Bountiful Short Sales: More Ways To Tell That A Debt Collector Is Breaking The Law

Bountiful UTAH – Debt collectors are very creative in their attempts to convince debtors to pay. Fortunately we have the law protecting us called the Fair Debt Collection Practices Act

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

I don't know what happened before the law was passed. But, after reading thru the law, you can see it was pretty bad.

It sounds like debt collectors would call late at night, threaten debtors with violence, use profane language, and do anything else they could think of to harass debtors into paying.

Fortunately the law says that they are not allowed to call before 8AM or after 9PM. In addition, they are not allowed to threaten you with violence or tell other people about your alleged debt.

But, the biggest violation that I see is when they call you after you ask them to stop calling. This is actually a violation (although you wouldn't think that when you hear about how many debt collectors still call after you ask them to stop.)

There are also violations that come into play because the Fair Credit Reporting Act. For example, if you request a written validation of the debt, then they have to stop all collection activities until they have sent you written verification of the debt.

If you are being harassed by debt collectors, then remember that the law is on your side. Research your options and go on the offensive.

You can get the debt collectors to back off and can often even get paid for anytime they have violated the law. (Don't kid yourself, it happens more often than you think.)

If you want a list of 12 common violations and instructions on how to stop the calls, then click here and scroll down to the Right. Click on How To Stop Harassing Debt Collector Calls. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Layton loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Dave Forsberg.

Dave is a Real Estate Agent at Prudential Utah Real Estate - Bountiful. Layton Short Sales Realtor:

Phone: (801) 651-0707. utahhomesaver@gmail.com.

Greater Salt Lake Short Sales. Real Help for those that need it most.

View My homes for sale at BuyUtahNow.com

Bountiful Short Sales: My home is in Foreclosure, How soon will the bank kick me out?

Bountiful UTAH – I recently received a question from another realtor named Sandy. Here is her question.

“An agent in my office currently has a listing under contract. It is a short sale, the sad thing is that Large National Bank (to remain unnamed) notified the sellers that they had foreclosed a month ago.

Fact is, they had not foreclosed. The employee didn’t know what they were talking about. Valuable time and a buyer were lost during this fiasco. This deal is currently awaiting approval. There is no telling what will happen in the end.

My question is this. What can we do to track the foreclosures and see when the bank is foreclosing. Sandy."

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer to Sandy’s Question. The best way that I have seen to track this is by checking the docket.

The docket is the record at the courthouse of everything that is happening on a foreclosure. In some states the foreclosure is a court case and you can track the case.

The bottom line is that your local courthouse will have the best information. Call them and ask for them to explain it to you.

You will need the homeowner’s name and sometimes the court case number. They will explain where the foreclosure is at and how much longer it will be before it is completed. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Layton loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Dave Forsberg.

Dave is a Real Estate Agent at Prudential Utah Real Estate - Bountiful. Layton Short Sales Realtor:

Phone: (801) 651-0707. utahhomesaver@gmail.com.

Greater Salt Lake Short Sales. Real Help for those that need it most.

View My homes for sale at BuyUtahNow.com.

How Does the Realtor Get Paid On A Short Sale

Bountiful UTAH – A potential home seller asked me how we get paid on a short sale transaction. So I decided to answer that question in today’s blog post.

Here is how most Realtors get paid on a short sale. They make a real estate commission from the sale of the property. When the property sells a percentage of the sales price is paid as a commission.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Many sellers mistakenly think that since there is no equity in the property, then there is no way for the agent to be paid. In this situation the seller’s lender pays the commission.

They are willing to pay a commission on a short sale because if the property is foreclosed upon, not only will the property sell for less money, but they will also have to pay a commission on the sale of the foreclosed property.

Here is an example. You owed $500,000 on your home. The home is now worth $400,000. After real estate commissions, attorney fees, property taxes, sales taxes, and other miscellaneous fees, your lender will net $370,000.

Most people would be horrified at losing $130,000. However, lenders know there is risk in their business. They grant loans knowing that a certain percentage of them go bad.

After they have realized that a loan has gone bad, all they want to do is reduce their losses as much as possible. So they will sit down and calculate the losses on their different options.

We all know the short sale will net them $370,000.

How much will a foreclosure net them? Let’s run the numbers. If the house is worth $400,000, then it will probably sell for 10% less after a 12 month foreclosure process.

So they have a sales price of $360,000. Now, they have to add in real estate commissions, attorney fees, sales taxes, and all the other costs. They could end up netting around $310,000 after the foreclosure.

Accepting the $370,000 on the short sale and paying the realtor is a good alternative. Therefore they are glad to accept it and pay us to sell the property.

Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Layton loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, dave forsberg.

Dave is a Real Estate Agent at Prudential Utah Real Estate - Bountiful Short Sale Realtor:

Phone: (801) 651-0707. utahhomesaver@gmail.com.

Greater Salt Lake Short Sales. Real Help for those that need it most.

View My homes for sale at BuyUtahNow.com.

A Common Myth About Bountiful Short Sales: Banks don't like short sales and prefer foreclosure

Bountiful UTAH – One of the Stop Foreclosure Institute members talked to a homeowner recently about a short sales. Her house was close to being foreclosed upon.

She had thought about short selling the house. But, she had heard from her friends that banks don't really like short sales and never pursued the option.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The fact is that banks are better setup for foreclosures. It is only with the recent historic drop in home values that short sales have more common.

Banks always knew that a short sale would reduce their losses compared to a foreclosure. Even the federal government agrees. That is why congress added short sale incentives to the recent loan modification laws.

FHA is another quasi federal agency that prefers short sales over foreclosure. They pay lenders $750 to process a short sale. I don't think they pay them anything extra to process a foreclosure.

The bottom line is that most lenders do prefer short sales over foreclosure. The reason is best explained by a recent study done by Boston Consulting Group.

The study found that a short sale nets a lender 20% more than a foreclosure. Banks understand numbers and want to reduce their losses. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Utah loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, dave forsberg.

dave is a Real Estate Agent at Prudential Utah Real Estate - Bountiful. Utah Short Sales Realtor:

Phone: (801) 651-0707. utahhomesaver@gmail.com.

Greater Salt Lake Short Sales. Real Help for those that need it most.

View My homes for sale at BuyUtahNow.com

Another strategy to use when negotiating a Bountiful Loan Modification

Bountiful UTAH – Lenders hate losing money. They hate loan modifications, principal reductions, and any other thing that causes them to lose money.

But, in today's tough economy they have no choice but to accept them. The primary reason a lender will grant a loan modification is because that usually reduces their losses.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

If they foreclosed on the house instead, then the losses would be larger. Besides most foreclosures take 18-24 months and often longer.

(That alone should convince you that their losses will be larger after a foreclosure.)

Use this to your benefit when negotiating a loan modification. Hire a real estate agent to tell you what your house is worth. Then, show your lender that value.

Now, add in all the costs that you can think they will incur if they foreclose on your home. Below are some examples costs.

Current Market Value: $300,000.

Lost Interest income at 5% over two years. $30,000.

Property Taxes over two years: $6,000.

Home Insurance costs for two years: $3,000.

Projected Net from a foreclosure: $261,000.

Because the lender can clearly see how much money they will use, it make it much easier to negotiate a reasonable loan modification.

If you want a realtor to give you the value of your home, then please send me an e-mail. I can put together a Broker's Price Opinion and tell you what I think your home's value is.

You can use that to negotiate with your lender. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Layton loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, dave forsberg.

dave is a Real Estate Agent at Prudential Utah Real Estate - Bountiful. Layton Short Sales Realtor:

Phone: (801) 651-0707. utahhomesaver@gmail.com.

Greater Salt Lake Short Sales. Real Help for those that need it most.

View My homes for sale at BuyUtahNow.com.

Bountiful Short Sale Listings

All Active Bountiful, Utah Short Sale Listings

List Price	Address	SqFt	BD	BT	Built
$79,900	290 N 500 W #113	1056	2	1	1974
$110,000	264 W 1700 S	1564	3	2	1940
$119,500	393 E 400 N #2D	1584	3	2	1959
$119,900	392 N 350 W	2204	4	2	1961
$124,900	155 E 500 S	1786	2	2	1946
$135,000	305 N 200 E	1872	3	1	1929
$135,343	2948 S 625 W	2344	3	2	1983
$139,000	650 S MAIN ST #8207	1322	2	2	1987
$139,900	4053 S 850 W	2682	4	2	1962
$139,900	1665 N ALIWOOD WAY	1200	2	2	2001
$139,900	1711 S 200 W	1143	3	2	1953
$139,900	1888 S ORCHARD DR	2454	4	1	1934
$139,963	2397 S 200 E	1605	4	1	1954
$149,000	1629 S ARTISTIC CIR	2344	6	2	1956
$149,000	245 W 1350 N	1875	4	2	1958
$159,000	845 E CENTER ST	2496	3	2	1955
$159,000	138 W 400 S	1944	3	2	1946
$159,000	499 N 200 W #8	1838	4	2	1985
$160,000	682 S ORCHARD AVE	2236	3	4	2004
$161,500	2276 S 250 E	2464	4	3	1959
$165,000	3004 S DAVIS BLVD	3010	5	2	1955
$179,000	2017 S BONNEVIEW DR	2101	4	3	1964
$180,000	210 S 1300 E	2589	5	2	1946
$189,000	2508 ORCHARD DR	2898	5	3	1956
$198,900	468 E 500 S	2250	5	4	1961
$200,000	961 N 650 E	2332	4	2	1955
$200,000	724 E EMERALD HILLS DR	3533	5	3	1970
$200,000	487 N 1200 E	2610	4	2	1962
$220,000	448 N DAVIS BLVD	3000	4	3	1966
$229,900	797 E CHELSEA DR	3479	6	3	1976
$250,000	1269 E NORTHRIDGE DR	3200	4	4	1995
$259,000	1966 S 700 E	2698	5	3	1965
$269,000	443 N 1150 E	5001	5	4	1958
$315,000	252 E LEWIS PARK DR	3574	4	3	2008
$329,000	3721 S BOUNTIFUL BLVD	2987	5	3	1979
$399,999	2692 GRAND OAK CIR	4996	7	5	1990
$439,000	273 PARK VIEW CIR	4433	6	4	2004
$450,000	338 E MAXINE CIR	5058	4	4	2007
$744,450	935 S CANYON CRST	8062	5	6	1969

***Active As-Of 05.16.2011 @ 05:35pm***

Please Call Me to Schedule a Showing of any of these properties.  More Listings are available at BuyUtahNow.com.

Layton Short Sales: The Lender Won't Approve The Short Sale. Now What?

Bountiful UTAH – If you are doing short sales, then you must learn how to escalate a file. Here's why.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

What do you do when the house isn't selling for any more money, but the bank keeps on rejecting the offers? You can give up, but then the seller loses the house to foreclosure.

Ouch! Why not escalate the file and get it approved? Here's an example of how it worked for the Stop Foreclosure Institute.

We had a house on the market for 4 months. We started the price at 200k and slowly brought it down to $169,900. We finally got an offer for $159,000.

The lender thought the house was worth $195,000. We knew that they wouldn't accept the offer because it was less than their value.

We knew this investor's guidelines and that the current offer at $159,000 didn't have a shot at getting accepted.

In order to get this file approved, we had two things to do.

1. Convince the lender to get a new, more accurate valuation.

2. Escalate the file.

To handle Part 1, we sent the short sale negotiator our own Comparable Market Analysis. We included the Pending homes for sale and the Competing homes for sale.

We explained that their valuation was inaccurate and that they need to order another one. (If your data is good, then most of the time they will order a new valuation.)

Then, we asked for their supervisor's contact info. (Remember, most short sale communications are thru e-mail.)

Two-thirds of the time they will e-mail back the supervisor's info. The other one-third of the time they will just start doing a better job on the file. Either way we have accomplished our goal.

In this case they started doing a much better job on the file. The negotiator ordered a new valuation.

If the new valuation comes back within range, then they will approve the file and we can close. On the subject house, the new valuation came back with the proper value.

We received a short sale approval and closed the sale a month later.

Now, there are a few problems you may run into trying to escalate a file. Sometimes the negotiator won't give you their supervisor's.

And they still won't order a new valuation or help you out. So, you're at a dead end. Here is how to get their supervisor's info.

Call the normal short sale 800 number at the lender. Tell the person answering that you are working on a file with X negotiator and you need to talk to that person's supervisor.

Say something like, "We've talked to the buyers. They will not raise their offer. We've had this house listed for 94 days and this is the best offer we've received. The buyers asked me to call and plead their case."

Most of the time, they will give you that person's name and e-mail address. Always ask for the fax and phone number as well. Most of the time you won't get that, but sometimes you can.

Before I escalated a file, we were was scared to do it. What if the negotiator got mad at us? This held us back.

The reality is that the negotiators don't get mad at all. If you're at a logjam with a file, and you have a good case on why they should accept the offer, then do the logical thing and escalate the file. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Layton loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, dave forsberg.

Dave is a Real Estate Agent at Prudential Utah Real Estate - Bountiful. Bountiful Short Sales Realtor:

Phone: (801) 651-0707. utahhomesaver@gmail.com.

Greater Salt Lake Short Sales. Real Help for those that need it most.

View My homes for sale at BuyUtahNow.com.

UTAH Short Sales: The Short Sale Process from Beginning to End

SALT LAKE CITY UTAH – The short sale process can vary, but it will generally work as follows:


1) The lender is contacted to discuss the possibility of a short sale and to determine the lender's process for completing the sale.



2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency.


3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.


4) The seller will complete a "hardship letter," which will detail and explain all financial difficulties. Lenders will usually want to validate the seller's financial situation by looking at bank statements, investment accounts, along with examining paystubs and other financial records.


5) The lender will then look to the broker to provide a price opinion by examining the condition of the house and the market value of comparable properties.


6) The lender will then want to scrutinize the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.


To get the lenders approval, first of all write a letter to him about your hardships, backing it up with substantial proof of your financial situation. The next step would be to place the offer.


It would help your case if you get your real estate agent to convince the lender that the price of the property has not been ridiculously lowered.


The last step would be to have detailed pictures and a map of the house, showing details of any repair work if required to be done.


Once the lender approves, the deal is ready to be closed. The buyer can then make out payment to your real estate agent, lawyer or short sale expert who helped negotiate the short sale.


The remainder of the funds is then diverted to paying off your mortgage. In case you are a buyer and are interested in buying a short sale property then you might get enticed at the low prices for a property in a high priced neighborhood.


However, it is better to take caution and not jump at the opportunity. First of all it would be advisable to suggest to your real estate agent to make enquiries with the listing agent and ensure that the property is a short sale one.


Before taking the leap hire an agent who has experience in short sale. Next, it is essential that your agent find out how much the seller owes the lender, who is in the title and whether a foreclosure notice has been filed.


Although the seller might have approved your offer, no deal can be made until the lender has approved.


Have a copy of your earnest money deposit sent to the lender and additionally the lender also might want to know if you are pre-approved and have your own loan available.


Most likely the lender will directly negotiate the commission with your listing broker since he is losing money. The deal will be finalized at this point. Thinking about a short sale?


I can help you short sale your property and never pay the bank another penny. Send me an e-mail at FORSIECITY@gmail.com. I will contact you for a free consultation.


When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707


Discover how other sellers successfully completed a short sale and request a free consultation by calling me at 801.651.0707 


Thinking about a loan modification? Our Layton loan modification kit has the instructions you will need to get a loan modification approved with your bank.


Thanks for reading this, dave forsberg.


dave is a Real Estate Agent at Presidio  Real Estate - Utah Short Sales Realtor:


Phone: (801) 651-0707. Forsiecity@gmail.com.


Greater Salt Lake Short Sales. Real Help for those that need it most.


Need to sell immediately?   We buy homes in ANY CONDITION and close in 7 days or less.  Call me at 801.651.0707 and we can discuss all of your options. 

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Bountiful Short Sales: Yes, you can get a $3,000 check for short selling your home

Bountiful UTAH – If you are looking to short sale your home, then I have some good news for you. Thanks to a new government program, HAFA, you can get paid to participate in a short sale.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

If your loan qualifies for the HAFA program, then you may be eligible for a number of financial incentives. You can get up to $3,000 to help with moving costs.

Even better is the stipulation that you will be completely released from the first mortgage debt. No deficiency and no promissory note. Now you don’t have to worry about paying all that money back.

Here are a few other advantages HAFA has over a normal short sale.

1. The lender must process the short sale within 30 days.

2. Lenders are no longer required to check your financial information and confirm that your debt to income ratio is higher than 31%.

3. The short sale can often be pre-approved when it is put on the market. This is good news because it makes your home more attractive to home buyers.

As an incentive to help lenders process HAFA short sales, your lender can get a check for up to $1,500 for helping you. Contact me to see if you qualify for a HAFA short sale.

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at utahhomesaver@gmail.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Layton loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, dave forsberg.

dave is a Real Estate Agent at Prudential Utah Real Estate - Bountiful. Layton Short Sales Realtor:

Phone: (801) 651-0707. utahhomesaver@gmail.com.

Greater Salt Lake Short Sales. Real Help for those that need it most.

View My homes for sale at BuyUtahNow.com.

Important Notice

Dave Forsberg, Prudential Utah Real Estate - Bountiful  are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Dave Forsberg's personal views and do not reflect the views of Prudential Utah Real Estate - Bountiful.

This information on Bountiful Short Sales: Yes, you can get a $3,000 check for short selling your home is provided as a courtesy to our viewers to help them make informed decisions.