Dick and Jane have exhausted all options. They have attempted to do a loan modification with no success. They must sell.
Dick and Jane decide to do a short sale. This means that they will price thier home at fair market value and then make scheduled reductions until a buyer makes an offer. At the time of the offer the Eakes Realty Group will contact the bank and negotiate with the bank to accept the offer even though it is less than what Dick and Jane owe on the mortgage. It is up to the Eakes Realty Group to convince the bank to accept the offer as FULL payment and relieve Dick and Jane of further obligation to the bank!
Sounds easy, right? It's not. The rules of short sale change daily it seems. Each bank implements their "rules" in a different way. One consistent rule is that they prefer to work with a short sale trained and certified real estate agent. These agents know the rules and know how to make the process more efficient for the bank.
Dick and Jane are 1 month behind on their mortgage. Time is running out - they need an offer! Tune in to Chapter 4 to see how the Eakes Realty Group finds a buyer for Dick and Jane!
Friday, July 23, 2010
Thursday, July 22, 2010
The story of Dick & Jane - Chapter 2
Dick managed to pick up a "less than desirable" job. He didn't care - he was just happy to have a job, regardless of how little it paid or how little it utilized his skills. The new job paid just enough to keep the baby fed and the utilities on. At the end of the day he was just not able to make his mortgage payment. Dick called the bank and asked how much he owed...he then called the Eakes Realty Group to find out how much his home would be worth in the current market. Bad news - Dick is upside down. What now?
Dick worked with his bank to try to do a modification of his loan so that it would be more affordable. In the end (with no promise of a better job in sight) there was just nothing the bank could do to help Dick.
Dick called the Eakes Realty Group again. Fortunately for Dick the Eakes Realty Group has several agents who are trained and experienced with working with clients in the same situation as Dick.
Dick knows that he cannot afford to live in the home but is confused about what will happen if he sells it for less than what he owes on it. The Eakes Realty Group explained his options. Would you like to know what his options are? If you are in a similar situation and don't want to put your wife to work in a strip club with a baby on her hip just to make ends meet then these may be your options as well. Ok, I don't really think that putting your wife to work in a strip club with a baby on her hip is really an option - just wanted to see who was paying attention :->
Your options will be explained in Chapter 3 - coming soon...
Dick worked with his bank to try to do a modification of his loan so that it would be more affordable. In the end (with no promise of a better job in sight) there was just nothing the bank could do to help Dick.
Dick called the Eakes Realty Group again. Fortunately for Dick the Eakes Realty Group has several agents who are trained and experienced with working with clients in the same situation as Dick.
Dick knows that he cannot afford to live in the home but is confused about what will happen if he sells it for less than what he owes on it. The Eakes Realty Group explained his options. Would you like to know what his options are? If you are in a similar situation and don't want to put your wife to work in a strip club with a baby on her hip just to make ends meet then these may be your options as well. Ok, I don't really think that putting your wife to work in a strip club with a baby on her hip is really an option - just wanted to see who was paying attention :->
Your options will be explained in Chapter 3 - coming soon...
Wednesday, July 21, 2010
The story of Dick & Jane - Chapter 1
Dick & Jane get married. Dick and Jane are dinks (dual income, no kids). Dick and Jane have great jobs and decide to make an investment in a home. Why not, right? After all, when you are paying rent you are just building up someone else's equity...
Dick & Jane are smart shoppers. They hire a real estate agent who specializes in helping buyers. They find the perfect home. They put down the minimum down payment, close in 45 days, and start moving in. The furniture store gave Dick & Jane a $10,000 credit line with no payments for 1 year. They used every penny of the $10,000 credit line decorating their new beautiful home.
Life is great.
Dick & Jane decide to start a family. One year later Dick & Jane are proud parents. Jane decides not to return to her previous job so she can stay home with the little one.
Life is still perfect.
While bragging on his new baby to his boss Dick learns that the company is "down-sizing" and he no longer has a job.
Dick is unemployed. Jane is unemployed. The mortgage is due....and the $10,000 line of credit from the furniture store is due...and the utilities...and the car payments...and the car insurance...Oh, and that new baby - it needs diapers and formula.
What now? Any ideas? Tune in tomorrow for Chapter 2.
Dick & Jane are smart shoppers. They hire a real estate agent who specializes in helping buyers. They find the perfect home. They put down the minimum down payment, close in 45 days, and start moving in. The furniture store gave Dick & Jane a $10,000 credit line with no payments for 1 year. They used every penny of the $10,000 credit line decorating their new beautiful home.
Life is great.
Dick & Jane decide to start a family. One year later Dick & Jane are proud parents. Jane decides not to return to her previous job so she can stay home with the little one.
Life is still perfect.
While bragging on his new baby to his boss Dick learns that the company is "down-sizing" and he no longer has a job.
Dick is unemployed. Jane is unemployed. The mortgage is due....and the $10,000 line of credit from the furniture store is due...and the utilities...and the car payments...and the car insurance...Oh, and that new baby - it needs diapers and formula.
What now? Any ideas? Tune in tomorrow for Chapter 2.
Friday, July 16, 2010
Not to defend the banks...but...Just to avoid any confusion...
There are programs that banks can participate in that provide a stream-lined process for Short Sales. Participation in these programs is only required if the bank offers loans backed by or owned by Fannie Mae or Freddie Mac (Government Sponsored Entities or GSEs). Any banks not participating in these programs can (and do) change the short sale rules at their will. Even those banks that are participating in the programs can set their own rules for implementing the guidelines that are defined in the programs. Uggh! There's always an out!
For more info on these programs and to find out if your bank is participating visit http://makinghomeaffordable.gov.
For more info on these programs and to find out if your bank is participating visit http://makinghomeaffordable.gov.
Thursday, July 15, 2010
They denied my offer! WTH! What happened to all of that bail out money?
I got the offer! Resultes Unbelievable!
So...my team and my client and I worked our tails off last week trying to get an offer so that my client's house would not go to foreclosure. We did get an offer and we diligently submitted it to the bank. Keep in mind that when a bank forecloses on a house they then take on the responsibility of maintaining the home until it sells. The whole foreclosure process can easily cost them $50,000!
The bank told me on 7/12 to send in any offer I could get my hands on before 7/14. This would stop the foreclosure until the offer could be reviewed. I submitted an offer on 7/14 early in the morning - all 52 pages of it! At this point the bank told me that now (as of 7/1) they would not accept an offer within 5 days of the foreclosure date. I explained to them that one of their own employees had told me I could submit an offer all the way through 7/14. They informed me that their own staff did not know about this new "rule" that had been established on 7/1. The new rule was that no offers would be accepted within 5 days of the foreclosure date! What!???!!! OMG! You must be kidding me! You changed the rules and you didn't even tell your own employees? How does that work? Unbelievable!!! Can we not put some regulations around these banks? They were more than happy to take government money to "bail them out". Where did that money go because it certainly wasn't passed on to the consumer. The banks were in trouble because the consumers were in trouble. The government bailed out the banks so why aren't the banks bailing out the consumers that are in trouble? Yeah, I get that there are alot of people out there that are full of crap and totally can afford to make their payments but choose not to - those aren't my clients. My clients are hard working people who have a true hardships - medical bills, forced to move, loss of job, divorce, etc. I just don't get it!
So...my team and my client and I worked our tails off last week trying to get an offer so that my client's house would not go to foreclosure. We did get an offer and we diligently submitted it to the bank. Keep in mind that when a bank forecloses on a house they then take on the responsibility of maintaining the home until it sells. The whole foreclosure process can easily cost them $50,000!
The bank told me on 7/12 to send in any offer I could get my hands on before 7/14. This would stop the foreclosure until the offer could be reviewed. I submitted an offer on 7/14 early in the morning - all 52 pages of it! At this point the bank told me that now (as of 7/1) they would not accept an offer within 5 days of the foreclosure date. I explained to them that one of their own employees had told me I could submit an offer all the way through 7/14. They informed me that their own staff did not know about this new "rule" that had been established on 7/1. The new rule was that no offers would be accepted within 5 days of the foreclosure date! What!???!!! OMG! You must be kidding me! You changed the rules and you didn't even tell your own employees? How does that work? Unbelievable!!! Can we not put some regulations around these banks? They were more than happy to take government money to "bail them out". Where did that money go because it certainly wasn't passed on to the consumer. The banks were in trouble because the consumers were in trouble. The government bailed out the banks so why aren't the banks bailing out the consumers that are in trouble? Yeah, I get that there are alot of people out there that are full of crap and totally can afford to make their payments but choose not to - those aren't my clients. My clients are hard working people who have a true hardships - medical bills, forced to move, loss of job, divorce, etc. I just don't get it!
I got the offer! Resultes Unbelievable!
So...my team and my client and I worked our tails off last week trying to get an offer so that my client's house would not go to foreclosure. We did get an offer and we diligently submitted it to the bank. Keep in mind that when a bank forecloses on a house they then take on the responsibility of maintaining the home until it sells. The whole foreclosure process can easily cost them $50,000!
The bank told me on 7/12 to send in any offer I could get my hands on before 7/14. This would stop the foreclosure until the offer could be reviewed. I submitted an offer on 7/14 early in the morning - all 52 pages of it! At this point the bank told me that now (as of 7/1) they would not accept an offer within 5 days of the foreclosure date. I explained to them that one of their own employees had told me I could submit an offer all the way through 7/14. They informed me that thier own staff did not know about this new "rule" that had been established on 7/1. The new rule was that no offers would be accepted within 5 days of the foreclosure date! What!???!!! OMG! You must be kidding me! You changed the rules and you didn't even tell your own employees? How does that work? Unbelievable!!! Can we not put some regulations around these banks? They were more than happy to take government money to "bail them out". Where did that money go because it certainly wasn't passed on to the consumer. The banks were in trouble because the consumers were in trouble. The government bailed out the banks so why aren't the banks bailing out the consumers that are in trouble? Yeah, I get that there are alot of people out there that are full of crap and totally can afford to make their payments but choose not to - those aren't my clients. My clients are hard working people who have a true hardships - medical bills, forced to move, loss of job, divorce, etc. I just don't get it!
The bank told me on 7/12 to send in any offer I could get my hands on before 7/14. This would stop the foreclosure until the offer could be reviewed. I submitted an offer on 7/14 early in the morning - all 52 pages of it! At this point the bank told me that now (as of 7/1) they would not accept an offer within 5 days of the foreclosure date. I explained to them that one of their own employees had told me I could submit an offer all the way through 7/14. They informed me that thier own staff did not know about this new "rule" that had been established on 7/1. The new rule was that no offers would be accepted within 5 days of the foreclosure date! What!???!!! OMG! You must be kidding me! You changed the rules and you didn't even tell your own employees? How does that work? Unbelievable!!! Can we not put some regulations around these banks? They were more than happy to take government money to "bail them out". Where did that money go because it certainly wasn't passed on to the consumer. The banks were in trouble because the consumers were in trouble. The government bailed out the banks so why aren't the banks bailing out the consumers that are in trouble? Yeah, I get that there are alot of people out there that are full of crap and totally can afford to make their payments but choose not to - those aren't my clients. My clients are hard working people who have a true hardships - medical bills, forced to move, loss of job, divorce, etc. I just don't get it!
Tuesday, July 13, 2010
Trying to save client from foreclosure today
We are up against the clock here! I need an offer on a property in Ocean Springs TODAY or it will go to foreclosure. I'm sick over it. My job is to save my clients. It affects me deeply when one is lost to foreclosure even if it is of no fault of my own. Many who are not in the situation of having lost a job or having an unexpected emergency or such have no sympathy for anyone working toward a Short Sale and trying to save themselves from foreclosure. The fact is that some things are out of our hands. I have not yet had on short sale client who said "I just don't want the house anymore..". No - they all want to keep their homes. They all want to know that their families are snuggled up in their beds at HOME every night. Where do these misplaced folks go when they are booted out of their home? Apartments - No...credit checks are run before you can rent an apartment so they usually don't qualify. Most end up back at Mom & Dads or at some other relative's home who reluctantly lets them in temporarily. It's sad. It truly is.
Monday, July 12, 2010
Behing on mortgage? You have options!
There are so many families out there today struggling with their mortgage payments. The sad thing is that most of them don't know that they have options. In many cases they may be able to assist in a sale of their home that wipes them free of the dept! In these cases a "short sale" is done. This means that the home is sold "short" of what is owed on it. In many cases a certified short sales specialist (which we are, of course)can negotiate with the bank to release the seller of future obligations and to waive the difference AND pay the realtor's commission! Spread the word - let others know that they DO have options. We are here to help! Contact us any time at info@eakesrealty.com or 228-223-0665.
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