Kristin LaVanway - The Sunny Side of Phoenix Real Estate » Avoid Foreclosure

Short Sale Buyers – Special Forces

Kristin LaVanway — Tue, 01 Mar 2011 03:14:48 +0000

Buying a short sale is not for namby pambies

The East Valley Team is taking a stand. When a buyer submits an offer on a short sale – it is hazardous to everyone’s health (financially speaking) if they do not intent to execute that contract fully.

Gone are the days of putting lots of short sale offers in to see what sticks, Banks are digging and making the process much harder so the message from the East Valley Team is this: You better be serious if you put an offer in on one of our short sale listings.

Loan Mod Scams from the Grave!!

Kristin LaVanway — Sun, 02 Jan 2011 05:09:15 +0000

Unbelievable how far these loan mod scammers will go!!

Watch out for GINO! Oh yes, lucky me, I got a call from my lender, CitiMortgage, extending an offer to modify my loan. Only problem there is that my house was foreclosed on 6 MONTHS AGO!

I had to check this out…turns out it wasn’t exactly CitiMortgage., but Gino from the United Mediation Group in California. What followed was a classic scam pitch which, if I bit would end up costing me thousands and put me a worse financial situation with my lender (well, former lender).

The pitch contained many red flags that hinted that Gino and his buddies were not exactly straight shooters. Yes, there are reputable resources for lona modifications – chief among them, your lender – but also keep in mind that for many people, loan modifications are oftentimes not the best long term solution.

If anyone other than you mortgage lender solicits you for a loan modification, RUN! And even if you lender suggests it, you are advised to seek legal counsel to ensure that you are not making a bad situation worse.

FYI, just for fun, check out United Mediation Group on the BBB website:

Watch out folks! These scammers are everywhere! Don’t be a victim!

Can the Bank REALLY Lock Me Out?

Kristin LaVanway — Sun, 02 Jan 2011 04:57:15 +0000

The Answer May Surprise You…OK, Not Really…

Before her house was foreclosed on, a friend of mine discovered that she had been locked out by the lender…can they do this? You bet they can! There is plenty of language in most deeds of trust to allow banks to take measures to “protect” the property that is securing the note, including entering the property without your permission and changing the locks.

Seriously…

Making Those Short Sale Calls

Kristin LaVanway — Fri, 19 Nov 2010 05:01:25 +0000

Just another sign that short sales are not for the faint of heart…

Negotiating a short sale means lots of calls to the lenders to negotiate the terms of the sale. But those calls can sure be frustrating! Sometimes they can’t find you file, sometimes, they won’t provide the written agreement letter without a fight, sometimes the BPO is out of this world and sometimes, well….sometimes, it feels like they are holding the short sale for ransom.

Short Sale Buyers…What are your odds that deal will close?

Kristin LaVanway — Fri, 12 Nov 2010 00:20:35 +0000

Thinking about buying a short sale? You might be surprised at the chances of you actually moving in…

Short sales make up at least one-third of the inventory here in Phoenix, but what are the odds that you can get one of those deals to close? Not great…but here are some tips to help improve your odds of actually making a short sale work for you.

For more about short sales, visit my website at http://www.EastValleyTeam.com

****NOTE: My most humble apologies…it is time for a new camera…will make due with webcam until I have a new cam in hand…no more Godzilla-effect movies!*****
Statistics courtesy of http://www.funny2.com/odds.htm

Inspiration courtesy of:

Kelley Koehler: House Chick Blog

AND

Hank Green: Vlogbrothers on YouTube

Homeowners Suing for HAMP…But WHY???

Kristin LaVanway — Sun, 07 Nov 2010 04:09:28 +0000

The Making Home Affordable’s Loan Affordable Program Has Left Too Many Homeowners Scratching Their Heads

Checked out Mandelman Matters blog about the HAMP law suits. It’s great that homeowners are getting there day in court, but I am wondering if it really matters?

Let’s face it, these loan modifications are not working. Even if you have your day in court and the judge tells the bank , ” you are hereby ordered to reduce this man’s payment”, you are still underwater in your mortgage and most likley decades away from a break even point. You can sue, but why?

Check out Mandelman’s blog for the story.

Hey Short Sale Buyers: You May Be Writing The Check, But You Are Not Calling the Shots

Kristin LaVanway — Wed, 11 Aug 2010 15:36:45 +0000

Short sale negotiations are between the Seller and the Seller’s Creditors…while the Buyer waits

Everybody knows that a short sale is a real estate transaction in which the proceeds from the sale are less than what’s owed on the property. But sometimes buyers forget that the Seller’s creditors have complete control over that deal – they can change the terms or cancel the deal altogether.

Unlike a typical real estate transaction, a short sale requires approval from multiple entities, including the lender or lenders, mortgage insurance companies, investors, government entities like Fannie Mae and Freddie Mac…the list goes on and on. The buyer has no way on these decisions despite that fact the that is the buyer who is funding the transaction.

If you are interested in buying a short sale, keep this in mind. Make sure you bring plenty of persistance and patience to the table.

How Your Homeowner’s Association Can Ruin Your Short Sale

Kristin LaVanway — Wed, 09 Jun 2010 04:38:38 +0000

…And Even If You Foreclose, They Can Still Come After You…

If you owe your Homeowner’s Association back dues, your short sale could be in grave danger. If you are behind in your HOA dues, your HOA can file a lien against your property which will prevent the sale of your property until the account is in good standing. Homeowner’s Associations are really struggling these days and are digging in on these delinquent accounts. Because the HOA’s are less likely these days to settle in the hopes of getting someone in the property who will keep up the account, you may be in real trouble if you don’t keep that HOA account in good standing.

Lenders who are approving the short sales are also less likely these days to contribute to the delinquent account, so you may be in real trouble if you can’t figure out how to pay off that delinquent account.

But the news gets worse…even if you decide to forego the short sale and let you house go into foreclosure the HOA has the option of treating the delinquent account like a personal debt. They can choose to go after a judgement against you in which case you are still on the hook even if you no longer own your house.

Introducing the AZ Short Sale Seller’s Advisory

Kristin LaVanway — Sat, 06 Feb 2010 23:13:05 +0000

The Arizona Department of Real Estate and the Arizona Association of Realtors have teamed to create a great resource for distressed property owners or any homeowner or wants to understand what happens when you are in default on your mortgage or contemplating a short sale. The Advisory contains links to online resoures to professionals and consultants who can help you understand your rights, liability and risks so you can make an informed decision and protect yourself in these tough times.

Click on this link to view the AZ Short Sale Seller’s Advisory.

The Gloves Are Off, Folks…Watch Your Back

Kristin LaVanway — Wed, 03 Feb 2010 19:07:42 +0000

Two recent news stories have highlighted to me how out-of-whack things have gotten with respect to the actions being taken to “improve the economy”. I knew it was bad, I just didn’t think it was this bad…

AIG execs are partying it up while school teachers are paying the price…that might improve the economy for some people, but not the average Joe.