How Long Will I Have to Wait to Purchase Another Home After I Complete a Short Sale?

Posted on May 14, 2012 in Roseville and Sacramento Short Sale FAQs

Hi everyone, this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. Today’s topic is one of the most frequently asked questions I get and that’s how long will it take before I’m able to purchase another home again after I complete a short sale? Well, the time frame for that can actually vary widely. It can vary from a week after I close your short sale to three years. The reason being is if you complete a short sale and you’re current and you have a very valid reason such as divorce or huge loss of income and another is relocation. Especially if you’re relocating a fairly long distance around 100 miles or so, then you might qualify for a short sale and purchase again with an FHA loan. This is something we would want to pre approve before we start the process just to make sure that it is an option for you.

Otherwise, you can actually obtain a new VA loan; if you had an exception on that one within a year. You can also obtain an FHA loan in around 3 years after a short sale. At the end of the day what you really need to look at is your financial situation. How much is your home underwater? If it’s going to take you five or six years to recover, then you might want to think about a short sale as a way of getting yourself back on the financial track.

Again, I’m Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialist and I’m here to help. If you have any specific questions about your situation, you can hit the start here button at the top of our website. You can also give me a call directly and I’d be happy to follow up with you. Thank you and have a wonderful day.

Is It Possible To Do A Short Sale With A Federal Tax Lien?

Posted on May 13, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone this is Mark Peek at Keller William’s Real Estate, your short sale specialist in the Roseville and Sacramento area. Today’s topic is regarding IRS tax liens that have been attached to your house; the tax lien could have happened in the past or is recent, but either way, it’s been attached to your home loan and you need it removed in order to complete the short sale. You may be underwater at this point, wanting to do a short sale and wondering how that will happen. Will the IRS actually negotiate that, will they remove the lien and can we move forward with the sale?

I can tell you that I can negotiate with the lien holders, such as Bank of America, Chase, Wells Fargo, and get them to settle for less, but the IRS will not settle for less. They will, however, appreciate the fact that you’re trying to avoid foreclosure and will work with you in order to complete a short sale and remove the lien. They won’t necessarily discount your payoff on your tax lien, but they will work with us to get it removed, as long as you provide the requested paperwork. There is a lot of paperwork that they require, such as a buyer’s appraisal and certificate of tax discharge documentation; essentially you need to make sure all of your financial documents are in order to get the federal tax lien removed so we can close the short sale.

If you have any specific questions or you have a situation similar to this, please give me a call or click Start Here at the top of the page. I would be happy to follow up with you, answer all of your short sale questions and help you with your specific situation. Again, I’m Mark Peek with Keller William’s Realty in Roseville and Sacramento and I’m your short sale specialist for the entire Roseville and Sacramento area. I look forward to working with you and meeting your short sale needs.

Recent Success Saves Homeonwner Pile Of Cash Through Nationstar Mortgage Short Sale File

Posted on May 10, 2012 in Roseville and Sacramento Short Sale FAQs

Hello everyone I am Mark Peek, your short sale specialist in Roseville and Sacramento, thank you for checking out my blog today. I work with Keller Williams Realty in the Roseville and Sacramento area and use my blog to provide distressed property owners valuable information on their options for avoiding foreclosure.If you have questions about the short sale process, or can no longer afford your mortgage, visit my website or contact me today to discuss your options.

For my blog today I wanted to talk about working with Nationstar Mortgage on a short sale file and some of the recent files I have worked with. A lot of the Nationstar Mortgage’s I have worked on lately have been owned by Fannie Mae or Freddie Mac. On the most recent short sale I completed with Nationstar my client owed four hundred and seventeen thousand dollars on their underwater mortgage. Through negotiating with Nationstar I was able to achieve a payoff of one hundred and seventy two thousand dollars with zero deficiencies owed by the homeowner. Having just received the approval letter for this short sale I can proudly say we were able to remove two hundred and forty thousand dollars worth of debt from this homeowners name. This was a big relief for our client and they will be able to start looking for a new home in Roseville and Sacramento to buy within two to three years.

If you have a Nationstar Mortgage, or any other lender, and are not sure what to do with your underwater mortgage give me a call today to discuss your options. With years of short sale experience in the Roseville and Sacramento area I am the right choice for getting you out from under your distressed property. This is Mark Peek with Keller Williams Realty, thank you for your time and I hope you have a great day.

Helping Successful Short Sales with 2nd Liens Avoid Foreclosure

Posted on May 3, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, this is Mark Peek with Keller Williams Real Estate, your Roseville and Sacramento short sale specialists. Today’s topic is secondary liens on a property, specifically lines of credit. Now if you have multiple liens on a property and you are attempting a short sale, essentially those multiple liens have to agree with each other on who is going to get what in order to settle out the short sale.

I will tell you that those are more complicated than just a one lien short sale with just one loan on the property. In my opinion, multiple lien short sales typically have the highest failure rate. Typically the reason why it doesn’t get approved and closed is the second lien holders are not happy with the amount they are getting.

I got a $100,000 balance on a second lien on a short sale. They settled for as little as $3,000. They are going to release the lien, they’ve already approved the short sale, and when we close, the homeowner is not going to be liable for the difference. They are forgiving $97,000. It’s about how you set up the deal. It’s about expectations, having the proper package and follow-up and knowledge of the laws, the contacts at the lenders and knowing who the investor of that note is.

So if you have any questions on your specific short sale, or you have a second lien holder and you’re concerned you might not get it through, give me a call. You can also hit the start here button at the top of the webpage, enter your information and we’ll get back to you as soon as possible.

I also want you to consider taking a look at our short sale calculator. It will help you determine whether or not your home is a potential candidate for a short sale. It also might give you an idea how long it will be before your home might become an asset again. Again, this is Mark Peek at Keller Williams, your Roseville and Sacramento short sale experts and we’re here to help.