short sale

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Linwood Short Sale Agents

Sunday, September 25th, 2011

Short Sale Agents in Linwood

Linwood has some great public parks, some of which are maintained and controlled by Anoka County, in which Linwood is located. There are skating rinks, BMX tracks and more to be found in Linwood parks. Linwood is located on the shores of Linwood Lake and is north of the city of Minneapolis.
Many homeowners are now being harassed by their mortgage lenders with threats of foreclosure. There are a number of reasons homeowners in such a situation should contact the Linwood short sale agents, who can be reached at 763-607-1415.

Here is a list of reasons to contact our office:

Foreclosure is a really terrible thing to have to deal with. The Linwood short sale agents know how to make it so that foreclosure is not your sole option.
When a mortgage company has started foreclosure proceedings, you will need help. Linwood short sale agents have the necessary experience and expertise in this area.
The Linwood short sale agents know how to draw up the necessary documents required for a short sale approval. Both foreclosures and short sales involve a good deal of paperwork, although a short sale is a bit “greener” as it requires a little less paperwork and documentation. The Linwood short sale agents know how to assist homeowners with all of the documents, such as a HUD statement, financial worksheets, an agreement of sale, etc.
Mortgage companies want money, not property, and may be willing to take a loss on a mortgage pay-off amount in order to avoid having to maintain a foreclosed property.
Using one of the Linwood short sale agents can prevent your home from being sold at a sheriff’s sale. Mortgage lenders do not want to make it easy for borrowers who have defaulted on their loans to get out of the situation.
The benefits of selling your home through a short sale go beyond just you. It also works as a positive for whoever buys your house.
Defaulting on a mortgage is a serious matter, to you and to the lender. A mortgage default warrants the services of the qualified, dedicated professionals at the Linwood short sale agents available at 763-607-1415. Our group of Linwood short sale agents has the best track record in the area in assisting homeowners facing the specter of foreclosure.

Contact our office (Linwood Short Sale Agents, telephone – 763-607-1415) and start back towards financial well-being.

Tags: Short Sale Agents in Linwood, Linwood Realty, Linwood property for sale

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Hennepin County Foreclosure

Thursday, January 13th, 2011

Hennepin County Foreclosure

Hennepin County has the largest population of any county in Minnesota, with 1,140,988 people living within its 611 square miles. Hennepin is considered the wealthiest county in Minnesota, and ranks in the top 100 counties in income in the U.S. Minneapolis is the Hennepin County seat. The highest waterfall on the Mississippi River, St Anthony Falls, is in Hennepin County. There are a number of colleges and universities in Hennepin County, and many cultural and sports activities. However, despite diverse employers in Hennepin County, unemployment has increased from 2.8% in 2001 to 7.2% in 2009 and 6.8% in 2010, and foreclosure is a reality for many Hennepin County homeowners.

Unemployment is just one reason Hennepin County homeowners find themselves facing foreclosure. Foreclosure is a legal process with many steps. Foreclosure leads to homeowners losing all rights to ownership of their home. Foreclosure leaves a dark mark on credit reports. Hennepin County homeowners faced with foreclosure need to realize that a short sale can halt the foreclosure process. This is what basically happens in a foreclosure proceeding (this is just general information; for professional advice, contact the Hennepin County foreclosure and short sale experts at 763-607-1415):

Foreclosure proceedings start when there have been three months of unpaid mortgage payments, a “Demand Letter” or “Notice to Accelerate” is sent out by the lender. This letter demands that a mortgage be made current within 30 days.
When there have been four months of missed payments, the matter then is referred to the mortgage lender’s attorneys.
A sheriff’s sale of the property is scheduled, which can occur as quickly as 2 or 3 months after the Demand letter was sent.
Following the sheriff’s sale, during the redemption period, the homeowner can pay all mortgage payments owed plus fees from the foreclosure proceeding and still regain possession of the home.

A better way to proceed may be a short sale of the property. A short sale can avert the need for foreclosure. In a short sale, the mortgage lender agrees to accept a mortgage payoff figure that is less than what is owed. A short sale is a shorter process. Short sales are less complex. And, a short sale has less impact on credit ratings. But, it is important to get the right professional advice when contemplating a short sale. The best Hennepin County short sale agents can be reached at 763.607.1415. These short sale agents are also well versed in foreclosures and can provide a good analysis of the benefits of foreclosure versus short sales.

Looking for an Anoka County Short Sale Agent Click Here:

Tags: foreclosure, Hennepin, Hennepin County, Hennepin County foreclosure, Hennepin County short sale, short sale, short sale agent, short sale expert
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Minnesota Stop Foreclosure

Monday, January 10th, 2011

Foreclosure. This is a word every homeowner dreads. Most Minnesota homeowners think they will never be affected by a foreclosure. Unfortunately, in this troubled economic climate, there are far too many Minnesota homeowners who find themselves faced with foreclosure. Foreclosure, In Minnesota and elsewhere, is a legal process that involves numerous steps that eventually can lead to a homeowner losing all rights to ownership of their home. Foreclosure leaves a dark mark on credit reports, one that takes years to eradicate. Many Minnesota homeowners faced with foreclosure do not know what to do and wait too long before trying to halt the process. A short sale is a way to stop foreclosure.

In Minnesota, many homeowners staring down the threat of foreclosure turn to another remedy, the short sale. The Minnesota housing climate has been affected by the nationwide foreclosure rates just like any other state. In 2009, Minnesota Public Radio reported that has the highest foreclosure rate in the upper Midwest, and ranked 21^st in the nation in foreclosures.[1] The way many Minnesota homeowners can stop foreclosure is to resort to a short sale of their home.

There is a set process for a short sale in Minnesota. Generally, there is a seller unable to make mortgage payments. The seller approaches their lender. This is best done through the services of a short sale expert, such as the Minnesota short sale experts at 763-607-1415. A bunch of documentation has to be sent to the lender. These items can include a statement of the hardship and financial documents. After what is hopefully a short time, a potential buyer will make an offer on the property. The short sale agent then sends the agreement of sale and other documents to the lender. Once the lender reviews the proposal (review times can vary greatly, the lender sign off on the proposal and issues an approval letter. The lender benefits from a short sale by not having to initiate a foreclosure in the court system. For the borrower/seller, a short sale gets them out from under a mortgage they cannot pay, sometimes with no obligation to repay the difference between the short sale amount and the amount due on the loan. And in a short sale, the buyer gets a home that was likely had for a great price. Call us at 763-607-1415 to find out more on short sales and how to stop foreclosures in Minnesota.

[1] Madeleine Baran, “Minnesota Has Highest Foreclosure Rate in Upper Midwest”, Minnesota Public Radio,

September 21, 2009.

Tags: foreclosure, Minnesota, Minnesota Foreclosure, Minnesota short sale, MN short sale agent, short sale, short sale agent
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St. Louis Park Short Sales

Monday, January 10th, 2011

There is a little known secret about purchasing a home in St. Louis Park, Minnesota. It’s called a short sale, and the short sale experts who provide the best information on St. Louis Park short sales can be reached at 763.607.1415.

Individuals often really stretch themselves when purchasing a home. St Louis Park homebuyers want to get the most house they can for their money, but sometimes they also try to get the most house they can possibly afford – they really stretch their housing budget to the limit. But a “dream house” can also be obtained without overtaxing the housing budget and risking financial ruin from foreclosure. This is where a short sale specialist comes in. For the best guidance on short sales (including how a homeowner may be able to avoid foreclosure on your home), call the Saint Louis Park Short Sale agents at 763.607.1415.

It is easy to see why homebuyers want to live in St. Louis Park. The St. Louis Park website states “Experience Life in the Park”, and the town truly is “park-like”. Forty five thousand people call St Louis Park their home. Fifty-one parks are nestled inside St Louis Park’s 10.8 mile area. Imagine being able to live in a beautiful residential setting and also being able to hop on the bike trail that leads right into downtown Minneapolis, only a few miles to the east of St Louis Park.

To find a home in St. Louis Park, look into purchasing one through a short sale. St. Louis Park has been hit by the mortgage debacle of recent years, and there have been foreclosures on some properties. But beyond foreclosures, there are properties available to buyers at great prices. Some such homes are the type of place people would only dream about owning, were it not for them being sold through a short sale.

A property available through a short sale is not the same as one that has been foreclosed upon. Foreclosure is a legal process initiated by a mortgage lender after a homeowner defaults on loan payments. Foreclosure is a long process with many steps. The foreclosure process is meant to ensure the rights of both the owners and the mortgage holder are protected. Often, a property that has gone through foreclosure has been sitting for quite a while.

In contrast to a foreclosure, in a short sale, a lender agrees that a mortgage can be paid off for less than what is owed on it. Lenders do this to save time and money, and to avoid having to carry a property during the extended foreclosure process. Short sales provide the possibility of a house being sold at a discounted price. The seller is relieved of their debt, the lender has had a substantial portion of the loan balance repaid without resorting to foreclosure proceedings, and some lucky buyer has the chance of a lifetime to buy a terrific house through a short sale.

To find out how to take advantage of the short sale opportunities and how to avoid foreclosure in St. Louis Park, contact the short sale specialists at 763.607.1415.

Check out Minnesota Short Sale Help:

Tags: foreclosure, short sale, St Louis Park fopreclosure, St Louis Park short sale, St. Louis Park
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Andover Short Sale

Monday, January 10th, 2011

Just 20 miles outside of the city of Minneapolis, there is a great place to live and work: the city of Andover, Minnesota. Andover is a lovely residential community. Andover’s population is about 30,000, and has numerous parks, trails and other outdoor facilities. Andover can be found in the heart of Anoka County. Andover has great schools, both public and private. The January 2011 edition of the Andover newsletter even lists ice skating rinks and sliding hills, some complete with warming houses!

There are a number of ways to find “real” houses in Andover. Andover has some new construction, and some houses in foreclosure, but perhaps one of the best ways to find a home in Andover is to look at houses available through a short sale. Call 763-607-1415 begin_of_the_skype_highlighting 763-607-1415 end_of_the_skype_highlighting begin_of_the_skype_highlighting 763-607-1415 end_of_the_skype_highlighting to find out about different home purchase options in Andover, or learn more about Andover home sales at MinnesotaShortSale.net.

A short sale differs from a regular home purchase, and from a foreclosure. Because of this, it is advisable to find a real estate professional very familiar with short sales and foreclosures, who can provide expertise on the differences between short sales and foreclosures, for both buyers and sellers. The short sale experts in Andover (763.607.1415) can lead sellers in hardship situations through the short sale process and provide guidance on avoiding foreclosure, and can also ensure that a buyer interested in purchasing a home through a short sale has everything prepared for a smooth sale.

Buyers considering purchasing a home through a short sale or foreclosure should realize that a short sale involves the seller, the lender and the buyer, and it is important that the potential buyer’s paperwork, etc. is properly prepared so as to be attractive to the lender. This is because it is the lender who will make the decision as to whether a short sale of a property should be allowed. The lender is the one with the most to lose: by agreeing to a short sale, they are agreeing to accept a mortgage payoff amount that is less than what is actually owed on the loan.

For sellers looking to sell their home through a short sale, and avoid foreclosure, an expert short sale agent is the way to go also. Generally, a short sale will look a lot better on a credit report than would a foreclosure, so having an agent familiar with foreclosure and short sales is key. Compared to foreclosure, short sales often take less time. Foreclosures can be a lot more stressful, but there are still requirements that must be met for a short sale. Have one of our expert short sale agents to guide you on how to avoid foreclosure. Call us at 763.607.1415.

Tags: Andover Foreclosure, Andover MN, Andover short sale, Andover short sale agent, Andover short sale dexpert, Andover short sale expert, foreclosure, short sale
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St. Louis Park Short Sales

Sunday, January 9th, 2011

To find out how to take advantage of the short sale opportunities and how to avoid foreclosure in St. Louis Park, contact the short sale specialists at 763.607.1415.

Tags: foreclose, foreclosure, short sale, short sales, St louis Park short Sales, St. Louis Park
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Fridley Short Sale

Sunday, January 9th, 2011

Buying a new home through a short sale is a smart way to get into a house ordinarily beyond a buyer’s means. In Fridley, Minnesota, there are a number of opportunities for homebuyers, even first time homebuyers, to start living in their dream home. Homes in Fridley are also available through foreclosures, but many buyers will find that it is easier to buy a house through a short sale than one being sold at the end of a foreclosure process. And, buying a home through a short sale in Fridley is even more attractive when the services of a Fridley short sale agent are used. Fridley short sale agents can be reached at 763.607.1415.

Fridley, Minnesota is found within Anoka County. Fridley borders the northern end of Minneapolis. Fridley covers just less than 11 square miles, and has a number of lakes and creeks, and borders the Mississippi River on its western side. There are almost 40 parks within Fridley that have facilities for baseball, basketball, soccer, softball, tennis and playgrounds. Plus, Fridley has a community garden, picnic facilities and the Springbrook Nature Center. Fridley is truly a warm and friendly place to live.

Fridley even has the nickname of “friendly Fridley”. Fridley was named after an early territory representative of the area. Fridley was incorporated as a city in 1957, 110 years after the first settlers arrived in the area. Perhaps it is the friendliness of the city, or the many amenities it has to offer, but people continue to want to move to Fridley.

Unfortunately, some Fridley homeowners find themselves facing foreclosure on their home. Perhaps the foreclosure is the result of a job loss, or maybe due to health problems limiting employment. Regardless of what has led to the possibility of foreclosure, Fridley homeowners who want to dodge foreclosure should seek out the advice and services of a Fridley short sales agent at 763.607.1415. The Fridley short sale agents are experts in the field of real estate short sales and foreclosure.

A foreclosure is a legal process where a mortgage lender seeks to terminate a homeowner’s rights in the property. Foreclosures take a long time. Foreclosures eat up a lender’s time and assets, so lenders are often also looking for solutions other than foreclosure proceedings. Foreclosures are a big blot on an individual’s credit report, one that is hard to erase for a long period of time. The time spent during foreclosure proceedings can be emotionally tough on a homeowner also.

Enter the Short Sale. A short sale is basically where a mortgage lender agrees to accept a pay-off amount lower than the balance owed on a mortgage. A short sale involves less time and administrative costs than a foreclosure. Lenders generally agree to short sales as they are a way to cut their losses on a property for a guaranteed, albeit lower, payout on the loan. Distressed homeowners prefer short sales as they do not look as bad on a credit report, and are quicker to complete.

Potential homebuyers looking for the perfect place in Fridley can benefit from the short sale listing of a home. And if the sale goes through, the seller has a great weight lifted from their back: no more possibility of foreclosure on the property. So, to participate in this win-win situation, contact a Fridley short sale agent now at 763.607.1415.

Tags: foreclosure, foreclosures, Fridley foreclosures, Fridley MN, Fridley short sale, short sale, short sale agents, short sales
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Eden Prairie Short Sale

Sunday, January 9th, 2011

The news is full of stories on home foreclosure, in Eden Prairie and elsewhere. But, what about short sales in Eden Prairie? Why purchase an Eden Prairie property through a short sale? Why sell an Eden Prairie property through a short sale and avoid foreclosure? To receive the best advice on how to avert home foreclosure or how to purchase or sell a home through a short sale, you should contact the Eden Prairie Short Sale specialists at 763.607.1415.

Eden Prairie is an idyllic place to live and work. Eden Prairie boasts many services and facilities for people in all different stages of life. Unfortunately, as with most places nationwide, it has also been affected by the housing down turn and many Eden Prairie homeowners are on the brink of foreclosure.

There is hope for Eden Prairie homeowners faced with the specter of foreclosure. If you are looking at the possibility of home foreclosure, consider selling your home through a short sale. In a short sale, the mortgage lender agrees to accept a loan payoff amount that is less than what is due on the mortgage. This means that a house can be sold for less than the going price for other similar properties. And while there are set steps that must be followed to allow a house to be sold at a short sale, the procedure is not nearly as arduous as going through a foreclosure proceeding.

As with foreclosures, a short sale involves a homeowner in financial straits, usually due to an inability to pay the home mortgage due to a loss of employment, or due to the need to sell a house that is now worth less than what is owed on the mortgage. Either way, there are a set of documents and communications that must be submitted to the lender to get the short sale process rolling. In a foreclosure proceeding, the lender initiates a legal process that can eventually result in the termination of the owners rights to the property. Foreclosure involves many steps that eat up time and produces a lot of administrative costs. In many ways, the short sale procedure is a more proactive approach for a homeowner in a hardship situation.

Eden Prairie homeowners looking to sell their home through a short sale rather than risk foreclosure proceedings must obtain the services of a qualified, knowledgeable short sales real estate agent. So, to get the best advice on how to avoid foreclosure and how to get the most out of a short sale of your home, contact the Eden Prairie short sale specialists at 763.607.1415.

Tags: Eden Prairie, foreclosure, foreclosures, short sale, short sales
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Anoka County Short Sale

Sunday, January 9th, 2011

A short sale can benefit both home purchasers and home owners facing foreclosure in Anoka County, Minnesota. Homeowners who sell their home through a short sale avoid going through the process of a foreclosure thereby mitigating the negative impact on their credit rating. Homebuyers who purchase a house through a short sale get a great deal on a house which is priced below market value. Buyers can have a lot more house for the money they spend by purchasing through a short sale.

And there are some great properties to be had in Anoka County. Situated within the Minneapolis-St. Paul Twin Cities region, Anoka County offers public beaches, two campgrounds, a golf course and natural settings, all within easy reach of a metropolitan center. There are even cross country ski trails and snow shoeing classes available through Anoka county services.

There are 21 municipalities in Anoka County. The Rum River runs through Anoka County, and the scenery is gorgeous. The Anoka County community development department has various programs in place to aid homeowners and homebuyers. It also looks to assist in rebuilding the housing market in Anoka County. And there are numerous homes available in Anoka County.

There have been a number of foreclosures in Anoka County. Homeowners at risk of foreclosure do have another option, the Short Sale. By getting the consent of the homeowner’s mortgage lender to accept a payoff of less than the balance due on the loan, foreclosure can be avoided. Avoiding foreclosure really benefits everyone involved. The seller does not have the blot of a foreclosure on his credit report. The lender does not have to initiate and orchestrate a lengthy, complicated foreclosure proceeding. And, some lucky buyer will find a great home at an unbelievably good price.

For distressed homeowners, finding the right real estate professional to help avoid foreclosure through a short sale is paramount. Without the guidance of an experienced short sale agent, matters can go awry quickly. This is because, while not as complex as a foreclosure proceeding, there are still procedures and requirements involved in bringing about the successful short sale of a house. Homeowners facing the possibility of foreclosure or contemplating a short sale of their property should contact us at 763.607.1415.

For potential buyers, having the right short sales agent who is savvy in how it all works can result in a buyer, even a first time home buyer, finding and buying their dream house “for a song”. So, if you are looking to buy in Anoka County, contact the Anoka County short sale specialists at 763.607.1415.

Tags: Anoka, Anoka County, Anoka County foreclosure, foreclosure, short sale, short sales
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Avoiding Foreclosure through Short Sales in Maple Grove

Friday, December 31st, 2010

Maple Grove, MN, is a beautiful community only 20 miles outside of Minneapolis. Within its 36 square miles, Maple Grove has lots to offer to its 60,000 residents — community pools, an ice arena and numerous other parks. It is easy to see why so many individuals purchase homes in Maple Grove.

The day they purchased their homes, the last thing any Maple Grove homeowner imagined was that they would end up having to go through the process of a short sale, or find themselves on the brink of foreclosure. When foreclosure or a short sale looms, the home, once a place of safety and security, becomes a source of anxiety and stress. Since foreclosure is such an extraordinary remedy, Maple Grove homeowners facing foreclosure typically seek any other means to dispose of a property, including a short sale.

When an owner defaults on a mortgage, there are a variety of ways a lender might handle the situation. Although foreclosure is the remedy that seems to dominate the financial news these days, both in Maple Grove and throughout the country, a different approach, the short sale of the property, is often a more agreeable solution for both the borrower and the lender.

Foreclosure involves numerous steps and legal processes, so administrative costs can be quite high. In a short sale, the lender is literally agreeing to “cut their losses” so as to avoid the fees and delays of a foreclosure procedure. While there are still set procedures for making a short sale, the costs are generally lower than those for a foreclosure. Lenders accept a payoff amount that is lower than what is still owed on a mortgage.

The typical foreclosure or short sale scenario involves a home that now has a fair market value which is substantially lower than the purchase price and/or mortgage balance. For example, there may be a home in Maple Grove that is now worth $200,000, but was purchased only 4 years ago for $300,000, and has a balance on the mortgage of $240,000. Events leading up to a foreclosure or short sale can vary widely, but might include:

The owner’s inability to pay their monthly mortgage payments on their home
The owner’s inability to sell their home for an amount sufficient to pay off the loan balance

In these situations, the chance of the bank getting all of their money back is pretty low. A short sale may occur if:

The owners desire to avoid foreclosure
The mortgage lender agrees to short sale the home rather than pursuing foreclosure

By using a short sale agent familiar with the process, distressed Maple Grove homeowners can benefit from expertise needed to navigate the waters of short selling a home and avoiding foreclosure.

Foreclosure can be a nightmare, and its effects will be evident on a homeowner’s credit report for years to come. Whatever the events were that lead to a home being put up for a short sale, a Maple Grove short sale agent can help ease the process for the homeowner, getting them started on the road to financial recovery. To avoid foreclosure, contact an expert in Maple Grove short sales at 763.607.1415.

For Maple Grove homeowners, the right real estate professional with knowledge of short sales in Maple Grove can facilitate the process of short selling a home and avoiding foreclosure. The same is true for homebuyers: an experienced short sale professional who is familiar with Maple Grove will guide buyers to prime properties available at short sale. Potential home buyers looking to find a great property in Maple Grove should contact The Short Sale Experts for Maple Grove at 763.607.1415.

Tags: avoiding foreclosure, foreclosure, Maple Grove, Maple Grove MN, short sale, short sale agent, short sales, shortsale expert
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Loan Modifications just not working in Minnesota

Sunday, November 21st, 2010

Top mortgage servicers have completed 91,827 short sales or deeds-in-lieu of foreclosure on canceled trial or declined modifications through the Home Affordable Modification Program as of September, up 27% from the previous month, according to data from the Treasury Department.

The Treasury started HAMP in March 2009 to provide incentives to servicers for the modification of loans on the verge of foreclosure. Through October, those servicers have started 1.4 million three-month trials and converted 519,648 of them into permanent status, though conversions have been going down in recent months.

The top eight servicers — including Bank of America (BAC: 11.66 -0.34%), JPMorgan Chase (JPM: 39.41 -0.63%), CitiMortgage (C: 4.268 -0.74%), Wells Fargo (WFC: 27.49 -0.07%) and GMAC Mortgage (GJM: 22.30 0.00%) among others — have canceled 551,821 trials either due to a redefault, lack of documentation, or the borrower was deemed ineligible. Those same servicers have declined 842,436 homeowners from entering a trial, according to the latest Treasury data through September.

Of the canceled trials in that time, 47,001 have been liquidated through a short sale or the homeowner gave up the deed-in-lieu of foreclosure. Of the mortgages that were denied from a trial, 44,826 went into short sale or deed-in-lieu for a total of 91,827.

Most of the short sales, however, are reportedly not being done through the Home Affordable Foreclosure Alternatives program, which was launched by the Treasury in April to incentivize servicers to conduct short sales and DILs on loans that fell out of HAMP.

Even though the Treasury pays the servicers for a transaction done through HAFA, the Special Inspector General for the Troubled Asset Relief Program reported 342 short sales and DILs completed through HAFA as of Sept. 30.

The Treasury has not released official numbers on HAFA, but has said it expects to before the end of the year.

Tags: Load Modification Minnesota, Loan Mod, Loan Modification, Minnesota short sale, short sale, Short Sale Help, Short Sale Minnesota
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Minnesota Short Sale Team: Helping You Avoid Foreclosure

Monday, August 30th, 2010

One of the things that you need to consider when you receive your first foreclosure notice is to go through a short sale. This process allows you to sell your home at a price that is less than the full mortgage amount. When your lender approves the sale, your mortgage delinquency may be “forgiven” and your mortgage will be considered “paid in full” from the sales proceed.

Do you really think that the bank will immediately and easily give in to such loss? Of course not! Just the thought of dealing with such loss to your lender can be overwhelming. For this reason, you need to contact an expert Minnesota short sale team who will work with you throughout the process.

The Minnesota short sale team will be the one to negotiate with your lender when you intend to sell your property to a third-party buyer. The negotiation requires skill and right understanding so if the transaction is new to you, you cannot do it all successfully. It is highly advised that you contact experienced MN short sale agents.

If you are from Minnesota, you need to find a team from the same state because every state has different home selling requirement and different programs that are offered by the government. One of the best ways to find a Minnesota short sale team is to study the process and look for a reputable real estate company who can work with you. You can find them online, in MN real estate directories or through referrals.

Who Gets the Benefits

A lot of MN homeowners think that when they sell their property due to mortgage problem, they get a share from the sale. The truth is that, as the seller of the problem property, you will not gain anything from the sales proceeds but you will definitely benefit from avoiding foreclosure. Your credit record may look more favorable than foreclosure and you get to stay at the property longer enough for you to find a new place to live. You will also be able to buy a new home after 2 years compared to 5 or 7 years with foreclosure.

In addition, the lender may benefit from the sale if it is found to mitigate the losses from unpaid mortgage. In some cases, banks would approve short sale because the moment they foreclose the property they will carry it on books where no one will possibly bid during auctions.

Buyers can also benefit from properties that are on short sale because they can buy them at a lower price than the actual market value. To them, this could result to reduced future taxes and reduced mortgage payments.

Finally, the Minnesota short sale team will get commission from the sale but it is up to the lender to share the proceeds. This means that when you hire professional agents for the sale, you will not be obliged to pay them. Yet, they will help you sell your home to a third party buyer and negotiate with your lender for the offers on your behalf.

Tags: Minnesota short sale, Minnesota short sale team, short sale
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Short Sale Help MN: Who Gets the Benefits?

Monday, August 2nd, 2010

When your home in Minnesota is about to be foreclosed due to mortgage defaults, that is the right time for you to seek short sale help MN. You can ask for help from an experienced short sale agent to find a buyer and negotiate with your bank.

When you and your agent are in the process of selling your MN property to a third party buyer with a price that is lower than the market value, you will need to negotiate with your lender. If the lender approves the short sale, this means that they agree to receive the payment as full even if the price of the property is actually lower than your total mortgage amount.

Many Minnesotans are asking short sale help MN to solve their mortgage problem because in reality, a short sale gives them the following benefits:

They get to choose the buyer.
They escape the social stigma of having a foreclosed home.
They get to sell their home just like any home sale.
They don’t have to vacate their home immediately as opposed to getting their homes foreclosed.
They can buy a new home after 2 years as opposed to foreclosures which enables them to buy homes after 5-7 years.

The only thing that they will not get is profit from the sale. In fact, they are the only ones who will not get any profit at all.

Who Profits?

There are many who can extend short sale help because they can benefit from the sale. Some parties who profit from the sales are:

Escrow Companies. The escrow companies usually act as an independent party during a short sale transaction. They get paid by the lender for the real estate transactions.
Mortgage Brokers. If the buyer loans through the arrangement done by a mortgage broker, that broker will earn from points of the loan.
Title Companies. These companies get paid for their services that include issuance of an owner title policy to the new buyer, and issuance of the ALTA policy to the lender.
Listing Agents. The listing agents also get commissions from the sale since short sales are handled just like any property sale.
Real estate lawyers. Lawyers get paid for the legal service they extend to sellers who normally seek legal advice and documentation relating to the short sale transaction.
Appraiser. Usually, lenders require appraisal of the property so sellers contact an appraiser who provides the market value of the property. The appraisal is one of the important documents required by the lender during a short sale transaction.
Tax Consultants and accountants. Sellers need tax advice and documentation relating to the property transaction so tax consultants and CPAs can earn by providing the services.
Insurance companies. Buyers need insurance policies for the new home so this means a new sale for the insurance companies.
Lenders. The sale of the property is a new business to the lender.

Aside from the profit itself, the lender benefits from the short sale because if they foreclose the property, they would file for foreclosure and carry the property that may not be disposed during auction. They would be the one to look for the buyer of that property instead. In other words, if they agree on a short sale, they would spare the recordings and the time and effort in selling the property. Plus, they would mitigate their losses.

Also, buyers benefit from a short sale because they would be able to acquire a property that costs lower than the market value.

Overall, getting short sale help benefits not only the seller but also other parties who may be involved in the transaction as well.

Tags: MN short sale, short sale, short sale agent, short sale help MN
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What you need for Minnesota short sales

Thursday, July 8th, 2010

Minnesota short sales may not be a pleasant transaction, but neither is giving up home ownership through foreclosure. Foreclosure ruins your credit, strips your dignity and embarrasses your family. When you have difficulty paying for your mortgage and the bank already sent you the first foreclosure notice, you need to immediately think short sale.

When the bank approves of your short sale, they agree on receiving payment that is less than the amount due. This means that they are giving discounted payoffs on delinquent mortgages. Because of such arrangement, not all lenders may approve of short sales, especially if foreclosure is more financially beneficial. In addition, not all properties and sellers are qualified for the sale. Dealing with this kind of real estate requires the right knowledge and understanding so one must ask advice from legal, accountants or short sale agents before deciding on a short sale.

Although lenders may have different requirements and demands when it comes to a short sale transaction, you need to have a basic idea of what they are looking for. Below is the list of things that you would need to negotiate a short sale.

Name of the person responsible for short sale. Call the department that handles short sale and get the name of the supervisor or the person that is capable of decision-making.
Authorization letter for disclosure of information. You may need the help of Minnesota short sale agent who will do the hard work on your behalf. Before lenders give the details about your nearly-foreclosed property to the agent, you need to give them permission to discuss the details about the property to your agent. The letter of authorization should contain the property address, loan reference, name of mortgagee (that’s you), date of the letter, agent’s name and contact details.
Estimated closing statement. This shows the sales price and its related costs, amount of unpaid loan, outstanding payments and all late fees of the property. It is in this part where you need the knowledge of your Minnesota short sale agent or lawyer. When the computation shows that you receive cash at the end, you most likely do not need the short sale.
Letter of hardship. The more difficult your financial situation, the better. This letter serves as your plea of why your lender should accept payment that is less than the total due. Valid reasons include job loss, death of family members, divorce or severe illness.
Records of assets and other income. Lenders want proof that you are incapable of paying your debt so they want to know your other assets and income. They need to know if you have saving accounts, stocks, negotiable instruments and properties before they decide to “forgive” your delinquency. They would even require that you explain your unaccountable deposits on your bank statement so they can determine if deposits are still possible or not.
Comparative market analysis. This can be prepared by your short sale agent as this shows the prices of similar homes that are active on the market, are on pending sales and sold within the past 6 months.
Copy of the purchase and listing agreement. Lenders need to have a copy of the purchase and listing agreement. It is possible that lenders will not pay certain items like termite inspections and home protection plan or they may renegotiate commissions as opposed to what is written on the agreement.

Now after examining all these things, it is up to your lender to approve your short sale. Once approved, they may or may not reflect the short sale in your credit report.

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