Bountiful Short Sales: Homeowner Takes On Lender And Wins!

Bountiful UTAH – According to the Philadelphia Inquirer [1], Patrick Rodgers of West Philadelphia was able to "file a foreclosure action against Wells Fargo.


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


I bet there are a lot of homeowners facing foreclosure that would love to do the same thing. You work so hard to negotiate a reasonable loan modification in order to keep your home.


But, no one at the lender seems to care. It seems the big lenders are able to live in a protective bubble. They can foreclose on paid off homes and face no consequences.


If they average American did that, they would probably face jail time. So, it's nice to finally see someone turn the tables on a lender.


Here is the story according to the Philadelphia Inquirer.


It's not clear how this story will turn out, but right now Patrick Rodgers is living a pay-back fantasy probably shared by millions of struggling U.S. homeowners.


Frustrated by a dispute with Wells Fargo Home Mortgage and by his inability to get answers to questions, the West Philadelphia homeowner took the mortgage company to court last fall.


When Wells Fargo still didn't respond, Rodgers got a $1,000 default judgment against it for failing to answer his formal questions, as required by a federal law called the Real Estate Settlement Procedures Act.


And when the mortgage company didn't pay - does something sound familiar? - Rodgers turned to Philadelphia's sheriff.


The result: At least for the moment, the contents of Wells Fargo Home Mortgage, 1341 N. Delaware Ave., are scheduled for sheriff's sale on March 4 to satisfy the judgment and pay about $200 for court and sheriff's costs.


Rodgers has even written his own headline: "Philadelphia homeowner 'forecloses' on Wells Fargo."


Has he really? Not quite. But Rodgers, who lives in the city's Wynnefield Heights section, won at least a momentary upper hand in a fight with Wells Fargo that began nearly two years ago.


Before you leap to conclusions, let's get a few things straight.


Rodgers isn't unemployed, or a deadbeat. He's a music promoter who owns Dancing Ferret Concerts - if industrial, electronic, or goth is your sound, maybe you've been to one of his gigs. He says he's paid all he owes under the terms of his seven-year-old mortgage.


And there's no reason to think that Rodgers' house is "underwater" - worth less than he owes, in banker jargon that has sadly entered Americans' everyday lexicon.


Actually, it was the value of Rodgers' home that apparently sparked the dispute - not what he paid, or what it would fetch if he wanted to move, but what it would cost to fully restore the house if, say, it was struck by a meteorite and burned to the ground.


Rodgers owns a three-story, six-bedroom Tudor on a beautiful street not far from City Avenue. He paid about $180,000 for it in 2002, and for years handled his mortgage without dispute.


But in mid-2009, his insurer delivered troubling news: His homeowners premium would more than double, because Wells Fargo was insisting that he insure the home's full replacement value - about $1 million worth of coverage, the insurer told him.


Rodgers loves his home, neighborhood, and adopted city - he moved here about 17 years ago, after growing up as a child of American parents in the Bahamas.


But he knew that he paid a fraction of what his home would command elsewhere, such as across City Avenue in Bala Cynwyd. That's one advantage of living, as he says, "a short clip away from the wrong side of the tracks."


In such situations, most lenders require a homeowner to insure for a total approximating a home's market value - a good thing for large swaths of Philadelphia, where a home's market value may have little relation to what it would cost to rebuild stone by stone or feature by feature.


All in all, I think it's a great story. I'm sure a lot of homeowners fantasize about doing the same thing. 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.


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. Utah Short Sales. Utah Loan Modifications Help.


References


1. http://articles.philly.com/2011-02-15/business/28536236_1_mortgage-fees-full-replacement-value-default-judgment

Bountiful Short Sales: If You Bought At The Market’s Peak, Does It Make Sense To Short Sale Your Home?

Bountiful UTAH – Many homeowners bought their home at the peak of the market. In the hardest hit areas, they paid $500,000 for homes that are not selling for $250,000 (or even less.)


Their home is costing them $4,000 a month. (That is the total after paying property taxes and insurance.) Renters have moved into the neighborhood and are paying less than $2,000 to rent a comparable home.


It just seems like these homeowners are getting an unfair deal all around. Should these homeowners dump their homes in favor of a lower priced home?


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


Some people say No! “That is breaking your word. If everyone did it, just think of what would happen?” they say. There is a little problem with that logic.


Many of those homeowners see everyone else taking advantage of the system. It has gotten so bad that in some neighborhoods most of the homes have been abandoned.


Why shouldn’t a homeowner do what is best for themselves? After all, they can save hundreds of thousands of dollars.


Let’s say they short sale their home with a $500,000 mortgage, rent for 2-3 years, and then buy later. But, what if home prices appreciate over the next few years?


If they are already upside down by 50%, then it still makes financial sense to short sale now. If the housing market has improved by 5% a year, their $250,000 house will have increased to $289,400 in three years.


That is still much less than $500,000. In addition, they will save even more on interest payments. I am not recommending they do anything.


I just want to lay out the benefits and leave the decision up to them. 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: One Upside To The Horrible Housing Market

Bountiful UTAH - If you are a homeowner, then the housing crisis has decimated the equity in your home. Many families have watched years of hard work spent building their equity go down the drain.


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


But, there is one group benefitting from the crisis: Home Buyers. They are able to buy a home at a substantially reduced price.


In some areas homes are selling for 30-50% lower than they were at the peak. Buyers are now able to buy a nice home at previously unheard off, affordable prices.


Homes that were selling for $400,000 are now selling for $225,000. No longer is homeownership in those areas only reserved for the higher income people.


Today the "average Joe" can afford to own a nice home. So at least someone is benefitting from the housing crisis.


But, where does that leave homeowners stuck with an upside down home? We will detail their options in tomorrow's blog post. 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.

What You Should Look For In A Buyer Of Your Bountiful Short Sale Property

Bountiful UTAH – Short Sales can be tough. Many buyers don't understand the process and think that since it is a buyer's market, then they set the rules. That's not the case.


You, the seller set the rules. After all, you still own the property. But, more importantly, you must set the rules for offers. If you don't then you dramatically reduce your odds of successfully short selling your property.


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


Here is what you should think about before you take your home off of the market.


1. You should only accept and work with one offer at a time. If you accept more than one offer at a time, then buyers get mad.


The primary offer might get angry because you accepted a backup offer. In addition, multiple offers confuse everyone involved including the short sale lender.


2. You should make sure the buyer can get financed for a loan. That means the buyer should give you genuine proof of that, whether a pre-approval or pre-qualification.


3. We recommend that the buyer inspect the home before the sales contract is signed. If any unexpected problems come up (and they do), then you can adjust the offer price that is submitted to the short sale lender.


This saves from having to negotiate the price again if a problem is found after the short sale is approved. Besides, the lender is more likely to accept a lower price if you send them a copy of the inspection.


4. The buyer agrees to wait the necessary 60-90 days for an answer on the short sale. That time will depend on the lender. Some lenders are fast and some are slow.


5. The buyer should put a reasonable deposit in escrow to keep them on board for the necessary time required for the short sale to be approved.


These are what we have determined to be necessary for a successful short sale. If you don't have a serious buyer then you are wasting your time and your agent's time as well.


Many buyers and their agents think that since a property is a short sale, then offers can be treated very casually. This only hurts the home sellers trying to avoid foreclosure when the buyers can't get a loan or back out after the inspection.


Helping someone avoid foreclosure is serious business. That's why we treat it as such. 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:Is this a reasonable offer from a buyer of a short sale property?

Bountiful UTAH – Some buyers think that since it is a buyer's market, then they can make any crazy demand of a seller. And they can't understand when the seller isn't excited by their lowball offer.

Here is an example of a recent story where this happened. A buyer makes an offer on a short sale.

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

1. The buyer puts no money in deposit for the home. In other words, they have about zero risk. (Meanwhile, the seller is still risking foreclosure.)

2. They are putting $150,000 down on the property, but won't bother putting any more than $1,000 in escrow and only after the short sale is approved.

3. They are only allowing 30 days for short sale approval. (News flash: Most short sales take an absolute minimum of 60 days to be approved.)

4. They are demanding the seller take the property off the market and not accept backup offers.

Is this a little one sided or what? If you are a short sale seller, then they agent representing you should ask for a better offer. You need the buyer to have a little skin in the game.

If not, then you dramatically reduce the odds of successfully short selling your 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. 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: What is a BPO?

Bountiful UTAH – If you have been reading about short sales, then you have probably heard the term "BPO" and wondered what it meant.


BPO stands for Broker's Price Opinion. A Broker's Price Opinion is when a licensed real estate agent gives their opinion of the value of a property.  Besides


That value is what the lenders use to process the short sale. Most short sale approvals or denials are based off of that opinion of value.


The agent goes thru all the recent sales of properties similar to the property they are valuating. They want to find the 3 closest comparable sales.


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


The more recent a sale is then the closer of a comparable it is considered to be. The same goes for properties that are close geographically (in the same neighborhood is preferred) and close in size and number of bedrooms or baths.


Most agents are not appraisers. Because an appraiser's license is required to appraiser properties they give their opinion of the value. Now, I'm sure you are wondering, " Why do the lenders use these rather than an appraisal?"


Here is why. Many people think they are more accurate of a valuation than an appraisal. Agents are more in tune with exactly what a property can sell for.


After all, whatever opinion of value they put for a property is usually supposed to be backed up later by a sale for that price. That causes agents to be more accurate with their valuations.


That accuracy is why the lenders use their valuations rather than an appraisal. 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 GoBuyUtah.

Bountiful Short Sales: Would Dave Ramsey Love A Short Sale?

Bountiful UTAH – You might have heard of Dave Ramsey. He has a popular radio program where he talks and explains the benefits of getting out of debt.


Dave is a zealot for the debt free life. "You don't need to see the inside of a restaurant unless you are working there", he will tell people in financial trouble that call his show.


What does Dave recommend people do to get out of debt? Reduce spending, eat at home, pay off high interest debt first, etc.


Here is why I think Dave would love a short sale. A short sale is a great way to reduce debt. Where else can you wipe out $100,000, $200,000, and even more in debt? That will make up for eating a lot of rice and beans.


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


Do you have a house that is underwater to the tune of $50,000 or more? Try a short sale. It's a great way to erase all that upside down debt.


You can rent another home for 2-3 years until the market has bottomed out. Then, you can buy at the bottom. Not only will you save on a lower house price.


You will also save on the interest over the life of the loan. Did you know that on the average 30 year mortgage, you pay as much in interest as you pay for the house?


If you wiped out $100,000 in upside down debt, then that means you actually wiped out another $100,000 in interest. I think Dave would be proud. 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, David Forsberg.


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


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


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


View My homes for sale at davidforsberg.pru-utah.com.

Bountiful Short Sales: Could The Realtor You Hire Kill Your Short Sale?

Bountiful UTAH – The biggest reason people short sale their house is to avoid foreclosure. They cannot afford the house anymore and the bank has said they will foreclose soon.


If the short sale is not successful, then their lender will foreclose on the house. We at the Stop Foreclosure Institute have successfully closed short sales for several years.


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


We’ve made it our business to know what we are doing. But, we see many agents that have no clue about short sales (or the short sale process) listing short sales.


This gives short sales a bad name. Many agents have been involved in short sales where the listing agent didn’t know what they were doing.


Because of that the short sale wasn’t successful and that agent and their customer wasted time. In the future they are going to think twice before showing a short sale. This hurts other short sale sellers.


It really gets on my nerves that people who don’t know what they are doing can ruin it for everyone else. If you are thinking about short selling your home, make sure you hire a competent, experienced short sale agent.


(A competent, experienced agent will be successful at 80-90% of all the short sales they take on.)


Here are a few of the things that agent should avoid.


1. Submitting multiple offers to the short sale lender. Only the best offer should be submitted. A confused mind says no. Most short sale negotiators have between 50 and 200 short sale files on their desk.


To ask them to weigh the benefits of 3 short sale offers on just one of those 50 files is probably more than their brain can handle. No, I’m not saying their brain is stupid.


It’s just that a human brain can only handle so much information before it stops working.


2. Realtors submitting incomplete paperwork to the short sale lender. There is a method to follow. Every good short sale realtor understands stacking order, and the importance of easy to read paperwork.


3. Submitting low offers to the lender. All this does is waste time. If a lender is not likely to accept the offer, then don’t waste 45-60 days negotiating it with them.


Get an offer at (or near) fair market value and submit that to the short sale lender. That helps avoid wasting everyone’s time.


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, David Forsberg.


David 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 davidforsberg.pru-utah.com.


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


Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are David Forsberg's personal views and do not reflect the views of Prudential Utah Real Estate - Bountiful.


This information on Layton Short Sales: Could The Realtor You Hire Kill Your Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Bountiful Short Sales: Why Do Lenders Pretend To Care About Their Customers?

Bountiful UTAH – Have you ever attempted to get a loan modification? If you have, then you probably get bugged when you hear banks talk about how they suposedly care about their customers.


Somehow these banks think we will believe it. They must think that, or they wouldn't be running ads that say: "Come to ABC Bank. We answer you by your first name. You're not a number. We care about you."


What a bunch of garbage. Anyone who has attempted to negotiate a loan modification feels like they just went thru the meat grinder.


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


"Sir, we can't approve your loan modification until you send us the APG form", the person at the bank tells you. "But, I already faxed that to you five different times over the last month", you reply.


"Sir, that doesn't matter. I don't see if in the system and until I see it in the system, I can't look at your loan modification application", they reply to you.


Aarrgghh!!! Is that frustrating or what. So, here's a little message to the advertising departments at America's Banks.


Don't run ads saying you care about us, until you actually do. People that apply for loan modification just want to keep their home.


In many cases, a loan modification will reduce a lender's losses. Why can't you just make the loan modification process a little easier.


Maybe then you can run ads where you claim to care about your customers and we might actually believe them then. 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, David Forsberg.


David 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 davidforsberg.pru-utah.com.

Bountiful Short Sales: How To Get A Short Sale Lender To Waive Deficiency Clause

Bountiful UTAH – I recently received a question from John. Here is John's Question.


"I just received a full price offer on my house. My main concern is that I don't get stuck having to pay off the deficiency. I have a first and 2nd with Chase and owe 270K on the home. The buyer's loan is also with Chase.


How can I work this out so that I can walk away from this without owing any money? Is it even possible with such a large difference between what the house is worth and what is owed? John.”


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


Here is the answer to John's Question: John, you need to read thru the short sale approval letter. See if is contains any language like “Payoff”, “Forgiven”, or “agrees to release the debt.”


Have an attorney read it over to make sure that it says the debt will be released. If it doesn’t say the debt will be released, then here is how you can re-negotiate for them to issue a complete release.


1. Request that the deficiency be waived. Tell the lender you will not short sale the property unless they give you a complete release.


2. Show proof that you cannot afford the deficiency payment. A debt from an absolutely broke person is worthless.


3. Show proof that the lender will net more money from the short sale compared to a foreclosure. This is your agent’s job to do. They will put together a calculation showing how much the lender is netting from the short sale, and project what they would net from a foreclosure.


If you cannot prove that you income doesn't cover your bills, then you may need to look into other avenues. You can look into getting a forensic loan audit to see if the lender broke any lending laws on the loan. 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, David Forsberg.


David 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 davidforsberg.pru-utah.com.

Bountiful Short Sales: Will I Still Have To Pay Property Taxes If I Do a Short Sale?

Bountiful UTAH – I recently received a question from Paul. Here is Paul's Question.

"I am thinking about a short sale, but I am behind on my property taxes. Will I still have to pay them if I short sale my home? Max."

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

Here is the answer to Paul's Question: In most cases your lender will pay those property taxes. Property taxes are a first priority lien on a property.

That means that if a property is foreclosed upon, then they still have to be paid. They don’t go away for any reason.

This is also why most lenders want to charge you monthly and then pay the property taxes themselves. They know that the taxes are a big bill that only comes once a year.

Not everyone can afford that big bill. Because your lender knows they will still have to pay the taxes after a foreclosure, they are willing to pay them during a short sale.

A foreclosure is a liquidation of the property to simply get what they can and move on. A short sale has been proven to net them more money than a foreclosure.

So if they are liquidating the property, why net more money from the sale with a short sale and avoid a foreclosure? That’s why they will pay the taxes when you short sale.

Every short sale the Stop Foreclosure Institute has sold resulted in the lender paying the property taxes that were owed. In some cases they paid 2-3 years of property taxes. 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, David Forsberg.

David 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 davidforsberg.pru-utah.com.

Bountiful Short Sales: I Have Mortgage Insurance. Won't That Cover The Deficiency?

Bountiful UTAH – I recently received a question from Manny. Here is Manny's Question.


"If I pay mortgage insurance and default on my loan, why wouldn’t that cover the deficiency amount? Manny."


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


Here is the answer to Manny's Question: Yes, the Mortgage Insurance should pay your lender for any loss. So that reduces the amount that your lender will lose on the short sale.


There are a couple of problems. Many Mortgage Insurance Companies have gone bankrupt. They simply can't pay on their claims.


In this situation your lender may or may not pursue you for the loss.


(I've written extensively on deficiencies on other blog posts. In 60-75% of all short sales, you won't owe a deficiency. E-mail me at utahhomesaver@gmail.com and I can research your specific situation.)


The other problem is that many Mortgage Insurance Companies have terms written into the mortgage that they can pursue you for the loss.


They are more aggressive with trying to be repaid. In the few short sales we have negotiated and the lender asked for a promissory note, the person requesting it usually was the Mortgage Insurance Company.


But, they only ask for a promissory note about half the time. In addition, the promissory notes are usually for an amount lower than the loss.


For example on one short sale, the loss was around $59,000. The seller agreed to a promissory note of $10,000 to be repaid over the next 10 years with Zero Interest. Their Monthly Payment was $83.33.


We won't know if they will ask for a promissory note until the short sale is in progress. If you know you have Mortgage Insurance, then you need to find and aggressive short sale agent.


They will work to get an promissory note or deficiency waived. 


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, David Forsberg.


David 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 davidforsberg.pru-utah.com.

Bountiful Short Sales: How Much Do You Charge For A Short Sale?

Bountiful UTAH – I recently received a question from Tim. Here is Tim's Question.


"I have not been late on any payments but my income will be changing dramatically towards the end of the summer. What is your exact service and what are the fees involved? I do not have any cash in savings and pretty much live paycheck to paycheck. Tawny."


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


Here is the answer to Tim's Question: A Short Sale doesn't cost the homeowner any money. All of the costs are paid for by the homeowner's lender.


Now, I'm sure you are asking, "The bank is losing money on the short sale. They wouldn't want to have to pay to sell the property."


Many people also think this. After all, it makes sense logically. But, it's actually not the case.


Banks have been lending money for centuries. They have learned from past experience that a short sale is a good way to cut their losses.


In fact, a recent study by the Boston Consulting Group actually showed that a short sale reduced a lender's losses by 20%, compared to a foreclosure.


After a lender forecloses on a property they put it up for sale. They have to hire and pay a real estate agent and all the other related costs.


Why not pay those costs on a short sale and cut their losses by 20%? It's a good business decision. And that's why a short sale doesn't cost the homeowner anything.


Your lender covers all the cost including the real estate agent, title fees, and other closing costs. 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, David Forsberg.


David 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 davidforsberg.pru-utah.com

Bountiful Short Sales: What you can expect during and after the Short Sale Process

Bountiful UTAH – Here are a few things you should not be surprised to see crop up during the short sale process.


Unscruplous Debt Collection Tactics. If you are facing financial hardship, then paying credit cards and other unsecured debts is your lowest priority. An unsecured debt is a debt where they can’t take away your car or house. A secured debt has something as collateral, such as your car, house, or anything else of value.


The most commons unsecured debt is a credit card. When you stop paying them, they will call you nonstop. The reason is because they don’t have any other way to collect from you.


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


They can’t come get your car or take your house. So, they make up for that by blowing up your phone with harassing calls. In addition, they use deceptive tricks to get you to pay them.


For example, there are Federal Laws that regulate what they can do or say. They aren’t allowed to threaten to sue you, but then not follow thru and actually file suit.


To get around this rule, they will use language that sounds legal, but isn’t. In one situation, a debt collector in Buffalo, New York named their firm Hoffman, Weinberg & O’Brien to make it sound like they were a law firm.


They would then leave messages on people’s answering machines. They would say they were with the office of Hoffman, Weinberg & O’Brien and then say they may resort to future legal action. In addition, they would reference case number 8306042.


If you didn’t know any better, you would think the case number was for an actual lawsuit against you. That is scary. Don’t you agree?


Most credit card accounts never sue (despite the constant threats.) Even when they do sue and get a judgment, they rarely ever attempt to garnish wages.


A lot of judgments expire without getting paid. But, a lot of them get paid off when a person’s income increases, or that person sells a valuable asset such as a house.


It might seem like the process takes a long time. Some short sales only take a few months. Before you know it you are moving out of your house and onto the next place.


However, some short sales will take a lot longer. We have some files that we have been working on for a year or even longer.


It’s not the end of the world. Just stay put and keep on saving the money you would be using for rent. In most cases the short sale will eventually be approved and you can move on with your life.


Your lender may attempt to collect money from you when they aren’t legally entitled to do so. We have heard several stories of some lenders asking for a promissory note when the state the property was in did not allow the lender to pursue the homeowner after a short sale.


The stories in question were for short sales of properties in California and Washington. Don’t sign a promissory note a lender sends you after a short sale when you are in a non-recourse state.


Talk to a lawyer to see if you are obligated to repay the debt. You could probably get out of repaying it if you tried. 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, David Forsberg.


David 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.