Minnesota Short Sale Expert

I receive many different types of calls from homeowners who are desperate to figure out what options they have when they cannot pay their mortgage. However, some of these calls are from homeowners who simply want to move and get out from a situation where they are upside down on their mortgage. Meaning they have no equity but what they have is what we consider as negative equity.

With any potential short sale we need to determine if the home owner’s situation fits within the criteria of an acceptable hardship. There needs to be a financial hardship of some kind where the homeowner is either not able to make their mortgage payments now or in the near future. If someone simply wants to move and they cannot sell the home for what is owed but they have the financial ability to continue making the mortgage payments then the lenders will NOT accept a short sale.

If you are experiencing difficulties with your mortgage and need to know what options are available please do not hesitate to send me an email and we can discuss your situation. Foreclosure is NOT your only option..!!

Rob Reinke, CDPE

We see it all the time on the news but the reality is that the mortgage default rate (homeowners entering into some level of delinquency or foreclosure) is going through the roof. Here are some REAL numbers that came out recently from the Mortgage Banker’s Association…

• Over 12% of ALL mortgages nationwide are in some level of foreclosure.
• SUB-PRIME mortgages have reached a level of almost 40% of all mortgages are in default right now. This number is expected to continue increasing.
• The total estimated number of properties nationwide that are currently in distress is 8,700,000.
• In May 2009 the seasonally adjusted unemployment rate was 9.4% and the highest rate ever recorded by the U.S. Bureau of Labor Statistics was 10.8% in Nov/Dec 1982.

All of these numbers give a clear indication that more and more homeowners will be or already are facing the possibility of losing their home through foreclosure. There are options other than letting it go back to the bank. The best option would be to keep the homeowner in the property through a modification if possible. However, these modifications simply do not work for a large section of homeowners and get turned down by the lenders.

The next best option that a homeowner can choose is to short sale the home. This is where I can help. I am a Certified Distressed Property Expert – CDPE and I specialize in helping families avoid foreclosure by handling a short sale on the home. If you or anyone you know might be facing some of these challenges, please do not hesitate to pick up the phone and call me directly. You can also simply send an email through the website for additional information.

Thanks for reading..!!

Rob Reinke

This is a question that I am sure many people are thinking about because it comes frequently in conversation when I speak with people about their situation. I guess I can’t blame people for thinking about any and all potential options to try and stay in their home even after they do a short sale. I realize that it is very difficult to have to uproot a family and end up renting somewhere when you are so used to owning your home. However, keep in mind that the lender that has the note(s) on the property is taking a loss and they are not interested in selling a home to your brother knowing full well that there is a reason for this happening.

The lenders realize that your brother could do some pretty “shifty” things to get the property back in your name and allowing you to never leave.  Again, this is potentially a way for you to “benefit” while the lender is taking a loss. If you are in a situation where you need to proceed with a short sale it makes sense to handle it the right way without any hint of fraud or misconception. This will only lead to more troubles.

If you or anyone you know is in need of a short sale expert please do not hesitate to call me directly.