Stop Foreclosure Institute of Libertyville Assisting Homeowners in Distress

Will I Owe A Deficiency On A Libertyville Short Sale If I Have A USDA Loan?

May 16, 2012
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Libertyville IL – Another common type of loan that does not usually have a deficiency is a USDA loan. The USDA loan program was created to make it easier for people that lived in rural areas to buy their own home.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

USDA stipulates that you must be at least 30 days behind on your payments before they will start the short sale process. This is different from most other loan programs.

I haven’t heard of another loan program where they specifically stipulate that you must be behind on the payments before they will consider a short sale.

The good news is that their short sale guidelines state that you won’t have a deficiency after completion of a short sale. Here is the text from their short sale guidelines:

” A borrower who successfully sells the property securing the loan using the Pre-Foreclosure Sale Option is relieved of the mortgage obligation. The borrower shall not be pursued for deficiency judgments by either the Servicer or the Agency.”

This is good news for anyone that has an USDA and wants to get out from under their upside down mortgage. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

Merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on Will I Owe A Deficiency On A Libertyville Short Sale If I Have A USDA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

Will I Owe A Deficiency On A Libertyville Short Sale If I Have An FHA Loan?

May 15, 2012
Comments 0

Libertyville IL – The next most common type of loan that does not usually have a deficiency is an FHA loan.

But, how do you determine whether or not you have an FHA loan?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the best way that I have found to do this. Look up your mortgage on the public records in your county. You can usually access the public records online.

Just Google, “County, State Public Records.” For example, if we Google “Cook County Illinois Public Records”, then you will get the clerk of court’s website on the second link.

Most realtors will know how to look up this information. If not, then they will know a title company that can do the research for you. Once you access the public records you will want to pull up your mortgage.

If you have an FHA loan, then on the first page of the mortgage, there should be a small square and inside the square, it will say “FHA Case Number 091-4242640-703.”

FHA’s Short Sale Guidelines are covered in a letter they end out to all the lenders that are handling their loan. Whenever they make a change to the guidelines, they send out a Mortgagee Letter.

They issued a new Mortgagee Letter at the beginning of the financial crisis that made a lot of changes to how they handle short sales. That letter was called “Mortgagee Letter 2008-43.”

You can Google that if you want to look at a copy yourself. On page 5 of Mortgage Letter 2008-43, it specifically states that if you short sale or attempt to short sale, then you will be released from the debt.

Here is an excerpt from the letter:

Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation and are entitled to a consideration of $750. If the closing occurs within 3 months of the approval to participate, the mortgagor will be entitled to $1,000. Unless the mortgagor’s consideration is required to release junior liens, the mortgagor may elect to accept cash paid at closing. The mortgagor may also apply a portion of or the entire amount of consideration to offset sales costs not paid by HUD; including a home warranty plan fee, costs of optional repairs, and buyer’s closing expenses. If the PFS is unsuccessful and foreclosure occurs, mortgagors who participate in the PFS Program in good faith will not be pursued for deficiency judgments by the mortgagee or HUD.”

The main requirement to being allowed to participate in the program is that the property cannot be an investment property and that the homeowner has to have a genuine hardship.

Looks like a good way to wipe out some upside down mortgage debt. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

Merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on Will I Owe A Deficiency On A Libertyville Short Sale If I Have An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

Will I Owe A Deficiency On A Libertyville Short Sale If I Have An FHA Loan?

Comments 0

Libertyville IL – The next most common type of loan that does not usually have a deficiency is an FHA loan.

But, how do you determine whether or not you have an FHA loan?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the best way that I have found to do this. Look up your mortgage on the public records in your county. You can usually access the public records online.

Just Google, “County, State Public Records.” For example, if we Google “Cook County Illinois Public Records”, then you will get the clerk of court’s website on the second link.

Most realtors will know how to look up this information. If not, then they will know a title company that can do the research for you. Once you access the public records you will want to pull up your mortgage.

If you have an FHA loan, then on the first page of the mortgage, there should be a small square and inside the square, it will say “FHA Case Number 091-4242640-703.”

FHA’s Short Sale Guidelines are covered in a letter they end out to all the lenders that are handling their loan. Whenever they make a change to the guidelines, they send out a Mortgagee Letter.

They issued a new Mortgagee Letter at the beginning of the financial crisis that made a lot of changes to how they handle short sales. That letter was called “Mortgagee Letter 2008-43.”

You can Google that if you want to look at a copy yourself. On page 5 of Mortgage Letter 2008-43, it specifically states that if you short sale or attempt to short sale, then you will be released from the debt.

Here is an excerpt from the letter:

Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation and are entitled to a consideration of $750. If the closing occurs within 3 months of the approval to participate, the mortgagor will be entitled to $1,000. Unless the mortgagor’s consideration is required to release junior liens, the mortgagor may elect to accept cash paid at closing. The mortgagor may also apply a portion of or the entire amount of consideration to offset sales costs not paid by HUD; including a home warranty plan fee, costs of optional repairs, and buyer’s closing expenses. If the PFS is unsuccessful and foreclosure occurs, mortgagors who participate in the PFS Program in good faith will not be pursued for deficiency judgments by the mortgagee or HUD.”

The main requirement to being allowed to participate in the program is that the property cannot be an investment property and that the homeowner has to have a genuine hardship.

Looks like a good way to wipe out some upside down mortgage debt. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

Merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on Will I Owe A Deficiency On A Libertyville Short Sale If I Have An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

Will I Owe A Deficiency On A Libertyville Short Sale If I Have An FHA Loan?

May 14, 2012
Comments 0

Libertyville IL – The next most common type of loan that does not usually have a deficiency is an FHA loan.

But, how do you determine whether or not you have an FHA loan?

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the best way that I have found to do this. Look up your mortgage on the public records in your county. You can usually access the public records online.

Just Google, “County, State Public Records.” For example, if we Google “Cook County Illinois Public Records”, then you will get the clerk of court’s website on the second link.

Most realtors will know how to look up this information. If not, then they will know a title company that can do the research for you. Once you access the public records you will want to pull up your mortgage.

If you have an FHA loan, then on the first page of the mortgage, there should be a small square and inside the square, it will say “FHA Case Number 091-4242640-703.”

FHA’s Short Sale Guidelines are covered in a letter they end out to all the lenders that are handling their loan. Whenever they make a change to the guidelines, they send out a Mortgagee Letter.

They issued a new Mortgagee Letter at the beginning of the financial crisis that made a lot of changes to how they handle short sales. That letter was called “Mortgagee Letter 2008-43.”

You can Google that if you want to look at a copy yourself. On page 5 of Mortgage Letter 2008-43, it specifically states that if you short sale or attempt to short sale, then you will be released from the debt.

Here is an excerpt from the letter:

Mortgagors, acting in good faith, who successfully sell their properties using this option are relieved of their mortgage obligation and are entitled to a consideration of $750. If the closing occurs within 3 months of the approval to participate, the mortgagor will be entitled to $1,000. Unless the mortgagor’s consideration is required to release junior liens, the mortgagor may elect to accept cash paid at closing. The mortgagor may also apply a portion of or the entire amount of consideration to offset sales costs not paid by HUD; including a home warranty plan fee, costs of optional repairs, and buyer’s closing expenses. If the PFS is unsuccessful and foreclosure occurs, mortgagors who participate in the PFS Program in good faith will not be pursued for deficiency judgments by the mortgagee or HUD.”

The main requirement to being allowed to participate in the program is that the property cannot be an investment property and that the homeowner has to have a genuine hardship.

Looks like a good way to wipe out some upside down mortgage debt. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

Merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on Will I Owe A Deficiency On A Libertyville Short Sale If I Have An FHA Loan? is provided as a courtesy to our viewers to help them make informed decisions.

A Common Libertyville Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency

May 9, 2012
Comments 0

Libertyville IL – OK, let’s talk about the most common types of loans that do not require a deficiency on a short sale. The first common loan type is a Fannie Mae or Freddie Mac loan.

I’ll call them Fannie & Freddie in this post. Freddie & Fannie are different quasi-governmental entities that own mortgages. For our conversation, they are very similar in the way they handle short sales.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

First, you need to find out if Fannie or Freddie own your loan.

Fannie Mae has a website with a lookup tool. Go to this site to research if your loan is owned by Fannie Mae: www.fanniemae.com/loanlookup/

Freddie Mac has a lookup tool here: ww3.freddiemac.com/corporate/

If your loan is owned by Fannie Mae, then you usually do not have to worry about a deficiency. Fannie Mae’s official policy is that they will forgive the debt if a seller has a genuine hardship.

Fannie & Freddie’s policies are basically the same. They state that they will pursue a short sale seller if they have they can afford to make the payment or it is an investment property.

You need to keep this in mind if you are strategically defaulting. One problem with some of these short sales is that the loan was insured by Private Mortgage Insurance, also called PMI.

The PMI companies have the ability to approve or veto the short sale offer. Many PMI companies ask for a promissory note before they will approve a short sale.

The good news is that the promissory note is usually less than the amount lost. For example, we recently saw a lender lose over $100,000 on a short sale. They asked the homeowner for a $20,000 promissory note.

Are you willing to pay $20,000 to walk away from $100,000 in debt? I think that’s a good bargain.

If you have a Fannie or Freddie Loan and have a genuine hardship, then you can be pretty confident that you have a very good shot at being able to walk away without a deficiency. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

Merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on A Common Libertyville Short Sales: The Most Common Types Of Loan That Do Not Require A Deficiency is provided as a courtesy to our viewers to help them make informed decisions.

A Common Libertyville Short Sale Myth: You Don’t Know If Your Lender Will Want A Deficiency Until We Have Started The Short Sale Process

May 8, 2012
Comments 0

Libertyville IL – I am about to explain how the different types of loans impacts whether or not you will have a deficiency after you short sale your house.

But, I first want to bust the common myth that you won’t know if you will have a deficiency until after you have started the short sale process.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Many agents will tell you that you won’t know for sure if you will have a deficiency until you have started the short sale process. Sure, they can give you the answer if you are in a non deficiency state, such as California.

But, what if you are in Florida, which is a deficiency state? They will usually tell you that you won’t know if you will have a deficiency until the short sale process has been started.

That is not necessarily true. First, here is the good news. In about 80-90% of all cases, you will not have a deficiency on a short sale even if you live in a deficiency state.

But, if your loan is the type that do not require deficiencies, then you don’t have to worry about a deficiency. The key is to find out the type of loan you have and the short sale guidelines for that type of loan.

In my next post I will start to explain those different loan types and their short sale guidelines. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on A Common Libertyville Short Sale Myth: You Don’t Know If Your Lender Will Want A Deficiency Until We Have Started The Short Sale Process is provided as a courtesy to our viewers to help them make informed decisions.

Worried About Owing Money After A Libertyville Short Sale?

May 7, 2012
Comments 0

Libertyville IL – We recently received an email from Joy. She was thinking about a short sale, but was worried about a deficiency.

Here is a sentence from her email: “We obviously want to get the price as close to fair market value as possible to eliminate or reduce any deficiency the bank may assess, but also want the house to move as quickly as possible.”

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the good news for Joy. In about 80-90% of all cases the homeowner is allowed to walk away without a deficiency. Yes, banks are releasing homeowners from hundreds of thousands of dollars in upside debt.

We’ve seen homeowners walk away from $300,000, $500,000, and more in upside down debt. It’s like a “Get Out Of Jail Free” Card.

So, how do you find out if you will not owe a deficiency after a short sale? Here is the first step. Find out who owns your loan. Even if you send your monthly payment to ABC Bank it is likely that your loan is owned or insured by one of the one of the following entities.

Fannie Mae or Freddie Mac. There is about a 60% chance that your loan is owned by one of these two entities. If they own your loan, then mortgage forgiveness will be granted according to their policies.

FHA Insured. FHA does not own your loan. But, they insure the owner against loss which means that they will be writing the check for the loss. As a result, they dictate whether or not the debt is forgiven.

VA Insured. The Veteran’s Administration does not own your loan. But, they insure the owner against much of the loss. As a result, they dictate whether or not the debt is forgiven.

USDA Insured. USDA does not own your loan, but insures the owner against much of the loss. As a result, they dictate whether or not the debt is forgiven.

Sliced and Diced Loan. This is a mortgage that has been securitized. It is called “Sliced and Diced” because of the way the ownership of each loan is sliced up and sold off to thousands of different people.

The actual owners of the loan are the people that bought the securitized loan product.

Once you have found out who owns your loan, then you move to the next step. That is to find out the short sale deficiency guidelines of the individual owner or insurer of your mortgage. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

Merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on Worried About Owing Money After A Libertyville Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Libertyville Loan Modification Tips: How To Gain A Negotiating Edge Over Your Lender

May 2, 2012
Comments 0

Libertyville IL – Thinking about a loan modification. If you can afford to, then order an appraisal. Or, do your own appraisal.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Ask your realtor “Hey, what are houses in my area selling for?” I’ve seen people who bought a house for $500,000. Guess what’s it selling for today? $300,000.

If your house has had a 40% drop in value, then you shouldn’t be paying a mortgage payment based on a value of $500,000. You should be paying a mortgage payment based on a value of $300,000. Make sense?

Here’s how to find calculate you should be paying. Google “amortization calculator.” Type in what your home is currently worth. Enter the interest rate you were originally paying.

Look at the example numbers below.

* A $500,000 mortgage at 6% interest is a monthly payment of $2,997.75.

* A $300,000 mortgage at 4.5% interest is a monthly payment of $1,520.06. Remember, interest rates have dropped a bunch lately.

It looks to me like this person is overpaying by $1,477.69 a month. Ouch!

Run the numbers for your house. If your lender forecloses on your house, then it’s not necessarily going to sell for the market value. Most foreclosed houses often sell for 85% to 95% of the value today.

Remember, knowledge is power. When you have this information you have a much better negotiating position with your lender.

You can say “Hey guys, foreclose on my house. But, be prepared to lose a ton of money.” Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

Merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on Libertyville Loan Modification Tips: How To Gain A Negotiating Edge Over Your Lender is provided as a courtesy to our viewers to help them make informed decisions.

Another Example Of Just How Lousy A Libertyville Loan Modification Is For You

April 30, 2012
Comments 0

Libertyville IL – Are you pulling your hair out trying to convince your lender to reduce the amount you owe on your home?

People have a hard time grasping how difficult it is to get a loan modification that is fair. These banks just do everything they can to squeeze homeowners for as much money as possible.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is an example of a homeowner that accepted a forbearance agreement with their lender. The homeowner was desperate to keep his home and just accepted the first offer his lender made.

Today, he is paying $4,400 monthly. The sad thing is that it would cost her about $2,500 a month to rent a comparable home.

He could save $1,900 monthly if he moved out and rented a similar home. But, even worse is how much money this will cost him over the long term.

I project that it will take 19 years for his house to appreciate back to what he originally paid for the house. He will overpay his lender by $433,200 over the next 19 years while him and his family wait for the housing market to recover.

It’s sad, but the only way that I have seen anyone receive a principal reduction is to short sell their house.

You can even buy another house right away if you qualify for the guidelines of certain short sale programs. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

Merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on Another Example Of Just How Lousy A Libertyville Loan Modification Is For You is provided as a courtesy to our viewers to help them make informed decisions.

Yes, I Do Think A Libertyville Loan Modification Is The right Thing To Do

April 29, 2012
Comments 0

Libertyville IL – I received a note the other day from Andrew. He was upset that I would tell people that are upside down on their house to ask for a principal reduction from their lender. Here was his email.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

“I saw your blog post about how the banks won’t approve principal reductions for people who are struggling financially.

You recommended that anyone upside down should short sale their house because that is the only way to get the amount they owe reduced.

These people took out a loan and made a promise to do everything in their power to repay it. I think it is wrong that you would openly recommend them break that promise.

All that does is make it harder for someone responsible to get a loan. They banks have lost so much money because people walked away from their mortgages that they are making it impossible for responsible people to get a mortgage. Andrew.”

Here was my response to Andrew’s email.

“Andrew, thank you for your opinion. Fortunately we live in America and everyone is entitled to their opinion.

I can understand that you are frustrated. It sounds like this has affected you personally when you tried to borrow money. But, let me ask you this.

I meet a homeowner named John. John’s company went under during the economic crisis and John lost his job. He was out of work for six months and burned up all his savings and retirement accounts trying to stay afloat.

Today John is working 2 jobs, but making less money than he did at his previous 1 job. He cannot afford his mortgage payment. His lender will not reduce the payment to where he can afford it.

If he pays it, then he can’t pay for groceries. He makes too much money to qualify for food stamps. So, what should he do?

Should he get a third job, work until he burns out, and then lose everything? Or, should he move to a more affordable house and try to get his life back on track?

I think he should do whatever he can to get his life back on track, whether that be a loan modification or short sale. I know you may think he should work 80 or 100 hours a week until he has repaid every single debt in full.

Ultimately John and his family have to do what makes sense for them. Fortunately, America gives you the freedom to make your own decisions on what is best for you. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at merlcarberry@remax.net. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (847) 917-7653

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Libertyville loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Merl Carberry.

Merl is a Real Estate Broker-Associate at Re/Max Suburban. Libertyville Short Sales Realtor:

Phone: (847) 917-7653. merlcarberry@remax.net.

“Creating Moving Solutions”

View My homes for sale at www.realestateselectservices.com.

Merl Carberry specializes in loan modification assistance and short sales in Libertyville Illinois. Libertyville Loan Modification Help, Libertyville Short Sales. Libertyville Short Sale Realtor Vernon Hills IL Loan Modification Help, Vernon Hills IL Short Sales. Vernon Hills IL Short Sale Realtor. Libertyville IL Short Sales. Libertyville Realtor.

Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.

Important Notice

Merl Carberry, Re/Max Suburban, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Merl’s personal views and do not reflect the views of Re/Max Suburban.

This information on Yes, I Do Think A Libertyville Loan Modification Is The right Thing To Do is provided as a courtesy to our viewers to help them make informed decisions.

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