, No obligation consultation via telephone or in person to determine if your property is a candidate for a short sale.

I have access to back telephone and fax lines of most mortgage companies, as well as access to specific uniform short sale agreement forms that mortgage companies require, saving valuable time in the process.

Best of all, you pay no commission, nada, zilch...during the entire process.  I negotiate with the mortgage company, and they pay the commissions, so you might be able to avoid foreclosure on your credit report.

Regulations Regarding Deficiency Judgments

Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).

See Mortgage Debt Relief Act For Details and Forms

Sellers who listed their home at the price originally recommended by their agent sold it:

• 38 days faster
• For 2.25% higher
• With 1 less price reduction

If you would like to find out if your property qualifies for a short sale or if you just have questions about the short sale process, please schedule your complimentary, no obligation telephone consultation with me by dialing 702-677-8796

Serving Areas in Anthem Country Club, MacDonald Highlands, Foothills, Seven Hills, Green Valley Ranch, Legacy, Master Series, Southern Highlands, Siena, Mountains Edge, Blue Diamond, Sun City, Sun Colony, Lake Las Vegas, Red Rock Country Club, Summerlin, Aliante located in Las Vegas and Henderson, Nevada

HAFA Provisions (Home Affordable Foreclosure Alternative)

• Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
• Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
• Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
• Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed). 
• Uses standard processes, documents, and time frames/deadlines.
• Provides the following financial incentives:
  • $3,000 for borrower relocation assistance;
  • $1,500 for servicers to cover administrative and processing costs;
  • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
    
• Requires all servicers participating in HAMP to implement HAFA in accordance with their own written policy, consistent with investor guidelines. The policy may include factors such as the severity of the potential loss, local markets, timing of pending foreclosure actions, and borrower motivation and cooperation.

Beware of unscrupulous counselors making empty promises and charging upfront fees to modify your home loan.

Linda Strasberg, All Rights Reserved