How To Reduce Your Payments Without A Long Beach Loan Modification

Long Beach CA – Getting a loan modification accepted is tough. Many that should have be accepted end up rejected. I recently saw a bank foreclose on a 400k mortgage.

The house sold for 130k! They would have made more money just cutting the homeowner’s payments in half! This kind of stupidity gets on my nerves.

Some people have mentioned a strategy that can help you reduce your payments without a mod. A person with two mortgages just stops paying the 2nd mortgage. I won’t recommend that you try it.

Here is why some people have said this strategy works. Let’s say John owns a house worth 200k. He owes his 1st mortgage 200k, and his 2nd mortgage 50k. John stops paying the 2nd mortgage.

The 2nd mortgage has few options. They can call and threaten to foreclose. A phone call is free and most people get scared and pay up. They run the numbers on foreclosure and decide it is a losing proposition.

The house will sell for 200k and every dime of the 200k goes to the 1st mortgage. The 2nd gets zero. Besides, it costs money to hire a lawyer and pay all the other foreclosure costs. This is why 2^nd mortgages rarely foreclose.

You could say that they are almost an unsecured debt, almost like a credit card. I’ve even heard that you can “strip away” an upside down 2^nd mortgage in bankruptcy.

The bankruptcy judge must determine that your house is worth less than what you owe your 1^st mortgage. They will determine that the 2^nd mortgage is “unsecured” and wipe out the debt and mortgage thru bankruptcy.

Rather than going thru bankruptcy you can just stop paying the 2^nd mortgage and see what happens. In many cases the only collections they will do is to call you and mail you letters.

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 ramon@crumassociates.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 562-881-4985

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor.

Copyright 2011 Crum & Associates Residential Group. All Rights Reserved.

Important Notice

Ramón Crum, Crum & Associates Residential Group, 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 Crum’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on Long Beach Loan Mod Help: How To Reduce Your Payments Without A Loan Modification is provided as a courtesy to our viewers to help them make informed decisions.

Long Beach Short Sales: My home is in foreclosure. How soon will the bank kick me out?

Long Beach CA – The Stop Foreclosure Institute recently received a question from another realtor named Sandy. Here is her question.

“An agent in my office currently has a listing under contract. It is a short sale, the sad thing is that Large National Bank (to remain unnamed) notified the sellers that they had foreclosed a month ago.

Fact is, they had not foreclosed. The employee didn’t know what they were talking about. Valuable time and a buyer were lost during this fiasco. This deal is currently awaiting approval. There is no telling what will happen in the end.

My question is this. What can we do to track the foreclosures and see when the bank is foreclosing. Sandy.”

Here is the answer to Sandy’s Question. The best way that I have seen to track this is by checking the docket.

The docket is the record at the courthouse of everything that is happening on a foreclosure. In some states the foreclosure is a court case and you can track the case.

The bottom line is that your local courthouse will have the best information. Call them and ask for them to explain it to you.

You will need the homeowner’s name and sometimes the court case number. They will explain where the foreclosure is at and how much longer it will be before it is completed. 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 ramon@crumassociates.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 562-881-4985

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor.

Copyright 2011 Ramón Crum Inc. All Rights Reserved.

Important Notice

Ramón Crum, Crum & Associates Residential Group, 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 Crum’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on Long Beach Short Sales: My home is in foreclosure. How soon will the bank kick me out? is provided as a courtesy to our viewers to help them make informed decisions.

How Does the Realtor Get Paid On A Long Beach Short Sale

Long Beach CA – 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.

Man sellers mistakenly think that since there is no equity in the property, then there is no way for the agent 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 ramon@crumassociates.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 562-881-4985.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor. avoid lakewood ca foreclosure, bank owned, bank programs, condos, distressed homeowners, foreclosure, foreclosures, government programs, homes, income property, lakewood ca foreclosures, lakewood ca homes, lakewood ca real estate, lakewood ca realtor, lakewood ca short sale, long beach CA, long beach condos, long beach foreclosures, long beach homes, long beach lofts, long beach real estate, long beach realtor, long beach short sale, real estate, REO, seal beach foreclosures, seal beach homes, seal beach real estate, seal beach realtor, seal beach short sale, short sale, stop long beach foreclosure.

Copyright 2011 Ramón Crum Inc. All Rights Reserved.

Important Notice

Ramón Crum, Crum & Associates Residential Group, 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 Crum’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on How Does the Realtor Get Paid On A Long Beach Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

Long Beach Short Sales: How To Negotiate Away Promissory Notes

Long Beach CA – 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 completed a short sale and request a free consultation 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 ramon@crumassociates.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 562-881-4985

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor. avoid lakewood ca foreclosure, bank owned, bank programs, condos, distressed homeowners, foreclosure, foreclosures, government programs, homes, income property, lakewood ca foreclosures, lakewood ca homes, lakewood ca real estate, lakewood ca realtor, lakewood ca short sale, long beach CA, long beach condos, long beach foreclosures, long beach homes, long beach lofts, long beach real estate, long beach realtor, long beach short sale, real estate, REO, seal beach foreclosures, seal beach homes, seal beach real estate, seal beach realtor, seal beach short sale, short sale, stop long beach foreclosure.

Copyright 2011 Ramón Crum Inc. All Rights Reserved.

Important Notice

Ramón Crum, Crum & Associates Residential Group, 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 Crum’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on Long Beach Short Sales: How To Negotiate Away Promissory Notes is provided as a courtesy to our viewers to help them make informed decisions.

Long Beach Short Sales: Yes, you can get a $3,000 check for short selling your home

Long Beach CA – If you are looking to short sale your home, then I have some good news for you. Thanks to a new government program, HAFA, you can get paid to participate in a short sale.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

If your loan qualifies for the HAFA program, then you may be eligible for a number of financial incentives. You can get up to $3,000 to help with moving costs.

Even better is the stipulation that you will be completely released from the first mortgage debt. No deficiency and no promissory note. Now you don’t have to worry about paying all that money back.

Here are a few other advantages HAFA has over a normal short sale.

1. The lender must process the short sale within 30 days.

2. Lenders are no longer required to check your financial information and confirm that your debt to income ratio is higher than 31%.

3. The short sale can often be pre-approved when it is put on the market. This is good news because it makes your home more attractive to home buyers.

As an incentive to help lenders process HAFA short sales, your lender can get a check for up to $1,500 for helping you. Contact me to see if you qualify for a HAFA short sale.

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ramon@crumassociates.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 562-881-4985

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor. avoid lakewood ca foreclosure, bank owned, condos, distressed homeowners, foreclosure, foreclosures, government programs, homes, income property, lakewood ca foreclosures, lakewood ca homes, lakewood ca real estate, lakewood ca realtor, lakewood ca short sale, long beach CA, long beach condos, long beach foreclosures, long beach homes, long beach lofts, long beach real estate, long beach realtor, long beach short sale, real estate, REO, seal beach foreclosures, seal beach homes, seal beach real estate, seal beach realtor, seal beach short sale, short sale, stop long beach foreclosure.

Copyright 2011 Ramón Crum Inc. All Rights Reserved.

Important Notice

Ramón Crum, Crum & Associates Residential Group, 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 Crum’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on Long Beach Short Sales: Yes, you can get a $3,000 check for short selling your home is provided as a courtesy to our viewers to help them make informed decisions.

Long Beach Short Sales: How Do I Get A Loan Mod On An FHA Loan?

Long Beach CA – The Stop Foreclosure recently received a question from Grant. Here was his question.

“I have an FHA loan and want to get a loan modification. My bank is playing hardball and won’t modify the loan at all. My friend got a loan modification and said it was pretty easy. What can I do to modify my loan?” Grant.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the answer. I don’t know the specific rules for FHA Loan Modifications. But, I do know how to find them. Here is what I have learned about FHA Loan Modifications and FHA Short Sales.

The FHA Program takes the loss on any short sales or loan modifications. Because of that they get to make the decisions on how loan mods and short sales are implemented.

The FHA program is administered by the Federal Department of Housing and Urban Development. Most people call it “HUD.” HUD has specific employeeds that administer the FHA Loan Program.

Those employees do not review loan modifications or short sales themselves. Instead, they give specific written instructions to the lenders that handle the loans.

These specific instructions are called Mortgagee Letters. If the lender wants to be reimbursed for any loss by the FHA Insurance, then they must follow the instructions.

They issue updates to their directions regularly with new Mortgagee Letters.

Here is the bottom line. Your lender has to follow those written instructions. The good news is that you and I can access and read thru these letters online.

To find out the specific rules for an FHA Loan Modification, you will have to read thru the following Mortgagee Letters. Mortgagee Letter 2009-35, Mortgagee Letter 2000-05, Mortgagee Letter 2002-17, Mortgagee Letter 2008-21, Mortgagee Letter 2010-11, and Mortgagee Letter 2009-23.

I just found some good information in Mortgagee Letter 2002-17. “At no time shall the loan be considered delinquent solely because the borrower has not paid late fees or other foreclosure costs.”

I have seen lenders put a borrower into default status and charge late fees on late fees. One late fee can blossom into thousands of dollars in charges. It looks like FHA doesn’t like that practice.

There are probably a total of 40-50 pages that you will need to read thru. But, because you know the rules you will have the upper hand in any negotiations with your lender.

I think that is worth spending a little extra time reading thru everything. 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 ramon@crumassociates.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 562-881-4985

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor. avoid lakewood ca foreclosure, bank owned, bank programs, condos, distressed homeowners, foreclosure, government programs, homes, income property, lakewood ca foreclosures, lakewood ca homes, lakewood ca real estate, lakewood ca realtor, lakewood ca short sale, long beach CA, long beach condos, long beach foreclosures, long beach homes, long beach lofts, long beach real estate, long beach realtor, long beach short sale, real estate, REO, seal beach foreclosures, seal beach homes, seal beach real estate, seal beach realtor, seal beach short sale, short sale, stop long beach foreclosure.

Copyright 2011 Ramon Crum Inc.. All Rights Reserved.

Important Notice

Ramón Crum, Crum & Associates Residential Group, 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 Crum’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on Long Beach Short Sales: How Do I Get A Loan Mod On An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

What The Big Banks Don’t Want You To Know About Long Beach Short Sales

Long Beach CA – Here is a shocking fact that most of the American Public doesn’t know. Most mortgages are not owned by banks.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

In addition, most of the huge losses on bad mortgages was not lost by the banks themselves. Instead, the biggest loser was Uncle Sam, thru the takeover of Fannie Mae and Freddie Mac.

Most mortgages are sold after they are made. We estimate that around 75-80% of all mortgages were sold before the housing crisis.

This means that the large lenders didn’t take the hit on the bad mortgages they originated. Instead, Uncle Sam often took the hit.

Another large buyer of mortgages were pension funds and retirement funds. Do you think the Average American was fleeced by Wall Street?

But, here is something even more appalling. It appears that they are still being fleeced by the big banks. You see, those were sold to Uncle Sam or a pension fund.

However, in many cases those mortgages are still being handled by the original entity that made the bad loan. They are required to act in the loan owner’s best interest.

But, in many cases the lenders are not doing a good job trying to maximize the return on defaulted mortgages.

Remember yesterday’s blog post about the lender charging a 1% fee to the home buyer on a short sale? That fee only reduced what the loan owner was able to get for the bad mortgage. 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 ramon@crumassociates.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 562-881-4985

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor. avoid lakewood ca foreclosure, bank owned, bank programs, condos, distressed homeowners, foreclosure, foreclosures, government programs, homes, income property, lakewood ca foreclosures, lakewood ca real estate, lakewood ca realtor, lakewood ca short sale, long beach CA, long beach condos, long beach foreclosures, long beach homes, long beach lofts, long beach real estate, long beach realtor, long beach short sale, real estate, REO, seal beach foreclosures, seal beach homes, seal beach real estate, seal beach realtor, seal beach short sale, short sale, stop long beach foreclosure.

Copyright 2011 Ramon Crum Inc. All Rights Reserved.

Important Notice

Ramón Crum, Crum & Associates Residential Group, 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 Crum’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on What The Big Banks Don’t Want You To Know About Long Beach Short Sales is provided as a courtesy to our viewers to help them make informed decisions.

Long Beach Short Sales: Lenders Loses 50k Turning Down Short Sale

This bank’s stockholders are probably unhappy after losing $50,000 over incompetence.

Long Beach CA – I have a good story today about another bank losing their shirt because their short sale process is so tough to work with.

The bank in question is a large, top 20 American Bank. They actually owned the loan in question. So their stockholders lost 50k from their negligence. Ouch!

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

Here is the story from a Stop Foreclosure Institute Member. “We met some buyers at an open house. They told us they were buying a house just down the street from one that we had for sale.

They had a contract to buy the house for $275,000. They knew the house was a short sale. They were getting frustrated because they had been waiting for the short sale to be approved.

They had already been waiting for several months with no answer. They mentioned something about 3 mortgages and the junior mortgages were hard to work with.

5-6 months later we noticed that the house was back on the market. They time the asking price was $229,900. It finally sold several months later for $229,000.

That means this bank lost $46,000 on the lower sales price. In addition, we estimate that the lender lost another $15,000 in lost interest income and property taxes.

That means this lender lost $50,000 to $60,000 because their short sale process was so hard to work with. To be honest, I would be kind of embarrassed if I was the CEO of that bank.

The other thing is that the short sale realtor in question was inexperienced. She had very little experience with short sales, which she openly admitted.

If that lender pushes for a deficiency judgment, that agnet’s lack of short sale experience could have cost those home sellers $50,000. Ouch!” 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 ramon@crumassociates.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 562-881-4985

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor. avoid lakewood ca foreclosure, bank owned, bank programs, condos, distressed homeowners, foreclosure, foreclosures, government programs, homes, income property, lakewood ca foreclosures, lakewood ca homes, lakewood ca real estate, lakewood ca realtor, lakewood ca short sale, long beach CA, long beach condos, long beach foreclosures, long beach homes, long beach lofts, long beach real estate, long beach realtor, long beach short sale, real estate, REO, seal beach foreclosures, seal beach homes, seal beach real estate, seal beach realtor, seal beach short sale, short sale, stop long beach foreclosure.

Copyright 2011 Ramon Crum Inc. All Rights Reserved.

Important Notice

Ramón Crum, Crum & Associates Residential Group, 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 Crum’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on Long Beach Short Sales: Lenders Loses 50k Turning Down Short Sale is provided as a courtesy to our viewers to help them make informed decisions.

What is a BPO and why does it matter on a Long Beach short sale?

Long Beach CA – Some agents hate short sales. Why? Because they don’t understand them. So, don’t believe them when they tell you that short sales are impossible.

I will explain what causes their problems in today’s post.

There are two things you must understand if you are doing short sales. They are BPOs and HUD-1s. A BPO is what the short sale lender uses to determine the value of the property.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

BPO stands for “Broker’s Price Opinion.” They are what another real estate agent (Broker) thinks a property is worth.

Basically the agent gives their opinion of the value of the property. “I think it is worth 300k”, they put on the report. Lenders accept or reject short sale offers based on the BPO value.

If the agent has given a value of 300k, then a short sale lender will not accept a sales price of 250k. The problem is that, in my opinion, sometimes the values are inaccurate.

I have seen agents drive 50 miles away to evaluate a property. They go to a place where they do not sell real estate. As a result they are not familiar with the local marketplace.

Because of this I always try to meet the agent doing the BPO at the property. I explain the market value to them and tell them what is happening with the property.

I explain exactly why the property is selling for the sale price. I tell them what buyers have said about the property and why it isn’t selling for a higher price. This helps them to give an accurate value.

The lender gets an accurate value and is able to make a better decision on the short sale. 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 ramon@crumassociates.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 562-881-4985

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor. avoid lakewood ca foreclosure, bank owned, bank programs, condos, distressed homeowners, foreclosure, foreclosures, government programs, homes, income property, lakewood ca foreclosures, lakewood ca homes, lakewood ca real estate, lakewood ca realtor, lakewood ca short sale, long beach CA, long beach condos, long beach foreclosures, long beach homes, long beach lofts, long beach real estate, long beach realtor, long beach short sale, real estate, REO, seal beach foreclosures, seal beach homes, seal beach real estate, seal beach realtor, seal beach short sale, short sale, stop long beach foreclosure.

Copyright 2010-2011 Ramón Crum Inc. All Rights Reserved.

Important Notice

Ramón Crum, Crum & Associates Residential Group, 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 Ramón’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on Long Beach Short Sales: What is a BPO and why does it matter on a short sale? is provided as a courtesy to our viewers to help them make informed decisions.

What can go bad on a Long Beach short sale when you hire an agent that doesn’t understand short sales

Long Beach CA – It always amazes me when I hear the stories of agents who talk about horrible short sales are. “Don’t waste your time on a short sale”, they tell homeowners.

“They are a waste of time. The lenders won’t approve them and the process is horrible. The last short sale I worked on took 9 months”, they say.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

This gives short sales a bad name. Homeowners mistakenly believe that a short sale is impossible. I am here to tell you that is not true.

The Stop Foreclosure Institute has sold and closed many short sales. There are two keys to being successful. First, you have to understand how the process works. Second, you have to keep an eye on the transaction from start to finish.

Here is the closest comparison I can think of on why some agents hate short sales. Let’s say that you are a brand new driver.

You hop into a car, accelerate to 70 miles per hours, turn on cruise control, and then start reading a book. Every 5 minutes or so you look up to check on what is going on with your car.

You aren’t successful at driving a car. Your friend is thinking about learning how to drive. “Don’t even think about driving a car. Driving just doesn’t work and it is impossible to get anywhere”, you tell them.

Is what you just said correct? Is driving a car impossible? No, it’s not! But, many agents make the same claim about short sales.

They have never studied and learned the process. They have never successfully sold a short sale. But, they are sure ready to tell you that it doesn’t work.

Here is what they missed about short sales.

1. You need to be knowledgeable about the process. You need to have a solid understanding of HUD-1s, BPOs, and the short sale guidelines of the entity that owns or insures the loan.

2. You have to stick with the transaction. You need to follow up with the short sale lender regularly. You can’t check in on the short sale every week or two. A lender will often ask for something and want it back within 24 hours.

If they don’t get what they need, then they will close the file. If you agent isn’t checking in regularly, then the short sale file could be closed without their knowledge.

In addition, your agent needs to be able to make sure the HUD-1s and BPOs are accurate. I will explain what those acronyms mean and why they are important in my next post.

Ask the agent you are interviewing why they are important. 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 ramon@crumassociates.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 562-881-4985

Discover how other sellers successfully completed a short sale and request a free consultation by <a href="http://www.sellingcaliforniashortsale.com.

Thanks for reading this, Ramón Crum.

Ramón is a Real Estate Broker at Crum & Associates Residential Group. Long Beach Short Sales Realtor:

Phone: 562-881-4985. ramon@crumassociates.com.

View My homes for sale at http://www.crumassociates.com.

Ramon Crum specializes in loan modification assistance and short sales in Long Beach California. Long Beach Loan Modification Help, Long Beach Short Sales. Long Beach CA Short Sales. Long Beach Realtor. bank owned, foreclosures, distressed homeowners, short sale, REO, bank programs, government programs, foreclosure, real estate, long beach CA, homes, condos, income property, long beach homes, long beach condos, long beach lofts, long beach real estate, lakewood ca homes, long beach short sale, lakewood ca foreclosures, lakewood ca real estate, seal beach real estate, seal beach homes, seal beach foreclosures, lakewood ca short sale, long beach foreclosures, seal beach short sale, long beach realtor, lakewood ca realtor, seal beach realtor, stop long beach foreclosure, avoid lakewood ca foreclosure.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. 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. The views expressed here are Ramón Crum’s personal views and do not reflect the views of Crum & Associates Residential Group.

This information on Long Beach Short Sales: What can go bad on a short sale when you hire an agent that doesn’t understand short sales is provided as a courtesy to our viewers to help them make informed decisions.