I am not going to lie.  My home is not in pre foreclosure and I don’t know how it feels to have my home potentially foreclosed upon.  However, I do know from helping our Sellers who are facing foreclosure of their homes  how important information about their options is. 

I remember a professional in a different field once telling me “knowledge is power”.  I follow this statement with every Seller and/or Buyer I help. Especially for those facing foreclosure. 

Knowledge is Power is understanding all possible options to saving your home from foreclosure.  Sure, part of my business is built on helping Sellers sell their homes via a short sale process.  But, my business is also built on educating on our Sellers on options that may end up with us not listing a nd selling their homes, but being the best option for our Sellers.

Believe me, I have learned over the years that what goes around comes around.  That goes to my providing our Sellers with the possibility of requesting a “deed in lieu” of foreclosure. I may not end up making a commission, but I would want someone to provide me with all of my options that they are aware of if I were in the shoes of possibly losing my home and how that would affect my future.

Bottom line…you  may have heard of a “deed in lieu” but not understand what this really means for you.  Here is an article that I have found that may provide you with some of those answers in determining if this is an option for you to consider.

  • Foreclosure Alternative: Deed in Lieu

    Facing foreclosure and you just want it over with? The deed in lieu of foreclosure may be your best alternative. Here are the advantages, disadvantages and tips on obtaining a deed in lieu. Read

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)

Kansas and Missouri Short Sale real estate agent having successfully closed short sales with Bank of America, Chase, Citi, US Bank, Wells Fargo, BBT, and more.

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Phone: 816-520-0917
Email: shinton@remax.net
Licensed in Kansas and Missouri

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

Who is the Seller when entering into a contract for the sale of a home as a “short sale”? Is it the homeowner? Is it the mortgage holder, the lender? This can be confusing.

I always discuss this issue, from the very beginning of meeting with our clients who have a home that they are or are considering, selling as a short sale. It is reasonable to think the Seller would be your lender-your mortgage holder because you are asking your lender to agree to a purchase price that will result in the lender taking less as a payoff of the mortgage than is owed. Right?

No. The Seller in a short sale contract, in most cases, will be the legal owner of the property and not the mortgage company or lender. Therefore, the legal owner will be agreeing to the terms of the contract to purchase with a contingency included of the existing lender(s) approval of the short sale. But, the Seller still remains you, the legal owner.

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.

Kansas and Missouri Short Sale real estate agent having successfully closed short sales with Bank of America, Chase, Citi, US Bank, Wells Fargo, BBT, and more.

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome
Licensed in Kansas and Missouri

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

Image: David Castillo Dominici / FreeDigitalPhotos.net

This post is Part 2 of the series of: If you own an FHA or HUD insured home and you are desiring to request a short sale of your home, there are specific requirements that must be met.  I have worked with a number of homeowner’s in selling their FHA insured home and before listing their home for sale, we discuss the guidelines that I know FHA is going to require be met by my homeowner Sellers.  

I am going to provide some of the FHA and/or HUD insured guidelines for a short sale over the course of several posts and try to give examples of facts that might fit the requirements.  The second that I want to discuss is the requirement that the home must be listed with a real estate agent that is not related to you.

Be careful when choosing your real estate agent that you choose not only an agent that is experienced with successfully selling short sales, familiar with your market area, but that is not your cousin, sister-in-law or other relation.  The goal is to reflect an “arm’s length” transaction every step of the way.

Each situation will be specific to the individual homeowner.  But, overall, it is important to be aware that one of the requirements for a FHA and/or HUD insured short sale, is that your home listed with a real estate agent that is not related to you. 

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)
(Image courtesy jscreationz/FreeDigitalPhotos.net) 

About the Author:

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

If you own an FHA or HUD insured home and you are desiring to request a short sale of your home, there are specific requirements that must be met.  I have worked with a number of homeowner’s in selling their FHA insured home and before listing their home for sale, we discuss the guidelines that I know FHA is going to require be met by my homeowner Sellers.  

I am going to provide some of the FHA and/or HUD insured guidelines for a short sale over the course of several posts and try to give examples of facts that might fit the requirements.  The first that I want to discuss is the requirement that the home must be owner-occupied with exceptions in certain cases for job transfer, death and divorce for example.

I recently sold a home for a homeowner that had a FHA insured loan.  He had previously vacated the home and had moved out of State.  At the time we requested to be approved for a short sale, the Seller provided evidence that his reason for vacating the property and therefore, the home being vacant, was due to the need to have to move out of State in order to be able to obtain another job in his field of employment.  We documented this through not only with his current income statements, but through a letter explaining the history and reason for his move.  We were able to obtain an exception to the requirement of the home being owner occupied. 

Each situation will be specific to the individual homeowner.  But, overall, it is important to be aware that one of the requirements for a FHA and/or HUD insured short sale, is that your home be owner occupied. 

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)
(Image courtesy jscreationz/FreeDigitalPhotos.net) 

About the Author:

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyourkansascityhome

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

I recently attended an online seminar regarding short selling and one of the speakers said something that really stuck with me.  He said that many times when a homeowner is faced with the possiblity of being unable to make their mortgage payment(s) for whatever reason, they are not interested in learning how to short sell their home.  What is important to them is how they can keep their home and not have to sell it.

While assisting Kansas City home owner’s sell their Kansas City home is how I make a living, I have learned how important it is to share with others my knowledge of what may help them even though I receive nothing in return.  Knowledge is Power!

So, let’s start talking about what things you as a Kansas City home owner may be able to do to avoid having to sell your Kansas City home.  As you may have heard, there is a government program called “Making Home Affordable“.  This program is also commonly known as “HAMP.”

  • HAMP is a program designed  to assist struggling homeowners to avoid foreclosure by modifying their existing loans to an amount that is financially manageable.  There are, however, certain guidelines that must be met before you consider applying for this program.  One of the requirements is that the home must be your principal residence.  There are eligibility requirements based on your finances as well.  However, this is a very good starting point if your goal is NOT to sell your home.

If you don’t know what to do if  you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri, please continue to read the upcoming posts and Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

(There are potential tax consequences that should be discussed with a tax professional.  Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)
(Image courtesy jscreationz-FreeDigitalPhotos.net)

__________________________________________________________________

About the Author:

Suzanne Hinton
Hinton Group-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
shortsellingyour kansascityhome

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

Making Home Affordable Presentation

Image via Flickr

My first post of  “What To Do Right Now If  You Are Facing Foreclosure of Your Kansas City Home” outlined that there are possible options to foreclosure of your Kansas City home.  The second post being “Do You Know Someone Who Is Falling Behind On Their Mortgage Payments?”   This is the next post in a series to provide information to those who are either facing foreclosure or who may be facing owing more on their home than its worth or are falling behind on their mortgage payments.  There are options! 

Just because you were not able to work out an agreeable refinance or modification program with you lender under the “Making Homes Affordable Program”, does not mean that you will not qualify for short selling your Kansas City home.

The series of posts that I will be providing next are going to focus on the “Streamlined Short Sale” process.  This is a short sale process that is available to borrowers who are eligible for the Making Home Affordable Loan Modification Program, but for some reason do not qualify for the modification for other reason(s).

Because the short sale process is becoming more popular, the first important issue to understand to determine if you would qualify for the Streamlined Short  Sale is knowing what is a short sale.

A informative question and answer document presented by ReMax provides a very good and understandable explanation.  “In a short sale, a lender agrees to let a homeowner facing financing hardship sell a home for less than the mortgage owed.” (2010 ReMax International)

Therefore, if you believe that your home’s value is less than what is currently owed on the home or you simply are not sure, you would want to confirm this through a market analysis of your home by an experienced realtor which would then confirm if you would currently qualify for the first step to determining if you would qualify for the Streamlined Short  Sale process of your Kansas City home.

The bottom line is DON’T believe that there is nothing that you can do.  There is the possibility of a short sale of your Kansas City home.  I really want to help educate the public and those in need of gathering as much information as possible to better understand what you may be able to do to lessen the burden of your Kansas City home situation in Kansas or Missouri.  I have really learned, while working with foreclosures of Kansas and Missouri homes and while assisting home sellers with their Kansas short sale and Missouri short sale that knowledge can be power in your making the right decisions for your current and future well-being. 

I will continue to provide updates to this subject over a short period of time.  If you or someone you know don’t know what to do if you owe more than your home is worth, you are falling behind on your mortgage payments or you are currently facing foreclosure of your Kansas City home, Kansas or Missouri,  please continue to read the upcoming posts.

Request a Free Confidential, no obligation, analysis of your home and options that may be available to you to help reduce the burden you may have.

It has been my pleasure to help a number of Sellers with their Kansas short sale or Missouri short sale.  Consider me an available resource to help you determine what the best direction is for you.

(There are potential tax consequences that should be discussed with a tax professional. Please do not interpret this information as providing legal, tax or other professional advice which you should seek independently.)

__________________________________________________________________

About the Author:

Homes for sale in Kansas City    •What’s My Home Worth In this Market

Suzanne Hinton
Hinton Homes-Affiliated with ReMax Premier Realty
Voted 5 Star Best in Customer Satisfaction Real Estate Agent
Phone: 816-520-0917
Email: shinton@remax.net
www.hintonhomes.com

 

©2011 Suzanne Hinton-Hinton Homes-Kansas City Short Sale Realtor
Kansas City Short Sales

 

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