How Long Will I Need to Wait to Buy Another House After I Complete a Short Sale?

Posted on May 13, 2012 in Short Sale FAQs

Hello everyone, this is Mark Peek at Keller Williams Real Estate, your Mather short sale specialist. Today’s topic is among the most steadily asked questions I get and that’s how long will it take before I’m able to buy another house once more after I complete a short sale? Well, the timeframe for that may really vary widely. It may differ from a week after I close your short sale to 3 years. The reason is is if you happen to complete a short sale and also you’re current and you’ve got a really legitimate cause corresponding to divorce or enormous lack of income and one other is relocation. Particularly should you’re relocating a reasonably long distance around 100 miles or so, then you would possibly qualify for a short sale and buy again with an FHA loan. This is something we would wish to pre approve before we begin the process just to ensure that it is an possibility for you.

In any other case, you’ll be able to actually receive a new VA loan; in the event you had an exception on that one within a year. It’s also possible to receive an FHA loan in around three years after a short sale. At the end of the day what you actually need to look at is your financial situation. How much is your home underwater? If it is going to take you 5 or 6 years to recover, then you definately would possibly want to take into consideration a short sale as a way of getting yourself back on the financial track.

Once more, I’m Mark Peek with Keller Williams Real Estate, your Mather short sale specialist and I am here to help. If in case you have any specific questions about your situation, you can hit the start here button at the top of our website. You can even give me a call directly and I’d be happy to follow up with you. Thank you 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 am Mark Peek at Keller William’s Real Estate, your short sale expert in the Mather area. Today’s topic is in regards to IRS tax liens that have been attached to your home; the tax lien may have occurred in the past or is recent, but either way, it’s been attached to your mortgage and you need it gone in order to close the short sale. You might be upside down at this point, considering a short sale and wondering how it’s even possible. Will the IRS actually negotiate that, will they remove the lien and can we move go ahead with the sale?

I can tell you that I can negotiate with the lenders, 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, appreciate the fact that you’re wanting to avoid foreclosure and will work with you in order to complete a short sale and get rid of the lien. They will not necessarily discount your payoff on your tax lien, but they will work with us to get it removed, as long as you provide the requested paperwork. There’s a lot of paperwork that they require, such as a buyer’s appraisal and certificate of tax discharge documentation; essentially you have to ensure all of your financial documents are in order to get the federal tax lien removed so we can complete the short sale.

If you have any specific questions or you have a situation similar to this, please contact me 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 assist you with your particular situation. Again, I am Mark Peek with Keller William’s Realty in Mather and I’m your short sale expert for the entire Mather area. I look forward to doing business with you and meeting 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.

Latest Success Saves Homeonwner Heap Of Cash Because of Nationstar Mortgage Short Sale File

Posted on May 10, 2012 in Short Sale FAQs

Hello everybody I’m Mark Peek, your short sale specialist in Mather, thanks for checking out my weblog today. I work with Keller Williams Realty within the Mather area and use my blog to supply distressed property homeowners helpful information on their choices for avoiding foreclosure.When you have questions in regards to the short sale process, or can no longer afford your mortgage, visit my web site or contact me right this moment to discuss your options.

For my weblog right now I wanted to talk about working with Nationstar Mortgage on a short sale file and a few of the latest information I have worked with. A whole lot 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 completed with Nationstar my client owed four hundred and seventeen thousand dollars on their underwater mortgage. By negotiating with Nationstar I was in a position to achieve a payoff of one hundred and seventy two thousand dollars with zero deficiencies owed by the homeowner. Having just received the approval letter for this short sale I can proudly say we had been capable of remove two hundred and forty thousand dollars worth of debt from this owners name. This was an enormous reduction for our client and they’ll be capable to start on the lookout for a new dwelling in Mather to purchase within two to three years.

When you have a Nationstar Mortgage, or any other lender, and are usually not certain what to do with your underwater mortgage give me a call right this moment to discuss your options. With years of short sale experience within the Mather area I am the proper 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’ve got 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 Foreclosure

Posted on May 3, 2012 in Short Sale FAQs

Hello, that is Mark Peek with Keller Williams Real Estate, your Mather short sale specialists. Today’s subject is secondary liens on a property, particularly lines of credit. Now in case you have a number of liens on a property and you are trying a short sale, primarily those a number of liens have to agree with one another on who’s going to get what in order to settle out the short sale.

I’ll let you know that these are extra complicated than only a one lien short sale with just one loan on the property. In my opinion, multiple lien short sales sometimes have the highest failure rate. Usually the rationale why it does not get accepted and closed is the second lien holders are usually not happy with the quantity they are getting.

I obtained a $a hundred,000 balance on a second lien on a short sale. They settled for as little as $three,000. They’ll release the lien, they’ve already accepted the short sale, and once we close, the house owner is not going to be answerable for the difference. They’re forgiving $97,000. It’s about how you set up the deal. It’s about expectations, having the correct package and follow-up and knowledge of the laws, the contacts at the lenders and figuring out who the investor of that note is.

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

I also need you to consider looking at our short sale calculator. It is going to assist you decide whether or not your own home is a possible candidate for a short sale. It also might give you an idea how long it will be before your own home would possibly become an asset again. Once more, this is Mark Peek at Keller Williams, your Mather short sale specialists 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.