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Posted by Andrea McGhee on January 10, 2011 at 12:00am
Let's jump right into it shall we:#5. A Family Member#4. Child Support/Alimony Check#3. Selling Personal Possessions#2. Using Money from Income Taxes/Remaining funds from studentLoans/ or paychecks#1. Sorry women don't be offended by this one.Sexual ActivityThis study is true, sad but true. If you notice Commercial Lending isNot even on the list this is because black women don't meet evenThe basic requirements compared with white women to receive businessLoans. I'm not saying black women are not getting small business loansBut the percent is less than 5%. I'm also not saying all black women areSleeping their way to the top but a lot of women feel its necessary toSurvive in todays economy.Thanks for reading, Malika ZeraStay tuned for more interesting Blog post.
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Wikipedia's DefinitionA short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold.In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank's loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Extenuating circumstances influence whether or not banks will discount a loan balance. These circumstances are usually related to the current real estate market and the borrower's financial situation.A short sale typically is executed to prevent a home foreclosure, but the decision to proceed with a short sale is predicated on the most economic way for the bank to recover the amount owed on the property. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from a Broker Price Opinion BPO (also known as a Broker Opinion of Value (BOV)) or through a valuation of an appraisal.For the home owner, advantages include avoidance of a foreclosure on their credit history and partial control of the monetary deficiency. A short sale is typically faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer.Short sales are common in standard business transactions in recognition that creditors are not doing debtors a favor but, rather, engaging in a business transaction when extending credit. When it makes no business sense or is economically not feasible to retain an asset, businesses default on their loans (called bonds). It is not uncommon for business bonds to trade on the after-market for a small fraction of their face value in realization of the likelihood of these future defaults.Got questions about short sales? denise.mccoytilson@rearealtors.com
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Posted by Yvonne Long on August 17, 2009 at 11:16am
Know your options, Know your Realtor! The more we know the better decisions we can make!Issue- Credit ScoreOut come with Foreclosure- Your credit score may drop from 250 to more than 300 points. It will typically impact your score for more than 3 years!Out come if you Short Sale- After the sale, only late mortgage payments will show onn your credit report. The mortgage will be reported as paid or negotiated. Your score may drop as little as 50 points if you are current on all your other payments. A short sale can impact your credit for as little as 12 to 18 months.Do you know your lender pays all closing costs including loss mitigation negotiation and real estate commissions? Absolutely no costs are passed to the seller! Email me for details at yvonnel.long@gmail.com.Yvonne LongRealtorInnovative Realty Solutions Group, Inc.yvonnel.long@gmail.comRead more…
Posted by Yvonne Long on March 26, 2009 at 12:29am
As promised here is a peak at my latest Real Estate Blog the entire article can be found at http://shortsales-yllong.blogspot.com/Reasons Why Buyers Might Not Want to Buy a Short Sale:1) Sellers Paid Too Much.If a home sold for $500,000 a few years ago and is now for sale at $400,000, that doesn't mean the buyer is picking up $100,000 of equity for free. It means the seller paid too much in a rising market and now the market has fallen. It means the seller has no equity.2) Sellers Borrowed Too Much............http://shortsales-yllong.blogspot.com/God Bless.
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Posted by Yvonne Long on March 18, 2009 at 11:15pm
The Wrong Short Sale House Might Not Ever CloseWhen you spot a short sale house that interests you, take your hand off the mouse and step away from the computer. Before you get all excited over the prospect of buying that short sale house, pick up the phone and call your real estate agent. Your agent needs to research that short sale listing first.In some real estate markets, fewer than one in 10 short sales close. Just because that home is listed as a short sale doesn't mean it's really for sale (because it's subject to lender approval), nor does it .......the rest of the article can be found on my blog http://shortsales-yllong.blogspot.com/God Bless
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Posted by Yvonne Long on March 11, 2009 at 10:41pm
Lately the question that everyone is asking “what will my lender need from me if I want to do a loan modification”. Well before any lender can recommend the most appropriate workout option, it is important that they have a complete understanding of your current financial situation. As part of this process most lenders will require the following documentation:You can read the entire article on my blog at :http://shortsales-yllong.blogspot.com/Be Blesed!
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