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What is a Short Sale - Marshall Carrasco Short Sale Expert Reno NV
 

What is a Short Sale - Marshall Carrasco Short Sale Expert Reno NV

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Marshall Carrasco Reno's #1 Short Sell Expert www.renohelp.org. A short sale is when a home is sold for less than the amount owed to the lender or lenders. The majority of homes in Nevada currently ...

Marshall Carrasco Reno's #1 Short Sell Expert www.renohelp.org. A short sale is when a home is sold for less than the amount owed to the lender or lenders. The majority of homes in Nevada currently listed or recently sold have been in the form of a short sale.

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    What is a Short Sale - Marshall Carrasco Short Sale Expert Reno NV What is a Short Sale - Marshall Carrasco Short Sale Expert Reno NV Presentation Transcript

    • What is a Short Sale • What is a short sale? • Benefits of a short sale • Why choose Marshall Realty? • Short Sale Vs. Foreclosure • Why walking away is not the answer • Loss mitigation tools for delinquent mortgages Call : 775-525-1205 www.renohelp.org
    • What separates Marshall Realty from the rest is our resources andcontacts. We have developed relationships with Consumer CreditAffiliates, The Bank of America Reno help center, Wells Fargo ExecutiveOffices for Loss Mitigation, Senator Reids Foreclosure PreventionTaskforce, among others. Call : 775-525-1205 www.renohelp.org
    • • We have direct contacts with Fannie Mae, Freddie Mac, and HUD.• Our goal has been to become a total resource for homeowners in the entire Washoe Valley. Our testimonial page highlights our success.• Let us put our resources and expertise to work for you. Call : 775-525-1205 www.renohelp.org
    • What is a short sale?• A short sale is when a home is sold for less than the amount owed to the lender or lenders.• The majority of homes in Nevada currently listed or recently sold have been in the form of a short sale. Call : 775-525-1205 www.renohelp.org
    • Benefits of a short saleSelling your home for less than what is owed is not an easy decision.However, if you are in a position where you are extremely upside downin your mortgage or facing a foreclosure, a short sale may be an optionto consider. Call : 775-525-1205 www.renohelp.org
    • Benefits of a short sale often include• Less damage to your credit than a foreclosure. A short sale is not reported on your credit history. A foreclosure is reported and stays on your credit for up to 10 years.• A homeowner who successfully negotiates a short sale may be considered for a Fannie Mae backed mortgage after only 2 years.• A foreclosure makes the homeowner ineligible for a minimum of 5 years.• Lenders may consider the sale price as “paid in full” forgiving the deficiency.• You can move forward to a brighter financial future in considerably shorter time. Call : 775-525-1205 www.renohelp.org
    • Why choose Marshall Realty?• By working with Marshall Realty you will benefit from the experience of over 4 years in successful short sales. Longer than any other agent in the Washoe Valley.• We are familiar with the short sale requirements of each lender.• Your calls will be answered! You will be kept up to date every step of the way.• Your property is listed in MLS and available to all interested buyers.• You will not have a sign advertising it as a "Short Sale" or "Pre-foreclosure".• You never pay a fee. Lenders pay the commission from the proceeds of the sale. Call : 775-525-1205 www.renohelp.org
    • Short Sale Vs. Foreclosure Call : 775-525-1205 www.renohelp.org
    • Issue 1 Future Fannie Mae Loan- Primary Residence 1Foreclosure Successful Short SaleA homeowner who loses a home A homeowner who successfullyto foreclosure is ineligible for a negotiates and closes a short sale willFannie Mae-backed mortgage be eligible for a Fannie Mae- backedfor a period of 5years. mortgage after only 2 years. Call : 775-525-1205 www.renohelp.org
    • Issue 2 Future Fannie Mae Loan- Non-Primary2Foreclosure Successful Short SaleAn investor who allows a There is no similar declaration orproperty to go to foreclosure is question regarding a short sale.ineligible for a FannieMae-backed investmentmortgage for a period of 7 years. Call : 775-525-1205 www.renohelp.org
    • Issue 3 Credit ScoreForeclosure Successful Short Sale• Score may be lowered • Only late payments on a mortgage anywhere from 250 to more will show, and after sale, mortgage than 300 points. is normally reported as paid as• Typically will affect a credit agreed, paid as negotiated, or score for over 3 years. settled. • This can lower the score as little as 50 points if all of the other payments are being made. • A shore sales effect can be as brief as 12 to 18 months. Call : 775-525-1205 www.renohelp.org
    • Issue 4 Credit HistoryForeclosure Successful Short SaleForeclosure will remain as a • A short sale is not reported on apublic record permanently, and credit history.on a persons credit history for • There is no specific reporting item10 years or more. for short sale. • The loan is typically reported paid in full, settled. Call : 775-525-1205 www.renohelp.org
    • Issue 5 Security ClearanceForeclosure Successful Short Sale• Foreclosure is the most On its own, a short sale does not challenging issue against a challenge most security clearances. security clearance outside a serious misdemeanor or felony conviction.• If a client has a foreclosure and is a police officer, in the military, in the CIA, security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated. Call : 775-525-1205 www.renohelp.org
    • Issue 6 Current EmploymentForeclosure Successful Short Sale• Employers have the right and A short sale is not reported on a are actively checking the credit report and therefore not a credit of all employees who challenge to employment. are in sensitive positions.• In many cases, a foreclosure is reason for immediate reassignment or termination. Call : 775-525-1205 www.renohelp.org
    • Issue 7 Future EmploymentForeclosure Successful Short Sale• Many employers are requiring A short sale is not reported on a credit checks on all job credit report and is therefore not a applicants. challenge to future employment.• A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. Call : 775-525-1205 www.renohelp.org
    • Issue 8 Deficiency Judgment (Not Applicable in California)Foreclosure Successful Short SaleIn 100% of foreclosures (except In some successful short sales, it isin those states where there is possible to convince the lender tono deficiency), the bank has the give up the right to pursue aright to pursue a deficiency deficiency judgment against thejudgment. homeowner. Call : 775-525-1205 www.renohelp.org
    • Issue 9 Deficiency Judgment (amount)Foreclosure Successful Short Sale• In a foreclosure, the home will In a properly managed short sale, the have to go through an REO home is sold at a price that should be process it does not sell at close to market value, and in almost auction. all cases will be better than an REO• In most cases this will result in sale resulting in a lower deficiency. a lower sales price and longer time to sale in a declining market.• This will result in a higher possible deficiency judgment. Call : 775-525-1205 www.renohelp.org
    • Why walking away is not the answer• Recently, there have been reports claiming that a "strategic default" can be an appropriate and even beneficial reaction to an upside-down mortgage or impending foreclosure.• While this idea has spread rapidly, the truth is that a default is never an easy road to choose, and rarely is it ever strategic. Call : 775-525-1205 www.renohelp.org
    • Why walking away is not the answer (cont.)• In fact, defaulting on your mortgage can be incredibly dangerous and irresponsible when handling the financial future of you and your family.• Unfortunately, the ramifications of a "strategic default" are rarely-if ever-explained, leaving many homeowners stranded on an island of misinformation. Call : 775-525-1205 www.renohelp.org
    • Why walking away is not the answer (cont.)If this is your situation, first understand that you are not alone. Millionsof homeowners nationwide are in similar circumstances. The onlydifference between them and you is that youre looking for answers...contacting Marshall Realty is a great place to start!The best part is, we never charge our clients a fee, ever! Call : 775-525-1205 www.renohelp.org
    • Loss mitigation tools for delinquent mortgagesConventional Mortgage - Repayment PlanAllows you to make a regular full payment plus a portion of the delinquencyeach month over a period of months to cure the delinquency.FHA Mortgage - Repayment PlanAllows you to make a regular full payment plus a portion of the delinquencyeach month over a period of months to cure the delinquency.VA Mortgage - Repayment PlanAllows you to make a regular full payment plus a portion of the delinquencyeach month over a period of months to cure the delinquency. Call : 775-525-1205 www.renohelp.org
    • Conventional Mortgage - Loan ModificationA lender may consider adding the delinquent amount to your principalbalance, which may reinstate your loan. A change in interest rate and/or theloan term may also be considered.FHA Mortgage - Loan ModificationThe delinquency amount is added to your principal balance, which may resultin fully reinstating your loan. A change in interest rate and/or the loan termmay also be considered. Late, foreclosure, attorney fees may be waived.VA Mortgage - Loan ModificationThe delinquency is added to your loan balance in order to bring your loancurrent. The interest rate and terms may be modified. Call : 775-525-1205 www.renohelp.org
    • Conventional Mortgage - ForbearanceSuspended or partial payments for a short period of time followed byrepayment plan, modification, reinstatement, or full pay off. You must proveyour hardship is temporary and will resume ability to pay mortgage.FHA Mortgage - ForbearanceSuspended or partial payments for a short period of time followed byrepayment plan, modification, reinstatement, or full pay off. You must proveyour hardship is temporary and will resume ability to pay mortgage.VA Mortgage - Forbearance/Repayment ScheduleAllows the repayment of part of the delinquency each month along with yourregular mortgage payment. If you are temporarily unable to meet yourmortgage payment, suspended or partial payments may be accepted until youhave the ability to resume the payment schedule. Call : 775-525-1205 www.renohelp.org
    • Conventional Mortgage - Short Sale/Pre foreclosure saleAllows the borrower to sell the house and use the proceeds to satisfy themortgage debt even if the proceeds are less than the amount owed.FHA Mortgage - Partial ClaimYour lender may work with you to obtain a one-time payment from theFHA-Insurance Fund to reinstate your loan. You must be at least 4 monthsdelinquent and able to make full mortgage payments. You will execute apromissory note & subordinate mortgage payable to HUD. This note carries nointerest & is payable at time of home sale or refinance.VA Mortgage - RefundingIf you have the ability to make mortgage payments or will have the ability inthe future, but your lender has decided it cannot extend further forbearanceor a repayment plan, VA may buy a loan from the lender and take over theservice. Call : 775-525-1205 www.renohelp.org
    • Conventional Mortgage - Deed-in-lieu of foreclosureIf you are not eligible or failed at other Loss Mitigation Tools, including a ShortSale, you could voluntarily deed or surrender your property to HUD inexchange for a release from all obligations under the mortgage.FHA Mortgage - Short Sale/Pre foreclosure saleAllows the borrower to sell the house and use the proceeds to satisfy themortgage debt even if the proceeds are less than the amount owed.VA Mortgage – Deed-in-lieu of foreclosureIf there are no liens on the property and VA agrees, you will sign legal documentsto make VA the owner of your property. VA will have to pay your lender a claimfor the difference between the value of your home and the mortgage balance. If adeed is accepted, you may be released from further liability or asked to repay thegovernment for all or part of the claim VA paid. Call : 775-525-1205 www.renohelp.org
    • Conventional MortgageLender participation is voluntary. These programs are subject to lender/serviceapproval. Lenders are not mandated to provide these options. Each lender hasqualifying criteria a borrower must meet before they will consider offeringthese Loss Mitigation Tools. Please contact your lender for a workout packet toapply for delinquency.FHA Mortgage - Short Sale/Pre foreclosure saleIf you are not eligible or failed at other Loss Mitigation Tools, including a ShortSale, you could voluntarily deed or surrender your property to HUD inexchange for a release from all obligations under the mortgage. There must beno liens on the property. Call : 775-525-1205 www.renohelp.org
    • • Trying to figure out the best solution to your problem can be very frustrating and overwhelming.• We offer resources completely FREE!• Dont wait until its too late and more importantly DO NOT PAY anyone to help you and your family.• Let us help you find the best resource for you. Call : 775-525-1205 www.renohelp.org
    • Contact MARSHALL CARRASCO Twitter Facebook LinkedIn Email 9740 S. McCarran Blvd #103, Reno, NV 89523 Call Us : 775-525-1205 www.renohelp.org