Mahopac NY - In this case I would recommend you sell the house. Now, if you are reading this blog, then you must be researching a short sale.

Which means that you are probably upside down on the home. You have three options.

Option #1: Let your lender foreclose on the home. You just stop making the payments and surrender the home to your lender.

Option #2: Short Sale the house and get the debt wiped out. A short sale offers the following benefits over a foreclosure.

Issue: Can I get a Future Fannie Mae Loan?

Foreclosure: The current Fannie Mae Guidelines require you to wait 5-7 years before you can buy another home with a Fannie Mae Loan. Most other banks and lenders have the same or even stricter procedures.

Short Sale:If are back on your feet 2 years after the short sale, then Fannie Mae guidelines allow you to get a loan from them. 

Discover how other sellers successfully did a short sale to avoid foreclosure by requesting an appointment harry@townandvillagerealty.com

Issue: Can I get a future loan from any mortgage company?

Foreclosure: Any future application will require you to answer the question, "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" you'll have to answer that question yes.

Short Sale: You can state “No” because you short sold your home. You only have to say yes if the bank completes the foreclosure.

Issue: Credit Score Impact.

Foreclosure: Your score is typically lowered by 250 to 300 points, or even more. This often stays on your credit score for over 3 years.

Short Sale: Only late payments show up. After a short sale, the mortgage is normally reported as "paid in full, settled." This lowers your score as little as 50 points if all other payments are being made. Oftentimes, this is off your credit report in as little as 12 months.

Issue: Will I owe the bank any money for the shortfall?

Foreclosure: Many lenders take 12-18 months to foreclose upon a property and resell it. This dramatically increases the loss and makes any deficiency judgment potentially bigger.

Short Sale: Few lenders ask for a promissory note on a short sale. As an example, on one short sale, the bank lost over $120,000. They settled with the seller for $25,000 to be repaid over 15 years with zero interest. The seller's monthly payment was only $138,89. You can often even negotiate and have the promissory note waived. 

Option #3: Rent the property. This is a good way to earn some extra money. However, if you are upside down, then it is more than likely that the rent will not cover the mortgage. That means someone will have to write a check each month covering the loss.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Harry@townandvillagerealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (914) 714-8014.

Discover how other sellers successfully completed a short sale and request a free consultation.

Thinking about selling your home call me..I'll calculate how much your home is worth at this point in time and handle your sale.
Thanks for reading this, Henry DOnofrio.

Henry is a Real Estate Agent at Town and Village Realty.

Phone: (914) 714-8014. Harry@townandvillagerealty.com


View My homes for sale at www.townandvillagerealty.com.

Henry DOnofrio specializes in  short sales in White Plains New York. White Plains Loan Help, White Plains short sales. White Plains Short Sale Reator Short Sale Realtor. Mahopac NY Short Sales. Mahopac Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Henry DOnofrio's personal views and do not reflect the views of Town and Village Realty.  This information on Mahopac Short Sales: Getting divorced, neither can afford, what to do is provided as a courtesy to our viewers to help them make informed decisions.

Mahopac NY - The big banks made mistakes and received a bailout. They have the resources to lobby congress and the courts to have laws written to suit them.

But, what has the little guy received? Nothing. So we decided to put together a Homeowner's Bill of Rights. It's time we had Washington look at what we want, versus taking care of the big banks.

Considering that the big banks have way more rights than the little guy, here is what we think should be done to "level the playing field."

                                         The Homeowner's Bill of Rights.

         1. Stop The Loan Modification Insanity! The Right to an open and transparent loan modification process.Any homeowner that can no longer afford their mortgage payment, petitions their lender for a loan modification, and it turned down shall receive a written, coherent response from their lender detailing why they were denied and what they can do to be approved for a loan modification.

          2. The right to get an answer to a voicemail or e-mail from a loan mod or short sale negotiator within one business day. 
         

          3. The right to obtain the rules and guidelines for the loan modification of short sale from the loan servicer. Most loans are owned or insured by someone other than the lender the homeowner mails their payment to. However, these front entities still make decisions contrary to the investor or insurer's guidelines.

As such, the loan servicer should send any and all guidelines regulating the loan modification and short sale process to the homeowner.

            4. The right to deal with one person who will make the decision to approve or deny their loan modification or short sale.                        This person should be available to reach by phone or e-mail.

            5. The right to attempt to negotiate a loan modification or short sale without fear.The homeowners have the right to have all foreclosure proceedings stopped when they are negotiating a loan modification or short sale.

Many lenders use an impending foreclosure sale date to force a higher payment from a homeowners attempting to secure a more affordable payment.

Many times the reason the sale date is so near is because the lender has dragged their feet on negotiating with the homeowner. Because they are under duress, many homeowners will agree to a payment they cannot afford.

Sure the loan mod negotiator at the bank gets a bonus. But, everyone loses when the homeowner re-defaults and the lender has to process a loan modification all over again.

            6. The right to walk away from their upside down mortgage debt. We often see the lenders hold such a hard line on getting repaid everything they owe that they allow the collateral (the home that is mortgaged) decline in value even more than they ever would have received as repayment from the debtor.

             7. Stop the Debt Collector Harassment! The right to tell any and all debt collectors to stop calling and never receive a phone call from then again. In addition, this would include debt collectors that know the person's phone number, but will call family members in an attempt to embarrass the debtor.

This is America people! Debtor's prison was abolished two centuries ago! It's time to update your activities to the Twenty-First Century!

8. The right to have their short sale handled competently. The short sale process with most lenders is seriously flawed. Because of this, we see short sale offers for 385k rejected, only to see the home sell for 230k after foreclosure. This hurts homeowners, the banks, the housing market, and the American Economy.

Is it fair to pursue a homeowner for a larger deficiency when it was the lender's decision to reject the short sale that caused the deficiency to be larger? I don't think so.

Because of that, the homeowner has the right to have their short sale handled as detailed below.

           A. All deficiencies are forgiven. We often see the lenders hold such a hard line on getting repaid everything they owe that they allow the collateral (the home that is mortgaged) decline in value even more than they ever would have received as repayment from the debtor.

Making the infamous difficult short sale process simpler and more attractive to buyers would net the banks way more money than will ever be recouped chasing down sellers.

            B. To have their short sale handled to process everything as smoothly and quickly as possible so the home sells for top dollar and the loan owner receives the most money possible.

             C. The right to work with a competent, experienced agent who specializes in short sales. 

             D. The homeowner is given a written list of investors, mortgage insurance companies, etc. (with contact information) that need to be satisfied for the Short Sale to be approved.

             E. An appraisal is ordered and then the home is listed for sale at that price. The price is dropped by 5% a month, or whatever that lender's standard price drop is for Bank Owned Properties.

              F. Home buyers get an answer to their offer within 2 business days. 

              G. An appraisal is ordered and then the home is listed for sale at that price.

              H. Allow short sale buyers 45-60 days to get their loan approved. Many lenders that have loan servicing departments that handle short sales. These departments demand that a home buyer close the transaction within 30 days of short sale approval.

However, these same companies have lending sides that cannot close a loan in less than 45-60 days. So essentially, they are demanding that other banks close loans in 30 days, when they themselves cannot do the same thing. I would call that serious hypocrisy! Don't you agree?

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Harry@townandvillagerealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (914) 714-8014.

Discover how other sellers successfully completed a short sale and request a free consultation.
 

Thanks for reading this, Henry DOnofrio.

Henry is a Real Estate Agent at Town and Village Realty.

Phone: (914) 714-8014. Harry@TownandVillageRealty.com.



View My homes for sale at www.townandvillagerealty.com

Henry DOnofrio specializes in short sales in Westchester White Plains New York. White Plains Help, White Plains short sales. White Plains Westchester Short Sale Realtor Short Sale Realtor. Mahopac NY Short Sales. Mahopac Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Henry DOnofrio's personal views and do not reflect the views of Town and Village Realty.  This information on The Homeowner's Bill of Rights is provided as a courtesy to our viewers to help them make informed decisions.

East Fishkill, Dutchess County  -  Announcing a price reduction on 10 Laura Lane, a 4,370 sq. ft., 4 bdrm single story. Now MLS® $695,900 - .

Property information

Mahopac NY - Wiki leak's Editor, Julian Assange, recently said he would be releasing documents on a large US Bank. We decided to beat him to it and release some information on how a large US Bank caused their client to lose an estimated 40k because of their incompetence.

Discover how other sellers successfully did a short sale to avoid foreclosure by emailing me Harry@townandvillagerealty.com.</a>

This is a house that we drive past every day on my way to work. We noticed that it look abandoned. We looked up the owner to see if they might want to sell the house. That’s when I saw that the home had already been foreclosed. The house was foreclosed on February 4th, 2009. That’s almost a two years ago.

Since we didn’t know who the lender was, we forgot about the house. But, it was a great example of why a bank owned house sells for less than a short sale. So, we went out to the house and took some pictures.

Normally, after a bank forecloses on a house, they will put it up for sale within 2-3 months. Today, December 1st, 2010, they still haven’t put the home up for sale. We found out that a large US Bank's Loan Servicing Arm was servicing the loan on behalf of the owner. In July 2009, we talked to Ann at this lender's loan servicing office. She told us that they were servicing this loan.

She said if I had a buyer, we would need to contact the homeowner. “It’s not owned by us. You need to contact the homeowner if you want to sell the house. The property has not gone to foreclosure sale,” she said. We told her the house had already been foreclosed upon. We asked her if they ever communicated with the foreclosure lawyers. We also made sure we were talking about the same house. She confirmed that we were talking about the same house and confirmed the address and the foreclosed homeowner's name.

“That’s interesting,” she replied. “My records show it hasn’t gone to foreclosure. I’ll check in with the foreclosure department and verify whether it has or hasn’t been foreclosed upon,” she said. Today, almost two years later, no one has followed up on this house. The loan servicer has been 100% incompetent with their actions on this house.

Here is who it appears owns the house today: The Certificate Holders of the Morgan Stanley ABS Capital I Inc Trust 2005-WMC6 Mortgage Pass Through Certificates, Series 2005-WMC6. That means the owners could range from a pension fund, a large Wall Street Firm, or individual persons.

Estimate of Money Lost by the owner: $40,000 to $50,000. This is an estimate of the amount of money lost because the house was no put on the market in the normal 2-3 months after foreclosure. This large US Bank's servicing arm has waited almost two years to put the home up for sale, and it still isn’t on the market as of December 1st, 2010.

Here is how I came up with the estimate of loss:

We asked another agent what he had thought the house would have sold for previously. We both agreed that if the house had been listed in April 2009, that it would have sold quickly. This is because Spring is the peak selling season. We both agreed that it would have sold for between $140,000 and $150,000.

Today homes similar to this one are selling for $90,000 to $100,000, depending on the condition. This home is in pretty bad condition. So, we can conservatively estimate the loss because of a reduced selling price to be: $35,000 to $50,000.

That isn't factoring in a estimated $4,000 in property taxes that have accrued during these past two years, nor lost interest if the money had been loaned to someone else.

I am going to give the same answer as Mr. Assange for who the bank is. First, it is a large US Bank. If you were to ask, "Is it the largest US Bank?" then our answer would be: "No Comment."

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at Harry@TownandVillageRealty.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (914) 714-8014.

Discover how other sellers successfully completed a short sale and request a free consultation.

Thanks for reading this, Harry DOnofrio.

Harry is a Real Estate Agent at Town and Village Realty.

Phone: (914) 714-8014.

Harry@TownandVillageRealty.com


View My homes for sale at www.townandvillagerealty.com

Harry DOnofrio specializes in short sales in White Plains New York. White Plains Loan Help, White Plains short sales. White Plains Short Sale Realtor Short Sale Realtor. Mahopac NY Short Sales. Mahopac Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Harry DOnofrio's personal views and do not reflect the views of Town and Village Realty.  This information on Citizen's "Wiki Leak": Large Bank causes investor to lose an estimated 40k thru incompetence is provided as a courtesy to our viewers to help them make informed decisions.

Landmark Colonial

• 6,700 sq. ft., 7 bath, 7 bdrm 3 story "Colonial" - MLS® $1,499,000

Park Hill, Yonkers  -  Pristine late 1800's Colonial with eastern views Built by Louis G. Fischer and previously owned by Palace Mission Church Mother Devine. Local Landmark Property Stained glass,gorgeous hardwood floors, open eat in gourmet kitchen to formal dining room. Parlors, Study, Exercise room, 7 plus bedrooms, balconies. Oversized Master bedroom. Fireplaces throughout. No detail overlooked. 2.65 acres with circular drive in the sought after Park Hill Avenue Area of Yonkers.

Property information

Thinking of selling your home in todays market can be a challenging task.  You want your home to stand out above the crowd.  How do you do this?  Well one of the ways I have seen homes move quick on the market is to go below market value, which creates immediate interest. I am not saying you have to sell below market value (unless you need to sell immediately), however pricing it below market value creates a lot of interest and sometimes it will end in a bidding war.  A seller never has to accept an offer it’s all up to you.  Another way to generate interest is if it feasible is to offer owner financing in this tough “hard to get credit”  economy.  You do have buyers out there that have solid work ethics, but perhaps no money down or not enough for closing, or perhaps they are coming out of a bad credit situation.  There a plenty of hardship buyers out there screaming for the opportunity to own.  The situation would have to be right to offer financing, enough equity in the home, no mortgage on the property, it would have to make financial sense for you.  The way I see it is where else are you going to be getting 5-7% return on your money. ?  It sounds so cliché, however staging a home does wonders for a home, when potential buyers walk in, they see a perfect set up, they see themselves living there.  Buying a home is all emotion, the feel, when you walk into the home plays so much into the decision to buy our not.  Staging can be very beneficial and will generally bring you closer to your asking price.  Taking care of the outside of your home, making sure it is tidy and clean is also a must, this is the first thing potential home buyers see.  If they don’t like the outside they will have a hard time viewing the rest of the home.  Fresh plants help spruce up the exterior, make your garbage pails are out of site.  If you have pets be sure to clean up after them, nothing is worse than having to watch where you step.  If you have a patio or deck for entertaining, present it in a way that the potential home buyers can see themselves entertaining there.  I am a pet owner; however the last thing you want when trying to sell your home is pets that are roaming around. There is nothing more distracting than this.  Cats will either follow you around (some people are afraid of cats) or sometimes they will run and hide.  Dogs generally bark when you open the door and immediately put you in an uncomfortable mind set.  Even if you think your animals are harmless they will hurt you when trying to sell your home.

Another biggie with buyers is the home must smell nice!  Don’t cook broccoli, cabbage, or any other food that has an obnoxious smell to it when you know buyers are coming to view the home.  Have aroma candles, vanilla, black licorice, clean cotton smell, you want the aroma to play into their emotions.  Above all if you’re a smoker, clean everything from your walls, furniture, curtains, I mean everything!  Nobody, not even smokers enjoy the smell of stale smoke!

Well I hope this has been helpful!  I was on our local MLS and noticed 83 expired listing today.  When it comes to selling your home, take some of this advice.  I have worked with hundreds of buyers and seen thousands of homes.  Two things will prevent the home from selling price and marketing, (marketing comes from the sellers end as well as the realtors), don’t become an expired stale listing.  If you need to sell, take the right steps to do so.

You can visit our site at www.townandvillagerealty.com for more ideas on selling your home in today’s market.  If you are thinking of selling and would like more information please feel free to contact us at Sales@townandvillagerealty.com or call  "Bert"  Robert Perrelli at 914-548-6783 or ed Monigan at 845-490-2036 for further assistance. We service Westchester, Putnam and Dutchess County NY.

Click here for a free list of bank owned foreclosures