Westminster Short Sales: The Wait To Buy Another Home After A Short Sale Was Recently Changed to 3 Years

Westminster CO – The Stop Foreclosure Institute recently received a question from Christina. Here is her question.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
“I just read your article Frequently Asked Questions about Short Sales. You mention that you can obtain another home loan two years after a short sale.
Who are these lenders and how can I contact them? I have been looking but so far no luck. Everyone is insisting we must wait three years. I’d appreciate any information you can provide. Christina.”
We just heard back from our mortgage broker on this issue. Fannie Mae recently changed their guidelines for a loan after a short sale.
(Since most lenders and loan programs follow Fannie Mae’s Guidelines, that means that almost every single lender changed their policies as well.)
When we wrote the article their guidelines had said that you had to wait two years after a short sale. Now those guidelines have been changed to 3 years.
The good news is that you can still buy a house after a short sale. Life does go on and will go back to normal. No matter how bad things may seem, they will get better.
Before you know it the 3 years will pass and you can buy another home. The housing market is still flat and will probably be flat over the next 3 years.
So you will be able to buy the next house for substantially less than what you paid for your current home. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at denverforeclosureblog@gmail.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 303-521-0984.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Westminster 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, Dan Hopper.
Dan is a Real Estate Broker Remax Alliance. Westminster Short Sales Realtor:
Phone: 303-521-0984. denverforeclosureblog@gmail.com.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Arvada CO Loan Modification Help, Arvada CO Short Sales. Arvada CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.
If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax adviser 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 Dan Hopper’s personal views and do not reflect the views of Remax Alliance.
This information on Westminster Short Sales: The Wait To Buy Another Home After A Short Sale Was Recently Changed to 3 Years is provided as a courtesy to our viewers to help them make informed decisions.

Westminster Short Sales: How To Negotiate Away Promissory Notes

Westminster CO – If your loan has Private Mortgage Insurance, also known as PMI, then there is a high likelihood that they will request that you sign a promissory note.
Today’s blog post talks about how to convince the lender to waive it.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
PMI companies are notorious for asking for promissory notes. The reason they ask for them so much is because there is no risk in doing so.
If the home is foreclosed upon, then they will have to pay a claim for the loss. If the home is sold as a short sale, then they will have to pay a claim for the loss. Either way, they have the same result.
But, if they get a promissory note, then they get some money to help cover the claim. Either way, there is no risk to them.
All that you have to do to avoid the PMI promissory note is show the PMI negotiator that the seller has no assets and does not have the ability to pay a promissory note.
You want to speak directly with the PMI negotiator. If you must, then escalate the file to a supervisor.
When they see the seller has no assets, they will still push for a promissory note. You have to hold firm and sometimes even threaten to go to the press.
If you have made a good case and talked to the right people, then they will usually waive the promissory note. Thinking about a short sale?
I can help you short sale your property and never pay the bank another penny. Send me an e-mail at denverforeclosurblog@gmail.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 303-521-0984.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Westminster 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, Dan Hopper.
Dan is a Real Estate Agent at Remax Alliance. Westminster Short Sales Realtor:
Phone: 303-521-0984. denverforeclosureblog@gmail.com.
View My homes for sale at www.danhopper.com.
Dan Hopper specializes in loan modification assistance and short sales in Westminster Colorado. Westminster Loan Modification Help, Westminster Short Sales. Westminster Short Sale Realtor. Arvada CO Loan Modification Help, Arvada CO Short Sales. Arvada CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.
Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.
Important Notice
Dan Hopper, Remax Alliance, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved 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.
If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax adviser 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 Dan Hopper’s personal views and do not reflect the views of Remax Alliance.
This information on Westminster Short Sales: How To Negotiate Away Promissory Notes is provided as a courtesy to our viewers to help them make informed decisions.