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9780071635585

How to Use a Short Sale to Stop Home Foreclosure and Protect Your Finances

by
  • ISBN13:

    9780071635585

  • ISBN10:

    0071635580

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2009-05-25
  • Publisher: McGraw-Hill Education

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Summary

The perfect step-by-step guide for what to do, how to do it, and when to act to successfully negotiate the tricky process of short-selling a property--and protect your credit!

Author Biography

Robert Irwin is among the nation's premier real estate experts. He has written more than 20 books covering all areas of real estate, including the bestselling Tips And Traps series. Learn more about the author at www.robertirwin.com..

Table of Contents

Prefacep. vii
How a Short Sale Worksp. 1
What is a Short Sale?p. 1
Who Needs a Short Sale?p. 3
What a Short Sale Can Do for a Sellerp. 3
How a Short Sale Worksp. 3
Seven Steps to a Short Salep. 21
How a Short Sale Can Help Youp. 22
A Successful Short Sale Storyp. 24
What About Just Walking Away?p. 26
How Short Sales Are Donep. 27
How to Get Holders of Junior Mortgages (and Other Lien Holders) to Releasep. 32
Deficiency Judgmentp. 33
The Short Sale as a Solutionp. 37
Will a Short Sale Work for You?p. 39
How Do I Handle Expenses in a Short Sale?p. 43
The Money Comes from the New Buyer and His or Her New Mortgage, but Ultimately from the Foreclosing Lenderp. 46
How the Lender Sees Itp. 47
When You Have More Than One Mortgagep. 48
It's Not How Much You Owe; It's How Much the Lender Will Forgivep. 49
How Do I Find a Good Short Sale Agent?p. 51
When Should I Sell It Myself and Save on Paying the Commission?p. 52
When Lenders Were the Problemp. 53
When Agents Became the Problemp. 54
Who's to Blame?p. 55
How Do You Select a Good Short Sale Agent?p. 56
When You Don't Get a Good Agentp. 58
The Basics to Look For in an Agentp. 61
Should I Go with a Chain or an Independent Office?p. 65
Will the Agent Negotiate on the Commission?p. 65
Understanding the Listing Agreementp. 66
The Listing Agreementp. 69
Listing Danger Signalsp. 74
What the Agent Owes Youp. 74
Buyer's Agents vs. Seller's Agentsp. 75
Which Type of Agent Do You Want?p. 76
Preparing Your Home to Show When You're Not Going to Net a Dimep. 78
The Savvy Sellerp. 79
Things You Should Dop. 80
Things You Should Not Dop. 84
When the House Is Emptyp. 86
How to Talk to a Lenderp. 87
Questions to Askp. 88
When You Have an Agentp. 89
Be Careful to Whom You Give Permissionp. 90
Dealing with the FHAp. 90
Lenders' Loss Mitigation Phone Listp. 92
Why Not Try a Loan Modification?p. 99
Cram Downsp. 102
FHASecure Programp. 104
The Obama Housing Planp. 105
Loan Modification Fixesp. 106
At a Loan Modification Meetingp. 107
Putting Together the Short Sale Packagep. 109
The Package Proposal Offer to Lenderp. 111
Lender's Net Sheet or HUD-1p. 111
Purchase Contract Signed by Buyerp. 113
Seller's Financial Informationp. 117
Seller's Hardship Letterp. 118
Appraisal Showing Property Valuep. 122
Repair Estimatesp. 122
Payoffsp. 123
The Bottom Linep. 123
Rewards (?) for Missed Payments and Other Tricksp. 125
What Should You Do?p. 128
When You're in Good Shapep. 130
Will a Lender Do It?p. 130
Isn't There Any Way I Can Get Some Cash Out of the Deal?p. 131
When It's the Buyer's Ideap. 133
Should You Take the Offer?p. 134
Tax Consequences and Other Dangersp. 135
The 1099-Cp. 136
Form 982p. 136
The Mortgage Forgiveness Debt Relief Act of 2007p. 137
When the House Needs Repairsp. 138
What to Do If You Get a Law BPOp. 141
Beating the Clockp. 143
Mortgage vs. Trust Deed Timelinesp. 144
Stopping the Foreclosure Processp. 149
Resourcesp. 149
Alternatives You Should Considerp. 150
Deed in Lieu of Foreclosurep. 150
Bankruptcyp. 154
Renting Out the Propertyp. 154
Take on a Partnerp. 156
Alternativesp. 158
Scams to Avoidp. 159
Fixers and Facilitatorsp. 159
Double Escrowsp. 161
The Self-Help Bailoutp. 162
Phony Leasebacksp. 163
Phony Net Sheetp. 165
Other Scamsp. 167
Resources, Helpful Definitions, and Types of Mortgagesp. 168
Resourcesp. 168
Definitions of Terms Used in Short Salesp. 170
Types of Mortgagesp. 185
Indexp. 189
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