Stop Foreclosure: Does a Bankruptcy Assist in Strategic Defaulting?

Denver, Co. - Over the last few weeks, I have come in contact with home owners that have recently filed bankruptcy and included their homes in the BK courts.

That part is NOT unusual, but what comes to the front of our conversation is the question of, "Does it make sense for me to let my house go into foreclosure to eliminate the high debt on my credit?"

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

Wow, is something in the air? After further discussion, we discover that the home loans were current during the BK 7, and NOW they want to let it go into foreclosure and live in it free for 8-10 months.

They know that the banks / lenders / investors cannot take recourse on them for the debt and any deficiency if it becomes a bank owned. In Colorado, it is a recourse state. Hmmm... makes me think that they were advised to do some kind of "strategic defaulting".

Their BK Attorneys had advised them that they can live their free until the house forecloses. Interesting strategy!

Of course, my question to them is, "Why let it foreclose on you, when you could perform a short sale, and not IMPACT your credit, as much?" Their response was very similar to each other. "We never thought about that, but now I do not have to work with home buyers." Yikes, I do not like hearing that!

I know that our investors, like FannieMae and FreddieMac, take a strong stance on those that have foreclosure on their credit, as well as some lenders. Even taking the same stance on someone that performed a short sale (short pay-off) on their credit.

YET, I do know that those who review credit for OTHER things outside of home loans, i.e.: job applicants, credit cards, car loans, etc... will impact the borrowers' ability to obtain those things with foreclosure on the credit. They have NOT impacted the short pay-off in the same manner!

What are your thoughts about this type of "strategic defaulting"?

Thinking about a Denver 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 guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Request your FREE copy, below!


Thanks for reading this, Dan Hopper.

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

Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

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

http://denverloanmodhelp.com/?p=329

www.youtube.com/user/denverloanmodhelp

www.youtube.com/user/yourhomesellshere

FOLLOW DAN HERE:

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 RE/MAX Alliance.

This information on Stop Foreclosure: Does a Bankruptcy Assist in Strategic Defaulting?, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: Are Banks Improving the Short Sale Process?

Denver, CO – Recently, we have seen some news in regards to the large banks, like Bank of America, indicating that we can start the short sale process prior to receiving an offer from a prospective buyer.

Is this something new or are these banks waking up to how the process in the past had some merit?

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

This will help to reduce the short sale timeline. All of the documents will be submitted and if the negotiator needs anything else, they can request it earlier in the process. This also allows Bank of America to contact the owner of the loan earlier. This is important as some loan owners can take a while to respond.

We think this is a good development that will make Bank of America short sales easier. It also shows that the lenders are working to make the process smoother and easier.

Now, why would I say that the ways of the past had some merit? 8-10 years ago when working short sales was not the fad, but more of "isolated situations" to negotiate a short pay-off.

I can remember how simple it was to get a short pay-off approved within 60-90 days with out the difficulty of today. It was not unusual to submit a HUD-1 with what we, the real estate broker, would believe the property would obtain an offer at and create the net to the lender, right up front with the HUD-1.

We did not have a buyer in hand, but would negotiate the "net value" with the lender, thus determining our market price to satisfy the lender's required net. The end result, in a timely manner, was a qualified buyer and a short sale approval!


Then the lenders / banks / investors got overwhelmed with the high pre-foreclosure and foreclosure market, and could NOT handle the volume of those defaulted loans hitting their loss mitigation depts. They decided to incorporate the new regs and rules (just like the demanding financial package from the borrower), in order to deal with that volume. Instead, it created a LONG approval process.

Oh, how I MISS those days of getting short pay-off approvals done in less than 60 days!!

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 guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Request your FREE copy, below!


Thanks for reading this, Dan Hopper.

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

Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

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

http://denverloanmodhelp.com/?p=329

www.youtube.com/user/denverloanmodhelp

www.youtube.com/user/yourhomesellshere

FOLLOW DAN HERE:

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 RE/MAX Alliance.

This information on Stop Foreclosure: Are Banks Improving the Short Sale Process?, is provided as a courtesy to our viewers to help them make informed decisions.

Stop Foreclosure: Discover Who Owns Your Loan When Negotiating!

Denver, CO – In our last post, we talked about how you could contact the entity that owns a loan. But, some people were wondering how they could find out who owned their loan.

"I thought ABC Bank owned my loan. I send them a payment every month", they told us. Well, here is how to research the owner of your loan.

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. Request your FREE copy, below!


Between 65% and 70% of all loan losses are borne by Uncle Sam. He has direct/indirect ownership or insures against losses thru the following entities: Fannie Mae, Freddie Mac, Federal Housing Administration (FHA), and the Veterans Loan Program (VA.)

Here is how to find out if your loan is owned by any of those entities.

Fannie Mae. http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac. https://ww3.freddiemac.com/corporate/

FHA. Towards the top right corner of the first page of the mortgage, there should be a small square. Inside the square, it will say "FHA Case Number 091-424240-703." The case number will be different, but it will still be an FHA loan.

VA. 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.

Now you know how to hold your lender accountable. The remaining loans are probably owned by that bank. If that is the case, then you threaten to contact their stockholders. Anyone want to "crash" a stockholder meeting?

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.

Thanks for reading this, Dan Hopper.

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

Dan Hopper specializes in loan modification assistance and short sales in Denver, Colorado. Denver Loan Modification Help, Denver Short Sales. Denver Realtor. Westminster, CO Loan Modification Help, Westminster, CO Short Sales, and Westminster Realtor.

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

http://denverstopforeclosureblog.com/?p=978

www.youtube.com/user/denverloanmodhelp

www.youtube.com/user/yourhomesellshere

FOLLOW DAN HERE:

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 RE/MAX Alliance.

This information on Stop Foreclosure: Discover Who Owns Your Loan When Negotiating!, is provided as a courtesy to our viewers to help them make informed decisions.

Denver Loan Modification: Don't allow your lender to take advantage of you

Denver, CO.
Be careful to not let your bank take advantage of you while negotiating a loan modification!


View My VIDEO BLOG at www.youtube.com/watch?v=iCRYICvWD2Q.

Many people think you will have a better opportunity of getting a loan modification if you pay up some of your back payments. It all depends on who you are talking to at your lender. When you first get behind on your payments, you will be dealing with the collections department. In my opinion, these people will tell you anything, just to get you to pay a dime. Let me explain.

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


Their job is to collect as much money as possible. It's in the lender's best interest to get you to pay them anything. They don't want to approve a loan modification until they absolutely have to. Loan modifications mean they have to hire on more employees. That costs money. Not good for the balance sheet.

View My VIDEO BLOG at www.youtube.com/watch?v=iCRYICvWD2Q.

They want everyone behind on payments to catch up. If they can do that without a loan modification, then great. They just want to get payments coming in. "Just get people to pay anything. The more the better", the managers say.

Most lenders take a month or longer to even look at your loan modification file. They can't approve a loan modification until someone processes the file. In the meantime, the collection people are still calling. Those collections people want to get paid. But, they are trying to get money before your loan modification even has a chance of getting looked at. This is why you have a better chance of getting a solid loan modification when you are behind on payments.

Our Denver loan modification guide has the information on how to make the argument. We show them that they will make more money by accepting your loan modification versus foreclosing on the house. They're in the business of making money, right? That is why this strategy works.

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.

Thanks for reading this, Dan Hopper.








Water Effect
Dan Hopper is a Realtor located in Westminster, CO., specializing in Denver loan modifications and short sales:

Call me at 303-521-0984.

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

Dan Hopper specializes in loan modification assistance and short sales in Denver, 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 Short Sale Realtor. Westminster CO Short Sales. Westminster Realtor.

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

http://denverloanmodhelp.com/?p=187

http://denverstopforeclosureblog.com/?p=344

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

denverloanmodhelp.com


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 Denver Loan Modification: Don't allow your lender to take advantage of you. is provided as a courtesy to our viewers to help them make informed decisions.

Why Westminster Short Sales with 3 or more mortgages are difficult

Westminster CO – Are you looking to buy a short sale? Before you make an offer, you need to check and see how many mortgages are on the home.

A short sale with only one mortgage is not that difficult. Even an inexperienced agent can often get these approved and sold.

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

A short sale with 2 loans becomes much more difficult. You now have two lenders that have to agree with each other. However, an experienced short sale agent can get the two lenders to agree with each other on the short sale.

However, when you have 3 or more loans and/or liens, everything just becomes way more complicated. Most first mortgages will only give $2,500 to $3,000 a second mortgage on a short sale.

They don’t have any policies in place on what to give a third position mortgage or lien. And that third position lien holder isn’t going to go away for free. Someone is going to have to give them something in return for them releasing their lien.

That third position lender basically has the right to throw a wrench in the works unless they get paid. They can veto the short sale for any reason. They will only go away when they are either paid in full or accept a lower amount.

This is what makes short sales with 3 or more loans so difficult. The first mortgage, second mortgage, and third position lien fight over the available money.

At the end, the first mortgage usually forecloses on the property and the second and third position people get nothing. But, a foreclosure takes a long time and costs money.

At the end of the day, everyone ends up losing more than they would have made if they had simply worked together. This is why we usually avoid short sales with 3 or more mortgages/liens in place.

Thinking about a loan modification?Our Westminster loan modification kit 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 303-430-6726

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: 303-430-6726. 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 Why Westminster Short Sales with 3 or more mortgages are difficult is provided as a courtesy to our viewers to help them make informed decisions.