Pittsburgh Short Sale

Pittsburgh PA Short Sale Realtors

Struggling homeowners are finding it harder to keep up with payments. 1 in 7 has fallen behind on their mortgage; this has led a lot of borrowers towards foreclosure. Without knowing the other options out there homeowners sit and wait for an unnecessary fate. Among these alternatives is a short sale, this has proven to be the most successful alternative. Lenders agree to let the homeowner put the house for sale and accept a lesser amount on the home than the remaining amount owed, this is due to current market value. This helps the bank keep from spending money on the costly foreclosure process on the other side of things and keeps the homeowner from a total loss.

Qualification is as easy as proving your circumstances to be true. Hardships are unexpected and are understood by lenders that life situations can happen. You have the opportunity to write a hardship letter explaining your loss of income, death in family, property damage, illness, or other. Showing what the set back was will be to your advantage.

Pittsburgh PA Short Sale Facts:

• Borrowers are not to pay a cent through this process. When short selling the lender is the one to cover all additional costs including traditional closing costs and Pittsburgh short sale Realtor fees.
• Each process is as individual as the person, hardship, home, and location. This will make each short sale process finish at a totally unique time. This process averages 6 months but can be as few as 2 and as long as a year.
• Most often, the bank will forgive borrowers of the remaining balance. This is not always going to occur and with each lender is different. If this is something you want discussed be sure to have your Pittsburgh short sale specialist assist you in speaking with the lender.
• Short sales can see a 30 to 70 point decrease in their credit. This could be worse with each late payment knocking the score down an extra 30. It is easier to recover from this if you begin the sale process as soon as possible.
• Lenders have incentives exclusive and unique to each out there. Among these there is cash back deals ranging is $5k-$30k, this is additional to any HAFA incentive. It can’t get much better than that!

Interested in HAFA? If you are unfamiliar with HAFA this is the Home Affordable Foreclosure Alternative. You can do a short sale under this program and get additional incentives, such as $3k towards relocation assistance. This government program was specifically designed to help homeowners choose other options to foreclosure.

Have additional questions, want to hurry and get started to save your credit score, want to see if you qualify for a short sale and HAFA? Call now and get this process started! 1-877-737-4903.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Do you want to short sale your Pittsburgh PA real estate with expert Realtor? Our stop Pittsburgh foreclosure experts are here to save your home. All help is FREE help to Pittsburgh homeowners in financial hardships. Our Pittsburgh short sale specialist Realtors will work areas all over the state of PA.

Copyright First Coast Realty Associates 2011-Sharon Molnar

GMAC Mortgage Short Sale Guide and Process

Are you a GMAC client facing foreclosure? You may be considering a GMAC short sale. This page will serve as a guide and starting point for any borrower inquiring about the GMAC short sale process.  By carrying the process along and offering quick approval times and reasonable terms they are providing homeowners with an excellent alternative to foreclosure. GMAC short sales are a great choice when dealing with foreclosure. So what do you need to know to get started?

The first step is to find an agent that will work with short sales. With short sales only becoming more popular after lenders made them more acceptable due to the real estate market and hard economic times many agents are un familiar with working on short sales. There are however real estate agents who are short sale specialists. These specialists are familiar with the short sale process and can guide you through the motions effortless and have the process in works in an accelerated amount of time.

Once you have a short sale specialist 1-877-737-4903, than you are going to need to assemble your short sale package. These are personal documents that prove your claims on income deficiency and circumstances preventing your success with payments.

When unexpected occurrences happen that effects our payments, this is called a hardship. A Hardship can be accepted under certain circumstances.

As Follows:

• Illness- this can result in extra medical cost and fees that were not planned.
• Loss of Income- You may be the only provider or you may have a series of contributors that make your cost of living possible. If yourself a contributor or yourself has lost a job and has resulted in less over all money going into making your payments possible.
• Reduced Income- This can be from a contributor or yourself taking an unexpected cut in pay.
• Death- This is from a death of an immediate family member or close friend resulting in funeral costs, the flights to attend, or any additional costs that may result from the death.
• Incarceration- this is from the lack of freedom to financial control as well as court costs and fees
• Divorce- This is when a Co-Borrower no longer contributes to the payments as well as lawyer fees and ext.
• Marital Separation- When the Co-Borrower is no longer contributing to the payments on the mortgage
• Property Damages- This can be unnatural (car crashing into home, ext.) or natural (hurricane, earth quake, sink holes, ext.)

Additional documents requested:

• 3 months of all current bank statement
• 1 month of current paystubs
• Your last year’s tax returns and W-2’s
• Financial statement

For additional information on these documents contact a short sale specialist today at 1-877-737-4903. If you are interested in (HAFA) Home Affordable Foreclosure Alternative but would like additional information on the incentives and the GMAC HAFA program guidelines your short sale specialist can also assist.  This incentive includes $3,000 to participating borrowers at the close of the short sale to use for relocation expenses.

Our network of nationwide realtors specializes in preventing foreclosure and at no cost to you with the traditional closing costs and brokerage fees typically being covered by GMAC.

Why Choose a Pittsburgh Distressed Property Experts?

Distressed Property Experts specialize in helping homeowners find lender accepted programs to aid their hardships with their home. Distressed Property Experts are fluent in short sales, and also work as third parties when dealing with lenders and homeowners. Their ultimate goal is to help you avoid foreclosure and to get you on a long term path to fixing your problem.

Some of the benefits that a Distressed Property Expert offers are completion of programs in a timely manner, ease of mind, and a better understanding of the real estate/lender foreclosure process. The steps within the processing can be confusing as well as difficult when struggling with the emotions of a hardship, and a Distressed Property Expert can lead the way with best intentions while remaining calm and collected.

One of the many programs that Distressed Property Expert can assist you with is a short sale. Short sales are where you owe more on the property than what its worth in the current market and your lender agrees to less than total balance of the mortgage when closing comes. This is a great solution in these hard economic times to help the homeowner from losing the home. A significantly large group of agents have yet to work with short sales; this is due to their popularity only increasing once lenders agreed to accept them more frequently after the market dropped. This makes Distressed Property Experts and short sale specialists the few who really can handle a short sale. You may have been referred to a short sale specialist by your lender or in extreme distressed situations a Distressed Property Expert. Agents who specialize in short sales can also be distressed property certified and maybe helpful if a short sale is the avenue you are trying to pursue.

Having a Distressed Property Expert on your side will give you a greater chance of having a successful outcome. With the training they underwent to work specifically with distressed homes, your business partnership will be a force to reckon with. This is something they do regularly, take comfort that they are trained to know all the curve balls in the process and to guide you until the final decision has been dealt.

In conclusion, distressed property experts are your special weapon to defeating your problems with your mortgage and fixing them long term. If you are looking to find a local Pittsburgh Distressed Property Expert, call a short sale specialist for more information: 1-877-737-4903.

While it is important to have a trained short sale specialist there is no substitute for experience. To contact us today to get in touch with a experienced short sale specialist call 1-877-737-4903

A short sale is a type of real estate sale that takes place when the outstanding loan against a property becomes higher than what the property can be sold for. The short sale requires you to convince your mortgage company to sell your property for less than the amount of your mortgage. The ostensibly simple-looking process is in fact a complex one that must be handled by expert Pittsburgh short sale Realtors who have experience in closing short sale deals in the past.

The following step by step information will help you learn how to do a short sale.

1. Verify your House Value
First off, evaluate the current value of your property. If you want to sell the property through a real estate agent, the agent will provide you with an estimate of your home’s value. But if you want to sell on your own, do your own analysis of your property as well as the area in which you have the property.

2. Determine the Cost of Selling
Then, calculate all the costs required for selling the property. Here again your short sale Realtor will provide you with an estimate of closing costs. But while doing the sale yourself, you will have to contact a real estate attorney or a local title company and ask about the closing costs of doing a short sale. When properly represented by a short sale specialist, your closing costs, including your Realtor’s fees, will be paid for by your lender.

3. Do the Calculation
After that, compare the amount you owe against the property and the estimated price you expect to get as a result of a short sale. Do the calculations by subtracting the estimated proceeds of the sale from the amount you owe against the property. It will give you the net amount you are going to make from a sale. If it is less than what you owe your lender, you should consider a short sale.

4. Hire an Agent
At this point, the support of a short sale expert will be crucial to the success of your short sale. Ask him different questions to determine if he can handle your short sale. Have him explain the whole short sale process so that you may judge his competency as well as expertise.

5. Contact your Lender
Contact the bank that is handling your loan. You can narrate the whole situation to someone in the customer service department. You will be directed to a specific department. Here you need to determine if your lender accepts short sales; if yes, ask them for short sale paperwork.

It is pertinent to mention here some lenders are willing to modify your existing loan in order to evade the short sale process. Loan modification is equally beneficial for you as well as your lender. Some lenders agree to do a short sale and appoint an agent to proceed with the sale process. And still some lenders may reject to do a short sale telling you that your debt is your responsibility.

6. Get your Home Listed
Once you have ascertained that your lender accepts short sales, ask your Realtor to list your home on the market. However, if you already have an interested buyer you should bypass this step and proceed to the next.

7. Get an Offer and Submit your Paperwork
Wait until you receive at least one offer from an interested buyer before moving on to the next step. In the meanwhile, prepare your short sale package and search in all the required documents. Submit you paperwork along with buyer’s offer to your lender or mortgage servicer.

8. Sell your House
Give your mortgage company four to six weeks to review and approve your short sale request. On receiving the approval letter, contact your Realtor to process the sale of the home.

As the economy continues to struggle, many homeowners with underwater properties are looking for a way out. For these struggling borrowers, a short sale offers many benefits when compared to a foreclosure. In order to short sale, borrowers must prove to their lender that they can no longer afford their property because of a decrease in income, divorce, relocation, and other similar situations. This is done in the form of a hardship letter and other financial documents included in the short sale package.

Hiring a North Hills PA short sale Realtor is the best place to start. This short sale specialist will list and market your home as a short sale property at its current market value. Once an offer is received, it will be sent in to the bank along with the short sale package in hopes of approval. Your bank then has two options, accept the short sale and receive less than the full loan amount from the borrower, or deny the short sale and result to a foreclosure which will cost your bank more money and time. In most cases, banks choose the short sale route and even forgive borrowers of the deficiency on the home. This depends on the homeowners hardship situation, loan balance, and other factors.

Though a short sale will likely cause some damage to your credit score, it is fairly easy to recover from as opposed to a foreclosure. The largest drop to your score is usually a result of missed mortgage payments rather than the actual transaction itself. For some delinquent borrowers who are in debt deeply, a short sale actually improved their credit shortly after the transaction. For this reason, it is very important to begin the short sale process as soon as possible.

www.Short-Sale-Specialists.com

877-737-4903

Ask a local short sale specialist!

Are you looking for a North Hills PA short sale Realtor? Look no further! Our stop Pennsylvania foreclosure specialists provide FREE short sale expert services to North Hills PA homeowners in hardship. Call today to see if you qualify for a short sale! Need a North Hills PA Distressed Property Expert in short sales to offer free Chase short sale services? Our North Hills PA area Distressed Property Expert real estate agents are here to help, and are Certified or trained in the Pennsylvania Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Our organization does NOT directly offer short sale or foreclosure rescue services in the state of Pennsylvania. CLICK HERE for more information on our services.

Copyright First Coast Realty Associates 2011

• The seller is facing hardships
• The probability of a mortgage default is high
• The market value of your house has gone below the unpaid mortgage
• The seller has no assets/minimal assets

Hence, the documents you submit should prove that you fit in to all of the above criteria.

Inside the Short Sale Package, we have…

• Letter of hardship – The seller’s short sale hardship letter to the lender explaining why a short sale is the best option for him. This letter by itself is an 8-10 line letter but gains value only in the package, as the claims need to be backed up.
• Seller’s financials – Compiling these will take time, but it is a part of the process. You have to provide the following documents:
  • Income tax returns from the last two years
  • Pay stubs from your payee/source of income
  • Most recent statements (two months) on brokerage and bank accounts
  • Financial statement including income and expenses. These should be comprehensive and backed up thoroughly with receipts. Included are child care expenses, car payments, insurance and all other forms of expenditure.
• Documents related to your lender. These include:
  • Loan information – this form has to be filled out separately for every lender involved. All details regarding the loan and the lender have to be filled out and signed by the seller.
  • Letter of authorization – signed by the seller, for the lender for the purposes of providing information to the concerned agents.
  • Loan payment coupons – for every lender involved and should provide information/show current balance or the mortgage statement.
• Information about the house
  • CMA of sales in recent times in your area
  • Estimate of reports and other supporting evidence for a lower market price
  • A copy of the listing agreement indicating the listed price.
• The best two offer letters
  • The complete documentation with all the mandatory signatures
  • Proof of the purchasing power of the buyer
  • Statement of HUD
  • A pre-approval letter for the buyer

Compiling these documents and getting the necessary work done in the short sale process is crucial, but the agents have to keep in mind how important the time factor is. As has been noted in several instances, time is the sole assets that most short sale sellers will probably have. In case the process didn’t start as a preventive measure, then the rope in the tug of war between foreclosure and short sale is already leaning towards foreclosure. An extra effort would be required by the seller to get things done correctly.

www.Short-Sale-Specialists.com

877-737-4903

Contact a local short sale expert.

Are you looking for a Pittsburgh PA short sale Realtor? Look no further! Our stop Pennsylvania foreclosure specialists provide FREE short sale expert services to Pittsburgh homeowners in hardship. Call today to see if you qualify for a short sale! Need a Pittsburgh PA Distressed Property Expert in short sales to offer free Chase short sale services? Our Pittsburgh area Distressed Property Expert real estate agents are here to help, and are Certified or training in the Pennsylvania Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

Our organization does not directly offer short sale or foreclosure rescue services in the state of Pennsylvania.

Do loan modifications offer permanent solutions, or are they just a temporary fix?

Previously, if a person failed to make his monthly payments on his property, he would be left with no option other than selling his home. But the changing economic conditions, marked by an unmatched decline in the Pennsylvania real estate market, massive job losses, and an unparalleled high number of imminent foreclosures, has paved the way for loan modification. It means that instead of becoming deficient and allowing foreclosures to take place, the homeowners can now request their banks to modify their loan agreement.

Loan modifications refer to changes and amendments to loan agreements that were once agreed upon by both lenders as well as borrowers. Usually, when a person finds it difficult to manage his monthly payments due to any financial problem, he can get his loan agreement modified in such a way that he can continue making his payments without any difficulty. So any change occurring in any part of the agreement which aims at giving borrowers a certain relief is known as a loan modification.

People who have been struggling with their mortgage loans are the best candidates to apply for relaxation. So a person who owes more on his home than the real value of his home, or a person who cannot cope with his monthly mortgage payments on account of financial duress, is an ideal candidate for loan modification. Moreover, if the agreed upon monthly payments exceed thirty one percent of his monthly income, he can also ask his bank for modification.

Once his application is reviewed by the concerned bank and he is found to have been eligible with all respects, he will be notified about the approval of loan modification. The loan modification process results in lowering monthly payments, reducing the interest rate, reducing the outstanding balance, converting an adjustable rate to a fixed one, increasing the repayment terms, and writing off accrued back payments and late fee charges. If the borrower were left with no such option, he would have to either endure unmanageable payments or give up his home and suffer harsh consequences in terms of credit score loss, employment loss and many others.

Thus it becomes crystal clear that loan modification, when approved, should be regarded as a permanent solution rather than terming it a temporary fix. The relief to borrowers’ pathetic economic pressure is dedicated to the facility of loan modification. However, it is not as simple a phenomenon as it appears. One has to go through a tiresome process of verification and negotiation to get his loan modified.

It is better to hire the services of some professional and experienced real estate agent who can assist you in the process of loan modification. Since the process involves a bulk of financial documents, every individual cannot handle this issue without proper guidance of experienced agents. They urge the banks to approve loan modification requests because it also guarantees the benefit of banks in many ways.

With all of this being said, unfortunately we are seeing all too often that homeowners who are approved for a loan modification still end up in foreclosure at some point. Loan mods do work for some! I would encourage you to try a loan mod before taking another route to avoid foreclosure. However, if the loan modification doesn’t work out, a short sale is the best alternative to foreclosure.

A short sale allows borrowers to sell their home for an amount lower than their loan’s balance. They are then forgiven of the deficiency by their bank who forfeits their right to ever pursue judgment. A short sale does much less damage to one’s credit than a foreclosure. Seek short sale services from an experienced professional short sale Realtor. A short sale should never cost homeowners a dime considering lenders pay all sellers’ closing costs.

www.Short-Sale-Specialists.com

877-737-4903

For more information on the short sale process or to receive a free evaluation of where your home stands in today’s market, fill out the form below.

Are you looking for a Pittsburgh PA short sale Realtor? Look no further! Our stop Pennsylvania foreclosure specialists provide FREE short sale expert services to Pittsburgh homeowners in hardship. Call today to see if you qualify for a short sale! Need a Pittsburgh PA Distressed Property Expert Certified in short sales to offer free Chase short sale services? Our Pittsburgh area Distressed Property Expert Certified real estate agents are here to help, and are Certified or training in the Pennsylvania Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

Our organization does not directly offer short sale or foreclosure rescue services in the state of Pennsylvania.

The Home Affordable Foreclosure Alternatives Program took effect April 5, 2010, and has since undergone quite a few changes. If you were denied for the HAFA Program in the past, I encourage you to read below as some of the guidelines have been altered. In the beginning, HAFA was nearly impossible to qualify for, but since the qualifications have become much more liberal we are seeing more borrowers qualify.

HAFA:

• Applies to 1st lien holders. 

• Does not apply to FHA or VA loans. 

• Offer incentives to borrowers, servicers, and investors.
  • Borrowers can receive $3,000 in cash to help with relocation. 

• Limits the amount of time lenders are allowed to respond to an offer. 

• Requires lenders to forfeit their right to seek a judgment on the deficiency. 

• Allows borrowers to receive pre-approved short sale terms before the home is even listed.

Qualifications for HAFA:

• The loan must be the first mortgage. 

• The loan must have originated before January 1, 2009. 

• The borrower is not longer required to be in default. 

• The unpaid balance must be less than or equal to $729,750.
  • This can be exceeded in some cases for two- to four-unit properties. 

• The home must be, or recently was, the borrower’s primary residence.

Contact us today or fill out the form below for more information on HAFA.

www.Short-Sale-Specialists.com

877-737-4903

Are you looking for a Pittsburgh PA short sale Realtor? Look no further! Our stop Pennsylvania foreclosure specialists provide FREE short sale expert services to Pittsburgh homeowners in hardship. Call today for short sale information on the Pittsburgh short sale process and to see if you qualify for a short sale! Need a Pittsburgh PA Distressed Property Expert in short sales to offer free Chase short sale services? Our Pittsburgh area Distressed Property Expert real estate agents are here to help, and are Certified or training in the Pennsylvania Home Affordable Foreclosure Alternatives, or HAFA Government short sale program.

Copyright First Coast Realty Associates 2011

Our organization does not directly offer short sale or foreclosure rescue services in the state of Pennsylvania.