How Long Will I Have to Wait to Purchase Another Home After I Complete a Short Sale?

Posted on May 13, 2012 in Short Sale FAQs

Hello everybody, this is Mark Peek at Keller Williams Real Estate, your Penryn short sale specialist. Today’s topic is among the most steadily requested questions I get and that’s how long will it take before I’m able to purchase another house again after I complete a short sale? Well, the timeframe for that can actually vary widely. It might vary from a week after I close your short sale to 3 years. The reason being is in case you complete a short sale and you’re current and you’ve got a very valid purpose resembling divorce or enormous lack of revenue and one other is relocation. Particularly in the event you’re relocating a fairly long distance around a hundred miles or so, then you definately may qualify for a short sale and purchase again with an FHA loan. This is one thing we’d need to pre approve before we begin the process just to be sure that it’s an choice for you.

Otherwise, you’ll be able to truly receive a new VA loan; should you had an exception on that one within a year. You may also get hold of an FHA loan in around 3 years after a short sale. At the end of the day what you actually need to have a look at is your monetary situation. How much is your house underwater? If it should take you 5 or 6 years to recover, you then may need to take into consideration a short sale as a method of getting your self back on the financial track.

Once more, I am Mark Peek with Keller Williams Real Estate, your Penryn short sale specialist and I am here to help. When you have any specific questions about your scenario, you’ll be able to hit the start here button at the top of our website. You may also give me a call directly and I’d be glad to follow up with you. Thank you and have a wonderful day.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Can I Do A Short Sale With A Federal Tax Lien?

Posted on May 13, 2012 in Short Sale FAQs

Welcome everyone I’m Mark Peek at Keller William’s Real Estate, your short sale specialist in the Penryn area. Today’s topic is regarding IRS tax liens that have been attached to your home; the tax lien could have happened in the past or is recent, but either way, it has been attached to your home loan and you need it removed in order to do the short sale. You may be distressed at this point, considering a short sale and wondering how it’s even possible. Will the IRS actually negotiate that, will they remove the lien and can we move go ahead with the sale?

I can tell you that I can negotiate with the lien holders, such as Bank of America, Chase, Wells Fargo, and get them to settle for less, but the IRS will not settle for less. They will, however, take into consideration the fact that you are wanting to avoid foreclosure and will work with you in order to complete a short sale and do away with the lien. They will not necessarily discount your payoff on your tax lien, but they’ll work with us to get it removed, as long as you supply the requested documentation. There’s a lot of paperwork that they require, such as a buyer’s appraisal and certificate of tax discharge documentation; essentially you need to make certain all of your financial documents are in order to get the federal tax lien removed so we can complete the short sale.

If you have any particular questions or you have a situation similar to this, please contact me or click Start Here at the top of the page. I would be happy to follow up with you, answer all of your short sale questions and help you with your specific situation. Again, I’m Mark Peek with Keller William’s Realty in Penryn and I’m your short sale specialist for the entire Penryn area. I anticipate doing business with you and meeting your short sale needs.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Latest Success Saves Homeonwner Stack Of Money Through Nationstar Mortgage Short Sale File

Posted on May 10, 2012 in Short Sale FAQs

Hello everybody I am Mark Peek, your short sale specialist in Penryn, thanks for testing my weblog today. I work with Keller Williams Realty in the Penryn area and use my blog to provide distressed property house owners invaluable data on their choices for avoiding foreclosure.When you have questions about the short sale process, or can no longer afford your mortgage, go to my website or contact me right now to discuss your options.

For my weblog right this moment I wanted to talk about working with Nationstar Mortgage on a short sale file and a number of the current information I have worked with. Numerous the Nationstar Mortgage’s I have worked on lately have been owned by Fannie Mae or Freddie Mac. On the latest short sale I completed with Nationstar my client owed four hundred and seventeen thousand dollars on their underwater mortgage. By negotiating with Nationstar I was capable of achieve a payoff of one hundred and seventy two thousand dollars with zero deficiencies owed by the homeowner. Having just obtained the approval letter for this short sale I can proudly say we were in a position to remove two hundred and forty thousand dollars worth of debt from this homeowners name. This was a giant relief for our client and they will have the ability to begin looking for a brand new home in Penryn to purchase within two to three years.

If you have a Nationstar Mortgage, or any other lender, and are not positive what to do with your underwater mortgage give me a call in the present day to discuss your options. With years of short sale experience in the Penryn area I’m the appropriate choice for getting you out from under your distressed property. This is Mark Peek with Keller Williams Realty, thank you for your time and I hope you could have an incredible day.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Helping Profitable Short Sales with 2nd Liens Avoid Foreclosure

Posted on May 3, 2012 in Short Sale FAQs

Hello, that is Mark Peek with Keller Williams Real Estate, your Penryn short sale specialists. Today’s subject is secondary liens on a property, specifically lines of credit. Now when you’ve got a number of liens on a property and you are attempting a short sale, primarily those a number of liens must agree with one another on who is going to get what with a view to settle out the short sale.

I will tell you that these are extra difficult than just a one lien short sale with only one mortgage on the property. In my view, multiple lien short sales usually have the highest failure rate. Typically the reason why it doesn’t get authorized and closed is the second lien holders aren’t pleased with the quantity they’re getting.

I got a $a hundred,000 balance on a second lien on a short sale. They settled for as little as $three,000. They are going to release the lien, they’ve already approved the short sale, and after we close, the home-owner just isn’t going to be responsible for the difference. They are forgiving $97,000. It’s about the way you arrange the deal. It is about expectations, having the proper package and follow-up and knowledge of the laws, the contacts at the lenders and figuring out who the investor of that note is.

So in case you have any questions on your particular short sale, or you have got a second lien holder and you’re concerned you might not get it through, give me a call. You can also hit the start here button at the top of the webpage, enter your information and we’ll get back to you as soon as possible.

I also want you to think about having a look at our short sale calculator. It will make it easier to determine whether or not your property is a potential candidate for a short sale. It additionally would possibly offer you an idea how long it will be before your own home may become an asset again. Again, this is Mark Peek at Keller Williams, your Penryn short sale experts and we’re here to help.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.