Mark Sumpter

I keep hearing what a good thing it is that the banks have paid back the TARP money to the government.

That they are right again with the public and tax payers and all isrithgt with the world.

It just has felt wrong some how but I didn’t know enough to talk about it.

I have learned a little more.  Did you know that once the banks pay back all the TARP money they have borrowed from the government, they now get tax credits on each short sale or loan mod and maybe foreclosure that they do?  The get a tax credit for the amount of debt they forgive to the homeowner.

Therefore, the HAFA program that I wrote about last, the 2nd and additional lien holders are “supposed” to forgive the homeowner of the  unpaid balance and not go after them for the difference.  However, the first declaries it doesn’t and won’t have time to “ensure” they don’t pursue the homeowner so if the homeowner doesn’t get something FIRM in writing, those additional lien holders CAN and most like will go after them for the unpaid balance.

Even though they get a tax credit from the government.

No wonder they paid off err, I mean paid back the government so quikcly.

What do you think about all this?

Deb McMillan

The Short Sale Queen® and Coach

www.shortsalequeen.com

One of my clients got a letter a couple weeks ago.  It said “if you pay 10% of the balence of the loan by the end of the month – we will forgive the additional mortgage amount and release the mortgage from the property”.

What a deal.  Problem was they still didn’t have $4,100.  And I went out of town so I couldn’t buy it either.

A couple weeks went by.  I got a call from Household Finance.  They said they just sent a letter to the homeowner that if he came up with $500 by the end of the month = they will forgive the additional mortgage amount and release the mortgage from the property”.

No, I didn’t forget a zero.  Five hundred dollars.

Amazing!  The lender is cleaning up their books and offering a tax time offer to homeowners to get the loan off their books and give the homeowner their house.

An guess what?  The homeowner did find $500.  Actually, he had about $350 in layaway on a gun.  He got the money back and added $150 to the total.  Paid Household finance over the phone and are now waiting for the letter stating they will be owning the house.

What does this mean to you?  Just as I always said “banks don’t want those houses back.”  Some are ok if they have to take them back.  Some are much less than OK.

If you’re working on a loan mod or short sale with Household Finance, Beneficial Finance or HSBC – now is the time to ask for a BIGGER discount.  They just may be ready to deal and not want your house back either!

Deb McMillan

The Short Sale Queen® and Coach

To learn more about getting bigger discounts click here!

What do you think? Has the FHA Seasoning rule changed for the better even if you are doing short sales and double closes? Do you think you can still get them done in 1 day?

So many “special” requirements. Only 20% profit or you need 2 appraisals and probably all your receipts that show how much you spent to improve the value, property marketed open and fairly, no previous flipping with the past 12 months…and the big one. The one all the vendors are coming out of the woodwork selling their new program so this one will work.

The Seller Must Hold Title to the Property

If you are already one of my coaching students you know we already fit that criteria. No need to depend on somebody else’s money for 7 – 14 days while you get on title, no need to hold the property HOPING the C buyer really does close the sale 2 weeks later. No extra stress keeping your fingers crossed convincing your lender the buyer will buy.

No need to do lots of repairs and keep all your receipts – at least in most cases.

If you are buying short sales on an Option to Purchase Contract…and Know How To Explain It to the Underwriter of the end buyers lender…You are Good!

When we record the Notice of Option at the County Court House that the buyer and seller both sign and notarize (if you are already my coaching student – yes I have changed the form and you should be getting the updated version soon) you know you already show up on title with all the rights of the seller.

That’s why we’ve been able to complete double closes already with conventional lenders, without trusts and a comfort lender from the end lender. We did, can and could act as the seller.

OK, so I’m probably one of the few who are saying this. And Yes, it does need to be tested. And it will be just like the conventional loans – each one will be different and get special approval from each underwriter. SO…

Start your conversation early with the buyer’s underwriter. Let them know exactly what you are doing. How you are buying the property, that you are reselling for a profit and you believe it will appraise at the higher value.

This is why the Options have worked in the past. The deal is transparent. Those who need to see all about the deal see all they need to see about the deal.

We’ve had 2 appraisals before we could close on other deals. That hasn’t changed. We haven’t shown receipts of the work we do. Can we get by with that now? I don’t see why not.

Again, each case will be different but don’t start spending money anticipating you can’t do these deals. Be persistent, be proactive, be confident in the Option Contracts.

If you need more convincing – check me out for my coaching. You will be persistent, accountable, proactive, confident and get your deals closed!

www.shortsalequeen.com
Check out these websites for freebies and more Short Sale Information!

www.theShortSaleTips.com

www.BestShortSaleCourse.com

www.ShortSaleTerms.com

www.MyShortSaleTraining.com

To Your Real Estate Short Sale Success!

Deb McMillan
The Short Sale Queen® and Coach

Are you sick of hearing that real estate and the economy is in the worse shape it has ever been since the Great Depression? No one is buying real estate and anyone who does is just plain stupid?

The qualifications have changed so much no one can get a mortgage, so houses are just sitting on the market and the market is flooded with more houses than ever?

They even say the best in Short Sale Training won’t get you any money in your pocket or save you from an income crunch.

Well parts of those statements are true
– qualifications to get a loan have changed

If you want to borrow money you have to have the Visible Means to pay it back. That means the borrower has to have a job.

That doesn’t seem like such an unreasonable expectation.

No they aren’t giving loans away. They are not altering peoples’ income so on paper it looks like they can afford a house.

The cool thing is those borrowers are out there! I am closing on houses and selling them right away every month!

It’s because I follow my own short sale training and short sale coaching plan and success systems!

The biggest piece of this whole pie is the house MUST be priced right! And that is what is really selling housing. Pricing the house right for the condition, the area and the buyer and you can do that with my Short Sale Training!

Getting Short Sale Training can get you the information you need to do it all yourself! Yes, you work with other people but you are the one who talks to the banks. You aren’t dependent on somebody else getting a deal for you and saying all the right things.

Don’t let this scare you. In the Short Sale Training with the Short Sale Queen you get individual attention so you do know what to say and you do get a great deal!

You’ll discover all the right things to say, the right things to do, the paperwork to get to the banks, and the most direct way to the closing table.

With all the news stations saying how the short sale market has increased, anybody and everybody is teaching short sales, claiming to be the one and only Short Sale Coach. Lawyers, shysters, everybody!

So how do you decide on whom to give your money to and believe you will get the best information so you can help your homeowner, save the bank, get a qualified buyer into the house and you still make money?

Count on somebody who has been closing deals for longer than the current fad. Somebody who still attends seminars to learn more because one person just can’t know it all. And if the guru’s say they know it all – they ARE lying!

Choose a short sale program or short sale training that other students have great things to say about their teacher!

Choose the Short Sale Queen! We have a proven system that gets you to the closing table more often. We have testimonials from successful students. I still attend seminars, I still close my own short sale deals, and I offer a one-on-one coaching class so you get the best information first!

Log on to www.shortsalequeen.com

Believe in your own success!

Deb McMillan
The Short Sale Queen and Coach

PS Stay tuned too! We’ll be coming out with our own “Short Sale Forum” sorta’ like Facebook. You’ll see it first here!

I’m still getting responses but it is very even between all 3 answers.

Show up and accept $2000
Let the house go to foreclosure because no $5K check showed up
Don’t go to closing and see if a $5K check shows up.

Here is what my student did. She didn’t show up at closing. They called her back a couple weeks later and paid her $500 more to release the Notice and close the transaction. She received $2,500 total.

The foreclosure was filed and there was still six months before the sale. They had time to come to some negotiated terms.

I think what she did was right. All three people had a signed agreement and should have had a scare about not fulfilling their part of the agreement. I would have negotiated more than $500 but my student was happy. The transaction closed then everybody was happy! It was still a win-win-win.

The Best Short Sale Training AvailableClick here!