UTAH Short Sale Myth: I Have To Go Thru The Loan Mod Process Before I Can Short Sell

SALT LAKE CITY, UTAH – I recently received a question from Tonia about short sales. Apparently Tonia has been mislead by her lender.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here is Tonia's question about short sales.
"I've been trying to sell my house for over a year now and have since remarried and moved into my husband's house. I told the realtor I am willing to do a short sale so she called my mortgagor (short sale dept) and they said to just send in the bid. Well, they received a bid but will not accept it. They said it is because I haven't gone through the loan modification process that FHA loans have to go through first before a short sale can be done. I don't want to modify my loan. I want to be dismissed from it. I'm current on my payments because the same guy told me that I could be current and still do a short sale which it isn't sounding like now. Any advise would be great. My house payment is due next week and if it is going to take me not making payments to get this short sale through I won't make them. Tonia."

Here was my response to Tonia.
It sounds like you are being mislead. FHA issues guidelines to lender's that handle their loans. Their guidelines say nothing about a loan modification having to be done first. You can look up the guidelines for FHA Short Sales.

Just google: "Mortgagee Letter 2008-43.

I have read through this countless times and didn't remember a requirement for a loan modification first. I just scanned through it again and didn't see it this time. I do remember we go into this same argument with another short sale negotiator.

They said we had to go through the loan mod process before they could process the short sale. We told them we had read through the entire letter and knew it didn't have that requirement. They backed off and processed the short sale.

You just have to be firm. And if they aren't following FHA's rules, then call up FHA and let them know. FHA may fine them for breaking the rules.

Thinking about a loan modification?Our Bountiful loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at forsiecity@gmail.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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 801.651.0707

Thanks for reading this, Dave Forsberg.

Dave is a Real Estate Agent at Presidio Real Estat. UTAH Short Sales Realtor:

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

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

 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.

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Bountiful Short Sale Myth: If I Sell For More, Then I Won’t Have A Deficiency

Bountiful UTAH – Some sellers think that if they sell their house for more money, then they are less likely to have a deficiency. Let me explain why that is not true.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Another realtor recently told us about a short sale they were involved in. This realtor was representing the buyers purchasing the house. The short sale negotiation company the sellers were using told the sellers that unless the house sold for $295,000, then the sellers would have a short sale deficiency.

Because of this, the sellers wouldn’t accept the buyer’s offer. I told them that couldn’t be true.

Here is how short sale negotiations work.

A lender is losing money on a short sale. In most cases, they are losing a lot of money. Losing just a little bit more money is not going to cause them to change their mind on whether or not they should pursue a deficiency.

A sales price that is $17,000 lower is trivial when compared to a $100,000 loss.

I have negotiated hundreds of short sales. In most cases, the lender is either pursuing a deficiency or not pursuing one. A slightly higher sales price won’t change their mind either way. They will either accept the short sale offer on the table, or counter at a price they will accept.

They will pursue a deficiency even if the property sells for more money.

Thinking about a loan modification?Our Bountiful loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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. Email: 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.

Important Notice
Dave Forsberg, and Prudential Utah Real Estate - Bountiful, and the are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse 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. We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. 


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's personal views and do not reflect the views of Prudential Utah Real Estate - Bountiful. This information on Bountiful Short Sale Myth: If I Sell For More, Then I Won’t Have A Deficiency is provided as a courtesy to our viewers to help them make informed decisions

Fixing Credit After A Short Sale Step 10: Maintaining Good Credit

Bountiful UTAH – If you have a foreclosure or short sale on your credit report, then it will lower your credit score quickly. In the near term, the decrease will be much more than it will be a few months down the road when it starts to inch its way back up.

Get my Free, Step By Step Loan Modification Guide by clicking here.

The credit reporting bureaus weigh the most recent activity more heavily than the distant past. Taking action now to build up the most recent activity is a great way to help your score rebound. So for now, here are the things you should be doing from this day forward to keep your score improving:

First, keep your report clean and clear of NEW negative items. This means that you need to pay on time, every time on open credit. You must not have any new collection accounts or charge offs.

Don’t try to open ANY new credit – this means new car loans, or a Target charge card, or any new opportunity to open any other new credit. Don’t do it. After a foreclosure or a short sale, you want anything that appears on your credit report to be spotless – that the short sale or foreclosure was a blip on the radar, the past, out of the ordinary for you.

Re-build your credit report with favorable credit. Ask your bank if you can use a secured Visa or MasterCard through them. A secured Visa or MasterCard is much like a debit card – you preload it with the amount you want available.

Unlike a debit card, a secured credit card will get reported to the credit bureaus, and this will help to rebuild your score. Obviously, the best way to deal with bad credit scores is to avoid it in the first place if possible.

If you have a history that needs a bit of polishing, hang in there. Follow the steps that I’ve written about, stay on track, you will be able to look back and feel a sense of pride about your accomplishments.

Thinking about a loan modification? Our Utah loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet.

Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.
Email:  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.

Fixing Credit After A Short Sale Step 9: Rinse & Repeat

Bountiful UTAH – The next step in your path to an improved credit score is to do what they say on the shampoo bottles: Rinse and Repeat.

Get my Free, Step By Step Loan Modification Guide by clicking here.

In the Rinse and Repeat phase, you just keep working their system.

 Here’s what I mean: You send in a dispute, maybe disputing the date that the account was opened, and the credit reporting bureau can’t verify it, and they pull the whole listing off your report!

You can’t keep submitting the same dispute reason over and over again to the bureau – they will view you as a nuisance and will dismiss your disputes as frivolous. Also, don’t bombard these folks with your disputes – you won’t get the desired results. But, you can dispute information that needs to be verified.


The suggested order of ways to dispute are:

1. Not my account
2. I didn’t pay late that month
3. That is the wrong amount
4. That is the wrong account number
5. That is the wrong original creditor
6. That is the wrong charge-off date
7. That is the wrong date for the last activity on the account
8. That is the wrong balance
9. That is the wrong credit limit
10. That is the wrong status of the account 
11. That is the wrong highest amount I owed at any time (High Credit Amount) 

You can challenge the same listing on your credit report in the Rinse and Repeat phase. The first time, you might say “not my account” and the next time you would say “I was never late.” You just never know when you’ll find the dispute that gets the listing taken off of your credit report.

Send your dispute in, and let the 30 day clock run. But, like I said before – don’t bombard them immediately after getting your results. Wait 60 days between disputes. Keep excellent records of your efforts.

Be persistent, be insistent, and more than likely it will pay off.

Thinking about a loan modification?Our Bountiful loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.

Fixing Credit After A Short Sale Step 8: Checking Your Results

Bountiful UTAH – The next step in your credit repair process is a very important one. This is the time where you check the results of your efforts so far.
Get my Free, Step By Step Loan Modification Guide by clicking here.
The credit bureaus have now sent you their results, including a new credit report and a letter telling you what has changed on the report based on your disputes. Don’t just read what they sent and file it away! Make a copy of it, and have it ready to file.

Take out your file that has the original copy of your credit report and put it side by side with the new report.

Take out your copy of the letter you originally sent to the bureau that laid out all the things you were disputing. Go through and compare these disputes against their updated credit report. Their summary might say that an item was investigated but was verified, and so it still shows on your credit report, and wasn’t removed.

They won’t say more than, “item verified.” This could discourage you, but what folks who’ve been down this road before you will tell you is that no one called the original information provider to verify the item – that they used that eOscar dataset to check it out. If they “verified” something on your credit report which clearly isn’t yours:

1. Call the toll-free number at the top of the report
2. Tell them your report reference number and ask for “the method of verification per FCRA (Fair Credit Reporting Act) Section 611 (a) (7).
3. If they say they called the original creditor, ask them for the phone number of the original creditor.
4. Call the original creditor and ask for the records yourself.
5. If they say the records are not available, call the credit reporting agency back at their number from the results report and tell them that the original creditor has no records, and that they need to open another dispute – provide them with the name and number of the person you just talked to at the original creditor.

This sounds like a lot of hassle, but it’s worth the extra effort. On the other hand – you might find in your new reporting from the credit bureaus that the disputed item was investigated and the listing was found to be inaccurate or unverifiable! If this is the case, the negative listing will either be deleted from your report all together or it will go from being a negative to being a positive. This is great news for you!

Thinking about a loan modification?Our Layton loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.

David Forsberg specializes in loan modification assistance and short sales in Utah. Bountiful Loan Modification Help, Utah Short Sales. Bountiful Short Sale Realtor Bountiful UT Short Sales. Utah Realtor.

Fixing Credit After A Short Sale Step 7: The Waiting Period

Bountiful UTAH – The next step in the process of getting a cleaned up credit report, is the one that takes the least effort, but the most patience: WAITING.


You’ve done your part to get the ball rolling, and now the credit reporting companies have to do their part.

Get my Free, Step By Step Loan Modification Guide by clicking here.

What happens during this phase is that the credit reporting agencies have 30 days to investigate.

I use the term loosely here because the methodology that they use is not very investigatory. They take the claims and whittle the dispute down to a 2 digit code that gets checked against a reporting database called eOscar for verification.

They are afforded 30 days to do this step, unless the person disputing has gotten their credit report from annualcreditreport.com which allows them to take 45 days to check out your dispute (remember back in an earlier step where this was discussed – this isn’t the site to get your credit from!.)

While you wait, remember that whatever your credit score was before you began this process, you should be doing things now to improve it.

What I mean by this is that while waiting for the history part of your credit report to be cleaned up, you work on the future of the credit report. Take action now to build a better situation.

First, keep your report clean from this moment forward. Don’t tarnish it beginning now. Do not have a single late payment – pay your bills on time.

I know, it’s easier said than done, but it will be important in your future that you did this today. Don’t have any new collection accounts or charge offs.

Don’t, REALLY don’t, get new inquiries on your credit report – this means don’t open any new credit cards, store charge cards. No applying for everything that sounds like a good idea.

Don’t close any open credit cards. Pay off the credit card - yes, but close out the account – no. Keep this length of history long on your report.

And, just wait. The 30 days for the credit bureau investigation will fly by. Once their 30 days is up, they have 5 additional days to provide you with their findings.

If anything in their investigation was not verifiable, that item is required to be removed from your credit report. They will also send you an updated credit report.

So, watch for their letter to you in your mailbox after you complete the WAITING step.

Thinking about a loan modification? Our Utah loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.

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. Salt Lake Realtor.

Fixing Credit After A Short Sale Step 6: Why It’s So Important To Document Everything

Bountiful UTAH – I mentioned in the last note that you’ll need to keep a file of records about your credit restoration process. This is an important part of the process, and deserves a bit more than a brief mention.


Get my Free, Step By Step Loan Modification Guide by clicking here.

The credit reporting companies have 30 days (by law), to investigate and handle the disputes submitted to them. This is why you submitted everything through certified mail.

That enables you to record the time firmly for the credit reporting firms to respond within. But it’s more than that. This file will become important for a long time for you.

Many people successfully removed items from their credit reports. Later on they found those same items show back up on their credit report months in the future! Having a record of your efforts and the results is needed to keep your record blemish free in the future.

Make your records easy to follow. You will need to keep the original copy of your credit reports here, as well as the copies you’ve made notes and comments on.

Keep copies of the letters you send to the credit reporting companies. Keep the Certified Mail slips. File any correspondence that the credit reporting companies send to you.

Keep a journal in your file of any telephone conversations you have with any of the creditors or credit reporting companies. Record in this journal the names, dates, times, and notes of these phone calls.
In addition, have a method to remind yourself of “action step dates” – those dates where you expect to have a certain action done by the credit reporting firms.

This can be a calendar you keep on the front of the file, or use Outlook’s calendar feature, or your calendar app on your phone.

This may seem like your credit report has become your new part time job, but with a little bit of organization and perseverance, it will be worth it!

Thinking about a loan modification?Our Utah loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.

Fixing Credit After A Short Sale Step 5: How To Mail The Letter

Bountiful UTAH – Once your strongly worded credit report dispute letters are written to each of the three credit reporting companies, then it is time to get it into the hands of their dispute department.

The goal is to get your letter read, taken seriously, and responded to.

Get my Free, Step By Step Loan Modification Guide by clicking here.

**Make sure you make a copy of whatever you are sending to the credit bureaus.**

Just keep all your credit reports, letters, etc. in a file so you can use these later (this will be important.) Send your letter, a copy of the credit report with the items you are disputing noted in Sharpie, and a copy of your driver’s license to each of the credit reporting companies.

This step CAN be a bit tricky, even though it should be the easiest step of all! Here’s why – the credit reporting firms don’t really like to deal with these dispute letters, and they change their mailing address for submitting these requests fairly often.

You will need to go to the website for Experian, Equifax, and Trans Union to get their dispute address.

BUT DO NOT SUBMIT YOUR DISPUTES ONLINE, like their websites pushes you to do.

If you do this, your request is less likely to be taken seriously, and you won’t have any written record of what you submitted. Send each of your letters as Certified Mail. Your local post office will help you with this. Put the copy of the certification slip into your file as well. The certification slip ensures that you have a timeline started for restoring your credit.

Thinking about a loan modification? Our Utah loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.

Fixing Credit After A Short Sale Step 4: Writing The Credit Bureaus

Bountiful UTAH – Using your work on the credit report, you are ready to take action. You are now going to write a letter to the credit bureaus about the items you’ve highlighted and noted.

Get my Free, Step By Step Loan Modification Guide by clicking here.

You are writing to the credit bureaus because they are the ones reporting the information – it is up to them to change what they report. The goal is to get bad things deleted from your credit report in order to improve your score. Do not go to Google, or bing and try to find a form letter than you should send in for this step! The credit reporting companies can spot those like a hunting dog can spot a duck.

You will not get anywhere with a “canned” letter, and will damage your chances of ever resolving issues. Your letter should sound like you are frustrated (which you undoubtedly are), and should sound authentic. But, do sound polite and friendly. Don’t sound like an expert, but do sound like you expect action. In this round of letters – your aim is to have the credit bureaus remove items that are hurting your credit score. The bureau will then have to investigate your dispute and REMOVE any of the disputed items if they can’t prove them to be accurate (this involves them contacting the original creditor and verifying with them – all within the short 30 day window allowed by law).

Here is the basic outline to follow for your first round of letters you send: At the TOP of the letter, put your name, SSN, current address (and state lived there for X years), and your DOB. Say something about how you’ve just reviewed your credit report, and found items that are inaccurate. List the items BRIEFLY. Say something like: “Chase Credit Card xxx-xxx-xxxx, listed for 30 days late. I have never been late on this account,” or “Citi Credit Card xxx xxxx xxx listed as collections. This is false.” Note that you are upset / worried / distressed / embarrassed about these items, since you know they are negatively affecting your credit score. Ask that these items be deleted from your report immediately. Add Sincerely, and your name below. Sign the letter. Include a photo copy of your driver’s license as proof that you are you making this request. Also include proof if you have it (credit card statement from the month where they say you were late when you weren’t.) The next step is to submit this letter.

Thinking about a loan modification?Our Layton loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet.

Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy. Or, click here to request a copy.


Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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 www.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. Salt Lake Realtor.

Bountiful Short Sales: Fixing Credit After A Short Sale Step 3: Rank Items In Order Of Importance

Bountiful UTAH – The next step in going over your credit reports is to really rank the items being reported about you to find ones that are the most negative.


Rank the negative items with the MOST negative ones given the lowest ranking. Get my Free, Step By Step Loan Modification Guide by clicking here. You want to rank the ones that will cause the most damage to your credit score.

Here are the most damaging items (in order of damage amount): bankruptcy; foreclosure; repossession; loan default; court judgment; accounts in collections; payments that are past due; payments that are late; being denied credit; inquiries to open new credit.

One thing to note about disputing things on your credit report – items like court judgments and foreclosures and child support arrears are verified by a different system, and are rarely if ever disputable. Here is one of the best suggestions that I have seen work well. Take a Sharpie pen, and mark on the unused copy of your report. 

Circle the items you are disputing and write a SHORT note about why you are disputing that item – for example “Not my account” or “Not Late.”

I am not advising you to lie or make misleading statements when you write to the credit reporting company. However, I will tell you that if someone is reporting something about you, they should be able to prove that what they are saying is the truth. The credit bureaus are required to check out and investigate all the disputes they get that are deemed to not be “frivolous or irrelevant.”

What that means is that you need to not dispute every single item on your report right now, and you need to be taken seriously. This means DO NOT use the dispute form that they sent with your credit report. They see those forms as “frivolous” 9 out of 10 times.

DO NOT use their online dispute center – the credit bureaus don’t take those seriously because they think you can’t be too serious if you just click-click-clicked away to dispute it.

Thinking about a loan modification?Our Layton loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.

Bountiful Short Sales: Fixing Credit After A Short Sale Step 2: Analyzing Your Credit Report

Bountiful UTAH – Once you have gotten your credit report, the next step in the process of restoring your credit score is to go over it with a critical eye.


Analyze what the report says.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Put aside any emotion that looking at the report might stir up – you need to look at it objectively.

First, make two copies of your credit report. Save the original without any marks on it. You can make any notes you need on one of the copies, and put the other copy aside for a later step. Your credit report will show all sorts of history on your credit accounts. Look for all the negative items on your credit report and highlight each one.

The credit reporting firms might not make it easy for you to know what they are considering negative with all the codes they use. As a very general rule, Experian notes negative items with an asterisk or an inquiry; Equifax and TransUnion put “>>>” as a way to signal negative items or items that have a rating higher than l1, M1, or R1. You can also look for these words: repossession, foreclosure, profit and loss write-off, charge-off, paid profit and loss write-off, paid charge off, settled, settled for less than full balance, included in bankruptcy, collection amounts. Paid, unpaid (or anything indicating payment history); court accounts, liens, judgments, bankruptcy (chapters 11,7, or 13) divorce, satisfied liens, or satisfied judgments; or items that show more than 30, 60, or 90 day payments.


All of these should get highlighted by you. Once you’ve highlighted anything that is listed as negative, take out a pencil and put a note next to the items that are either inaccurate or inconsistent. Inaccurate items are the ones that aren’t yours, or show the wrong balance, etc. An inconsistent reporting is where the same information on the report contradicts itself somewhere else. For example, showing one place that there are twelve 31-day-lates on an account, while also saying that the account was only reviewed for 4 months. It is always surprising how often there are errors like that found on credit reports. Remember – there’s a whole lot of information being submitted each day to these companies, and mistakes can happen. The next step will be important to take as soon as you finish highlighting your report. You will need to move quickly through these first few steps – your timing is all tracked and it’s important for you to be diligent so that your credit can be restored.

Thinking about a loan modification?Our Utah loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy. Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.

Bountiful Short Sale: The First Step To Fixing Your Credit After A Short Sale

Bountiful UTAH – One of the common reasons that people are concerned about a foreclosure or short sale in their history is because they are concerned about their credit score.

Get my Free, Step By Step Loan Modification Guide by clicking here.

While it’s true that your credit score will be adversely affected by these items, it is also true that you can move past blemishes on a credit report.

You may want to consider doing some credit repair or credit restoration. It isn’t hard to do, and when taken step by step, it can be handled in an organized, manageable way. The first step that you need to do is to get and review your credit report.

I’m always amazed by the psychology of just this step. Most people don’t want to pull their credit report because they “just feel” like it will be bad, and they don’t want to see it. However, you won’t know where you are at or how to get onto the next phase of recovery until you figure out where you are at.

You have seen all the commercials, and can sing the jingles, for some of the places to get your credit report. There are pros and cons for any of the places you can get your credit report.

The two words of caution I offer here are: 1. You can get an annual free credit report (the one that the government requires the 3 credit reporting bureaus to provide) from annualcreditreport dot com. However – if you choose this route – it is free, but it then bumps up the time that a creditor has to investigate any of your disputes from 30 to 45 days. This isn’t a great option, in my opinion. You’ll understand why after you learn about the dispute process. Also, be aware that this service doesn’t have to give you your 3 digit credit score – which you might want to know.

2. Most of the other services offer you a free 30 day trial period, and then you get “enrolled” in their credit monitoring program. If you aren’t one to keep track of the 30 day trial timeframe, you could end up sucked into paying for something that you wouldn’t normally want to spend monthly money on. In the next article about your credit report restoration, I’ll talk about how to review your report, what to look for, and how to analyze it.

Thinking about a loan modification?
Our Utah loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet.

Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy. Or, click here to request a copy.


Thinking about a short sale?
I can help you short sale your property so you can move on with your life. 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.

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 Common Short Sale Myth: The Foreclosure Process Goes So Fast That I Don’t Have Time To Short Sale

SALT LAKE CITY, UTAH – I recently received a question from Susan about short sales. Here was Susan’s Question.

“My home is scheduled to be going on the courthouse steps in about 2 months. I had thought about short selling, but a friend told me I wouldn’t have enough time to do it.

Because of that I didn’t pursue a short sale earlier. Recently I decided to look into it further. It looks like a good option compared to foreclosure. My question is this.

Do I have enough time to short sale my house, or is the foreclosure already too far along? Please let me know. Sincerely, Susan.”


Here was our answer. Susan, we can still help you with a short sale. Most lenders will postpone a foreclosure when a short sale offer is in place. Yes, a short sale usually takes 2-6 months to process.

However, many lenders will postpone the sale while a short sale is in the works. In addition, some short sales go faster than the normal 2-6 months.

If your lender owns you loan in house, then the decision maker will be easy to reach. They can approve or deny the short sale in a matter of a week or two.

So, please let us help you. We have a good success rate even when the foreclosure process has already been started. As you well know, a short sale beats a foreclosure because you can buy another home much sooner.

Thinking about a loan modification?Our Layton loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at FORSIECITY@gmail.com to request a Free Copy.


Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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 clicking here.

Thanks for reading this, Dave Forsberg.

Dave is a Real Estate Agent at Presidio Utah Real Estate - . UtahShort 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, but time is of the essence and you must CALL me now at 801-651-0707 to  get the process started.

David Forsberg specializes in loan modification assistance and short sales in Bountiful Utah. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor UT Short Sales. UTAHRealtor.

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3 Ways the Big Banks Could Stabilize Housing Prices and Increase Their Profits at the Same Time

Bountiful UTAH – Many Americans are concerned about the housing market. If they housing market continues to decline, then it could drag the entire economy with it. At least that’s what some economists are saying.

We want to be part of the solution, not part of the problem. So, we decided to propose a solution

Here Are 3 Ways The Big Banks Could Stabilize Housing Prices And Increase Their Profits At The Same Time.

Get my Free, Step By Step Loan Modification Guide by clicking here.

#1: Approve more Loan Modifications. Every loan modification is one less home that has to be sold as a distress sale. Distress sales are dragging down home prices.

In addition, many loan mods are rejected, only to see the lender lose even more money when the home sells. Here is an example. A homeowners offers to pay their lender an amount equal to a $300,000 mortgage.

That means the homeowner would pay the same as someone borrowing $300,000 to buy a home. The lender rejects their loan mod offer and forecloses on the home. It sells for $200,000.

Don’t kid yourself, this happens every single day. The loan owners lose millions as a result.

#2: Make short sales easier. Yes, short sales do close. But, many don’t. The ones that don’t are usually sold for less money as a foreclosure. An extreme example is a home that received a $380,000 offer as a short sale.

The lender rejected the short sale. The home was foreclosed upon and sold for $230,000. The reason that lenders usually lose more money on foreclosure compared to short sales.

First, most foreclosures are usually left empty for several months. Mold, mildew, and other things make the home undesirable.

Second, most foreclosures are taking 18 months or more. That is a lot of time that a home can sit empty. In addition, interest, attorney fees, unpaid property taxes and other costs are growing each day.

#3: Handle foreclosures better. We have seen many foreclosed homes sit empty for months and months. In one extreme example, a foreclosed home has been sitting empty for over 2 years.

(The picture above is the front of that home.)

In that time period local housing prices have dropped by 20-30%. Interest and property taxes have accrued over those two years.

Here is how banks could do a better job handling foreclosures.

First, put all foreclosures on the market within a week. There are a lot of hungry, aggressive real estate agents that would love to market these properties.

Put them to work getting the homes sold for top dollar as quickly as possible. The typical 2-3 month wait it not acceptable, especially with all the hard working agents available.

Second, maintain the vacant homes. The home pictured above is wide open. The doors are not locked. Anyone can walk right in and vandalize the place.

I have seen profanities spray painted on the walls of vacant, bank owned homes. Think that affects the sale price?

These are just a few ideas. The next time you hear your local banker tell you how they “care”, ask them how their bank is handling the recommendations in this blog post.

To us, a banker telling us about how they supposedly “care” just rings of hypocrisy. And it will ring of hypocrisy as long as these problems continue to hurt homeowners, the housing market, and the American Economy.

Thinking about a loan modification?Our Layton loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.

Why Short Sales with 3 or More Mortgages are Difficult

Bountiful UTAH – Are you looking to buy a short sale? Before you make an offer, you need to check and see how many mortgages are on the home.

A short sale with only one mortgage is not that difficult. Even an inexperienced agent can often get these approved and sold.

Get my Free, Step By Step Loan Modification Guide by clicking here.

A short sale with 2 loans becomes much more difficult. You now have to lenders that have to agree with each other. However, an experienced short sale agent can get the two lenders to agree with each other on the short sale.

However, when you have 3 or more loans and/or liens, everything just becomes way more complicated. Most first mortgages will only give $2,500 to $3,000 a second mortgage on a short sale.

They don’t have any policies in place on what to give a third position mortgage or lien. And that third position lien holder isn’t going to go away for free. Someone is going to have to give them something in return for them releasing their lien.

That third position lender basically has the right to throw a wrench in the works unless they get paid. They can veto the short sale for any reason. They will only go away when they are either paid in full or accept a lower amount.

This is what makes short sales with 3 or more loans so difficult. The first mortgage, second mortgage, and third position lien fight over the available money.

At the end, the first mortgage usually forecloses on the property and the second and third position people get nothing. But, a foreclosure takes a long time and costs money.

At the end of the day, everyone ends up losing more than they would have made if they had simply worked together. This is why we usually avoid short sales with 3 or more mortgages/liens in place.

Thinking about a loan modification?Our Layton loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at utahhomesaver@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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.