How Long Will I Have to Wait to Purchase Another Home After I Accomplish a Short Sale?

Posted on May 13, 2012 in Short Sale FAQs

Hi everybody, this is Mark Peek at Keller Williams Real Estate, your Newcastle short sale specialist. Today’s topic is among the most continuously requested questions I get and that’s how long will it take before I will purchase another home again after I complete a short sale? Well, the time-frame for that may actually differ widely. It can vary from a week after I close your short sale to 3 years. The reason is is in case you fullfill a short sale and you’re current and you’ve got a really legitimate cause equivalent to divorce or large loss of revenue and another is relocation. Especially when you’re relocating a fairly lengthy distance around a hundred miles or so, then you would possibly qualify for a short sale and purchase once more with an FHA loan. This is one thing we’d need to pre approve before we begin the process simply to ensure that it’s an option for you.

Otherwise, you can truly acquire a new VA loan; for those who had an exception on that one within a year. It’s also possible to receive an FHA loan in around 3 years after a short sale. At the end of the day what you really need to have a look at is your financial situation. How much is your private home underwater? If it’s going to take you 5 – 6 years to recuperate, then you definitely may wish to think about a short sale as a way of getting your self back on the financial track.

Again, I am Mark Peek with Keller Williams Real Estate, your Newcastle short sale specialist and I’m here to help. If you have any specific questions about your state of affairs, you’ll be able to hit the start here button at the top of our website. You may also give me a call directly and I would be completely happy to follow up with you. Thank you and have a wonderful day.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Can I Do A Short Sale With A Federal Tax Lien?

Posted on May 13, 2012 in Short Sale FAQs

Hello everyone I’m Mark Peek at Keller William’s Real Estate, your short sale expert in the Newcastle area. Today’s topic is regarding IRS tax liens that have been attached to your home; the tax lien may have occurred in the past or is recent, but either way, it has been attached to your home loan and you need it removed so that you can do the short sale. You could be upside down at this point, wanting to do a short sale and questioning how that will happen. Will the IRS actually negotiate that, will they remove the lien and can we move go ahead with the sale?

I can tell you that I can negotiate with the lenders, such as Bank of America, Chase, Wells Fargo, and get them to settle for less, but the IRS will not settle for less. They will, however, appreciate the fact that you are attempting to avoid foreclosure and will work with you in order to complete a short sale and get rid of the lien. They will not necessarily discount your payoff on your tax lien, but they’ll work with us to get it taken off, as long as you provide the requested documents. There is a lot of documentation that they require, such as a buyer’s appraisal and certificate of tax discharge documentation; basically you need to ensure all of your financial documents are in order to get the federal tax lien removed so we can finalize the short sale.

If you have any particular questions or you have a situation similar to this, please give me a call or click Start Here at the top of the page. I would be happy to follow up with you, answer all of your short sale questions and assist you with your particular situation. Again, I’m Mark Peek with Keller William’s Realty in Newcastle and I am your short sale specialist for the entire Newcastle area. I look forward to doing business with you and meeting your short sale needs.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Recent Success Saves Homeonwner Pile Of Money Because of Nationstar Mortgage Short Sale File

Posted on May 10, 2012 in Short Sale FAQs

Hello everyone I am Mark Peek, your short sale specialist in Newcastle, thank you for trying out my blog today. I work with Keller Williams Realty within the Newcastle area and use my weblog to provide distressed property owners precious data on their choices for avoiding foreclosure.You probably have questions concerning the short sale process, or can no longer afford your mortgage, go to my website or contact me right now to discuss your options.

For my blog at present I wanted to speak about working with Nationstar Mortgage on a short sale file and a few of the recent files I have worked with. A whole lot of the Nationstar Mortgage’s I’ve worked on currently 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. By way of negotiating with Nationstar I was capable of achieve a payoff of one hundred and seventy two thousand dollars with zero deficiencies owed by the homeowner. Having just obtained the approval letter for this short sale I can proudly say we had been 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’re going to be capable to begin looking for a new home in Newcastle to buy within two to three years.

If you have a Nationstar Mortgage, or any other lender, and are not certain what to do with your underwater mortgage give me a call today to discuss your options. With years of short sale experience in the Newcastle area I’m 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 may have an amazing day.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.

Helping Successful Short Sales with 2nd Liens Keep away from Foreclosures

Posted on May 3, 2012 in Short Sale FAQs

Hello, that is Mark Peek with Keller Williams Real Estate, your Newcastle short sale specialists. Today’s subject is secondary liens on a property, specifically lines of credit. Now when you have a number of liens on a property and you are attempting a short sale, primarily those multiple liens should agree with one another on who is going to get what to be able to settle out the short sale.

I’ll inform you that those are more difficult than only a one lien short sale with just one loan on the property. In my opinion, multiple lien short sales typically have the highest failure rate. Usually the explanation why it does not get approved and closed is the second lien holders usually are not pleased with the amount they’re getting.

I got a $100,000 balance on a second lien on a short sale. They settled for as little as $three,000. They are going to release the lien, they’ve already authorized the short sale, and when we close, the home-owner isn’t going to be accountable for the difference. They’re forgiving $97,000. It is about the way you arrange the deal. It’s about expectations, having the correct package deal and follow-up and knowledge of the legal guidelines, the contacts at the lenders and realizing who the investor of that note is.

So if in case you have any questions in your particular short sale, or you will have a second lien holder and also you’re concerned you won’t get it through, give me a call. You may as well hit the start here button at the top of the webpage, enter your info and we’ll get back to you as quickly as possible.

I also want you to think about taking a look at our short sale calculator. It will enable you to decide whether or not your property is a potential candidate for a short sale. It additionally would possibly offer you an idea how long it is going to be before your house might become an asset again. Again, this is Mark Peek at Keller Williams, your Newcastle short sale experts and we’re here to help.

For more information on short sales and how to avoid foreclosure, visit the Short Sale Specialist blog or you can also contact the Mark Peek team and get started today.