Pre foreclosure vs short sale

    • [PDF File]OVER HALF OF FORECLOSURES SHOULD BE SHORT SALES USING ...

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      1 OVER HALF OF FORECLOSURES SHOULD BE SHORT SALES USING REALTORS, NOT FORECLOSURES A foreclosure is now starting every 13 seconds, according to the Center for Responsible Lending. Missouri ranks No. 20 for foreclosure filings in 2008, with 42,054 up 33 percent from 2007.

    • Prior Derogatory Credit Event: Borrower Eligibility Fact Sheet

      Deed-in-Lieu of Foreclosure, Preforeclosure Sale (short sale), or Charge-Off of Mortgage Account 4 years 2 years 1 When both a bankruptcy and foreclosure are disclosed on the loan application, the lender may apply the bankruptcy waiting period if

    • Uniform Residential Loan Application — Additional Borrower

      Within the past 7 years, have you completed a pre-foreclosure sale or short sale, whereby the property was sold to a third party and the Lender agreed to accept less than the outstanding mortgage balance due? NO: YES: L. Have you had property foreclosed upon in the last 7 years? NO: YES: M.

    • [PDF File]Foreclosures And Short Sales - Bellevue Realtors

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      Foreclosure Sale • Licensed Auctioneer • Qualified Bidders – bank checks for deposit • Terms and conditions are read • Title is conveyed with all pre-existing defects • No representations or warranties • No inspections • Junior liens wiped out • Municipal and IRS liens survive

    • [PDF File]Court Decisions in Mortgage & Foreclosure Cases

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      foreclosure reversed re no showing of compliance with FHA servicing requirements) Beneficial Consumer Discount Co. v. Vukman, 2012 PA Super 18 (court set aside mortgage foreclosure sheriff sale based on defect in Act 91 pre-foreclosure notice) Bennett et al. v. A.T. Masterpiece Homes, PA Super. March 6, 2012 (a UDAP issue,

    • [PDF File]Short Sales and Foreclosures: What Real Estate ...

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      Non-GSE Traditional Short Sale and FHA Streamlined Pre-foreclosure Sale 10 min Verify the Borrower's/Seller's Financial Hardship— FHA Standard PFS 10 min Verify the Borrower's/Seller's Financial Hardship— VA Compromise Sale and U.S. Treasury HAFA Short Sale 5 min After Verifying the Financial Hardship, Ask the

    • [PDF File]8 CENTRAL DISTRICT OF CALIFORNIA 9 10 11 vs.

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      2. obtain a pre-foreclosure sale, short sale, or deed-in-lieu of foreclosure; 3. stop, prevent, or postpone any home mortgage foreclosure sale; 4. save any consumer's residence from foreclosure; 5. obtain or arrange lower or affordable monthly mortgage payments for any consumer; 6. obtain or arrange lower interest rates on any home loan, deed of

    • [PDF File]Waiting Period Before Buying Another Home

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      This means if a seller’s FICO score before foreclosure was 680, it could dip as low as 380. • Short Sale The effect of a short sale on a seller’s credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points. This ...

    • [PDF File]Short Sales SFR Outline - Texas Real Estate

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      Pre-foreclosure Sale and U.S. Treasury HAFA Short Sale 10 min Postponement of Foreclosure Proceedings 5 min Incentives, Cash Contributions, and Subordinate Liens 15 min Escalation Processes 5 min Servicer Short-Sale Approval Letters 5 min Fannie Mae Deficiency Waiver 5 min Why Short Sales Fail 5 min

    • BROOKLYN OFFICE JOHNSON,

      on a mortgage loan. One loss mitigation program was a pre-foreclosure sale, otherwise known as a "short sale," which allowed a borrower to give up his or her property without a foreclosure. In a short sale, with the approval of the lender or servicer, a borrower sold his or her home for less than the outstanding balance of the mortgage loan.

    • [PDF File]SHORT SALE FAQ - Valley Strong

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      A short sale, also known as a pre-foreclosure sale, is when your Mortgage Company or Credit Union agrees to let you sell your home for less than what you owe on your mortgage loan. How do I know if a short sale is right for me? If you can no longer afford to stay in your home

    • [PDF File]INSIDER- Don't Sell Short Sales Short (Watson) (FINAL)

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      Short Sale 1. Contact the lender. Find out if you can pre-apply for a short sale or if the lender requires an offer to proceed. Request the lender’s “short sale package,” as starting the process early will save time when the seller receives an offer. 2. Place the property on the market and find a buyer. The home must be labeled as a short

    • [PDF File]FHA Pre-Foreclosure Sale Program (PFS) Settlement ...

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      FHA Pre-Foreclosure Sale Program (PFS) Settlement Statements: Allowable and isallowable Fees Paid from Seller’s Funds at losing The following list of allowable and disallowable costs is not intended to be all-inclusive; rather, it is representative of the types of settlement fees allowed and disallowed under the PFS Program and

    • [PDF File]HUD Certification Exam Preparation

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      Short Sale/Deed in Lieu •Eligible for relocation assistance •Deficiency judgement may be removed •May receive tax relief on bank losses. Non Retention Options -FHA Pre-foreclosure Sale Deed-in-Lieu $1000 assistance Up to $2000 assistance 31 days delinquent or more at closing 31 days delinquent or more at closing

    • Short Sale And Foreclosure Investing A Done For You System

      File Type PDF Short Sale And Foreclosure Investing A Done For You SystemShort Sale And Foreclosure Investing Short sale vs. foreclosure: The pros and cons of foreclosure real estate investing. Now, in order to decide what makes for a better investment in terms of short sale vs. foreclosure, you should also take a look at the pros and cons of ...

    • [PDF File]UPDATES AND TRENDS IN THE SHORT SALE WORLD (AND TAX ...

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      Tax Consequences of Short Sales and Foreclosures Foreclosure: Recourse vs. Nonrecourse An important consideration in the results of a foreclosure (or a deed in lieu of foreclosure) is whether the debt is "recourse" or "nonrecourse." If the debt is "recourse," the debtor is personally liable for the debt.

    • [PDF File]Understanding Default and Foreclosure Section Overview

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      Pre‐foreclosure/ short sale ... Both the mortgage lender and borrower must agree to a pre‐foreclosure resolution process. Once the mediator designated by the courts or provided by a community‐based program. ...

    • [PDF File]Short Sales for REALTOR s - MIBOR

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      “ Sell a House – Buy a Home – Foreclosure Specialist ... Retail vs. Short Sale vs. REO Hybrid Transaction •Lender doesn’t own the property / but controls the sale ... Pre-Approval / Proof of Funds 4. AS-IS 5. Hurry up and Wait (Time is of the Essence)

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