Denver Loan Mod Help: Why it is cheaper to short sale and rent versus getting a loan modification

Westminster CO - Many people are shocked that it is often cheaper to short sale and rent that staying in your home with a loan modification.

View my VIDEO BLOG atwww.youtube.com/watch?v=OMsVzufxdwg

They find it hard to believe that they can rent a comparable or even nicer home for less than their mortgage. Here are the two factors that make it possible.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Many homeowners bought homes for more than they are selling for today. A perfect example is a homeowner that paid $430,000 for a home, in 2006. His mortgage payment was around $3,228 (includes property tax and Insurance) a month. This same home is now selling for around $310,000!!

He stopped making his payments and started negotiating with the lender on a loan modification, and after 4 months they started the foreclosure. He finally received a "trial period" loan modification for 3 months, and they would postpone the foreclosure. After that 3 month trail period they would decide whether to provide a final loan modification approval and withdraw the foreclosure.

They wouldn’t drop the loan mod payments below $2,570 a month, during this trial period. The homeowner located a few rentals (similar to his owned home) they can rent for around $1650-$1,800 a month.

Today, someone can buy that house for $310,000 and rent it for $1,800 a month without losing money. Far below what the loan modification payments would be. That is what makes it cheaper to rent versus getting a loan modification and staying in your home.

PLUS, they would tack on $30,000 on the back end of their home loan for the missed payments and loan mod payments shortage of the original note.

When prices were rising it was actually more expensive to own versus rent. But, folks were buying homes for the purpose of appreciation and speculation (wrong reasons), so offers were coming in high to buy!!

House prices have dropped considerably since then. Yes, rents are not at an all time high! Rents did drop during the early economic crisis and have since been making a come back. But, still not equal to the monthly home loan payments prior to the last year!!

So, if you are thinking about a loan modification, then first check into the rental market. You will be able to negotiate your loan modification from a position of power.

That will make it more likely that you will get the reduced payment you need so you can keep your home.

Thinking about a loan modification?Our Westminster loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at denverloanmodhelp@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at denverloanmodhelp@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.

Thanks for reading this, Dan Hopper.

Dan is a Realtor located in Westminster, CO., specializing in Denver loan modification and short sales:

Phone: 303-521-0984. denverloanmodhelp@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. Denver CO Loan Modification Help, Denver CO Short Sales. Denver CO Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.

For related blogs / video blogs, click on the links, below!!

http://denverstopforeclosureblog.com/?p=713

http://denverloanmodhelp.com/?p=149

http://denverstopforeclosureblog.com/?p=375

View my VIDEO BLOG atwww.youtube.com/user/denverloanmodhelp

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

Important Notice

Dan Hopper, Remax Alliance, 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 Dan Hopper's personal views and do not reflect the views of Remax Alliance.

This information on Denver Loan Mod Help: Why it is cheaper to short sale and rent versus getting a loan modification is provided as a courtesy to our viewers to help them make informed decisions.

Fixing Credit After A Westminster Short Sale Step 4: Writing The Credit Bureaus

Westminster CO – Using your work on the credit report, you are ready to take action. You are now going to write a letter to the credit bureaus about the items you’ve highlighted and noted.

Get my Free, Step By Step Loan Modification Guide by clicking here.

You are writing to the credit bureaus because they are the ones reporting the information – it is up to them to change what they report.

The goal is to get bad things deleted from your credit report in order to improve your score.

Do not go to Google, or bing and try to find a form letter than you should send in for this step! The credit reporting companies can spot those like a hunting dog can spot a duck.

You will not get anywhere with a “canned” letter, and will damage your chances of ever resolving issues.

Your letter should sound like you are frustrated (which you undoubtedly are), and should sound authentic. But, do sound polite and friendly.

Don’t sound like an expert, but do sound like you expect action. In this round of letters – your aim is to have the credit bureaus remove items that are hurting your credit score.

The bureau will then have to investigate your dispute and REMOVE any of the disputed items if they can’t prove them to be accurate (this involves them contacting the original creditor and verifying with them – all within the short 30 day window allowed by law).

Here is the basic outline to follow for your first round of letters you send:

At the TOP of the letter, put your name, SSN, current address (and state lived there for X years), and your DOB.

Say something about how you’ve just reviewed your credit report, and found items that are inaccurate.

List the items BRIEFLY. Say something like: “Chase Credit Card xxx-xxx-xxxx, listed for 30 days late. I have never been late on this account,” or “Citi Credit Card xxx xxxx xxx listed as collections. This is false.”

Note that you are upset / worried / distressed / embarrassed about these items, since you know they are negatively affecting your credit score.

Ask that these items be deleted from your report immediately.

Add Sincerely, and your name below. Sign the letter.

Include a photo copy of your driver’s license as proof that you are you making this request. Also include proof if you have it (credit card statement from the month where they say you were late when you weren’t.)

The next step is to submit this letter to the appropriate credit bureau(s).

Thinking about a loan modification?Our Westminster loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at denverforeclosureblog@gmail.com to request a Free Copy.

Or, click here to request a copy.

Thinking about a short sale? I can help you short sale your property so you can move on with your life. 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.

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 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 Dan Hopper's personal views and do not reflect the views of Remax Alliance.

This information on Fixing Credit After A Westminster Short Sale Step 4: Writing The Credit Bureaus is provided as a courtesy to our viewers to help them make informed decisions.

How Does the Realtor Get Paid On A Westminster Short Sale

Westminster CO – A potential home seller asked The Stop Foreclosure Institute how we get paid on a short sale transaction. So I decided to answer that question in today’s blog post.
Here is how most Realtors get paid on a short sale. They make a real estate commission from the sale of the property. When the property sells a percentage of the sales price is paid as a commission.
Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.
The sellers mistakenly think that since there is no equity in the property, then there is no way for the short sale broker to be paid. In this situation the seller’s lender pays the commission.
They are willing to pay a commission on a short sale because if the property is foreclosed upon, not only will the property sell for less money, but they will also have to pay a commission on the sale of the foreclosed property.
Here is an example. You owed $500,000 on your home. The home is now worth $400,000. After real estate commissions, attorney fees, property taxes, sales taxes, and other miscellaneous fees, your lender will net $370,000.
Most people would be horrified at losing $130,000. However, lenders know there is risk in their business. They grant loans knowing that a certain percentage of them go bad.
After they have realized that a loan has gone bad, all they want to do is reduce their losses as much as possible. So they will sit down and calculate the losses on their different options.
We all know the short sale will net them $370,000.
How much will a foreclosure net them? Let’s run the numbers. If the house is worth $400,000, then it will probably sell for 10% less after a 12 month foreclosure process.
So they have a sales price of $360,000. Now, they have to add in real estate commissions, attorney fees, sales taxes, and all the other costs. They could end up netting around $310,000 after the foreclosure.
Accepting the $370,000 on the short sale and paying the realtor is a good alternative. Therefore they are glad to accept it and pay us to sell the property.
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 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 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 Dan Hopper’s personal views and do not reflect the views of Remax Alliance.
This information on How Does the Realtor Get Paid On A Westminster Short Sale is provided as a courtesy to our viewers to help them make informed decisions.