Archive for the ‘Bank Statements’ Category

Do You Have Mortgage Insurance On Your Home Loan And Are Thinking About A Short Sale?

Sunday, May 6th, 2012

Welcome Mark Peek here with Keller William’s Real Estate, your short sale expert for the Sacramento area. Today’s subject is mortgage insurance. Do you have mortgage insurance on your loan and are considering a short sale? Sometimes it’ll show up on your mortgage statement as PMI or it could have another coding.

If you have mortgage insurance on your loan and are contemplating a short sale, it’s extremely important to understand and make sure you are presenting a pertinent hardship. They’re one of the few individuals that actually read a hardship letter and will examine your entire credit report and examine all of your bank statements. Mortgage insurance companies have to pay out the loss whether it is a short sale or a deed in lieu to foreclosure, but there’s actually no incentive for them to consent to a short sale. Sometimes it is to their advantage to do so if the loss is less and they’re going to pay out less of a premium. However in most scenarios in our area with the home values that have declined the way they have, in some cases it is been 50%, that mortgage insurance premium has been maxed out.

So, how do you influence a mortgage insurance company to consent to a short sale and agree with everyone else? They want something, so they are going to dig through everything you have got; that is why it’s important to work with someone who knows and can identify that ahead of time before it becomes an issue. There are many ways to mitigate and get around it. It’s important to name all of your decision makers and your mortgage insurance company is one of the most important ones. If you don’t come up with a strategy ahead of time, it can actually boomerang on you and keep you from getting your short sale approved.

If you have any extra questions, please fill out the Getting Started form on our website or contact me. If you are interested in a short sale and are questioning if it’s the best option for you, fill out the Short or Stay Calculator. It will generate a detailed report on whether or not it is a good financial decision for you to complete a short sale.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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How Does A Mortgage Short Sale Work?

Sunday, May 30th, 2010

MORTGAGE SHORT SALE refers to home that is sold for less than is presently owed on the mortgage. When used appropriately, a mortgage short sale is beneficial to all parties involved. property owners can sell their house for less than they owe at the bank. Banks are able to recoup the majority of their investment. Buyers can buy a portion of real estate that is in good condition for less than market value.

Getting mortgage short sale approval in Gilbert, Az can be a difficult task. In the past, the vast majority of mortgage short sale requests were denied. Nonetheless, with the assistance of a real estate authority familiar with the mortgage short sale practice, your approval rating can be nearly 100 percent possible. Utilizing the mortgage short sale process in Gilbert, AZ is similar other financial problems. Borrowers need to provide many documents showing why the need to use the mortgage short sale practice. lenders usually request a list of income sources and expenses, tax returns from several years, pay stubs and employment records, credit card statements and bank statements.

Mortgage short sales are generally handled by a lender’s loss mitigation unit. This section is assigned to help the home owner work through the process. Their primary job is to make things go smoothly for the buyer, the bank and the seller.

Loss Mitigation Divisions do not get to approve the mortgage short sale of a home. Still, their opinions can be very principal in the decision to approve a mortgage short sale. The loss mitigation division is more apt to support your need for a mortgage short sale if you have a real estate broker working with you to help you out with the details. The residence owner considering a mortgage short sale should compile all of the needed information and contact a real estate broker before they inform their lender that they are considering a mortgage short sale. The loss mitigation section will appreciate working with a real estate agent and house owner that comprehend the method of a mortgage short sale.

The home owner will need to offer a hardship letter. This letter can determine whether you get approval or not. It should clearly define why you need to use a mortgage short sale to save yourself.

A mortgage short sale is a quality option to foreclosure. Be sure to get a Payment in Full arrangement from the lender when utilizing the mortgage short sale. When banks accept payment in full, forgive any residual balance that you owe on your mortgage.

Some banks will require you to pay the difference between the sale amount and the payoff amount of your mortgage. When the residence owner is unable to pay this amount it can leave a black mark on their credit report which will stay there until the difference is paid off.

If the house owner can overcome their current financial problems, they can go about purchasing another house in a relatively short period of time. If you can’t make your mortgage payments, talk to your lender about the possibility of a mortgage short sale. Get educated about the procedure and find a real estate specialist that has experience in such dealings.

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