Feb 17, 2011 - I recently received a question from Dave. Here is Dave's Question.
"I bought several investment properties at the peak of the market. The homes have dropped in value by almost 40% and I am losing money on the rent every month.
I am sick of writing a check every single month to cover the loss. I would like to short sale these properties if possible. I am just wondering if the banks would allow it. What do you think?” asked Dave.
Here was our answer. Dave, there is no answer that is correct 100% of the time. In your situation, it depends on your lender. Many lenders will allow a short sale.
Others won’t talk to you until you are behind on the payments. I have a friend who is in a situation very similar to yours and is short selling several properties.
He has substantial assets and a good income. Some of the banks were easy to work with. He was able to stay current on the payments until they approved the short sale.
However, some of the other banks weren’t as easy to work with. He had to stop making payments before they would talk to him.
It all depends on the bank and how much you want to short sale. I know several people that write big checks every month just trying to stay afloat on their rental properties.
If you aren’t planning on buying another house for 2-3 years, and want to stop the bleeding, then a short sale is a great option.
If I were you, then I would attempt a short sale. It doesn’t cost you any money. I don’t see how you can lose. If they don’t approve the short sale, then you are exactly where you are at today.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at cliff@cliffhildreth.com. 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 (661) 904-1194
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Santa Clarita Valley loan modification kit has the instructions you will need to get a loan modification approved with your bank. Call or email to request a free copy. Thanks for reading this, Cliff Hildreth.
Cliff is a Real Estate Agent at Keller Williams VIP Properties. Santa Clarita Valley Short Sales Realtor:
Phone: (661) 904-1194. cliff@cliffhildreth.com.
"Together We Can Make It Happen"
View My homes for sale at
www.cliffhildreth.com.
Cliff Hildreth specializes in loan modification assistance and short sales in Santa Clarita Valley California. Santa Clarita Valley Loan Modification Help, Santa Clarita Valley Short Sales. Santa Clarita Valley Short Sale Realtor.
Short Sale Realtor. Santa Clarita Valley CA Short Sales. Santa Clarita Valley Realtor.
Copyright 2011 Cliff Hildreth. All Rights Reserved. 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. The views expressed here are Cliff Hildreth's personal views and do not reflect the views of Keller Williams VIP Properties.
This information on Santa Clarita Valley Short Sales: Can I Short Sale If I Have Substantial Assets & Good Income? is provided as a courtesy to our viewers to help them make informed decisions.
Thursday, February 17, 2011
Wednesday, February 2, 2011
Bank of America forecloses on paid off house
Santa Clarita Valley CA - According to a story in the Sun Sentinel [1], Bank of America foreclosed on a paid off house. Here is an excerpt from the story.
" When Jason Grodensky bought his modest Fort Lauderdale home in December, he paid cash. But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though Grodensky did not have a mortgage.
Grodensky knew nothing about the foreclosure until July, when he learned that the title to his home had been transferred to a government-backed lender. "I feel like I'm hanging in the wind and I'm scared to death," said Grodensky. "How did some attorney put through a foreclosure illegally?"
Court records show Countrywide Home Loans filed a foreclosure case in Broward County civil court against the former owner of the home on Southwest 14th Street in 2008. Bank of America took over Countrywide at the end of that year.
The following year, Grodensky and his father Steven bought the house for cash as an investment property. Jason Grodensky's brother Kenny Sloan lives in the house now. They negotiated a short sale, which means the lender agreed to accept less than the mortgage amount. Documents show the sale proceeds were wired to Bank of America. The sale was recorded in December 2009 at the Broward County Property Appraiser's Office.
But in court, the foreclosure case continued, the records show. There was a motion to dismiss the case in July, followed the next day by a motion to re-open it. A court-ordered foreclosure sale took place July 15. The property appraiser's office recorded the transfer of the title to Fannie Mae the same day."
As you can see, Bank of America is very disorganized. Many agents claim they are the worst lender to do short sales with. Make sure you hire an experienced short sale agent if you plan on short selling your house and your loan is with Bank of America.
Short sales happen with them every day. But, their short sales are more difficult and usually take more time.
If you have questions about the short sale process, then please send me an e-mail at cliff@cliffhildreth.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (661) 904-1194.
Thinking about a loan modification? Our Santa Clarita Valley Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Email me at: cliff@cliffhildreth.com. I will be happy to forward you our kit free of charge.
Thanks for reading this, Cliff Hildreth.
Cliff is a Real Estate Agent at Keller Williams VIP Properties.
Phone: (661) 904-1194. cliff@cliffhildreth.com.
"Together We Can Make It Happen"
View My homes for sale at www.cliffhildreth.com.
Cliff Hildreth specializes in loan modification assistance and short sales in Santa Clarita Valley California. Santa Clarita Valley Loan Modification Help, Santa Clarita Valley Short Sales. Santa Clarita Valley Short Sale Realtor. Short Sale Realtor. Santa Clarita Valley CA Short Sales. Santa Clarita Valley Realtor.
Copyright 2010. All Rights Reserved. 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. The views expressed here are Hildreth's personal views and do not reflect the views of Keller Williams VIP Properties. This information on will my neighbors find out that I am short selling my house is provided as a courtesy to our viewers to help them make informed decisions.
" When Jason Grodensky bought his modest Fort Lauderdale home in December, he paid cash. But seven months later, he was surprised to learn that Bank of America had foreclosed on the house, even though Grodensky did not have a mortgage.
Grodensky knew nothing about the foreclosure until July, when he learned that the title to his home had been transferred to a government-backed lender. "I feel like I'm hanging in the wind and I'm scared to death," said Grodensky. "How did some attorney put through a foreclosure illegally?"
Court records show Countrywide Home Loans filed a foreclosure case in Broward County civil court against the former owner of the home on Southwest 14th Street in 2008. Bank of America took over Countrywide at the end of that year.
The following year, Grodensky and his father Steven bought the house for cash as an investment property. Jason Grodensky's brother Kenny Sloan lives in the house now. They negotiated a short sale, which means the lender agreed to accept less than the mortgage amount. Documents show the sale proceeds were wired to Bank of America. The sale was recorded in December 2009 at the Broward County Property Appraiser's Office.
But in court, the foreclosure case continued, the records show. There was a motion to dismiss the case in July, followed the next day by a motion to re-open it. A court-ordered foreclosure sale took place July 15. The property appraiser's office recorded the transfer of the title to Fannie Mae the same day."
As you can see, Bank of America is very disorganized. Many agents claim they are the worst lender to do short sales with. Make sure you hire an experienced short sale agent if you plan on short selling your house and your loan is with Bank of America.
Short sales happen with them every day. But, their short sales are more difficult and usually take more time.
If you have questions about the short sale process, then please send me an e-mail at cliff@cliffhildreth.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at (661) 904-1194.
Thinking about a loan modification? Our Santa Clarita Valley Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Email me at: cliff@cliffhildreth.com. I will be happy to forward you our kit free of charge.
Thanks for reading this, Cliff Hildreth.
Cliff is a Real Estate Agent at Keller Williams VIP Properties.
Phone: (661) 904-1194. cliff@cliffhildreth.com.
"Together We Can Make It Happen"
View My homes for sale at www.cliffhildreth.com.
Cliff Hildreth specializes in loan modification assistance and short sales in Santa Clarita Valley California. Santa Clarita Valley Loan Modification Help, Santa Clarita Valley Short Sales. Santa Clarita Valley Short Sale Realtor. Short Sale Realtor. Santa Clarita Valley CA Short Sales. Santa Clarita Valley Realtor.
Copyright 2010. All Rights Reserved. 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. The views expressed here are Hildreth's personal views and do not reflect the views of Keller Williams VIP Properties. This information on will my neighbors find out that I am short selling my house is provided as a courtesy to our viewers to help them make informed decisions.
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