We built a house ourselves and got into a situation with a subprime mortgage. We were being foreclosed on. I received an advertisement in the mail. when you go thru a foreclosure, you're so upset and you look for any way out. The letter was so defining, it laid out all the aspects of what you could and could not do. We gave them a call. They stepped in and helped us through. They showed us what we could and could not do. I basically thought we were going to jail. They made it easy.
They have been very cordial in understanding our emotional attachment to this. They explained everything to me. It wasn't something like I had to guess. When I was upset or mad (not at them, but at the bank and the situation), they calmed me down and they were great. They helped us through a very difficult situation, which I don't want to see anybody go thru. But, should it happen, I highly recommend them.
When this happened, we didn't know what to do. When this happened, we didn't know which way to turn. I got on the internet. I looked for answers to get us out of our situation. All I found was different people trying to sell you something. They say, "For $1,000 we'll do this", or "For $500 we'll do this." We actually sent $1,000 to a guy to accept a loan modification. However, they came back with a $200 increase in the payment. We couldn't afford that. When we got their letter, it explained everything. They made it so tolerable. The letter said that we could survive through this, that there is life after this. We can't recommend them enough. They are genuine. When you have a question you call them and they give you the answer.
--Richard Groom
Juliana Beville
We bought a house for investment right at the market's peak. We then had two mortgages that we weren't able to afford. So we had to short sale the house. You gave us a timeframe that you were going to be able to do the short sale. We thought in our minds that it was going to happen a lot faster than it did. But, you stuck at it and kept in touch with us every week and let us know what progress you were making and what was going on. The short sale did take a long time, but you didn't give up and we don't have that mortgage anymore.
It feels great. It feels like a huge, huge weight is off of our shoulders. We can breath and can now make our financial decisions based on a release of debt. I am in sales and being able to do what you are telling your customer you are going to do is huge. That is it. If you don't do that, then you're not a professional. You did that for us. You told us your were going to short sale the home and you did, regardless of how long it took you.
The relief was huge. I was able to focus back on my job and my children. An attorney friend of ours told us that most short sales don't happen. I think he said the number 80% to 85% don't happen. I freaked out and didn't think you were going to be able to get the job done. My house is taken care of and is sold.
--Juliana Beville
Eric Pugh
The housing market has sucked for a couple years. We were trying to keep up with the McMansions. Times hit home and the best thing besides losing your house totally is a short sale. your credit can be repaired in a short amount of time and you can get back on track and start again. It beats being foreclosed upon or going bankrupt and then you're looking at years of hardship or recovery. My advice is when you come upon a situation where your house is not worth as much as you can sell it for is to look into a short sale.
I'm not the most trusting person out there. I was skeptical of the plan they put out there. I've met bucu agents and seen their flashy plan. They follow thru with it. We closed a couple days ago and it was as smooth as you could expect it. I didn't want to give them a shot. They tell you the truth and they will do what they say they are going to do. But, I would highly recommend them to my friends, family, co-workers or anyone else is in this situation.
When you're in the situation with a short sale, sometimes you can't make that monthly payment. This is a huge burden off mine, my wife's, and my family's back and heart. It relieves a ton of stress. When you can't make a payment, or you're behind, it becomes stressful. Don't try to hold out until the end. Get the process started and get on the road to recovery. --Eric Pugh
Jennifer Hoover
I bought a house with my boyfriend. He ended up going back home. He was the major breadwinner and I couldn't afford the house anymore. I put it up for sale and it ended up on the market for a year and a half. My previous agent was very nice, but she admitted that she didn't know much about short sales. I worked with the bank a little bit, but they put me off. I had to all kinds of crazy paperwork and I didn't know what I was doing. Eventually my lender told me that I was not allowed to list my house anymore and that I basically had to let it go into foreclosure and ruin my perfect credit.
They said "No cost to you, we can sell your house." I thought they were full of it, but I found out they weren't. They sold my house and I didn't lose a penny. Of course, it did affect my credit a little bit, but nothing compared to a foreclosure. I definitely recommend them and think you should use them when you can. --Jennifer Hoover
Christian & Lindsey Jorn
We found ourselves in a pretty sticky spot. We bought out house at the wrong time and we were about $80,000 upside down. That was strangling us. We put it on the market to no success until we got them involved. They got the banks to take a fair amount and everything went great. Kept us in the loop and got out house sold.
It's just the biggest relief. Being in financial trouble is just one of the hardest things any family can endure. Getting rid of that is getting rid of a ton of weight. being able to move on and build a new life. They were true to their word. Every time they said they would be in touch with us they were.
I would say the strong follow up and keeping us in the loop kept us feeling real good as to what was going on. Even when there were a few bumps in the road (which had nothing to do with them), they kept us up to date as to what was going on. I felt like they were fighting for us every step of the way.
I'm in sales myself and obviously there is a temptation to oversell and sell more than you could deliver. That is far from what I experienced with them. They under promised and over delivered. I was very happy with the service. I could tell that they were making things happen that are difficult for most people. They are able to navigate thru the system already. If you were my friend I would recommend them to you. --Christian & Lindsey Jorn
Mike & Melinda Monaghan
We were very happy that they were able to move the property at a time that was very crucial. We hired someone to sell our home that didn't know what they were doing. They were new to the business. but, then when we hired them, it was amazing. We really appreciate all that they did for us.
At the time, it became very crucial that we sell. It became very tiresome in terms of some of the things that came up. But, they stayed after it. They were tenacious. They were able to move our house at a very crucial time. If we had not been able to move our house when we did, we would have had more financial problems. We didn't know them.
But, we received a flyer and were very skeptical. We had been burned several times. We took a chance. Everything that they said they would do, they did. We would recommend them. I'm sure there are others out there that are facing crunch time in terms of moving a home. They came thru for us and we would highly recommend them. --Mike & Wendy Monaghan
Moe Matrajt
As everyone knows, times are rough these days. My wife and I got caught in a bind. In the beginning, we thought we could save the home. When we called the bank to find out our situation, we learned that we owed $360,000. We learned that there was no way to save our home without owing thousands of dollars.
We walked out absolutely debt free. The bank took $160,000 off our payoff on our house. By the time we found out that we were getting out without owing any money whatsoever. Do the math. We managed to save over $2,000 a month. We got a nicer house with a pool. The kids love it. We are absolutely in heaven. This was the best move we ever done. Being that my wife has a finance background I know that in two years we will be able to get back on our feet and buy another house.
I can't say enough about them. They were absolutely outstanding. They took care of everything. We just had to sign our paperwork and walk away owing zero. If you are ever think about doing a short sale, give them a call. They will walk you thru the steps and take you right out of your debt.
I think most people probably don't realize what situation they are in. They don't really think that there is a way out. They don't really think there is a way that they can get rid of a $350,000 house and walk away and being $150,000 upside down, and just walk away without owing any money. They did it, they succeeded and delivered the goods. --Moe Matrajt
Clay Hunter
When we worked with them, the sale went great. So many people think they have to owe so much money back. That's not true. They got the short sale thru without a deficiency. I have zero promissory note. A lot of people say banks just don't write off that much money. If we had a $100,000 debt hanging over our head, it would probably be 10 years before we bought another house. We might even have had to go bankrupt.
There was no work on our behalf. I sent them the documents and answered the phone a couple of times. That's all I had to do. They did all the work. I am an engineer by trade and tend to be very thorough. I felt very comfortable using them. When they sold our first house, they helped us so much that there was no question on the second house. Because we had worked with them before, we decided to do the short sale after you recommended it. We wiped out over $100,000 in debt.
Everyone says they are short sale experts. We were really pleased working with them. They pretty much told us what would happen and it happened. They didn't make any promises they couldn't keep. We've already recommended them to some of our friends and will continue to recommend them when we're asked.
--Clay Hunter
Michael Souri
I think you guys were professional in the process from day one. You said what you were going to do and you did it. It means that I got this property out of my hair. The stress and the taxes and all of that getting paid off is a big, big help. I would recommend them because they came thru with what they said they were going to do. You said you were going to do something and you did it.
I owed $160,000 to the bank and it feels great to wipe out the debt. Even though I lost a lot of money on the house, it feels great to have it out of my hair.
--Michael Souri
Jessie Pugh
My husband lost his job and in doing that we went from a dual income household to a single income household. Like most Americans, we were living with 1-2 months savings. So, we had to look at all our options. We listed our home with another agent and needed the house to sell. We stressed that we needed to sell quickly to keep out of a short sale or foreclosure situation. It didn't seem to come across to her. One of the hardest parts for me was that we owed so much on our house.
The market had changed. Houses weren't valued anymore what we knew they were worth. But, the market value just wasn't there. We didn't want to get involved in a process where we were going to have to come out owing money. We didn't have any money to pay. We had limited funds for every single bill we needed to pay. We were able to walk away without owing anything.
Even though we don't still have the home, we are able to breathe. I had looked at all the options: deed-in-lieu, foreclosure, short sale. All of them other than short sale you have to pay money back. I was going to owe over $70,000, or even more. I was going to have people hunting me down for 8, 10, or 11 years. Everyone needs to be able to start off again. Now, in 6-12 months my credit should be back and I get to start over. I can be a homeowner again, which is a big deal to me.
They could empathize with us and respect us for the difficulties we were going through. They never tried to put undue pressure on us. We just had an ease of comfort level with them. --Jessie Pugh
Pat Carden
I was despondent over my house. I called them and they helped me out of a very bad situation. Lo and behold the house is gone. They stuck right by me the entire time. They followed thru on everything that they said they would do and are going to stick by me with everything I need. All you have to do is call them to get an answer to any questions that you need. I'm out of town and when I call, they answer the phone right away. With all my heart and respect, I thank you with all of my heart. --Pat Carden
The Benefits a Short Sale Offers
There are many reasons that a short sale is better for you. We put together the comparison below so you can see the advantages a short sale offers and compare them for yourself.
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Issue
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Foreclosure
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Short Sale
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Can I get a Fannie Mae Loan in the Future?
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The current Fannie Mae Guidelines require you to wait 5-7 years before getting a new loan.
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Current Fannie Mae Guidelines allow you to purchase another house after 2 years.
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Can I get a future loan from any mortgage company?
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Any future application will require you to answer the question, "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" you'll have to answer that question yes.
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You can state No because you short sold your home. You only have to say yes if the bank completes the foreclosure.
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Credit Score Impact
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Your score is typically lowered by 250 to 300 points, or even more. This often stays on your credit score for over 3 years.
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Only late payments show up. After a short sale, the mortgage is normally reported as "paid in full, settled." This lowers your score as little as 50 points if all other payments are being made. Oftentimes, this is off your credit report in as little as 12 months.
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Will I owe the bank any money for the shortfall?
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Many lenders take 12-18 months to foreclose upon a property and resell it. This dramatically increases the loss and makes any deficiency judgment potentially bigger.
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Few lenders ask for a promissory note on a short sale. When they do ask for one, they request the borrower repay them a percentage of their loss. As an example, on one property we sold, the bank lost over $120,000. They settled with the seller for $25,000 to be repaid over 15 years with zero interest. The seller's monthly payment was only $138.89.
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Please contact me as I am a Certified Distressed Property Specialist and Short Sale Specialist should be the first person to contact and get started on a short sale. I will discuss your situation with you confidentially, and answer any questions you have. You can call me at 845-598-5083 or 845 680 6207.
We've discovered that going Green and Green Building means different things to different people. At its core is the intent to plan, design, construct, maintain, and deconstruct buildings, neighborhoods, and cities to be healthier and more comfortable
places to live and work for the people on the inside, and more environmentally friendly for everyone else on the outside. In a recent blog published on Active Rain we discussed what it is that buyers want. More...
A home owner thinking of a short sale recently asked us why they should short sale versus just walking away and letting their lender foreclose on the home. We gave them the normal answer: “It’s much better for your credit.” That was the first thing that popped into our head. But, I knew there are more benefits to a home owner than simply better credit. So I put together the entire list and here they are.
Hudson Yards is the largest undeveloped single piece of property in Manhattan. Now zoned and fully entitled for over 12 million square feet of commercial and residential development, the Yards will include new cultural facilities, a new public school and over 12 acres of grand public open space.
Mortgage insurance, or Private Mortgage Insurance (PMI), should not be confused with homeowners insurance or hazard insurance.
