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Michael Bernier commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."It is difficult to say what will be approved because no 2 short sales are the same. Their are many variables. Investor guidelines, servicer guidelines, number of lien holders, The MI company, the amount a seller can/will contribute to the sale. I…"
"I recently had a client who owned a condo worth only one third of what he paid for 5 years ago. He qualified to purchase his dream home with the 3 bdrm condo. He bought his dream home first and and then 8 months later…"
Patti Guilford commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."Who doesn't have a hardship these days with inflation and rising gas prices? Insurance costs? Etc etc etc
The bank wants to know why you are in imminent default and do you see you way clear of it. That's it. If they can answer that it fits…"
Chris Sorensen commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."Ernie, thank you.
In numerous discussions on this topic, often it is concluded that those who pursue a short sale manage their credit far better than those who do nothing and lose their home to foreclosure. Therefore, there scores do…"
Angela Alfe commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."Most lenders report Short Sales as "paid for less than full balance". From what I was told by a friend who works at the agency, this is scored differently than "not paid as agreed" or the like.
The individuals I spoke of…"
Ernie Dill commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."Hey Chris -
I'm respectful of your statement and I will certainly pursue the information you have provided.
But when one's real world experience contradicts your commentary, then one can feel free to share that experience. …"
Chris Sorensen commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."For those that keep referring to my post that reads there is no difference with respect to credit when dealing with a foreclosure or short sale and stating that I am wrong, allow me to share that you may need to alert FICO. As the largest…"
Ernie Dill commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."I call it a letter of explanation. If the seller is approaching a point of "Hardship," i.e. they're running up their debts, and are at the point where if anything goes wrong, they will have to default...they are in…"
Vance Richardson commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."What if they know they are going to have an upcoming hardship such as loss of job or divorce but they are not yet behind in payments?
Vance Richardson"
Peter Rundel commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."I'm suggesting you look into the HAFA program in detail. A hardship can be something logical such as a job change or death in the family. If you need to abandon the property for income reasons, the lender cant' hold you to the…"
Sheri McBride commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."It seems to me that everyone has some kind of hardship these days. I have never been turned down on a short sale from lack of having a hardhship. If the BPO comes in less than what is owed, it is a hardship. If the owner makes…"
"If the hardship is not financial, there could still be types of hardships that lender will approve, but I explain to the seller that they will need to provide all the documentation required in order for their case to be evaluated.
When I tell them…"
Ernie Dill commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."I read all the comments, and as Joseph, who is a very wise hand observed, in essence it all case by case and you never know until you try in my experience. (I have closed over 150 short sales over last three years and have 40 going at any one…"
Cathy Baumbusch commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."Wow the comments are amazing! To answer your question- this is the way I handle it. Mr. and Mrs. seller, in my experience, the lender is looking for some sort of hardship- if you are current on your mortgage, typically, they will not approve a…"
Helena Kaucheck commented on Derek Bauer's blog post I Don't Have a Hardship ... BUT ..."There are several definitions of hardship, not just financial. A short sale's pros and cons needs to be fully discussed with the homeowner. I always recommend that they first seek legal and tax advice before committing to a listing. The…"
Profile Information
- Occupation
- Realtor, Real Estate Broker
- Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
- Michigan including: Wayne County, Oakland County, Macomb County, Washtenaw County, West Bloomfield, Farmington Hills, Livonia, Plymouth, Northville, Novi, Bloomfield Hills, Waterford, White Lake, Milford, Commerce Twp., Wixom, Canton, Royal Oak, Ferndale, Warren, Troy, Sterling Heights, Madison Heights
- Short Sale Designations and/or Special Training
- SFR (Short Sales and Foreclosures Resource), CDPE (Certified Distressed Property Expert), CSSS (Certified Short Sale Specialist)
- Website
- http://DoorToDreams.com
- Short Sale Transactions Completed
- 50-100
- Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
- No
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- As the creator and leader of the Door to Dreams Home Selling Team, saving responsible homeowners from foreclosure has become my passion in recent years. I have completed the CDPE course twice, have been an Experience CDPE for over 2 years, and even attendted their first Momentum conference. In addition, I have completed the SFR and CSSS trainings. amd am currently closing over 2 dozen short sales each year.
- Put in todays date! This is to help stop spammers!
- February 16, 2011
- PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
- I AGREE
Derek Bauer's Blog
I Don't Have a Hardship ... BUT ...
Posted on February 16, 2012 at 11:23pm 33 Comments 0 Likes
I am rather conservative in how I run my business and as a result, obviously my initial question of someone who contacts me about a short sale is exactly that ... "Do you have a financial hardship at this time such that you can not afford the property?" If that uncovers that they CAN afford the property, my interview is mostly over.
Now there…
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Forum
Supreme Course rules on Quicken Case - Fee does not violate Section 8(b) of RESPA
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What does Analysis stage mean Bank of America
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Are FHA loans eligible for HAFA?
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Bank of America NDS Co-op on Proactive
Started by Olesya Drozdova in Question and Answer. Last reply by Jack Dudenhoeffer 6 hours ago. 3 Replies 0 Likes
Is There A Maximum Dollar Amount That Qualifies For A Short Sale?
Started by James Ybarra in Rants and Raves. Last reply by Mike Linkenauger 7 hours ago. 4 Replies 0 Likes
Does anyone have any short sale experience with Ocwen Bank?
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Bank of America Short Sale Incentive Relocation Assistance
Started by TeamKane Realty in Rants and Raves. Last reply by Rob E. Kirchner on Sunday. 2 Replies 0 Likes
Can the seller pay additional commission?
Started by Jose Hernandez in Question and Answer. Last reply by Satar Naghshineh on Sunday. 63 Replies 0 Likes
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