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.

COPYRIGHT 2025

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.

How Long Do I Have To Wait After A Short Sale To Buy Another Home?

Salt Lake City,  UTAH – I get asked this question quite a bit, "How long do I have to wait after a short sale to buy another home?" The answer depends on the type of loan you are looking to use to purchase your next home.

Here are the details on your options to buy another home after a short sale.


Owner Financing. You can buy a home with owner financing anytime after a short sale.

FHA Financing. (FHA is very popular because it only requires you to put down 3.5% and pay your closing costs. You can usually convince the seller to pay your closing costs, thereby reducing your down payment to 3.5% of the purchase price.)

FHA’s current guidelines state that you can get an FHA loan immediately after a short sale, provided that you never missed a payment. If you were in default at the time of the short sale, then you have to wait 3 years before they will approve your loan.

Fannie Mae Loan. Fannie Mae is the most common loan program. You can get a Fannie Mae Loan in as little as 2 years after a short sale. But, you have to put 20% down.

If you wait 4 years, then you have to put a minimum of 10% down. After 7 years, you can get a Fannie Mae Loan and put less than 10% down.

The most attractive (and currently most popular) loan program in America is FHA. The reason is because it’s down payment requirements are much lower than anyone else. It looks like the best option to buy your next home after a short sale.

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 calling me at 801.651.0707 

Thanks for reading this, Dave Forsberg.

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

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

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

Need to sell immediately?   We buy homes in ANY CONDITION!  We close in 7 days or less.  Call me at 801.651.0707 today 

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

UTAH Short Sales: Why Is Everyone So Negative About The Housing Market?

SALT LAKE CITY,  UTAH – The tax credit expired and everyone turned negative on the housing marketing.

One so called expert said we could see headlines about the real estate market crashing again. Another said that the housing market is going to continue it's decline for another years or two.

He referenced an article that showed that mortgage applications dropped by 9.5 percent the first week after the tax credit expired.


Here are a few examples I found of high profile economists getting their predictions wrong.

1. An economist published a book in 1987 that predicted a depression in the 1990s. That proved just a little inaccurate, no?

2. Supposedly in 1996, Alan Greenspan, stated he thought there was too much irrational exuberance in the US stock market. The stock market continued to climb for another 4.5 years. However, Greenspan was bullish on the last economic expansion that went best. How wrong was he on the last housing / economic bust?

Who really knows what is going to happen in the housing market. I do know that despite all the crazy predictions, the housing market will eventually recover. It might take another 1.5-4 years to flush out all the foreclosures and the "shadow inventory."

But, after that happens the housing market will stabilize and start a slow appreciation. It might take 8-12 years for prices to return to the previous high. Maybe even longer. But, they will turn around eventually.

What does that mean to the person in an upside down house? They have a great opportunity to short sale their home and buy at the bottom.

They can erase 5-10 years of negative equity and start building equity when they qualify to buy another home 3 years after their short sale. If you are upside down by 20% or more, a short sale makes great financial sense.

What do you think? E-mail me at FORSIECITY@gmail.com if you are bearish or bullish on housing. Just put "Bull" or "Bear" in the subject line of your e-mail. I'll release the results of this informal poll tomorrow.

Thinking about a loan modification?Our FREE Utah 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 calling 801.651.0707 

Thanks for reading this, Dave Forsberg.

Dave is a Real Estate Agent at Presidio Utah Real Estate - Bountiful. Utah Short Sales Expert:

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

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

Need to sell immediately,  we buy homes in ANY CONDITION and close in 7 days or less  call me at 801.651.0707 and we can talk about all your options. 

Copyright 2025

UTAH Short Sales: Why Is The Short Sale Taking So Long?

SALT LAKE CITY, UTAH – I recently received a question from Cathy. Here was her question.

“I am trying to buy a house that is a short sale. It has been 4 months and we have heard nothing. The agent did mention that they are now on the 2nd negotiator and still haven’t heard from the negotiator.

I am getting very frustrated. Is there anything I can do on my end to try to push the process along, or is it all up to the agents? Cathy.”

Here are a few reasons that a lenders will allow a wealthy investor to walk away from an upside down investment property.

Here was our answer to Cathy. Cathy, short sales can take a long time. But, usually the longest they should take is 3-4 months.

If the short sale hasn’t been approved by the end of 4 months, then it probably won’t be approved by the end of 12 months. I remember reading an article online about why the short sale process takes 9-12 months.

The author just broke each part down and justified why the entire process should take that long. I don’t think the author knew what he was talking about.

The Stop Foreclosure Institute has been able to get short sales approved as fast as 1 month. Most have been approved before the end of 3 months.

You mentioned that the agent “still hasn’t heard from the negotiator.” Did they ever think of maybe trying to contact the negotiator? It’s their job to help the seller sell their house and avoid foreclosure.

Calling the negotiator is part of the job. If I was you, I would find another short sale where the listing agent is experienced with short sales and doesn’t wait for the negotiators to call them.

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. 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 clicking here.

Thanks for reading this, Dave Forsberg.

Dave is a Real Estate Agent at PresidioUtah Real Estate. Layton Short Sales Realtor:

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

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

Need to sell immediately?  We buy homes in any Condition!  Call me at 801.651.0707 for a free consultation!

Bountiful Short Sales: Show Your Lender How Much They Will Lose Rejecting Your Loan Mod

Bountiful UTAH – Lenders reject loan modifications only to lose more money when they sell the home after foreclosure. Here is how to prove the loss to them.

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

When you request your free loan modification guide, you will have the option of also receiving a property valuation. This is called a BPO (short for Broker’s Price Opinion), and it is a real estate agent’s opinion of the value of a property.

Lenders use BPOs to determine a property’s value for short sale processing. Find out what you can pay the lender as a monthly payment. Then, find out the mortgage amount that equals that payment.

For example, $1,200 a month will pay off a $211,346 mortgage over 30 years. $2,000 will pay off a $352,243 mortgage. $3,500 will pay off a $616,426 mortgage. $600 will pay off a $105,673 mortgage.

The lender should approve your loan mod if the payment you propose will pay off a mortgage amount that is more than the property value.

It is in their best interest because it will reduce their losses. In fact, lenders usually only net around 80-85% of a property’s value after foreclosure.

This is why lenders were only willing to lend up to 85% of a property’s value historically. So use this to your advantage. Keep reminding the loan modification negotiator of these facts.

And hold the negotiator accountable if they reject your loan mod and los even more money as a result. 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. 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: The Most Effective Way To Stop Debt Collector Harassment

Bountiful UTAH – Debt collectors are infamous for multiple phone calls at all hours of the day. One person told the Stop Foreclosure Institute that he would receive several phone calls the first thing Sunday Morning.

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

"They would call my home phone at 8:15AM on Sunday. This was the only day that I had to sleep in and they woke me up. I had 2 other people call me before noon", he told us.

This is the biggest complaint the Stop Foreclosure Institute has heard about debt collectors. People have told us, "No matter how many times I tell them to stop calling, they still call me."

Let me give you the inside story. The reason this happens is because most people don't do anything about it. They just learn to live with the harassing calls and go on with their lives.

Here is what the debt collectors don't want you to know. Under the Fair Debt Collection Practices Act, a creditor or collection agency that calls you after you request them to stop may be liable for statutory damages up to $1,000 plus any actual damages suffered, plus attorney fees.

So when someone sticks up for themselves, it costs the debt collectors money. In fact, they are so scared of being sued that they all work together to track the people that have sued to collect the $1,000.

Here is the best technique that I have heard of to stop the calls. According to one guy it works great. When a debt collector calls you stop and ask for the person's name and the company name. Then, say the following.

"Bob, I have documented that you have called me today. I also have documented your company name and the phone number you have called from. Now, let me tell you this.

Under my right in the Fair Debt Collection Practices Act, I am requesting that you stop any and all calls to me. If I get another call from this phone number, then I will be contacting my attorney to help me get the statutory damages laid out in the Fair Debt Collection Practices Act.

In addition, I will call your manager and let them know that you could have saved the company $1,000, but chose not to. I will make sure that they understood who cost the company $1,000. So, don't call me again."

The reason this works so well is because you are holding that employee accountable. If they do call you again and have to pay you $1,000 as a result, then that manager will be angry. And it will hurt even more when you tell them that Bob could have saved them from paying it, but was incompetent.

Please try the script and let us know how it works out for you.

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

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

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

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

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

Thanks for reading this, Dave Forsberg.

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

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

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

View My homes for sale at BuyUtahNow.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Thanks for reading this, Dave Forsberg.

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

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

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

View My homes for sale at BuyUtahNow.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Thanks for reading this, Dave Forsberg.

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

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

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

View My homes for sale at BuyUtahNow.com.

How Does the Realtor Get Paid On A Short Sale

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

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

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

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

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

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

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

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

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

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

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

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

Thinking about a short sale?

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

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

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

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

Thanks for reading this, dave forsberg.

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

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

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

View My homes for sale at BuyUtahNow.com.