How Long Will I Have to Wait to Buy Another Home After I Complete a Short Sale?

Posted on May 13, 2012 in Short Sale FAQs

Hi everybody, this is Mark Peek at Keller Williams Real Estate, your Fair Oaks short sale specialist. Today’s subject is among the most steadily asked questions I get and that is how long will it take before I will purchase another residence again after I fullfill a short sale? Well, the timeframe for that can truly fluctuate widely. It could differ from a week after I close your short sale to 3 years. The reason is is for those who complete a short sale and also you’re current and you’ve got a very legitimate purpose resembling divorce or large loss of income and another is relocation. Especially if you’re relocating a reasonably lengthy distance around a hundred miles or so, then you would possibly qualify for a short sale and purchase again with an FHA loan. This is something we might want to pre approve before we begin the process just to be sure that it is an possibility for you.

In any other case, you can actually acquire a new VA loan; if you had an exception on that one within a year. You can also receive an FHA loan in around three years after a short sale. At the end of the day what you actually need to have a look at is your monetary situation. How much is your private home underwater? If it is going to take you 5 – 6 years to recuperate, you then might wish to think about a short sale as a way of getting your self back on the financial track.

Once more, I am Mark Peek with Keller Williams Real Estate, your Fair Oaks short sale specialist and I’m right here to help. When you have any specific questions about your state of affairs, you possibly can hit the start here button on the top of our website. You can also give me a call directly and I’d be happy to follow up with you. Thanks and have a wonderful day.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Can I Do A Short Sale With A Federal Tax Lien?

Posted on May 13, 2012 in Short Sale FAQs

Welcome everyone I’m Mark Peek at Keller William’s Real Estate, your short sale specialist in the Fair Oaks area. Today’s topic is in regards to IRS tax liens that have been attached to your home; the tax lien could have been attached in the past or is recent, but either way, it has been attached to your home loan and you need it removed so that you can do the short sale. You could be upside down at this point, considering a short sale and wondering how that will happen. Will the IRS actually negotiate that, will they remove the lien and can we move forward with the sale?

I can tell you that I can work with the lien holders, such as Bank of America, Chase, Wells Fargo, and get them to settle for less, but the IRS will not settle for less. They will, however, take into consideration the fact that you’re wanting to avoid foreclosure and will work with you in order to complete a short sale and do away with the lien. They won’t necessarily discount your payoff on your tax lien, but they’ll work with us to get it taken off, as long as you supply the requested documentation. There is a lot of documentation that they require, such as a buyer’s appraisal and certificate of tax discharge documentation; essentially you need to make sure all of your financial documents are in order to get the federal tax lien removed so we can finalize the short sale.

If you have any specific questions or you have a situation similar to this, please give me a call or click Start Here at the top of the page. I would be happy to follow up with you, answer all of your short sale questions and help you with your particular situation. Again, I’m Mark Peek with Keller William’s Realty in Fair Oaks and I am the short sale specialist for the entire Fair Oaks area. I anticipate doing business with you and satisfying your short sale needs.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Recent Success Saves Homeonwner Stack Of Cash Because of Nationstar Mortgage Short Sale File

Posted on May 10, 2012 in Short Sale FAQs

Hello everybody I am Mark Peek, your short sale specialist in Fair Oaks, thanks for checking out my weblog today. I work with Keller Williams Realty in the Fair Oaks area and use my blog to supply distressed property owners priceless data on their options for avoiding foreclosure.You probably have questions in regards to the short sale process, or can no longer afford your mortgage, visit my website or contact me as we speak to discuss your options.

For my blog at present I wanted to talk about working with Nationstar Mortgage on a short sale file and a few of the current information I have worked with. A number of the Nationstar Mortgage’s I’ve worked on lately have been owned by Fannie Mae or Freddie Mac. On the latest short sale I accomplished with Nationstar my client owed four hundred and seventeen thousand dollars on their underwater mortgage. By way of negotiating with Nationstar I was in a position to obtain a payoff of one hundred and seventy two thousand dollars with zero deficiencies owed by the homeowner. Having just obtained the approval letter for this short sale I can proudly say we have been capable of remove two hundred and forty thousand dollars worth of debt from this homeowners name. This was a big aid for our client and they’ll have the ability to start on the lookout for a brand new residence in Fair Oaks to buy within two to three years.

If you have a Nationstar Mortgage, or any other lender, and are usually not sure what to do with your underwater mortgage give me a call right this moment to discuss your options. With years of short sale experience in the Fair Oaks area I’m the fitting choice for getting you out from underneath your distressed property. This is Mark Peek with Keller Williams Realty, thanks for your time and I hope you could have a fantastic day.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Helping Profitable Short Sales with 2nd Liens Avoid Foreclosures

Posted on May 3, 2012 in Short Sale FAQs

Hi, this is Mark Peek with Keller Williams Real Estate, your Fair Oaks short sale specialists. Today’s topic is secondary liens on a property, particularly lines of credit. Now if in case you have a number of liens on a property and you are attempting a short sale, essentially those multiple liens have to agree with each other on who is going to get what so as to settle out the short sale.

I’ll tell you that those are extra sophisticated than just a one lien short sale with only one loan on the property. In my view, multiple lien short sales typically have the highest failure rate. Sometimes the reason why it does not get authorized and closed is the second lien holders aren’t happy with the quantity they are getting.

I bought a $one hundred,000 balance on a second lien on a short sale. They settled for as little as $3,000. They will release the lien, they’ve already approved the short sale, and after we close, the homeowner just isn’t going to be responsible for the difference. They are forgiving $97,000. It is about the way you arrange the deal. It is about expectations, having the correct package and follow-up and knowledge of the legal guidelines, the contacts at the lenders and understanding who the investor of that note is.

So when you have any questions in your specific short sale, or you have a second lien holder and you’re concerned you won’t get it through, give me a call. You can even hit the start here button at the top of the webpage, enter your info and we’ll get back to you as soon as possible.

I additionally need you to contemplate looking at our short sale calculator. It will enable you to decide whether or not your private home is a possible candidate for a short sale. It also may offer you an idea how long it is going to be earlier than your own home would possibly become an asset again. Once more, this is Mark Peek at Keller Williams, your Fair Oaks short sale consultants and we’re here to help.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.