How Long Will I Have to Wait to Purchase Another Residence After I Complete a Short Sale?

Posted on May 13, 2012 in Short Sale FAQs

Hi everyone, this is Mark Peek at Keller Williams Real Estate, your Davis short sale specialist. Today’s topic is without doubt one of the most regularly requested questions I get and that’s how long will it take before I’m able to purchase another home again after I complete a short sale? Well, the time frame for that may really differ widely. It might probably vary from a week after I close your short sale to a few years. The reason is is when you complete a short sale and you’re current and you have a really valid motive such as divorce or large lack of income and another is relocation. Particularly in case you’re relocating a reasonably long distance around 100 miles or so, then you definately would possibly qualify for a short sale and buy again with an FHA loan. This is something we might need to pre approve before we start the process simply to guantee that it is an possibility for you.

In any other case, you can truly receive a brand new VA mortgage; should you had an exception on that one within a year. You can also receive an FHA mortgage in around 3 years after a short sale. At the end of the day what you really want to look at is your monetary situation. How much is your home underwater? If it will take you 5 or 6 years to recuperate, then you definately may wish to think about a short sale as a manner of getting your self back on the financial track.

Again, I’m Mark Peek with Keller Williams Real Estate, your Davis short sale specialist and I am right here to help. In case you have any particular questions about your scenario, you’ll be able to hit the start here button at the top of our website. You can also give me a call directly and I would be happy to follow up with you. Thanks and have a wonderful day.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Can I Do A Short Sale With A Federal Tax Lien?

Posted on May 13, 2012 in Short Sale FAQs

Hi everyone I’m Mark Peek at Keller William’s Real Estate, the short sale specialist in the Davis area. Today’s topic is about IRS tax liens that have been attached to your house; the tax lien may have occurred in the past or is recent, but either way, it’s been attached to your home loan and you need it gone so that you can finalize the short sale. You might be underwater at this point, wanting to do a short sale and wondering how that will happen. Will the IRS actually negotiate that, will they remove the lien and can we move go ahead with the sale?

I can tell you that I can negotiate with the lien holders, such as Bank of America, Chase, Wells Fargo, and get them to settle for less, but the IRS will not settle for less. They will, however, take into consideration the fact that you are wanting to avoid foreclosure and will work with you in order to complete a short sale and do away with the lien. They will not necessarily discount your payoff on your tax lien, but they will work with us to get it removed, as long as you supply the requested paperwork. There’s a lot of documentation that they require, such as a buyer’s appraisal and certificate of tax discharge documentation; essentially you need to ensure all of your financial documents are in order to get the federal tax lien removed so we can complete the short sale.

If you have any particular questions or you have a situation similar to this, please contact me or click Start Here at the top of the page. I would be happy to follow up with you, answer all of your short sale questions and assist you with your specific situation. Again, I’m Mark Peek with Keller William’s Realty in Davis and I’m the short sale expert for the entire Davis area. I look forward to doing business with you and satisfying your short sale needs.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Latest Success Saves Homeonwner Stack Of Cash Through Nationstar Mortgage Short Sale File

Posted on May 10, 2012 in Short Sale FAQs

Hello everybody I am Mark Peek, your short sale specialist in Davis, thanks for checking out my weblog today. I work with Keller Williams Realty in the Davis area and use my blog to supply distressed property house owners beneficial info on their options for avoiding foreclosure.If you have questions about the short sale process, or can no longer afford your mortgage, go to my web site or contact me at the moment to discuss your options.

For my weblog right now I wanted to talk about working with Nationstar Mortgage on a short sale file and among the current information I’ve worked with. Loads of the Nationstar Mortgage’s I’ve worked on currently have been owned by Fannie Mae or Freddie Mac. On the latest short sale I accomplished with Nationstar my client owed four hundred and seventeen thousand dollars on their underwater mortgage. By way of negotiating with Nationstar I was in a position to achieve a payoff of one hundred and seventy two thousand dollars with zero deficiencies owed by the homeowner. Having just obtained the approval letter for this short sale I can proudly say we were capable of remove two hundred and forty thousand dollars worth of debt from this householders name. This was a giant reduction for our client and they’re going to be capable of start looking for a brand new dwelling in Davis to buy within two to three years.

If in case you have a Nationstar Mortgage, or any other lender, and are not positive what to do with your underwater mortgage give me a call at present to discuss your options. With years of short sale experience in the Davis area I’m the precise choice for getting you out from below your distressed property. This is Mark Peek with Keller Williams Realty, thank you for your time and I hope you’ve got a terrific day.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Helping Successful Short Sales with 2nd Liens Keep away from Foreclosure

Posted on May 3, 2012 in Short Sale FAQs

Hi, that is Mark Peek with Keller Williams Real Estate, your Davis short sale specialists. Today’s topic is secondary liens on a property, specifically lines of credit. Now in case you have a number of liens on a property and you are attempting a short sale, basically those multiple liens should agree with one another on who’s going to get what with the intention to settle out the short sale.

I will inform you that these are more complicated than just a one lien short sale with just one loan on the property. For my part, multiple lien short sales sometimes have the highest failure rate. Sometimes the reason why it doesn’t get accepted and closed is the second lien holders aren’t happy with the quantity they’re getting.

I obtained a $100,000 balance on a second lien on a short sale. They settled for as little as $3,000. They are going to release the lien, they’ve already accepted the short sale, and when we close, the homeowner just isn’t going to be liable for the difference. They are forgiving $ninety seven,000. It’s about the way you arrange the deal. It is about expectations, having the right package deal and follow-up and knowledge of the legal guidelines, the contacts at the lenders and understanding who the investor of that note is.

So when you’ve got any questions on your particular short sale, or you may have a second lien holder and also you’re concerned you might not get it through, give me a call. You can also hit the start here button on the top of the webpage, enter your information and we’ll get back to you as quickly as possible.

I additionally want you to contemplate taking a look at our short sale calculator. It should help you determine whether or not your property is a potential candidate for a short sale. It also may offer you an idea how long will probably be earlier than your property may become an asset again. Again, that is Mark Peek at Keller Williams, your Davis short sale specialists and we’re here to help.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.