Now that you know more about short sales, you will have some answers to questions like…
- How to sell your house in nine days
- How to get the lender to agree to a short sale
- How to do a short sale if you have two loans
- How your credit gets reported if you do a short sale
- How to get help with multiple properties, out of state properties
- How to get your existing loan modified so you have lower payments
- How to slash your credit card balances without bankruptcy, and improve your credit
- How to help clients out if you are in the real estate business
Okay, now if you already know you want Mortgage Relief Formula, you can click on this link. Or, you can read on for a lot more educational information (no hype and no sales pitch) about short sales and loan modifications. Click here if you are ready to order Mortgage Relief Formula with zero risk
What about staying in the house and getting lower loan payments?
It is often quite possible to get your loan modified so you have lower monthly payments. No refinancing is required.
There are certain tests that will tell you in advance, whether or not a loan modification is possible for you.
For example, if you add up all your monthly payments, including car payments, your modified mortgage payments and your credit card payments, does the amount exceed 50% of your income? If it does, you will have a difficult or impossible time getting the lender to agree to a loan modification.
I teach you in my course how to do all this. Put the package together. Talk to your lenders. Figure out what you can do and not do. And so you will no longer waste time and money trying to get something done that is not possible. And you will know that in a lot of cases, if you have certain information you can bend the lender to your side and get them to agree to lower payments.
And if you can't stay, or don't want to, why not sell the house in nine days?
Click here if you are ready to order Mortgage Relief Formula with zero risk
How to sell your house in nine days
Selling your house quickly, even in a terrible market, isn't that hard. If you know what you are doing.
The best way to sell a house today is different from the way you sell a house in a good market. You can't start out high and then gradually lower the price.
What you have to do is start very low and get a bidding war going. There is a specific way to get 30 - 50 people in a weekend over to look at your property and get many of these folks to bid on it. The result is quite often multiple offers and a contract within nine days of beginning the process.
Only a very few extremely savvy real estate brokers know how to do a nine day sale. The people who understand this discovery are rolling in money.
If you are a homeowner this method is very simple to use and you can do it yourself. There is no selling required. No blabbering on about how wonderful your house is.
Can you show people around your house? Then you can do your own nine day house sale.
I give you the exact steps in my home study course. And if you want, I can even coach you through your first one by telephone, if that is what you choose.
Quite often, people are highly successful with the nine day house sale and then they realize how they can help scads of other people sell their houses in nine days. This can be the key to making a fortune in today's falling market. Or just getting out of your own situation.
Everything is in here, step by step. What to do, how to create a listing on Craigslist and how to get the phone to ring and what to do when people come to the door Saturday morning.
And my Mortgage Relief Formula course offers much more. Because after a house is sold you have to convince the lender to accept the short sale.
How to get the lenders to say Yes to your short sale
When it comes to negotiating with lenders, most people don't have a clue. Because they've never done it before.
If you haven't already heard, a short sale is quite simple. The lender accepts a payoff of the loan that is lower than the amount you owe. What happens to their loss? They may ask that you sign a personal note for some of it. Or they may simply write it off.
The advantage of a short sale is that it is kinder to your credit. And in many situations where you may have personal liability, it reduces your exposure later on.
Okay, so a short sale is a good thing. But most people who try to do a short sale muck it up. They've been making all sorts of mistakes.
The biggest mistake is not presenting the right paperwork to the lender. If you just listen to your lender and present them what they ask for the way they ask for it, yo are often doomed. They do not tell you the most important elements to your short sale paperwork package.
Click here if you are ready to order Mortgage Relief Formula with zero risk
How a low BPO is the key to getting your short sale approved
In my Mortgage Relief Formula, I show you how to get a good low BPO. A BPO is like an appraisal. The lenders will send their own broker or appraiser out to your house once they look over your short sale package.
But if you have done your own BPO first, and it is done right, the lender's BPO will come in far lower.
Why is a low BPO important? Because the #1 reason I have seen for delays or refusing to approve short sales is that the buyer's offer you have is too low in the lender's eyes. It's all about valuation. The lender thinks you have a buyer who is coming in too low.
How does the lender base their opinion of your buyer's offer? On their BPO. And here is a big secret to the short sale process: if you do your own BPO and get it nice and low, the lender's BPO will come in lower, too.
And that means they are more likely to say "yes" and do so a lot quicker. Even if you have two loans, such as a first mortgage and a HELOC, or a first and second mortgage.
How to do a short sale with two loans
In almost all situations today you will have personal liability for a second mortgage. So it benefits you to do a short sale and lower your exposure to your second mortgage liability.
There are tricks to doing a short sale with a second mortgage. The main thing is to get the first mortgage holder to agree that at the closing, some of the funds go to the second mortgage holder.
Then the second mortgage holder will release their lien on the property. They may still come after you, the borrower, but you will owe them less. And debts like this can be negotiated as an interest-free note, or partial payment, or a 20 year payment period, and so forth.
It is not a lot of fun, but by doing the short sale with two mortgages you will in the end reduce how much you owe and get out from under.
Click here if you are ready to order Mortgage Relief Formula with zero risk
How is your credit affected by a short sale?
A short sale can affect your credit surprisingly little. It may affect your FICO score more than your credit report. Your credit report will show "Paid - Settled". Your FICO score may come down significantly, but the short sale is far kinder to your credit than a foreclosure or bankruptcy.
And while you are at it, why not slash your other debts?
The secret to slashing credit card debts without bankruptcy
Lots of people have $30,000, $50,000 or even $100,000 of credit card debt. The way your credit card companies operate, will you ever realistically pay this back?
It becomes so much of a burden that many people think about bankruptcy. This can be a good option, and you should consult a good lawyer to see if it is right for you. But for many people, debt settlement is preferable to bankruptcy.
Now, for the first time, you can learn exactly how easy it is to make offers to your credit card companies and get them to say "yes". Offers that are monthly payments on a balance that the companies have reduced to half or a quarter of the former amount. Yes, it is possible to get credit card balances reduced even if you do not have a lump sum to pay them with.
In the shorter run, beware. This will harm your credit. But in the longer run, even 18 months from now, you can have better credit than you have had for a long time. You can do your own debt settlement and the entire recipe is provided, cookbook style, in my Mortgage Relief Formula!
You will have the exact wording of letters to write and what to say on the phone and in writing to get your credit card companies to slash your debts. I do not recommend debt settlement for many people, but if you are at the end of your rope, you will find it a godsend.
And at this point, you may wonder, how you can ever buy another house if your credit has been dinged and you are feeling beaten down and helpless? I have the answer in Mortgage Relief Formula.
Click here if you are ready to order Mortgage Relief Formula with zero risk
Yes, you can buy another house now, with no cash and terrible credit
Through years of experience and helping another real estate guru put together his own home study course, I learned how you can buy with no money and no credit. There has never been a better time or an easier time to get extraordinary deals in real estate, without risking your own cash.
I don't care if you just left bankruptcy court this morning. Or if you have a record of multiple lates and foreclosure. You can buy a house with no money and terrible credit, and in the long run you will probably do quite well for yourself.
"Buy when there is blood running in the streets", a famous financier once said. Well, the final part of Mortgage Relief Formula teaches you to buy when everyone else is selling. Like now.
You get the advantages of the mortgage interest deduction. You have the advantages of benefiting from a down market. And you can settle your family in a new permanent home, no matter how badly your last house experience ended up.
I've done it myself and you can do it too. I show you exactly how, step by step.