With Home Values Increasing Should You Wait It Out Or Short Sale Your Home?

Posted on Sep 8, 2012 in Roseville and Sacramento Short Sale FAQs

Hi everyone, I’m Mark Peek with Keller Williams Realty, one of Roseville and Sacramento’s leading short sale teams. Today I wanted to talk about the recent news that home values are increasing. I wanted to talk about this because if you are underwater you may be wondering if you should wait for the market to come back and the values to come up or should you complete a short sale on your home. The answer to this question depends on your situation. If you are not that much under water, it might be worth waiting as the market starts to recover. There is no guarantee how long it’s going to be but right now we have the lowest interest rates on home loans that I have ever seen. They have been averaging around 3.5%. Money is very cheap right now and so this is causing the value of homes to increase. We also have a lower inventory then we used to have so if you put those two things together, we are seeing pricing increases and that’s why.

Now the question is whether or not you should wait for the market to recover? I want to encourage you to check out the short or stay calculator on my website and it will tell you how long it will take for you to break even. This means how many years you will make payments before your home and the money you spent breaks even. The problem with your monthly mortgage payments is most of that goes to pay interest. The result is if you are $100,000 or more under water, most of my clients are looking at 10 plus years to recover. Now if you consider completing a short sale and you close that short sale in around six months you can potentially buy another home in two years from the close of that short sale. So in two and a half years, you can buy a home at whatever the interest rates will be in two years and at lower pricing than your house especially if you refinanced. So take that into consideration with the news that’s going on. Also consider this, those low interest rates are not going to be that low forever. So how long before those rates begin to increase and what is that going to do to the affordability of housing? As those rates increase so do the monthly payments and as those monthly payments increase the affordability starts to go away. Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist and I’m here to help. If you have any questions about your specific situation, hit start here at the top of the page or give me a call. Either way I will follow up with you and answer all the questions you might have. Thanks and have a great day.

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Is it Possible to Find out Who My Investor is on My Home Loan?

Posted on Aug 15, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek at Keller Williams Real Estate, your Roseville and Sacramento short sale specialist. Today I wanted to talk about how important it is to know who the investor on your loan is before you begin a short sale. If you don’t have that information, it’s kind of like taking your car to get it repaired and not knowing who made it. It is extremely important to know because that sets up how we are going to start our short sale depending on the investor.

Does your loan have to be delinquent to begin a short sale? Do we need an offer before we submit or should we go ahead and submit a package before we get an offer? There are a lot of different things we need to make sure that we are aware of before we even begin the process. Again, not knowing that investor is going to handicap you in your short sale and could potentially prevent you from getting a short sale approval and closing and avoiding foreclosure. Again, I can’t stress how important it is to know these facts upfront.

If you are wondering who the investor on your loan is, I can surely look that information up and we have several tools that we can use to determine who your investor is. Sometimes it’s as easy as asking your bank, sometimes we can use website look ups or sometimes we have to actually give them written requests that force them to mail us your investor information. If you have some questions about who really owns your loan, give me a call or you can shoot me an email. You can also hit start here at the top of the page and enter in your information and I will follow up with you. Again, I’m Mark Peek with Keller Williams, your Roseville and Sacramento short sale specialist and I’m here to help.

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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.

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What I Need to Know About Completing a PHH Short Sale

Posted on Mar 12, 2012 in Roseville and Sacramento Short Sale FAQs

Hi, I am Mark Peek here at Keller Williams Real Estate, one of Roseville and Sacramento’s short sale specialists. Do you have a mortgage with PHH? Have you ever heard of PHH? Well, that’s ok because they are not very well known. There are some clients that I’ve run into that have servicing by PHH and if you have wondered if they will do short sales, I have completed short sales with PHH before. They are relatively easy to work with as long as you know who to contact when things are not moving forward. It typically happens with many lenders and it especially happens with PHH. So if you have a situation where you are wondering if a short sale is the right decision for you, I suggest you take advantage of the tool I have available on my website which is the short or stay calculator. Plug in your information into the calculator and it will give you an idea of what the value is on your home and how long it’s going to take for you to break even and whether or not a short sale is the right decision for you.

So, if you have any other questions about short sales with PHH or maybe you have some other lien holders besides them, I’d be happy to talk with you. Again, I’m Mark Peek with Keller Williams Real Estate, one of Roseville and Sacramento’s short sale specialists and I’m here to help. You can also hit the start here button at the top of the page and I’ll get back to you as soon as possible. Thanks and have a great day.

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