Services that help you to find freedom from financial distress. Articles about debt, real estate short sales, gov't loan reduction, other debt reduction.
Can a mortgage company collect more of the judicial sale of dollars in Michigan?
So my friend is running and is trying to figure out what the law in Michigan and is very confusing. It seems that if the bank take the house and sell it then they can sue for the difference in making it sold and what you owe. But it was on sale and the sheriff bank bought it themselves, so the question is that the sale or subsequent sale is to someone else we care? And how do you know how much they bought it at sheriff's sale? So then in this case if the mortgage company bought say, less than the mortgage then they can sue for the difference of 30,000. Do you usually do this?
Are deficiency judgments permitted in Michigan? Yes. Exclusion is the only remedy against a property unless there is a legal document that requires the borrower to a specific amount of money. It is usually in the form List of andguaranty. A. There was resolution can be obtained when a property in foreclosure is sold at public auction for less than the loan amount the insured with the underlying mortgage. The borrower may assert that the foreclosure sale is not Forfar market value of the property as adefense. First Sale is the only matters. The purchase price is a public document. be in writing, and as he is responsible for the balance, which will give a copy of the foreclosure sale proceedings, if requested and a list of all
Foreclosures REO Homes for Sale – Van Nuys, California – Realtor Real Estate Agent John McQuilkin
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Hello, I have serious problems with my credit card debt. I'm in between 10-20 thousand dollars in debt. (Never accept a credit card when you are a senior in college). I am having serious problems paying off my credit card. I lost my job second because of schedule conflicts with my current job. The implementation of all parts, no luck. What are my options and the list of pros and cons. I need good advice. If I can get another job, then I would be better, no luck so far. New Jersey zone here.
Contact Consumer Credit Counseling Services at 1-800-388-2227 They are the oldest and credit counseling service in the largest nation and have offices in most major cities. Will fall interest rates and monthly payments and are non-profit. I used them several years ago and was debt free in 36-months.
Avoiding Credit Card Debt Tips for College Students
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The buyer says they want to buy a short sale, because you have heard that much can be achieved that way. What is a short sale, really? Get Quick Help HERE
Say a homeowner bought a house for $ 500,000, but the market has fallen in both the value of the house has been reduced to $ 400,000. Now the homeowner inside with us a loan of about $ 500,000 and possibly more with other negative amortization loans, and a resale value of $ 400,000. Instead of being executed mortgage because there are so many families in this situation, the bank knows that if you foreclose on the house, they will simply start to market value, which could be now as low as $ 370,000.
Then you should proceed to foreclosure and related costs, secure the house, pay for repairs and restoration as most homeowners in financial difficulties are too for routine maintenance of the house. The foreclosure process can take up to a year. Instead passing the course is not cost effective foreclosure, the bank agrees to forgive a portion of the debt or all of the outstanding debt, if the owner will sell home market price.
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Buying a “short sale” or pre-foreclosure home can incur a lot of time waiting to join various months, especially if the processor involved is doing a poor job or if the owner is trying to do too much of their own sale. When a buyer makes an bid on the house, the mortgage holder or the bank will order an assessment at home.
The homeowner does not care what the selling price is because they have nothing to gain. This often leads to an artificially low level, or simply fictitious sales prices of homes short sale. While this may attract more people to bid into the home, the effort is lost because the prices are not actual sale prices.
In addition, sometimes the price has to be high enough to a partial recovery of bad debts of the owner of the house too. Each party, the seller, the mortgage holder and the buyer has to negotiate and agree terms of the sale. Each part has a number of “outs” in which they can escape to the sale and prevent the sale. Even the seller may reject the offer when they read the fine print and do not realize they are getting a full release of the bank of their responsibility.
In practice, a short sale offer, a properly written authority real estate agent can act as an option to buy a house. The offer, correctly written not require a down payment so that if all parties agree on the sale, which may work well for everyone. The buyer has a window of ten days to assess the availability and the home and can withdraw without any Penalty.
Search Find a good real website helps with the short sale process for the buyers. If the website allows you to filter down to short sales only, which can help narrow the search to the right kind of properties for your business.
Article author and photographer Dave Keys is one of the Orange County photographers providing real estate photography in Southern California.
I owe about 25k and really need to get out or I'm in fear of bankruptcy. What options do I have, someone know of a good free service to help the consolidation or the right advice?
Well first off there is really simple and fast way out of debt. A good place to start would be to cut all your credit cards! Anyway, I was indebted for some time and indeed there are some organizations that are good only to help people like you with the advice and guidance on what the best course of action is. A good site that I and a few family members and loved ones is used www.KillYourDebt.org after base fill the pages of information that called me an hour and had a personal representative to consult on a free. Hope this helps, keep your head up!
How to get out of debt in 12 months or less – part 2
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if a condo short sale has been approved by the bank, the buyer can make a lower offer? How does it work?
1) the condominium has been approved for short sale at 100K, i can offer them say 90k. This would delay the process? 2) Can you explain the process? would have a new aproval weit the bank? 3) How long does it usually take? 4). when a bank enacted a short sale property …. are aproving the selling price or the seller is to sell aproving Whitin property price range? could you explain the process?
1) You can offer 90k, but the bank has to approve it. It is defiantly things slower. 2) If the bank suffers a loss, so they have to approve the new price, can not approve either. 3) It can take weeks, months, depending on your bank. 4) Approving an amount of sales, so $ 100k or more in this case, this is not always the list price of the property.
Home Buyers – Making Offers On “Short Sales”
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Help! What is the best debt consolidation service?
Does debt consolidation work and help improve my credit score? Do you think that debt consolidation would be best for me and help me improve my credit score? Does this really work?
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What is the quickest way to get rid of student loan debt?
I am paying a lot of credit card debt and now have my student loans in deferment status. But the large monthly payments will start later this year. In addition to treating to "let the radar screen" or looking for a much better paying job that quickly burns me, I have curious if anyone has any clue about this issue PS.: Thanks! Not recommended by the bankruptcy student loan debt is exempt from that.
OK so first of all, always mind that federal student loans are not bankrupt. So if you ever think of declaring bankruptcy you still have to pay for them. To address this debt first have to write a budget and pay for consumer debt in a "snowball method", which you transfer the payment to the next step and add the minimum payment and that will add to the point where it will be a lot of the money to be applied to student loans. But we must be very diligent in getting this worthwhile. Otherwise, it will take forever.
Get Out Of Debt Free Pt.3.
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Our Bradenton, Florida, the housing market has seen an increase in foreclosures and short sales. A short sale occurs when a lender is willing to accept less than the loan balance in order to avoid taking back home in foreclosure.
Many investors in the labor market pre-foreclosure and are interested in purchasing a property through a short sale.
A few days ago I attended a conference call with Loss Mitigator a bank that responded to questions about short sales. He has worked 11 years in the Loss Mitigation Department for a lender. The call was an opportunity for a group of investors to ask questions. Here are the questions and answers:
1. Why do you ignore a short sale package you received?
Answer: Incomplete packets are set aside. For example, if someone does not include a HUD-1 Settlement Statement that package is on the side. The Borrower must provide financial information, tax returns, letter and more difficulties. (If you have questions about what documentation is required, please contact me.)
2. How many are short sale files working?
Answer: I am currently working in 400 files. Of these, I’d say only about 100 files are viable. It is therefore important present a complete packages and know what you are doing.
3. Does it matter if the buyer in a short sale transaction is an LLC or person? We look at them differently?
Answer: It does not matter. We know that the buyer is qualified. We look at the market value of property the loss we’re going to take, and what you owe on your loan.
4. Does the kind of difficulties faced by the Borrower to make a difference?
Answer: Not really. It is a financial decision for the bank. However, it does not look good for the bank if they foreclose on a sick, elderly couple. By Of course, we want the borrower to demonstrate the difficulties, but the kind of difficulties does not matter.
5. How long does it take for you to carry out the Broker Price Opinion?
Answer: We try to have the BPO completed within 10 days of asking. At this time are accumulated and is taking a long time to get the order out. The first step is to get a short sale package. Do not order the BPO till then. Once the BPO is completed, Once reviewed and approved by our valuation department.
6. Not enough to reject low bids?
A: Actually no. We have certain objectives we are trying to achieve. (I heard around 83% of the BPO.) We also have a certain dollar amount of loss that could accept. (I’ve heard about $ 75,000.) Sometimes it’s a matter of pointing out the issues of repair. Tell me why the supply is low and why should be considered.
7. If the foreclosure sale date is at hand, we postpone it?
Answer: If it looks like we are close to a short sale could be postpone the foreclosure sale. We need a good reason to do that.
8. Ever change the BPO, once received?
Answer: No. Once the BPO has been received and approved by our valuation department are not going to change. Why would we? The value is what it is.
9. Need a house to be ready before accepting a short sale?
Answer: No the house need not be listed. Let’s talk directly with the buyer / investor. We do not usually talk to the borrower.
10. Will you disclose the results of BPO?
Answer: No, we do not disclose the BPO. However, let’s talk price ranges in the negotiation. Our job is to be as close as possible to BPO.
If you are considering a short sale, make sure your realtor has experience and knowledge!
Dan Forbes is the broker/owner of Premier Team Inc., Realtors, in Bradenton, Florida. He has assisted over 1000 Bradenton, Florida real estate buyers, sellers, and investors. He is also president of the Bradenton Real Estate Club. BradentonFloridaRealEstate.com and TheRealEstateZoo.com [http://www.TheRealEstateZoo.com] Dan is an author, speaker, and seminar leader as well as an active Realtor working with Buyers and Sellers.
Short Sale your Miami – Dade county Florida house – Stop Foreclosure
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