Delaware Real Estate Blog

Drawbacks To Bank Of America's New Short Sale Program

Tue, 07 Feb 2012 03:00:00 GMT

New Castle County, DE –

Despite the fact that the Cooperative short sale may help the borrower leave the home without some of the negative aspects of a foreclosure, it has its drawbacks that you may need to consider before you decide to explore this option. Below are some of the drawbacks:

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

Deed in Lieu. In the event that your home does not sell, then the program stipulates that the next step is a deed-in-lieu of foreclosure. This affects your credit just like a foreclosure does. We do not see why you couldn't refuse the deed-in-lieu at that stage and attempt another short sale. Or, at least live "rent free" until the bank forecloses.

Second Lender / Mortgage Insurance Refusal to Participate. If you have two loans on a short sale, then you will always need the approval of the second lender to participate. If the second lender does not agree to the first mortgage's offer, then they might refuse to approve the short sale. Moreover, if the loan has mortgage insurance, the Mortgage Insurance company will need to approve the sale as well.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also take a look at the other services that we offer: http://www.sellmydelawarehome.com http://www.mydelawarehomesearch.com http://www.stopdelawareforeclosure.com http://www.delawareshortsalerealtor.com http://www.teamsordelet.com/Market-Snapshot

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

David Sordelet specializes in loan modification assistance and short sales in New Castle Delaware. New Castle Loan Modification Help, New Castle Short Sales, New Castle Short Sale Realtor Short Sale Realtor. New Castle DE Short Sales. New Castle Realtor. Delaware Short Sale, Delaware Loan Modification, Selling Real Estate, First Time Home Buyers, Delaware Real Estate Expert, Short Sale Specialist, Copyright 2010 SFI Marketing Institute, LLC. 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 David Sordelet's personal views and do not reflect the views of Prudential or Prudential Fox & Roach Realtors.

David Sordelet, Prudential Fox & Roach Realtors, 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. 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.

Why Bank Of America Is Offering A New Short Sale Program

Mon, 06 Feb 2012 03:00:00 GMT

New Castle County, DE –

A cooperative short sale may be a good option depending on your situation. But, you need to remember that Banks are not in the business of making life easier for its customers, much less anyone trying a short sale.

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

Banks are in business to turn a profits !

The main reason Bank of America has initiated the Cooperative Short Sale is to increase the bank's bottom line profit. They increase their profit whenever they cut losses on loans that are in default.

The bank faced several problems:

1. They have a bad reputation for taking too long to process short sales and loan modifications.

2. Due to the length of time to buy a short sale, buyers are making lowball offers.

3. Many agents are in experienced on short sales and unsure of what to do. As a result, many agents were in the dark on where to price a short sale property.

Before listing the property, Bank of America will provide the terms such as the list price and deficiency judgments. In doing so, the bank is able to provide a shorter decision time once an offer is received. In fact, Bank of America claims that once an offer is received, they will provide a decision in 10 days!

This simply means that Buyers will be less frustrated with the purchase process and more willing to wait for it to be completed. With a traditional short sale many Buyers get frustrated and walk before a response is received on the short sale.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Good News On Bank of America Short Sales

Wed, 01 Feb 2012 03:00:00 GMT

New Castle County, DE –

Bank of America is rolling out a new short sale program that will provide the quickest route to a short sale decision. The bank came up with this programs to help ensure that homeowners are able to explore all their options and avoid foreclosure.

This program, named the Bank of America Cooperative Short Sale Program, minimizes the challenges of traditional short sales - such as having to wait up to 60 days for a representative to even be assigned to your sale.

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

A cooperative short sale starts with a phone call from the homeowner to the bank. The homeowner explains to the bank that he or she has suffered a hardship, and will no longer be able to make the mortgage payments. The Banker and the homeowner will probably discuss a loan modification. In fact, this may be a pre-requisite to entering into a cooperative short sale.

Once the bank has determined that a loan modification is not a viable option, and after documents have been presented to the bank that show the home owner's hardship, then the bank is not left with any good options then the cooperative short sale.

The next step in the process is for the Bank to order an appraisal. The property is then listed with a Realtor at the appraised value of the house, and the Bank agrees to sell the property at the appraised price. Buyers can get an answer on their offers within only a day or two, not the 3-6 months a traditional short sale takes. This is because the short sale is pre-approved. The Bank also understands that the appraisal may have come in high, and if the property doesn't sell in 21 days, the price gets lowered every 21 days until an offer comes in. We think this is a great new program that will make short sales much easier for everyone involved.

This sounds great! As with just about anything banks are doing with short sales, lets see how this GREAT IDEA works out!

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Update on the Bank of America short sale!

Mon, 30 Jan 2012 03:00:00 GMT

Just a quick update on the Bank of America issue concerning a closing that is scheduled to close today (1/30/12).

With no luck on Friday 1/27, after learning that our negotiator is missing! No luck with the Twitter Teams assistance and no luck on Saturday with the customer service rep.

http://www.teamsordelet.com/Blog/Bank-of-America-Friend-or-Foe-Time-Will-Tell

I did have some luck today! We have not closed yet, but I am very confident that we will be closing on time, thanks to Annette in the Florida short sale office that works on FHA loans.

I was able to get a slew of numbers for that department on Saturday and started making calls first thing this morning. Lucky me, Annette picked up the phone and listened to my problems and concerns. She listened, put me on hold while she looked at the file and, without complaint, got right to work on the file.

As it turns out, some of the same things that we were requested to provide today had already been provided to the previous negotiator, SCOTT. I guess he stopped working on the file 1/17/12.

I will reserve judgment at this time on Scott's supervisor Fred and the person that was to be filling in for him. (Still waiting to hear from him) and still waiting for BofA_Help at Twitter.

There is hope for Bank of America, as of right now, I do not need to hear from them. I will update you when it closes. I know that the short sale departments are busting with overload. I also realize that it would be very easy to turn a blind eye to someone else files. That was not the case with Annette today.

Thank You Annette!

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Short Sales: Why Might a Short Sale Be Preferred Over a Loan Modification?

Mon, 30 Jan 2012 03:00:00 GMT

New Castle County, DE –

Homeowners who would prefer to get out from underwater may prefer to do a short sale compared to a loan modification.

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

A short sale means the bank will accept a reduced payoff and release the loan.

If your home is worth dramatically less than the amount owed, it might make more sense to do a short sale and be relieved of the burdened debt.

Loan Modifications are changes to your loan agreement.

Your payments get more affordable, but your loan balance is not reduced in any way. In fact, many loan modifications will adjust your payment back up after 3-5 years.

Here are other factors to consider:

1. After 2 to 3 years of maintaining credit, if prices remain stable, homeowners may qualify to buy another home with a mortgage and a payment that is affordable.

2. Both a loan modification and a short sale may affect credit. But either solution is generally better than a foreclosure.

3. Most of the short sale listings I sell in my area involve sellers who were denied a loan modification. I can help you make a decision on what option to take based on your current situation.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Bank of America: Friend or Foe?? Time Will Tell!

Sat, 28 Jan 2012 03:00:00 GMT

Here is a story that we will have to keep you informed on.

We will let you know regardless of the outcome. If the results show that Bank of America stepped up to the plate, we will give them all the credit. If they drop the ball, we will slam them.

So, here it is:

Have been working for too many months to get a FHA short sale to the table. Finally got approval and closing is to be on Monday 1/30/12.

As most of you know, the lender being shorted needs to approve the final HUD before closing. As you also know, it is hard to get the buyers bank to provide all the final numbers in time to be able to build the final HUD and get it to the shorted lender with 48 hour of the closing.

We did do this and got it to them with time to spare! GOOD JOB FOR THE BUYERS LENDER AND THE CLOSING ATTORNEY!!

Because this is a FHA loan, it is not done on the Equator system. We emailed the HUD to our negotiator, whose name will remain quiet (for now). He had the HUD for two days, so we thought. Finally decided to call him yesterday at 2:30 EST.

Here is the Voice Message that we got: "Due to unforeseen circumstances, I will be out of the office till further notice. If it is urgent you need to contact _ _ _ _ _ _ _ _ _ _ _ !?!?!"

Well, what do you do, closing is at 1 pm on Monday, HUD is not approved, buyer is getting special funding and will need to send any extensions to the underwriter for review, approval from FHA to short sell expires on 2/3 and so does the appraisal!! Oh and homes owners fees increase, late fees (which FHA will not) also increase!

Well, the last time I got pissed at B of A and did a blog entry I got a call from the Twitter help desk at Bank of America. They were helpful and I am scheduled to close that home very soon.

So, I reached out via Twitter to the Bank of America help at their Twitter handle. I got a call in about 10 minutes, the caller was concerned and did what he could, but since it was Friday night and the FHA short sale office is closed and not open on the weekends, he could only leave messages. Messages to the same supervisor _ _ _ _ _ _ _ __ _ _ who we had to call before (3 times) and email (4 times) months ago and are still waiting for a response.

Anyway, the B of A Twitter folks are on the ball and we will see.

Not being able to sit idle, I contacted the B of A short sale customer service desk today. (SATURDAY) Now we all know that the front desk folks are not even permitted to give visitors the key to the bathroom. They can look at the screen and tell you what you already know, like, "your property is not scheduled for foreclosure sale as of today" and "it looks like all of the documentation is up to date" Really!! NO SHIT!

She could not even expedite the file because it has not been more than 20 days since we had talked with the negotiator. Really!!!

So, here is my plan:

I have the supervisors phone number and 5 direct numbers for people in the office. At 8 am on Monday morning I will start calling. I will also reach out to the Twitter help folks as well. If by 9:30 there are no results, I will contact the corporate office, where - believe it or not- if you call there - - - -they get results. On this same file, the negotiator went AWOL once before, as did his boss. I called the chairman's office, explained my issue and CHECK THIS OUT: Got a phone call from the negotiator in 10 minutes.

You see, what I have figured out, Bank of America is trying to get a better reputation. They thought hiring a bunch of former real estate agents would give them the edge. They failed to figure that the agents that would walk away from a real estate business were the ones who were not making it. They were unwilling to conform to the new market. Have you seen a real estate office lately? They are dead. Most agents are too lazy to get out of their way, let alone learn new things.

Anyway, Bank of America is trying. Agents and third party negotiators work their asses off for peanuts per hour to get short sales closed and FHA will not permit a third party fee, even if paid by the buyer!

The real people who stand to get screwed here are the sellers and the buyer. This has been a long process for these sellers and they deserve to be done with this headache.

I will keep you informed!!!!

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Short Sales: What Else Goes Into a Hardship Letter?

Fri, 27 Jan 2012 03:00:00 GMT

New Castle County, DE –

You should put every little thing you have to show that your situation is real and that you cannot afford to make your mortgage payment.

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

Use numbers and percentages to explain the loss your of income or negative cash flow.

For example, instead of saying "I'm borrowing money to make the mortgage payments", disclose the dollar amount and source of that debt.

A good example would be: "I've borrowed $10,000 against my VISA card to make my payments over the past 6 months, and I have tapped my cards to the maximum."

You need to paint the worst picture that you honestly can. If your car needs maintenance or repair, if the cat has cancer and your vet bills are increasing, if your kids are starving to death on peanut butter sandwiches, or and your fingernails are worn to the quick scrubbing other people's floors for pennies a day, then put it into your hardship letter.

Use simple words that anyone can understand. The people reading these hardship letters are real people. If they don't feel sorry for you by the time they have finished reading, then maybe you need to re-write it.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

g, then maybe you need to re-write it

Short Sales: Don't Be Afraid To Tell The Truth In Your Hardship Letter

Thu, 26 Jan 2012 03:00:00 GMT

New Castle County, DE –

It is not a lot of fun to write a hardship letter. In fact, it can be depressing.

Many people may not know how bad their lives have become until they reach a point of writing a hardship letter.

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

Sometimes seeing all those awful things in writing is startling and some people start crying. However, do not turn and start talking about how your life will improve. Do “NOT” share your hopes and dreams for the future with the bank. It's none of the bank's business.

If there is hope on the horizon, if there is a chance for recovery and for you to become whole again, then the bank will not hesitate to grab a knife and plunge it into your heart. If your bank senses anything that shows that you might have the financial means at some point in the future to repay part of that debt, then the bank will jump on it like hot fudge on a sundae.

The bank doesn't care about you or protecting your precious credit rating.

So do everything you can to clue them into the harsh reality of your situation. Let them know that you have thought of bankruptcy.

Most people think of bankruptcy for just a second and then try to shove the thought into the back of their head. But, let your bank know that you have thought about bankruptcy. After all there is nothing that scares them more than bankruptcy. They know it allows you to walk away from your debt. It also makes them much more willing to negotiate with you. If you are on the brink of bankruptcy, then you've got a story the bank can listen to. Do not be afraid to be truthful and tell that story.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Short Sales: The Basics Behind a Hardship Letter

Wed, 25 Jan 2012 03:00:00 GMT

New Castle County, DE –

When I interview sellers who want to short sale in my area, I ask them to describe their hardship. Agents who do a lot of short sales can sometimes become a little insensitive because we are focused on the statistics. For instance, when a seller says she is getting divorced, it's possible that I may not show a lot of emotion.

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

Then I realize how that comes across, which is not at all in the way I intended it.

Trying to do a short sale or loan mod because of relationship difficulties is acceptable to most bank guidelines. It's not good news that the you and your spouse are splitting up. But, it is important for your lender to know. In your hardship letter, you want to explain 3 things:

1. How you got into your present situation - If for example you have missed mortgage payments state what caused this to happen. Was it due to job loss? Medical or some kind of family emergency? You need to be sure that the dates of the missed payments correspond to the circumstance that caused you to not make your mortgage payments. Use dates to references the times in which hardships happened to you.

2. What you have done to try to get out this situation – state the activities that you have undertaken to try and change your current situation.

3. Why this situation is permanent and nothing you can do will change it. Try to incorporate those three things into your hardship letter. It will make your situation look more sympathetic.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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,

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

What Constitutes A Hardship On A Short Sale?

Tue, 24 Jan 2012 03:00:00 GMT

New Castle County, DE –

Many people think a hardship is mainly based on financial matters and that is not necessarily the case.

Anything that makes it difficult for you to keep on making a mortgage payment might qualify to be a hardship.

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

One thing that the bank doesn’t want to see is a homeowner who seems to be looking for a way out simply because the home is not worth the amount the owner paid for it.

Being upside-down is one of the qualifications for a short sale but a bank may not grant a short sale solely on that basis. If your life looks unchanged since you took the loan, the bank might say you can afford to stay in your home at your present payment level. If your situation has changed, here are some examples that may qualify for a hardship:

1. Unemployment.

2. Reduced income. Furloughs, a new job, a partner's loss of a job, or a pay cut are examples.

3. Illness or medical emergency.

4. A Job transfer. (voluntary or involuntary)

5. Divorce, separation or marital difficulties.

6. Exotic mortgage terms (an adjustable-rate loan that adjusts and you cannot afford the new payment.)

7. Military service.

8. Death in the family.

9. Incarceration.

10. Increased expenses and excessive debt.

11. Unexpected repairs or home maintenance. I can help you put together a good hardship letter that will help you qualify for a short sale

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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,

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

It Could Be a Great Time To SELL!

Tue, 24 Jan 2012 03:00:00 GMT

Housing Inventory Ends Year Down 22%

http://blogs.wsj.com/developments/2012/01/19/housing-inventory-ends-year-down-22/tab/interactive/

Looking at all the predictions that have been made in regards to our housing market, I think that it is safe to say we can expect at least another 5% reduction in value by mid year.

Some experts are saying that we have hit the bottom, I sure hope that they are correct! I also realize that it is an ELECTION year and those who want to stay in charge will usually say whatever it takes to do so.

My prediction will be more in line with those that predicted that the real estate bubble was going to burst. They got laughed at and criticized on TV and in the papers. Even the NAR (National Association of Relators) got it wrong and could in some instances be found guilty of providing misleading information to the home buying and selling public.

Robert Schiller was called "Mr. Bubble" (in a very negative way) back in 2006. His predictions were correct!

Like I stated earlier, I think in our New Castle County, Delaware market place, we can expect to see another 5% reduction in value. What that does not account for is how any further trouble in the world will impact our economy. Iran is causing all kinds of trouble and Greece is working hard with the rest of the EU to tear down their economy even further.

SO, WHY IS IT A GOOD TIME TO SELL?

Right now interest rates are low, allowing for buyers to spend more!
As per the WSJ and local resources, There are FEWER homes on the market! Less Competition!!
A slight rise in interest rates could and probably will cause prices to fall!
A $200,000 house loosing just another 5% over the next six months is really loosing over $380 per week!!!!!
Buyers are looking right now!

The bottom line, as I see it right now. You are going to make more money right now by selling your home than you will in the next six months.

HOW CAN WE HELP YOU!

Thanks for reading this,

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

I am current on my mortgage; will my lender consider a Short Sale?

Mon, 23 Jan 2012 03:00:00 GMT

New Castle County, DE –

The Stop Foreclosure Institute recently received a question from John. Here was his question: “I am current on my mortgage with X Bank (one of the top 4 US banks.) However, I would like to short sale and move for my new job. I am current on my mortgage. Will my lender consider a Short Sale, even though I am not behind on the payments? Thanks for your help. John."

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

Here was our answer to his question:

When we work on several files with a lender, it seems that those that are late get approved faster than those that are current. However, you still have a chance of getting your file approved even when you are current on your mortgage. The banks might approve your short sale file, depending on your specific situation and the hardship. But they certainly seem to be taking their time on approvals where mortgage payments are current.

The good news is we have clients who are current on their mortgage payments and have already had short sale approvals. However, we also have clients where the banks have dragged the process on for 8 months or more. after that long wait, they still were not approving the short sales.

I can help put your Short Sale file together within a couple days and submit it for approval. (Remember, there is no charge for this.) The best way to determine if your lender will approve your short sale is to simply start the process.

Every lender and loan program is different, so we will never know for sure until we start.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Short Sale Question: My property is in rough shape and needs work. Can I still do a Short Sale?

Fri, 20 Jan 2012 03:00:00 GMT

New Castle County, DE –

The Stop Foreclosure Institute recently received a question from Dan. Here was his question. “My property is in rough shape and needs work. Can I still do a Short Sale? Dan.”

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

Here was our answer to his question. You can still do a short sale. It is a fact that lenders are more motivated to do a short sale on a property that needs repairs than on a property that doesn’t.

Most lenders understand that the risk of loss goes up when they foreclose on a property that needs lots of work.

Here is an easy way to get a discount approved for a short sale. Show your lender that a lot of repair work is needed to bring the property back up to a marketable condition so it can be sold.

Lenders are simply not set up to get any repair work done. They are in the loan business, not the repair or handyman business.

It really doesn’t matter the type of house or condition, all mortgages can be discounted. The very best types of properties to perform short sales on are houses that are in rough shape and need repair work because the bank will often allow a bigger discount for it.

If you have a property that is in rough shape and needs work, do not leave it to be foreclosed. I am here to help.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Short Sale Question: What Kind Of hardship Would My Lender Consider Legitimate?

Thu, 19 Jan 2012 03:00:00 GMT

New Castle County, DE –

The type of hardship that your lender will consider legitimate depends on the mortgage company considering the Short Sale request.

In general, so long as the hardship is real & acceptable and the mortgage company believes the loan is likely to become delinquent. As a result, the Short Sale request will be processed by the Loss Mitigation Department.

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

A big key to getting your lender to accept a hardship is to submit a strong hardship letter. The hardship letter sets the tone for the entire file. This letter must be honest and represent the facts clearly. It must prove to them that the situation that caused you to fall behind was temporary and you are now in a position to make your payments on time.

Below are examples of “hardships” that are common and frequently accepted by mortgage lenders:

1. Family illness or injury.

2. Illness or injury in the extended family – particularly if it forces relocation.

3. Job relocation when the property is equity deficient.

4. Job loss or significant income loss.

5. Divorce or split of domestic partners.

6. Adjustment in mortgage payment or unforeseen increase in living expenses. Your lender will expect you to submit any relevant documentation that supports your claim of hardship.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also seach every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Market Update and Heart Felt Plea!

Thu, 19 Jan 2012 03:00:00 GMT

We now have the latest information on the 2011 New Castle County, Delaware real estate market.

For more detailed information, contact our office and we will answer your questions. If you are interested in seeing what your neighborhood has been doing and what the homes have really been selling for, try our Market Snapshot. This is a free service that will custom create a report that is based on your neighborhood and your immediate surrounding area. http://www.teamsordelet.com/Market-Snapshot

It looks like our market place was down about 11% from 2010. The number of days on market increased as well as the number of homes that actually sold.

I know that you are probably tired of hearing about the “EXPERTS”, but most of them are saying that we should expect the housing market to drop another 5% - 8% in value between now and somewhere between the end of the first quarter of 2012 and the end of the second quarter 2012.

What does that mean for you? If you are considering selling your home and will have to be moved between now and the next 18 months, YOUR HOME IS WORTH MORE TODAY THAN IT WILL BE WORTH IN AT LEAST THE NEXT 18 MONTHS!

Take into consideration a home that is worth $200,000 today. IF and when your house drops 5% in value over the next 6 months, YOU ARE LOOSING OVER $300 a MONTH!!!!! OUCH!!!!

Don’t get caught up in waiting for the spring market, you will just be competing with many more homes. The buyers that look for a house in the colder months are those buyers that have to buy!

In reality, if you are thinking that a market comeback is on its way and you will just wait until 2013 to sell your home, you are not alone! Some home owners seem to think that as soon as the market comes back the price of their home will be what it was in 2008 or even 2005.

Even IF our market starts to come back (after we loose another 5% to 8% in value over the next six months) and that is already after most home owners loosing at least 20% to 25% (and that is currently a minimum!) price increases will be modest at best. No more of that 10%, 12% or 18% appreciation. If we are lucky, the first couple of years we will probably only see increases of ½ % to 2 or 3%.

All that being said, that information is figured to be as accurate as possible based on studying this market and the current trends. There is however one thing that we have learned in this market: Just when things start to get better, something happens in this country or the world to stop our progress.

Look at the world around us, Europe is a ticking time bomb, financially and the Middle East is ticking time bomb, literally!

If you will have to move in the next few months to next couple of years, we need to speak now about how to get you the most money for your house!

Thanks for reading this,

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also search every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Short Sales: How To Keep Your Home With A Forbearance Agreement

Wed, 18 Jan 2012 03:00:00 GMT

New Castle County, DE –

With a forbearance agreement, your bank agrees to hold back on its legal right to exercise foreclosure on you. They do this by coming up with a plan to bring you current on your mortgage payments after giving you some kind of a breather period.

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

In Forbearance, your mortgage payments are either reduced or suspended for a time agreed on by your lender. After the Forbearance period, you will be expected to resume making old payments plus make some additional partial payments to cover the arrears and eventually get the loan current.

Banks may stipulate that you make a single, lump sum payment by a given date to cover the missed payments. The mortgage company may be willing to grant forbearance to persons whose incomes have been reduced temporarily for a number of reasons such as job loss, unpaid mandatory leave, illness or other emergency.

Before asking for such a loan modification, you should be ready to demonstrate your good-faith efforts to pay your mortgages and other bills and to reduce expenses. This will only do more good than harm to your credit and therefore help you gain the confidence of your mortgage company.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also seach every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Short Sale Highlights

Thu, 12 Jan 2012 03:00:00 GMT

New Castle County, DE –

A short sale is often viewed as the only alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower.

By doing a short sale, you will retain some dignity in knowing that you sold your home and you will have no mortgage payments to make.

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

You will also be eligible, under Fannie Mae guidelines, to buy another home in 2-3 years instead of 5 to 7 years.

According to our research, if your credit report does not reflect a 60-day+ late pay, under Fannie Mae guidelines, you are eligible to buy another home immediately.

Below are some of the Highlights of a Short Sale:

1. Your lender agrees to allow you to sell your home and walk away without owing any money.

2. You avoid foreclosure and the huge credit damage that goes with it.

3. You retain control over the timing of the transaction and when you move.

4. In most cases, the homeowner gets a full release from the debt and is not financially responsible to repay the lender for their loss.

The transaction is usually completed at no cost to you!

The sales costs: commissions, title and escrow fees and most other costs – are all paid by the lender.

A short sale is an amicable solution to a difficult problem. The homeowner wins by getting the home sold, getting the loan paid off and having the ability to move forward without a negative impact on their credit. The lender wins by saving the added expense of the foreclosure process.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also seach every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

How Does A Short Sale Affect My Credit?

Wed, 11 Jan 2012 03:00:00 GMT

New Castle County, DE –

A successful short sale helps the seller to avoid any credit damage that could be brought about by a foreclosure. Such damage is not something to admire as it may take a minimum of seven years for someone before it goes off your credit report. That is why is it best to do all you can to avoid it.

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

When you short sell you house, you will recover quickly from the dings of late mortgage payments, provided you can keep your other accounts current. In such a case, consider allocating money to meet basic necessities first. You also have to pay other bills to keep as many accounts current as possible. When deciding which credit bills to pay review the terms of your credit accounts. If you are using a credit card to temporarily pay for necessities, you should be sure not to jeopardize the availability of that account. By so doing, you will keep the necessary accounts current.

I want to help make it possible for your credit to recover quickly.

A Short Sale may be just one part of a larger effort to get you through a tough period. I have helped many others to successfully come out of what they thought to be “a tough and an unavoidable” situation and I can help you as well.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also seach every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Short Sale Help: Another short sale almost killed by lender incompetence

Thu, 22 Dec 2011 03:00:00 GMT

New Castle County, DE –

We have seen many instances where a short sale that should have been approved was denied. If your short sale realtor doesn't know what they are doing, then you might get stuck with a promissory note that you don't deserve.

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

Here is a good example of this happening: A real estate agent had a short sale with one of the largest lenders in America. The short sale negotiator said that they would not approve the short sale unless the seller came to closing with 50k cash. The sellers said no way. Fortunately, the agent knew that Fannie Mae owned their loan. The good news for the seller is that Fannie Mae does not ask for promissory notes or pursue deficiencies. (There are a couple exceptions, but they didn't apply here.) If those are Fannie Mae's Guidelines, then why would the short sale negotiator require the seller to bring 50k to closing?

Turns out the negotiator was not following Fannie Mae's Short Sale Guidelines.

The agent contacted Fannie Mae directly. Within 72 hours a supervisor called from the short sale department. This time they were singing a different tune. The sale was approved and the promissory note waived. The seller got to walk away owing zero.

Why do things like these happen? Because, in our opinion, there is little oversight over the short sale process. Nothing happens when a short sale gets rejected and sells for less as a bank owned property. No, don't kid yourself, this happens a lot. These short sale negotiators develop an adversarial mindset. They probably even get paid bonuses based on how much money they squeeze out of short sale sellers. This causes their ego to get in the way of what is best for the owner of the loan.

If you are thinking about short selling your home, make sure your agent knows how to research who the owner of your loan is. That info will allow them to negotiate from a position of power. And it will help you avoid a deficiency or promissory note.

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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also seach every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php

Questions to ask before hiring a short sale agent

Wed, 21 Dec 2011 03:00:00 GMT

New Castle County, DE –

The right agent can make the difference between success and failure on your short sale. You risk losing a lot when your agent doesn’t understand short sales. The short sale can be denied and the home foreclosed. Then you have to wait five years to buy another house. Or, the lender may ask you to repay the loss.

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

Here are the questions I would ask an agent before hiring them.

Question #1: How many short sales have you listed and sold in the past 6 months? This is important because you want an agent who is up to date on all the potential issues. They should understand the short sale process from start to finish.

Question #2: In the past, what lenders have you negotiated short sales with? It is helpful when the agent you are interviewing has already done short sales with your lender. You know that they will already be familiar with your lender’s policies and procedures. At a minimum, you should look for an agent with experience with Bank of America, Wells Fargo, and Chase. These are the most common short sale lenders.

Question #3: What can you tell me about my lender and how they work? A knowledgeable and experienced agent will usually know the specifics about your lender. They will be able to tell you what to expect in the process. They will know upfront if the lender is likely to ask for a promissory note or deficiency.

Question #4: What is your track record for success and failure on short sales you have handled in the past? Look at the agent’s track record. If they are hard working and diligent, then they will have a strong track record. That is good news 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 wesell@teamsordelet.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 302-476-2057

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

Thinking about a loan modification?

Our New Castle County 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, David Sordelet.

David Sordelet

David is a Real Estate Consultant with The Team Sordelet Realty Group at Prudential Fox & Roach Realtors.

Phone: 302-476-2057. Email: wesell@teamsordelet.com.

"Where Results Are Key"

View OUR homes for sale at http://www.teamsordelet.com.

You can also seach every house for sale in our market place by clicking on this link: http://www.teamsordelet.idxco.com/idx/4618/basicSearch.php