My New Blog

Chesterfield VA – Here is a technique you can use to “strong arm” you’re your lender on your short sale. <strong>The number one reason people short sale is to salvage their credit.</strong>

After all, a short sale has much less of an impact on your credit than a foreclosure. Despite all this, banks still make short sales tough.

How would you feel if you worked hard on a short sale only to watch it fall apart because you lender dragged their feet?

<a href="http://stopforeclosurechesterfield.info/short-sale.html">Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.</a>

Later on the property sells for even less money than the short sale offer you had. I have said in earlier posts that, in my opinion, you could sue the lender for the damage caused to your credit by the foreclosure.

After all, the only reason the short sale wasn’t successful was because they dragged their feet. <strong>Here is the technique you can use to strong arm the lender to accept the short sale.</strong>

Use your rights as a homeowner to get more information about the BPO. An inaccurate BPO is the number one reason short sales fail.

Getting your hands on a copy of the BPO will help your agent contest an inaccurate BPO. And it would be a big help in any future lawsuit.  Here is the step by step strategy:

<strong>1. Request a complete itemized payoff from the foreclosing lawyer.</strong> In addition, request a copy from the lender themselves. You do this by faxing them a request. Usually you will get an answer in 7-10 business days.

<strong>2. Review the payoff to see where the BPO is itemized</strong>. If a BPO has ever been ordered, it will most likely by itemized on there. If not, it may be included in some other payoff cost. Get confirmation of that in writing from the lender.

<strong>3. Since the BPO is added onto the amount owed by the homeowner, they have a right to a copy under the Equal Credit Opportunity Act.</strong> Fax the lender's legal department a request for a copy of the BPO.

Send a copy of the payoff and circle the spot where you think the BPO payment is. Request a copy for the borrower under the Equal Credit Opportunity Act. In addition, also mail the lender's legal department the same request.

If the lender does not comply, then you can file a complaint with the Federal Trade Commission at www.ftc.gov, The Office of Thrift Supervision at <a href="http://www.ots.treas.gov/">www.ots.treas.gov</a>, the FDIC at www.FDIC.gov, and the Comptroller of the Currency at <a href="http://www.helpwithmybank.gov/">www.helpwithmybank.gov</a>.

Indicate on your correspondence with the lender that if they do not comply, then you will be filing complaints with those agencies. Thinking about a short sale?

I can help you short sale your property and never pay the bank another penny. Send me an e-mail at <a href="mailto:woodyedwards@comcast.net">woodyedwards@comcast.net</a>. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 804-712-8801

Discover how other sellers successfully completed a short sale and request a free consultation by <a href="http://stopforeclosurechesterfield.info/short-sale.html">clicking here</a>.

Thinking about a loan modification? Our Chesterfield loan modification kit has the instructions you will need to get a loan modification approved with your bank. <a href="http://stopforeclosurechesterfield.info/loan-modification-secrets.html">Click here to request a copy.</a>

Thanks for reading this, Woody Edwards.

Woody is a Real Estate Agent at Home For Life Realty, LLC. Chesterfield Short Sales Realtor:

Phone: 804-712-8801. <a href="mailto:woodyedwards@comcast.net">woodyedwards@comcast.net</a>.

Woody Edwards specializes in loan modification assistance and short sales in Chesterfield Virginia. Chesterfield Loan Modification Help, Chesterfield Short Sales. Chesterfield Short Sale Realtor. Midlothian VA Loan Modification Help, Midlothian VA Short Sales. Midlothian VA Short Sale Realtor. Chesterfield VA Short Sales. Chesterfield Realtor.



Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved.

<strong>Important Notice</strong>

Woody Edwards, Home For Life Realty, LLC, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally  make a real estate sales commission for helping you on a short sale.

The views expressed here are Edwards's personal views and do not reflect the views of Home For Life Realty, LLC.

This information on Chesterfield Short Sales: How to strong arm your lender on a short sale is provided as a courtesy to our viewers to help them make informed decisions.

As the managing broker of a small real estate firm in central Virginia, I am not tied to the desk as bad as a broker of a larger firm.  Thus, I get to get out of the office more to "meet and greet". 

In one of those meetings recently, a comment was made about the Realtor® coming to the closing and sitting, doing absolutely nothing.  My response was, "Good, that means he/she had done her job over the last couple of months."

This morning, I was reading a Realtor® blog site I frequent, and came upon a blog by an agent from Idaho, that discussed the same thing!  So with your permission, I would like for you to read her well-written article:

A few years ago I was reading an article in our local paper.  I don't remember what the exact context of the article was, but I kept a quote from it which I thought was quite interesting...

“I recall the last time I went to a real estate closing, the Realtor was about as useful as the aquarium at the title company,” Darrel Richards wrote at www.idahobusiness.net. “The title company’s closing agent did everything and the Realtor tried to look knowledgeable/interested in what was going on.” Monday, February 26, 2007 by By Lora Volkert

I felt a little defensive when I read this, because sometimes I do feel like that agent who is about as useful as the aquarium.  HOWEVER, If the real estate agent has nothing to do at the closing table but sit and drink coffee and chit chat this is a good thing.

This actually means that the agent did their job (behind the scenes much of the time) to get the transaction to closing smoothly so that nothing surprising happens at closing that needs to be dealt with. There are a lot of players in a Real Estate transaction and in Boise, Idaho the Title Company and Escrow Officer are part of that team. One of the many jobs of the Escrow Officer in the process is to be a neutral third party and to do everything at closing from explaining the loan documents to notarizing signatures. The Real Estate agent in all actuality really doesn't even need to be there, as they don't have anything directly to do with the loan & closing papers. But, a good real estate agent will be there and is available if any questions from the contract or house come up. But again, if nothing comes up in closing and the agent doesn't have to do anything but sit there and "look knowledgeable/interested in what is going on," then that means there aren't problems to contend with. And that is a good thing, because the few days surrounding closing are often when the biggest and most detrimental problems in a transaction tend to rise to the surface. 

I would like to thank John & Kasey Boles of Jon Gosche Real Estate, Boise Idaho for this very informative blog.

Should you have any questions, don't hesitate to call and we will answer all your questions, or we will find the answer for you......(804) 717-LIFE (5433)

We ran into an interesting issue this past week in trying to get a sale of a foreclosed property through the closing process.  One of our agents was representing the buyer in this transaction.

An inspection was done by the buyers, for their own information, shortly after contract acceptance.  There were some issues, mostly minor, found that needed to be resolved prior to closing.  The selling bank says, "No Repairs can be performed prior to closing!"

The buyer's bank says, "The issues have to be performed prior to closing, or we won't loan any money on the property, and you can't escrow the money to pay for it later. The work has to be done now!"

Interesting senerio....Right!  One advantage to our office is having the Mortgage Company and the Title Company in house, so we can find the people we need to talk to, when we need to talk to them!  And not tomorrow!  The buyers wanted an answer today!

I can't get into details as to what we did to get the file moved forward, but we did.  So, if you are a prospective buyer or seller, just know we have a step-up on alot of Realtors® in the area, and are able to get things done that most of them can't.

AND, if you are a Realtor® looking for a new home, remember we pay higher than normal commissions and charge no office fees.

So, either way, give us a call today at 804-717-LIFE (5433).