You must take a little time when looking for a real estate agent to help you short sale your home. If the agent you choose does not have some extra training on how to do short sales the correct way, you are setting yourself up for failure.

This video will show you some important questions you should ask any agent before hiring them. If they dance around your questions, I highly advise that you keep looking for an agent that can answer the majority of questions in this video and also the questions you most likely will have.

A few of the most common questions are:

- Please may I see examples of your recent successes?

- Please demonstrate your local knowledge and your knowledge of the local property market.

- Will you be personally responsible for selling my home or will I be dealing with a team of people?

- Could I please ask your clients for their feedback?

- How often will you provide regular feedback?

- What is the difference between the asking price (the listed price) and the actual selling price of some of your short sales?

- You should get a comprehensive plan as to how the agent intends marketing your home.

I wish you the best of luck. Please feel free to fire me an email at Contact Mark Stafford if you have any questions. I help people all over the country with short sales and train agents locally here in Phoenix as well.

Don’t forget to check out my new book on amazon.com titled: The Real Estate Agent’s Guide To Using The Equator Short Sale Website – Discover How to Receive Short Sale Approvals in 60 Days or Less.

Please leave a comment or ask a question below. I enjoy reading each and every one of them.

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You must write an effective, yet short hardship letter to submit to your lender for your short sale.

This video will help you craft your hardship letter which will help your real estate agent get your short sale approved faster and easier.

For additional short sale help visit Mark’s real estate blog - http://mark-stafford.com/blog

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This video series will help home owners learn more about what happens when they have to short sale their home.

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Question :

The house we are renting is being auctioned off on the 16th of this month because the owners are behind on taxes.

We were just made aware of this on friday. A neighbor suggested we go to the tax office and ask if we can acquire a quit claim deed.

Can we do this?

How does it work?

And how much should I accept to pay?

Need answer as soon as possible.

Answer:

Source(s):

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A Real Short Sale

Occurs when a house owner sells their home for less than the mortgage balance due to their lender(s). At first glance, this might appear to be only the borrower advantages of this type of transaction. However, that couldn’t be further from the truth.

For discussion purposes we will assume a homeowner is really a short sale candidate.

For the Homeowner, a Short Sale Assists You

To sell your house for less than just how much owed. The sale from the property releases the homeowner using their debts and obligations and never have to file bankruptcy or endure foreclosure. The homeowner is able to save their credit, regain their dignity and their peace of mind. Lastly, the homeowner is going to be closer to rediscovering the American dream of home-ownership because they are able to amicably resolve their lender(s)’ concerns.

For the Lender(s) a Short Sale

Can be less costly than foreclosure and may provide an acceptable hedge against future price declines inside the market. Also, for lenders that are presently insolvent and need to liquidate assets, a short sale is a way to quickly raise investment capital when compared to the foreclosure option – a process that may have a year or even more to accomplish. Lastly, for lender(s), a short sale means a guaranteed loss now as opposed to an uncertain loss later on. This can be in many instances a bigger loss.

For the investor buyer, a short sale offers them the chance to “Buy a property for as much as 40% or more below market value.” This discount means that they are able to make substantial profits.

For the home buyer, a short sale offers them the opportunity to buy a far more affordable home. For many, this really is the only method to experience the American dream and acquire home-ownership, as the lower price pertains to a lower and much more affordable monthly mortgage payment.

For that Realtor or consultant, a short sale provides the opportunity to earn a fee or commission for helping a struggling homeowner. In several down markets short sales would be the only viable option for continued property sales. During difficult economic times and recessions, a couple of extra sales monthly may be the difference between earning money or searching for another job. Those extra sales each month can come from negotiating a short sale.

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Mortgage Loan Modification Negotiations can be Challenging

And by trying to handle it yourself, it could be even more complicated. For a financial loan modification to become acceptable to creditors, the home owner must show two main facts: evidence that there’s a financial hardship which prohibits you from making your present payments; and a demonstrated ability to continue making mortgage repayments if those payments are reduced.

Financial Hardship

Facing a financial hardship results in one of two things: your earnings have changed; or your mortgage payment has changed. If your earnings have changed, it would mean that your spouse lost his or her job, your hours got cut, your sales are down or another job related tragedy has happened. In this current recession, most are individuals are lucky to just have jobs, many people are experiencing loss of wages and hours, even high-level executives are getting their pay cut. Getting your pay cut can be dramatic, and with many people living paycheck to paycheck, it may mean losing your ability to pay for all of your bills.

It may be that the mortgage repayments ballooned. Part of the subprime mortgage crisis occurred since there are balloon payments and adjustable interest rates. Many people saw their interest rates adapt to a rate that doubled as well as tripled their payments, which ruined their ability to keep paying their mortgage payments. Many people had monthly mortgage payments that were more than they brought home in a month.

Ability to Make Future Payments – The key to a loan modification!

Unfortunately, if you are unemployed you aren’t entitled to a mortgage loan modification. A loan modification really depends upon what you can do to make the new, adjusted payments. This means you need to have verifiable income. A loan modification attorney can work with you to arrange your paperwork and ensure that you can prove to the lender that you’re indeed employed and also have money arriving each month.

Overall, you need someone who can work with for your lender to prove you qualify and also to get your financial ducks in a row. There is a substantial amount of paperwork involved with a loan modification, and if you do not know what you really are doing, it can greatly harm your chances. Actually, it had been reported that many people had their loan modifications rejected or negotiated terms that didn’t work for them when they negotiated by themselves. A mortgage loan modification attorney can walk you through the procedure and ensure all the details are accurate and available.

Both of these factors are hugely important during the loan modification process.

If you’re facing foreclosure, or  your finances are deteriorating, financing modification may be your very best option. Look for a loan modification attorney who you can rely on, and you will greatly increase your chances of staying in your house.

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Loan Modification – This is when your loan is restructured with your current lender.

This option not only improves your credit, it is also the best way to keep your property. With this option, the goal is to significantly reduce your mortgage payment by achieving one or more of the following things, Rate reduction, Rate locks, Principal reduction, & Forgiveness of late defaulted payments.

Short Refinance – This restructuring plan encourages clients to refinance, typically with another lender. To help qualify the homeowner, the current lender would issue a shorter payoff amount in order for a homeowner to obtain a loan based on current lending guidelines.

Short Sales – If the homeowners hardship is very extensive sometimes the only way out is to sell the home and be rid of the burden altogether. In a short sale, the negative equity in the property is forgiven by the lender in order for a sale to occur at market price. One of the many real estate professionals at Diamond Consulting will be available to list/show the property and work with the attorney to submit offers to the lender.

A Deed in Leiu of Foreclosure – A potential option negotiated by the attorneys, a deed in lieu is when a client avoids foreclosure by deeding back the home to the lender in exchange for the release of all obligations under the mortgage. Both sides must enter into the agreement voluntarily and in good faith.

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Adjustable Rate Mortgages

Everyday we find out about the worldwide economic crisis and, specifically, about the U.S. banking and housing crisis. To understand the challenges facing borrowers during the Housing crisis, it is critical to understand adjustable rate mortgages – how they work and how they impact you.

Adjustable Rate Mortgages offer both advantages and disadvantages.

Unlike a fixed-rate mortgage, Adjustable Rate Mortgages provide interest rates that change periodically – and payments which go up or down accordingly. At first, lenders generally charge lower rates of interest for Adjustable Rate Mortgages which makes an ARM simpler to afford initially. If rates of interest remain steady or move lower, this could work for your long-term advantage. It is necessary, however, to weigh the danger that if rates of interest increase later on, same goes with your monthly obligations.

The first rate and payment with an ARM will stay essentially for a limited period–ranging from several months to five years or more. Following this initial period, the rate of interest and payment may change at regular intervals – each month, each year, every three years. This period between rate changes is called the adjustment period.

The interest rate of Adjustable Rate Mortgages is determined by two things: the index and the margin.

The index is generally a standard way of measuring interest rates and the margin is just an extra amount the lender adds. If the index rate rises, so does your rate of interest and monthly payment. However, if the index rate goes down, your monthly payment might not go down. Not every ARMs adjust downward, however so be sure to read the information about any loan you are considering.

Lenders base the rates for Adjustable Rate Mortgages on a number of indexes. You need to ask what index will be employed for your ARM, how it has fluctuated previously, and where it is published.

The margin may differ from one lender to another, but it is usually constant within the lifetime of the loan. The fully indexed rate is equivalent to the margin plus the index. For instance, if the lender uses an index that’s currently 4% and adds a 3% margin, the fully indexed rate would be 7%.

Some lenders base the amount of the margin in your personal credit record – the better your credit, the low the margin. In comparing ARMs, look at both index and margin for each program.

An interest-rate cap places a limit on the amount your interest rate can increase. Interest caps are available in two forms: A periodic adjustment cap, which limits the total amount the rate of interest could be adjusted up or down from one adjustment period to another, and a lifetime cap, which limits the interest-rate increase within the lifetime of the borrowed funds. Legally, almost all ARMs must have a lifetime cap.

In addition to interest-rate caps, many ARMs limit, or cap, the total amount your monthly payment may increase at each adjustment. A payment cap can limit the rise to your monthly obligations but also can increase the amount your debt on the loan. This is known as negative amortization.

If you’re considering an ARM, think about:

- Is my income enough–or likely to rise enough–to cover higher mortgage payments if interest rates increase? – Am I going to be taking on other sizable debts, like a loan for a car or school tuition, in the near future? – Just how long will I intend to own this home? If you plan to sell soon, rising interest rates might not pose the problem they do if you are planning to own the house for a long period. – Do I intend to make any extra payments or pay the borrowed funds off early?

The Golden Rule: Before you decide to consider any loan, ask questions and read the details & fine print! Adjustable Rate Mortgages only work for certain people.

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Check with the Federal Housing Administration for government refinancing programs that will help in refinancing a mortgage and lowering the interest rate on a monthly mortgage payment.

Get help in making mortgage payments with help from a civil mediator in this free video on foreclosure law.

Expert: Robert Todd Bio: Robert Todd is the managing partner and president of Robert M. Todd, PA and Family Law Solutions.

Filmmaker: Christopher Rokosz

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Foreclosure Help Now

Getting foreclosure help can feel like an uphill battle. Bank foreclosure departments are busy and finding somebody that will speak with you is tough enough. Finding someone who would like to help you can be a daunting task’

The easiest method to get foreclosure help from your bank?

Keep a cool head and deal together with your bank calmly. No one wants to talk to somebody that is yelling, crying or just generally being disagreeable. And there’s even a smaller amount of a chance of anyone at the bank wanting to help you if you deal with them in that way.

Angry threats also do not work and therefore are an almost sure-fire way to make certain that the individual on the other end from the line will not help you. Calling repeatedly also does not work and tends to just irritate the foreclosure specialist that you are chatting with.

How do you deal  with your mortgage company in a way that will ensure that you obtain the foreclosure help that you need?

For those who have lost your faith while dealing with your mortgage company, apologize. The fact that your house is in foreclosure isn’t the fault of the person on the other end of the line. They didn’t put your home into foreclosure. They just have a job to complete. Keep in mind that and don’t take your frustrations out on them.

Be polite, calm and firm inside your dealings with your mortgage company. They are there to provide foreclosure help for you, really.

Don’t call your mortgage company while you are feeling emotional. Dealing with your bank in business like fashion will make it easier to get the info that you’ll require. It will likewise ensure that they will call you when you leave messages on their behalf. Many foreclosure specialists at mortgage companies don’t answer their phone. They ignore it to voicemail and then they return phone calls. They will not return your phone call should you sound angry or hysterical. If you’re calm but persistent with them, you’ve got a far better possibility of getting somebody that will work with you to find the foreclosure help that you need.

If you do not get someone that will help you initially you may well ask, just keep calling. Don’t call constantly but do call every few days by leaving messages. Again, make sure that you sound calm and rational inside your messages. Persistence does repay but they will not call you back when they think they’re just going to get yelled at. You are able to hardly blame them.

Would you want to cope with angry or hysterical people all day that need foreclosure help?

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