Minnesota Short Sale Expert

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.

Undoubtedly the number one question that I get when speaking to clients about possibly doing a short sale is whether or not they should continue to make their payments or not. This is an are that I am always careful and walk very lightly around because I am not an attorney and cannot give any sort of legal opinion or advice. That said, my answer every time is the same. I always say that anyone that is faced with this predicament should make sure that they can supply food, clothing and basic essentials for their family. They should also be sure to maintain their health insurance, car insurance and continue to make the auto loan payments. If there is money left to pay the mortgage then by all means do so. If it is a struggle to do this and the only way is to possibly pay some of these other essential items with a credit card then a decision needs to be made. 

Again, I will never advise someone NOT to make the mortgage payment but rather let them decide if it is in their best interest to do so based on the other bills that absolutely need to be paid. 

If you or someone you know is facing these challenges please do not hesitate to call me directly.

This topic is on the minds of many right now. With so many of us facing challenges keeping up on the mortgage payments the most common option is to look at possibly doing a loan modification. The federal government has come out with “plans” and the media is talking about them, but will they actually work for you..?? It would be great if there was a simple website that we could plug in some of our own personal and financial information and it would kick back an answer of yes or no.  But of course nothing is ever that easy.

The last figure that I saw is that over 85% of all loan modifications applied for never end up going through to be successful. This is very discouraging. Either the lenders are willing to do them or their not. Why take several months to make a decision that it is not approved..?? If the lender does modify the loan what is modified are the TERMS not the amount that you owe.

Most people think that their situation will warrant that the lender will accept the loan modification. After all they have been a great client to this lender. Maybe there has never even been a payment missed. The reality is that a loan modification has qualification guidelines that rival getting the loan in the first place. In many cases (not all) if one of the borrowers has lost a job and the income has gone down, they don’t qualify. This of course seems odd that they would not want to work with the borrower to keep them in this loan even if it means modifying it. The unfortunate reality is that if these homeowners are not able to modify they will be forced to take more drastic steps including selling it as a short sale or even letting it go back through foreclosure. These loan modification applications are taking several months to even get any answers which often times forces the homeowner to miss additional payments getting them into even a deeper hole.  

I would recommend looking at your options with doing a loan modification but NOT to get your hopes up that it will actually be approved n the end. If you see no other options please feel free to call me about your possibility of doing a short sale on your property.