It is an annoying way to get out of the local sheriff because you can't stop foreclosure. You may have tried everything from talking to the bank to trying to get a loan modification, but found that 9 out of 10 homeowners failed to block foreclosure because they refused to exercise. If you don't have the right tools, you and your family will try to stop foreclosure, which is terrible. Until now, you are about to give up and walk away, but you are not necessary. Because the last trick is that your sleeves let you control again, it's called short selling.
Short selling is only when your bank accepts less money than they currently owe you a loan, unfortunately this is your last resort. If you consider short selling to block foreclosures, it means you decide to continue selling until you lose all your homes. But will you succeed? This seems like an easy way to regain control of your life, but don't be fooled... stopping foreclosures through short selling is not as simple as most homeowners think. You might think this is a dunk contest but don't forget that your opponent is a mortgage company and they are not fools. Now, persuade them to stop foreclosure by presenting your short sale packages in the most convincing way. How to do this is exactly what this article will reveal. The inside information disclosed was a strategy of working for more than 10 years from the mortgage industry and investing in real estate for more than seven years.
Basically, my livelihood depends on successfully stopping foreclosures, so I know what I am talking about and I will reveal one of the most important steps in successfully negotiating short selling. This is the best part, and you now have all the knowledge you need to master the first step in preventing foreclosures. What is it? A simple "distressed" letter. This is your chance to explain to the bank why they should help you. You can also think of this letter as a crying letter. Basically you should impose some factors here to make the reader cry when reading this letter. You should never lie in this letter, but you should definitely hit every point that makes you difficult. In this letter, you will explain to them the following factors that affect your difficulties.
- What happened was causing you to stop paying to the mortgage company. The reasons for this are usually income, illness, divorce and death;
- How long ago this happened and when you last paid to the mortgage company;
- Are there other illegal companies - such as credit cards, doctor bills, etc.;
- How do you try to prevent backwardness; - You have a way to catch a mortgage now - usually this is for sure, so be sure to mention it;
- Have you tried to sell the house - usually you have pushed this idea aside and may be expelled from the real estate agent, knowing that the value of the bank you owe more than the value of your house will put you in trouble;
- Whether the house needs repairs - usually this is for sure, it is very important for you to mention all necessary repairs;
- Do you foresee that the situation will improve in the future? If the bank is convinced that your situation will not improve quickly, then the bank is more likely to work with you;
- Is the house vacant? If so... this is clearly mentioned in the letter of difficulty. Banks hate vacant homes;
- Bankruptcy - Oh, banks hate this, and usually everyone who faces foreclosure will play this idea, so mention it explicitly in your tough letter. The best way to do this is to mention "Mr. Bank please help me, because without your help, the other thing I can think of is to file for bankruptcy. This is what my lawyer and family told me." The bank hates this. Because bankruptcy did not prevent your foreclosure, it delayed bank foreclosures. It only takes longer and costs more, so they are really familiar with the problem; last but not least...
- I definitely mentioned in your hard letter that you don't know anyone else wants to buy a house in the status quo, so please sell it to this buyer before I lose him.
The concept of a tough letter seems to be a simple step to stop foreclosure, but many people messed up. They did not tell the bank enough details, which is fatal. You only have one chance to tell the bank what happened and why you should get their help. The secret of a successful short sale depends on all the aspects covered in the above letter of difficulty, but the point you never want to mention is... "bankruptcy." Don't ignore the hard letters that make no sense. The other party will read this letter. Don't you want to have the opportunity to let that person know that you deserve some help? Well, the hard letter is your chance to successfully stop foreclosures, so don't get into trouble because you didn't investigate the exact method in today's economy.
Orignal From: Stop foreclosure and the secret short selling secret disclosed by Ex Mortgage Insider
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