A short sale is sometimes the best option for a bank and homeowner. To avoid these costs, the banks will sometimes consider a short sale. You have to present them with a convincing case that this option is in the best interest of the bank. You also have to explain to them why you’re unable to pay on your mortgage.
Considering a Short Sale
Going through a short sale of your home is not a failure. In fact, you’re creating a win/win situation for you and the bank when you do this. There are many reasons you may be considering this move. Some people simply end up taking on more mortgage than they can handle and others face unexpected financial hardships. Some of the things you should consider before proceeding have to do with your quality of life as much as they have to do with your credit…
The year of the short sale in Idaho
Short sales are up. How far up? Well there are litterally so many short sales that nationally it has been proclaimed that 2010 is the year of the short sale. Freddie Mac on Monday announced it losts 6 billion from April to June and requested another 1.8 billion in federal aid. “In a sign that 2010 is the “year of the short sale” for the GSE, the number of short sales completed by Freddie Mac totaled 22,117, up nearly 180% from 7,914 in the first half of 2009″ (Kilgore, 2010).
Private Mortgage Insurance (PMI) – Who does it cover?
HopeForIdaho helps a lot of clients out with short sales and a common question we get is “I have Private Mortgage Insurance (PMI) so they cover me if I default right?” Not quite, read on for an explanation of who it covers in Idaho…
Fannie Mae / Freddie Mac – No help for underwater loans
According to the White House Fannie Mae and Freddie Mac will not be ordered to forgive mortgage debt for underwater homeowners; despite rumors the rumors circulating Washington D.C. to the contrary. “The administration is not considering a change in policy in this area,” said Treasury spokesman Andrew Williams. This is probably not the news troubled [...]
Can I be compensated on a Short Sale in Idaho?
First and foremost it’s against the law for an unlicensed individual to receive compensation in a real estate transaction. Secondly, the money you think you’re saving by doing this is not worth it. These are complex transactions and having an experienced agent to help you navigate it is worth far more than you’re going to save. If you’re not an agent, and insist on going it alone, the only remedy you have is reducing your offer price to adjust for the comission saved. This is probably an instance where representing yourself is not going to net you anything extra.
Writing multiple offers on short sales in Idaho
The practice of putting in multiple offers on short sales in Idaho may be leaving you at risk. While it can be done, it is important that you do so in a way the legally protects you from liability. Before you write an offer on a short sale in Idaho, you’ll want to read this…
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