Utah – Many people are concerned about a deficiency after a short sale. They are afraid that their bank may garnish all of their wages.

It’s scary to think that at any moment your bank could grab every dime you make and leave you broke. Most people short sell their house because of financial problems.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

They can’t afford to lose a month’s worth of salary. But, here is the good news. There is a maximum amount that anyone can garnish. According to Department of Labor’s Website, anyone garnishing your wages can take a maximum of 25% of whatever you earn.

Sure, it’s not fun to have 25% of your earnings taken. But, 25% is much less than the 100% that most people think they will take.

So, even if you do get a deficiency on your short sale, it is not the end of the world. They cannot take all of your money and ruin your life.

Before your lender can garnish your wages they usually have to go to court and get a judgment against you. That takes time and costs money. A lawsuit can cost them a thousand dollars or more.

The high costs causes lenders to think twice before sueing most homeowners. Even better news is the fact that there are a lot of loopholes. For example, in Florida the head of household is exempt from garnishment.

Most garnishments have to be approved by a judge. If you can show the judge that you have kids to take care of, then they may deny the garnishment.

Or, you can show the judge that a garnishment would cause you serious financial hardship where you couldn’t afford gas to drive to work.

The bottom line is that so few homeowners who short sell their house will ever be pursued with a garnishment.

We have helped hundreds of homeowners with a short sale and haven’t met anyone whose wages were garnished after the short sale. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Will I Have My Wages Garnished After A Utah Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Utah – Another common type of loan that does not usually have a deficiency is a “Sliced and Diced” loan. A “Sliced and Diced” loan is a loan that has been securitized along with a bundle of other loans.

Here is how that happened. John gets a loan from ABC Bank. ABC Bank is running out of money to lend out. So, they sell 1,000 of their mortgages to Goldman Sachs.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Goldman then securitizes that bundle of 1,000 mortgages and sells of 50,000 shares of stock. Each piece of stock represents a small percentage of the bundle of 10,000 mortgages.

But, how does that affect whether or not you will have a deficiency on a short sale? First, the majority of “Sliced and Diced” loans that we have short sold released the seller from the deficiency.

This means that the short sale approval letter said that the homeowner was being forgiven of the debt. What about the people who are not specifically released from the deficiency?

The good news is that the vast majority move on with their life and never hear anything more from their lender. Time moves on and they forget about the debt.

The good news is that after a few years the statute of limitations kicks in and they are home free. Their lender no longer has the right to collect the money from them. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Utah Short Sale Deficiencies On “Sliced & Diced Loans? is provided as a courtesy to our viewers to help them make informed decisions.

Utah – The next most common type of loan that does not usually have a deficiency is an FHA loan.

But, how do you determine whether or not you have an FHA loan?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the best way that I have found to do this. Look up your mortgage on the public records in your county. You can usually access the public records online.

Just Google, “County, State Public Records.” For example, if we Google “Cook County Illinois Public Records”, then you will get the clerk of court’s website on the second link.

Most realtors will know how to look up this information. If not, then they will know a title company that can do the research for you. Once you access the public records you will want to pull up your mortgage.

If you have an FHA loan, then on the first page of the mortgage, there should be a small square and inside the square, it will say “FHA Case Number 091-4242640-703.”

FHA’s Short Sale Guidelines are covered in a letter they end out to all the lenders that are handling their loan. Whenever they make a change to the guidelines, they send out a Mortgagee Letter.

They issued a new Mortgagee Letter at the beginning of the financial crisis that made a lot of changes to how they handle short sales. That letter was called “Mortgagee Letter 2008-43.”

You can Google that if you want to look at a copy yourself. On page 5 of Mortgage Letter 2008-43, it specifically states that if you short sale or attempt to short sale, then you will be released from the debt.

Here is an excerpt from the letter:

Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation and are entitled to a consideration of $750. If the closing occurs within 3 months of the approval to participate, the mortgagor will be entitled to $1,000. Unless the mortgagor’s consideration is required to release junior liens, the mortgagor may elect to accept cash paid at closing. The mortgagor may also apply a portion of or the entire amount of consideration to offset sales costs not paid by HUD; including a home warranty plan fee, costs of optional repairs, and buyer’s closing expenses. If the PFS is unsuccessful and foreclosure occurs, mortgagors who participate in the PFS Program in good faith will not be pursued for deficiency judgments by the mortgagee or HUD.”

The main requirement to being allowed to participate in the program is that the property cannot be an investment property and that the homeowner has to have a genuine hardship.

Looks like a good way to wipe out some upside down mortgage debt. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Will I Owe A Deficiency On A Utah Short Sale If I Have An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

Utah – I am about to explain how the different types of loans impacts whether or not you will have a deficiency after you short sale your house.

But, I first want to bust the common myth that you won’t know if you will have a deficiency until after you have started the short sale process.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Many agents will tell you that you won’t know for sure if you will have a deficiency until you have started the short sale process. Sure, they can give you the answer if you are in a non deficiency state, such as California.

But, what if you are in Florida, which is a deficiency state? They will usually tell you that you won’t know if you will have a deficiency until the short sale process has been started.

That is not necessarily true. First, here is the good news. In about 80-90% of all cases, you will not have a deficiency on a short sale even if you live in a deficiency state.

But, if your loan is the type that do not require deficiencies, then you don’t have to worry about a deficiency. The key is to find out the type of loan you have and the short sale guidelines for that type of loan.

In my next post I will start to explain those different loan types and their short sale guidelines. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on A Common Utah Short Sale Myth: You Don’t Know If Your Lender Will Want A Deficiency Until We Have Started The Short Sale Process is provided as a courtesy to our viewers to help them make informed decisions.

Utah – The good news about the housing bust is that home prices are now more affordable. It is now cheaper to buy versus renting in many areas.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

“At the peak of the real estate bubble, cities like Miami, Phoenix and Las Vegas were not affordable for many. Now the opposite is true,” said Pete Flint, co-founder and CEO of Trulia.com.

“Home sellers in these hard hit areas are forced to lower their prices to compete with all the foreclosures on the market. As a result , these unattainable markets are so affordable it makes better financial sense to buy than rent.”

Here is how to calculate whether it will be cheaper for you to buy versus rent.

First, add up what you are paying for rent now. Add together your rent payment and what you pay for renter’s insurance. That is the monthly cost of renting.

Now, let’s add up the cost of home ownership. First, you have the monthly mortgage payment. Add in Home Insurance, Property Taxes, and any Homeowner’s Association Fees.

Now, subtract out the tax savings. To calculate that, take what you will be paying monthly for interest and property taxes. Multiply that by your combined state and federal tax rate.

That is your projected tax savings. Now you have the cost of homeownership and renting side by side to compare. This is good news if you are a home owner. Why? It means that we are closer to a real estate recovery.

Are you or someone you know looking to purchase a home? I will work to help you get the best deal. Send me an e-mail for a list of the 10 best deals in today’s market.

Thinking about a short sale? I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on With Home Prices Dropping, In Many Parts of Utah It Is Cheaper to Own Than Rent is provided as a courtesy to our viewers to help them make informed decisions.

Utah – Are you pulling your hair out trying to convince your lender to reduce the amount you owe on your home?

People have a hard time grasping how difficult it is to get a loan modification that is fair. These banks just do everything they can to squeeze homeowners for as much money as possible.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is an example of a homeowner that accepted a forbearance agreement with their lender. The homeowner was desperate to keep his home and just accepted the first offer his lender made.

Today, he is paying $4,400 monthly. The sad thing is that it would cost her about $2,500 a month to rent a comparable home.

He could save $1,900 monthly if he moved out and rented a similar home. But, even worse is how much money this will cost him over the long term.

I project that it will take 19 years for his house to appreciate back to what he originally paid for the house. He will overpay his lender by $433,200 over the next 19 years while him and his family wait for the housing market to recover.

It’s sad, but the only way that I have seen anyone receive a principal reduction is to short sell their house.

You can even buy another house right away if you qualify for the guidelines of certain short sale programs. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Another Example Of Just How Lousy A Utah Loan Modification Is For You is provided as a courtesy to our viewers to help them make informed decisions.

Utah – The Stop Foreclosure Institute recently received a question from Sergio. Here was his question.

“I have owned my house since 2006. My employer reduced my salary by 30% and now I have to move out of state where I have found a new job.

The house is a problem. Since 2006 my house price has dropped by about $40,000. That means I have a $40,000 deficiency, which I don’t want to pay.

I have option to rent the house, but I am still considering a short sale. Any advice? Sergio.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here was our answer to Sergio’s Question: Sergio, I would attempt a short sale. Depending on your situation and the type of loan you have, more than likely you will not have a deficiency.

I can give you a better answer after I get more information from you. I wouldn’t recommend renting the house. How hard is it going to be to manage when you are out of state?

What if the tenants stop paying? What if a pipe breaks and floods the house? I’m not saying don’t rent the house. I just know from past experience that managing rental property from a distance is super tough.

I knew a real estate investor who targeted what he called “tired, out of town landlords.” He would offer to buy their property below market.

Surprisingly, many of them accepted his lowball offers because they were so tired of dealing with the property. Here is the other downside on renting.

You will probably have negative cash flow every month. I don’t know what your house will rent for. But, if you are upside down on your house value, then you are likely also upside down on the rental value.

That means you will almost certainly lose money on the rent every month. With your precarious financial situation, recent 30% salary cut, and move out of state, the last thing you need is another bill each month.

With a short sale you can walk away owing nothing, with no tax liability, and be eligible to buy another house in 3 years.

That sounds a lot better to me than being stuck with a money losing house 2 years from now. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Utah Short Sale Question: Should I Short Sale My Home? is provided as a courtesy to our viewers to help them make informed decisions.

Salt Lake City UT – The Pros of Rental Property.

The tenant pays your mortgage payment. You won’t make a lot
of money while you have a mortgage. But, where else can you have someone buy and pay off something for you?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

You start to make real money after the mortgage is paid off. In addition, some properties are so cheap that the rent will pay offa 15 year mortgage. So in 15 years you have a free house.

Rentals are a great hedge against inflation. Notice how gas prices are going up again? The prices of everything else increase with gas prices. Food, clothes, electricity, and everything else goes up.

That means your house will go up in value over the long term. But, you locked in the price when you bought it when prices were lower.

I don’t want to make it seem like rental properties are a no brainer. There are some risks involved. No one should buy a rental property unless they are prepared and understand the risks.

The Cons of Rental Property

Problem #1: Leaky toilets. This is the first thing you should be aware of. We have seen that most problems are not emergency problems.

Many landlords work around these problems by hiring good help in the beginning. They find a good handy man and negotiate on the price before he does any work.

Problem #2: Management. You can find a good property management company to handle everything for you. But, you still have to manage the management company.

If you do not have extra time to manage problems, then rental property is probably not for you. Some people like this buy larger properties and hire better managers.

They meet with their manager once a month and let them handle everything. This works for them because they bought a larger property with better numbers. That extra money can be used to pay a better, more competent manager.

Problem #3: Collecting Rent. This is where many people mess up. You have to be persistent and firm. If you are a sympathetic person, and prone to give people a “break, then rental property is not for you.

Problem #4: Evictions. This is the bad side of the rental business. Most evictions occur because you didn’t pre-screen a tenant well enough.

You must budget enough so that you can afford an eviction when it happens. An eviction will cost you 2-3 months of rent. That is why you must have a rainy day fund for situations like this. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at tricia.v@utahhomes.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 801-652-7410

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

Thinking about a loan modification? Our Salt Lake City 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, Tricia Vanderkooi.

Tricia is a Real Estate Agent at Coldwell Banker. Salt Lake City Short Sales Realtor:

Phone: 801-652-7410. tricia.v@utahhomes.com.

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales. Salt Lake City Short Sale Realtor. Provo UT Loan Modification Help, Provo UT Short Sales. Provo UT Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia Vanderkooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Getting Your Finances Back On Track After A Salt Lake City Short Sale. Pros & Cons Of Buying Rental Property is provided as a courtesy to our viewers to help them make informed decisions

Utah – Are you upside down on your mortgage? Try this. Sit down and run the numbers. How much will your upside down mortgage cost you over the next 30 years?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Let’s say a homeowner bought a house 4 years ago for $600,000. Today, their house is only worth $400,000. In addition interest rates have dropped since then.

And, because they have “Jumbo Loan”, they are paying a higher interest rate than someone who bought a less expensive house.

Let’s run the numbers. The payment on a $600,000, 7% interest rate over 30 year mortgage is $3,991.81. Even worse, that homeowner will repay $1,437,051. That’s a lot of money!

Now, let’s compare this with the guy buying the home next door. He is paying $375,000 for the home because it is a pre-foreclosure sale.

His interest rate is 4.25%, because he is able to lock in today’s low interest rates. The payment on his $400,000, 4.25% interest rate over 30 year mortgage is $1,844.77. But, it gets worse.

The neighbor next door is only going to repay $664,117 over the next 30 years. He is paying less than half of what his neighbor is paying for his house.

It just doesn’t make sense to hold on if you’re struggling to repay a huge upside down mortgage.

You can short sale, wipe out the debt, rent for 3 years, and then buy your next home. The savings are huge! Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Why A Utah Short Sale Is The Best Alternative To Get Out From Under An Upside Down Mortgage is provided as a courtesy to our viewers to help them make informed decisions.

Utah – The Stop Foreclosure Institute recently received a question from another agent named Tom. Here was his question.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

“I am negotiating a short sale with a bank. The short sale loan is a Veteran’s Administration Insured Loan. An appraisal was completed and sent to the lender. Here is the problem.

The home needs a lot of repairs. However, the appraiser never viewed the inside the house. I feel that the appraisal is innaccurate because he is not factoring in the necessary repairs.

What can we do. I don’t want to see my client lose his home to foreclosure. Tom.”

Here was our answer to Tom’s Question. Tom, here is what I would do.

1. Get your hands on a copy of the appraisal. Compare that with a Comparable Market Analysis done by a realtor. See if there is anything the appraiser overlooked.

2. Determine what other homes in similar condition to this home have sold for. Put together a Comparable Market Analysis using homes in similar condition as comparable sales.

3. If you see a big discrepancy, then contact the appraiser about it. In addition, I would check the VA Appraisal Guidelines. I am guessing that the appraisal guidelines require the appraiser view the inside of the home.

If that is the case, then contact the bank, VA, and the appraiser. Tell them what you have found. Ask for a new, more accurate appraisal that shows the home’s value in it’s current condition. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Utah Short Sale Question: How Come The Bank Won’t Approve The Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Utah – The Stop Foreclosure Institute recently received a question from Nathan. Here was his question.

“I’ll stop making the payments on my condo. That way we can start on the short sale process with my lender. How far behind do I have to be before they will start negotiations.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Nathan’s comment reveals a common myth people have about short sales. They believe that a lender won’t approve a short sale unless the borrower has defaulted.

Here is the truth. Yes, some lenders will not approve a short sale unless a borrower is behind on their payments. But, that is only in certain specific instances.

But, most lenders will approve a short sale for a borrower that is current on their payments. They will ask if there is a hardship that requires the home to be sold.

“Is the borrower moving for a job transfer?”, they ask us. The bottom line is that you do not have to be behind on your payments for your lender to approve a short sale.

It is better to start the short sale negotiations while you are still current. You might even be eligible to buy another home right away.

Contact me for more info on a new program that allows you to short sale and buy a new home right away. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on A Common Utah Short Sale Myth: You Must Have Defaulted On Your Loan Before Your Lender Will Talk About A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Utah – A bank should approve a short sale when it makes the best financial sense to do so. Here is a little known fact. About 80% of all loans are not owned by the bank handling them.

That means that someone else is going to lose money if your bank rejects the short sale.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is another little known fact. Banks usually lose money whenever they reject a short sale and foreclose on a home. I am sure you are wondering why. Let me explain.

Most short sales are still owner occupied. As you probably know all bank foreclosure properties are vacant. An occupied property is much easier to sell than a vacant one.

An owner occupied home looks like a home. The furniture and appliances are setup in their proper places. The house is clean and kept up on.

Here is something else that people do not understand about short sales. All banks and servicers have a fiduciary duty to the investor of the loan.

If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible.

So, a lender should accept an offer if it will net the most money. Your only job is to prove that to the lender. Here is how we can assure the negotiator that the offer will net them the most money.

Do that by showing them that the property has been on the open market for 60-90 days. It is best to be able to show that the house was easy for buyers to see and other agents to show.

Ask them the following, “The agent selling the home is an experienced agent. The house has been on the market for X number of days. I have lived here the entire time and kept up on the house.

It looks good. We have had 43 showings since it’s been on the market. Out of that, only 3 buyers expressed interest. Out of those 3 buyers, the current buyer is the one willing to pay the most money.

The agent is doing their job marketing the property. With the current foreclosure case status, the home won’t be foreclosed until June or July. When you foreclose on the house, I will move out.

I won’t be keeping the house up anymore. The new listing agent will be working on 20 other homes and won’t be able to do as good of a job as myself.

Do you honestly think the home is going to sell for more money at that time?” When you ask them that, they won’t be able to argue with you. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on When A Bank Should Approve A Utah Short Sale Offer is provided as a courtesy to our viewers to help them make informed decisions.

Utah – Buyers often ask us how they can make the short sale process go faster. It is a common complaint.

Here is an example of the emailed we often receive. “I am trying to buy a short sale. It has been 4 months and we have heard nothing except that we are now on our 2nd negotiator, still with no contact from them.

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 agent?”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Unfortunately, there is little the buyer can do to speed up the process. It is up to whoever the seller or their realtor is using to negotiate the short sale with the bank.

If they don’t know what they are doing, then you are better of looking for another home to buy. But, here is what I recommend that agent’s working with the bank do to speed up the process.

1. Call the bank once or twice a week. Be the squeaky wheel. Your requests will be handle faster. Your file will be placed at the front of the line. Your file will be the first one that gets worked on.

2. Ask for more information. “Why is the file being held up? Who else needs to approve it? Why is the process taking so long? Who is going to lose money because of the delay? Who owns the loan?”

That is what the seller’s agent should be asking the bank. Now, what would happen if you started doing these same things to the person negotiation the short sale?

Yes, your file would be placed at the front of the line. You would get specific answers to your questions. You would know whether or not you should wait or go look for another home. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on I Am Trying To Buy A Utah Short Sale. Can I Push The Process To Go Faster? is provided as a courtesy to our viewers to help them make informed decisions.

Salt Lake City UT – We get all sorts of questions from buyers trying to purchase short sales. “We made an offer on a short sale almost 2 months ago. We haven’t heard anything back from the bank. Why won’t they approve my offer?”, they ask us.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

So why do some buyers wait for 2-3 months and never get a response on their short sale offer? Are the banks really that bad?

Here is the answer to those questions. In some cases the reason that short sales are not approved quickly is because of the lender. The lender may just be backed up.

I know that we have waited a week for a call back from the bank. We had a designated short sale negotiator at the bank.

But, they were so overworked and backed up on files that it took them a week to return a call. That’s pathetic, isn’t it?

In other situations, we have seen the banks demand that the sellers agree to a promissory note. If the sellers don’t agree to it, then they won’t approve the short sale. Some of those sellers refused to sign a promissory note.

The short sale was never approved. But, we have seen lenders ask for a promissory note on less than 10% of the short sales we have handled. So, that is rarely the problem.

In most cases the problem is that the agent negotiation the short sale with the lender doesn’t know what they are doing. They aren’t following up with the lender regularly.

They don’t take the short sale process seriously. The lender tells them that they are missing documents and it takes them a week to track them down. You have to push the bank to approve the short sale.

Most agents aren’t trying to keep the process moving along. And the people at the banks are overworked and don’t push the files along easier.

So, if you are buying a short sale, don’t make the mistake of making an offer on just any short sale. Check to make sure that the seller has hired a hard working, experienced short sale agent to help them sell their home. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at tricia.v@utahhomes.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 801-652-7410

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

Thinking about a loan modification? Our Salt Lake City 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, Tricia Vanderkooi.

Tricia is a Real Estate Agent at Coldwell Banker. Salt Lake City Short Sales Realtor:

Phone: 801-652-7410. tricia.v@utahhomes.com.

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Salt Lake City Utah. Salt Lake City Loan Modification Help, Salt Lake City Short Sales. Salt Lake City Short Sale Realtor. Provo UT Loan Modification Help, Provo UT Short Sales. Provo UT Short Sale Realtor. Salt Lake City UT Short Sales. Salt Lake City Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia Vanderkooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on The Biggest Mistake Buyers Make When Buying A Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Utah – One large, national bank requires that all home buyers trying to buy a short sale give them their credit information before they make an offer on the house.

They are asking for the buyer’s social security number and pulling their credit report. Why are they doing this? But, more importantly is it legal?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

I know that pulling anyone’s credit report without their permission is against the law. If you think that a short sale lender has pulled your credit without your permission, then you should file a complaint.

They are breaking the law and they should face the full repercussions for their actions. I think it is a dishonest way to do business. Banks don’t request this information when they are selling a bank owned property. And, most home sellers don’t ask for that information either.

But, apparently this bank does not think there is anything wrong with breaking the law. It just makes you wonder how many other laws the banks are breaking. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Is This Bank Breaking The Law On Utah Short Sales? is provided as a courtesy to our viewers to help them make informed decisions.

Utah – We are explaining the steps to approving a short sale in 90 days or less. Today, we’re going to explain Step 3: Find out the BPO value.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

This seems fairly simple. But, most agents never find out this number. as a result, they don’t know why their short sales are not being approved.

We talked to another agent a little while ago. “I’ve got 5-6 short sale files under contract. But, none of them are being approved.”

“The short sale negotiation company is working on them, but they can’t get any of them approved. What do I need to do?”, he asked us.

We started asking him for more info on the files. “What are the BPO values?” What percentage of that are the homes selling for?” What type of loan is it?”

Now, why do we ask these questions? Because that is how you determine what the problem is. We’ve negotiated over a hundred short sales with all the different lenders.

We know why the banks accept short sales and why they turn them down. On our short sales, the majority of the reason an offer was turned down was because of a high BPO.

The bank thinks the home is worth 200k, but the buyers won’t offer any more than 170k. The offer is not going to be accepted.

But, sometimes they will accept an offer on a 200k BPO if it is above 180k. It does happen, but not very often. 190k on a 200k BPO happens a lot more often.

If you don’t know the BPO value, then you don’t know why they are turning down your short sale offer. You don’t know what it will take for them to approve it. You are shooting in the dark.

This is the case whether you are negotiating the short sale yourself, or having someone else do it for you. Either way, your chances at success are much lower.

Here is how to find out the BPO value. First, ask the person at the lender that is negotiating the short sale. Most of the time they will give you that information.

If the short sale loan is a VA or FHA insured loan, then you can get a copy of the FHA or VA appraisal. (The banks use those to determine the property’s value instead of a BPO.)

If the lender will not give them the value, then the home owner can request a copy of the BPO. Most banks will give them that information because a homeowner is legally entitled to it.

They may not give it to the homeowner’s agent, but they will give it to you. Once you have that information you can determine if the short sale offer is reasonable or not. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Step Three To Get A Utah Short Sale Approved In 90 Days Or Less is provided as a courtesy to our viewers to help them make informed decisions.

Utah – We are explaining the steps to approving a short sale in 90 days or less. Today, we’re going to explain Step 3: Find out the BPO value.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

This seems fairly simple. But, most agents never find out this number. as a result, they don’t know why their short sales are not being approved.

We talked to another agent a little while ago. “I’ve got 5-6 short sale files under contract. But, none of them are being approved.”

“The short sale negotiation company is working on them, but they can’t get any of them approved. What do I need to do?”, he asked us.

We started asking him for more info on the files. “What are the BPO values?” What percentage of that are the homes selling for?” What type of loan is it?”

Now, why do we ask these questions? Because that is how you determine what the problem is. We’ve negotiated over a hundred short sales with all the different lenders.

We know why the banks accept short sales and why they turn them down. On our short sales, the majority of the reason an offer was turned down was because of a high BPO.

The bank thinks the home is worth 200k, but the buyers won’t offer any more than 170k. The offer is not going to be accepted.

But, sometimes they will accept an offer on a 200k BPO if it is above 180k. It does happen, but not very often. 190k on a 200k BPO happens a lot more often.

If you don’t know the BPO value, then you don’t know why they are turning down your short sale offer. You don’t know what it will take for them to approve it. You are shooting in the dark.

This is the case whether you are negotiating the short sale yourself, or having someone else do it for you. Either way, your chances at success are much lower.

Here is how to find out the BPO value. First, ask the person at the lender that is negotiating the short sale. Most of the time they will give you that information.

If the short sale loan is a VA or FHA insured loan, then you can get a copy of the FHA or VA appraisal. (The banks use those to determine the property’s value instead of a BPO.)

If the lender will not give them the value, then the home owner can request a copy of the BPO. Most banks will give them that information because a homeowner is legally entitled to it.

They may not give it to the homeowner’s agent, but they will give it to you. Once you have that information you can determine if the short sale offer is reasonable or not. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Step Three To Get A Utah Short Sale Approved In 90 Days Or Less is provided as a courtesy to our viewers to help them make informed decisions.

Utah – We are explaining the steps to approving a short sale in 90 days or less.

Today, we’re going to explain Step 2: Influence the BPO. A BPO is a bank’s version of an appraisal. They use that property valuation to make a decision to approve or deny a short sale offer.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Many BPOs are inaccurate. As a result, many short sales are unnecessarily rejected. The banks lose even more money when they property sells later on.

The problem is that the people doing the BPOs are rushing thru them. They are visiting 100 or more homes per month and preparing an in depth property evaluation on each one.

That isn’t always enough time to properly evaluate each property. As a result, many BPOs are inaccurate. An inaccurate BPO often leads to a failed short sale. Let me explain why.

If a BPO says that a home is worth $250,000, but the actual value is only $220,000, then the short sale will probably be turned down. You the homeowner risks losing your home to foreclosure.

In one example, the people doing BPOs on a short sale consistently stated that the property was worth $325,000 to $375,000.

Over the course of a year of being on the market, the most a buyer offered to pay was $275,000. But, the bank wouldn’t accept their offer because they thought the house was being sold for less than it was worth.

The market continued to decline. The realtor continued to market the property. However, now buyers were only offering $230,000. The short sale bank finally accepted that offer.

Inaccurate BPOs cost that lender $45,000. In addition, they put a seller at risk of losing their home to foreclosure. This is why your agent must influence the BPO. Here is how they do that.

Your agent does not allow the person doing the BPO into the house without their permission. They meet the person at the house and tell them why the home is selling for the price it is selling for.

They explain the market conditions and explain what they feel the home is worth. The give that person their own opinion of the value of the home.

Many times that person will use the information they have gathered for them and turn it into the bank. That gives you a much better chance of a successful short sale. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Step Two To Get A Utah Short Sale Approved In 90 Days Or Less is provided as a courtesy to our viewers to help them make informed decisions.

Utah – We’re going to start explaining the steps to approving a short sale in 90 days or less.

Today, we’ll start with Step 1: Find out the type of loan it is. Examples are Fannie Mae, Freddie Mac, FHA, VA, Portfolio, and “Sliced and Diced.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Why does this step matter? First, around 70-80% of all loan held by the large, national lenders are not owned by that lender. They are simply collecting the money for the actual owner of the loan.

The owner of the loan is the actual gentility that makes the decision to approve or deny the short sale. Find out who the actual owner is and you can hold that lender accountable for their actions.

They better do a good job on the short sale. If not, then you report on them to the actual loan owner. In addition, most of these loan owners have specific guidelines on short sales.

Not all lenders follow those guidelines. If they don’t then you can hold them accountable for their actions. Ok, so here is how you find out who owns the loan.

Go thru the steps below.

Search Fannie Mae’s Website: loanlookup.fanniemae.com/loanlookup/

Search Freddie Mac’s Website: ww3.freddiemac.com/corporate/

Look at the actual mortgage to see if the loan is an FHA or VA Insured Mortgage.

If the loan is FHA insured, then on the first page of the mortgage, there should be a small square. Inside the square, it will say “FHA Case Number 091-4242640-703.” The case number will be different, but it will still be an FHA loan.

If the loan is VA insured, then on the mortgage, 1-4 pages past the signature page will be a VA Rider. At the top it will say “NOTICE: THIS LOAN IS NOT ASSUMABLE WITHOUT THE APPROVAL OF THE DEPARTMENT OF VETERANS AFFAIRS.” That is a VA loan.

If the loan is not any of those, then it is probably then it is most likely a portfolio loan. This means the loan is owned and serviced by the original company that bought it. This is especially true if the current servicer is the same company as the original lender.

There is one final option: “Sliced and Diced.” If a foreclosure has been filed, then look at the Plaintiff’s Name on the Lis Pendens.

If it contains something like “CWALT 2005-06CB”, “BOAALT Series 2005-10″, “Certificates”, or “Trust”; then it is probably “Sliced and Diced.” Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on Step One To Get A Utah Short Sale Approved In 90 Days Or Less is provided as a courtesy to our viewers to help them make informed decisions.

Utah – Most agents complain about how short sales drag out for months at a time.

Another agent once told me, “I hate short sales. They take 9-12 months to complete. The banks never call you back to let you know what is happening.”

The real problem is that most home buyers will wait for 45-60 days for an answer on a short sale offer. After that, then they become impatient.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here are the 4 simple steps your agent can use to get your short sale approved in 90 days. If they miss any of these steps, then you risk waiting 6-9 months for an answer on the short sale.

Step 1: Find out the type of loan it is. Examples are Fannie Mae, Freddie Mac, FHA, VA, Portfolio, and “Sliced and Diced.”

Step 2: Influence the BPO. The BPO is the bank’s version of an appraisal. They use that property valuation to make a decision to approve or deny a short sale offer.

Many BPOs are inaccurate. As a result, many short sales are unnecessarily rejected. The banks lose even more money when they property sells later on.

Step 3: Find out what the BPO value is. Ask the negotiator for that info. They are required to send you a copy of the FHA appraisal (if the short sale loan is an FHA loan.)

You can get a copy of the VA appraisal (short sale on a VA loan) from one of the VA Loan Centers.

Step 4: Use that information and knowledge of the loan owner’s short sale guidelines to force the lender to approve the short sale.

Note: If the buyer’s offer meets the loan owner’s short sale guidelines, then it should be approved as is. No being washy washy and wasting people’s time. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at . 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 801-652-7410

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

Thinking about a loan modification? Our Utah 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, Tricia VanderKooi.

Tricia is a Real Estate Agent at Coldwell Banker.

Phone: 801-652-7410. .

View My homes for sale at www.MoreUtahHomes.com.

Tricia VanderKooi specializes in loan modification assistance and short sales in Utah. Utah Loan Modification Help, Utah Short Sales. Utah Short Sale Realtor. Utah Short Sales. Utah Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Tricia VanderKooi, Coldwell Banker, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Tricia’s personal views and do not reflect the views of Coldwell Banker.

This information on How To Get A Utah Short Sale Approved In 90 Days Or Less is provided as a courtesy to our viewers to help them make informed decisions.