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Sunday, February 28, 2010
Wednesday, February 24, 2010
What is a short sale you ask?
A short sale is an agreement from your lender that if you sell the home, the lender will accept whatever the home sells for as full payment for the loan. To understand the process, we will consider the hypothetical scenario in which you purchased a home for $500,000 in 2004. The current loan amount is $400,000, while the current market value of the home is $350,000 and the cost of sale is $50,000. If the home is sold today, you will get $300,000 from the sale. Because the current loan amount is $400,000, you will be be short $100,000. If the lender agrees to take the $100,000 loss, you can complete the sale of your home, “short-pay” the loan balance, and walk away. Your credit will take a hit, but the damage is usually not as severe as a foreclosure.
Why would lenders ever agree to a short sale? Foreclosures are expensive and can take many months to process. Even if the lenders eventually get a judgment against the borrowers for the “Deficiency,” actually getting the money back can be very difficult. A short sale may be more cost-effective in the long run. Of course, the lenders will want proof that the borrowers really can’t pay their mortgage. Stating that the mortgage is upside-down is not sufficient. Borrowers also need to prove that they are suffering from genuine hardship such as loss of income, health expenses, or some other unexpected reasons for non-payment.
Borrowers will need to give lenders copies of their income tax statements for the past two years, bank statements, mortgage statements, bills, and pay stubs or other proof of income. If a short sale seems to be the best option for your situation, you should contact an experienced real estate investor as soon as possible. In the wrong hands A short sale can take four to six months to process, especially given common causes for delay like bureaucratic dead ends, lost faxes, and indecision on the part of the lenders. I have seen some that are done in 40 days, but you need a seasoned investor to pull those off.
Short sales are a viable option for those in financial distress, and are becoming increasingly more popular in this upside down economy. I read a real estate report this week that said short sales accounted for 15% of the real estate transactions performed in the month of January. Do your homework and decide whether a short sale is an option you wish to look into. If your answer is yes contact me and will discuss it.
Why would lenders ever agree to a short sale? Foreclosures are expensive and can take many months to process. Even if the lenders eventually get a judgment against the borrowers for the “Deficiency,” actually getting the money back can be very difficult. A short sale may be more cost-effective in the long run. Of course, the lenders will want proof that the borrowers really can’t pay their mortgage. Stating that the mortgage is upside-down is not sufficient. Borrowers also need to prove that they are suffering from genuine hardship such as loss of income, health expenses, or some other unexpected reasons for non-payment.
Borrowers will need to give lenders copies of their income tax statements for the past two years, bank statements, mortgage statements, bills, and pay stubs or other proof of income. If a short sale seems to be the best option for your situation, you should contact an experienced real estate investor as soon as possible. In the wrong hands A short sale can take four to six months to process, especially given common causes for delay like bureaucratic dead ends, lost faxes, and indecision on the part of the lenders. I have seen some that are done in 40 days, but you need a seasoned investor to pull those off.
Short sales are a viable option for those in financial distress, and are becoming increasingly more popular in this upside down economy. I read a real estate report this week that said short sales accounted for 15% of the real estate transactions performed in the month of January. Do your homework and decide whether a short sale is an option you wish to look into. If your answer is yes contact me and will discuss it.
Tuesday, February 23, 2010
Saturday, February 6, 2010
Credit Repair Fact or Fiction
There are hundreds of credit repair companies all promising to improve your score by 100 points in no time flat. The truth is most of them probably can improve your credit score. Pretty much any one who can use a computer or write a letter can improve your credit score. The process is pretty simple dispute anything negative on your report, simply ask the three credit reporting agencies to validate each negative point. You can accomplish this by pulling your report from one of the many free credit report websites (by the way nothings free) You will have to pay anywhere for 14 to 30 bucks for your free triple score. From there you can dispute any negative information that may show up. If info is inaccurate show documentation why its inaccurate, If it's not simply ask them to validate it they have 30 days to prove that it's correct or they have to remove it.
Some of the credit repair companies out there are actually pretty good at what they do. So if you don't have the time or confidence to do it yourself go to this link Credit Repair Companies - The Best Credit Repair Companies Ranked & Reviewed Sometimes things are better left to the experts.
If you are not planing to make a major purchase in the near future save your money, because good credit can turn into bad credit very quickly, then you have to pay again and again.
If you are planning to make a major purchase like a house, car, computer or even apply for a credit card in the near future you should probably act before you think about making that purchase. Improving your score above the 678 average can save you anywhere from a couple of hundred dollars on a small purchase, to a 100,000+ on the life of a home mortgage. And you are not limited to only future purchases, if you do succeed in improving your credit score you can also refinance loans you are currently paying high interest rate on. Refinancing is a great option it could save you a couple of hundred dollars on your monthly car payment, insurance and other installment payments, on your mortgage your savings will be much grater.
Do your own homework on the credit repair revolution it is totally legal, and smart consumers use these strategies before even considering a purchase. So stop being a victim of the greedy lending institutions and the credit bureaus who are paid by the lending institutions, and fight back improve that score...
P.S. did you know that FICO stands for Fair Isaac and Company, were's the fair!
Adam T Barrera
Some of the credit repair companies out there are actually pretty good at what they do. So if you don't have the time or confidence to do it yourself go to this link Credit Repair Companies - The Best Credit Repair Companies Ranked & Reviewed Sometimes things are better left to the experts.
If you are not planing to make a major purchase in the near future save your money, because good credit can turn into bad credit very quickly, then you have to pay again and again.
If you are planning to make a major purchase like a house, car, computer or even apply for a credit card in the near future you should probably act before you think about making that purchase. Improving your score above the 678 average can save you anywhere from a couple of hundred dollars on a small purchase, to a 100,000+ on the life of a home mortgage. And you are not limited to only future purchases, if you do succeed in improving your credit score you can also refinance loans you are currently paying high interest rate on. Refinancing is a great option it could save you a couple of hundred dollars on your monthly car payment, insurance and other installment payments, on your mortgage your savings will be much grater.
Do your own homework on the credit repair revolution it is totally legal, and smart consumers use these strategies before even considering a purchase. So stop being a victim of the greedy lending institutions and the credit bureaus who are paid by the lending institutions, and fight back improve that score...
P.S. did you know that FICO stands for Fair Isaac and Company, were's the fair!
Adam T Barrera
Thursday, February 4, 2010
Marketing Campaign Update
Just 11 days to go: The clock is ticking but I am ready. setting up a new marketing campaign and a new business venture has been an exciting and daunting task, I love this stuff. Following the advise of Dean and other Rei gurus has made the process much more enjoyable. It has never been easier to get the tools you need to take action toward achieving your goals. Today I am networking with Millionaires, Companies are asking me to work with them, and if you google Adam T Barrera my company and our services are every where. It will be exciting to see what happens when ab-rei.com actually opens its doors for business on February 15 2010, by the way thats Presidents day lots of people off work, sitting at home on their computers searching the internet and finding ME.(thats pretty cool huh, well I thought so)Anyway keep me posted and i'll do the same.
Thanks Adam T Barrera
Thanks Adam T Barrera
Wednesday, February 3, 2010
launch
I am launching my marketing campaign on February 15 2010. My company AB-REI is looking to break into the Chicago real estate investment market with a BANG! Our focus will be on Helping families that find themselves in a crunch during these tough economic times. We have compiled a list of options available to property owners who may find themselves in financial distress and are getting little or no help from their lenders. These options will be available on our free 24hr information line 1 (866) info-919.
We can also assist our clients with their buying and selling wants and needs in this troubled Real Estate market. Before you go to a bank, mortgage broker or real estate agent, check with us and we will see if we can assist you in any way that would make your Real Estate transaction more enjoyable and profitable.REI stratagies - buy - sell - invest
We can also assist our clients with their buying and selling wants and needs in this troubled Real Estate market. Before you go to a bank, mortgage broker or real estate agent, check with us and we will see if we can assist you in any way that would make your Real Estate transaction more enjoyable and profitable.REI stratagies - buy - sell - invest
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