Bountiful UTAH – In our last post, we agreed that the first step in fixing the flawed short sale process is to acknowledge what the problem is.
We agreed that the problem is that the lenders and investors are losing billions on defaulted loans.
In addition, American Homeowners are losing billions on declining home values caused by a housing market decline caused by foreclosures.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The next step is measuring the damage and finding ways to fix it. Here is how we suggest that by done.
To analyze the problem properly, someone will need to study the results. Lenders need to start tracking the results of their actions.
The projected outcome from each of the outcomes should be recorded. Each defaulted loan will have several stats.
First will be the expected outcome if they had agreed to a loan modification. They find that out by asking the homeowner what they are willing to pay monthly.
They plug that into an amortization calculator and find out the mortgage amount that payment equates to. For example a homeowner says that can pay $1,500 a month for the next 30 years.
That equates a $264,182 mortgage at 5.5% interest. Measurement #1: Loan Modification: $264,000 could be realized by accepting that loan modification.
If the house is marketed as a short sale, then any and all offers should be recorded. Let’s say a buyer offers to buy the home for $249,000. That would give us Measurement #2: Short Sale Return: $249,000.
The short sale is rejected. The home is foreclosed and sold as a foreclosure. It is put on the market and ends up selling for $218,000. That gives us our final measurement.
Measurement #3: Foreclosure Return: $218,000.
Now we can all see solid numbers on the results. If that lender did reject the loan mod and short sale, then that process needs to be fixed.
With proper measurement there is no more guessing. Solid, pragmatic decisions can be made to fix the problem.
Thinking about a short sale? I can help you short sale your property and get back on your feet. 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 Bountiful 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.
David Forsberg specializes in loan modification assistance and short sales in Bountiful Utah. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor Bountiful UT Short Sales. Bountiful Realtor. North Salt Lake Realtor, North Salt Lake Short Sales. Short Sales in North Salt Lake. Woods Cross Short Sales. Short Sales in Woods Cross. Woods Cross Realtor. Sunset Short Sales. Short Sales in Sunset. Sunset Realtor. Kaysville Short Sales. Kaysville Realtor. Short Sales in Kaysville. Salt Lake City Short Sales. Short Sales in Salt Lake City. Salt Lake City Realtor. Centerville Short Sales. Short Sales in Centerville. Centerville Realtor.
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1 comment:
To prevent foreclosures, it is important for the homeowners to pay the loans on time. It is indeed difficult to pay mortgages especially during economic crises. This is the reason why every individual needs to take appropriate steps to resolve this kind of issue.mortgage leads
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