How will my credit be affected on a Short Sale, is there any advice you can give me? 

Disclaimer:  I am not a credit expert and I am responding to you based only on my understanding of the affects on credit.  Making late payments on any debt will lower your credit score based on the amount of days you are late on your payment.  It is my understanding that on average, a short sale on your credit report is a negative 150 FICO points versus a foreclosure on your credit report is a negative 250 FICO points.

Please note that these figures change on a regular basis.  I highly recommend that doing a short sale is better than letting the house go to foreclosure.  If your house goes to foreclosure, it will be 5 to 7 years before you can purchase another home.  The short sale on a credit report versus a foreclosure shows good intention on your behalf.  You took action against the debt and negotiated a settlement versus just walking away.   A short sale also allows you to clean up your credit with the possibility of purchasing a new home after 2 years.  I do refer you to a credit counselor after selling your home on a short sale.

My friends keep telling me to do a loan modification.  Are there any benefits of a loan modification versus a short sale?   

The most obvious benefit of a loan modification (loan mod) is that you get to keep your house. Many people want to do a loan mod because they want to keep their house. The drawback on a loan mod is that most lenders will adjust your payment; however, they will not adjust the balance of the loan on the property down to the current market value.

Loan mods are free through the lenders and I would recommend if you are interested in keeping your house that you attempt the loan modification yourself. Please be aware you will have to be very persistent and very patient to go through the extremely lengthy loan modification process.

 During the loan modification process, will the lender stop all foreclosure action against me?

 I cannot guarantee they will, since most of time once the lender has paid an attorney to do their job, the attorney will continue on with foreclosure process.  The lender still has the right to continue with the foreclosure action against you.  Many times the homeowner can’t afford the loan modification given to them from their lender.

Should I do a Deed in Lieu of Foreclosure? 

Lenders want money not your house.  A Deed in Lieu of Foreclosure gives the property back to the first mortgage company who may or may not waive a deficiency judgment. If there is a second or third mortgage on the property, you probably don’t qualify because you cannot provide clear title to the first lender.  In addition, if they did take the Deed in Lieu of Foreclosure, you would also receive a deficiency judgment for the second and/or third mortgage.  When you received a mortgage on your property you also gave the lender a mortgage note. You promised to pay this debt with or without the property being attached as collateral.

What’s the next step for me?

Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report.  You can also go online at www.SellFastRealty.com or www.FreeFactsAboutForeclosure.com and fill out the contact information.  Please be sure to fill out the form completely for a quicker response.  We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU!  I am honored that I can educate you with the true facts about foreclosure. I am sure you have some more questions after reading this Special Report and we look forward to discussing them with you on a personal and confidential call with you.

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How is Sell Fast Realty different from other Realtors?

I understand my sellers’ needs because I, too, have been down the foreclosure road.  I can tell you life does get better when you decide to make a decision.  Making a decision that is best for you and your family is a huge relief!!  I know how you feel when you start receiving all of the telephone calls, the amount of worry and stress that you and your family have to endure during these times.  So, if you want to know from someone who has been there, done that, and has the T-shirt to prove it……oh, and survived it…..then that would be me.  And, that is why Sell Fast Realty works so hard for you, because I know your pain!

We understand all the ups and downs and that is why we love to help sellers because life is too short to fight with the lenders.  Money is the #1 reason why families fight and why couples get divorced.  We make sure the lenders know that you are a person and not just a file number.  Many of the people working at the mortgage companies really don’t care about your situation, as they are overwhelmed with the number of people in the same situation as you.  We treat each and every family with care and make sure the lender knows you are a person not a file number.

The difference in working with me and my Sell Fast Realty team is that I have been in real estate since 1998.  We work daily with sellers who are in foreclosure. We are short sale experts who have direct numbers to the managers and supervisors of the lenders. So we don’t have to wait on that 800 number on hold forever. We know the exact words to say and know what type of package to send into the Lender to get your short sale through faster.

Just because a Realtor can list and market your property doesn’t make them a short sale expert. Many Realtors outsource their short sales for another company to negotiate, as we receive a lot of referrals. We personally negotiate your short sale; we are not a huge corporation, we work personally with you one on one. You always know the status of your short sale.  We have closed over 500+ real estate transactions with homeowners just like you.  When dealing with Sell Fast Realty, you will surely know that you are in good hands.  Our #1 Focus is YOU!

What qualifies Kimberlee and her Team as Short Sale Experts?

Kimberlee Frank is known as “The Real Estate Junkie,” for her unique ability to find ways to creatively help buyers and sellers no matter which direction the real estate market is heading.  Kimberlee had already worked as a legal administrator for an Attorney, Builder and Broker for 18 years when she began her Real Estate career in 1998.  She dotted the i’s and crossed the t’s on hundreds of real estate transactions and thousands of documents, making her an expert in real estate documentation.  Kimberlee’s success began in Fenton, Michigan.  She specialized in selling, purchasing, renovating, retailing and lease optioning single-family homes.  She has helped many sellers get rid of their “headaches” and helped many buyers find their dream homes!

Since 2003, she has specialized in foreclosures and short sales.  After realizing how many families were being forced out of their homes due to financial difficulties, Kimberlee had a heartfelt obligation to use her experience to help those families.  She has mitigated and closed over 500 short sales with the mortgage companies, saving sellers from going into foreclosure and saving her sellers over $37 million….and counting!  In 2006, Kimberlee and her family moved to Florida.  She lives in Oviedo and her Sell Fast Realty office is in Winter Springs, serving residential and commercial sellers and buyers in multiple counties throughout Central and Southern Florida.

Kimberlee is also a Trainer and Mentor and has created several different “How To” systems on real estate.  Her unique strategies continue to educate real estate professionals across the country, giving them the best tools to continue helping families.  If you have a proven system to help others out of hardship, why wouldn’t you duplicate it and share it with as many people as you can?  Kimberlee continues to work with this philosophy!

Kimberlee Frank has been featured on ABC, NBC, FOX, CBS as well as Wall Street Journal, Newsweek, USA Today and numerous other publications.  She is the bestselling author of “Big Ideas for Your Business” (Advantage Media 2009).  She was also selected as the #1 Short Sale Expert by America’s Premiers Experts.

What’s the next step for me?

Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report.  You can also go online at www.SellFastRealty.com or www.freefactsaboutforeclosure.com/ and fill out the contact information.  Please be sure to fill out the form completely for a quicker response.  We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU!  I am honored that I can educate you with the true facts about foreclosure.  I am sure you have some more questions after reading this Special Report from Sell Fast Realty and we look forward to discussing them with you on a personal and confidential call with you.

Kimberlee Frank
Real Estate Broker & Short Sale Negotiating Expert
407-888-3433
www.shortsalenegotiating.com

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How do I qualify for a Short Sale?

To submit a short sale request, you need to have a hardship, a buyer, and the lenders require that you have the house listed with a Realtor.   Your offer from your buyer, along with your financial information, is submitted to your lender for their review to determine if you qualify for a short sale.  There are different types of short sale programs which I will discuss in other paragraphs in this Special Report.  Many homeowners have been informed by their lender that they should sell their property on a short sale.  However, many real estate agents aren’t even taught how to conduct a short sale or how to price the house properly in order to find a buyer.   When you choose the wrong real estate agent, they never find a buyer or they aren’t able to short sale the property at market value and then your house goes to foreclosure.  If you don’t have a buyer, then the lender will not even consider the short sale.  At Sell Fast Realty, Our #1 Focus is YOU!  Once we have your buyer, then you will have to provide the lender with a full financial packet and your short sale begins. 

How severe does my Hardship have to be to receive a Short Sale? 

First of all a hardship is a hardship. Many people right now have the same hardship reasons as you: reduced hours/pay at work, doctor bills, adjustable rate mortgages, insurance premiums increased, escrow accounts increased, divorce, relocation, two house payments, illness, etc.  However, the lender is the only one who can qualify you or your house for a short sale. Having our team of short sale experts who know the in’s and out’s of short sale process will greatly increase your success in getting your short sale approved.

Do I need to be 4-5 months behind on my mortgage payments before the lender will even let me do a short sale?

No, you do not.   I have started working with homeowners who were current on their payments but they knew that in the next 30 days they would be behind.  The lenders need a hardship, so once you have a hardship and you have missed your first payment, then they understand that a hardship exists. However, the lender will typically start legal actions against you within the 4 to 5 month timeframe.

 

What’s the next step for me?

Take Action Now by calling us at 407-888-3433 or call the Sell Fast Realty Agent who provided you with this Special Report.  You can also go online at www.SellFastRealty.com or www.freefactsaboutforeclosure.com/ and fill out the contact information.  Please be sure to fill out the form completely for a quicker response.  We will contact you personally within 24 hours to tell you how our expert short sale team can relieve your stress….. Our #1 Focus is YOU!  I am honored that I can educate you with the true facts about foreclosure and we can discuss if you qualify for a Short Sale. I am sure you have some more questions after reading this Special Report and we look forward to discussing them with you on a personal and confidential call with you.

Kimberlee Frank
Real Estate Broker & Short Sale Negotiating Expert
407-888-3433
www.shortsalenegotiating.com
 

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